In a significant step, the Central government has now authorised 19 private banks to receive deposits under the Capital Gains Accounts scheme in additional to existing pubic sector banks such as SBI. The Ministry of Finance introduced significant amendments to the CGAS through the notification of the Capital Gains Accounts (Second Amendment) Scheme, 2025.

Moreover, a slew of modern payment systems such as UPI, Net Banking, IMPS, NEFT, RTGS, and credit/debit cards are now allowed to deposit amount in account opened under CGAS replacing the earlier dependence on cheques and demand drafts.

This shift is expected to prevent delays in deposit clearance, especially for taxpayers filing returns close to deadlines, significantly reducing the risk of losing tax benefits due to bank holidays, cheq

See Full Page