The new income disclosure scheme under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) allows people to deposit money in their accounts till 1 April 2017 by paying 50 per cent of the total amount - 30 per cent as tax, 10 per cent as penalty and 33 per cent of the taxed amount (33 per cent of 30 per cent, which is around 10 per cent) - as Garib Kalyan Cess.

Further, the declarants have to deposit 25 per cent of the undisclosed income in a scheme to be notified by the government in consultation with the Reserve Bank of India.

According to the Statement of Objects and Reasons of the Bill, the money from the scheme would be used for projects in irrigation, housing, toilets, infrastructure, primary education, primary health and livelihood so that there is justice and equality.

The Statement also said: