Eligibility for Deposits.— The deposits shall be made from the 17th December, 2016 till 31st March, 2017, by any person who declared undisclosed income.
Form
of the deposits.— The deposits shall be held in Bonds with RBI
for which a certificate of holding shall be issued. The deposit shall be transferred
into the designated Reserve Fund in the Public account of the Government of
India.
Authorised
banks.
(a)
Application shall be received by any banking company.
(b)The Bank
shall electronically furnish the details of deposit to the Department of
Revenue, Ministry of Finance, by the next working day.
(c) The bank
shall upload the details of deposit into RBI’s Core Banking Solution ‘e-Kuber’.
(d) The RBI
and Bank shall maintain confidentiality.
(a)
The deposits shall be accepted at all Authorised Banks .
(b) The
deposits shall be made in multiples of Rs.100/-.
(c) The
deposit shall not be less than 25% of the undisclosed income declared.
(d)The
entire deposit shall be made, on one or more occasions, before filing declaration under
sub-section (1) of section 199C ibid. * amendment dt 7/2/17
(e)The
deposit shall be made in the form of cash or draft or cheque or by electronic
transfer.
Effective
date of deposit.— The effective date of opening of Account
shall be the date of receipt of cash or realisation of draft/cheque or
transfer through electronic transfer.
Applications.
(a)
An application for the deposit shall be made clearly indicating the amount,
full name, PAN, Bank Account details, and address. If the declarant does not
hold a PAN, he shall apply for it and provide the details of the application
along with acknowledgement number.
(b)
The application shall be accompanied by an amount which shall not be less than 25%
of the undisclosed income.
Nomination.
(a) A sole holder may nominate, one or more
persons who shall be entitled to the deposit in the event of his death.
(b)
Where either or any of the nominees dies
before the payment becomes due, the title to the deposit shall vest in the
surviving nominee or nominees.
(c)
A nomination may be varied by a fresh
nomination, or may be cancelled by the holder.
(d)
Every nomination shall be registered at
the RBI and shall be effective from the date of such registration.
(e)
If the nominee is a minor, the holder may
appoint any person to receive the amount due in the event of his death.
Transferability.— The
transferability shall be limited to nominee or to the legal heir, in the
event of his death.
Interest.— The deposits
shall not bear any interest.
Tradability against Bonds.— The
Bonds Ledger Account shall not be tradable.
Repayment.— The Account
shall be repayable four years after the deposit and no premature payment shall
be allowed.
Based on RBI Circular
dated 16/12/2016. For any further clarifications please refer www.rbi.org.in