Showing posts with label Schemes. Show all posts
Dec 7, 2015
Modi’s PAHAL hits Guinness world record
Petroleum Minister Dharmendra Pradhan presented the certificate received from Guinness Book of World Records to the Prime Minister Narendra Modi. The certificate is in recognition of PAHAL as the largest cash transfer programme in the world. Modi’s Pahal cash transfer scheme is providing subsidy for LPG to 14.62 crore households. The government launched the `PAHAL’ scheme in 54 districts of the country on November 15, 2014, and in remaining districts of the country on January, 2015. LPG consumers who join the PAHAL scheme get LPG cylinders at market price and receive LPG subsidy directly into their bank accounts.
About PAHAL Scheme
- The “Pahal” scheme has been acknowledged by the Guinness Book of World Records for being the largest cash transfer program (households) with 12.57 crore households receiving cash transfer as of June 30, 2015.
- As on December 3, about 14.62 crore LPG consumers have joined the PAHAL scheme and are receiving the subsidy directly into their Bank Accounts.
- This scheme has enabled substantive savings in subsidy on supply of LPG consumers to the households.
- As on April 1, 2015, there were 18.19 crore registered LPG Consumers and 14.85 crore active consumers implying a gap of 3.34 crore consumers which are duplicate or fake or inactive accounts blocked under PAHAL Scheme and related initiatives.
- Out of a total of 16.27 crore active consumers, 14.62 crore consumers are availing subsidy resulting in further subsidy saving for 1.65 crore consumers.
Nov 5, 2015
PM Narendra Modi launches 3 gold schemes : All you Must know
Prime Minister Narendra Modi has launched three gold schemes in New Delhi, ahead of the festive season. The Schemes are
- Gold sovereign bonds
- The gold monetisation scheme
- The Indian gold coin
What is Gold Sovereign Bond?
In Gold Sovereign Bond, investors can invest their money in bonds which are backed by gold instead of buying gold in physical form. The bonds will be available both in demat and paper form. Sovereign Gold Bond has more or equal advantage against the physical gold. The bond will be issued by RBI on behalf of the Government of India. The bond would be restricted for sale to resident Indian entities and the maximum allowable limit is 500 grams per person per year.
Point to Note
- The RBI has fixed the public issue price of sovereign gold bonds at Rs 2,684 per gram.
- These bonds will be issued in denominations of 5, 10, 50 and 100 grams of gold or other denominations.
- Applications for the bond will be accepted from November 5-20. The Bonds will be issued on November 26.
- The Bonds will be sold through banks and designated post offices as may be notified.
- The borrowing through issuance of Bond will form part of market borrowing programme of Government.
- Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
- The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961) and the capital gains tax shall also remain same as in the case of physical gold.
- Bonds will be tradable on exchanges/NDS-OM from a date to be notified by RBI.
- The Bonds will be eligible for Statutory Liquidity Ratio(SLR). Commission for distribution shall be paid at the rate of 1% of the subscription amount.
- The tenor of the bond will be for a period of eight years with exit option from 5th year to be exercised on the interest payment dates.
What is Gold Monetisation Scheme?
Resident Indians (individuals, HUF, trusts, including mutual funds/exchange traded funds registered under Sebi norms) can make deposits under the scheme. The minimum deposit at any one time will be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of the precious metal of 995 fineness. There is no maximum limit for deposit under the scheme and the metal will be accepted at the Collection and Purity Testing Centres (CPTC) certified by the Bureau of Indian Standards.
Points to Note
- Gold Monetisation Scheme can earn up to 2.50 per cent interest rate on their idle gold.
- Interest rate on Medium and Long Term Government Deposit (MLTGD) are 2.25 per cent and 2.20 per cent, respectively.
- The tenor of medium term would be between 5-7 years while long term would for 12-15 years tenure.
- The deposit under MLTGD category will be accepted by the designated banks on behalf of the central government.
- Interest on deposits under the scheme will start accruing from the date of conversion of gold deposited into tradable gold bars after refinement or 30 days after the receipt of gold at the Collection and Purity Testing Centres (CPTC) or the bank’s designated branch, as the case may be and whichever is earlier.
- The principal and interest of the deposit under the scheme will be denominated in gold.
- The gold received under MLTGD will be auctioned by the agencies notified by the government and the sale proceeds will be credited to government’s account held with RBI.
- Reserve Bank of India will maintain the Gold Deposit Accounts denominated in gold in the name of the designated banks that will in turn hold sub-accounts of individual depositors
Gold coins – Points to Note
- The coins will be available in denominations of 5 and 10 grams.
- A 20 gram bar or bullion will also be available.
- About 15,000 coins of 5 gm, 20,000 coins of 10 gm and 3,750 gold bullions will be made available through MMTC outlets.
- The Indian Gold coin is unique in many aspects and will carry advanced anti-counterfeit features and tamper proof packaging that will aid easy recycling. These coins will be distributed through designated and recognised MMTC outlets.
The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them
Nov 1, 2015
Indian Railways launches Vikalp scheme for waitlisted passengers
Indian Railways has launched Vikalp scheme to facilitate waitlisted passengers to get an alternative train accommodation.
The scheme has been launched on pilot basis in trains running on Delhi-Lucknow and Delhi-Jammu sectors for 6 months and option will be limited to Mail and Express trains.
With this scheme, Indian Railways aim to achieve the twin objectives
- Providing confirmed accommodation to waitlisted passengers.
- Ensure optimal utilisation of available accommodation for these passengers.
Under this scheme
- Waitlisted passengers will get confirmed accommodation in next alternative train if they opt for it while booking their tickets online.
- Once they opt for it passengers will get SMS alert on their mobile phone about getting confirmed accommodation in alternative train.
- No extra charges will be paid passenger to avail this scheme or any refund provided for the difference of fare.
- In the alternative train, the name of passenger who has been provided accommodation will not figure in the waitlisted charts of their original train.
- A separate list of passengers transferred in alternative train will be pasted along with the confirmed and waitlist charts.
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