Tuesday, January 28th, 2020

FM Orders Relaxation of Rules to Give Benefit of Rs. 1.22 Crore to 5563 Tsunami Affected Fishermen of Puducherry

INVC,, Delhi,, Acknowledging the hardships of Tsunami affected fishermen of Puducherry, Hon’ble Finance Minister Shri Pranab Mukherjee has ordered relaxation of relevant rules to ensure that these fishermen can avail enhanced benefit on their security deposits. This relaxation will give an estimated benefit of Rs. 1.22 crore to 5563 Tsunami affected fishermen of Puducherry. Earlier, fishermen in Puducherry had availed loans for purchase of fishing boats and country crafts and, as per the design of this scheme, security deposit was obtained from these fishermen in the form of cash. Part of the security deposit was invested in National Savings Certificates (NSC), Kisan Vikas Patras (KVP) and Post Office Time Deposits (POTD). Since these fishermen were adversely affected by Tsunami, they were provided debt relief from Prime Minister’s National Relief Fund and their loans were written off. After the write-off, their security deposits invested in form of NSC, KVP and POTD were returned to them but they received only the maturity amount on these instruments which had matured much earlier. Acknowledging the hardships of these fishermen due to Tsunami, Union Finance Minister has ordered relaxation of relevant rules to allow automatic renewal of these instruments to ensure that these fishermen can get enhanced benefit on security deposits.

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