Government Schemes Ministry of Finance (2019-2020), PMVVY, PMMY, NPS Details

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Government Schemes Ministry of Finance (2019-2020)
Government Schemes Ministry of Finance (2019-2020)

Government Schemes Ministry of Finance:

Indian Government introduce several schemes for citizens to improve their financial situations. In this article, we gave complete details of Government Schemes under ministry of Finance in 2019 and 2020.

Government Schemes Ministry of Finance PDF

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Government Schemes Ministry of Finance Video:

Pradhan Mantri Vaya Vandana Yojana (PMVVY):

  • Launched on April 2016 by Cabinet
  • It is a Pension Scheme exclusively for the senior citizens aged 60 years and above.
  • The Scheme can be purchased offline as well as online through Life Insurance Corporation of India.

Pradhan Mantri Mudra Yojana (PMMY):

  • Launched in 2015 April.
  • The scheme’s objective is to refinance collateral free loans given by the lenders to small
    borrowers.
  • The scheme, which has a corpus of Rs 20,000 crore, can lend between Rs 50,000 and Rs 10 lakh
    to small entrepreneurs.
  • The three types of loan under this is;
    1. Shishu (up to Rs.50,000)
    2. Kishore (from Rs.50,001 to Rs.5 lakh)
    3. Tarun (from Rs.500,001 to Rs.10,00,000)
  • Objectives of the scheme: i)Fund the unfunded, ii)Micro finance institutions (MFI) monitoring
    and regulation, iii)Promote financial inclusion, iv)Reduce jobless economic growth and
    v)Integration of Informal economy into Formal sector.

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National Pension Scheme (NPS):

  • Launched in January 2004 for government employees & in 2009, it was opened to all sections.
  • Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas
    Citizen of India (OCI) to enrol in National Pension Scheme (NPS) at par with Non-Resident
    Indians.
  • It is a government-sponsored pension scheme managed by PFRDA and the scheme allows
    subscribers to contribute regularly in a pension account during their working life.

Public Finance Management System (PFMS):

  • Launched in 2008-2009
  • It is an end-to- end solution for processing payments, tracking, monitoring, accounting,
    reconciliation and reporting.
  • Administered by the Department of Expenditure and implemented by the Controller General
    of Accounts
  • It provides scheme managers a unified platform for tracking releases and monitoring their last
    mile utilisation.
  • PFMS is also used for DBT payments under MGNREGA and other notified schemes of the
    Government of India.

National e-Assessment Scheme (NeAC):

  • NeAC will be an independent office that will look after the work of e-Assessment scheme which is recently notified for faceless e-assessment for income tax payers.
  • There are 8 Regional e-Assessment Centres (ReAC) set up at Delhi, Mumbai, Chennai, Kolkata, Ahmedabad, Pune, Bengaluru and Hyderabad which would comprise Assessment unit, Review unit, Technical unit and Verification units.
  • There would be a NeAC in Delhi to be headed by Principal Chief Commissioner of Income Tax (Pr.CCIT) and Each ReAC will be headed by Chief Commissioner of Income Tax (CCIT).

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Pradhan Mantri Jan Dhan Yojana:

  • Launched in August 28, 2014.
  • It is a National Mission on Financial Inclusion that provides an integrated approach to bring
    about a robust financial inclusion and ultimately provide banking services to all households in
    the country.
  • With the outbreak of Covid-19 in India, the Finance Minister of India, Nirmala Sitharaman
    made an announcement to provide Rs. 500 per month to every Women Jan-Dhan Account
    Holders for the next three months.

Atal Pension Yojana:

  • Launched on May 9, 2015. Eligible for people under the age of 18-60 years (inclusive).
  • It is a pension scheme mainly aimed at providing a universal pension scheme for those who are
    a part of the unorganized sector such as maids, gardeners, delivery boys, etc.
  • This scheme replaced the previous Swavalamban Yojana which wasn’t well-received by the
    people.
  • It provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60
    years of age.
  • Contributions to the Atal Pension Yojana (APY) are eligible for tax benefits similar to the
    National Pension System (NPS).

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Gold Monetisation Scheme:

  • Launched on November 4th, 2015.
  • In this scheme one can deposit their gold in any form in a GMS account to earn interest as the
    price of the gold metal goes up.
  • Aims to mobilise gold and facilitate its use for productive purposes, which further will also help
    in reducing India’s dependability on gold imports.
  • Under the scheme, a depositor gets 2.25% interest annually for a short-term deposit of one
    year to three years and for Medium- and long-term deposits get 2.5% interest rate.

Pradhan Mantri Jeevan Jyoti Bima Yojana & Suraksha Bima Yojana:

  • Launched on May 9, 2015.
  • It is a pension scheme mainly aimed at providing a universal pension scheme for those who are a part of the unorganized sector such as maids, gardeners, delivery boys, etc.
  • This scheme replaced the previous Swavalamban Yojana which wasn’t well-received by the people.

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