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The Union Finance Minister Shri Arun Jaitley will re-launch the Kisan Vikas Patra (KVP) on 18.11.2014. PRESS NEWS.

Tuesday, 18 November 2014

                                                PRESS INFORMATION BUREAU
                                                       GOVERNMENT OF INDIA
INVESTORS IN THE DENOMINATION OF RS. 1000, 5000, 10,000 AND 50,000,
New Delhi, November 17, 2014
Kartika 26, 1936

The Union Finance Minister Shri Arun Jaitley will re-launch the Kisan Vikas Patra
(KVP) here tomorrow in the presence of Shri Ravi Shankar Prasad, Union Minister of
Communication and IT and Shri Jayant Sinha, Minister of State for Finance among
others. Increasing savings rate in the economy was one of the priorities of the new
Government on assuming charge. In view of the popular demand and to revitalize   Small
Savings, the Finance Minister in para 27 of his Budget Speech announced that “Kisan
Vikas Patra (KVP) a very popular instrument among small savers will be reintroduced
The instrument will encourage people, who may have banked and unbanked savings to
invest”. Accordingly, it is decided to reintroduce Kisan Vikas Patras (KVPs). KYC
norms regarding all National Savings Schemes (NSS) are now applicable in post offices
and banks w.e.f. January, 2012.
The re-launched Kisan Vikas Patra (KVP) will be available to the
investors in the denomination of Rs. 1000, 5000, 10,000 and 50,000, with no upper
ceiling on investment. The certificates can be issued in single or joint names and can be
transferred from one person to any other person / persons, multiple times. The facility of
transfer from one post office to another anywhere in India and of nomination will be
available. The certificate can also be pledged as security to avail loans from the banks
and in other case where security is required to be deposited. Initially the certificates will
be sold through post offices, but the same will soon be made available to the investing
public through designated branches of nationalised banks.
Kisan Vikas Patras have unique liquidity feature, where an investor can, if he so
desires, encash his certificates after the lock-in period of 2 years and 6 months and
thereafter in any block of six months on pre-determined maturity value. The investment
made in the certificate will double in 100 months.
Reintroduction of Kisan Vikas Patra (KVP) is a welcome step not only in the
direction of providing safe and secure investment avenues to the small investors but will
also help in augmenting the savings rate in the country. The scheme will also safeguard
small investors from fraudulent schemes. With a maturity period of 8 years 4 months, the
collections under the scheme will be available with the Govt. for a fairly long period to be utilized in financing developmental plans of the Centre and State Governments and
will also help in enhancing domestic household financial savings in the country.
Kisan Vikas Patra (KVP) – a certificate savings scheme was launched by the Government
on 1st April, 1988. The scheme provided facility of unlimited investment by way of
purchase of certificates from post offices in various denominations. The maturity period
of the scheme when launched was 5 ½ years and the money invested doubled on
maturity. The scheme was very popular among the investors and the percentage share of
gross collections secured in KVP was in the range of 9 % to 29 % against the total
collections received under all National Savings Schemes in the country. Gross collections
under the scheme in the year 2010-11 were Rs. 21631.16 crores which was 9 % of the
total gross collections during the year. In the year of its closure, the scheme secured
gross collections of Rs. 7575.95 crores (April 2011 to November 2011).



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