Pradhan Mantri Garib Kalyan Package (PMGKP)

There are a large number of problems that people belonging to vulnerable groups of society might face. These problems can be financial or of any other kind. It is also possible that they are not being provided with the proper facilities that are allotted by the government to them. To make up for all the problems that these people are going through, this scheme has been put into effect. This scheme provides these people with benefits that will help these people grow in their financial standards. 

Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY)

This scheme was launched in the year 2016. This scheme provides many individuals with a way to sustain their daily lives. Under the provisions. In this scheme, the government had reached out to the poorest of the poor and provided them with all the basic facilities that they needed. Food and financial help were provided to such people in an ample amount. All the essential supplies were made available to the people who could not afford those for themselves for the time being. 

However, that is not the extent to which this scheme was limited. This scheme stated that insurance worth ₹5000000 will be provided to every health worker. A certain amount of food essentials were made completely free for some individuals. Allotments were provided to the people who could not make a living of their own. Interest rates for the loans were lessened for the lack of job opportunities. 

Social welfare funds were provided to the state governments by the central government. Minimum daily wages were transferred to the bank accounts of the people who were daily workers. This scheme had a great impact on the lives of the people that were related to this scheme. 

Taxation Laws

It won’t be wrong to claim that this scheme is an income declaration scheme. It means that the individual who wants to be affiliated with this scheme must give full disclosure of his income per year.  This scheme provides a way to disclose all the unaccounted for money that you have got confidentially. You won’t be subjected to any punishment as long as you pay half the sum of the undisclosed money that you had got on yourself. 

But that is not the only preposition that this scheme is limited to. You can also get one-fourth of that money back once it has been utilised in any of the schemes that are issued by the government. However, no kind of interest will be paid back to you alongside that money. This scheme is applicable only for the commodity that has been stored in the form of cash in Indian bank accounts. Other commodities like jewellery, stocks and shares are not counted under this scheme. It means that these goods will not be refundable once they are seized. If the full amount of money is not disclosed, the perpetrator will be fined three-fourths of the money as compensation. Further investigation into the case is also possible. 

Deposits in Indian bank accounts

The PMGKY scheme covers a large number of benefits that are offered to yeh individuals by the government. These benefits consist of insurance, employment, and educational and technological facilities. Essential goods, and food resources. Under the provisions of this packaging scheme, these facilities are offered to the people that belong to the vulnerable groups of the society. 

These schemes provide them with a way to make up for their financial problems. These schemes help educate them and develop their skills. They are provided with insurance benefits. And, food services are made available for those who can’t afford those on their own. Also, the benefits of this scheme are transferred directly to the bank accounts of the individuals. This is a completely digitised scheme in matters of financial situations. 

Conclusion

A part of the undisclosed money that is handed over to the government in the form of compensation is utilised to make up for the budget for these schemes. A certain part of that compensation is also refunded to the individuals. This way, the money is always involved in the circle to be provided to the people that require it. Also, this money makes other services available to these people. It helps in their upliftment as per the standards of the society.