Pradhan Mantri Garib Kalyan Yojana (PMGKY) I Important Government Schemes for UPSC CSE Prelims 2020

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Pradhan Mantri Garib Kalyan Yojana 2020 I PMGKY Scheme 2020 I

Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) (Prime Minister's Poor Welfare Scheme) is a scheme launched by the Government of India in December 2016 on the lines of the Income declaration scheme, 2016 (IDS) launched earlier in the year.

A part of the Taxation Laws (Second Amendment) Act, 2016, the scheme provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income.

An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest.
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Recent Announcement

1. The Union Finance & Corporate Affairs Minister announced Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus. 
2. As part of the Pradhan Mantri Garib Kalyan Package, the Government announced free food grains and cash payment to women and poor senior citizens and farmers.
3. The swift implementation of the package is being continuously monitored by Central and State governments. Finance Ministry, the concerned Ministries, Cabinet Secretariat and PMO are leaving no stone unturned to ensure that the relief measures reach the needy swiftly and in line with the intent of the lock down.
4. Direct benefit transfer, i.e. transfer that ensures that the amount is directly credited into the account of the beneficiary, eliminates leakage and improves efficiency has been employed. This has also ensured credit to the beneficiary’s account without the need for the beneficiary to physically go to the branch.

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