Ministry of Finance: Expected Questions on Schemes and Projects – 2018 (Download PDF)

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In this article we will discuss various scheme of Ministry of Finance: Atal Pension Yojana (APY), Income Declaration Scheme, Pradhan Mantri Garib Kalyan Yojana- 2016 (PMGKY), Varishtha Pension Bima Yojana, and Swachh Bharat Kosh (SBK)

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IAS Prelims 2018 GS Paper 1 - Expected Questions on Schemes and Yojanas (Part 1) (In English)

Dr. Manishika Jain discusses IAS Prelims GS Paper 1 - Expected Questions on important Schemes and Policies

📹 Atal Pension Yojana (APY)

(Social Security Schemes)

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Social Security in India - 5 Key Aspects & Recent Developments

Dr. Manishika Jain in this video explains the concept of Social Security in India and the Recent Developments

  • Finance Minister had announced this Yojana in his Budget Speech for 2015 - 16.

  • Focused on all citizens in the unorganized sector those:

    • who join the National Pension System (NPS)

    • who are not members of any statutory social security scheme.

  • Subscribers would receive the fixed pension of Rs. 1000 to Rs. 5000 per month.

  • At the age of 60 years based on their contributions.

  • Minimum age of joining APY is 18 years maximum age is 40 years.

  • 👌Recently, Ministry of Finance relaxed norms of Atal Pension Yojana (APY) to allow small finance banks and payment banks to offer APY distribution.

Income Declaration Scheme

  • Announced by Finance Minister in the 2016 - 17 Budget speech.

  • An amendment in this regard was also moved in the Finance Bill, 2016.

  • It brings in objectivity on confidentiality of income tax information and the limitations thereof.

  • Offers people with undisclosed income to declare it by paying a penal tax rate of 45 % on such income.

👌Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY)

  • Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY).

  • Proposed in Taxation Laws (Second Amendment) Bill, 2016.

  • Scheme enables people with undisclosed income to come clean.

  • Besides 50 % tax, surcharge and penalty, a quarter of declared income will be deposited in interest free deposit scheme for four years.

  • Declarant will have to deposit 25 % of undisclosed income in a deposit scheme.

Varishtha Pension Bima Yojana

  • Implemented through Life Insurance Corporation of India (LIC).

  • Aims to provide social security during old age and protect elderly persons aged 60 years and above.

  • To provide an assured pension based on a guaranteed rate of return of 8 % per annum for ten year.

  • VPBY - 2017 is proposed to be open for subscription for a period of one year from the date of launch.

Swachh Bharat Kosh (SBK)

  • Set up to attract CSR funds from corporate sector.

  • Contribution from individual philanthropists to achieve the objective of “Swachh Bharat Abhiyan”.

  • Used to achieve the objective of improving cleanliness levels.

  • Used to supplement departmental resources for such activities.

  • All donations towards SBK are eligible for deduction of 100 % from the total Income Tax.

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IAS Prelims 2018 GS Paper 1 - Expected Questions on Schemes and Yojanas (Part 1) (In Hindi)

Dr. Manishika Jain discusses IAS Prelims GS Paper 1 - Expected Questions on important Schemes and Policies

👌 implies important for Objective Questions/MCQ

📝 implies important for Subjective Questions

📹 implies covered in Videos or Upcoming Videos

- Published/Last Modified on: March 16, 2018

Govt. Schemes/Projects

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