Lakshmi Yojana Update: A significant update has surfaced regarding the Delhi government’s proposed Delhi Lakshmi Yojana. Reports indicate that from the monthly financial aid of Rs 2,500, women will receive only Rs 1,000 directly. The remaining Rs 1,500 will be credited to the beneficiary woman’s recurring deposit (RD) account, which will have a lock-in period of 3 years.
According to reports, citing a government official, the proposal is still awaiting approval from the Delhi Cabinet. Let’s delve into the rules for fund disbursement under this scheme, its objectives, and the women who qualify for it.
Disbursement rules and RD lock-in
Under the proposed guidelines, the total monthly financial assistance of Rs 2,500 under the scheme is split into two segments:
In-hand amount: Rs 1,000 will be provided directly to the female beneficiary each month.
RD Deposit: The remaining Rs 1,500 will be deposited monthly into a Recurring Deposit (RD) account.
3-year lock-in period: The Rs 1,500 deposited into the RD will be locked in for 3 years. After this period, all deposits along with the interest accrued will be transferred directly to the beneficiary’s bank account. Reports suggest that this savings component has been introduced to motivate women to save and ensure long-term financial security.
Scheme name changed, awaiting cabinet approval
The Delhi government initially named this initiative the Mahila Samridhi Yojana, which has now been renamed to the Delhi Lakshmi Yojana. The government has finalized the eligibility criteria, and the proposal will soon be submitted to the Delhi Cabinet. Once the cabinet approves it, the proposal will be forwarded to the Lieutenant Governor. Following the Governor’s approval, it will be officially announced. The government aims to launch this scheme around Raksha Bandhan, and an online portal has also been created for this purpose.
What are the eligibility criteria?
According to the proposed criteria, only women who meet the following conditions will be eligible to benefit from this scheme-
Delhi Resident: Applicants must submit a self-declaration stating that they have been a resident of Delhi for at least 10 years.
No criminal record: Applicants must have no criminal record. Women with family members with criminal records will also be disqualified from this scheme.
Age Limit: Only women in the family between the age of 21 to 60 years will be eligible for this.
Only one woman per family: Only one woman per family will be eligible. If more than one woman in the same family is found eligible, the eldest woman in the family will receive the monthly assistance.
Income Limit: The total annual income of the family should be less than Rs 2.5 lakh.
Not receiving any pension: The applicant woman should not be receiving any other pension already.
Which women will be excluded from the scheme?
The following categories are excluded from the scope of the scheme under the rules:
government employee
Income Tax Payers
pensioners
Women or their families who own a four-wheeler
Those whose family members have a criminal record
List of documents required for the scheme
Applicants need to submit the following documents to prove their eligibility:
Aadhar card
Voter ID card
Documents of family members
Self-declaration of being a resident for 10 years and having no criminal record
Budget allocation for the scheme
The Delhi Government has set a budget of about Rs 5110 crore for the implementation and operation of this ambitious Delhi Lakshmi Yojana.