Tuesday, 18 November 2014
The Union Finance Minister Shri Arun Jaitley will re-launch the Kisan Vikas Patra (KVP) on 18.11.2014
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
***
FM TO RELAUNCH KISAN VIKAS PATRA (KVP); AVAILABLE TO THE INVESTORS IN THE DENOMINATION OF RS. 1000, 5000, 10,000 AND 50,000, WITH NO UPPER CEILING ON INVESTMENT; INVESTMENT MADE IN THE KVP WILL DOUBLE IN 100 MONTHS
New Delhi, November 17, 2014
Kartika 26, 1936
The Union
Finance Minister Shri Arun Jaitley will re-launch the Kisan Vikas Patra
(KVP) here tomorrow in the presence of Shri Ravi Shankar Prasad, Union
Minister of Communication and IT and Shri Jayant Sinha, Minister of
State for Finance among others. Increasing savings rate in the economy
was one of the priorities of the new Government on assuming charge. In
view of the popular demand and to revitalize Small Savings, the Finance
Minister in para 27 of his Budget Speech announced that "Kisan Vikas
Patra (KVP) a very popular instrument among small savers will be
reintroduced The instrument will encourage people, who may have banked
and unbanked savings to invest". Accordingly, it is decided to
reintroduce Kisan Vikas Patras (KVPs). KYC norms regarding all National
Savings Schemes (NSS) are now applicable in post offices and banks
w.e.f. January, 2012.
The re-launched
Kisan Vikas Patra (KVP) will be available to the investors in the
denomination of Rs. 1000, 5000, 10,000 and 50,000, with no upper ceiling
on investment. The certificates can be issued in single or joint names
and can be transferred from one person to any other person / persons,
multiple times. The facility of transfer from one post office to another
anywhere in India and of nomination will be available. The certificate
can also be pledged as security to avail loans from the banks and in
other case where security is required to be deposited. Initially the
certificates will be sold through post offices, but the same will soon
be made available to the investing public through designated branches of
nationalised banks.
Kisan Vikas
Patras have unique liquidity feature, where an investor can, if he so
desires, encash his certificates after the lock-in period of 2 years and
6 months and thereafter in any block of six months on pre-determined
maturity value. The investment made in the certificate will double in
100 months.
Reintroduction
of Kisan Vikas Patra (KVP) is a welcome step not only in the direction
of providing safe and secure investment avenues to the small investors
but will also help in augmenting the savings rate in the country. The
scheme will also safeguard small investors from fraudulent schemes. With
a maturity period of 8 years 4 months, the collections under the scheme
will be available with the Govt. for a fairly long period to be
utilized in financing developmental plans of the Centre and State
Governments and will also help in enhancing domestic household financial
savings in the country.
Kisan Vikas
Patra (KVP) – a certificate savings scheme was launched by the
Government on 1st April, 1988. The scheme provided facility of unlimited
investment by way of purchase of certificates from post offices in
various denominations. The maturity period of the scheme when launched
was 5 ½ years and the money invested doubled on maturity. The scheme was
very popular among the investors and the percentage share of gross
collections secured in KVP was in the range of 9 % to 29 % against the
total collections received under all National Savings Schemes in the
country. Gross collections under the scheme in the year 2010-11 were Rs.
21631.16 crores which was 9 % of the total gross collections during the
year. In the year of its closure, the scheme secured gross collections
of Rs. 7575.95 crores (April 2011 to November 2011).
Sunday, 16 November 2014
Saturday, 15 November 2014
NPS is far beneficial than Government Pension – Comparison of New Pension Scheme (National Pension Scheme) and Central Government Pension
This only exhibits their ignorance of the fact that the New Pension Scheme is highly lucrative and make the government employees who joined after 1/1/2004 far richer than the government employees who enjoy government pension scheme. By doing so they are in the process of ruining the great fortunes that lies in store under New Pension Scheme. Let me compare both the scheme:
Comparison of New Pension Scheme (National Pension Scheme) and Central Government Pension
Benefits under NPS
Let me take a case of Upper Division Clerk(UDC) who joins government service in 2014 at the age of 25 and renders 35 years of service till attaining 60 years of age. He / She gets 3% annual increment every year and gets one promotion every 10 year under M.A.C.P. Although he / she is likely to get 14 to 20% increase in D.A every year as per Consumer Price Index I just take 12%(assuming 6 + 6%) 2 times D.A in a year
| YEAR | D.A. assumed @ 12% Per annum | PAY + GRADE PAY with 3% annual increment | D.A | TOTAL | Total Monthly Subscription (employee and Govt) | Annual Subscription | Annual Appreciation of Investments @ 8.7% Only | TOTAL PENSION WEALTH |
2014
|
107%
|
9910
|
10604
|
20514
|
4102
|
49224
|
2320
|
51,544
|
2015
|
119%
|
10210
|
12150
|
22360
|
4471
|
53652
|
7012
|
1,12,208
|
2016
|
131%
|
10520
|
13781
|
24301
|
4860
|
58320
|
12511
|
183039
|
2017
|
143%
|
10840
|
15501
|
26341
|
5268
|
63216
|
18903
|
265158
|
2018
|
155%
|
11170
|
17314
|
28484
|
5696
|
68352
|
26290
|
359800
|
2019
|
167%
|
11510
|
19222
|
30732
|
6146
|
73752
|
34779
|
468331
|
2020
|
179%
|
11860
|
21229
|
33089
|
6618
|
79416
|
44487
|
592234
|
2021
|
191%
|
12220
|
23340
|
35560
|
7112
|
85344
|
55546
|
733124
|
2022
|
203%
|
12590
|
25558
|
38148
|
7630
|
91560
|
68097
|
892781
|
2023
|
215%
|
12970
|
27886
|
40856
|
8172
|
98064
|
82293
|
1073138
|
| 2024* |
227%
|
14130
|
32075
|
46205
|
9240
|
110880
|
98589
|
1282607
|
2025
|
239%
|
14560
|
34798
|
49358
|
9872
|
118464
|
117170
|
1518241
|
2026
|
251%
|
15000
|
37650
|
52650
|
10530
|
126360
|
138041
|
1782642
|
2027
|
263%
|
15450
|
40634
|
56084
|
11216
|
134592
|
161433
|
2078667
|
2028
|
275%
|
15920
|
43780
|
59700
|
11940
|
143280
|
187596
|
2409543
|
2029
|
287%
|
16400
|
47068
|
63468
|
12694
|
152328
|
216809
|
2778680
|
2030
|
299%
|
16900
|
50531
|
67431
|
13486
|
161832
|
249371
|
3189883
|
2031
|
311%
|
17410
|
54145
|
71555
|
14312
|
171744
|
285614
|
3647241
|
2032
|
323%
|
17940
|
57946
|
75886
|
15178
|
182136
|
325893
|
4155270
|
2033
|
335%
|
18480
|
61908
|
80388
|
16078
|
192936
|
370601
|
4718807
|
2034*
|
347%
|
21060
|
73078
|
94138
|
18828
|
225936
|
421184
|
5365927
|
2035
|
359%
|
21700
|
77903
|
99603
|
19920
|
239040
|
478101
|
6083068
|
2036
|
371%
|
22360
|
82956
|
105316
|
21064
|
252768
|
541139
|
6876975
|
2037
|
383%
|
23030
|
88205
|
111235
|
22248
|
266976
|
610878
|
7754829
|
2038
|
395%
|
23730
|
93734
|
117464
|
23492
|
281904
|
687954
|
8724687
|
2039
|
407%
|
24450
|
99512
|
123962
|
24792
|
297504
|
773068
|
9795259
|
2040
|
419%
|
25190
|
105546
|
130736
|
26148
|
313776
|
866975
|
10976010
|
2041
|
431%
|
25950
|
111845
|
137795
|
27560
|
330720
|
970498
|
12277228
|
2042
|
443%
|
26730
|
118414
|
145144
|
29028
|
348336
|
1084535
|
13710099
|
2043
|
455%
|
27540
|
125307
|
152847
|
30570
|
366840
|
1210066
|
15287005
|
2044*
|
467%
|
29640
|
138419
|
168059
|
33612
|
403344
|
1348977
|
17039326
|
2045
|
479%
|
30530
|
146239
|
176769
|
35354
|
424248
|
1501283
|
18940857
|
2046
|
491%
|
31450
|
154420
|
185870
|
37174
|
446088
|
1668876
|
21055821
|
2047
|
503%
|
32400
|
162972
|
195372
|
39074
|
468888
|
1853953
|
23378662
|
2048
|
515%
|
33380
|
171907
|
205287
|
41058
|
492696
|
2057162
|
25928520
|
2049
|
527%
|
34390
|
181235
|
215625
|
43126
|
517512
|
2280169
| 28726201 |
* MACP / Promotion Years
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