PPF, NSC, other small savings schemes interest rate cut withdrawn
Sitharaman recently said that blockchain experiments would be allowed
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The government on Thursday withdrawn the order which slashed interest rates on Public Provident Fund (PPF) and other small savings schemes for the June quarter. Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn, read a tweet from Finance Minister Nirmala Sitharaman.
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Centre withdraws decision on cut in PPF, NSC rates
By IANS |
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Finance Minister Nirmala Sitharaman. Image Source: IANS
New Delhi, April 1 : The Finance Ministry has withdrawn its order of a massive cut in interest rates on schemes like PPF and NSC. Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn , Finance Minister Nirmala Sitharaman announced.
Congress leader Digvijay Singh said the decision to roll back the step was taken due to fear of alienating the small saver and common man with the state elections currently on.
2021-04-01 07:35:48 GMT2021-04-01 15:35:48(Beijing Time) Xinhua English
NEW DELHI, April 1 (Xinhua) India s federal finance minister Nirmala Sitharaman Thursday said steep cuts on interest rates on small savings schemes, announced last evening, were issued by oversight and stand withdrawn.
The rate cuts issued by the ministry of finance on Wednesday evening in schemes ranging from the National Savings Certificates (NSC) and Public Provident Fund (PPF), would have hurt millions of middle class depositors. Interest rates of small savings schemes of the government of India shall continue to be at the rates which existed in the last quarter of 2020-2021, i.e., rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn, Sitharaman wrote on social media.
पेट्रोल-डीज़ल पर तो पहले से ही लूट थी, चुनाव ख़त्म होते ही मध्यवर्ग की बचत पर फिर से ब्याज कम करके लूट की जाएगी।… https://t.co/tTeOSZ6ucB Rahul Gandhi (@RahulGandhi) 1617253561000
Congress leader Priyanka Gandhi Vadra said, Really Nirmala Sitharaman oversight in issuing the order to decrease interest rates on GOI schemes or election driven hindsight in withdrawing it?
Really @nsitharaman “oversight” in issuing the order to decrease interest rates on GOI schemes or election driven “… https://t.co/x9MvYVjub1 Priyanka Gandhi Vadra (@priyankagandhi) 1617246773000
Party general secretary and chief spokesperson Randeep Surjewala hit out at Sitharaman and said she has no right to continue as the finance minister. Madam FM, Are u running a Circus or a Government , Surjewala asked. You have no