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Scrapping Tax Benefit for Debt Mutual Funds: Analysis
Central Idea
- The Finance Bill 2023, passed by the Lok Sabha with 64 amendments, includes the controversial decision to remove the tax benefit for debt mutual funds. While the aim is to remove the advantage of debt funds over bank deposits, this decision will have far-reaching consequences that need to be examined.
Mutual Funds
- Investment decisions on behalf of the investors: Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. Mutual funds are managed by professional fund managers who make investment decisions on behalf of the investors in the fund.
- Diversified portfolio of securities: Investors in a mutual fund own a proportional share of the fund’s underlying assets, and the value of their investment rises or falls in response to changes in the value of the securities held by the fund. Mutual funds can provide investors with access to a diversified portfolio of securities, which can help to mitigate the risk of investing in individual securities.
Key differences between Mutual funds and debt mutual funds
- Mutual funds and debt mutual funds are both types of investment funds, but there are some key differences between them
Comparison Mutual Funds Debt Mutual Funds Types of Investments Stocks, bonds, commodities, and other asset classes Fixed-income securities such as bonds, debentures, treasury bills, and commercial papers Risk Generally higher risk due to the inclusion of stocks and other volatile assets Generally lower risk due to the focus on fixed-income securities Returns Potentially higher returns over the long term, but subject to more volatility Lower returns compared to equity mutual funds, but also come with lower risk Investment Objective Can vary widely depending on the type of fund Provide regular income to investors while preserving capital Liquidity Can be less liquid than debt mutual funds due to volatility in underlying securities Generally considered more liquid due to less volatility in underlying securities The Debate Over Scrapping Tax Benefit for Debt Mutual Funds
- Removal of the tax benefit for debt mutual funds: The Finance Bill 2023 passed by voice vote in the Lok Sabha last week with 64 amendments, including the removal of the tax benefit for debt mutual funds.
- What it means: This change means that investors in debt mutual funds cannot avail the benefit of indexation for the calculation of long-term capital gains. From April 1, such investments will now be taxed at income tax rates applicable to an individual’s tax slab.
- Motive: This move aims to remove the advantage that such debt funds have over bank deposits. However, the consequences of this decision need to be carefully examined.
The Impact of Removing Tax Benefit
- Impact on flow of funds: The removal of the tax benefit will lead to investors reassessing their allocations to debt mutual funds, which may impact flows into these funds.
- Impact on bond market: This, in turn, may impact the growth and development of the bond market in India since debt mutual funds channel funds into the bond market.
- For instance: According to a report by Crisil, 70% of the investment in debt funds flows from institutional investors, while individual investors, including high net worth individuals, accounted for 27% as of December 2022.
- Impact on corporate debt: This change in rule may trigger a shift in investments away from debt mutual funds to other instruments, which will possibly affect flows to the corporate bond market, and demand for corporate debt is likely to be impacted.
The Need for Rationalization
- There is a need to acknowledge the finer points of differentiation between bank deposits and debt funds since bank deposits are insured up to Rs 5 lakh while debt mutual funds carry risk depending on the risk profile of the bonds they hold.
- It has been argued that the capital gains architecture in India needs to be reexamined and reconfigured.
- Not only are there different rates of taxation for different asset classes, but even the holding period for differentiating between short- and long-term capital gains varies across assets. Thus, rationalisation with regard to the tax rate and/or the holding period is desirable.
Conclusion
- While the removal of the tax benefit for debt mutual funds may remove the advantage of such funds over bank deposits, its far-reaching consequences need to be carefully examined. There is a need to acknowledge the finer points of differentiation between bank deposits and debt funds, as well as rationalisation of the tax architecture in India. Therefore, there is a need for broader discussions and debates on these issues.
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Blue Economy: India’s G20 Presidency Offers An Opportunity
Central Idea
- The potential of the oceans for the sustainable development of the blue economy is immense and the initiatives taken by the Government of India towards achieving it demonstrate India’s commitment to building a sustainable future for its marine resources and the global community. India’s G20 presidency provides an opportunity to promote collective action for the transition.
What is Blue Economy?
- Blue Economy is defined by the World Bank as the Sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ecosystem.
- Gunter Pauli’s book, “The Blue Economy: 10 years, 100 innovations, 100 million jobs” (2010) brought the Blue Economy concept into prominence.
- The UN first introduced “blue economy” at a conference in 2012 and underlined sustainable management, based on the argument that marine ecosystems are more productive when they are healthy. In fact, the UN notes that the Blue Economy is exactly what is needed to implement SDG 14, Life Below Water.
- The term ‘blue economy’ includes not only ocean-dependent economic development but also inclusive social development and environmental and ecological security.
The Potential of the Oceans
- The oceans offer vast opportunities for the prosperity of our planet, with 45% of the world’s coastlines and over 21% of the exclusive economic zones located in G20 countries.
- They are reservoirs of global biodiversity, critical regulators of the global weather and climate, and support the economic well-being of billions of people in coastal areas.
Facts for prelims: Government Initiatives
- The Government of India has launched several initiatives to promote the development of a blue economy, such as
Initiative Description Sagarmala initiative A program launched in 2015 to promote port-led development and boost the country’s maritime sector. It aims to modernize ports, improve connectivity and logistics, and promote coastal community development. Shipbuilding Financial Assistance Policy A policy introduced in 2016 to provide financial assistance to Indian shipyards for the construction of ships. It aims to boost domestic shipbuilding and make Indian shipyards globally competitive. Pradhan Mantri Matsya Sampada Yojana A scheme launched in 2020 to boost the fisheries sector in India. It aims to increase fish production, modernize fishing infrastructure, and create employment opportunities in the sector. Sagar Manthan dashboard An online dashboard launched in 2018 to track the progress of the Sagarmala initiative. It provides real-time information on project implementation, fund utilization, and other related metrics. Deep Ocean Mission A program launched in 2021 to explore the deep sea and harness its resources for national benefit. It aims to explore the deep sea, map its resources, develop technologies for deep-sea mining, and promote ocean conservation. Coastal Regulation Zone notification A regulation introduced in 2019 to manage development activities along India’s coastline. It aims to balance the economic development of coastal areas with the conservation of coastal ecosystems and livelihoods of coastal communities. - The government has also taken steps to eliminate single-use plastic and combat plastic pollution, including in the marine environment.
India’s G20 Presidency and the Blue Economy
- Key priority: India’s G20 presidency has prioritized the blue economy as a key area under the Environment and Climate Sustainability Working Group.
- Promote sustainable and equitable development: The aim is to promote the adoption of high-level principles for sustainable and equitable economic development through the ocean and its resources while addressing climate change and other environmental challenges.
- A guide for future G20 presidencies: India’s commitment to prioritizing oceans and the blue economy under its presidency would ensure continued discussions on this crucial subject and pave the way for future G20 presidencies.
- Communication and collaboration: Effective and efficient ocean and blue economy governance presents a significant challenge, and India’s G20 presidency can build an effective communication with all stakeholders to share best practices, foster collaborations for advancements in science and technology, promote public-private partnerships, and create novel blue finance mechanisms.
Challenges and Responsibility
- Ambitious efforts by countries to expand their blue economies are threatened by intensifying extreme weather events, ocean acidification, and sea-level rise.
- Marine pollution, over-extraction of resources, and unplanned urbanization also pose significant threats to the ocean, coastal and marine ecosystems, and biodiversity.
- The inherent inter-connectedness of oceans implies that activities occurring in one part of the world could have ripple effects across the globe.
- Therefore, the responsibility of their protection, conservation, and sustainable utilization lies with all nations.
Conclusion
- India’s G20 presidency offers an opportunity to promote individual and collective actions towards a sustainable blue economy. The stewardship of oceans is an investment that will sustain future generations, and the global community must unite for the well-being of our ocean commons.
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28th Mar 23 | Prelims Daily with Previous Year Questions
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[Burning issue] Landfill fires and Their Management
Context
- The towering Brahmapuram landfill in Kerala state is the country’s latest trash mountain to catch fire, causing dangerous heat and methane emissions.
- Landfill fires are becoming common in India with multiple incidents being reported increasing on yearly basis. In this context, this edition of the burning issue will expand on this issue. The topic is relevant for the GS-3 under environmental issues and urbanization.
What is the issue?
- Firefighters in the southern Indian city of Kochi were toiling to control toxic fumes from spreading after a landfill burst into flames for 5 days cloaking the area in a thick haze and choking residents.
- Authorities advised residents in the city of more than 600,000 to remain indoors or wear N95 face masks if they head outside. Schools were forced to close as a result of the pollution.
- While the fire has been largely put out, a thick cloud of smoke and methane gas continues to cover the area, reducing visibility and the city’s air quality while emitting a lingering, pungent odor.
- The matter even reached law corridors. Kerala High court also listed the case for hearing.
Brief about landfills
- Definition: A landfill is a site designated for the disposal of waste materials by burying them underground. The waste materials can include household and commercial garbage, industrial waste, and construction debris. Landfills are designed to contain waste and prevent it from contaminating the surrounding environment.
- History: The history of landfills dates back thousands of years to ancient civilizations such as the Greeks and Romans who used open dumps to dispose of their waste. However, the modern landfill as we know it today began to emerge in the late 19th century when cities started to grow and produce more waste. At that time, waste was often dumped in rivers or burned in open pits, leading to pollution and health hazards.
- Modern landfills: The first modern landfill was established in 1937 in Fresno, California, USA. It was a sanitary landfill designed to minimize the impact on the environment and protect public health. Since then, landfills have become the primary method of waste disposal in most developed countries, and their design and management have become more sophisticated to reduce their environmental impact.
Some recent landfill fire incidents
- Bhalswa landfill fire
- Perungudi dump yard fire
- Dadumajra landfill fire
- Ghazipur landfill fire
Waste generation in India
- Every year, 2.01 billion tonnes of municipal waste is generated. India produces 277 million tonnes of municipal solid waste every year, according to a 2016 estimate.
- Waste accumulation in Delhi and Bangalore has risen dramatically, by 1,850% and 2,175%, respectively, between 1999 and 2016.
- In India, 77% of waste is disposed of in open dumps, 18% is composted and just 5% is recycled.
Landfills in India: The ‘Man Made Mountains”
- Brahmapuram is just one of some 3,000 Indian landfills overflowing with decaying waste and emitting toxic gases. Most dumpsites are two to three decades old and currently receive 2,000 (Bhalswa) to 9,000 (Deonar) metric ton of solid waste daily.
- Landfill fires are becoming a big challenge for India’s urban civic bodies. In late April 2022, fires broke out in landfills in Chennai, Delhi and Chandigarh. Since 2015, the number of landfill fires in metropolitan cities has surged across India.
- Every Indian city has at least one man-made mountain where ‘waste’ generated in our homes and businesses ends up. About 90% of the staggering 150,000 metric ton of urban solid wastes generated every day make their way to such locations.
- These toxic sites are the dark underbelly of India’s bustling, glittering cities and are home and workplace for tens of thousands of people.
Causes of landfill fire
- Spontaneous Combustion: As organic waste decomposes, it generates heat, and if the temperature is not controlled, it can ignite the waste and start a fire.
- Lack of modern technologies: Only a few areas on large landfills have new and advanced waste management technology (like waste-to-energy, composting and refuse-derived fuel systems).
- Legacy dumps: remain problematic as the decomposition of decades-old mixed waste causes extreme water and air pollution.
- Chemical Reactions: Some waste materials, such as batteries or chemicals, can react with other waste materials, generating heat or flammable gases that can ignite.
- Landfill Gas Ignition: Landfill gas, which is produced by the decomposition of organic materials in the landfill, can be flammable and can ignite if exposed to a source of ignition such as a spark.
- Arson: Unfortunately, some people intentionally set fires at landfill sites, either for personal gain or as an act of vandalism.
- Electrical Faults: Electrical equipment used at landfill sites, such as machinery or lighting, can malfunction or short-circuit, causing a fire.
Issues with Indian landfills
- Unhygienic disposal: In India, more than 90% of the MSW generated finds its way to landfill sites, often in the most unhygienic manner possible. The landfilling process of the municipalities is the most unorganized one.
- Large methane emission: India creates more methane from landfill sites than any other country, according to GHGSat, which monitors emissions via satellites. Methane is the second most abundant greenhouse gas after carbon dioxide — but it is a more potent contributor to the climate crisis because it traps more heat.
- Not scientifically planned: In India, the meaning of landfilling process has changed to simply dumping the waste in areas outside the city without taking any kind of sanitary measures.
- Causes environmental problems: The landfills are meant for reducing the exposure between humans and the environment from toxic waste but it takes a toll on humans as we are exposed to the problems associated with the waste directly i.e from the soil and groundwater pollution. There are concerns regarding the flow of toxins in the food chain of birds and animals, fires and explosions, vegetation damage, unpleasant odor, landfill settlement, groundwater pollution, air pollution and global warming.
- The improper segregation: or lack of segregation facility at the waste generation site causes the accumulation of toxic waste mixture in landfills.
- Most fatal for ragpickers: The disposal of these toxic chemicals leads to the exposure of rag pickers to these chemicals. The rag picker’s only means of income is by collecting waste but they are not aware of the fact that this waste will be toxic for them, their health as well as their surrounding.
- Catches fire: The chaotic landfills act as a ticking bomb and could create havoc by catching fire anytime. The mountain of waste catches fire when it surmounts the saturation point and no longer withstands the heat due to the pilling up of waste.
- Causes of health problems: The health problems related to various emissions from landfills include high PM10 exposure, breathing problems, bacterial infections, asthma, elevated cardiovascular risk, and other infections.
- Source of diseases: In India scenario, open dumps are highly prevailing which causes the breeding of mosquitoes, flies, rats, cockroaches, and other pests. Some diseases are very common in the population living near the landfill site such as plague, histoplasmosis, murine typhus, malaria, dengue, West Nile fever, etc. as they are caused by the pests breeding in the landfills.
Challenges faced while addressing the problem of MSW in India:
- Lack of Funding to address the MSW problem
- The communication gap between central and state government
- Failure of waste-to-energy recovery
- Implementation of rules and regulations
- There is a prevalence of loopholes in the municipal corporations at every stage of waste management i.e from source to disposal
- There is a lack of manpower and an insufficient number of professionals in the waste management technology field.
- Lack of research and development for new technological practices
Rules related to landfills
- The Solid Waste Management Rules issued by the Ministry of Environment, Forest and Climate Change in 2016 state that only non-recyclable, non-biodegradable and non-combustible waste should go to a sanitary landfill.
SWM Rules, 2016 mandates:
- setting up solid waste processing facilities by all local bodies having a population of 1 lakh or more within two years.
- census towns and local bodies with a population of less than 1 lakh have to set up a common or stand-alone sanitary landfill within three years. Also, common, or regional sanitary landfills will have to be set up by all local bodies and census towns with a population under 0.5 million within the timespan of three years.
- bio‐remediation or capping of old and abandoned dumpsites within five years. Bio-remediation or capping involves treating organic waste and spreading the remaining waste uniformly, over the land. It is then covered with a geo-textile layer, a geo-membrane and one-metre of soil so that grass can be grown on it.
- As per the new rules, the landfill site should be 100 metres away from a river, 200 metres from a pond, 500 metres away from highways, habitations, public parks and water supply wells and 20 km away from airports or airbases. The guidelines recommend that the construction of landfills on hills should be avoided.
How to better manage landfills in India? Way forward
- Dedicated solid waste management cell: Each city needs a dedicated solid waste management cell with appropriately qualified and trained professionals who come with varied backgrounds ranging from social work, science, engineering, and public health.
- Waste management audits: Understanding the challenges in the implementation of SWM Rules are equally important, for the administration to take appropriate corrective actions.
- Reduce Waste Generation: The most effective way to manage landfills is to reduce the amount of waste generated in the first place. This can be achieved through reducing, reusing, and recycling.
- Separation of Waste: Separating waste at the source can help reduce the amount of organic waste that ends up in landfills, as organic waste can be composted instead. This separation can be achieved through education and awareness programs, as well as through the implementation of separate waste collection systems.
- Landfill Design and Construction: Landfills should be designed and constructed to minimize their environmental impact. This includes lining the landfill with impermeable barriers to prevent leachate from contaminating the surrounding environment and installing systems to collect and control landfill gas.
- Monitoring and Maintenance: Regular monitoring and maintenance of landfills are necessary to ensure that they are operating effectively and to identify and address any issues promptly.
- Waste-to-Energy Technologies: Waste-to-energy technologies, such as incineration or gasification, can be used to convert waste into energy, reducing the amount of waste that ends up in landfills.
- Education and Awareness Programs: Education and awareness programs can help to encourage individuals and businesses to adopt waste reduction and separation practices and promote responsible waste management.
- Proper implementation of schemes: Initiatives such as the Jal Jivan Mission-Urban, Swacch Bharat Mission-Urban whose objectives include universal coverage of water supply and sanitation and waste management should be implemented properly.
- The emerging ‘new waste economy’: focused on circular practices and resource recovery offers livelihood and entrepreneurial opportunities if waste sector workers are formally integrated into waste management services, as in the case of Ahmedabad, Bengaluru and Pune.
Conclusion
- Urban solid waste management must be reimagined to eliminate such toxic garbage mountains in the future and existing sites must be remediated. Indian cities from Bengaluru to Alappuzha are slowly shifting to decentralized solid waste management approaches with household and community-level waste segregation and resource recovery solutions being implemented successfully.
- We need to understand, that we cannot get rid of waste or landfills until and unless we start source segregation, which is also one of the mandates and one of the first rules of solid waste management rules. A landfill will still be required but firstly, we need to build it in a scientific way and secondly, only inert waste should go to landfills. Even in the waste management pyramid, the top options are reusing and recycling. Landfills and waste-to-energy plants are the last options.
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What is Bilkis Bano Case?
The Supreme Court has indicated it will primarily focus on the question of Gujarat’s jurisdiction to prematurely release 11 men sentenced to life for the gang rape of Bilkis Bano and the murder of her family during the 2002 riots.
Central idea
- The Bilkis Bano case is a landmark case of gangrape and mass murder that occurred during the 2002 Gujarat riots in India.
- Bilkis Bano, then a 21-year-old pregnant woman, was raped and her family members were murdered during the riots that followed the Godhra train burning incident.
- The case was initially left unnoticed, but after persistent efforts by Bano and her supporters, the case was reopened and the perpetrators were brought to justice.
Initial investigation and cover-up
- No proper investigation: Despite the gravity of the crime, the initial investigation was not conducted properly.
- Evidence tampered: The medical examination of Bano was conducted after several days, by which time crucial evidence had been lost.
- No FIR registered: The police refused to file a First Information Report (FIR) initially, and when they did, they left out crucial details of the incident.
Reopening of the case
- Bano and her supporters continued to fight for justice, and in 2004, the case was transferred to the Central Bureau of Investigation (CBI) on the order of the Supreme Court.
- The CBI conducted a thorough investigation and filed a charge sheet against 19 accused persons, including police officers and doctors who had tried to cover up the crime.
- In 2008, the trial began in a Mumbai court.
Conviction and sentencing
- In 2017, after a long legal battle, a Mumbai court convicted 11 accused persons, including one police officer, for gang rape and murders.
- The police officer, who was the main accused, was sentenced to life imprisonment, while the others were given seven years’ imprisonment.
- The court also acquitted seven other accused persons due to lack of evidence.
Key issue: Release of convicts
- In February 2021, the Bombay High Court acquitted five of the convicted persons, citing lack of evidence.
- The court also upheld the life imprisonment of the police officer and reduced the sentence of the other convicts to three years.
- The convicts were released from prison after serving their sentence.
What are the laws on remissions?
- Prisoners are often granted remission of sentences and released on important occasions such as birth and death anniversaries of prominent leaders.
- The President and the Governors have the power to pardon, suspend, remit, or commute a sentence passed by the courts under Articles 72 and 161 of the Constitution.
- Under Section 432 of the Code of Criminal Procedure (CrPC), the state governments also have the power to remit sentences as prisons are a state subject.
- However, the powers of remission of the state government are restricted by Section 433A of the CrPC.
- It mandates a person serving a life imprisonment sentence for an offence where death is a punishment or where a death sentence has been commuted, cannot be released until they have served at least 14 years in prison.
Critical reception of the judgement
- Justice vindicated: Bano and her family members expressed disappointment with the decision of the court to acquit some of the convicts, and they plan to challenge the verdict in the Supreme Court.
- Communal angle to the release: Bano has been a symbol of courage and determination for survivors of sexual violence in India, and her case has highlighted the need for justice and accountability for crimes committed during communal riots.
Significance of the case
- The Bilkis Bano case is significant as it highlights the issue of communal violence in India and the failure of the authorities to provide justice to the victims.
- The case also underscores the need for the protection of the rights of women and minorities in India.
- The long legal battle fought by Bano and her supporters shows that justice is possible, but it requires persistence, courage and the support of civil society.
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India’s Support for Marine Protected Areas in Antarctica
Central idea: India has pledged its continued support for the establishment of two Marine Protected Areas (MPAs) in Antarctica, with the aim of protecting marine life and the ecosystem services that it provides.
What are Marine Protected Areas?
- An MPA is a defined region that is managed for the long-term conservation of marine resources, ecosystem services, or cultural heritage.
- They can be established in national and international waters to preserve the biodiversity of the marine environment.
Criteria used for MPAs declaration
The International Union for Conservation of Nature (IUCN) has developed a set of criteria for the identification and management of marine protected areas (MPAs). These criteria include:
- Representativeness: MPAs should include a range of habitats, ecosystems, and species that are representative of the region.
- Biological diversity: MPAs should conserve a wide range of biodiversity, including species, habitats, and genetic diversity.
- Rarity: MPAs should protect rare, unique, or endemic species or habitats.
- Productivity: MPAs should conserve areas of high productivity, such as spawning and nursery grounds.
- Resilience: MPAs should protect ecosystems that are able to withstand disturbances and recover from damage.
- Ecological processes: MPAs should conserve important ecological processes, such as nutrient cycling and migration patterns.
- Connectivity: MPAs should be connected to other protected areas to allow for the movement of species and genetic material.
- Cultural and social importance: MPAs should consider the cultural and social importance of the area to local communities.
MPA in focus: Southern Ocean
- The Southern Ocean, which encircles Antarctica, covers around 10 per cent of the global ocean and is home to nearly 10,000 unique polar species.
- The ecosystem is an important source of marine resources, including fish and krill, which support commercial fisheries and provide a food source for larger animals.
Threats to the Southern Ocean and its marine life
- Climate change is affecting the Southern Ocean, altering habitats such as sea ice and the sheltered seafloor under ice shelves that are home to a variety of species.
- Commercial fishing, particularly for krill (shrimp-like crustacean), is also threatening the ecosystem.
Need for an MPA in Antarctica
- The Southern Ocean needs protection to prevent the further impact of climate change and commercial exploitation.
- A new MPA would help limit human activities, including fishing, mining, and drilling, and help conserve the region’s marine resources and unique biodiversity.
Existing MPAs in the Southern Ocean
- The Southern Ocean currently has two MPAs:
- In the southern shelf of the South Orkney Islands and
- In the Ross Sea
- These MPAs protect only 5 percent of the ocean, with all types of fishing, other than scientific research, prohibited within the southern shelf of the South Orkney Islands MPA.
Resistance to proposed MPAs
- Proposals to establish MPAs in East Antarctica, the Weddell Sea, and the waters surrounding the Antarctic Peninsula have been met with resistance by China and Russia.
- The two countries have a different view than the rest of the members of the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR), which is an intergovernmental body set up in 1982 to conserve Antarctic marine life.
India’s interest in the commercial exploitation of krill
- India has expressed interest in commercial exploitation of krill in the region.
- However, increased harvesting of krill threatens animals that feed on them, including fish, whales, seals, penguins, and other seabirds.
Contribution of proposed MPAs to the United Nations 30×30 Framework
- If the proposed MPAs take form in Antarctica, they will contribute to the United Nations 30×30 Framework, which aims to protect 30 percent of the world’s land and sea.
- This agreement was reached at the 15th Conference of Parties to the Convention on Biological Diversity in 2022.
Conclusion
- Most countries have agreed in principle to establish MPAs in Antarctica, and it is expected to be discussed further at the next Antarctic Treaty Consultative Meeting.
- The establishment of MPAs in Antarctica is crucial to preserving the region’s marine resources and unique biodiversity, and for contributing to the global
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Mahila Samman Savings Certificate operationalized
Finance Minister while presenting the Budget 2023 announced a new scheme for women, Mahila Samman Saving Certificate. This scheme has now been operationalized.
Mahila Samman Saving Certificate
- It is a one-time new small savings scheme of the government of India announced in the Budget 2023.
- It will be made available for a two-year period up to March 2025.
- This will offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenure of 2 years.
- The deposit facility will offer fixed interest rate of 7.5 per cent with a partial withdrawal option.
Benefits offered
- It is a suitable alternative to fixed deposits (FDs) invested in the name of a woman for the short term.
- The returns are higher than bank FDs and partial withdrawal makes liquidity less of a concern.
Other details
- The Scheme will be rolled out through banks and post offices across the country.
- The taxation structure is yet to be known and the scheme is expected to be available from April 1, 2023.
How is it different from Sukanya Samriddhi Yojana?
- SSY is a small deposit scheme of the government of India meant exclusively for a girl child. The scheme is meant to meet the education and marriage expenses of a girl child.
- The current rate of interest offered by Sukanya Samriddhi Yojana is 7.6%, which is compounded annually.
- Account can be opened in the name of a girl child till she attains the age of 10 years.
- The total amount deposited in an account shall not exceed Rs 1,50,000 in a financial year.
- Sukanya Samriddhi scheme has tax benefits under Section 80C.
- The account matures after 21 years from the date of opening or on marriage of the girl child under whose name the account is opened, whichever is earlier.
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27th Mar 23 | Prelims Daily with Previous Year Questions
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