Govt. makes Aadhaar mandatory for PMVKY subscribers

Centre government has made Aadhaar (the unique 12-digit biometric identity number) mandatory for subscribers of Pradhan Mantri Vaya Vandana Yojana (PMVVY) which is a pension scheme for senior citizens. Finance Ministry notified that an individual eligible for receiving benefit under PMVVY scheme shall now be required to furnish proof of possession of Aadhaar number or else undergo Aadhaar authentication.

Key Highlights

Union Ministry of Finance, has issued the notification under Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. It further reads that any individual desirous of availing benefit under PMVVY scheme who does not possess Aadhaar number or has not yet been enrolled for Aadhaar, shall be required to apply for Aadhaar enrolment before registering for scheme.

In cases where scheme beneficiaries Aadhaar authentication fails due to poor biometrics- the Department of Financial Services (under Finance Ministry) through its implementing agency will make provisions to help beneficiaries get Aadhaar number.

In cases where biometric or Aadhaar OTP (one-time password) authentication is not possible, benefit under PMVVY scheme may be given on basis of physical Aadhaar letter whose authenticity may be verified through unique quick response (QR) code printed on Aadhaar letter.

About Pradhan Mantri Vaya Vandana Yojana (PMVVY)

It is a pension scheme for senior citizens aged 60 or above. The scheme envisages an assured rate of return of 8% annually for 10 years. It is s being implemented through Life Insurance Corporation of India (LIC). PMVVY was announced in Union Budgets of 2017-18 and 2018-19, and in Budget 2018-19, the maximum limit under PMVVY was doubled to Rs.15 lakh per senior citizen. PMVVY is available for subscription till March 2020.

Month: Current Affairs - December, 2019