KISAN VIKAS PATRA LAUNCHED BY THE GOVERNMENT
The government Tuesday re-launched the Revamped Kisan Vikas Patra (KVP) investment scheme designed to target the country’s poor.
The Finance Miniter said that in order to help the poor to save their hard earned money and not to invest in PONZIE schemes, the Government has come up with NEW REVAMPED KISAN VIKAS PATRA.
KISAN VIKAS PATRA IS Available in the denominations of Rs.1,000, Rs.5,000, Rs.10,000 and Rs.50,000, the sum invested would be doubled in 100 months or (8 + years).
The instrument has no upper limit for investment and can be encashed after a lock-in period of 30 months.
The KVP would be a bearer instrument without the name of the holder in the first phase.”This will be a bearer instrument just like currency and easy to encash.
The certificates can be issued in single or joint names and can be transferred from one person to any other person or persons, multiple times. Transfer facility will be available from one post office to another in India, as well as of nomination.
The certificate can also be pledged as security to avail loans from the banks, and in other cases of need as collateral security.