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    31-May-2024

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Pradhan Mantri Jan Dhan Yojana, Benefits, Documents and Eligibility

Pradhan Mantri Jan Dhan Yojana (PMJDY), is a flagship initiative of the Government of India that aims to promote financial inclusion and empowerment across the country. Through this scheme, millions of unbanked individuals, especially from marginalized communities, have gained access to essential banking services, thereby transforming their lives and contributing to the socio-economic development of India. This scheme  Launched in August 2014 by the Government of India

What is PMJDY – Pradhan Mantri Jan Dhan Yojana?

The Pradhan Mantri Jan Dhan Yojana, launched in August 2014, is a major initiative to ensure that every household in India can easily use banks. It helps people open bank accounts, get debit cards, insurance, and learn about handling money. The aim is to include everyone, especially those who haven't had access to banking before, so they can benefit from the formal financial system.

Additionally, beneficiaries receive a RuPay Debit card with built-in accident insurance coverage of ₹1 lakh. The plan also involves directing all government benefits (from the central, state, and local levels) to beneficiaries' accounts, supporting the Union Government's Direct Benefits Transfer (DBT) scheme, and resolving technological challenges like poor connectivity and online transactions. Mobile transactions through telecom operators and their established centers as Cash Out Points are also part of the financial inclusion strategy. Moreover, efforts are underway to engage the youth of the country in this mission-oriented program.

Benefits of PMJDY – Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana (PMJDY) includes several benefits that have significantly impacted the socio-economic landscape of India. Here are some of the key benefits of PMJDY:

Financial Inclusion : PMJDY is a national mission on financial inclusion that involves an integrated approach to bring about comprehensive financial inclusion of all households in the country. The scheme envisages universal access to banking facilities for every household with at least one basic banking account, financial literacy, access to credit, insurance and pension facility. Additionally, beneficiaries will get a RuPay debit card with a built-in accident insurance cover of Rs 1 lakh. The scheme also envisages delivery of all government benefits (from Centre/State/Local body) to the accounts of beneficiaries and take forward the Direct Benefit Transfer (DBT) scheme of the Central Government.Technical issues like poor connectivity, on-line transactions will be resolved. The scheme also plans to use mobile transactions as cash out points through telecom operators and their established centers for financial inclusion. Besides, efforts are also being made to reach out to the youth of the country to participate in this mission mode programme.

Zero-Balance Accounts : One of the exceptional features of PMJDY is the provision of zero-balance accounts, which eliminates the need for individuals to maintain minimum balance. This has made banking more accessible to low-income households and marginalized communities, thereby promoting greater financial inclusion.

RuPay Debit Card : Every PMJDY account holder gets a RuPay Debit Card, which enables them to conduct cashless transactions, withdraw money from ATMs and make online payments. The wide distribution of debit cards has facilitated greater convenience and security in financial transactions for the beneficiaries.

Insurance Coverage : PMJDY offers accidental insurance coverage to account holders, providing financial protection in case of unexpected accidents or emergencies. This insurance coverage ensures that vulnerable individuals and families have access to financial support in times of crisis, thereby reducing financial risks and vulnerabilities.

Direct Benefit Transfer (DBT) : This scheme facilitates direct transfer of government subsidies, pensions, scholarships and other welfare benefits to the bank accounts of beneficiaries. By leveraging the DBT mechanism, PMJDY ensures efficient and transparent delivery of social welfare schemes, minimizes leakages and reduces corruption.

Overdraft Facility : PMJDY now includes an overdraft facility for eligible account holders, allowing them to access credit to meet short-term financial needs. This feature provides a safety net for individuals facing unexpected expenses or emergencies, enabling them to manage their finances more effectively.

Financial Literacy and Awareness : PMJDY conducts comprehensive financial literacy and awareness campaigns to educate account holders about the benefits of banking services, importance of savings, responsible borrowing and other financial concepts. By promoting financial literacy, the scheme empowers individuals to make informed financial decisions and build a secure financial future.

Promotion of digital payments : PMJDY has played an important role in promoting digital payments and cashless transactions across the country. By providing RuPay debit cards and encouraging account holders to adopt digital banking channels, the scheme has contributed to the government's efforts to create a less-cash economy and enhance financial digitization.

Documents required for PMJDY – Pradhan Mantri Jan Dhan Yojana

To open an account under the Pradhan Mantri Jan Dhan Yojana (PMJDY), individuals are generally required to provide certain documents as part of the account opening process.

Aadhar Card

Pan Card

Driving License

Voter Id

Eligibility for PMJDY – Pradhan Mantri Jan Dhan Yojana

The eligibility criteria for opening an account under the Pradhan Mantri Jan Dhan Yojana (PMJDY) are designed to ensure that the benefits of the scheme reach those who need financial inclusion most.

All citizens of India are eligible to open an account in this scheme

Applicant's age must be at least 10 years old

FAQ's

What are the advantages of e-filing?

E-filing is a fast, convenient, secure, and sometimes free way to file taxes. E-filing is processed quickly, even if you wait until the last submission date.

If you file electronically and direct deposit your refund, the funds will be transferred to your bank account within a few days of receiving and processing your return. If you have a balance, you can pay by direct debit. And with e-filing, you don't have to worry about making mistakes, as errors are corrected immediately.

How does Online Income Tax Return Filing work in India?

Taxes imposed on the income of individuals, corporations, and other legal entities are formally called income taxes. There is no uniform tax rate for all income ranges, and it varies by industry and region, and in some cases, lower incomes are eligible to pay income tax.

There are two types of taxes: direct and indirect. A direct tax is a tax that is collected directly from the taxpayer, whereas an indirect tax is a third-party tax such as a value-added tax.

An Indian Income Tax Return (ITR) is a form for filing income and tax details with the Income Tax Authority. The tax eligibility of the taxpayer is calculated based on income. Sometimes, taxpayers are bound to get refunds from the Income Tax Department if their income tax returns show excess tax paid during the previous year.

All registered taxpayers with taxable income must file their Income Tax Returns online. However, people over 80 who do not have income from regular business or profession can also file paper returns.

 What is a GST return, and how many GST returns are filed?

GST Return is a document giving details of income that a registered GST dealer must submit to the Government of India's tax authorities. This return confirms the payment of the registered GST dealer and calculates the tax liability.

GST returns are filed monthly or quarterly, or annually by GST-registered dealers depending on the nature of the business and whether there is an option to file returns monthly or quarterly. 25 GST returns should be filed in a year.

Taxpayers who have opted for Quarterly Return and Monthly Payment Plan (QRMP) must file eight quarterly returns and one annual return. Hence, 9 GST returns are to be filed in a year.

What is the role of a Digital Signature Certificate?

A certificate serves as proof of a person's identity for a specific purpose. For example, a driving license identifies someone legally driving in a particular country. Similarly, a digital certificate may be presented electronically to identify a person, access information and services online, or digitally sign certain documents.

A licensed Certificate Authority (CA) may issue a digitally signed certificate. Certificate Authority (CA) means a person licensed under section 24 of the Information Technology Act, 2000 of India to issue Digitally Signed Certificates.

How do I register for MSME Udyam Online in India?

MSME stands for Micro, Small, and Medium Enterprises. There was no clear definition of MSME till the Atma Nirvana package was announced by the Finance Minister in May 2020. These companies were classified based on manufacturing and service industries. But after the Atmanirbhar package, this distinction between manufacturing and service industries has disappeared. The classification of these companies is currently based on investment and sales. Earlier, this process was known as Aadhar Udyog Registration.

MSMEs can register through MSME Govt Portal only. Users can register for a new MSME through this portal or re-register an already registered Udyami Aadhaar Memorandum Part II (EM-II) or Udyog Aadhaar Memorandum. The Ministry of Small and Medium Enterprises manages and operates this portal, so it is safe and reliable.

What are the benefits of having a FOSCOS/FSSAI License/Registration?

Consumers are becoming more aware of food quality, standards, and hygiene in this information age. It is more convenient for online grocery stores to be personally FSSAI certified before buying anything from outside, as it provides better assurance of food quality without contamination or foreign ingredients.

Legal Benefits: Most people still believe that getting a food license is a slow and challenging process with lots of paperwork and paperwork. There is also a need for clarification that getting a food license costs much money.

Use of FSSAI Logo: FSSAI licenses only those businesses that meet minimum hygiene standards. If you have a food sales license, you can display it on menu cards, pamphlets, packaging bags, etc. The FSSAI logo on the food will show the products in the competition.

Business expansion: All newly established companies want to expand their operations to all other places and explore new markets and consumer bases.

Customers should feel comfortable buying new products as they set up their business in recent locations. A valid food license also makes expanding your business to new places or opening new stores easier.

Quality upgrade: An FSSAI License/Registration facilitates the provision of high-quality food products and improves the overall performance of your food business.

What is a Store or Establishment License?

A shop and establishment license is a legal document issued by a state government that allows a business owner to operate legally. This license indicates that the owner has complied with the labor laws, welfare rules, and safety rules related to the store or establishment. Employers can also avail of benefits provided by the government, such as employee wages, insurance, and sick leave.

Who should apply for a Stores and Facilities License?

A store and convenience license is a mandatory registration that all businesses operating at a physical location must obtain. The specific requirements for obtaining a license may vary depending on the state in which your business is located. Generally, companies such as stores, restaurants, hotels, cafes, theaters, and other commercial establishments operating in physical locations must apply for a store and establishment license. Businesses that work from home offices or coworking spaces may also require this license. Standard documents required to obtain a store and facility license include proof of address, identity, and PAN card. Getting a license usually involves completing an application and submitting the required documents to your local municipal or state labor office.

Why is it essential to obtain a trademark registration?

Public Notice of Trademark: A registered trademark is a visible expression of ownership of a brand. Trademark registration also establishes a brand's reputation and lets consumers know that the products or services associated with the trademark meet the brand's quality and control standards. It is an acronym that helps consumers make purchasing decisions by quickly identifying and differentiating their products and services from those of their competitors.

National Validity and Ownership Estimates: Trademark registration applies nationwide and provides a presumption of trademark validity and trademark ownership. Under federal trademark law, all registered trademarks are deemed to meet all critical USPTO registration requirements and have actual requests with the trademark registration owner.

Resistance Against Trademark Infringement: Trademark registration allows us to stop competitors from infringing our trademarks and tells the police how our brands are being used. You can ask the infringer to stop using your marks or use the social media provider or online marketplace to remove the infringing content.

What is company registration?

Before filing for company registration, let us understand the concept of a company. What is a company? A company is a business entity having at least two directors and employees/shareholders. It is a legal business entity established under the Companies Registration Online Rules established under the Companies Act 2013.

So how do you register a company in India? Although the process is simple, it requires the assistance of a company registration service provider. Web Online CA provides end-to-end support, guiding you through every step required to register your company in India.

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