Question
What is the highest insurance premium rate that farmers
must pay for Kharif crops under the Pradhan Mantri Fasal Bima Yojana (PMFBY)?Solution
Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), farmers pay a maximum premium of 2% for Kharif crops. This governmentsponsored scheme aims to mitigate the financial risks due to crop failures caused by unforeseen events, ensuring minimal economic burden on the farmers.
Following is the trial balance of a firm as on 31.03.2022:
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