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Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Clarification

RBI Notification IDMD.CDD.No. 2347/14.04.051/2016-17 dated March 16, 2017 to the Chairman/CEO/ Managing Director, of All Authorised Banks, (All Banks to which Banking Regulation Act, 1949 applies)

Please refer to rbi letter IDMD.No.1451/08.03.016/2016-17 dated December 16, 2016 and Notification No. S.O.4061(E) dated December 16, 2016 issued by the Government of India about announcement of “Pradan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016. It has been brought to our notice that there is lack of clarity amongst investors on the reference number that needs to be quoted on Form V while uploading the same to the Income tax Authorities.

Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a “Subscription Receipt”. The “Subscription Receipt” which is a system generated receipt, has an “Issue Reference No”. This reference number will need to be quoted by the investor in the Form V of Income Tax Authorities, prior to uploading the same.

In order to bring in greater clarity, the nomenclature of “Issue Reference No” generated by e-kuber is being renamed as “Deposit Reference No”. Necessary changes have been made in RBI’s e-Kuber application to reflect this change. The staff of receiving banks under PMGKDS may be sensitized to take note of above changes and advise the depositors of PMGKDS, 2016 accordingly.


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