The government on Wednesday clarified that its income declaration scheme, the Pradhan Mantri Garib Kalyan Yojana, will apply only to cash or deposits in bank accounts and will not be available for income in the form of jewellery, stock or immovable property. In its FAQs section, the Income Tax Department also said that the scheme would not apply to income stored in foreign accounts. Those under search and seizure notices can also apply under the scheme.
— Special Correspondent