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Access to these programs can also be made easier for investors in rural areas.
The government believes that more Aadhaar numbers have been created in the country than PAN.
Previously, KYC for investing in these small savings plans was handled through PAN.
New Delhi. There is big news for those investing in small savings schemes such as Public Provident Fund (PPF), Sukanya Samriddhi Yojana (Sukanya Samriddhi), Senior Citizen Savings Scheme (SCSS) and National Savings Certificate (NSC). The Treasury is in the process of further simplifying the rules for investing in these options. This changes the KYC (KYC) rules so that investors in rural areas can also be helped to access these systems.
According to Business Standard news, an official linked to the case said the Treasury Department plans to relax KYC rules for small savings plans. Thereafter, investors will be allowed to perform KYC via Aadhaar (Aadhaar) instead of the PAN card (PAN). The goal is to extend the benefits of these programs to retail investors in rural areas as well. The government believes that more Aadhaar numbers have been created in the country than PAN. Especially in rural areas. Previously, KYC for investing in these small savings plans was handled through PAN. Now it is being changed by Aadhaar.
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KYC will be like Jan Dhan’s account
After Aadhaar introduced KYC, investing in small savings plans becomes much easier. Above all, people in poor and rural areas will benefit greatly from this. The official believes that with this change, KYC of savings plans like Sukanya, PPF will also become as easy as Jan Dhan account. Apart from that, the government intends to settle disputes about the legal heirs of these accounts. When KYC is performed through Aadhaar, in the event of an untoward incident, it is easy to identify the account holder’s legal heir.
The sovereign wealth fund will increase, the debt will decrease
This step benefits not only the investor but also the government. Market experts say that because of the ease of the KYC process of small savings plans, small investor money comes in that the government can use to reduce its budget deficit. This also reduces his dependence on market credit and he doesn’t have to pay a lot of money in the form of interest.
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Increased the target of savings plans
The government also better understands the needs of the National Savings Small Fund (NSSF). For this reason, in the budget presented on February 1st, the government increased the target of the NSSF for the next fiscal year. While Rs 4.39 lakh crore has been raised by NSSF in the current financial year, the target has been set to raise Rs 4.71 lakh crore in the next financial year.
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Keywords: Business News in Hindi, PPF account, Small savings plans, Sukanya Samriddhi, Sukanya Samriddhi scheme
FIRST RELEASED : March 29, 2023 10:12 am IST
