Pradhan Mantri Garib Kalyan Yojana (PMGKY)

Banking Awareness Questions on Pradhan Mantri Garib Kalyan Yojana (PMGKY). Important Banking Awareness Questions for upcoming Bank exams like SBI PO, IBPS PO, Clerk, RRB PO, IPPB, RBI.

1. The government had extended time for making deposits under Pradhan Mantri Garib Kalyan Yojana (PMGKY) till which date?
   A) May 10, 2017
   B) April 30, 2017
   C) June 30, 2017
   D) July 1, 2017
   
   View Answer

   Option B
   Explanation: the government had extended time for making deposits till April 30 for those who have paid their tax, surcharge and penalty under the compliance window on or before March 31
2. The government had extended time for filing declarations under Pradhan Mantri Garib Kalyan Yojana (PMGKY) till which date?
   A) May 10, 2017
   B) April 30, 2017
   C) June 30, 2017
   D) April 10, 2017
   
   View Answer

   Option A
   Explanation: May 10 to those who paid the tax, surcharge and penalty under the scheme, which closed on March 31
3. The deposits made in Pradhan Mantri Garib Kalyan Yojana (PMGKY) shall be held in _________ maintained with Reserve Bank of India.
   A) Saving Account
   B) Bond Ledger Accounts (BLA)
   C) CASA
   D) Reserved Account
   
   View Answer

   Option B
   Explanation: Bond Ledger Accounts (BLA)
4. Which of the following banks cannot accept deposits under Pradhan Mantri Garib Kalyan Yojana (PMGKY)?
   I. Public Sector Banks
   II. Private Sector Bank
   III. Co-operative Banks
   A) Only II
   B) Only I
   C) Only III
   D) Both II and III
   
   View Answer

   Option C
   Explanation: Application and amount for the deposit (in the form of Bond Ledger Account) shall be received by any banking company, other than Co-operative Banks
5. What is the minimum limit for depositing in the Pradhan Mantri Garib Kalyan Yojana (PMGKY)?
   A) 30 % of the undisclosed income
   B) 25 % of the undisclosed income
   C) 33 % of the undisclosed income
   D) 49.9 % of the undisclosed income
   
   View Answer

   Option B
   Explanation: The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared
6. The deposit made under Pradhan Mantri Garib Kalyan Yojana (PMGKY) should be in the multiples of ?
   A) Rs 100
   B) Rs 500
   C) Rs 1000
   D) Rs 2000
   
   View Answer

   Option A
   Explanation: Deposit shall be made in multiples of Rs 100.
7. What interest rate will be paid on the deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY)?
   A) 0%
   B) 4%
   C) 6%
   D) Same as Repo Rate
   
   View Answer

   Option A
   Explanation: No interest shall be paid for deposits made in this scheme.
8. What is the lock-in period of Pradhan Mantri Garib Kalyan Yojana (PMGKY)?
   A) 2 years
   B) 3 years
   C) 4 years
   D) 5 years
   
   View Answer

   Option C
   Explanation: This deposit scheme has a lock-in period of four years, and the scheme shall not pay interest on the amount deposited.
9. After how many years the deposit made under Pradhan Mantri Garib Kalyan Yojana (PMGKY) be prematurely redeemed?
   A) 1 years
   B) 2 years
   C) 3 years
   D) Premature Redemption not allowed
   
   View Answer

   Option D
   Explanation: Option for premature redemption of the BLA is not available.
10. What is the total tax to be paid of the declared undisclosed income under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) including surcharge and penalty?
    A) 30%
    B) 33%
    C) 49.5%
    D) 49.9%
    
    View Answer

    Option D
    Explanation: Tax=30%; Surcharge=33%; Penalty= 10%=> Totaling to 49.9%
11. A person a person who does not opt for the PMGKY scheme but offers his black income in his Income Tax Returns will face a tax and penalty rate of ______ per cent.
    A) 77.25
    B) 137.25
    C) 83.25
    D) 107.25
    
    View Answer

    Option A
    Explanation: a person who does not opt for the scheme but offers his black income in his Income Tax Returns will face a tax and penalty rate of 77.25 per cent.  
12. The one who does not offer his stash funds(fund under PMGKY) under the scheme but is caught with undisclosed income in scrutiny assessment will face ____ per cent tax rate.
    A) 77.25
    B) 137.25
    C) 83.25
    D) 107.25
    
    View Answer

    Option C
    Explanation: The one who does not offer his stash funds under the scheme but is caught with undisclosed income in scrutiny assessment will face 83.25 per cent tax rate.  
13. For those who do not declare their stash under the PMGKY and are raided will face 107.25 per cent tax and penalty if the undisclosed income is surrendered during the action.
    A) 77.25
    B) 137.25
    C) 83.25
    D) 107.25
    
    View Answer

    Option D
    Explanation: For those who do not declare their stash under the PMGKY and are raided will face 107.25 per cent tax and penalty if the undisclosed income is surrendered during the action.
14. People who do not surrender the hidden income even during searches will stand to face the highest level of penalty and tax at 137.25 per cent.
    A) 77.25
    B) 137.25
    C) 150
    D) 175
    
    View Answer

    Option B
    Explanation: Those who do not surrender such hidden income even during searches will stand to face the highest level of penalty and tax at 137.25 per cent.
15. Identify the true statements:
    I. Under Income Declaration Scheme, a person first declared the income and then paid the penalty tax
    II. Under Income Declaration Scheme, a person first paid the tax and then declared the income.
    III. Under PMGKY, a person first paid the tax and then declares the income.
    IV. Under PMGKY, a person first declares the income and then pays the tax
    A) Both II and IV
    B) Both II and III
    C) Both I and IV
    D) Both I and III
    
    View Answer

    Option B
    Explanation: Both II and III are true.

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