The PM Kisan Pension Scheme launched under Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) on 12 September 2019. The scheme seeks to enrol five crore small and marginal farmers in the age group of 18 to 40 years. Out of this, the government is seeking to cover one crore farmers in this fiscal year 2019-20.
The scheme has seen registration of over 14 lakh farmers since it opened for registration on 9 August 2019. According to a report in the Financial Express, an analysis of the first 7.5 lakh enrolment revealed 35 per cent of the registrants are women. Also, out of the 14 lakh registrations, 28 per cent of the registrations are from Haryana.
Under the PM-KMY scheme, the beneficiaries are entitled to receive a pension of Rs 3,000 per month after attaining the age of 60. The scheme received approval on 31 May 2019 in the first cabinet meeting of the new government. The scheme has a sanctioned budget of Rs 10,700 crore.
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The registrations under the scheme are through Common Services Centres (CSCs) located across India. The Central Government is paying Rs 30 to the CSCs for each enrolment. However, the farmers are not required to pay any registration fee under the scheme.
So far, only six states including Jharkhand, Odisha, Haryana, Bihar, Uttar Pradesh and Chhattisgarh have recorded over 1 lakh registrations.
For any clarifications/feedback on the topic, please contact the writer at sweta.dugar@cleartax.in
I am a Chartered Accountant by profession. I specialise in personal taxes and corporate income tax matters. I am an avid reader and track developments in financial markets, economy and other market developments.
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