As part of the KYC relaxation, three types of changes can be seen. According to media reports, first of all people will be allowed to invest in small savings schemes using Aadhaar instead of PAN card.
Working on a plan to change the rules to make the investment process easier in small savings schemes. The Finance Ministry wants that there should be maximum participation of common people in these schemes, for this many important changes are being prepared. A senior official said that the Finance Ministry is planning to further simplify the deposit process for small savings schemes. So that a large number of investors, especially from rural India, can take advantage of these schemes.
Work will be done from base only
As part of the KYC relaxation, three types of changes can be seen. According to media reports, first of all people will be allowed to invest in small savings schemes using Aadhaar instead of PAN card. Given that a larger number of people in India have Aadhaar cards than PAN cards, this relaxation will encourage many rural depositors to avail the benefits of small savings schemes.
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These 3 changes will happen
The official said, the kind of KYC rules that are for Jan Dhan account, similar rules will be applied for small savings schemes as well. Second, the government will ease the claim process for the legal heirs on the deposit amount of the deceased investor where there is no dispute of any kind. Third, the nomination process will be further simplified.
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government will also get
The simplified process will not only give more flexibility to investors but also potentially increase flows into the National Small Savings Fund (NSSF). These funds can then be used by the Center to partially finance its fiscal deficit and reduce dependence on market debt to some extent. The central government has projected to increase its offtake from NSSF to Rs 4.71 lakh crore in FY 2024 as against Rs 4.39 lakh crore in FY 2023 (revised estimate).
Source: www.tv9hindi.com”