Loose Change used to Create Corpus for Divyang People

Written by:

We all know that banks round off all debit and credit entries in our accounts to the nearest rupee. We too never worry about such small amount. Well that loose change has been used to create a corpus of Rs. 260 crore.

Narendra Modi led government has decided to use the corpus created from loose change collected by banks for the welfare of the "Divyang" people. The trust formed for the welfare of the "Divyang" people will be headed by the Comptroller and Auditor General. The trust is to utilise the earnings from this corpus for the benefit of "Divyang" people.


The trust was able to raise the corpus amount with the help of Finance Ministry and Reserve Bank of India. The funds have been deposited as fixed deposits in nationalised banks and the interest earned out of the corpus is to be spent on the welfare of the "Divyang".

Health Insurance Scheme for "Divyang":

A decision was taken to re-launch a health insurance family floater scheme and make it available for people with disabilities. From a new born to 65 year old all will get a coverage of Rs. 2 lakh per year. The health scheme called Swavlambam health insurance scheme was first launched on Gandhi Jayanti last year to cover "Divyang" people in the age group 18 to 65. Now the scheme will cover all "Divyang" people from age group zero to 65 years.

Under this scheme health insurance of Rs. 2 lakh each year is provided to "Divyang" person, spouse and two children. The contribution from "Divyang" person has to be only 10%, remaining contribution will come from the trust.

Scholarships and other maintenance allowances:

The trust provides under mentioned allowances to the "Divyang" people.

• Maintenance allowance of Rs. 2,500 to 3,000 per month
• Stationery and books allowance of Rs. 6,000 to Rs, 10,000 per year
• Rs. 40,000 to 70,000 for laptop or desktop or brailler or hearing aids

All students who attain not less than 50% marks in higher secondary or graduation are eligible for the scholarships. For the girls the minimum eligibility is 45% marks in higher secondary or graduation level examinations.

Management of funds:

The funds will be managed by the CAG as the chairman and its two other members will be Law Secretary and Finance Secretary. The corpus will be funded by the excess amount collected from banks by rounding off interest tax collected from numerous borrowers under the Interest Tax Act.

About the trust:

The trust was formed on the directions of the Supreme Court and was notified on November 21, 2006. It formed the corpus of Rs. 260 crore this year for the first time at the behest of PM Modi.

Please Wait while comments are loading...