Govt bars co-op banks from accepting deposits under PMGKY

January 20, 2017

New Delhi, Jan 20: The government has barred cooperative banks from accepting deposits under the new tax amnesty scheme PMGKY, a move that comes amidst the Income Tax department uncovering anomalies post demonetisation.

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After junking old 500 and 1,000 rupee notes, the Centre had come up with an amnesty scheme for holders of unaccounted cash by asking them to pay 50 per cent tax and parking one-fourth of it in a no-interest bearing four-year deposit.

This deposit could be made with any banks. But now cooperative banks have been barred from accepting such deposits. The PMGKY scheme is open till March 31.

"Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949, applies," the government said while amending the notification for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016.

Under the scheme, holders of unaccounted cash willing to avail the offer will have to first pay the tax amount and then fill up a challan form provided by the bank for availing the four-year deposit scheme.

The authorised banks have to electronically furnish the details of deposit to the Revenue Department on the next working day to enable information verification of the deposit before accepting the declaration under the PMGKY.

Full confidentiality of the data would be ensured by the RBI and authorised banks.
The amendment to the notification comes after the I-T department spotted irregularities in deposits of cooperative banks following demonetisation.

The the I-T department's investigation revealed that deposits in the books of certain cooperative banks were in excess of the physical holding of the now-defunct 500 and Rs 1,000 rupees currency notes.

Initially cooperative banks were allowed to take deposits of old currency notes and as per estimates, about Rs 16,000 crore was deposited. But six days into demonetisation, the RBI barred these banks from exchanging old currency notes or accepting deposits.

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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News Network
December 17,2025

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Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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News Network
December 20,2025

Mangaluru, Dec 20: The Mangaluru City Police have issued a detailed traffic advisory ahead of the inaugural ceremony of Karavali Utsava, which will be held at the Karavali Utsava Ground on Saturday.

The festival will be inaugurated at 6:00 pm by Dakshina Kannada District Minister Dinesh Gundu Rao. Cultural and public programmes will be held at the venue every evening and will continue until January 2.

According to City Police Commissioner Sudheer Kumar Reddy, parking of vehicles is strictly prohibited on both sides of the road from Lalbagh to Karavali Utsava Ground. Visitors are requested to park their vehicles only at designated parking areas.

To help the public, traffic signboards and parking guidance flex boards have been installed along the routes leading to the venue. The police have urged commuters and visitors to follow these instructions to ensure smooth traffic movement.

Designated Parking Locations

•    Urwa Market Ground – Cars
•    Gandhinagar Government School (near Press Club) – Two-wheelers and cars
•    Ladyhill Church parking area – Two-wheelers and cars
•    Canara School Ground, Mannagudda – Two-wheelers and cars
•    Thimmappa Hotel premises – Two-wheelers and cars
•    Scout and Guide Bhavana premises (behind Karavali Utsava Grounds) – Two-wheelers
•    Urwa Market Road – Two-wheelers
•    Hat Hill Road – Two-wheelers

The police have appealed to the public to cooperate by following traffic rules and parking guidelines to avoid inconvenience during the festival.

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