Kisan vikas patra kvp is a savings scheme available at india post offices in the form of certificates. Kisan vikas patra is a saving certificate which was first launched in 1988. In 2011 a government committee was formed who suggested that kisan vikas patra. Central government amends the kisan vikas patra rules. First launched in 1988, the kisan vikas patra kvp is one of the premier and popular saving scheme offering from the indian postal department. Ccs ltc rules, 1988 relaxation for travel by air to. Kisan vikas patra rules, 2014 national savings institute. Jan 14, 2020 the kisan vikas patra is a saving scheme that aims to double your money in 100 months, which will be 8 years and 4 months. Kvp kisan vikas patra notes ibps rrb banking gk pdf. This is a governmentinitiated scheme with an objective to boost small savings in the country to provide a secure future to the investors. Kisan vikas patra kvp was relaunched with much fanfare by the finance ministry, with initial reports suggesting the minister promised these would be bearer instruments that could be purchased in cash.
It is a savings certificate scheme introduced by the department of post of india in 1988. The kisan vikas patra is a saving scheme that aims to double your money in 100 months, which will be 8 years and 4 months. Smc online education group is publishing important notes on kvp. Apr, 2016 first launched in 1988, the kisan vikas patra kvp is one of the premier and popular saving scheme offering from the indian postal department. Ccs ltc rules, 1988 relaxation for travel by air to visit jammu kashmir om dated 18. Application of post office savings certificate rules, 1960. May 19, 2018 kisan vikas patra kvp is a small savings tool to make it possible for people to invest in a long term savings plan. On the basis of the decisions of the government, interest rates for small savings schemes are to be notified on quarterly basis, the order said announcing the rates for the first quarter.
All about kisan vikas patra from account opening to death. Kisan vikas patra kvp scheme was first launched by government of india in 1988. As kvp had became a money laundering instrument, it was withdrawn in 2011 following recommendation of a government committee. However, due to many incidents of misuse of kvp, the government closed this scheme in 2011. Kisan vikas patra is a saving scheme, which allows investors to invest in the longterm. The certificatesidentity slip may be handed over to myour messenger who.
Kisan vikas patra certificates can also be pledged as security to avail loans from the banks. This scheme was first launched by india post in 1988. Interest on kvp is taxable on accrual basis and will be taxed as income from other sources. Kisan vikas patra is a saving scheme that was announced by the government of india. The government is reintroducing it this year with the aim of bringing the savings of farmers into the formal channels. Patrakvc, a post office savings instrument product that is being reintroduced after an. Dear sir whether deposit in kisan vikas patra is allowed as deduction u s 80c for tax saving on salary income for the current financial year 2014 2015 regards arun. Kisan vikas patra is a saving certificate scheme which was first launched in 1988 by india post. Kisan vikas patra rules 2014 notified by government.
Finance kisan vikas patra is a saving certificate which was first launched in 1988. The principal is assured and hence it is a safe avenue for investing your money. Investment in kvp will get doubled in 100 months but no withdrawal can be made up to 2. Under this scheme it doubles the money invested in eight years and seven months. Kisan vikas patra kvp is a small savings tool to make it possible for people to invest in a long term savings plan. Initially, the kisan vikas patra certificates will be sold through post offices, but later on they will be made available to the through designated branches of nationalized banks.
Even though this scheme was popular, a government committee formed in 2011 suggested that kvp could be misused for purposes like money laundering. Iwe hereby agree to abide by the kisan vikas patra rules, 1988. Kisan vikas patra kvp a certificate savings scheme was launched by the government on 1st april, 1988. In exercise of the powers conferred by section 12 of the government savings certificates act, 1959 46 of 1959 and in supersession of the kisan vikas patra rules, 1988 except as respects things done or omitted to be done before such supersession, the central government hereby makes the following rules, namely. The kisan vikas patra rules, 2014 kvp reintroduced from 23. The popular kisan vikas patra kvc was phased out in 2011 over fears of money laundering, as anyone could invest in the saving instrument and no questions were asked about the source of income. How to transfer a kisan vikas patra kvp certificate what. Patra kvc, a post office savings instrument product that is being reintroduced after an. With no tax benefits on money invested as well as interest accrued, this scheme seems to lose its charm this time. Nov 27, 2014 govt of india has launched new kisan vikas patra kvp last tuesday, 18 th november, 2014.
Kisan vikas patra yojna has been relaunched by government of india on 18th november,2014. Dec 17, 2014 cnbc awaaz presents tax guru, your guide to tax planning. Jul 30, 2014 the popular kisan vikas patra kvc was phased out in 2011 over fears of money laundering, as anyone could invest in the saving instrument and no questions were asked about the source of income. Government of india decided to close this scheme thought of people can misuse this and kvp was closed in 2011 and the new government relaunched it in 2014. The kvp is a safe investment tool, as it is backed by the government of india. In 1988 government of india introduced this scheme. Interest rates on public provident fund, kisan vikas patra. All about kisan vikas patra from account opening to death claim. Earlier kisan vikas patra kvp a certificate savings scheme was launched by the union government on 1 st april 1988. How to fill itr for ksc interest kisan vikas patra youtube. Revamped kisan vikas patra was launched yesterday with annual yield of 8. Kisan vikas patra kisan vikas patra india information. Kisan vikas patra is a certificate scheme that doubles a one time investment in a period of approximately. Kisan vikas patra launched in the year 1988 by indian post, kisan vikas patra is a savings certificate scheme.
The directorate of small savings government of india authorized our bank to sell these saving certificates. In exercise of the powers conferred by section 12 of government savings certificates act, 1959 46 of 1959 and in supersession of the kisan vikas rules, 1988 except as respects things done or omitted to be done before such supersession, the central government hereby makes the following rules. Kisan vikas patra kvp is a saving instrument that provides interest income similar to bonds. Pages in category 1988 introductions the following 14 pages are in this category, out of 14 total. Jun 17, 2018 how to file income tax return for interest income, fd or saving bank interest. In exercise of the powers conferred by section 12 of the government savings certificates act, 1959 46 of 1959, the central government hereby makes the following rules to amend the kisan vikas patra rules, 2014, namely. In 2011 a government committee was formed who suggested that kisan vikas patra kvp could be subjected to money laundering. Mar 11, 2018 how to transfer a kisan vikas patra kvp certificate. However, you should be aware of the rules and guidelines of kisan vikas patra or kvp before you decide to purchase the same to avoid any surprises.
Hence the government of india decided to close this scheme and kvp was closed in 2011 and the new government relaunched it in 2014. Kisan vikas patra kvp investment will double in 100. Oct 15, 2014 ministry of finance department of economic affairs notification. This is provided in the form of a saving certificate where the amount that is invested will double in 8 years 4 months 100 months time. Vikas patra rules, 1988 and national savings certificates viii issue rules, 1989. Kisan vikas patra was used rampantly for money laundering and cases of theft of kvp certificates also started rising due to easy transferability and lack of paper work. Certificates act, 1959 46 of 1959 and in supersession of the kisan vikas patra rules, 1988 except as respects things done or omitted to be.
The scheme was initially launched in 1988 by india post. Kisan vikas patra savings scheme was originally launched in 1988. It is a fixed rate small savings scheme designed to double your investment after a predetermined period of time 124 months in the currently available issue. The reintroduction of kisan vikas patra kvp by the government of india will provide an opportunity for millions of people to invest in longterm savings plan. Click the link below to view the file ccs ltc rules, 1988 relaxation for travel by air to visit jammu kashmir file reference number no. Dec 23, 2014 kisan vikas patra was popular among many rural indians but was earlier discontinued. Ppf, kisan vikas patra hit for apriljune, these have been lowered by 0. Attribute feature po mnthly income scheme national savings certificate public provident fund central govt. Oct 16, 2014 here are the full revised kisan vikas patra rules 2014 gsa 705e. Kisan vikas patra can be purchased by making payment either in cash, cheque, pay order or demand draft. Hence the government of india decided to close this scheme and kvp was closed in 2011 and the new. Jul 15, 2017 notification new delhi, the 30th june, 2017 g. Hence the government of india decided to close this scheme and kvp was closed in 2011.
No kyc for kisan vikas patra but interest payment to face tds. It is a fixed rate small savings scheme designed to double your investment after a predetermined period of time 1 months in the currently available issue. Hence on maturity, only interest of that particular year will be taxed as interest of previous years has be. May 26, 2017 kisan vikas patra is a saving certificate scheme which was first launched in 1988 by india post. August 28, 2015 kvp certificate shall be encashable at the post office of its issue, provided that a kvp certificate may be encashed at any other post office, if the officerincharge of that post office is satisfied on verification from the post office of issue that the person presenting the certificate. It was successful in the early months but afterwards the government of india set up a committee under supervision of shyamala gopinath which gave its recommendation to the government that kvp could be misused. Kisan vikas patra was a very popular investment scheme amongst the investor which was discontinued wef 30.
The government will not insist on know your customer kyc guidelines on kisan vikas. The scheme is designed to encourage longterm investment and savings amongst the. Cnbc awaaz presents tax guru, your guide to tax planning. Government relaunches kisan vikas patra current affairs today. Jun 28, 2016 kisan vikas patra yojna has been relaunched by government of india on 18th november,2014. The kisan vikas patra is a savings scheme certificate that can be purchased from india post. Apr 18, 2016 kvp is sold by the govt and can be purchased through post office. Complete guide to kisan vikas patra kvp types, transfer. Ministry of finance department of economic affairs notification. Post navigation comparison between post office mis, nsc, ppf and kvp a.
This week, details about kisan vikas patra and how you should pay tax on your property. Kisan vikas patra rules and guidelines last updated. In 2014, kvp was relaunched with some changes including mandatory pan card proof for investments over rs. The kisan vikas patra shall be issued in denominations of rs. Dec 26, 2019 kisan vikas patra is a saving certificate which was first launched in 1988. Kisan vikas patra rules iii, 1988 thursday, 07, may, 2020. Government relaunches kisan vikas patra current affairs.
This scheme provided facility of unlimited investment by way of purchase of certificates from post offices in various denominations. India post introduced the kisan vikas patra as a small saving certificate scheme in 1988. The kisan vikas patra scheme was originally launched in april, 1988 but was discontinued in 2011. Kvp is sold by the govt and can be purchased through post office. Kisan vikas patra was very popular small saving instrument earlier, however, due to some reasons, this was discontinued. The scheme provided facility of unlimited investment by way of purchase of certificates from post offices in various denominations. Jan 15, 2015 dear sir whether deposit in kisan vikas patra is allowed as deduction u s 80c for tax saving on salary income for the current financial year 2014 2015 regards arun. Kisan vikas patra was first launched on 1 april 1988, with a maturity period of five years and six months. Some people have a misconception that only a farmer can invest money in kisan vikas patra. Kisan vikas patra kvp is small saving certificate which helps small investors to mobilize their savings in long term plan.
Kisan vikas patra kvp eligibility, features, interest. Kisan vikas patra kvp kisan vikas patra is a saving scheme that was announced by the govt. From april 1, the government will pay interest at a rate of 6. The kisan vikas patra is a fixed income earning instrument and. The provisions of the post office savings certificate rules, 1960 shall, so far. Introduction, benefits, interest rates, various types. Kisan vikas patra rules, 1988 tax management india. How to transfer a kisan vikas patra kvp certificate. In exercise of the powers conferred by section 12 of the government saving certificates act, 1959 46 of 1959 and in suppression of the kisan vikas patra rules, 1988 except as respects things done or omitted to be done before such supersession, the central government. Kisan vikas patra minimum annual payment multiples above rs.
Government savings certificates act, 195946 of 1959 indira vikas patra. Initially successful, it was later deemed to be a produc. This was a very popular financial product among the lower and middle income group. Bjp vows tax cuts, kisan sops, hard line on culture. Kisan vikas patra was popular among many rural indians but was earlier discontinued.
1438 156 565 229 747 1447 1382 22 955 1434 184 493 1366 784 1128 1294 839 1152 7 1280 741 1425 672 787 941 676 1164 103 605 1050