Sukanya Samriddhi Account

Sukanya Samriddhi Yojana: All You Need To Know

Betterment of the girl child in our nation is a matter of utmost independence. The changing face of India under Narendra Modi was marked by yet another scheme launched by him to empower the girl child. Sukanya Samriddhi Yojana is a financial savings scheme offered to all families to bear the basic expenses of the girl child, especially her education.

Sukanya Samriddhi Account

Why Should You Invest In Sukanya Samriddhi Yojana

Gender equality and protection of women in the still orthodox parts of India is a pressing issue. Thus the financial independence of women is becoming much more important. Sukanya Samriddhi Yojana promises a bright future to every Indian girl child. For the unfortunate ones, this is a scheme that guarantees education and other basic expenses. Also, the scheme offers major benefits in terms of investment options, tax savings, and return policies. But, investing in Sukanya Samriddhi Yojana is not only to avail those extra benefit, but also to empower the female population of the country.

How To Open A Sukanya Samriddhi Account

The idea of Sukanya Samriddhi Yojana is to open an account for the girl child of your family. This has to be done at the corresponding bank or post office of your local area. Given below are the details of opening an account at the Bank or Post Office:

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Opening an Account At Bank or Post Office

Since Post Offices are the most widespread network of accounts in our country, a Sukanya Samriddhi Account can be opened at any Post Office. Also, there are branches of few banks that are government authorized for allowing citizens to open a Sukanya Samriddhi Account. A form is available at the Post Offices and authorized bank branches that pertain to Sukanya Samriddhi Account initiation. After filling this form it has to be submitted along with the required documents to your corresponding bank or post office. The documents will them be verified and the form will be approved. Thus, the Sukanya Samriddhi Account can be opened in the name of the girl child. The account can be opened by the parents or legal guardians of the girl child, who are responsible for making the deposits towards the account.

Eligibility Criteria For Sukanya Samriddhi Account

There are certain eligibility criterions governing the opening of an account under the Sukanya Samriddhi Yojana. They are as follows:

  • A Sukanya Samriddhi Account can be opened in the name of a maximum of two girl children of the family. In the case of twins, the Yojana can be extended to a third child.
  • The scheme has to be availed any time before the girl child reaches an age of 10 years.
  • Withdrawal can be made from the account only after it has been valid for a minimum of 14 years.

Documents Required To Open An Account Under Sukanya Samriddhi Yojana

The list of documents stated below is the mandatory documentation required by the banks or post office to commence a Sukanya Samriddhi Account.

  • The filled application form for opening the account.
  • Birth Certificate of the girl child in whose name the account is being opened.
  • ID Proof and Address proof of the parents or legal guardian who are opening the account to make the required deposits.

Rate Of Interest For Sukanya Samriddhi Yojana

The deposits made in Sukanya Samriddhi Scheme are subject to producing good interest rates. As of the current financial year 2016-2017 the interest rate offered if 8.6% per annum. When the scheme first started in the financial year 2015-2016, the rate of interest was 9.1%.

Tax Benefits On Investing In Sukanya Samriddhi Yojana

The parents or legal guardians who are the depositors of the Sukanya Samriddhi Account opened in the name of their girl child can avail tax benefits. The benefit is a tax deduction of up to INR 1.5 Lakhs under the Section 80C of the Income Tax Act. But any amount deposited over 1.5 lakhs is not liable to any deductions.

Withdrawal Policy For Sukanya Samriddhi Account

There are certain rules pertaining to withdrawal of funds from the Sukanya Samriddhi Account or permanent closure of the account. Given below are the details:

  • When the girl child attains an age of 21 years, complete withdrawal can be made from the Sukanya Samriddhi Account. No complete withdrawal is allowed before that.
  • There is a provision for partial withdrawal of funds (50%) when the girl child has reached 18 years of age. But this partial withdrawal is subject to providing a reason that is urgent in nature.
  • Complete account closure is possible when the girl child is 21 years.

All the withdrawals that are made from the account must be solely in the name of the girl child.






all government schemes 2014-17

Complete List of All Government Schemes (2014- 2017)

The reign of Narendra Modi has been earmarked by government schemes that aimed to change the face of India over a span of 5 years.  Health and other socio-economic reform schemes were introduced keeping in mind all the social strata existing in the country. Here is the list of all government schemes that were launched since 2014:

all government schemes 2014-17

Government Schemes 2016-17

To get a detailed information about all the schemes started by the Modi Government in the year 2016-17 you can refer to the following post:

Read More: List Of Government Schemes Started By Modi Government In 2016-17

Government Schemes 2015

  1. OROP: 5th September 2015

The One Rank One Pension scheme stated that individuals who retired with the same rank and service duration can avail the same amount of pension money irrespective of the year in which they retired. This scheme was started basically to cater to the army personnel as in such cases the rank matters a lot. Thus a general who retired 20 years ago will get the same pension as a general who recently retired.

Read More: One Rank One Pension Scheme: OROP Review

  1. Pradhan Mantri Jan Aushadhi Yojana: 21st July 2015

Narendra Modi launched this scheme for health reforms in the nation. This scheme stated that Jan Aushadhi stores spread all over the country would sell medicines at an affordable cost as compared to the market price. A financial assistance will be provided to NGO groups and other private hospitals by extending a fund of 2.5 Lakhs INR each to them. With these funds, the organizations were encouraged to open these Jan Aushadhi stores. The scheme ensured that everyone can afford medicines at the time of need.


  1. Skill India: 15th July 2015

Skill India was a scheme introduced by Modi in order to create a larger platform for developing the talents of an individual with good technical skills. This scheme basically caters to the youth of India by encouraging them to enhance their talents and come forward in order to build a skillful nation.


  1. Pradhan Mantri Krishi Sinchai Yojana: 1st July 2015

The PMKSY aimed at improving the agricultural sector of India. Under this scheme, proper irrigation facilities were to be provided to all the areas that involved agricultural activities. Thus water provision and water recycling facilities will be provided in those areas enabling the implementation of the concept of “More Crop Per Drop”. There has been a major growth in the quantity and quality of cultivable land after the introduction of this scheme.

Read More: Pradhan Mantri Krishi Sinchai Yojana


  1. Digital India: 1st July 2015

Narendra Modi introduced this scheme in order to promote the development of the country by digitizing it. Digitization included providing technical education to all citizens and improving the Internet speed and connectivity. Also, the scheme involved encouraging the use of online facilities by promoting them and making their interface user-friendly.


  1. Pradhan Mantri Awas Yojana:  25th June 2015

This Scheme launched by Narendra Modi aims at providing housing to all Indian citizens. It basically caters to the individuals and families falling under the Economically Weaker Sections (EWS) and Low Income Groups (LIG). The implementation will be through funding the poor families so that they can afford housing, home loans and subsidy linked housing facilities. Thus an approximate number of 5 crores homes will be provided for the financially deprived families and individuals to reside in. This scheme is to continue over a span of 4 years.

Read More: PMAY Scheme for the Year 2017: Pradhan Mantri Awas Yojana

  1. AMRUT Scheme: 24th June 2015

Atal Mission For Rejuvenation And Urban Transformation or AMRUT Scheme aimed at improving the infrastructural conditions of Urban India. This included building proper roads, improving transport facilities, providing clean drinking water and developing the sewerage systems. Another dimension of this scheme was to eradicate the pollution in urban areas by introducing pollution control methods and increasing the greenery in cities.

Read More: AMRUT Scheme

  1. Pradhan Mantri Jeevan Jyoti Beema Yojana: 9th May 2015

This scheme was launched keeping in mind the fact that a meager population of India was covered by a proper Life Insurance scheme. Thus every individual was encouraged to contribute in this scheme for increasing the insurance coverage of citizens. Under this scheme, a minimum contribution of 330 INR yearly premium was required for a citizen to avail an insurance cover of 2 Lakhs (minimum). Thus there was an increased participation of citizens in this scheme.

Read More: Pradhan Mantri Jeevan Jyoti Bima Yojana

  1. Pradhan Mantri Suraksha Beema Yojana: 9th May 2015

This government scheme aimed to increase the coverage of a citizen of India in the case of an untoward accident. An individual can avail an insurance cover of 2 Lakhs INR by investing a premium of 12 INR only. Thus the scheme spread awareness among everyone to avail for an accident cover.


  1. Atal Pension Yojana: 9th May 2015

Another protection scheme was launched by Modi in form of the Atal Pension Scheme. This scheme ensured that every individual had a pension facility to their name. Thus the number of pension account beneficiaries were increased by promoting the requirement of a pension scheme for an individual. According to this scheme, a subsidiary can avail a pension of 1000 INR to 5000 INR per month according to the investment done.


  1. Smart Cities Scheme: 29th April 2015

Smart City Scheme was launched under the reign of Modi to take a further step in the development of the country. Under this scheme, a smart and digitized approach will be undertaken to improve the facilities in Indian cities. This includes proper water and electricity supply along with facilities like better transportation, good Internet speed, and few safety measures.

Read More: Smart Cities Yojana: Benefits, Motives, and News

  1. Pradhan Mantri Garib Kalyan Yojana: 19th April 2015

This scheme was introduced as a welfare scheme by Narendra Modi in order to provide financial support to the poverty struck citizens. The concept was to organize workshops all over the country which citizens can pay and attend. Funds raised through these workshops will go directly to the account of PMGKY. Post demonetisation, all black money holders were encouraged to get rid of their unaccounted cash via contributing a part of it to PMGKY.

Read More: Pradhan Mantri Garib Kalyan Yojana

  1. MUDRA Yojana: 8th April 2015

Micro-finance Units Development And Refinery Agency or MUDRA was a scheme launched in order to provide proper financial support to all small businesses in the country. Start-ups and other microfinance sectors can avail a loan ranging from 50,000 INR to 10 Lakhs INR under this scheme. The loan provided to these small business units will enable them to expand and develop which in turn will be profitable for the country.


  1. PRASAD Scheme: 9th March 2015

Pilgrimage Rejuvenation and Spiritual Augmentation Drive or PRASAD Scheme aimed at providing an excellent tourism framework to the famous spiritual cities of India. This included cultural promotion of these cities via different media. Also, it involved the development of facilities to attract more tourists and make these cities a hub for financial income through tourism.


  1. Sukanya Samriddhi Yojana: 22nd January 2015

Narendra Modi launched this scheme to empower the girl child. The scheme stated that the parents of a girl child could start a Sukanya Samriddhi Account under her name for a duration of 14 years. This sum deposited in the account matures at a rate of interest as decided by the government. When the girl child is 18 years of age, then withdrawal can be made from this account for her education purposes. Also investing in this scheme would qualify for tax exemption under the Section 80C.


  1. HRIDAY Scheme: 21st January 2015

The Heritage City Development and Augmentation Yojana was launched in order to revitalize the Indian roots by the development of the heritage sites of India. 12 heritage cities were funded under this scheme to undergo development in terms of road connectivity, sewerage facilities, living conditions and a tourism friendly environment. The HRIDAY also aimed at financially supporting these cities by increasing the development on the tourism front. Also, the scheme ensured that the historical pride of India remains intact and protected.

Read More: HRIDAY Scheme: All You Need To Know

Government Schemes 2014

  1. Indradhanush Scheme: 25th December 2014

Indradhanush Scheme is a health and welfare scheme launched by the Modi government with the objective of protecting every Indian child from threatening diseases. The implementation of this Scheme involves vaccination of all children against diseases like polio, tuberculosis, tetanus, measles, pox, hepatitis, etc.


  1. Relaunch of PAHAL: 15th November 2014 (LPG Subsidy Scheme)

The PAHAL Scheme or LPG subsidy scheme employs the direct benefit transfer of LPG subsidy. This means that the LPG subsidy will be directly linked to the bank account of an individual from a particular domestic household. The bank account will be linked to the Aadhar card in this case. Thus the extra charge that is taken for transportation and other purposes is not actually government approved procedure. Basically, to eradicate those purposes, PAHAL was launched.

Read More: LPG Subsidy Scheme: PROS, CONS, Success Rate and Recent News

  1. Pradhan Mantri Bal Swacchta Mission: 14 November 2014

Another health and sanitation mission was undertaken by the government with this scheme. The main objective of Bal Swacchta Mission was to spread awareness regarding cleanliness habits among the children of India. This was done by implementing practices that ensured a clean environment, drinking water and sanitation facilities for children in schools and other surrounding areas.


  1. UDAAN Scheme: 14th November 2014

UDAAN Scheme was introduced by the Modi Government in order to promote the concept of women empowerment. Under this scheme, a meritorious female child can avail education, mentoring and scholarship services from the government in order to gain knowledge in the technical field. The scheme also wants to implement better education practices by enhancing teaching methods that will help these meritorious students.


  1. Pradhan Mantri Sansad Adarsh Gram Yojana: 11th October 2014

A huge step was taken towards rural development with the launch of this scheme. The aim of Sansad Adarsh Gram Yojana was to revolutionize the framework of rural India. To enable this all kinds of cultural, economic and structural reforms were undertook in villages. The concept was that each Member of Parliament is to take the responsibility of developing the conditions of three villages by 2019.

Read More: Sansad Adarsh Gram Yojana Objectives, Plan, Strategy

  1. Pradhan Mantri Fasal Bima Yojana: 11th October 2014

One of the largest cropping zones in India is where the Rabi and Kharif crops grow. These crops are sensitive and liable to damage in case of untoward natural conditions. Thus farmers responsible for growing these crops will be provided an insurance cover under this scheme. The insurance can be availed by paying a small premium. In the case of damage to these crops, farmers will be given the insurance amount thus ensuring that they can avail the minimum means to sustain.


  1. Swacchh Bharat: 2nd October 2014

Launched on Gandhi Jayanti, this scheme aims at fulfilling Gandhi’s mission to achieve a clean nation. Thus Swacchh Bharat aimed at providing public awareness for maintaining a clean environment by inculcating sanitary habits. It also aimed at improving the drinking water facilities and the cleanliness amenities in deprived and rural areas.


  1. Make In India: 25th September 2014

The Make In India Scheme was launched to inculcate within the citizens a tendency to depend on Indian manufactured products rather than foreign goods. Thus may small and multinational companies were engaged in building Indian products of the best quality to attract people. Also, an awareness was spread among the nation stating that if the scheme was successful, India will develop economically to a large extent.


  1. Deen Dayal Upadhyay Grameen Kaushlaya Yojana: 25th September 2014

This scheme was launched in rural India to increase the productivity of rural India by increasing the number of employed individuals. Thus there will be overall skill development among rural workers if they are engaged in different means of earning regular wages. The entire scheme will thus lead to the growth or “kaushlaya” of a village.


  1. Pradhan Mantri Jan Dhan Yojana: 28th August 2014

Previously India was underdeveloped in the financial sector due to many citizens not having a bank account. The Pradhan Mantri Jan Dhan Yojana aims at spreading an awareness and educating every citizen regarding the banking facilities that exist. Thus the idea of banking, savings, investment and insurance policies were promoted enabling everyone to implement them. Also, many bank branches were started in remote areas for the convenience of people residing there.









Pradhan Mantri Krishi Sinchai Yojana

Pradhan Mantri Krishi Sinchai Yojana or PMKSY is a government scheme introduced on 1st July 2015 in order to improvise the farming market of nature. The scheme aimed at better productivity from rural farming by utilizing necessary resources in a proper manner. Cabinet Committee on Economic Affairs took up this scheme under the leadership of our honorable Prime Minister, Narendra Modi. A budget of 500 billion INR was drawn to cater towards PMKSY.


Objectives of PMKSY

The PMKSY mission aimed to fulfill the following objectives:

  • A channelized irrigation system in farms to provide required water in fields.
  • Development of existing land and to utilize cultivable land for better productivity.
  • Introduce technologies which make the best of water as a natural resource and ensures conservation too.
  • Involvement of the administration in order to draw a financial plan in order to commence the use of those technologies.
  • Proper research in recycling the waste water to promote “More Crop Per Drop“.

Implementation Of PMKSY

The Indian nation is largely dependent on its agricultural sector for profits and development. Thus improper cultivation of crops leads to the suffering of many individuals and the society as a whole. Since agriculture largely depends on the availability of water, the implementation of PMKSY largely depends on the irrigation systems. Thus the government has taken the following steps:

  • Keeping in mind that 55% of the cultivable land in India does not have proper irrigation facilities, approximately 6 Lakh hectares of land has been brought under irrigation.
  • There are parts of cultivable land that suffer under poor irrigation techniques. Thus a part of the funds went to approximately 1300 watershed projects to improve those conditions.
  • The irrigation facilities are to be administered on district and state level by a supervising board called National Steering Committee (NSC). Narendra Modi is the chairman of this committee which consists of ministers as state (where PMKSY is implemented) representatives.
  • “More Crop Per Drop” is being implemented by optimal use and reuse of water resources. This is having a two-way benefit: clean water for crops and water conservation. The success of PMKSY largely banks on water preservation so a large part of the funds in being utilized to recycle water using modern technologies.
  • Apart from improving the efficiency of farming techniques, the government has also made a provision for the promotion of the National Agricultural Market. From the original budget, 200 crore INR has been extended to promotion policies to increase the sale of crop produced.

Benefits For Farmers Under PMKSY

Farmers are the key members involved in PMKSY. Thus their well-being is a matter of utmost importance for the Central Government. Thus apart from providing cultivable land and promoting their produce, other benefits have also been introduced for rural farmers:

  • Launching Pension Schemes aimed at supporting farmers financially.
  • The introduction of Insurance Schemes that protects farmers on a monetary basis in case of an untoward emergency.
  • Introducing techniques of organic farming keeping the health benefits in mind. Also, educating the farmers about organic farming techniques for promoting better cultivation of crops.




Heritage City Development And Augmentation Yojana (HRIDAY Scheme)

The Heritage City Development And Augmentation Yojana or HRIDAY is a government scheme that was launched on 21st January 2015. The main objective of this scheme was to preserve the rich Indian Heritage that was taking steady steps towards deterioration. The concept was to develop Ancient India alongside Urban and Rural planning and management. This Scheme would cover under it the cities which are Indian Heritage sites.


Birth Of HRIDAY Scheme

India is a land of diverse cultural traditions. People of all religious strata reside in India from time immemorial. Thus India houses a classic and rich collection of music, art, literature, handicrafts and architectural wonders. Conservation of these resources has often been a neglected process. The efforts were mainly from local communities residing in Heritage sites. But they did not have the full means to implement their ideas. The Central Government focused basically on financial issues, urban development, provision of facilities like sewerage connection and water supply. This resulted in the Heritage being derelict. Proper direction, sanitary facilities, lighting and other decorative aspects were found missing from Heritage sites. Thus the pride of India suffered.

This is when HRIDAY came to play. The Scheme took up the objective to develop Heritage cities on an overall basis. Conservation of the main monuments was the key objective, but not the only objective. HRIDAY covered an entire Heritage City and aimed to improve its sanitary systems, economic status, and quality of basic services provided. This, in turn, would lead to financial development via tourism, thus exposing the Indian culture maximally.


Objectives Of HRIDAY Scheme

HRIDAY aims to develop the basic heritage framework of India by conserving and renewing ancient infrastructure like:

  • Ancient Monuments
  • Temples and their architecture
  • Prayer Ghats

Apart from the infrastructural development of the heritages stated above, the cities around them would also undergo a revitalization. This includes improved sanitary facilities, sewerage system, connectivity through main roads and transportation facilities. Thus the main objective revolves around the following ideas:

  • The HRIDAY scheme is to be implemented over a period of approximately 4 years ( January 2015 to November 2018).
  • Development and Improving the framework of Heritage sites.
  • Improving public service delivered to cities with heritage sites.
  • Keep a documentation of all heritage sites ready to refer to the architectural and cultural aspects while development.
  • Improve the connectivity to heritage sites through roads so as to make tourism easier.


Growth And Implementation Of HRIDAY Scheme

The 4 years allotted to implementing the HRIDAY scheme with cover 12 major cities identified as the heritage sites of India. They are:

Amaravati, Amritsar, Ajmer, Badami, Gaya, Dwarka, Mathura, Kanchipuram, Velankanni, Varanasi, Puri, and Warangal.

These are the targeted cities in which the objectives are being currently implemented. Thus from the development and tourism point of view, a large progress has been made.


Funding Towards HRIDAY

The government of India has allocated a total asset of 500 crores INR to fund the HRIDAY Scheme. The funds are divided as follows:

  • 85% of the funds will go towards specific heritage site improvement.
  • 3% of the funds will go towards the development of heritage city.
  • The cost of operation and administration is covered by 1% of the funds.
  • Improving communication and networking is covered by 4% of the funds
  • To increase the capacity of local communities aiming to develop these sites, 3% of the total funds are being allocated.
  • 4% of the funding will go towards the preparation of reports and other documentation regarding the heritage sites.

The above division stands for the funds allocated to each of the 12 cities for heritage development.


Atal Mission for Rejuvenation and Urban Transformation (AMRUT Scheme)

Atal Mission for Rejuvenation and Transformation or AMRUT Scheme was introduced by the honorable Prime Minister Narendra Modi on June 2015. The key focus of the scheme is to re-launch urban projects to promote the development of proper infrastructure in Urban India. This scheme aims at overall Urban transformation with an improved framework, sewage disposal and proper water supply in all areas.  AMRUT follows a Public Private Partnership model. This means that on the demand other related schemes like Swachh Bharat Abhiyan and Housing For All can be linked to AMRUT as they all aim at urban development.


Budget For AMRUT

AMRUT collectively covers many government schemes at once. It is a part of Swachh Bharat and Housing For All. Also, AMRUT covers under it the “Smart City” objective designed by Modi for revolutionizing urban areas. Thus the budget drew collectively for AMRUT and “Smart City Plan” is approximately 1 Lakh Crore INR. Since its launch, AMRUT has seen a commencement of implementation in over 500 cities.

Application For AMRUT Scheme

Application towards AMRUT is made from the state towards the central government. A State Annual Action Plan (SAAP) needs to be submitted to the Central Government. The SAAP includes all Service Level Improvement Plans (SLIPs) required in an urban area. This proposed SAAP is then approved by the government, after which necessary steps are taken towards development. The SLIPs are drawn in accordance with the development required on a city-wise basis. The SLIPs might propose the following development ideas under it:

  • Improvement in quality and quantity of water supplied for domestic and other uses.
  • Improvement of sewer networks for proper disposal of urban waste.
  • Better connectivity via road and improving transportation facilities.
  • Improving the state of existing infrastructure and development of a better framework.
  • Digitized facilities like Wi-Fi and proper internet bandwidth.
  • Improvement in the industrial sector.

Rajasthan was the first among all states to submit SAAP to the Central Government in order to implement AMRUT

Target of AMRUT

States can submit SAAP to the government proposing several improvements to be made under the AMRUT scheme. The target the government aims at after the SAAP proposal are as follows:

  • Sanitized water is available for domestic and other purposes in all parts of a city.
  • Increasing the green space around the city by planting more trees and encouraging an environment-friendly framework.
  • Improving the public transport in a city and ensuring proper safety.
  • Controlling industrial pollution.
  • Implementing Wi-Fi and other digitized facilities to promote the “Smart City” plan.

Success of AMRUT

In its first phase of implementation, AMRUT has been approved and funded for Rajasthan, Gujarat and Andhra Pradesh. There have been further proposals made via SAAP. AMRUT has been implemented in more cities in the following manner:

  • Murshidabad district of West Bengal has been approved for AMRUT.
  • The sewer network systems of Amaravati district in Andhra Pradesh is being improved. Also, city wide provision of water is being implemented.
  • In Haryana, AMRUT has been linked with Swachh Bharat Abhiyan to promote better development in terms of waste management, water supply, and sewage systems.
  • Maharashtra has proposed for AMRUT implementation in 43 cities.
  • Madhya Pradesh has submitted SAAP for 34 cities to improve the water supply and waste management systems.
  • In Telangana, AMRUT is being implemented in 11 cities to improve the supply of water.

Pradhan Mantri Garib Kalyan Yojana

Pradhan Mantri Garib Kalyan Yojana or PMGKY is a government scheme introduced by Narendra Modi in 2015 and was amended post demonetisation on 16th December 2016 to abolish poverty. The idea is to direct all the black money to improvise the conditions of the impoverished.


Objective Of PMGKY

When PMGKY was first introduced they had the following goals:

  • A series of workshops will be conducted for all citizens of the country. Each participant has to pay a small amount of money to register for the workshops.
  • All workshops will be conducted under the supervision of different Members of Parliament to analyse the proceedings and improvements.
  • Several ministers were encouraged to take part in these workshops in order to contribute to the funding for the weaker sections.

Why Re-Introduce PMGKY?

The Pradhan Mantri Garib Kalyan Yojana is the opportunity for all black money holders to convert their illegal financial assets to legal ones by investing in PMGKY as a penalty. The denominations, INR 500 was changed and INR 1000 was eliminated on 8th November, creating history in the nation and ruckus for all black money holders. A time frame was given to all citizens to exchange the old currency notes with new ones setting a limit for the money to be exchanged. Those with a huge amount of black money dealt with this blow by burning stacks of 500 and 1000 currency notes. Having observed this, the PMGKY introduced in 2015 was revised according to new tax laws in 2016. Thus while the original objectives were maintained this new amendment came into play to enable all black money holders to rectify the nature of their monetary assets.

Implementation Of PMGKY Post Demonetisation

When PMGKY was launched, Modi stated that a part of the government funds will be indulged in conducting paid workshops and raising money for the weaker sections of society. After demonetisation, the laws were modified to raise a greater amount of money to abolish poverty under PMGK.

  • The unaccounted black money held by citizens operating unlawfully will be declared confidentially via contributing it to PMGKY
  • The earlier Income Tax Act was modified by honourable Finance Minister Arun Jaitley to make these amendments.
  • The black money will be charged in two ways: 50% taxation for the illegal wealth attained with some of the amounts to PMGKY.
  • Apart from the above divisions for black money penalty, 25% of the black money will be invested in the account of PMGKY for a period of 4 years. This investment will not be liable for returns through interest rates for that duration.
  • Initially, all the national and co-operative banks were to operate in accordance with this scheme. But later co-operative banks were disallowed from continuing as they were suspected of converting the black money to legal currency for personal profits.
  • The PMGKY tax reform can be availed till 31st March and all black money holders are being encouraged to participate in it as the proceedings will remain anonymous.

How To Deposit Money Under PMGKY

All black money holders aiming to convert their illegal wealth confidentially, must make the deposits in a Bonds Ledger Account maintained by the Reserve Bank of India. A certificate will be drawn in the name of the beneficiary who has declared the illegal money. The deposits can be made in all denominations that are a multiple of 100. All deposits have to be made by the black money holders at one time for complete transparency and avoiding pilferage. A Bonds Ledger Account will commence only after a deposit is made via cash, cheque or online banking to the authorised banks under this scheme. 25% of these deposits made will be invested without interest for 4 years under PMGKY.

Nomination can be done in the case of a Bonds Ledger Account. The primary account holder can nominate more than one person for the account. In the case of death of the primary account holder, the amount payable will go to the nominees or the heir.

Success Of Amended PMGKY

The concept of organising workshops and raising money for funding the impoverished was not very successful. But with the new angle of raising money via the unaccounted wealth post demonetisation is by far a successful idea. A lot of lawful cash will be generated to benefit the poor and the black money holders will get a window to rectify themselves.


Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima is an Insurance Scheme introduced by Narendra Modi to increase the number of citizens insured in India. From a survey, it was deduced that only 20% of the demography is insured with a Life Insurance policy. With a country that has a huge population, 80% individuals being uninsured is a big lag in development.

What are the particulars Pradhan Mantri Jeevan Jyoti Bima Yojana?

Under PMJJBY, it is stated that the Indian citizens between the age 18-50 years must pay a premium of INR 330 per year which will be auto debited from the bank account of the beneficiary. This premium will be mature to an amount of INR 2,00,000 and will be paid to the heir or nominee in case of the death of the account holder. Thus PMJJY aims at every citizen having a life insurance. The scheme will be provided by all Life Insurance companies. PMJJBY can be availed by all saving account holders. Thus it will be mandatory for all earning citizens to open a bank account.

What is the eligibility criterion for PMJJBY?

  • An Indian citizen who is a savings bank account holder. (Age bracket: 18-50 years).
  • Must submit a written consent to the government that a premium of INR 330 will be auto debited from their account annually.

How To Apply For PMJJBY: Filling Online Application

The following are the steps to apply for PMJJBY:

  • Open the internet banking account of the bank you hold a savings account.
  • Go to the “Social Security Schemes” section. This section is available under account details.
  • Click on “Apply” and select scheme as “Pradhan Mantri Jeevan Jyoti Bima Yojana”.
  • Enter your account number and CIF number.
  • This application form is also available offline. Collect it from your bank or download it. Then you can fill the form online and submit with an authorized signature.

How is the premium divided?

The INR 330 premium auto debited monthly is divided as follows:

  • INR 289 is the annual amount for crediting the insurance.
  • INR 11 is payable to the bank by all account holders as Administrative Reimbursement.
  • INR 30 is the amount payable to various government and private corporate sectors for incurring the payments that enable the provision of these services.

What is the termination scheme for PMJJBY?

The termination policy is as follows:

  • The account will be terminated in the case of closure of the savings bank account of the beneficiary for reasons like bankruptcy or being unable to pay the premium due to insufficient balance remaining.
  • When the citizen reaches 55 years of age, the account is automatically terminated.( Note: Enrolment can’t be done in PMJJBY after 50 years of age).
  • In case the government comes to find out that an individual has multiple insurance schemes in the same account or under separate accounts, the PMJJBY for that individual will be terminated.
LPG subsidy scheme

LPG Subsidy Scheme: Pros, Cons, Success Rate and Recent News

LPG Subsidy Scheme, popularly known as PAHAL, was launched by Narendra Modi Government, where the citizens living below poverty line gets a new LPG connection with the subsidized amount of the rich/middle-class people (who sacrificed their subsidy voluntarily).

This scheme was primarily launched to facilitate rural development. In a country having 125 crores population, there are many people who do not need any subsidy in LPG gas but were paying the same amount no matter he needed the subsidy or not. So the government came up with an idea, where people could voluntarily give up their subsidy and the government used the same amount to give a new connection to the poor as they can’t afford it.

LPG subsidy scheme

What is The LPG Subsidy Scheme?

The LPG Subsidy scheme introduced as PAHAL by Narendra Modi was initially launched in 54 districts when it started in 2014. By 2015, the scheme covered all the 622 districts remaining. The PAHAL or Pratyaksh Hanstantrit Labh Scheme states that there will be a direct benefit transfer of LPG subsidy that is given for domestic use. Initially, when the scheme started, the LPG subsidy was directly linked to the bank account via the Aadhaar Card under DBTL (Direct Benefit Transfer LPG). But the individuals who did not have an Aadhaar ID suffered. Thus the scheme was re-launched for the benefit of everyone, where CTC (Cash Transfer Compliant) was possible under PAHAL even if they do not have any Aadhaar card. But the CTC was only a two-month grace period given. Thereafter, Aadhaar is mandatory for LPG subsidies after 30th November.

Since LPG is a government provided service, there should be no money charged for transportation and direct delivery of LPG subsidies. Only the cost of the LPG is to be directed to the government. Thus, the mission of the PAHAL Scheme is providing cashless LPG Subsidies to households to maintain a transparency in the market.

What are DBTL and CTC?

DBTL is Direct Benefit Transfer LPG where the amount paid for LPG subsidies will be directly deducted from the bank account linked to the Aadhaar Card.

CTC is Cash Transfer Compliant where the bank account can be directly linked without an Aadhaar card in order to pay for LPG subsidies.

Update: This scheme is not available anymore.

What is the Success Rate Of LPG Subsidy Scheme?

  • PAHAL has reached a major milestone with generating saving up to 21,000 crores by 2016. More savings are expected by the end of this fiscal year.
  • In the face of demonetization, the dependency on PAHAL has increased as it promotes cashless transaction. Thus an increase in the number of LPG subsidies has been seen. From 13 crore in 2014 when it started, the number of domestic subsidies have become 17.4 crores.
  • PMUY was introduced for the households below the poverty line. Under the PMUY or Pradhan Mantri Ujjwala Yojana, LPG connection is given to all the households below the poverty line at no cost.

What Are The CONS of LPG Subsidy Scheme?

PAHAL was introduced in good faith to start cashless provision of LPG subsidies, but it has gone awry in some places. India is divided into two parts: the under-developed and the highly developing. For the people in urban areas where development is fast paced, PAHAL through DBTL and CTC is possible. But when looking at the broader picture, the overall price indexing system has to be considered. The poorer sections of the society are falling in a disadvantageous position in this respect due to the lack of development.

The successful fulfillment of PAHAL scheme depends on factors like proper banking system and remote network connectivity. But neither exists in rural India. Thus over 10 million have given up LPG subsidies after PAHAL.

LPG Subsidy: Union Budget 2017

The Union Budget 2017 claimed that several schemes regarding the use of non-renewable resources was to be financially earmarked. A total of 25,000 crore INR is to be set aside for that purpose. The LPG Subsidy Scheme which revolutionized rural India is to gain a massive capital under this. Thus out of 25,000 crore INR an amount of 16,076 crore INR is to be credited towards LPG Subsidy. This is a huge step forward by the government for the betterment of those who cannot avail the services of cooking gas.

LPG Subsidy Recent News

  • In an attempt to eradicate all black money and dealings in India, a new scheme related to PAHAL has been introduced. It states that all domestic households are entitled to a subscription of 12 cylinders of 14.2kg each at government stated rates. If more cylinders are in demand by the higher income group (greater than 10 lakh per annum), they will not get a further subscription.
  • 12% of customers in Indore who had LPG subsidies have been denied subscription as they have not linked their Adhaar number to their accounts.
  • The PMUY (Pradhan Mantri Ujjwala Yojana), which aimed at providing LPG as a free benefit to the households below poverty line, has met with a huge success. Narendra Modi has successfully monitored the delivery of LPG connections in 15 million households over a period of 8 months.
Start Up India

Start Up India Loan Scheme: Review

Concept of Start Up India

The young ignited minds will help build a better India. And that is exactly the inspiration drawn by Narendra Modi when he launched the Start-Up India Scheme. The aim was to take the country to a level where innovations will lead the youth to embark on a journey from “Job Seekers to Job Creators“. Thus, the end result would be a developed nation with a stable economy. The Start Up India Scheme states that if any Indian citizen shows potential entrepreneurship qualities by presenting an innovative idea that promotes development, they will get a monetary support from the Government of India.

Start Up India

What Is A Start Up and How Will It Be Eligible For Startup India Loan Scheme?

The eligibility criterions as set by the government of India for a Start Up Organization avail financial aid under Start Up India Loan Scheme is as follows:

  • The organization must be independent and registered in India.
  • It should not be formed after division, modification or close down of any previously present organization.
  • The organization must not be an establishment older than five years.
  • The turnover of the company should not be more than 25 Crores annually.

Action Plan For Start Up India Loan Scheme

The action plan for implementation of Start Up India Scheme will be in these areas:

  • To provide technical guidance to a Start Up organization to simplify their working plan and if required modify their innovations to get better results.
  • Support a Start Up organization with proper funding and provide good incentives.
  • Involve a Start Up organization with Incubators and help them partner with well established Industrial and Academic Institutions.

 Loan Value Under Start-Up India Scheme

The scheme, Start Up India was announced on 16th January 2016 and was officially launched on 1st April 2016. Under this scheme, if any organization with innovative ideas for development is considered as a “Start-Up” by the Government of India then a loan be extended to the organization. The amount of loan will range from 10 Lakhs to 100 Lakhs according to the requirement and set norms. Parallelly a scheme known as Stand Up India will be launched with similar facilities to promote entrepreneurship among women, SC/ST and Other Backward Classes.

Features Of Start Up India Loan Scheme

The key features of Start Up India Scheme are:

  • The registration to apply for Start Up India loan will be done via online application forms.
  • A system to self-certify a Start Up has been introduced.
  • To provide proper online support a web domain and a mobile app will be developed which will be dedicated to the Start Up organization.
  • The organization will not be inspected for the initial three years.
  • Exemption from Income Tax for the first three years.
  • Innovation promoting courses will be started under the Atal Innovation Mission.

An important point to note while applying for Start Up India is that the Start Up organization will be exempt from tax deductions unless it gets a certification from Inter-Ministerial Board.

Startup India: Registration Procedure

All aspirants who wish to register for the Startup India Scheme must follow either of the two options:

  • An individual can register himself or herself via a MCA or through Registrar of Firms. Simultaneously they have to register themselves officially on the web portal of Startup India.
  • The second option is to make the complete application through the Startup India mobile application. Though mostly it is recommended that this mobile application process is followed as it is an easier one. Registering via MCA or Registrar firms had to be done previously as the mobile app was not built.
railway travel insurance

Railway Travel Insurance Scheme: Review

What Is Railway Travel Insurance Scheme?

Narendra Modi launched the Railway Travel Insurance Scheme on 1st September 2016, to ensure safer journeys via Indian Railways. This is another revolutionary government scheme that aims at providing complete insurance to a person if they become a victim of an unfortunate train accident. The aim is to provide better accident relief facilities and ensure an overall safety as far as Rail journeys are concerned. The insurance cover that can be claimed is up to 10 Lakhs.

railway travel insurance

How To Apply For Railway Travel Insurance Cover

After booking and generation of E-Ticket via IRCTC website, an SMS will be sent to the citizen who has booked the ticket. That SMS will state that the Railway Travel Insurance can be availed by paying a nominal amount of 92 paise per passenger. Also, a link will be given in the SMS from where the user will be redirected to apply for the insurance. This insurance is, of course, optional and a citizen may or may not avail it as per will. Also, this insurance option is available to all passengers irrespective of the class and status of the ticket. Therefore, all confirmed, waitlisted and RAC passengers can avail this insurance.

Exemptions In Railway Travel Insurance

There are certain criterions under which a passenger cannot avail Railway Travel Insurance. They are as follows:

  • Any passenger traveling by local or suburban trains cannot avail this insurance.
  • This insurance is applicable only if the passenger is above 5 years of age.
  • Foreign citizens cannot avail this insurance.

This premium amount of 92 paise per passenger is non-refundable and hence will not be credited in case of cancellation of a ticket.

Compensation According To Railway Travel Insurance Scheme

As per the set norms, the amount of compensation in case of an untoward accident is as follows:

  • In case of death and complete physical disability: 10 Lakhs
  • In case of semi-physical disability: 7.5 Lakhs
  • In case a person needs to be hospitalized due to serious wounds: 2 Lakhs
  • Transporting mortal remains after an incident like dacoit attack, Riots, Shooting, etc: INR 10,000

To conclude, the Railway Travel Insurance Scheme is a necessary step that had to be taken, for the Rail Department to take better care of their passengers and avoid any unwanted accidents by being more alert about the track conditions, foggy weather or potential attacks.

Railway Travel Insurance Scheme: Application Policy

Railway Travel Insurance Scheme offers compensation, but that is liable to certain terms and conditions. The application policy states that the intimation towards claiming the premium should be made within four months within occurrence of the untoward event that demands a compensation. Then the claim will be approved by the Railway Insurance Department and the premium will be processed within 15 days. The compensation will be extended towards the aggrieved in form of a cheque of the premium amount. Thus the application and cancellation policy are flexible as it occurs within a short period of time.