Finance minister Jaitley said, Kisan Vikas Patra would help poor gullible investors to channelise their savings towards trusted government scheme instead of some ponzi schemes, where hard earned savings disappears
With the objective to raise small savings in the country, the Indian government on Tuesday re-launched Kisan Vikas Patra (KVP), an instrument which will provide trusted option of investment to poor and keep them off ponzi schemes. Available in the denomination of Rs1,000, Rs5,000, Rs10,000 and Rs50,000, the amount invested in KVP would be doubled in 100 months. KVP, that has got no upper ceiling for investment, can be encashed after a lock-in period of 30 months. However, savers would not get any tax benefit for their investment in KVP.
"In the last two-three years, savings rate in country has declined from a record high of 36.8% to below 30% due to slowdown in the economy. It is, therefore, necessary to encourage people to save more," Finance Minister Arun Jaitley said during the launch of the revamped KVP.
KVP would serve two purposes, he said, adding, one it would help poor gullible investors to channelise their savings towards trusted government scheme instead of some ponzi schemes, where hard earned savings disappears.
"Secondly, there is an urgent need to raise savings in the country...These savings are then used for nation building. Such saving instruments not only earn interest but help in development of the country," he said.
Talking about the features of the instrument, the Finance Minister said this simple product would be a bearer instrument without name of the holder in the first phase.
The Finance Ministry has said that there will not be requirement of Permanent Account Number or PAN in putting money in launched Kisan Vikas Patra. There will also not be any upper limit on investment.
The Finance Minister Arun Jaitley and Communication Minister Ravi Shankar Prasad relaunched KVP on Tuesday. The scheme aims to boost saving and use them for long term capital requirement. "This will be a bearer instrument just like currency and easy to encash," he said.
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, Jaitley said.
The probe into Seashore Group may cause embarrassment for the Naveen Patnaik government as it had entrusted the Group with the task of executing different projects on public-private-partnership mode
The Central Bureau of Investigation (CBI) on Tuesday carried out searches in four cities, including Delhi and Mumbai, in connection with its probe in the Saradha and Seashore chit fund scams running into several crores of rupees.
The searches were being carried also at various places in Odisha and Kolkata, which included premises of some politicians as well, CBI sources said.
The CBI action came a day after the agency filed its second charge sheet in the case alleging that former director general (state armed police) and Trinamool Congress Vice President Rajat Majumdar and East Bengal Club official Debabrata Sarkar were beneficiaries of the money collected through the chit fund scam.
Others named in the charge sheet included Saradha chairman Sudipta Sen, executive director Debjani Mukherjee, a city-based businessman Sandhir Agarwal and his father Sajjan Agarwal, and Assam-based singer Sadananda Gogoi.
It also names four Saradha group companies Saradha Reality India Ltd, Saradha Tours and Travels Pvt Ltd, Saradha Housing Pvt Ltd and Saradha Garden Resorts and Hotel Pvt Ltd.
Details about the searches at various places are awaited.
Many political bigwigs of Odisha have been questioned by the CBI in past for their alleged role in the Seashore chit fund scam which duped thousands in the state.
The probe into Seashore Group may cause embarrassment for the Naveen Patnaik government as it had entrusted the Group with the task of executing different projects on public-private-partnership mode.
The stand-off between authorities and Rampal's supporters took a violent turn as Haryana government was racing against time to meet the Friday deadline set by High Court for producing the godman in a contempt case
Clashes erupted at the ashram of controversial 'godman' Rampal at Barwala in Hisar in Haryana Tuesday with police lobbing teargas shells and using lathicharge to disperse his supporters who allegedly fired back.
A number of people were injured in the violence at the Satlok Ashram in Barwala town of Hisar district.
The stand-off of several days between the authorities and Rampal's supporters took a violent turn as the Haryana government was racing against time to get hold of the 'godman' to meet the deadline of Friday set by Punjab and Haryana High Court for producing him in a contempt case.
As security personnel including police and para-military forces stepped up efforts to disperse the followers, said to be in thousands inside the Ashram, they faced stiff resistance.
A senior police official said supporters of the 'godman' were firing from inside the ashram but police was exercising maximum possible restraint to minimise casualties.
A portion of the outer wall of the ashram had been razed even as thick cloud of smoke was seen inside the premises.
Police also said that stones were being hurled at them from inside the Ashram as several followers and Rampal's 'private army' had pitched themselves on the rooftop of the premises.
Authorities continued to face an uphill task in dispersing 'godman' Rampal's followers from the Ashram here.
Police said they were facing a hostile crowd, some of them armed, from inside, but they were using restraint to keep the casualties to the minimum.