Prime Minister’s farmers tribute fund or PM Kisan Saman Nidhi (PMKSN) is an initiative by the government which will give each farmer up to Rs. 6,000 or USD 84, per year as a minimum income support. This initiative was announced by Mr. Piyush Goyal. The scheme has cost ₹75,000 crore (US$11 billion) per annum and has come in effect from December 2019.
Under this scheme each land owning farmer to get Rs. 6,000 every year in three equal installments, i.e., 2,000 each. There are about 9.5 Cr. Farmers who will get Rs. 19,000 Cr. This year. This will be the highest amount paid under the scheme in a single day. The current payment is to be transferred to the farmers on Friday, for April-June months.
This scheme is to meet the partial demands of fertilizers before the sowing season if kharif crop, to fulfil the demands before 1st of June. States have to first upload the data of its farmers in the Public Finance Management System, a platform which auto verifies aadhar card and the bank account details of beneficiaries.
The last installment on December 2020 was of Rs. 18,000 Cr.