- PRADHAN MANTRI JAN-DHAN YOJANA
- ASSOCIATION OF RENEWABLE ENERGY AGENCIES OF STATES (AREAS)
- VIVAD SE VISHWAS SCHEME
PRADHAN MANTRI JAN-DHAN YOJANA
Focus: GS II- Welfare schemes
Why in News?
Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion, completed seven years of successful implementation.
- More than 43.04 crore beneficiaries banked under PMJDY since inception, amounting to Rs. 146,231 crore
About Pradhan Mantri Jan-Dhan Yojana:
Pradhan Mantri Jan-Dhan Yojana – PMJDY was announced by Prime Minister in 2014, and has been a key initiative towards the commitment to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
- Ensure access of financial products & services at an affordable cost
- Use of technology to lower cost & widen reach
Basic tenets of the scheme
- Banking the unbanked – Opening of basic savings bank deposit (BSBD) account with minimal paperwork, relaxed KYC, e-KYC, account opening in camp mode, zero balance & zero charges
- Securing the unsecured – Issuance of Indigenous Debit cards for cash withdrawals & payments at merchant locations, with free accident insurance coverage of Rs. 2 lakhs.
- Funding the unfunded – Other financial products like micro-insurance, overdraft for consumption, micro-pension & micro-credit
Initial Features: 6 Pillars based on which the scheme was launched
- Universal access to banking services – Branch and BC
- Basic savings bank accounts with overdraft facility of Rs. 10,000/- to every household
- Financial Literacy Program– Promoting savings, use of ATMs, getting ready for credit, availing insurance and pensions, using basic mobile phones for banking
- Creation of Credit Guarantee Fund – To provide banks some guarantee against defaults
- Insurance – Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on account opened between 15 Aug 2014 to 31 January 2015
- Pension scheme for Unorganized sector
Important approach adopted in PMJDY based on past experience:
- Accounts opened are online accounts in core banking system of banks, in place of earlier method of offline accounts opening with technology lock-in with the vendor
- Inter-operability through RuPay debit card or Aadhaar enabled Payment System (AePS)
- Fixed-point Business Correspondents
- Simplified KYC / e-KYC in place of cumbersome KYC formalities
Extension of PMJDY with New features
The Government decided to extend the comprehensive PMJDY program with some modifications
- Focus shift from ‘Every Household’ to Every Unbanked Adult’
- RuPay Card Insurance – Free accidental insurance cover on RuPay cards increased from Rs. 1 lakh to Rs. 2 lakh for PMJDY accounts opened after 28.8.2018.
- Enhancement in overdraft facilities –
- OD limit doubled from Rs 5,000/- to Rs 10,000/-; OD upto Rs 2,000/- (without conditions).
- Increase in upper age limit for OD from 60 to 65 years
Jan Dhan Darshak App
- A mobile application, was launched to provide a citizen centric platform for locating banking touch points such as bank branches, ATMs, Bank Mitras, Post Offices, etc. in the country.
- The facilities under Jan Dhan Darshak App could be availed as per the need and convenience of common people.
The road ahead
- Endeavour to ensure coverage of PMJDY account holders under micro insurance schemes. Eligible PMJDY accountholders will be sought to be covered under PMJJBY and PMSBY. Banks have already been communicated about the same.
- Promotion of digital payments including RuPay debit card usage amongst PMJDY accountholders through creation of acceptance infrastructure across India
- Improving access of PMJDY account holders to Micro-credit and micro investment such as flexi-recurring deposit etc.
ASSOCIATION OF RENEWABLE ENERGY AGENCIES OF STATES (AREAS)
Focus: GS III- Infrastructure
Why in News?
Association of Renewable Energy of States (AREAS) celebrated 7th Foundation Day.
About Association of Renewable Energy of States:
- Ministry of New & Renewable Energy (MNRE) is the nodal agency at the central level for promotion of grid-connected and off-grid renewable energy in the country.
- Ministry’s programmes are implemented in close coordination with State Nodal Agencies (SNAs) for renewable energy (RE).
- Over the period the SNAs have developed considerable knowledge and experience in planning and implementation of RE programmes.
- In this background it is important that SNAs interact and learn from each other’s experiences and also share their best practices and knowledge regarding technologies and schemes/programmes.
- MNRE took an initiative in this regard in consultation with SNAs, and Association of Renewable Energy Agencies of States (abbreviated as “AREAS) has been formed and registered as a society on 27 August 2014 under Society Registration Act 1860.
- Hon’ble Union Minister in-charge of New & Renewable Energy is the Ex-Officio Patron of the Association and Secretary
- MNRE is the ex-officio President of the Association.
- All SNAs are the member of the Association.
- Transaction of business of the AREAS to be carried out by an Executive Committee (EC) which is presided over by the President of the AREAS.
- Vice President to be elected by the members and Joint Secretary, MNRE to be the ex-officio member of EC.
- In addition, Executive Director, two SNAs from each zone (North, South, East, West and North-East, and UTs) are also members of the Executive Committee.
Under AREAS the following three Standing Committees are constituted:
- Standing Committee on Technology and Resource Assessment
- Standing Committee on Policy and Finance
- Standing Committee on IT & IMS
VIVAD SE VISHWAS SCHEME
Focus: GS III- Taxation
Why in News?
CBDT extended last date of payment of the amount (without any additional amount) to 30th September, 2021 under section 3 of the Vivad se Vishwas Act.
About Vivad se Vishwas scheme:
- Introduction of the Vivad Se Vishwas scheme during budget speech with a view to “provide for resolution of pending tax disputes.”
- The scheme was introduced after the success of the “Sabka Vishwas Scheme,” which was introduced to reduce indirect tax disputes.
- It provides waiver from interest and penalty.
- The bill shall apply to all the appeals filed by declarants or the Government, which are pending with the Commissioner (Appeals), DRP, Income-tax Appellate Tribunal, High Court or Supreme Court and revision cases that are pending before the CIT as on the January 31, 2020
The scheme applies to all the pending litigation except the following cases:-
- Cases related to search or seizure;
- Cases where the prosecution has been instituted on or before the date of filing of declaration;
- Cases related to any undisclosed foreign income or assets;
- Cases which are completed based on information received as a result of exchange of information with other tax jurisdictions
- Cases where the CIT (Appeals) has issued a notice of enhancement;
- Cases in which an order of detention has been made or prosecution has been instituted/ conviction has been made under specified Acts or notification has been made under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992.