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Kisan Vikas Patra

Posted by aliyas on April 26th, 2017


Kisan Vikas Patra


A day after its relaunch, the Kisan Vikas Patra on Wednesday drew concerns over know-your-customer (KYC) requirements, which were not clearly stated in the government's official press release or the September 23 notification on the scheme. The fear was that the scheme might be used for routing unaccounted money back into system.


Officials in the finance ministry Cheap Adidas Ultra Boost , however, maintained that the Reserve Bank of India's (RBI) KYC norms for national savings schemes were applicable to post offices and banks since January 2012, so those would be applicable to the Kisan Vikas Patra (KVP) as well. They also said they expected to rake in at least Rs 35,000 crore through the scheme in 2015-16.


According to the KVP notification Cheap Ultra Boost , a payment by a depositor can be made in cash or cheque, meaning the person's identity proof will be recorded but the source of the payment, if made in cash, might be difficult to trace.


Leading the criticism of the scheme's new avatar was former finance minister http://www.ultraboostshoescheap.com/ , P Chidambaram. "The government's ostensible purpose in relaunching the Kisan Vikas Patra is to promote savings. The argument seems suspect, as there are other fixed-income instruments that offer better returns," Chidambaram said.


He added the government needed to clarify whether the payments were to be made by cash or chequebank drafts, and whether quoting the permanent account number (PAN) would be required or dispensed with.


Kisan Vikas Patra


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