Ex-RAW chief's claim of 'goof up' by Vajpayee govt in Kandahar fuels controversy
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NEW DELHI: Former RAW chief A S Dulat's claim of a "goof up" in Kandahar hijack response by the Vajpayee government in 1999 triggered a controversy on Friday with BJP outrightly rejecting it while Congress alleged that its "soft" approach laid the "foundation of terrorism".
In forceful assertions by its leaders, BJP said there was no other option left then but to release the three dreaded terrorists to save the lives of people on board the Indian Airlines plane that was hijacked and taken to Kandahar.
Dulat, the former head of Research and Analysis Wing (RAW), had said that the Crisis Management Group (CMG) "goofed up" the entire case by not immobilizing the plane when it had landed in Amritsar and that the then Jammu & Kashmir chief minister Farooq Abdullah felt the decision by Union government to release terrorists was a "mistake".
The BJP outrightly rejected Dulat's claims about the alleged "goof up" of the IC-814 hijacking incident. It also rebutted claims of the ruling party compromising with terrorists and terrorism and accused Congress of allowing people like Warren Anderson, responsible for the death of thousands in Bhopal gas tragedy, escape scotfree.
"Foundation of terrorism not only in India but the entire world (was laid) when three terrorists were let loose by a soft government led by the BJP", Congress spokesman Tom Vadakkan said, latching on to Dulat's claims.
Accusing the BJP of practising "false nationalism" and "fake patriotism", he said it was a fact that the "base" of terrorism not only in India but the world was laid with the release of the three ultras.
"Congress demands that Prime Minister Narendra Modi and BJP apologize unconditionally to the nation for having aided, abetted and favoured anti-India elements, terrorists and criminals," he said.
Rejecting Congress claims, BJP spokesperson M J Akbar said Congress has a "very convenient memory" on Kandahar while noting that the decision to save hijacked Indians was taken after consultations with everyone.
"I challenge it to answer one question: Should those around 200 Indians have been allowed to die? Please ask them this question and please ask them to respond," Akbar said.
"It is regrettable, but perhaps their (Congress's) occasional amnesia, where it suits them. On Kandahar, consultations were held at the highest level by senior leaders of NDA. It was a national crisis. In the spirit of the Vajpayee government, consultations were held with all the parties," he said.
Yashwant Sinha, a senior BJP leader and a Union minister in the Vajpayee Cabinet during the Kandahar incident, claimed that there was no other option before the government but save the lives of passengers.
"Anyone who is criticizing that decision should come out openly and say we should have sacrificed the lives of passengers held and not released the terrorists. There was absolutely no other option, except to brittle down their demand as much as we could through negotiations and then the very minimum had to be accepted," he said.
Three hardcore terrorists were released by the government in exchange for the lives of the 155 passengers and the crew members members to end the 8-day-old hijack crisis.
In forceful assertions by its leaders, BJP said there was no other option left then but to release the three dreaded terrorists to save the lives of people on board the Indian Airlines plane that was hijacked and taken to Kandahar.
Dulat, the former head of Research and Analysis Wing (RAW), had said that the Crisis Management Group (CMG) "goofed up" the entire case by not immobilizing the plane when it had landed in Amritsar and that the then Jammu & Kashmir chief minister Farooq Abdullah felt the decision by Union government to release terrorists was a "mistake".
The BJP outrightly rejected Dulat's claims about the alleged "goof up" of the IC-814 hijacking incident. It also rebutted claims of the ruling party compromising with terrorists and terrorism and accused Congress of allowing people like Warren Anderson, responsible for the death of thousands in Bhopal gas tragedy, escape scotfree.
"Foundation of terrorism not only in India but the entire world (was laid) when three terrorists were let loose by a soft government led by the BJP", Congress spokesman Tom Vadakkan said, latching on to Dulat's claims.
Accusing the BJP of practising "false nationalism" and "fake patriotism", he said it was a fact that the "base" of terrorism not only in India but the world was laid with the release of the three ultras.
"Congress demands that Prime Minister Narendra Modi and BJP apologize unconditionally to the nation for having aided, abetted and favoured anti-India elements, terrorists and criminals," he said.
Rejecting Congress claims, BJP spokesperson M J Akbar said Congress has a "very convenient memory" on Kandahar while noting that the decision to save hijacked Indians was taken after consultations with everyone.
"I challenge it to answer one question: Should those around 200 Indians have been allowed to die? Please ask them this question and please ask them to respond," Akbar said.
"It is regrettable, but perhaps their (Congress's) occasional amnesia, where it suits them. On Kandahar, consultations were held at the highest level by senior leaders of NDA. It was a national crisis. In the spirit of the Vajpayee government, consultations were held with all the parties," he said.
Yashwant Sinha, a senior BJP leader and a Union minister in the Vajpayee Cabinet during the Kandahar incident, claimed that there was no other option before the government but save the lives of passengers.
"Anyone who is criticizing that decision should come out openly and say we should have sacrificed the lives of passengers held and not released the terrorists. There was absolutely no other option, except to brittle down their demand as much as we could through negotiations and then the very minimum had to be accepted," he said.
Three hardcore terrorists were released by the government in exchange for the lives of the 155 passengers and the crew members members to end the 8-day-old hijack crisis.
Airbus, Mahindra JV to make helicopters in India
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NEW DELHI: European major Airbus has teamed up with diversified Mahindra Group to establish a joint venture for manufacturing helicopters for the Indian Armed Forces.
The joint venture between Airbus Helicoptersand Mahindra Defence aims to become the "first private Indian helicopter manufacturer under the 'Make in India' initiative," the companies said today.
To be set up in the coming months, the venture would produce helicopters to meet the country's military requirements.
"Both companies will now get into discussions to finalise the formation of the joint venture which will act as the prime contractor for India's military helicopter tenders including theReconnaissance and Surveillance Helicopter, the Naval Utility Helicopter and the Naval Multirole Helicopter procurement programmes," the firms said in a statement.
According to the statement, the venture would create hundreds of high-tech jobs locally and lead to a flow of cutting edge technologies to India, should it be selected in the governmental helicopter tenders.
"The strengths of both the companies will ensure a strong partnership to present the bestrotorcraft solutions for India's needs and strengthen indigenous industrial capabilities," it added.
Guillaume Faury, who is Airbus Helicopters President & CEO, said the joint venture would be be dedicated to supplying the Indian Armed Forces with Made-in-India, state of the art helicopters of high reliability, quality and safety standard based on combat-proven platforms
"We are convinced that with Mahindra we will not only have a mutually rewarding association but one which will offer immense benefits to India," Faury noted.
S P Shukla, Mahindra's group president (aerospace and defence sector) and chairman, Mahindra Defence Systems, said the joint venture would produce "India's next generation helicopters that will not only answer our country's defence needs but will also have the potential for exports in the future."
Mahindra Defence is a Mahindra Group subsidiary and Airbus Helicopters is a division of Airbus Group.
NEW DELHI: European major Airbus has teamed up with diversified Mahindra Group to establish a joint venture for manufacturing helicopters for the Indian Armed Forces. The joint venture between Airbus Helicoptersand Mahindra Defence aims to become the "first private Indian helicopter manufacturer under the 'Make in India' initiative," the companies said today.
To be set up in the coming months, the venture would produce helicopters to meet the country's military requirements.
"Both companies will now get into discussions to finalise the formation of the joint venture which will act as the prime contractor for India's military helicopter tenders including theReconnaissance and Surveillance Helicopter, the Naval Utility Helicopter and the Naval Multirole Helicopter procurement programmes," the firms said in a statement.
According to the statement, the venture would create hundreds of high-tech jobs locally and lead to a flow of cutting edge technologies to India, should it be selected in the governmental helicopter tenders.
"The strengths of both the companies will ensure a strong partnership to present the bestrotorcraft solutions for India's needs and strengthen indigenous industrial capabilities," it added.
Guillaume Faury, who is Airbus Helicopters President & CEO, said the joint venture would be be dedicated to supplying the Indian Armed Forces with Made-in-India, state of the art helicopters of high reliability, quality and safety standard based on combat-proven platforms
"We are convinced that with Mahindra we will not only have a mutually rewarding association but one which will offer immense benefits to India," Faury noted.
S P Shukla, Mahindra's group president (aerospace and defence sector) and chairman, Mahindra Defence Systems, said the joint venture would produce "India's next generation helicopters that will not only answer our country's defence needs but will also have the potential for exports in the future."
Mahindra Defence is a Mahindra Group subsidiary and Airbus Helicopters is a division of Airbus Group.
Dhaka to open more diplomatic missions in northeast India
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AGARTALA: Bangladesh will expand its diplomatic presence in India's northeast to improve trade, people-to-people contacts and cultural ties with the eight states in the region, of which four share a common border with it.
Dhaka now has a diplomatic mission in Tripura's capital Agartala.
"New Delhi has accepted Dhaka's proposal to open a new Bangladesh deputy high commission in Guwahati in Assam," a Bangladesh foreign ministry official told IANS.
The official, who requested not to be named, said the Agartala mission would also be upgraded as an assistant high commission.
"The proposed deputy high commission in Guwahati will have consular jurisdiction over Assam, Meghalaya, Mizoram, Manipur, Nagaland and Arunachal Pradesh," the official said.
The new deputy high commission in Guwahati was likely to open next year. According to the official, the process for upgrading the mission in Agartala would be completed by September.
Bangladesh already has diplomatic missions in New Delhi, Kolkata and Mumbai. In return, Dhaka has allowed New Delhi to open assistant high commissions in Khulna and Sylhet, the official added.
"Extension and upgradation of the Bangladesh missions in northeast India will boost trade and economy, people-to-people contact and cultural relations between Bangladesh and the northeastern region," the official said.
Tripura and other states in the northeast are keen to improve trade and business with Bangladesh.
According to Tripura's commerce minister Tapan Chakraborty, trade between Dhaka and Agartala alone has increased from Rs.164 crore during 2009-10 to over Rs.300 crore in the last financial year.
In the current fiscal (2015-16), it is expected to cross Rs 400 crore, an official told IANS.
India and Bangladesh had earlier decided to upgrade the existing 27 custom stations in Assam, Tripura, Meghalaya and Mizoram.
"With the opening of more Bangladesh diplomatic missions in northeast India, trade and business will further improve," Tripura Chambers of Commerce and Industries president M L Debnath told IANS.
Prime Ministers Narendra Modi of India and Sheikh Hasina of Bangladesh discussed possible improvement in trade and economic activities when the former visited Dhaka on June 6-7.
India and Bangladesh have so far set up four "border haats" or markets — two each in Meghalaya and Tripura frontiers — to boost trade in local produce on both sides of the border.
Tripura (856km), Meghalaya (443km), Mizoram (318km) and Assam (263km) share an 1,880-km border with Bangladesh.
Dhaka now has a diplomatic mission in Tripura's capital Agartala.
"New Delhi has accepted Dhaka's proposal to open a new Bangladesh deputy high commission in Guwahati in Assam," a Bangladesh foreign ministry official told IANS.
The official, who requested not to be named, said the Agartala mission would also be upgraded as an assistant high commission.
"The proposed deputy high commission in Guwahati will have consular jurisdiction over Assam, Meghalaya, Mizoram, Manipur, Nagaland and Arunachal Pradesh," the official said.
The new deputy high commission in Guwahati was likely to open next year. According to the official, the process for upgrading the mission in Agartala would be completed by September.
Bangladesh already has diplomatic missions in New Delhi, Kolkata and Mumbai. In return, Dhaka has allowed New Delhi to open assistant high commissions in Khulna and Sylhet, the official added.
"Extension and upgradation of the Bangladesh missions in northeast India will boost trade and economy, people-to-people contact and cultural relations between Bangladesh and the northeastern region," the official said.
Tripura and other states in the northeast are keen to improve trade and business with Bangladesh.
According to Tripura's commerce minister Tapan Chakraborty, trade between Dhaka and Agartala alone has increased from Rs.164 crore during 2009-10 to over Rs.300 crore in the last financial year.
In the current fiscal (2015-16), it is expected to cross Rs 400 crore, an official told IANS.
India and Bangladesh had earlier decided to upgrade the existing 27 custom stations in Assam, Tripura, Meghalaya and Mizoram.
"With the opening of more Bangladesh diplomatic missions in northeast India, trade and business will further improve," Tripura Chambers of Commerce and Industries president M L Debnath told IANS.
Prime Ministers Narendra Modi of India and Sheikh Hasina of Bangladesh discussed possible improvement in trade and economic activities when the former visited Dhaka on June 6-7.
India and Bangladesh have so far set up four "border haats" or markets — two each in Meghalaya and Tripura frontiers — to boost trade in local produce on both sides of the border.
Tripura (856km), Meghalaya (443km), Mizoram (318km) and Assam (263km) share an 1,880-km border with Bangladesh.
Government notifies rules for valuation of black money stashed abroad
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NEW DELHI: Government has notified rules for calculating overseas income and assets under the stringent foreign black money law that came into force on July 1.
The value of the overseas assets, including immovable property, jewellery and precious stones, archaeological collections and paintings, shares and securities and shares in unlisted firms abroad will be calculated at the fair market value, the rules notified by the CBDT said on Friday.
The value of an overseas bank account will be the sum of all deposits made in the account since its opening, the rules said.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, provides for a total of tax and penalty of 120 per cent on the income or assets held abroad after the expiry of a one-time 90-day 'compliance window' provided for persons to come clean.
Any income or asset declared during this period which ends on September 30, would attract a total of 60 per cent tax and penalty, without penal provisions like jail term. They will have time till December 31 to pay the levies.
The rules notified on Friday provide for the way foreign income and assets would be valued for calculation of tax and penalty both for the compliance period and beyond its expiry.
The fair market value of an immovable property will be higher from the acquisition cost or the price that the property shall fetch in open market on the date of valuation.
The same principle would also be applicable for valuing bullion, jewellery or precious stone as well as archaeological collections, drawings, paintings and sculptures or work of art.
For valuing shares and securities of listed entities, the rules said the fair market value will be the higher of the cost of acquisition or average of the lowest and highest price on the date of valuation.
NEW DELHI: Government has notified rules for calculating overseas income and assets under the stringent foreign black money law that came into force on July 1.The value of the overseas assets, including immovable property, jewellery and precious stones, archaeological collections and paintings, shares and securities and shares in unlisted firms abroad will be calculated at the fair market value, the rules notified by the CBDT said on Friday.
The value of an overseas bank account will be the sum of all deposits made in the account since its opening, the rules said.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, provides for a total of tax and penalty of 120 per cent on the income or assets held abroad after the expiry of a one-time 90-day 'compliance window' provided for persons to come clean.
Any income or asset declared during this period which ends on September 30, would attract a total of 60 per cent tax and penalty, without penal provisions like jail term. They will have time till December 31 to pay the levies.
The rules notified on Friday provide for the way foreign income and assets would be valued for calculation of tax and penalty both for the compliance period and beyond its expiry.
The fair market value of an immovable property will be higher from the acquisition cost or the price that the property shall fetch in open market on the date of valuation.
The same principle would also be applicable for valuing bullion, jewellery or precious stone as well as archaeological collections, drawings, paintings and sculptures or work of art.
For valuing shares and securities of listed entities, the rules said the fair market value will be the higher of the cost of acquisition or average of the lowest and highest price on the date of valuation.
Govt mulls incentives on discarding old cars
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NEW DELHI: Government is considering giving financial incentives to those willing to discard their old cars under a new policy, transport minister Nitin Gadkari said on Friday as he urged people to avoid using multiple cars and adopt 'vehicle planning' on the lines of 'family planning'.
Gadkari, also the minister for roads and highways, said the new policy is aimed at encouraging people to discard their old cars and purchase the new ones which also benefits the government in form of tax revenue.
"We are formulating a new policy that whoever will surrender the old car we will give some incentive to them. We will process the old cars in any industrial area and recycle their parts. We will give some money to them. On one new vehicle purchase government is benefited by Rs 95,000. We will encourage people to sell off their old cars," he said.
Speaking at a PHD Chamber event here, Gadkari said the road infrastructure is not able to match the growth of vehicles in the country, while discarding of old vehicles will also help de-congest the roads.
"Like family planning, vehicle planning is also important and it needs to be put into action. Vehicles are growing at a fast pace and the road infrastructure is not able to match it.
We need to work on tackling this situation," the minister added.
Besides, he said that a slew of steps are on to overhaul the highways sector including a Rs 4,000 crore Metrino pilot project to decongest Delhi through driverless pods between Dhaula Kuan and Manesar.
Under the project fully automatic and driverless small vehicles known as pods will travel suspended under an overhead network.
NEW DELHI: Government is considering giving financial incentives to those willing to discard their old cars under a new policy, transport minister Nitin Gadkari said on Friday as he urged people to avoid using multiple cars and adopt 'vehicle planning' on the lines of 'family planning'. Gadkari, also the minister for roads and highways, said the new policy is aimed at encouraging people to discard their old cars and purchase the new ones which also benefits the government in form of tax revenue.
"We are formulating a new policy that whoever will surrender the old car we will give some incentive to them. We will process the old cars in any industrial area and recycle their parts. We will give some money to them. On one new vehicle purchase government is benefited by Rs 95,000. We will encourage people to sell off their old cars," he said.
Speaking at a PHD Chamber event here, Gadkari said the road infrastructure is not able to match the growth of vehicles in the country, while discarding of old vehicles will also help de-congest the roads.
"Like family planning, vehicle planning is also important and it needs to be put into action. Vehicles are growing at a fast pace and the road infrastructure is not able to match it.
We need to work on tackling this situation," the minister added.
Besides, he said that a slew of steps are on to overhaul the highways sector including a Rs 4,000 crore Metrino pilot project to decongest Delhi through driverless pods between Dhaula Kuan and Manesar.
Under the project fully automatic and driverless small vehicles known as pods will travel suspended under an overhead network.
Govt clears 16 defence licence proposals worth Rs 613 crore
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NEW DELHI: The commerce and industry ministry has cleared 16 defence licence proposals with investments worth Rs 613 crore, a move aimed at boosting defence manufacturing in the country.
The department of industrial policy and promotion (DIPP), which comes under the commerce and industry ministry, has so far issued 73 industrial licences in the defence sector in the last one year (since June 2014), against 50 licence granted during 2011 to May 2014, the ministry said in a statement.
"These (73) include 16 proposals with proposed investment of Rs 613 crore, cleared in recent licensing committee meeting," it said.
The proposals cleared in last meeting, held on June 10, included applications from major players like Pipavav, Tata's, Samtel Thales, Solar Industries, Titagarh, Wagons and Premier Explosives.
"Many of these proposals were pending with the government for last several years," it added.
It said the approved licences are for manufacture of various kinds of arms and ammunition such as helicopters, aircraft, radars, bullet proof jackets, bullet proof helmets, ammunition fired from artillery, tanks, rockets and missiles, mortar bombs, grenades, vessels of war, electronic war-fare systems, night vision devices, howitzers, armoured vehicles and UAVs.
Further, it said the government had increased the initial validity period of industrial licence for defence sector to seven years from earlier three years, further extendable up to three years, in view of the long gestation period of defence contracts to mature.
The government now expects that these measures will give a boost to the private participation in the vast opportunities available for defence manufacturing in India, it added.
NEW DELHI: The commerce and industry ministry has cleared 16 defence licence proposals with investments worth Rs 613 crore, a move aimed at boosting defence manufacturing in the country. The department of industrial policy and promotion (DIPP), which comes under the commerce and industry ministry, has so far issued 73 industrial licences in the defence sector in the last one year (since June 2014), against 50 licence granted during 2011 to May 2014, the ministry said in a statement.
"These (73) include 16 proposals with proposed investment of Rs 613 crore, cleared in recent licensing committee meeting," it said.
The proposals cleared in last meeting, held on June 10, included applications from major players like Pipavav, Tata's, Samtel Thales, Solar Industries, Titagarh, Wagons and Premier Explosives.
"Many of these proposals were pending with the government for last several years," it added.
It said the approved licences are for manufacture of various kinds of arms and ammunition such as helicopters, aircraft, radars, bullet proof jackets, bullet proof helmets, ammunition fired from artillery, tanks, rockets and missiles, mortar bombs, grenades, vessels of war, electronic war-fare systems, night vision devices, howitzers, armoured vehicles and UAVs.
Further, it said the government had increased the initial validity period of industrial licence for defence sector to seven years from earlier three years, further extendable up to three years, in view of the long gestation period of defence contracts to mature.
The government now expects that these measures will give a boost to the private participation in the vast opportunities available for defence manufacturing in India, it added.
Love your neighbour, President advises sparring Andhra Pradesh and Telangana
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HYDERABAD: Amid raging tensions between Telangana and Andhra Pradesh over different issues, President Pranab Mukherjee on Friday asked both states to live together in peace, saying one can choose friends, not neighbours.
Observing that problems are bound to exist, particularly when the new entity is created out of the parent state, he, however, said good neighbourly relations is the only way forward.
Noting that Hyderabad is an important region in the entire country having made rapid progress in areas like Information Technology whose benefits have reached many parts, he said it is important that both states lived in harmony and contributed to nation's progress.
"Only I would like to suggest that we shall have to learn one lesson in our domestic relations and also in our international relations, that we can choose our friend. But we cannot choose our neighbours.
"Our neighbours are going to stay where they are. We may like it, we may not like it. But it is for us to decide, whether we should live with our neighbours in peace, harmony or in perpetual tension. Choice is ours," he said.
He also quoted Christ's one of the 10 commandments,'love your neighbour', to drive home the need for both states to live together in peace.
"Therefore, my appeal to all concerned would be, now it is the reality, Telangana has come to being. Telangana, Andhra and all other bordering states, work in close harmony. Because, we belong to India and in working with close harmony, we will ensure our sustainable development...," he said.
The initiatives like Clean India, Make in India and Digital India are aimed at achieving such sustainable development, he said.
"All these are absolutely necessary, for us to have our rightful place in the comity of nations," Mukherjee said.
"...If we work in close cooperation and atmosphere of peace and tranquility, understanding and harmony, nothing can desist us, we can fulfil all the cherished goals," he said.
HYDERABAD: Amid raging tensions between Telangana and Andhra Pradesh over different issues, President Pranab Mukherjee on Friday asked both states to live together in peace, saying one can choose friends, not neighbours. Observing that problems are bound to exist, particularly when the new entity is created out of the parent state, he, however, said good neighbourly relations is the only way forward.
Noting that Hyderabad is an important region in the entire country having made rapid progress in areas like Information Technology whose benefits have reached many parts, he said it is important that both states lived in harmony and contributed to nation's progress.
"Only I would like to suggest that we shall have to learn one lesson in our domestic relations and also in our international relations, that we can choose our friend. But we cannot choose our neighbours.
"Our neighbours are going to stay where they are. We may like it, we may not like it. But it is for us to decide, whether we should live with our neighbours in peace, harmony or in perpetual tension. Choice is ours," he said.
He also quoted Christ's one of the 10 commandments,'love your neighbour', to drive home the need for both states to live together in peace.
"Therefore, my appeal to all concerned would be, now it is the reality, Telangana has come to being. Telangana, Andhra and all other bordering states, work in close harmony. Because, we belong to India and in working with close harmony, we will ensure our sustainable development...," he said.
The initiatives like Clean India, Make in India and Digital India are aimed at achieving such sustainable development, he said.
"All these are absolutely necessary, for us to have our rightful place in the comity of nations," Mukherjee said.
"...If we work in close cooperation and atmosphere of peace and tranquility, understanding and harmony, nothing can desist us, we can fulfil all the cherished goals," he said.
Modi Schemes: Banking & Insurance Part 1
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Dear Readers & Aspirants, We collected Modi Schemes in Banking & Insurance and make it in PDF format. We Hope it will definitely help you for your upcoming Exams. All the Best My Dear Aspirants & Readers.
A.Pradham mantri jan dhan yojana
Scheme Details
- Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
- Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
Special Benefits under PMJDY Scheme
- Interest on deposit.
- Accidental insurance cover of Rs.1.00 lac
- No minimum balance required.
- Life insurance cover of Rs.30,000/-
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- Access to Pension, insurance products.
- Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana
If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”
HIGHLIGHTS
*scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on 28 August 2014
*Run by Department of Financial Services, Ministry of Finance
*inauguration day, 1.5 Crore bank accounts were opened under this scheme
*By 28 January 2015, 12.58 crore accounts were opened, with around ₹10590 crore
B.Sukhanya samridi account
Sukanya Samriddhi Account is another welcome step from Govt of India. Honorable Prime Minister of India, Sh. Narendra Modi Ji launched Sukanya Samriddhi Account “A Small Savings Scheme” on 22nd January, 2015. It is part of “Beti Bachao – Beti Padhao” initiative of Government of India (GOI) also known as BBB
OBJECTIVE_
Sukanya Samriddhi Account, Govt is trying to give a social message that Girl Child is not a financial burden if parents of a Girl child secure their future through proper financial planning.
7 Benefits_
1.Highest Interest Rate among all Small Savings Schemes offered by Govt of India_
Sukanya Samriddhi Account will offer interest rate of 9.1% for current financial year i.e. FY 2014-15. It is highest among all Small Savings Schemes.
- Tax Savings_
In order to encourage people to open Sukanya Samriddhi Account, Govt has exempted contribution to this account u/s 80C of the Income Tax Act, 1961.
- Lock-in Period_
In my opinion this is the BEST Feature of this scheme. The maturity of account is 21 years from the date of opening of the account or Marriage of the Girl Child, Which ever is earlier. For Marriage, Girl should be of 18 years at the time of marriage. The operation of account is not permitted beyond date of marriage.
- Purpose of Sukanya Samriddhi Account_
As i mentioned earlier, it is quite evident that Sukanya Samriddhi Account is launched with sole objective of financial planning for the marriage of Girl Child. Social Message is that Marriage or Education of a Girl Child is not a financial burden if parents plan well in advance.
- Maturity Proceeds to be Paid to Girl Child
On maturity of Sukanya Samriddhi Account, the account balance along with accrued interest will be paid directly to the account holder i.e. Girl Child. It gives financial independence to Girl child which is currently missing in India.
- Interest to be paid even after Maturity
Unlike other financial schemes where interest is not paid after maturity of the deposit / investment scheme. Unique feature of Sukanya Samriddhi Account is that even after maturity, if the account is not closed by the account holder, Interest shall be payable in the account till final closure of the account.
- Flexibility to operate Sukanya Samriddhi Account
Based on past experience, Government of India has given lot of flexibility in terms of account operations. I am listing down few of them
(a) Account can be opened with initial deposit of Rs 1000 and thereafter any amount in multiple of Rs 100 can be deposited subject to max limit of 1.5 lakh during financial year. Every FY, a min sum of Rs 1000 should be deposited to keep account operative.
(b) On attaining age of 10 years, a girl child can operate her account
(c) Account can be closed if it is proved that account is causing undue hardship to the account holder
(d) Account can be transferred anywhere in India
C.MUDRA Bank Yojana
1.BUDGET SPEECH_
The Prime Minister Narendra Modi launched the promised Micro Units Development and Refinance Agency Ltd (MUDRA) Bank on 8 April, 2015 with a corpus of Rs 20,000 crore and a credit guarantee corpus of Rs 3,000 crore. The launch was the fulfillment of an announcement made earlier by the Finance Minister Arun Jaitley in his FY 15-16 Budget speech
2.MUDRA Bank Make a Difference to the Economy
As per NSSO Survey of 2013, there are close to 5.77 crore small-scale business units, mostly sole proprietorships, which undertake trading, manufacturing, retail and other small-scale activities. Compare this with the organised sector and larger companies that employ 1.25 crore individuals. Clearly, the potential to harness and nurture these micro businesses is vast and the government recognises this. Today, this segment is unregulated and without financial support or cover from the organised financial banking system.
3.The principal objectives of the MUDRA Bank are_
- Regulate the lender and the borrower of microfinance and bring stability to the microfinance system through regulation and inclusive participation.
- Extend finance and credit support to Microfinance Institutions (MFI) and agencies that lend money to small businesses, retailers, self-help groups and individuals.
- Register all MFIs and introduce a system of performance rating and accreditation for the first time. This will help last-mile borrowers of finance to evaluate and approach the MFI that meets their requirement best and whose past record is most satisfactory. This will also introduce an element of competitiveness among the MFIs. The ultimate beneficiary will be the borrower.
- Provide structured guidelines for the borrowers to follow to avoid failure of business or take corrective steps in time. MUDRA will help in laying down guidelines or acceptable procedures to be followed by the lenders to recover money in cases of default.
- Develop the standardised covenants that will form the backbone of the last-mile business in future.
- Offer a Credit Guarantee scheme for providing guarantees to loans being offered to micro businesses.
- Introduce appropriate technologies to assist in the process of efficient lending, borrowing and monitoring of distributed capital.
- Build a suitable framework under the Pradhan Mantri MUDRA Yojana for developing an efficient last-mile credit delivery system to small and micro businesses.
4.Major Product Offerings
MUDRA Bank has rightly classified the borrowers into three segments: the starters, the mid-stage finance seekers and the next level growth seekers.
To address the three segments, MUDRA Bank has launched three loan instruments:
Shishu: covers loans upto Rs 50,000/-
Kishor: covers loans above Rs 50,000/- and upto Rs 5 lakh
Tarun: covers loans above Rs 5 lakh and upto Rs 10 lakh
Initially, sector-specific schemes will be confined to “Land Transport, Community, Social & Personal Services, Food Product and Textile Product sectors”. Over a period of time, new schemes will be launched to encompass more sectors.
5.Some of the Offerings Planned for the Future_
MUDRA Card
Portfolio Credit Guarantee
Credit Enhancement
D.Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Age of the Insured – Bank account holders aged between 18 and 50 years are eligible to apply for this scheme. So, if you are aged more than 50 years, you are not eligible to enroll yourself for this scheme. But, once enrolled, you can continue with this scheme till you attain the age of 55 years.
Premium Amount – Less than Re. 1 a day or an annual premium of Rs. 330 is what you need to pay to get a life cover of Rs. 2 lacs. No matter what your age is, the premium is fixed at Rs. 330 for a life cover of Rs. 2 lacs. This annual premium of Rs. 330 has been fixed for the first three years from June 1, 2015 to May 31, 2018, after which it will again be reviewed based on the insurers’ annual claims experience.
Period of Insurance – June 1st, 2015 to May 31st, 2016 is the period for which this scheme will cover all kind of risks to your life in the first year of operation. Next year onwards as well, the risk cover period will remain June 1 to May 31.
Auto Debit Facility – Annual premium of Rs. 330 will get deducted from your savings bank account through auto debit facility. You will have to give your consent for auto debit of premium from any one of your bank accounts at the time of enrolling for this scheme.
Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.
NOTE _Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 330 and submit a self-certificate of good health in the prescribed proforma.
E.Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Policy Coverage – The scheme offers to provide you or your family a cover of up to Rs. 2 lacs in case of any mishappening, resulting into death or disability of the insured. In case of death or full disability, you or your family will get Rs. 2 lacs and in case of partial disability, you will get Rs. 1 lac. Full disability means loss of both eyes or both legs or both hands, whereas partial disability means loss of one eye or one leg or one hand.
Age of the Insured – Savings bank account holders aged between 18 years and 70 years are eligible to apply for this scheme. People aged more than 70 years will not be able to get the benefits of this scheme.
Premium Amount – It costs you just Rs. 12 in annual premium for having an accidental death or disability cover of Rs. 2 lacs under this scheme. It works out to be just Re. 1 a month, which is extraordinarily low. Again, your age has nothing to do with the premium payable for your insurance cover under this scheme as the premium is fixed at Rs. 12 for a cover of Rs. 2 lacs.
Period of Insurance – You will remain insured for a period of one year from June 1, 2015 to May 31, 2016. Next year onwards as well, the risk cover period will remain to be June 1 to May 31.
Administrators for PMSBY – The scheme would be offered / administered by many of the general insurance companies, both in the public sector as well as in the private sector. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers. National Insurance Company Limited, Oriental Insurance Company Limited and ICICI Lombard are some of the companies which would be offering this scheme.
Auto Debit Facility – You will be required to provide your consent for auto debit of Rs. 12 as the annual premium from any one of your bank accounts at the time of enrolling for this scheme. This premium of Rs. 12 will get deducted from your savings bank account through auto debit facility every year between May 25 and June 1.
Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.
NOTE _Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 12 and agree to specified terms of this scheme.
F.ATAL PENSION SCHEME
The scheme will be launched on June 1 2015 and focus is on the unorganised sector. A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income.Under the Atal Pension Yojna Scheme (APY), the subscribers ,under the age of 40, would receive the fixed monthly pension of Rs. 1000 to Rs 5000 at the age of 60 years, depending on their contributions.
To make the the pension scheme more attractive, government would co-contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum.
Eligibility for APY: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
Age- of joining and contribution period: The minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age.
Enrolment agencies: All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through setup of National Pension System.
if person joined Atal Pension Yojna at 35 years, he will contribute till age of 60 years ie 25 years.
If he wants monthly pension of Rs 1000 he would contribute Rs 181 a month. On his death his wife would get Rs 1000 per month and after her death the nominees will get 1.7 lakh.
If he wants monthly pension of Rs 3000 he would contribute Rs 543 a month. On his death his wife would get Rs 3000 per month and after her death the nominees will get 5.1 lakh.
A.Pradham mantri jan dhan yojana
Scheme Details
- Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
- Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
Special Benefits under PMJDY Scheme
- Interest on deposit.
- Accidental insurance cover of Rs.1.00 lac
- No minimum balance required.
- Life insurance cover of Rs.30,000/-
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- Access to Pension, insurance products.
- Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana
If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”
HIGHLIGHTS
*scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on 28 August 2014
*Run by Department of Financial Services, Ministry of Finance
*inauguration day, 1.5 Crore bank accounts were opened under this scheme
*By 28 January 2015, 12.58 crore accounts were opened, with around ₹10590 crore
B.Sukhanya samridi account
Sukanya Samriddhi Account is another welcome step from Govt of India. Honorable Prime Minister of India, Sh. Narendra Modi Ji launched Sukanya Samriddhi Account “A Small Savings Scheme” on 22nd January, 2015. It is part of “Beti Bachao – Beti Padhao” initiative of Government of India (GOI) also known as BBB
OBJECTIVE_
Sukanya Samriddhi Account, Govt is trying to give a social message that Girl Child is not a financial burden if parents of a Girl child secure their future through proper financial planning.
7 Benefits_
1.Highest Interest Rate among all Small Savings Schemes offered by Govt of India_
Sukanya Samriddhi Account will offer interest rate of 9.1% for current financial year i.e. FY 2014-15. It is highest among all Small Savings Schemes.
- Tax Savings_
In order to encourage people to open Sukanya Samriddhi Account, Govt has exempted contribution to this account u/s 80C of the Income Tax Act, 1961.
- Lock-in Period_
In my opinion this is the BEST Feature of this scheme. The maturity of account is 21 years from the date of opening of the account or Marriage of the Girl Child, Which ever is earlier. For Marriage, Girl should be of 18 years at the time of marriage. The operation of account is not permitted beyond date of marriage.
- Purpose of Sukanya Samriddhi Account_
As i mentioned earlier, it is quite evident that Sukanya Samriddhi Account is launched with sole objective of financial planning for the marriage of Girl Child. Social Message is that Marriage or Education of a Girl Child is not a financial burden if parents plan well in advance.
- Maturity Proceeds to be Paid to Girl Child
On maturity of Sukanya Samriddhi Account, the account balance along with accrued interest will be paid directly to the account holder i.e. Girl Child. It gives financial independence to Girl child which is currently missing in India.
- Interest to be paid even after Maturity
Unlike other financial schemes where interest is not paid after maturity of the deposit / investment scheme. Unique feature of Sukanya Samriddhi Account is that even after maturity, if the account is not closed by the account holder, Interest shall be payable in the account till final closure of the account.
- Flexibility to operate Sukanya Samriddhi Account
Based on past experience, Government of India has given lot of flexibility in terms of account operations. I am listing down few of them
(a) Account can be opened with initial deposit of Rs 1000 and thereafter any amount in multiple of Rs 100 can be deposited subject to max limit of 1.5 lakh during financial year. Every FY, a min sum of Rs 1000 should be deposited to keep account operative.
(b) On attaining age of 10 years, a girl child can operate her account
(c) Account can be closed if it is proved that account is causing undue hardship to the account holder
(d) Account can be transferred anywhere in India
C.MUDRA Bank Yojana
1.BUDGET SPEECH_
The Prime Minister Narendra Modi launched the promised Micro Units Development and Refinance Agency Ltd (MUDRA) Bank on 8 April, 2015 with a corpus of Rs 20,000 crore and a credit guarantee corpus of Rs 3,000 crore. The launch was the fulfillment of an announcement made earlier by the Finance Minister Arun Jaitley in his FY 15-16 Budget speech
2.MUDRA Bank Make a Difference to the Economy
As per NSSO Survey of 2013, there are close to 5.77 crore small-scale business units, mostly sole proprietorships, which undertake trading, manufacturing, retail and other small-scale activities. Compare this with the organised sector and larger companies that employ 1.25 crore individuals. Clearly, the potential to harness and nurture these micro businesses is vast and the government recognises this. Today, this segment is unregulated and without financial support or cover from the organised financial banking system.
3.The principal objectives of the MUDRA Bank are_
- Regulate the lender and the borrower of microfinance and bring stability to the microfinance system through regulation and inclusive participation.
- Extend finance and credit support to Microfinance Institutions (MFI) and agencies that lend money to small businesses, retailers, self-help groups and individuals.
- Register all MFIs and introduce a system of performance rating and accreditation for the first time. This will help last-mile borrowers of finance to evaluate and approach the MFI that meets their requirement best and whose past record is most satisfactory. This will also introduce an element of competitiveness among the MFIs. The ultimate beneficiary will be the borrower.
- Provide structured guidelines for the borrowers to follow to avoid failure of business or take corrective steps in time. MUDRA will help in laying down guidelines or acceptable procedures to be followed by the lenders to recover money in cases of default.
- Develop the standardised covenants that will form the backbone of the last-mile business in future.
- Offer a Credit Guarantee scheme for providing guarantees to loans being offered to micro businesses.
- Introduce appropriate technologies to assist in the process of efficient lending, borrowing and monitoring of distributed capital.
- Build a suitable framework under the Pradhan Mantri MUDRA Yojana for developing an efficient last-mile credit delivery system to small and micro businesses.
4.Major Product Offerings
MUDRA Bank has rightly classified the borrowers into three segments: the starters, the mid-stage finance seekers and the next level growth seekers.
To address the three segments, MUDRA Bank has launched three loan instruments:
Shishu: covers loans upto Rs 50,000/-
Kishor: covers loans above Rs 50,000/- and upto Rs 5 lakh
Tarun: covers loans above Rs 5 lakh and upto Rs 10 lakh
Initially, sector-specific schemes will be confined to “Land Transport, Community, Social & Personal Services, Food Product and Textile Product sectors”. Over a period of time, new schemes will be launched to encompass more sectors.
5.Some of the Offerings Planned for the Future_
MUDRA Card
Portfolio Credit Guarantee
Credit Enhancement
D.Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Age of the Insured – Bank account holders aged between 18 and 50 years are eligible to apply for this scheme. So, if you are aged more than 50 years, you are not eligible to enroll yourself for this scheme. But, once enrolled, you can continue with this scheme till you attain the age of 55 years.
Premium Amount – Less than Re. 1 a day or an annual premium of Rs. 330 is what you need to pay to get a life cover of Rs. 2 lacs. No matter what your age is, the premium is fixed at Rs. 330 for a life cover of Rs. 2 lacs. This annual premium of Rs. 330 has been fixed for the first three years from June 1, 2015 to May 31, 2018, after which it will again be reviewed based on the insurers’ annual claims experience.
Period of Insurance – June 1st, 2015 to May 31st, 2016 is the period for which this scheme will cover all kind of risks to your life in the first year of operation. Next year onwards as well, the risk cover period will remain June 1 to May 31.
Auto Debit Facility – Annual premium of Rs. 330 will get deducted from your savings bank account through auto debit facility. You will have to give your consent for auto debit of premium from any one of your bank accounts at the time of enrolling for this scheme.
Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.
NOTE _Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 330 and submit a self-certificate of good health in the prescribed proforma.
E.Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Policy Coverage – The scheme offers to provide you or your family a cover of up to Rs. 2 lacs in case of any mishappening, resulting into death or disability of the insured. In case of death or full disability, you or your family will get Rs. 2 lacs and in case of partial disability, you will get Rs. 1 lac. Full disability means loss of both eyes or both legs or both hands, whereas partial disability means loss of one eye or one leg or one hand.
Age of the Insured – Savings bank account holders aged between 18 years and 70 years are eligible to apply for this scheme. People aged more than 70 years will not be able to get the benefits of this scheme.
Premium Amount – It costs you just Rs. 12 in annual premium for having an accidental death or disability cover of Rs. 2 lacs under this scheme. It works out to be just Re. 1 a month, which is extraordinarily low. Again, your age has nothing to do with the premium payable for your insurance cover under this scheme as the premium is fixed at Rs. 12 for a cover of Rs. 2 lacs.
Period of Insurance – You will remain insured for a period of one year from June 1, 2015 to May 31, 2016. Next year onwards as well, the risk cover period will remain to be June 1 to May 31.
Administrators for PMSBY – The scheme would be offered / administered by many of the general insurance companies, both in the public sector as well as in the private sector. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers. National Insurance Company Limited, Oriental Insurance Company Limited and ICICI Lombard are some of the companies which would be offering this scheme.
Auto Debit Facility – You will be required to provide your consent for auto debit of Rs. 12 as the annual premium from any one of your bank accounts at the time of enrolling for this scheme. This premium of Rs. 12 will get deducted from your savings bank account through auto debit facility every year between May 25 and June 1.
Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.
NOTE _Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 12 and agree to specified terms of this scheme.
F.ATAL PENSION SCHEME
The scheme will be launched on June 1 2015 and focus is on the unorganised sector. A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income.Under the Atal Pension Yojna Scheme (APY), the subscribers ,under the age of 40, would receive the fixed monthly pension of Rs. 1000 to Rs 5000 at the age of 60 years, depending on their contributions.
To make the the pension scheme more attractive, government would co-contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum.
Eligibility for APY: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
Age- of joining and contribution period: The minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age.
Enrolment agencies: All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through setup of National Pension System.
if person joined Atal Pension Yojna at 35 years, he will contribute till age of 60 years ie 25 years.
If he wants monthly pension of Rs 1000 he would contribute Rs 181 a month. On his death his wife would get Rs 1000 per month and after her death the nominees will get 1.7 lakh.
If he wants monthly pension of Rs 3000 he would contribute Rs 543 a month. On his death his wife would get Rs 3000 per month and after her death the nominees will get 5.1 lakh.
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