Lottery department to provide training to winners of Onam bumper on wise spending of prize money

THIRUVANANTHAPURAM: The lottery department will provide training to lucky winners of Onam bumper on how to wisely spend money. The prize money after income tax will be handed over to the winners. There will be a 30% tax on prize money above Rs lakh. Prize amount above 50 lakhs is subject to cess and surcharge. The lottery department stated that the reports that none of this is being told to the lottery winners are untrue. To avoid such complaints, training and awareness are provided after the Onam bumper.

The class will introduce the wasteful spending that tempts lottery players, precautions to be taken against it, ways to invest money safely, and investment plans that generate accurate returns.

Onam bumper writes history

Over10 lakh tickets have been sold so far for this year's Onam bumper which has prize money of R 25 crores. 30 lakh tickets of Rs 500 were printed in the first phase. The second prize is Rs.5 crore and the third prize is Rs.5 crore each in 10 series. The fourth prize is one lakh each for 90 people. Fifth prize of Rs.5000 each will be for 72,000 people. Also 48,600 prizes of Rs.3000, 66,600 prizes of Rs.2000 and 2,10,600 prizes of Rs.1000 will be given. This time the Onam bumper is printed in fluorescent ink for safety reasons. Last year, 54 lakh tickets were sold.