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Government Prohibits Co-Operative Banks From Accepting Deposits Under PMGKY

Government Prohibits Co-Operative Banks From Accepting Deposits Under PMGKY

Saturday, January 21, 2017, 11:38 AM

Post demonetization, the Centre had come up with a scheme called Pradhan Mantri Garib Kalyan Yojana (PMGKY), for black money holders by asking them to pay 50% tax and parking one-fourth of it in a no-interest bearing four-year deposit. This deposit could be made with any bank. The Center has banned cooperative banks from accepting such deposits.
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