Last Updated on 02/08/2024 by wccexam Desk
Last year, in Budget 2023, the central government had announced a scheme related to women. The name of the scheme is Mahila Samman Saving Certificate Scheme. Now the news is that the government is not in the mood to continue this scheme after March 2025.
Actually, Mahila Samman Savings Certificate Scheme is a one-time scheme, and this scheme is available from April 2023 to March 2025. That is, this scheme will be closed after March 2025. A senior government official associated with the scheme has given information about this.
The government brought this plan in 2023
Let us tell you, the central government had announced this scheme in the budget of the year 2023. The objective of this scheme is to encourage Indian women towards saving. At present, 7.5 percent interest is being given annually in this scheme. This scheme is very popular among women.
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A senior government official said that schemes like Mahila Samman Saving Certificate, Senior Citizen Saving Scheme and Sukanya Samriddhi Scheme have performed very well so far. But the funds coming from these schemes may stop in the future, due to which the government may be forced to keep the collection of National Small Savings Fund low in the financial year 2025.
According to the official, the government has set a target of lower collection from the National Small Savings Fund (NSSF) in FY25. He said that there was a shortfall of Rs 20,000 crore in NSSF collection in the financial year 2023-24. While the investment in the Senior Citizen Scheme was good. But now in the current financial year, less investment is expected through these schemes.
This is the logic behind closing the scheme
In the Union Budget 2024-25 presented in July, the NSSF collection for this financial year was estimated at Rs 4.20 lakh crore, which is less than Rs 4.67 lakh crore in the interim version. Let us tell you, one of the main reasons for low deposits from NSSF is that people are increasingly investing in equity markets and mutual funds. Where they are getting attractive returns.
The government finances its fiscal deficit by borrowing from the bond market, income from small savings, and cash balance amounts. In the budget, the government has reduced gross borrowing for this financial year by Rs 12,000 crore to Rs 14.01 lakh crore, and has reduced the fiscal deficit target by 20 basis points to 4.9 percent.
This scheme was started to make women self-reliant. It not only gives a strong interest of 7.5 percent on investment, but it is also exempted from TDS deduction. According to CBDT, in the case of senior citizens, TDS will be applicable on this scheme only when the interest income during a financial year is 40 to 50 thousand rupees.
Who can open an account?
Another special thing about this scheme is that accounts can be opened for girls of 10 years or less. Apart from this, any Indian resident woman can invest in it. To avail the benefits of this scheme, you have to invest in it through post office. If you invest a maximum of Rs 2 lakh for 2 years in Mahila Samman Saving Certificate scheme, then the interest earned in two years will be Rs 32044.
Source (PTI) (NDTV) (HINDUSTANTIMES)