Home Breaking News Today Breaking information Covid-19 lockdown: Money reaches 40% of 20 cr girls beneficiaries

Breaking information Covid-19 lockdown: Money reaches 40% of 20 cr girls beneficiaries

Breaking information

NEW DELHI: The most important-ever money switch scheme launched on Friday to place Rs 30,000 crore in Jan Dhan accounts of ladies has validated the evangelical push for implementation of the Jan Dhan scheme which noticed the federal government exhorting crores of individuals to open financial institution accounts.

By Saturday, the accounts of round 40% of the 20-crore women beneficiaries had seen money deposits of Rs 500 every. Equally, round Eight crore beneficiaries of the Ujjwala scheme will get near Rs 5,000 crore of their financial institution accounts to buy cooking gasoline cylinders for 3 months.

The swift switch of cash at a time of countrywide lockdown is being seen because the success of the Jan Dhan scheme launched by the Narendra Modi authorities in its first time period. The switch into the accounts, which have been seeded with Aadhaar, is probably going to make sure the cash reaches these for whom it’s supposed.

“The prescription to fund the unfunded is proving to be an efficient treatment, proving the efficacy of the structure of schemes, together with the weaponisation of Aadhaar as a welfare meting out instrument, which was put in place 5 years in the past,” stated a senior supply within the authorities.

As well as, a fee of Rs 16,000 crore as the following installment of Kisan Samman stipend is predicted to go instantly into the account of 8.7 crore farmers. One other Rs 3,000 crore shall be put into the accounts of senior residents, widows and the differently-abled, classes which want succour in these difficult occasions.

Because the Covid-19 pandemic has swept by the world, threatening to put waste each developed and creating economies, international locations responded in two other ways to sort out the fallout.

First was by fiscal and financial measures, however the second was by earnings assist programmes to probably the most weak and small companies. The latter, based on economists and coverage consultants, is the important thing to bridging the hole between a devastating financial downturn and hopefully an eventual restoration.

Curiously, when PM Narendra Modi held a video convention with Indian envoys across the globe, one of many issues that emerged was a similarity between Indian and the US approaches on earnings assist insurance policies. This, at the same time as Washington and New Delhi took very completely different paths in tackling the pandemic.

On March 26, the Modi government introduced a set of money switch and associated advantages that might use the JAM (Jan Dhan-Aadhaar-Cellular) spine to implement largescale, technology-enabled and real-time direct profit transfers. Having set this method up within the first time period of the federal government, this could be an excellent time to make use of it.

As Jahangir Aziz of JP Morgan Chase Financial institution wrote, “The federal government’s efforts over the past 5 years make India among the best positioned economies to ship such money transfers.”

The federal government’s announcement will see 20 crore girls Jan Dhan account holders get Rs 500 per thirty days for the following three months; enhance in MGNREGA wage to Rs 202 a day from Rs 182 to profit 13.62 crore households; ex-gratia of Rs 1,000 to three crore poor senior residents, poor widows and poor disabled. The federal government can even front-load Rs 2,000 paid to farmers within the first week of April beneath the prevailing PM Kisan Yojana to profit 8.7 crore farmers, in addition to lengthen insurance coverage cowl of Rs 50 lakh per well being employee combating Covid-19.

On March 27, US President Donald Trump additionally introduced a set of comparable earnings assist measures. Most adults will get $1,200. For each qualifying little one aged 16 or beneath, the fee shall be a further $500.

Single adults with social safety numbers who’ve an adjusted gross earnings of $75,000 per yr or much less will get the complete quantity. Married {couples} with no kids incomes $150,000 or much less will obtain a complete of $2,400.

For the reason that US Inside Income Service already has taxpayers’ checking account info, it can switch the cash to them through direct deposit.

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