Income Declaration Scheme: Finance Ministry wants RBI to allow tax deposits in cash

The Ministry of Finance has requested the Reserve Bank of India(RBI) to issue instructions to banks to allow payment of tax under the Scheme in cash and to allow deposit of cash over the counter.

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme is valid from June 1,2016 toSeptember 30, 2016.