The government will not insist on know your customer kyc guidelines on kisan vikas. Submit the duly filled form to the post office or bank. Even though this scheme was popular, a government committee formed in 2011 suggested that kvp could be misused for purposes like money laundering. Kisan vikas patra was a very popular investment scheme amongst the investor which was discontinued wef 30. In 2011 a government committee was formed who suggested that kisan vikas patra. Interest rates on public provident fund, kisan vikas patra. Kisan vikas patra kvp is a saving instrument that provides interest income similar to bonds. Kisan vikas patra kvp eligibility, features, interest. Kisan vikas patra rules, 1988 tax management india. Kisan vikas patra was initially launched in the year 1988. Kisan vikas patra is a small saving certificate scheme of indian post office which was introduced in 1988, but was discontinued in 2011. The kisan vikas patra rules, 2014 kvp reintroduced from 23.
Kisan vikas patra rules and guidelines last updated. Cnbc awaaz presents tax guru, your guide to tax planning. All about kisan vikas patra and its taxation taxguru. It is to encourage people to save their money and not invest in fraudulent schemes. In 2014, the newlyelected modi government decided to reopen kvp. 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. As kvp had became a money laundering instrument, it was withdrawn in 2011 following recommendation of a government committee. First launched in 1988, the kisan vikas patra kvp is one of the premier and popular saving scheme offering from the indian postal department.
Initially successful, it was later deemed to be a produc. All about kisan vikas patra from account opening to death. Kisan vikas patra kvp a certificate savings scheme was launched by the government on 1st april, 1988. This week, details about kisan vikas patra and how you should pay tax on your property. How to transfer a kisan vikas patra kvp certificate. The scheme came into existence in year 1998 and continued till december 2011. Kisan vikas patra kvp is a savings plan that was reintroduced on 18nov2014 by the government of india. Investing in kisan vikas patra is simple, as mentioned below. The kisan vikas patra is a fixed income earning instrument and. If the investment in kvp is through an agent, then the agent should fill form a1. Hence the government of india decided to close this scheme and kvp was closed in 2011.
Scaora offers free five days online mediation skills course via zoom video app. Should you invest in new kisan vikas patra small saving. Interest on kvp is taxable on accrual basis and will be taxed as income from other sources. Govt of india has launched new kisan vikas patra kvp last tuesday, 18th november, 2014. Kisan vikas patra is a saving certificate scheme which was first launched in 1988 by india post. You can also take the maturity amount from different post office or bank, but it will take time for the verification. Know about kisan vikas patra eligibility, interest rates, maturity period, premature withdrawal, maximum investment limits, transfer of kvp, tax benefits on kisan vikas patra. Kisan vikas patra kvp is a savings scheme available at india post offices in the form of certificates.
Kisan vikas patra was a very popular investment scheme amongst the investor which wa. Hence on maturity, only interest of that particular year will be taxed as interest of previous years has be. 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. However, the current bjp government reintroduced the scheme in year 2014 after making a few amendments to the scheme. No kyc for kisan vikas patra but interest payment to face tds.
Kvp is sold by the govt and can be purchased through post office. It doubles an investment in 1 months 9 years, 5 months. Pages in category 1988 introductions the following 14 pages are in this category, out of 14 total. 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. Some people have a misconception that only a farmer can invest money in kisan vikas patra. One of the meanings of kvp is kisan vikas patra what is the abbreviation for kisan vikas patra. Steps to invest in kisan vikas patra and documents required.
Central government amends the kisan vikas patra rules. You should take the maturity amount from the same post office or bank, it was issued. Kisan vikas patra can be purchased by making payment either in cash, cheque, pay order or demand draft. Vikas patra amendment rules, 2016 kisan vikas patra amendment rulesii. In 2014, kvp was relaunched with some changes including mandatory pan card proof for investments over rs. Earlier kisan vikas patra kvp a certificate savings scheme was launched by the union government on 1 st april 1988. This page provides tool to calculate maturity date of kisan vikas patra kvp as well as maturity amount of it. Kisan vikas patra rules, 1988 latest laws in india. It was discontinued in 2011 on recommendation of a government committee led by shayamla gopinath, on fear of misuse of the scheme for money laundering. Kisan vikas patra was one of the most popular and successful small savings scheme in india till it was withdrawn in 2011. 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. Shyamala gopinath committee says kvp can be used for money laundering, therefore must be stopped. Kisan vikas patra was first launched on 1 april 1988, with a maturity period of five years and six months. Kvp stands for kisan vikas patra how to abbreviate kisan vikas patra.
Hence the government of india decided to close this scheme and kvp was closed in 2011 and the new government relaunched it in 2014. 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. The scheme was initially launched in 1988 by india post. Kisan vikas patra kvp is small saving certificate which helps small investors to mobilize their savings in long term plan. The kisan vikas patra is a savings scheme certificate that can be purchased from india post. The reason for withdrawal was laundering of black money through this small savings scheme. Kisan vikas patra kvp kisan vikas patra is a saving scheme that was announced by the govt. 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.
The scheme provided facility of unlimited investment by way of purchase of certificates from post offices in various denominations. Kisan vikas patra eligibility, features, interest rates. Kisan vikas patra is a riskfree savings instrument, ideal for investors looking to park their funds for a specified period. This is a post office scheme, so there is no money to sink money. Launched in the year 1988 by indian post, kisan vikas patra is a savings certificate scheme. This scheme provided facility of unlimited investment by way of purchase of certificates from post offices in various denominations.
Gsa 705e by announcing kisan vikas patra rules, 2014. Kisan vikas patra kvp india post free online india. 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. The directorate of small savings government of india authorized our bank to sell these saving certificates. Kisan vikas patra is a saving certificate which was first launched in 1988.
From april 1, the government will pay interest at a rate of 6. It is a savings certificate scheme introduced by the department of post of india in 1988. Although investing in kvps is quite easy, you should only arrive at a decision after considering your financial goals. Kisan vikas patra rules, 1988downloadable pdf kisan vikas patra rules, 1988 by latest laws team on scribd. Kisan vikas patra kvp is a small savings tool to make it possible for people to invest in a long term savings plan. 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. The government is reintroducing it this year with the aim of bringing the savings of farmers into the formal channels. Government relaunches kisan vikas patra current affairs. However, due to many incidents of misuse of kvp, the government closed this scheme in 2011. With few amendments and improvisation, it was relaunched in 2014 to encourage longterm financial investment. 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. Kisan vikas patra launched, to encourage habit of small savings among citizens. Savings bank to another post office savings bank free of charge by making an application.
Double your money in 5 and a half year was usp of kisan vikas patra. 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. This was because the farmers for whom it was intended was not getting benefited. Kisan vikas patra was popular among many rural indians but was earlier discontinued. Kisan vikas patrakvp is a risk free investment scheme relaunching today, which was discontinued in 1st december 2011. Vikas patra rules, 1988 and national savings certificates viii issue. It was discontinued briefly since 2011 and relaunched in 2014.
Kisan vikas patra kvp is one of money double scheme of government of india, available through most of postoffices of india. 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. Of numerous small savings vehicles introduced by government india from time to time, kisan vikas patra is one of them. Kisan vikas patra is a certificate scheme that doubles a one time. How to fill itr for ksc interest kisan vikas patra youtube. As you might know that kisan vikas patra kvp is first introduced in 1988 by government of india.
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 simple english wikipedia, the free. At the same time, there is no fixed amount of investment. Kisan vikas patra kvp is small saving certificate scheme which was originally re introduced in budget 2014 presented. 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. Kisan vikas patra kvp investment will double in 100. In 1988 government of india introduced this scheme. Kvb was launched in 1988 to encourage savings and financial discipline with a focus on farmers and hence the name. This scheme was first launched by india post in 1988. Kisan vikas patra kvp scheme was first launched by government of india in 1988. Kisan vikas patra was very popular small saving instrument earlier, however, due to some reasons, this was discontinued. Collect the application form, form a, and fill the form with the necessary information. Patrakvc, a post office savings instrument product that is being reintroduced after an. This scheme is for people who are less risk averse and are looking for.
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