-Livemint.com * Trying to project lower interest rates as a panacea for everything isn’t the right way to go about it. The central government just played an April Fool’s joke on a large section of India’s middle class, which invests in small savings schemes. Late Wednesday evening, the government announced a substantial cut in interest rates on small savings schemes for the three months to June. The interest rates on Senior Citizen Savings Scheme...
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Government withdraws order on rate cut on small savings schemes -Vikas Dhoot
-The Hindu This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016. Hours after notifying significant cuts in small savings instruments’ returns for this quarter, the government has backtracked on these sharp cuts. This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after...
More »Aadhaar mandatory for PPF, NSC, Kisan Vikas Patra
-The Hindu Existing subscribers have time till December 31, 2017 to link their Aadhaar The Union government has made linking Aadhaar mandatory for the Public Provident Fund (PPF), the National Savings Certificates (NSC) and the Kisan Vikas Patra (KVP). In a series of four notifications, the government said the existing subscribers have time till December 31, 2017 to link their Aadhaar. "Provided further that every depositor under this scheme who has not given his...
More »PPF, NSC rates slashed again; here's how much return small savings schemes will give now -Sanjeev Sinha
-The Financial Express If you are a risk-averse investor and have been banking on small savings schemes for the purpose of saving and investment as well as building your retirement nest egg, then there is some bad news for you. For, the government has reduced the return on small savings schemes – including Public Provident Fund (PPF), NSC, Kisan Vikas Patra and Senior Citizen Savings Scheme — by 10 basis points....
More »Subsidies: Plug subsidy leaks to help fiscal consolidation
-Business Standard Conventional subsidy bill of Rs 2.44 lakh crore, or 1.7 per cent of GDP, in 2015-16 If lower tax rate is equivalent to subsidising, the National Democratic Alliance government is clearly targeting the 'well-off' segment of the population. Unlike the previous years, the Economic Survey 2015-16 has dealt with the issue of subsidy by giving only a box on petroleum subsidies, while devoting a chapter with nine-and-a-half pages to 'Bounties...
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