How will you plan to use your Compensation?

Under the Maharashtra Samruddhi Corridor project, after the successful completion of the land measurement activity, the land acquisition process is under way since July 2017. Around 36% of land acquisition has already been completed in the last 5 to 6 months and the compensation for the acquired land has been deposited in the beneficiary accounts immediately. Even then, the administration has decided to provide guidelines to the beneficiaries through the medium of social media and websites, to help them to appropriately utilize the compensation amount. As a first step, the administration has decided to give the information on how to go about making a plan for using the compensation amount. This blog is one such effort to impart this information …

A good opportunity to secure the future of their family and loved ones awaits those who have given their land and received the compensation through RTGS under the Maharashtra Samruddhi Corridor Project. The beneficiaries have received compensation based on the area of the land owned, immovable property on the land and its agricultural yield. Many beneficiaries sought advice about how best to plan the use of the compensation received by them. This compensation is not cash-based but is being deposited directly in bank accounts of the beneficiaries through RTGS.

Avoid the following while spending your compensation amount:

• Avoid spending on lottery, gambling and such unreliable investments
• Do not invest in schemes promising unrealistically high returns
• Avoid splurging on addictions and illegitimate activities
• Be careful from relatives and friends who have turned up just to ask for loan or money
• Study the history, background and finances of the companies where you are planning to invest.

You can safely invest your compensation in the following manner:

• Invest in a parcel of land in a nearby area. Expand your farming activities to increase your businesses. However, do ensure that all formalities of purchase of the land are completed correctly and carefully.
• Invest your money in schemes offered by nationalized banks or the Department of Post.
• Keep the money in a fixed deposit held jointly with your children for their education, marriage or other such family needs.
• Buy new farming equipment, implements, vehicles as well as raw material required for small cottage industries, farm animals to improve the productivity and prosperity of your farm.

If the beneficiaries keep in mind these pointers while investing the compensation amount, then there is no doubt that one will see prosperous farmers in Maharashtra’s villages in the near future.