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Delhi Lakshmi Yojana Details: The Delhi Cabinet has approved a major financial assistance scheme for women called the 'Delhi Lakshmi Yojana.' Under this scheme, eligible women will receive financial aid of ₹2,500 per month. However, compared to Direct Benefit Transfer (DBT) schemes in other states, this scheme comes with some unique and strict conditions.

Delhi Chief Minister Rekha Gupta has announced that registration for the scheme will begin on August 1, and the first installment will be transferred to women's accounts on August 28, coinciding with Raksha Bandhan. Let us look at the terms and conditions of the scheme and how women will receive the funds.

The 3-Child Rule: Who will not benefit?

The primary condition distinguishing the Delhi Lakshmi Yojana from schemes in other states relates to family size:

3-Child Condition: Women with more than three living children will not be eligible for this scheme.

Who will benefit: Women residing in Delhi, aged between 21 and 60, whose annual family income is less than ₹2.5 lakh.

Number of beneficiaries: The government estimates that approximately 17 lakh women in Delhi will directly benefit from this scheme.

How will the money be received?

Two major options: CBDC Wallet and FD/RD

The ₹2,500 amount will not be deposited directly into a standard bank account; instead, two options are provided:

Option 1 (Digital Wallet + Savings): ₹1,000 will be credited monthly to a Central Bank Digital Currency (CBDC) wallet, while the remaining ₹1,500 will be deposited into a Recurring Deposit (RD) or Fixed Deposit (FD).

Option 2 (Full Savings): Beneficiaries may choose to deposit the entire ₹2,500 into an RD or FD each month to build a substantial fund for the long term.

Selection of Banks: The government is partnering with banks that offer the highest interest rates on RDs and FDs. Accounts will be opened in the beneficiaries' names, and passbooks will be issued to them. Strict Restrictions on CBDC Wallets: Ban on Alcohol, Tobacco, and Lottery

The government has laid down strict rules regarding the use of the digital wallet provided under the scheme.

These funds cannot be used for the following:

Alcohol and tobacco products
Intoxicants/Narcotics
Lottery tickets
Gambling, speculation, or betting services
The government's objective is to ensure that this financial assistance is used solely for essential household items, rations, and children's needs.

How to Apply and When Will the First Installment Be Received?

Registration Date: Online applications will commence on the 'Delhi Lakshmi Yojana' portal starting August 1.

Verification and Approval: District-level officials will handle the scrutiny and approval of applications, as well as the redressal of grievances.

First Installment: The government plans to release the first installment on Raksha Bandhan, i.e., August 28.

Scheme Duration: Initially, the scheme will be implemented for a period of three years, subject to future extension or modification.

The Delhi Lakshmi Yojana is not merely an effort to make women financially self-reliant; through provisions such as the CBDC digital wallet and the three-child eligibility criterion, it also encourages financial discipline and family planning.

Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.