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Government clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). The scheme allows assessees to disclose previously unaccounted and undeclared income under its ambit. 
The PMGKDS permits voluntary declarations of previously undisclosed income with an effective tax rate of 50% and requires assessees to deposit a further 25% of such wealth into a four-year interest-free deposit.The scheme was launched on 17th of last month and will remain open for declarations upto 31st March this year.

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