Yojana Magazine June 2022 - 3 | Monthly Yojana & Kurukshetra Magazine (English) - UPSC PDF Download

 Page 1


30 YOJANA   June 2022
Background: The Atal Pension Yojana (APY) was 
launched to create a universal social security system for 
all Indians, especially the poor, the under-privileged and 
the workers in the unorganised sector. It is an initiative 
of the Government to provide financial security and 
cover future exigencies for the people in the unorganised 
sector. APY is administered by Pension Fund Regulatory 
and Development Authority (PFRDA) under the overall 
administrative and institutional architecture of the National 
Pension System (NPS).
Eligibility: APY is open to all bank account holders 
in the age group of 18 to 40 years and the contributions 
differ, based on pension amount chosen.
Benefits: Subscribers would receive the guaranteed 
minimum monthly pension of Rs 1000 or Rs 2000 or  
Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years, 
based on the contributions made by the subscriber after 
joining the Scheme.
Disbursement of the Scheme Benefits: The monthly 
pension is available to the subscriber, and after him to 
his spouse and after their death, the pension corpus, as 
accumulated at age 60 of the subscriber, would be returned 
to the nominee of the subscriber.
In case of premature death of subscriber (death before 
60 years of age), spouse of the subscriber can continue 
contributing to APY account of the subscriber, for the 
remaining vesting period, till the original subscriber would 
have attained the age of 60 years.
Contribution by Central Government: The 
minimum pension would be guaranteed by the Government, 
i.e., if the accumulated corpus based on contributions 
Jan Suraksha
Atal Pension Yojana (APY)
governance milestones radhan Mantri Jeevan Jyoti Bima Yojana 
(PMJJBY), Pradhan Mantri Suraksha Bima 
Yojana (PMSBY), and Atal Pension Yojana 
(APY) were launched in 2015.
These three social security schemes are dedicated 
to the welfare of the citizens, recognising the need for 
securing human life from unforeseen risks/losses and 
financial uncertainties. To ensure that the people from 
the unorganised section of the country are financially 
secure, the Government launched two insurance schemes– 
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 
P
and Pradhan Mantri Suraksha Bima Yojana (PMSBY); 
and introduced Atal Pension Yojana (APY) to cover the 
exigencies in the old age.
While the PMJJBY and PMSBY provide access to 
low-cost life/accidental insurance cover to the people, the 
APY provides an opportunity for saving in the present for 
getting a regular pension in old age.
As we celebrate the 7
th
 anniversary of these three 
schemes, let us focus on how they have provided affordable 
insurance and security to people, their achievements, and 
salient features.
30 YOJANA   June 2022
earns a lower than estimated return on investment and is 
inadequate to provide the minimum guaranteed pension, 
the Central Government would fund such inadequacy. 
Alternatively, if the returns on investment are higher, the 
subscribers would get enhanced pensionary benefits.
Payment frequency: Subscribers can make 
contributions to APY on monthly/quarterly/half-yearly 
basis.
Withdrawal from the Scheme: Subscribers can 
voluntarily exit from APY subject to certain conditions, 
on deduction of Government co-contribution and return/
interest thereon.
Achievements: As on 27 April 2022, more than  
4 crore individuals have subscribed to the Scheme.
Page 2


30 YOJANA   June 2022
Background: The Atal Pension Yojana (APY) was 
launched to create a universal social security system for 
all Indians, especially the poor, the under-privileged and 
the workers in the unorganised sector. It is an initiative 
of the Government to provide financial security and 
cover future exigencies for the people in the unorganised 
sector. APY is administered by Pension Fund Regulatory 
and Development Authority (PFRDA) under the overall 
administrative and institutional architecture of the National 
Pension System (NPS).
Eligibility: APY is open to all bank account holders 
in the age group of 18 to 40 years and the contributions 
differ, based on pension amount chosen.
Benefits: Subscribers would receive the guaranteed 
minimum monthly pension of Rs 1000 or Rs 2000 or  
Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years, 
based on the contributions made by the subscriber after 
joining the Scheme.
Disbursement of the Scheme Benefits: The monthly 
pension is available to the subscriber, and after him to 
his spouse and after their death, the pension corpus, as 
accumulated at age 60 of the subscriber, would be returned 
to the nominee of the subscriber.
In case of premature death of subscriber (death before 
60 years of age), spouse of the subscriber can continue 
contributing to APY account of the subscriber, for the 
remaining vesting period, till the original subscriber would 
have attained the age of 60 years.
Contribution by Central Government: The 
minimum pension would be guaranteed by the Government, 
i.e., if the accumulated corpus based on contributions 
Jan Suraksha
Atal Pension Yojana (APY)
governance milestones radhan Mantri Jeevan Jyoti Bima Yojana 
(PMJJBY), Pradhan Mantri Suraksha Bima 
Yojana (PMSBY), and Atal Pension Yojana 
(APY) were launched in 2015.
These three social security schemes are dedicated 
to the welfare of the citizens, recognising the need for 
securing human life from unforeseen risks/losses and 
financial uncertainties. To ensure that the people from 
the unorganised section of the country are financially 
secure, the Government launched two insurance schemes– 
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 
P
and Pradhan Mantri Suraksha Bima Yojana (PMSBY); 
and introduced Atal Pension Yojana (APY) to cover the 
exigencies in the old age.
While the PMJJBY and PMSBY provide access to 
low-cost life/accidental insurance cover to the people, the 
APY provides an opportunity for saving in the present for 
getting a regular pension in old age.
As we celebrate the 7
th
 anniversary of these three 
schemes, let us focus on how they have provided affordable 
insurance and security to people, their achievements, and 
salient features.
30 YOJANA   June 2022
earns a lower than estimated return on investment and is 
inadequate to provide the minimum guaranteed pension, 
the Central Government would fund such inadequacy. 
Alternatively, if the returns on investment are higher, the 
subscribers would get enhanced pensionary benefits.
Payment frequency: Subscribers can make 
contributions to APY on monthly/quarterly/half-yearly 
basis.
Withdrawal from the Scheme: Subscribers can 
voluntarily exit from APY subject to certain conditions, 
on deduction of Government co-contribution and return/
interest thereon.
Achievements: As on 27 April 2022, more than  
4 crore individuals have subscribed to the Scheme.
YOJANA   June 2022 31
Scheme: PMSBY is a one-year accidental 
insurance Scheme renewable from year to year, offering 
coverage for death or disability due to accident.
Eligibility: Individuals in the age group of 18-70 
years having a savings bank or a post office account 
are entitled to enrol under the Scheme.
Benefits: Accidental death and disability cover of 
Rs 2 lakh (Rs 1 lakh in case of partial disability) for 
death or disability due to an accident.
Enrolment: Enrolment under the Scheme can be 
done by visiting the branch/ BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the scheme is auto debited every year from the 
subscriber’s bank account based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional 
languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the 
cumulative enrolments under the Scheme have been 
more than 28.37 crore and an amount of Rs 1,930 crore 
has been paid for 97,227 claims.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Scheme: PMJJBY is a one-year life insurance 
Scheme renewable from year to year, offering coverage 
for death due to any reason.
Eligibility: Individuals in the age group of 18-50 
years having a savings bank or a post office account are 
entitled to enrol under the Scheme. People who join the 
Scheme before completing 50 years of age can continue 
to have the risk of life covered up to age of 55 years upon 
payment of premium.
Benefits: Life cover of Rs 2 Lakh in case of death 
due to any reason against a premium of Rs 330 per 
annum.
Enrolment: Enrolments under the Scheme can 
be done by visiting the branch/BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the Scheme is auto debited every year from the 
subscriber’s bank account, based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the cumulative enrolments under the Scheme have been more than 12.76 
crore and an amount of Rs 11,522 crore has been paid for 5,76,121 claims.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
YOJANA   June 2022 31
Source : PIB
Page 3


30 YOJANA   June 2022
Background: The Atal Pension Yojana (APY) was 
launched to create a universal social security system for 
all Indians, especially the poor, the under-privileged and 
the workers in the unorganised sector. It is an initiative 
of the Government to provide financial security and 
cover future exigencies for the people in the unorganised 
sector. APY is administered by Pension Fund Regulatory 
and Development Authority (PFRDA) under the overall 
administrative and institutional architecture of the National 
Pension System (NPS).
Eligibility: APY is open to all bank account holders 
in the age group of 18 to 40 years and the contributions 
differ, based on pension amount chosen.
Benefits: Subscribers would receive the guaranteed 
minimum monthly pension of Rs 1000 or Rs 2000 or  
Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years, 
based on the contributions made by the subscriber after 
joining the Scheme.
Disbursement of the Scheme Benefits: The monthly 
pension is available to the subscriber, and after him to 
his spouse and after their death, the pension corpus, as 
accumulated at age 60 of the subscriber, would be returned 
to the nominee of the subscriber.
In case of premature death of subscriber (death before 
60 years of age), spouse of the subscriber can continue 
contributing to APY account of the subscriber, for the 
remaining vesting period, till the original subscriber would 
have attained the age of 60 years.
Contribution by Central Government: The 
minimum pension would be guaranteed by the Government, 
i.e., if the accumulated corpus based on contributions 
Jan Suraksha
Atal Pension Yojana (APY)
governance milestones radhan Mantri Jeevan Jyoti Bima Yojana 
(PMJJBY), Pradhan Mantri Suraksha Bima 
Yojana (PMSBY), and Atal Pension Yojana 
(APY) were launched in 2015.
These three social security schemes are dedicated 
to the welfare of the citizens, recognising the need for 
securing human life from unforeseen risks/losses and 
financial uncertainties. To ensure that the people from 
the unorganised section of the country are financially 
secure, the Government launched two insurance schemes– 
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 
P
and Pradhan Mantri Suraksha Bima Yojana (PMSBY); 
and introduced Atal Pension Yojana (APY) to cover the 
exigencies in the old age.
While the PMJJBY and PMSBY provide access to 
low-cost life/accidental insurance cover to the people, the 
APY provides an opportunity for saving in the present for 
getting a regular pension in old age.
As we celebrate the 7
th
 anniversary of these three 
schemes, let us focus on how they have provided affordable 
insurance and security to people, their achievements, and 
salient features.
30 YOJANA   June 2022
earns a lower than estimated return on investment and is 
inadequate to provide the minimum guaranteed pension, 
the Central Government would fund such inadequacy. 
Alternatively, if the returns on investment are higher, the 
subscribers would get enhanced pensionary benefits.
Payment frequency: Subscribers can make 
contributions to APY on monthly/quarterly/half-yearly 
basis.
Withdrawal from the Scheme: Subscribers can 
voluntarily exit from APY subject to certain conditions, 
on deduction of Government co-contribution and return/
interest thereon.
Achievements: As on 27 April 2022, more than  
4 crore individuals have subscribed to the Scheme.
YOJANA   June 2022 31
Scheme: PMSBY is a one-year accidental 
insurance Scheme renewable from year to year, offering 
coverage for death or disability due to accident.
Eligibility: Individuals in the age group of 18-70 
years having a savings bank or a post office account 
are entitled to enrol under the Scheme.
Benefits: Accidental death and disability cover of 
Rs 2 lakh (Rs 1 lakh in case of partial disability) for 
death or disability due to an accident.
Enrolment: Enrolment under the Scheme can be 
done by visiting the branch/ BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the scheme is auto debited every year from the 
subscriber’s bank account based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional 
languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the 
cumulative enrolments under the Scheme have been 
more than 28.37 crore and an amount of Rs 1,930 crore 
has been paid for 97,227 claims.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Scheme: PMJJBY is a one-year life insurance 
Scheme renewable from year to year, offering coverage 
for death due to any reason.
Eligibility: Individuals in the age group of 18-50 
years having a savings bank or a post office account are 
entitled to enrol under the Scheme. People who join the 
Scheme before completing 50 years of age can continue 
to have the risk of life covered up to age of 55 years upon 
payment of premium.
Benefits: Life cover of Rs 2 Lakh in case of death 
due to any reason against a premium of Rs 330 per 
annum.
Enrolment: Enrolments under the Scheme can 
be done by visiting the branch/BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the Scheme is auto debited every year from the 
subscriber’s bank account, based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the cumulative enrolments under the Scheme have been more than 12.76 
crore and an amount of Rs 11,522 crore has been paid for 5,76,121 claims.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
YOJANA   June 2022 31
Source : PIB
YOJANA   June 2022 35
reat artists focus their energies on one thing: 
creating their next masterpieces. Musicians 
and composers spend months in search of the 
perfect lyrics or melodies. Architects ensure 
the minutest of details in their building plans. But the artists 
have to find a way— a platform to showcase their piece of 
art and to monetise it in order to earn a living, and to ensure 
the protection of the source, the ownership, the copyright, 
and its future value. This is where the intermediaries like 
art galleries, music labels, concert promoters, etc., come 
in, where on one hand they market the skills of the artists 
and on the other, help them monetise their artwork for a 
healthy cut of profits— sometimes even ownership of the 
artist’s work.
Over a period of time, the intermediaries have become 
powerful, wealthy, and yet not very successful in protecting 
the provenance and copyright of the artworks that were the 
result of painstaking work of the artists.
With the invention of NFT, a 
technology that allows creators and 
artists to bypass the intermediary 
altogether, decentralisation has 
taken place and has allowed artists 
and creators to gain control— not 
just over the financial value of their 
artworks but also over the ownership 
and copyright of the same.
As the NFTs are dealt with in 
cryptocurrency jargons, scaring 
NFT Explained
Charmie Parekh
The author is CEO, Silvassa Smart City, UT Administration of Dadra and Nagar Haveli and Daman and Diu.
Email: charmie.k.parekh@gmail.com
G
off non-techies, they are not understood properly and 
still not talked about or considered mainstream, due to, 
first, the fear of the unknown— popular publications’ 
inability to accept an ever-evolving technology as an 
important one, lack of knowledge thereof, mainly due to 
the jargons associated with the technology, second, the fear 
of failure— as the NFTs are based on the decentralised 
cryptocurrencies where the control does not remain with 
any financial institution constituted by Government but is 
purely driven by market forces and volition of the ‘people’ 
(or computers connected in a Blockchain Network) and 
the last bubble burst of Bitcoin witnessed in the years  
2017-18, the scepticism prevails in accepting any 
technology or platform dealing entirely in cryptocurrencies.
What is an NFT?
At a first glance, NFT does sound complex and difficult 
to comprehend, but it is relatively simple. The NFT stands 
for Non Fungible Token, and to understand it better, let us 
quickly break down these words. 
First of all, Token: Here, Token 
can be anything— a piece of art, a 
musical melody, a video, a game, 
or even a physical object. There 
are many things which can be and 
have been converted into Tokens, 
e.g. Concert Tickets. These tokens 
are mostly PNG images, animated 
images (GIF), MP4 Audio tracks, 
or videos. So a question naturally 
digital assets Artists need a platform to showcase their piece of art and to monetise it in order to earn a living, 
and to ensure the protection of the source, the ownership, the copyright, and its future value. 
With the invention of Non-Fungible Token (NFT), a technology that allows creators and artists 
to bypass the intermediary altogether, decentralisation allows artists and creators to gain 
control— not just over the financial value of their artworks but also over the ownership and 
copyright of the same. It all started with a set of 10,000 randomly generated pixelated images 
that proved the demand for digital ownership of non-physical objects and collectibles in 2017, 
and the market has been evolving rapidly ever since. 
fOCuS
Page 4


30 YOJANA   June 2022
Background: The Atal Pension Yojana (APY) was 
launched to create a universal social security system for 
all Indians, especially the poor, the under-privileged and 
the workers in the unorganised sector. It is an initiative 
of the Government to provide financial security and 
cover future exigencies for the people in the unorganised 
sector. APY is administered by Pension Fund Regulatory 
and Development Authority (PFRDA) under the overall 
administrative and institutional architecture of the National 
Pension System (NPS).
Eligibility: APY is open to all bank account holders 
in the age group of 18 to 40 years and the contributions 
differ, based on pension amount chosen.
Benefits: Subscribers would receive the guaranteed 
minimum monthly pension of Rs 1000 or Rs 2000 or  
Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years, 
based on the contributions made by the subscriber after 
joining the Scheme.
Disbursement of the Scheme Benefits: The monthly 
pension is available to the subscriber, and after him to 
his spouse and after their death, the pension corpus, as 
accumulated at age 60 of the subscriber, would be returned 
to the nominee of the subscriber.
In case of premature death of subscriber (death before 
60 years of age), spouse of the subscriber can continue 
contributing to APY account of the subscriber, for the 
remaining vesting period, till the original subscriber would 
have attained the age of 60 years.
Contribution by Central Government: The 
minimum pension would be guaranteed by the Government, 
i.e., if the accumulated corpus based on contributions 
Jan Suraksha
Atal Pension Yojana (APY)
governance milestones radhan Mantri Jeevan Jyoti Bima Yojana 
(PMJJBY), Pradhan Mantri Suraksha Bima 
Yojana (PMSBY), and Atal Pension Yojana 
(APY) were launched in 2015.
These three social security schemes are dedicated 
to the welfare of the citizens, recognising the need for 
securing human life from unforeseen risks/losses and 
financial uncertainties. To ensure that the people from 
the unorganised section of the country are financially 
secure, the Government launched two insurance schemes– 
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 
P
and Pradhan Mantri Suraksha Bima Yojana (PMSBY); 
and introduced Atal Pension Yojana (APY) to cover the 
exigencies in the old age.
While the PMJJBY and PMSBY provide access to 
low-cost life/accidental insurance cover to the people, the 
APY provides an opportunity for saving in the present for 
getting a regular pension in old age.
As we celebrate the 7
th
 anniversary of these three 
schemes, let us focus on how they have provided affordable 
insurance and security to people, their achievements, and 
salient features.
30 YOJANA   June 2022
earns a lower than estimated return on investment and is 
inadequate to provide the minimum guaranteed pension, 
the Central Government would fund such inadequacy. 
Alternatively, if the returns on investment are higher, the 
subscribers would get enhanced pensionary benefits.
Payment frequency: Subscribers can make 
contributions to APY on monthly/quarterly/half-yearly 
basis.
Withdrawal from the Scheme: Subscribers can 
voluntarily exit from APY subject to certain conditions, 
on deduction of Government co-contribution and return/
interest thereon.
Achievements: As on 27 April 2022, more than  
4 crore individuals have subscribed to the Scheme.
YOJANA   June 2022 31
Scheme: PMSBY is a one-year accidental 
insurance Scheme renewable from year to year, offering 
coverage for death or disability due to accident.
Eligibility: Individuals in the age group of 18-70 
years having a savings bank or a post office account 
are entitled to enrol under the Scheme.
Benefits: Accidental death and disability cover of 
Rs 2 lakh (Rs 1 lakh in case of partial disability) for 
death or disability due to an accident.
Enrolment: Enrolment under the Scheme can be 
done by visiting the branch/ BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the scheme is auto debited every year from the 
subscriber’s bank account based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional 
languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the 
cumulative enrolments under the Scheme have been 
more than 28.37 crore and an amount of Rs 1,930 crore 
has been paid for 97,227 claims.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Scheme: PMJJBY is a one-year life insurance 
Scheme renewable from year to year, offering coverage 
for death due to any reason.
Eligibility: Individuals in the age group of 18-50 
years having a savings bank or a post office account are 
entitled to enrol under the Scheme. People who join the 
Scheme before completing 50 years of age can continue 
to have the risk of life covered up to age of 55 years upon 
payment of premium.
Benefits: Life cover of Rs 2 Lakh in case of death 
due to any reason against a premium of Rs 330 per 
annum.
Enrolment: Enrolments under the Scheme can 
be done by visiting the branch/BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the Scheme is auto debited every year from the 
subscriber’s bank account, based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the cumulative enrolments under the Scheme have been more than 12.76 
crore and an amount of Rs 11,522 crore has been paid for 5,76,121 claims.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
YOJANA   June 2022 31
Source : PIB
YOJANA   June 2022 35
reat artists focus their energies on one thing: 
creating their next masterpieces. Musicians 
and composers spend months in search of the 
perfect lyrics or melodies. Architects ensure 
the minutest of details in their building plans. But the artists 
have to find a way— a platform to showcase their piece of 
art and to monetise it in order to earn a living, and to ensure 
the protection of the source, the ownership, the copyright, 
and its future value. This is where the intermediaries like 
art galleries, music labels, concert promoters, etc., come 
in, where on one hand they market the skills of the artists 
and on the other, help them monetise their artwork for a 
healthy cut of profits— sometimes even ownership of the 
artist’s work.
Over a period of time, the intermediaries have become 
powerful, wealthy, and yet not very successful in protecting 
the provenance and copyright of the artworks that were the 
result of painstaking work of the artists.
With the invention of NFT, a 
technology that allows creators and 
artists to bypass the intermediary 
altogether, decentralisation has 
taken place and has allowed artists 
and creators to gain control— not 
just over the financial value of their 
artworks but also over the ownership 
and copyright of the same.
As the NFTs are dealt with in 
cryptocurrency jargons, scaring 
NFT Explained
Charmie Parekh
The author is CEO, Silvassa Smart City, UT Administration of Dadra and Nagar Haveli and Daman and Diu.
Email: charmie.k.parekh@gmail.com
G
off non-techies, they are not understood properly and 
still not talked about or considered mainstream, due to, 
first, the fear of the unknown— popular publications’ 
inability to accept an ever-evolving technology as an 
important one, lack of knowledge thereof, mainly due to 
the jargons associated with the technology, second, the fear 
of failure— as the NFTs are based on the decentralised 
cryptocurrencies where the control does not remain with 
any financial institution constituted by Government but is 
purely driven by market forces and volition of the ‘people’ 
(or computers connected in a Blockchain Network) and 
the last bubble burst of Bitcoin witnessed in the years  
2017-18, the scepticism prevails in accepting any 
technology or platform dealing entirely in cryptocurrencies.
What is an NFT?
At a first glance, NFT does sound complex and difficult 
to comprehend, but it is relatively simple. The NFT stands 
for Non Fungible Token, and to understand it better, let us 
quickly break down these words. 
First of all, Token: Here, Token 
can be anything— a piece of art, a 
musical melody, a video, a game, 
or even a physical object. There 
are many things which can be and 
have been converted into Tokens, 
e.g. Concert Tickets. These tokens 
are mostly PNG images, animated 
images (GIF), MP4 Audio tracks, 
or videos. So a question naturally 
digital assets Artists need a platform to showcase their piece of art and to monetise it in order to earn a living, 
and to ensure the protection of the source, the ownership, the copyright, and its future value. 
With the invention of Non-Fungible Token (NFT), a technology that allows creators and artists 
to bypass the intermediary altogether, decentralisation allows artists and creators to gain 
control— not just over the financial value of their artworks but also over the ownership and 
copyright of the same. It all started with a set of 10,000 randomly generated pixelated images 
that proved the demand for digital ownership of non-physical objects and collectibles in 2017, 
and the market has been evolving rapidly ever since. 
fOCuS
36 YOJANA   June 2022
arises is, how is an image on the internet different from an 
NFT? And the answer is that, an image becomes an NFT 
when it is stored on an online network of computers called 
Blockchain, and a unique serial number is assigned each 
time a Token is placed on the Blockchain Network. Each 
NFT has its unique serial number and that also makes the 
Token Non-Fungible. 
The next word, Fungible means that in simple 
language, if an object can be replaced by another object, it 
is called Fungible. E.g. one Rs 500 note can be replaced by 
another Rs 500 note. Its value is not going to change even 
after the replacement. Therefore, it is a Fungible object. On 
the other hand, something having a value of personalised 
or unique nature that cannot be replaced by another object 
makes it a Non-Fungible object. Imagine your cellphone 
having scratches on the front screen, when sold online 
will be unique and will have a completely different value 
than any other cellphone of the same model being sold by 
another person. A celebrity’s laptop will probably have 
more worth than someone else’s, even if it’s the same 
model and brand. Similarly, one NFT cannot be replaced 
by another NFT, because even if it is the same image, 
each copy of this image has its unique serial number and 
therefore, has its own value, making it unique.
Combining these words, a Non-Fungible Token can 
therefore be described as an object having a unique serial 
number, stored on the Blockchain Network.
Why choose NFTs?
The question that naturally arises is, why buy/sell 
NFT when you already have these objects like image 
artworks, music tracks, MP4 videos existing on the 
internet and/or with the intermediaries like art galleries, 
music labels, streaming platforms? To answer this: All 
artists and creators can now easily display and monetise 
their work. Artists can sell their work directly as an NFT to 
a consumer and make a profit, this leads to less dependence 
on traditional art galleries and auctions. Royalties can be 
included, which means that each time their NFT is sold, 
the artist can receive a certain percentage of the price at 
which the consumer decides to resell it. Royalties are 
paid to the original artist each time the NFT moves from 
consumer to consumer. If their art were 
sold in the traditional way, the revenue 
from secondary sales would not occur, 
making NFTs particularly beneficial to 
creators. NFTs ensure ownership of a 
digital object, thanks to the Blockchain. 
There are more benefits of NFTs. 
To name a few important ones: Firstly, 
each NFT is unique, the only one of its 
kind. It is impossible to create another 
NFT with the same serial number. 
Everything is verified by the blockchain 
and can be seen by everyone. Not only 
that, but the owner of that Token on the 
Blockchain will have full commercial copyright to use that 
image and asset. Secondly, because they are unique and 
cannot be copied, they are scarce. Most of the time, there 
are very few NFTs from an artist or seller. Therefore, you 
can safely assume that you will be one of the few people 
in the world to own a collectible that can then be resold. 
Thirdly, no one can change the metadata of the token, no 
one can delete your image or the name of the token. This 
means that it will never change, it will never be deleted, it 
cannot be removed from the blockchain, hence making it 
immutable. Apart from these benefits, NFTs are collectible, 
downloadable, permeant, and resalable. In short, NFTs 
certainly have more value than one would assume at first 
glance.
How do NFTs Work? 
These NFTs are bought and sold using cryptocurrencies 
like Bitcoin, Ethereum, XRP, Dogecoin, Apecoin, Binance 
coin, WRX, etc. The first digital cryptocurrency that tops 
the list is certainly Bitcoin. The second most popular 
cryptocurrency is Ethereum and it has its own Blockchain 
Network, enabling the NFT sale and purchase. Opensea is 
the first, largest, and internationally popular platform for 
selling crypto goods including NFTs. In India, WazirX is 
a popular cryptocurrency exchange which also has its own 
cryptocurrency called WRX. 
But one might ask if NFT itself is a unique token, why 
is there a requirement of cryptocurrency for buying an 
NFT? Isn’t NFT one kind of cryptocurrency? The answer 
is No, and here’s why. Cryptocurrencies are fungible. 
One Bitcoin can be replaced by another Bitcoin and the 
value will be the same. Just the way one Rs 500 can be 
replaced by another Rs 500 note. On the other hand, each 
NFT is different from another NFT because it is unique, 
having a unique serial number on the Blockchain Network. 
Therefore, each NFT is one of a kind and can have a 
completely different value.
NFTs and its Categories
The most popular category in the present day is 
the category of visual art as NFTs: The community of 
creators, developers, artists, and merchants have started 
pushing their art into the new territory 
of NFTs. As discussed earlier, each 
NFT has a unique serial number as an 
identifier and this allows the visual art 
to be recognisable in its uniqueness, 
cannot be copied, and therefore, 
the creators have control over their 
artworks saving them from plagiarism. 
It all started with CryptoPunks, a set of 
10,000 randomly generated pixelated 
images that proved the demand for 
digital ownership of non-physical 
objects and collectibles in 2017, and 
the market has been evolving rapidly 
ever since. 
NFTs are based on the 
decentralised cryptocurrencies 
where the control does not 
remain with any financial 
institution constituted by 
Government but is purely 
driven by market forces and 
volition of the ‘people’ (or 
computers connected in a 
Blockchain Network).
Page 5


30 YOJANA   June 2022
Background: The Atal Pension Yojana (APY) was 
launched to create a universal social security system for 
all Indians, especially the poor, the under-privileged and 
the workers in the unorganised sector. It is an initiative 
of the Government to provide financial security and 
cover future exigencies for the people in the unorganised 
sector. APY is administered by Pension Fund Regulatory 
and Development Authority (PFRDA) under the overall 
administrative and institutional architecture of the National 
Pension System (NPS).
Eligibility: APY is open to all bank account holders 
in the age group of 18 to 40 years and the contributions 
differ, based on pension amount chosen.
Benefits: Subscribers would receive the guaranteed 
minimum monthly pension of Rs 1000 or Rs 2000 or  
Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years, 
based on the contributions made by the subscriber after 
joining the Scheme.
Disbursement of the Scheme Benefits: The monthly 
pension is available to the subscriber, and after him to 
his spouse and after their death, the pension corpus, as 
accumulated at age 60 of the subscriber, would be returned 
to the nominee of the subscriber.
In case of premature death of subscriber (death before 
60 years of age), spouse of the subscriber can continue 
contributing to APY account of the subscriber, for the 
remaining vesting period, till the original subscriber would 
have attained the age of 60 years.
Contribution by Central Government: The 
minimum pension would be guaranteed by the Government, 
i.e., if the accumulated corpus based on contributions 
Jan Suraksha
Atal Pension Yojana (APY)
governance milestones radhan Mantri Jeevan Jyoti Bima Yojana 
(PMJJBY), Pradhan Mantri Suraksha Bima 
Yojana (PMSBY), and Atal Pension Yojana 
(APY) were launched in 2015.
These three social security schemes are dedicated 
to the welfare of the citizens, recognising the need for 
securing human life from unforeseen risks/losses and 
financial uncertainties. To ensure that the people from 
the unorganised section of the country are financially 
secure, the Government launched two insurance schemes– 
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 
P
and Pradhan Mantri Suraksha Bima Yojana (PMSBY); 
and introduced Atal Pension Yojana (APY) to cover the 
exigencies in the old age.
While the PMJJBY and PMSBY provide access to 
low-cost life/accidental insurance cover to the people, the 
APY provides an opportunity for saving in the present for 
getting a regular pension in old age.
As we celebrate the 7
th
 anniversary of these three 
schemes, let us focus on how they have provided affordable 
insurance and security to people, their achievements, and 
salient features.
30 YOJANA   June 2022
earns a lower than estimated return on investment and is 
inadequate to provide the minimum guaranteed pension, 
the Central Government would fund such inadequacy. 
Alternatively, if the returns on investment are higher, the 
subscribers would get enhanced pensionary benefits.
Payment frequency: Subscribers can make 
contributions to APY on monthly/quarterly/half-yearly 
basis.
Withdrawal from the Scheme: Subscribers can 
voluntarily exit from APY subject to certain conditions, 
on deduction of Government co-contribution and return/
interest thereon.
Achievements: As on 27 April 2022, more than  
4 crore individuals have subscribed to the Scheme.
YOJANA   June 2022 31
Scheme: PMSBY is a one-year accidental 
insurance Scheme renewable from year to year, offering 
coverage for death or disability due to accident.
Eligibility: Individuals in the age group of 18-70 
years having a savings bank or a post office account 
are entitled to enrol under the Scheme.
Benefits: Accidental death and disability cover of 
Rs 2 lakh (Rs 1 lakh in case of partial disability) for 
death or disability due to an accident.
Enrolment: Enrolment under the Scheme can be 
done by visiting the branch/ BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the scheme is auto debited every year from the 
subscriber’s bank account based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional 
languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the 
cumulative enrolments under the Scheme have been 
more than 28.37 crore and an amount of Rs 1,930 crore 
has been paid for 97,227 claims.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Scheme: PMJJBY is a one-year life insurance 
Scheme renewable from year to year, offering coverage 
for death due to any reason.
Eligibility: Individuals in the age group of 18-50 
years having a savings bank or a post office account are 
entitled to enrol under the Scheme. People who join the 
Scheme before completing 50 years of age can continue 
to have the risk of life covered up to age of 55 years upon 
payment of premium.
Benefits: Life cover of Rs 2 Lakh in case of death 
due to any reason against a premium of Rs 330 per 
annum.
Enrolment: Enrolments under the Scheme can 
be done by visiting the branch/BC point or website of 
the bank of the account holder or at the post office in 
case of post office savings bank account.  The premium 
under the Scheme is auto debited every year from the 
subscriber’s bank account, based on a one-time mandate 
from the account holder. Detailed information about the 
Scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in.
Achievements: As on 27 April 2022, the cumulative enrolments under the Scheme have been more than 12.76 
crore and an amount of Rs 11,522 crore has been paid for 5,76,121 claims.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
YOJANA   June 2022 31
Source : PIB
YOJANA   June 2022 35
reat artists focus their energies on one thing: 
creating their next masterpieces. Musicians 
and composers spend months in search of the 
perfect lyrics or melodies. Architects ensure 
the minutest of details in their building plans. But the artists 
have to find a way— a platform to showcase their piece of 
art and to monetise it in order to earn a living, and to ensure 
the protection of the source, the ownership, the copyright, 
and its future value. This is where the intermediaries like 
art galleries, music labels, concert promoters, etc., come 
in, where on one hand they market the skills of the artists 
and on the other, help them monetise their artwork for a 
healthy cut of profits— sometimes even ownership of the 
artist’s work.
Over a period of time, the intermediaries have become 
powerful, wealthy, and yet not very successful in protecting 
the provenance and copyright of the artworks that were the 
result of painstaking work of the artists.
With the invention of NFT, a 
technology that allows creators and 
artists to bypass the intermediary 
altogether, decentralisation has 
taken place and has allowed artists 
and creators to gain control— not 
just over the financial value of their 
artworks but also over the ownership 
and copyright of the same.
As the NFTs are dealt with in 
cryptocurrency jargons, scaring 
NFT Explained
Charmie Parekh
The author is CEO, Silvassa Smart City, UT Administration of Dadra and Nagar Haveli and Daman and Diu.
Email: charmie.k.parekh@gmail.com
G
off non-techies, they are not understood properly and 
still not talked about or considered mainstream, due to, 
first, the fear of the unknown— popular publications’ 
inability to accept an ever-evolving technology as an 
important one, lack of knowledge thereof, mainly due to 
the jargons associated with the technology, second, the fear 
of failure— as the NFTs are based on the decentralised 
cryptocurrencies where the control does not remain with 
any financial institution constituted by Government but is 
purely driven by market forces and volition of the ‘people’ 
(or computers connected in a Blockchain Network) and 
the last bubble burst of Bitcoin witnessed in the years  
2017-18, the scepticism prevails in accepting any 
technology or platform dealing entirely in cryptocurrencies.
What is an NFT?
At a first glance, NFT does sound complex and difficult 
to comprehend, but it is relatively simple. The NFT stands 
for Non Fungible Token, and to understand it better, let us 
quickly break down these words. 
First of all, Token: Here, Token 
can be anything— a piece of art, a 
musical melody, a video, a game, 
or even a physical object. There 
are many things which can be and 
have been converted into Tokens, 
e.g. Concert Tickets. These tokens 
are mostly PNG images, animated 
images (GIF), MP4 Audio tracks, 
or videos. So a question naturally 
digital assets Artists need a platform to showcase their piece of art and to monetise it in order to earn a living, 
and to ensure the protection of the source, the ownership, the copyright, and its future value. 
With the invention of Non-Fungible Token (NFT), a technology that allows creators and artists 
to bypass the intermediary altogether, decentralisation allows artists and creators to gain 
control— not just over the financial value of their artworks but also over the ownership and 
copyright of the same. It all started with a set of 10,000 randomly generated pixelated images 
that proved the demand for digital ownership of non-physical objects and collectibles in 2017, 
and the market has been evolving rapidly ever since. 
fOCuS
36 YOJANA   June 2022
arises is, how is an image on the internet different from an 
NFT? And the answer is that, an image becomes an NFT 
when it is stored on an online network of computers called 
Blockchain, and a unique serial number is assigned each 
time a Token is placed on the Blockchain Network. Each 
NFT has its unique serial number and that also makes the 
Token Non-Fungible. 
The next word, Fungible means that in simple 
language, if an object can be replaced by another object, it 
is called Fungible. E.g. one Rs 500 note can be replaced by 
another Rs 500 note. Its value is not going to change even 
after the replacement. Therefore, it is a Fungible object. On 
the other hand, something having a value of personalised 
or unique nature that cannot be replaced by another object 
makes it a Non-Fungible object. Imagine your cellphone 
having scratches on the front screen, when sold online 
will be unique and will have a completely different value 
than any other cellphone of the same model being sold by 
another person. A celebrity’s laptop will probably have 
more worth than someone else’s, even if it’s the same 
model and brand. Similarly, one NFT cannot be replaced 
by another NFT, because even if it is the same image, 
each copy of this image has its unique serial number and 
therefore, has its own value, making it unique.
Combining these words, a Non-Fungible Token can 
therefore be described as an object having a unique serial 
number, stored on the Blockchain Network.
Why choose NFTs?
The question that naturally arises is, why buy/sell 
NFT when you already have these objects like image 
artworks, music tracks, MP4 videos existing on the 
internet and/or with the intermediaries like art galleries, 
music labels, streaming platforms? To answer this: All 
artists and creators can now easily display and monetise 
their work. Artists can sell their work directly as an NFT to 
a consumer and make a profit, this leads to less dependence 
on traditional art galleries and auctions. Royalties can be 
included, which means that each time their NFT is sold, 
the artist can receive a certain percentage of the price at 
which the consumer decides to resell it. Royalties are 
paid to the original artist each time the NFT moves from 
consumer to consumer. If their art were 
sold in the traditional way, the revenue 
from secondary sales would not occur, 
making NFTs particularly beneficial to 
creators. NFTs ensure ownership of a 
digital object, thanks to the Blockchain. 
There are more benefits of NFTs. 
To name a few important ones: Firstly, 
each NFT is unique, the only one of its 
kind. It is impossible to create another 
NFT with the same serial number. 
Everything is verified by the blockchain 
and can be seen by everyone. Not only 
that, but the owner of that Token on the 
Blockchain will have full commercial copyright to use that 
image and asset. Secondly, because they are unique and 
cannot be copied, they are scarce. Most of the time, there 
are very few NFTs from an artist or seller. Therefore, you 
can safely assume that you will be one of the few people 
in the world to own a collectible that can then be resold. 
Thirdly, no one can change the metadata of the token, no 
one can delete your image or the name of the token. This 
means that it will never change, it will never be deleted, it 
cannot be removed from the blockchain, hence making it 
immutable. Apart from these benefits, NFTs are collectible, 
downloadable, permeant, and resalable. In short, NFTs 
certainly have more value than one would assume at first 
glance.
How do NFTs Work? 
These NFTs are bought and sold using cryptocurrencies 
like Bitcoin, Ethereum, XRP, Dogecoin, Apecoin, Binance 
coin, WRX, etc. The first digital cryptocurrency that tops 
the list is certainly Bitcoin. The second most popular 
cryptocurrency is Ethereum and it has its own Blockchain 
Network, enabling the NFT sale and purchase. Opensea is 
the first, largest, and internationally popular platform for 
selling crypto goods including NFTs. In India, WazirX is 
a popular cryptocurrency exchange which also has its own 
cryptocurrency called WRX. 
But one might ask if NFT itself is a unique token, why 
is there a requirement of cryptocurrency for buying an 
NFT? Isn’t NFT one kind of cryptocurrency? The answer 
is No, and here’s why. Cryptocurrencies are fungible. 
One Bitcoin can be replaced by another Bitcoin and the 
value will be the same. Just the way one Rs 500 can be 
replaced by another Rs 500 note. On the other hand, each 
NFT is different from another NFT because it is unique, 
having a unique serial number on the Blockchain Network. 
Therefore, each NFT is one of a kind and can have a 
completely different value.
NFTs and its Categories
The most popular category in the present day is 
the category of visual art as NFTs: The community of 
creators, developers, artists, and merchants have started 
pushing their art into the new territory 
of NFTs. As discussed earlier, each 
NFT has a unique serial number as an 
identifier and this allows the visual art 
to be recognisable in its uniqueness, 
cannot be copied, and therefore, 
the creators have control over their 
artworks saving them from plagiarism. 
It all started with CryptoPunks, a set of 
10,000 randomly generated pixelated 
images that proved the demand for 
digital ownership of non-physical 
objects and collectibles in 2017, and 
the market has been evolving rapidly 
ever since. 
NFTs are based on the 
decentralised cryptocurrencies 
where the control does not 
remain with any financial 
institution constituted by 
Government but is purely 
driven by market forces and 
volition of the ‘people’ (or 
computers connected in a 
Blockchain Network).
YOJANA   June 2022 37
Artists can sell their work 
directly as an NFT to a 
consumer and make a profit, 
this leads to less dependence 
on traditional art galleries and 
auctions. Royalties are paid to 
the original artist each time the 
NFT moves from consumer to 
consumer.
Music as a category of NFTs 
is steadily evolving. Many artists 
are taking advantage of the NFT 
opportunity by offering their audiences 
limited edition unreleased tracks. The 
benefit of offering Music as NFTs is 
that the intermediaries like Music Label 
companies have been removed from 
the equation, offering the chance for 
the artist to sell their products directly 
to the audience, while getting closer to 
their community.
NFTs are becoming increasingly 
popular in the Domain Name business also. Crypto 
domains are Blockchain addresses that allow, among other 
things, to receive payments in cryptocurrencies. It is similar 
to the late 1990s’ ‘.com’ web craze. Buyers have started 
purchasing Blockchain Domain names which are being 
sold as NFTs which typically end with ‘.eth’ or ‘.crypto’. 
Blockchain developers, speculators, and NFT traders have 
already purchased Blockchain Domain names of important 
global brands. It remains to be seen how much such brands 
are willing to pay to buy back their domain name. 
Another popular category of NFTs is Metaverse. It is a 
virtual world powered by the Blockchain where users can 
create and trade digital assets, play games, buy plots of 
land, display art in galleries, etc. Metaverse has as many 
utilities as far as the imagination can reach. Recently, 
Facebook has renamed the company name to ‘Meta’ 
to affirm its ambitions to become a major player in this 
category by presenting its Metaverse project. Popular 
singer Daler Mehndi made headlines when he bought land 
in the metaverse and named it ‘Balle Balle Land’.
When all categories of entertainment and utility are 
entering into NFT space, Sports cannot be left behind. 
Sports brands have some of the most valuable intellectual 
property in the world. Sports teams and related companies 
have made headway into the NFT world and have started 
selling items to their millions of fans. The Lille Football 
Club has released an NFT collection that represents their 
four French Championship titles. On the NBA Top Shot 
platform, video excerpts of basketball games, although 
accessible to all on YouTube, are traded at a premium. The 
secret is that they are sold with a certificate of authenticity, 
thanks to NFTs.
A similar category to Sports is the Events, as with 
the adoption of NFTs in the Event industry like Concerts, 
Cinema, Theatre, museums, etc., it is only a logical step 
that the tickets to access stadiums would be sold via NFTs 
in the near future.
Collectibles can be described as yet another category 
of NFTs. Some of the popular examples include the Bored 
Ape Yacht Club, Cool Cats and CryptoPunks collections. 
Recently, the Prime Minister of India gave away 
Blockchain-based digital degrees at IIT, Kanpur. They are 
nothing but NFTs, which are unique 
and hence, unforgeable. 
Building a Community around 
NFTs is yet another category. Tourism-
related brands like Zostel have 
launched their NFTs in order to have 
a close community of travellers and 
backpackers being provided exclusive 
benefits upon purchase of their NFTs.
One might ask that all the benefits 
and features of NFTs are fine and NFTs 
might benefit artists and creators, but 
how does it affect a layman in day-to-
day life? To elaborate on this, let’s go back to the times 
when Twitter was put in the public domain. Twitter 
founder and CEO Jack Dorsey tweeted the first tweet on 
the microblogging platform in 2006, a short text that said 
“just setting up my twttr.” While the tweet will continue 
to exist on Twitter, it has been sold as an NFT to Sina 
Estavi, CEO of Bridge Oracle, for USD 2.9 million. Estavi 
would get the NFT as “signed and verified by the creator.” 
The USD 2.9 million raised was then donated to charity 
which specialises in providing financial resources to the 
poor and its Covid relief programmes in Africa. To sum it 
up, people have always been collecting different objects in 
various formats, from World War weapons to sneakers to 
1
st
 generation iPhones. So, it should come as no surprise 
that there is a market for collectibles in digital form. Not 
only that, this digital form not only provides and ensures 
uniqueness, authenticity, and immutability, but it also 
benefits the creators (the seller) and the collectors (the 
buyers) in numerous ways. 
Way Forward
While the benefits of using NFTs are ample and the 
real-life use-cases are on the rise day by day, understanding 
the jargons around this technology would only benefit 
one to adapt to the remarkable shift that is taking place 
all over the world in terms of how existing currency and 
financial systems are looked at, how art is perceived and 
how parallel universes are being set up where people buy 
and sell pieces of land. 
However, if we have to talk about its future, the beauty 
of the NFTs is that their future isn’t chiseled in stone. 
Nobody knows what will become the most prominent use 
of NFTs. The risk-takers are writing the future of NFTs— 
trying radical applications and taking NFTs to places we 
hadn’t thought of. But one can safely say that the sky is 
the only limit for NFTs, or the sky exists in the Metaverse. 
The NFT-fication of everything will take place in the years 
to come and anyone can participate. The future of NFTs is 
being written as we speak.                                                ?
Endnotes
1. The Ultimate Guide: All there is to know about NFTs
2. The NFTs handbook by Matt Fortnow, QuHarrison Terry
3. Newspaper Articles