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PPF Investment Ceiling Likely to be Hiked to Boost Small Savings

PPF Investment Ceiling Likely to be Hiked to Boost Small Savings

With the BJP led government taking reins of India at the centre, the Finance Ministry is trying to boost the economy by encouraging savings. The savings pattern in India has come down to 30.1% of GDP in 2012-13 from the peaks of 38.1% of GDP in 2008. To this extent, the proposals are under active consideration to launch a number of savings instruments which will be attractive to various classes in the society, with special focus laid on girl child and the younger lot. The Finance Minister also proposes to continue the Kisan Vikas Patrika Scheme (KVP), a popular savings instrument enabling the famer class to bring their hard earned money into main stream of investment discipline. The erstwhile government had re-launched the Kisan Vikas Patrika scheme during budget, in a trial to encourage savings, which may continue in the current year also.

One of the proposals is to enhance the investment cap to claim tax exemption towards savings in Public Provident Fund (PPF). The previous budget during the UPA-2 regime had hiked the cap from Rs 1 lakh to Rs 1.50 Lakhs and Arun Jaitley, the current Finance Minister is all set to enhance this limit once again. Though the proposed new limit for savings in Public provident Fund is not known, there is definitely some good news in the air for small time investors. If reports are to be believed, the proposals if not taken up during the budget, may be taken up during the financial year to boost growth in economy. The Pension Fund Regulatory and Development Authority (PFRDA) have requested to grant the exempt status for savings in Pension scheme. Currently, it is EET phase, wherein the tax is levied only at the time of withdrawal and tax free during investment and accumulation periods.

PPF Investment Ceiling Likely to be Hiked to Boost Small Savings

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