Coop banks can’t take deposits under disclosure scheme

Tribune News Service

New Delhi, January 20

The government has barred cooperative banks from accepting deposits under the income disclosure scheme — Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). 

A Finance Ministry statement said today that it was clarified that cooperative banks were not authorised banks to accept deposits under the PMGKDS.

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The move comes following reports that several cooperative banks did not follow proper norms during the window of return of abolished Rs 500 and Rs 1,000 notes and also indulged in malpractices and facilitated money laundering in some cases by not maintaining proper accounts, which was being investigated by the authorities.

The deposit under the scheme can be made by any person who declared undisclosed income under the Pradhan Mantri Garib Kalyan Yojana, 2016. 

SC to hear plea to put off Budget on Monday

New Delhi: The Supreme Court on Friday deferred to January 23 the hearing on a plea seeking postponement of Union Budget presentation ahead of the Assembly elections in five states. A Bench comprising Chief Justice JS Khehar and Justice DY Chandrachud, which has sought material and legal provisions in support of the PIL, preferred to go through the additional affidavit filed by the petitioner. Advocate ML Sharma, who has filed the PIL, expressed his readiness to argue the matter on Monday. The PIL said the Centre be directed to present the Budget in the financial year 2017-18, instead of the proposed February 1 date. It also said that the Centre be restrained from declaring “any relief, programme, financial budget until the states’ elections are over”. PTI