The revival of the Kisan Vikas Patra (KVP) was announced in the Union Budget 2014-15 on 10 July 201 4. The KVP was discontinued from November 2011 on the recommendation of which committees recommendations?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The revival of the Kisan Vikas Patra (KVP) was announced in the Union Budget 2014-15 on 10 July 201 4. The KVP was discontinued from November 2011 on the recommendation of which committee’s recommendations?

A	Shyamlal Kunde Committee
B	Shyama Prasad Committee
C	Shyamala Gopinath Committee
D	Gopinath Ghokle Committe

Explanation:

Detailed explanation-1: -What is a period of Kisan Vikas Patra (KVP)? This certificate will mature after 8 Yrs and 4 months. Your money money will double after 8 Yrs and 4 months. Therefore, interest will be 8.67%, which is annually compounding.

Detailed explanation-2: -There are no tax benefits available under this scheme. The interest accrued is taxable under ‘Income from Other sources’, paid every year. And, TDS of 10% is subtracted from the interest. However, the final amount on maturity is exempted from tax deductions.

Detailed explanation-3: -Hence the Government of India decided to close this scheme and KVP was closed in 2011 and the new government re-launched it in 2014.

Detailed explanation-4: -Fixed Lock-in Period-The fixed lock-in period on this scheme is two and half a years. If you have an emergency financial requirement, you can encash this money prematurely after two and half years from the date of issuance with some amount of interest on the same.

There is 1 question to complete.