Consider the following statements about the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS):

  1. The scheme is applicable to every declarant under the Taxation and Investment Regime
  2. The deposits made under the scheme is transferred to consolidated fund of India

   Which of the above statements is/are correct?

Answer: [A] 1 Only

First statement is correct because Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) is applicable to every declarant under the Taxation and Investment Regime. Second statement is incorrect because the deposits made under the scheme is being maintained by RBI, and does not receive any interest from bank.

This question is a part of GKToday's Integrated IAS General Studies Module