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Bengal farmers get PM-Kisan cash

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    15th May, 2021

The eighth installment of payouts under PM-Kisan was released and among the over 9.5 crore beneficiaries across the country more than 7 lakh farmers were from West Bengal, which was the first time that Bengal farmers received this benefit.

Context

The eighth installment of payouts under PM-Kisan was released and among the over 9.5 crore beneficiaries across the country more than 7 lakh farmers were from West Bengal, which was the first time that Bengal farmers received this benefit.

About PM-Kisan scheme

  • The Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) is a 100 per cent centrally funded scheme.
  • Money transfer: Under the scheme, Rs 6,000 are transferred in three equal installments to eligible farmer families in a year.
  • Start: The scheme was announced in the General Budget (Interim) for 2019-20.
  • However, it was implemented from December 1, 2018.
  • DBT Transfer: The money is transferred to bank accounts of beneficiaries by the Direct Benefit Transfer (DBT).
  • Role of State: State governments send “correct and verified data of farmers” that is authenticated and uploaded to the scheme portal in batches by the State Nodal Officers (SNOs).
  • Fund Transfer Order: It is issued by the Public Finance Management System (PFMS). On the basis of this the Department of Agriculture, Cooperation & Farmers’ Welfare in the central Ministry of Agriculture & Farmers’ Welfare issues the transaction order for the mentioned amount.
    • The money goes to the State Nodal Account which is maintained at a sponsor bank.
    • The SNO gives a letter of authority to the bank manager to auto debit the PM-Kisan amount and credit it to the accounts of eligible farmers.

Public Finance Management System (PFMS)

  • It is a web-based online software application.
  • It was developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance.
  • PFMS started during 2009.
  • Objective: To tracking funds that are released under all Plan schemes of Government of India
    • Real time reporting of expenditure at all levels of Programme implementation
  • Functions of PFMS:
    • Payment & Exchequer Control
    • Accounting of Receipts (Tax & Non-Tax)
    • Compilation of Accounts and Preparation of Fiscal Reports
    • Integration with Financial Management Systems of States

Verifying, please be patient.

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