Indialends, 27 Jul 2023

Share

Prime Minister Kisan Samman Nidhi Scheme

What’s Inside This Blog?

What is LAMF Finance Charges (Interest Rates) Late Payment Fees Cash Advance Fees

Prime Minister Narendra Modi launched PM-Kisan Scheme on 24th February 2019 in Gorakhpur, Uttar Pradesh. Under this scheme, all small and marginal farmers will be provided the financial assistance of Rs 6000 per year in three installments which will be deposited directly to their bank accounts. The total annual expenditure for this scheme is expected to be Rs 75000 Crore that will be financed by the Union Government.

Important facts about PM Kisan Samman Nidhi scheme

• Prime Minister Kisan Yojana is administered by the department of agriculture, Cooperation, and Farmers Welfare, Ministry of Agriculture and Farmers Welfare, Government of India in partnership with the Life insurance corporation of India.
• It is a voluntarily and periodic contribution-based pension system meant for all the landholding small and Marginal farmers throughout the country, subject to exclusion criteria.
• The state and union territories will have the option of sharing the burden of individual SMF beneficiary contributions.
• The amount of the monthly contribution shall range between Rs.55 to Rs.200 per month depending upon the age of entry of the farmers into the Scheme.
  

The objectives of PM Kisan Samman Nidhi Scheme

• Offering Income support to all the eligible land-holding farmers and their families.
• The PM-Kisan scheme aims for supplementing the financial needs of the farmer in procuring various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm income.
• The scheme is expected to increase the coverage of PM-KISAN to around 14.5 crore beneficiaries. It aims to cover around 2 crores more farmers with an estimated expenditure of Rs. 87,217.50 crores that will be funded by the Central Government.

Documents required to apply for PM Kisan Samman Nidhi Scheme:

• Citizenship certificate
• Landholding papers
• Aadhaar card
• Bank account details

All those who are not eligible to enroll in PM Kisan Samman Nidhi Scheme

Any of the institutional land-holders

The farmers as well as any member of the family belonging to the following categories:

• Present and former holders of constitutional posts
• Present and former Ministers/ State Ministers
• Present and former members of LokSabha/ RajyaSabha/ State Legislative Assemblies/ State Legislative Councils
• Present and Former Mayors of Municipal Corporations
• Present and Former Chairpersons of District Panchayats.
• Any serving or retired officers as well as employees under the Central/ State Government Ministries /Offices/Departments.
• All retired pensioners who get a monthly pension of Rs.10,000/-or more and belonging to the above category.
• Any individual who paid their income tax in the last assessment year is not eligible under this scheme.
• Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with Professional bodies and carrying out the profession by undertaking practices.

Benefits of PM Kisan Scheme

• Direct fund transfer is one of the biggest benefits of this scheme. On December 25, 2020, in the presence of Prime Minister Narendra Modi, Rs 18000 Crores were directly transferred to the bank accounts of 09 crore farmers.
• All the farmer's details are registered officially on a digital platform. This process made the registration and fund transfer easy. The digitalized records have brought about a new start to this welfare scheme.
• This scheme eases liquidity constraints of farmers
• PM-KISAN yojana is a big step towards modernizing the way of practicing agriculture
• Without any discrimination, the PM Kisan beneficiaries have been chosen.