In Today’s News:
- Ways and Means Advances scheme.
- SVAMITVA scheme.
1. Ways and Means Advances scheme
As the effect of the COVID-19 pandemic is still prevalent, the existing interim WMA limit of ₹51,560 crores for all States/ UTs shall continue for six months i.e., up to September 30, 2021, said the RBI circular.
Prelims GS – Economic Development
- The Ways and Means Advances Schemes were introduced in 1997.
- A temporary loan facility is given by the RBI to central and state governments. This is called Ways and Means Advances scheme.
- Under Section 17(5) of the RBI Act, 1934, the RBI provides Ways and Means Advances (WMA) to the States banking with it to help them to tide over temporary mismatches in the cash flow of their receipts and payments.
- Such advances, are under the Act, ‘..repayable in each case not later than three months from the date of making that advance’.
- There are two types of WMA – normal and special.
- While normal WMA are clean advances, special WMA are secured advances provided against the pledge of Government of India dated securities.
Click here to view the RBI website to know more about WMA.
2. SVAMITVA scheme
Hon’ble Prime Minister of India Shri Narendra Modi will launch the distribution of e-property cards under the SWAMITVA scheme on 24th April 2021 (National Panchayati Raj Day) at 12 noon through video conferencing.
Prelims GS – Governance
- SVAMITVA (Survey of Villages and Mapping with Improvised Technology in Village Areas) was launched by the Hon’ble Prime Minister on 24th April 2020.
- It is a Central Sector Scheme to promote a socio-economically empowered and self-reliant rural India.
- The Scheme has the potential to transform rural India using modern technical tools of mapping and surveying.
- It paves the way for using the property as a financial asset by villagers for availing loans and other financial benefits.
- The Scheme will cover around 6.62 Lakh villages of the entire country during 2021-2025.
- The pilot phase of the Scheme was implemented during 2020–2021 in the States of Maharashtra, Karnataka, Haryana, Uttar Pradesh, Uttarakhand, Madhya Pradesh, and select villages of Punjab and Rajasthan.
Click here to view the official PIB press release.
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