There is a huge shortage of Kisan Vikas Patra (KVP) certificates in West Bengal, the demand of which has hit an all-time high, after its relaunch last November, the Chief Postmaster General of West Bengal circle said here today.
The demand for KVP certificates has gone up since its relaunch last year and the current deficit of certificates of different denominations is around 30 lakh in the state, said Arundhaty Ghosh, Chief Postmaster General, West Bengal circle.
"The demand for KVP has gone up drastically since it was relaunched. We are unable to meet the demand because the we are not getting adequate supply of certificates," she said.
These certificates are printed in Indian Security Press at Nasik, which is unable to print them as per demand.
"This is case of demand vs supply. And the Indian Security Press at Nasik is unable to print them as per the demand. There is a question of security since these certificates have cash equivalent value. So the press is taking a long time," she said.
Following a lot of pressure, the WB circle managed to receive around seven lakh of KVP certificates from Nasik, Ghosh said adding that a monthly demand of six lakh KVP certificates are there in the state.
But since April, only around 4.62 lakh of KVP certificates have been sold in West Bengal, she said.
On reasons behind the rising demand of the KVP, she said, "Middle-class people want safe and secured investments. And after so many ponzi schemes in the state, people are again concentrating in investing with the government."
Because of the unavailability of the KVP certificates, people are going in for other schemes like National Savings Certificate scheme.
In the April-July period, around 18.74 lakh NSC certificates have been sold in the state, she said.
The re-launched KVP is available to the investors in the denomination of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 with no upper ceiling on investment.
One can encash his KVP certificates after a lock-in period of 2.6 years and thereafter in any block of six months on pre-determined maturity value.
The investment made in the certificate will double in 100 months.
Apart from West Bengal, demand for KVPs are high in Maharashtra, Andhra Pradesh, Ghosh said.
