Pradhan Mantri Garib Kalyan Package (PMGKP) Insurance Scheme

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The Narendra Modi-led Government of India launched the Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) in December 2016. It was introduced as a follow-up to the income declaration programme. It had debuted earlier that year. The scheme, which was part of the Taxation Laws (Second Amendment) Act of 2016, permitted people to report unexplained cash by paying a fine equal to half of the hidden revenue. The scheme pays an additional 25% of the gain. It can also be repaid without interest after four years.

It was reintroduced into more moderation in 2020, with several further revisions. Prime Minister Narendra Modi established a Rs. 1.7 lakh crore relief package shortly after the coronavirus-induced shutdown was imposed on March 24 to ease the economic effects of the lockout on the poor.

On June 1, 2021, the Union Government of India announced that it had already extended the “Pradhan Mantri Garib Kalyan Package” (PMGKP) Insurance policy for health professionals fighting COVID-19 for one year, beginning April 24, 2021. The federal government renewed this insurance coverage for a year in order to continue providing a safety net to the dependents of health workers assigned to care for COVID-19 patients.

Characteristics of the PMGKP Insurance Scheme

  • On March 25, 2020, Union Minister Nirmala Sitharaman unveiled a Rs. 1,70,000 crore economic relief package for the underprivileged and migrant workers.
  • The project is designed to reach 80 percent of the country’s rural population.
  • Food and components are included in the relief package, which is split among eight divisions of society. It is open to retirees, women, and the disabled.
  • It includes providing pulses to underprivileged households through this Yojana.
  • In addition to the previously allowed rice distribution, the central government has claimed to distribute rice and wheat based on each individual.
  • This strategy referred to relief plans to aid in the survival of the country’s dreadful circumstances.

Criteria for eligibility

The scheme was announced as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) for the immediate benefit of businesses employing up to a hundred people and earning less than INR 15,000 per month.

To help qualifying employers in accessing the benefit, the unified portal has been updated to reflect the scheme. The ECR filing process and format remain unchanged. Employers would just need to provide a declaration before filing the ECR.

Documents necessary for PM Garib Kalyan Yojana application

PMGKY maintains a straightforward approach for everyone to use. A Jan Dhan account must be opened in any bank authorised by the Reserve Bank of India. During this step, the applicant must provide income documentation, which will be reviewed further. Following the completion of the screening, it is determined whether or not the applicant is eligible for the Yojana.

How to Apply for the Scheme

The PMGKY application process is pretty straightforward. An applicant only needs to open a Jan Dhan account in any bank authorised by the Reserve Bank of India. Following that, the applicant must provide some essential income documentation. After these documents are examined and verified, the applicant will be confirmed to be eligible for the scheme’s benefits.

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