For a long time , in India , the only Social Securities
were :
·
EPF / PPF ( for a few million
persons working in Organized Sector )
·
A earning son in a HUF – Hindu Undivided Family ( For a Billion +
Citizens )
A few years back , government introduced Atal Pension
Yojana ( APY )
A report in Business Line ( 17 June ) reads :
To expand the outreach of the Atal Pension Yojana
(APY), people can now
enrol and subscribe digitally to the scheme.
“The Pension Fund Regulatory and Development
Authority has now introduced “APY@eNPS” which involves a complete digital enrolment
process,” said the Finance Ministry on Friday, adding that it will give
additional push to cover
the as yet unreached population at greater ease.
APY is the flagship social security scheme that is
available for all citizens in the age group of 18-40 years and provides them a
minimum guaranteed pension. At present, the scheme has over 54 lakh subscribers
and it has generated a return of 13.91 per cent.
=================================
Although this facility, would certainly help , it is quite unlikely
to cover a billion citizens !
For a comprehensive solution, take a look at :
JanDhan Sarjan Yojana ( 31 Aug
2015 )
-
where I suggested as follows :
* If GST is going to be ( say ) 20 % , Government will
transfer from this ,
2 % ( ie 10 % of that 20 % ) , to the PPF account of the Consumer /
Buyer , who pays for the Goods / Services
purchased , using a RuPay
Card or a " Mobile Wallet "
app
This will motivate millions of self - employed to open PPF accounts !
* Since interest from a PPF account is tax-free , every citizen would , now
want to make
all payments thru RuPay card or a Mobile Wallet App
* RuPay cards are already tied up with accounts opened under Jan Dhan
Yojana
* Mobile Wallets Apps will also get
tied-up with thousands of branches of
Payment Banks , which will open in next 18
months
Just imagine the number of new accounts that will get opened in the
1,55,000 + post offices
of India Post
!
* In this way , Social
Security will become " Self
Financing " !
* Currently , in India , some 97 % of all
payments are " Cash Payments ".
With introduction of this proposal , these will
drastically decline
* Any payment made , using RuPay card or a
Mobile Wallet App , will make
available to the Income Tax Department , full
digitized record of each
such transaction , including :
# Who made the payment
# To whom was that payment made
# When was that payment made
# For what purchase , was that payment made
# What was the amount paid
* One , very desirable consequence of
Jan Dhan Sarjan Yojana
will be that our " Domestic
Savings Rate " will climb back to 30 % !
02 July 2017
www.hemenparekh.in
/ blogs
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