Arun Jaitley to re-launch Kisan Vikas Patra today
New Delhi: Finance Minister Arun Jaitley will relaunch Kisan Vikas Patra (KVP) today in the presence of Ravi Shankar Prasad, Union Minister of Communication and IT and Jayant Sinha, Minister of State for Finance among others.
Jaitley, who in his maiden budget speech had announced KVP and National Savings Schemes (NSS), will be re-introducing it today in the National Capital.
The re-launched KVP will be available to the investors in the denomination of Rs. 1000, 5000, 10,000 and 50,000.
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 Patra was originally launched in April, 1988. It rapidly gained popularity among investors. Through KVP the percentage share of gross collections secured was in the range of 9 to 29% against the total collections received under all National Savings Schemes in the country.
Jaitley will re-launch the scheme to once again reach that mark, if not higher.