PMVVY is a senior citizens ' pension scheme introduced by India's LIC. In two iterations of the Union Budget 2017-18 and 2018-19, the scheme was announced. This gives a guaranteed rate of return of 8-8.3% depending on the pension style that the person prefers.
In a notification dated 23 December 2019, the Ministry of Finance asked senior citizens who have invested in Pradhan Mantri Vaya Vandana Yojana (PMVVY) to submit their Aadhaar number evidence or to be authenticated by Aadhaar.
Sanjoy Datta, Partner, Deloitte India says, "With a notification dated 23 December 2019, the government made the Aadhaar compulsory in the PMVVY scheme by those who had already subscribed to the scheme at the time of investing or submitting the Aadhaar amount.
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Previously, the submission of the Aadhaar number was not necessary. The government's move is a continuation of an ongoing process of making financial processes transparent and reducing the incidence of fraud, impersonation, etc.
According to the notification, in the event that the person has no Aadhaar number, he / she is required to register for Aadhaar to take advantage of the benefits.
Once the Aadhaar number has been registered, senior citizens will be required to submit – (a) Aadhaar Identification Slip and (b) any of the following documents.
a) Bank passbook or post office passbook with photo, b) Voter Identity Card, c) Ration Card, d) PAN card, e) Driving license, f) Passport, g) MGNREGA Card h) Kisan Photo Passbook i) Certificate of identity having photo of such person issued by a gazetted person on an official letterhead.
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