Apr 082016

Anubhav and Sankalp Schemes

Anubhav Scheme

With the intense outage in the mid 90s, over the scams of certain companies that promised to provide double or triple interest rates than the government banks are able to provide, there was a huge pressure on the government to take up certain actions against these schemes and companies. The Anubhav Schemes was one of the major fraudulent schemes that cheated common people of India and also the bug investors by tempting them with huge returns. The scheme was directly linked with plantation schemes and the interest rate was so much that no other financial institute could offer such interest.

Anubhav and Sankalp Schemes

Why was the Anubhav Scheme so popular?

  • It cannot be denied that a large number of investors look for the safe investment schemes to put their money in, and Anubhav scheme was rally simple. The company had 2600 acres of land which, investors were guaranteed to get partially. And the company also planted he saplings which were insured. Now, the investors only had to put money and then a part of the land shall be owned by them.
  • The deal looked apparently simple. Even common people with their hard earned money, invested certain amounts in the hope of doubling that money. The company also offered post dated cheques. But within a very short period of time, there were rumors the company shall be shutting down its operations and when the investors went to collect their money, the office was deserted. This led to a complete rampage among the huge number of individuals who had invested.

The operating tools of Anubhav Scheme

  • This was a simple modus operandi. Advertisements from newspaper and television created a stir among the common people that this scheme was offering something which no other financial institutions could offer. All you need to do was, buy a tree for Rs 500, and the amount shall increase to Rs 50000 or 1 lakh within a decade. It was such an innovative campaign during the mid 90s that few investors even started investing in three plantation schemes.
  • Along with the investment, the investors were re-assured with post dated cheques of their overall amount (principal + interest). The contracts were given on stamp papers and every contract made investors, the owner of a tiny plot. When the investors went to cash the cheque, it bounced one after another and the company’s agents were completely untraceable.

The government actions

  • This led to the government to take up serious investigations regarding the schemes offered by such companies. And such schemes were then called as the Collective Investment Schemes under the Sebi Act of 1992. But even then, the cheques bounced. An investing committee was set up that to deal with the situation and the raging inconvenience of the common people.
  • On the visit of Dave committee to the plantation sites, it was discovered that a huge amount of money was collected without any experience in the field of agro-industry. A high risk was involved within this schemes and this is why it was made mandatory by Sebi for all the existing plantation schemes in getting a credit rating.

A shock form credit rating organizations

  • On applying for credit rating by the plantation companies, the investors were completely shocked. All the companies were stamped with high risk rating from credit agencies. Anubhav Schemes got the lowest grade and it made the fear of investors to a nightmare. There were high chances that they won’t see the money again. Though the companies stated that the schemes were completely genuine and every investor shall be paid, it failed to deliver according to promises.
  • There was an affidavit filed against the total 513 companies that failed to return the money of the investors. The bank accounts of these companies were frozen. But even after the liquidation of properties of these companies, the investors still not have got their money back. New plantation schemes have been inhibited by Sebi.

This is a complete cold comfort for those people who have not received their invested money back. The sole lesson to be learnt from this Anubhav scheme is not to fall prey for such schemes or promises that sounds too good to be true.

Sankalp Scheme

It cannot be denied that the government employees who retire every day, have skills and experience that can be used for the benefit of certain activities. A huge number of employees retire every year and to make employees feel good about themselves, the government has come up with a beneficial platform for the pensioners in accessing opportunities that can be useful for the society. This will also engage the retirees and will not make them feel that they also have a value in the society. There will be the selection of volunteers for appropriate skill and expertise in certain aspects. With this motto, the Sankalp initiative has been taken up. In this article we are going to discuss about what the Sankalp scheme is going to offer to the retirees.

The objective and operations of Sankalp Scheme

  • Post retirement a lot of individuals struggle to lead a meaningful life to their habit of being at work and doing some activity throughout their life. To bring it back to their lives, the Sankalp Scheme shall help these employees to lead a fuller and meaningful life. The project is initially run on a Pilot basis, on first come first serve format.
  • To handle the retirement issue with social mindset, this initiative has been taken up. A pre -retirement counseling shall be conducted for the retirees it was stated that the society needs to feel good about it. It was also stated that the issue was really large to be handled by government alone and thus, social organizations could offer a helping hand in such scenario.
  • The departments of Pensions are also conducting workshops for the potential retiring employees. The objective of such workshops is to look for potential retirees who are interested in offering their experience to certain aspects. The workshops target employees who have two or two and half years left before retirement.

The topics that will be covered in the Sankalp initiative are:

Financial planning for amounts receivable during retirement

To maintain the timely payment and formalities after retirement

Offering certain opportunities post retirement

What does the Sankalp Scheme want for the retirees?

  • One of the most important problems faced by a large section of individuals after retirement is depression due to no work and a lack of daily routine. And the Sankalp scheme is solely looking to eradicate this problem for the aged people. There are more than 40000 retiring employees every year and this number can be more considering the railways, telecom and defense.
  • Such people have a lot of experience, and stability. With the improved living conditions, and best medical facilities, these individuals can put another 5-7 years of fully active service. Also the financial requirements are taken care with the monthly pension payments and those payments are also inflation indexed.
  • To utilize the potential of such employees, the government has initiated the pre-retirement counseling for the employees. Our country comprises of different voluntary organizations that can use the skill, maturity and experience of the retiring individuals for creating a better society and a better India. This scheme is going to be the initiative of a better India.
  • And another chance is that the government is also looking to bring the likeminded pensioners since the ministries are looking for concurrent audit for the developmental schemes to implement all over the country.

A tabular overview of Anubhav Scheme

SL NO Important factors about Anubhav Scheme Brief details
1. A promise to double the money invested for a certain period of time The investors, who are putting money on the Anubhav Plantation scheme, shall be provided with double and triple interest rates than the banks or any other financial institutions are able to offer. And even for a certain period of time, their money can be doubled.
2. Post dated cheques This was a trick to keep investors assured that their money was safe. The check comprised of the amount (principal + interest). But all the cheques bounced and nothing was refunded to clients.
3. Shocking credit rating The Anubhav Scheme received shocking credit ratings and it stated that the scheme comprised of high risk for any investment.


A tabular overview of Sankalp Scheme

SL NO Features of Sankalp Scheme Brief details
1. Providing retiring employees a fuller life With the huge number of employees retiring every year, this initiative has been taken up to offer the opportunities for such employees to stay active and utilize their experience and skill.
2. To handle the retirement issue with social mindset A preretirement counseling shall be provided for the potential retiring employees so that they become prepared to handle the active social life after their retirement.
3. Utilize the potential of the retiring employees The retiring employees have skills, experience and maturity that can be utilized by voluntary organizations in developing a better society.

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