Pradhan Mantri Garib Kalyan Yojana Current Affairs - 2020

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Pradhan Mantri Garib Kalyan Ann Yojana launched to fight COVID-19

On March 26, 2020, the Finance Minister Nirmala Sitaraman launched Pradhan Mantri Garib Kalyan Ann Yojana. The scheme is an economic help package for people in the country to fight against COVID-19 and its effects. Around 1.7 lakh crore has been allocated under the package.

Pradhan Mantri Garib Kalyan Ann Yojana

Under the scheme, around 80 crore people are to get 5 kg of free rice and wheat for the next three months. This is additional to the already allotted 5 kg of subsidized rice and wheat. Along with this, they will also get 1 kg of free pulses per household. The scheme will provide insurance cover for doctors, sanitation workers, nurses, paramedics and other staffs working on the front line in the fight against the virus.

The scheme is to perform a direct benefit transfer of Rs 1000 to old age, Divyangs and pensioners. This will benefit 3 crore people.

Apart from this, the funds allocated are to be spread across several other government schemes

Pradhan Mantri Ujjawala Yojana

The scheme is to offer free cylinders under the Pradhan Mantri Ujjawala Scheme. This will benefit around 8.3 crore Below Poverty Line Families.

MNREGA

The economic package has increased daily wages of MNREGA from Rs 182 to Rs 202. This is to benefit 5 crore workers.

During Lock Down, when people are to stay indoors, the workers will not be able to work under MNREGA scheme. Then why include MNREGA? It is to be noted that GoI has now included sanitation workers under MNREGA scheme. And sanitation workers are to work full time and their salaries have been doubled as well. Also, they are to get Rs 2000 extra perks for a period of three months. The inclusion of the sanitation workers under MNREGA  had been made when GoI introduced Phase II of Swachh Bharat Abhiyan.

Pradhan Mantri Jan Dhan Yojana

Under the scheme, women account holders will receive Rs 500 per month for the next three months. Under this step, around 20 crore account holders are to be benefitted.

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Pradhan Mantri Garib Kalyan Yojana comes into effect

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) notified along with other provisions of Taxation Laws (Second Amendment) Act, 2016 came into effect from 17 December 2016. It will remain open until March 31, 2017.

PMGKY is Union Government’s second income disclosure scheme (IDS) to allow tax evaders to come clean with unaccounted wealth. It provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks.

Salient features of Scheme
  • Declaration under it can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity.
  • Declarant of undisclosed income needs to pay 30% tax, 10% penalty and 33% Pradhan Mantri Garib Kalyan pradhan-mantri-garib-kalyan-yojanaCess on the tax, all of which add up to around 50%.
  • Besides, declarant must make mandatory deposit of 25% of undisclosed income in the zero-interest Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 with lock-in period of 4 years.
  • The income declared under it will not be included in the total income of the declarant under the Income-tax (IT) Act for any assessment year.
  • Besides, declarations made under it will be kept confidential and shall not be admissible as evidence under any Act (ex. Wealth-tax Act, Central Excise Act, Companies Act etc.).
  • However, declarant will have no immunity under Criminal Acts mentioned in section 199-O of the Scheme.
  • Non declaration of undisclosed cash or deposit in accounts under this Scheme will render tax, surcharge and cess totalling to 77.25% of such income, if declared in the return of income.
  • In case the same is not shown in the return of income a further penalty @10% of tax shall also be levied followed by prosecution.
Comment

The money or revenue generated from disclosure of unaccounted cash will be used for welfare schemes for the poor. It will be mainly used for projects in irrigation, infrastructure, primary education, primary health, housing, toilets and livelihood so that there is justice and equality.

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