IN one of the quickest rollbacks, the government reversed a move to reduce interest rates on small savings schemes. Restoring the rates through a Twitter message, Finance Minister Nirmala Sitharaman termed the announcement as an “oversight”. On March 31, 2021, the government declared a severe cut of interest rates on all small savings schemes comprising Public Provident Fund (PPF), term deposits and a host of welfare schemes for senior citizens, girl children and farmers. The new rates were to come into effect from April 1, 2021.
These decisions were significant, as the reductions ranged from 40 to 110 basis points across various savings schemes and in the case of PPF, the interest rates touched the lowest point since 1974. The government had declared a drop in small saving rates for the first quarter of the new financial year. It was the second instance that interest rates on small savings instruments were reduced in the past 12 months. Earlier, the government had lowered rates of small savings schemes by 70 to 140 basis points for the April to June quarter of 2020-2021.
Sitharaman mentioned that interest rates of small savings instruments will continue at the rates of 2020-2021 and the orders released by oversight shall be cancelled. It was certainly a sleepless night for many when the government stated the revised rates, but the tweet gave a big relief to many who depend on these savings schemes for survival.
Denne historien er fra April 26, 2021-utgaven av India Legal.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 26, 2021-utgaven av India Legal.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
PIL, Difficult To Swallow?
In a recent ruling, the Bombay High Court lamented the increasing number of frivolous public interest litigations being filed in courts and echoed the sentiments of the Supreme Court that such litigations are the bane of the judicial system. Is there any way to restrict their misuse?
Till Infertility Do Us Part...
The Calcutta High Court slammed a husband for initiating divorce proceedings due to his wife's infertility and asked him to be a pillar of support for her. Courts have often taken an empathetic view in such matters
IS THAT LEGAL?
Ignorance of law is no excuse. Here are answers to frequently asked queries regarding matters that affect us on a day-to-day basis
The Big Lie
In America, The Big Lie is an idiom used by Donald Trump's opponents and the media to describe his constant gripe about election fraud. Now, it seems more suited to another Republican, Congressman George Santos (right), who has been facing growing calls to resign after he admitted fabricating parts of his resume and biography since his election in New York last year.
Flying into the Sunset
Over 50 years since the first and original jumbo jet, the Boeing 747, took to the skies and revolutionized air travel, the last of the legendary aircraft (right) was delivered to a freight charter company, bringing down the curtain on one of aviation's most successful products.
Star Crossed
Actor and producer Alec Baldwin is a Hollywood legend, having starred in a range of movies, award winning TV sitcoms, and theatre. He was most recently seen in Mission Impossible Fallout, which is an apt description of his current situation.
Walkouts in the UK
An estimated half a million workers have gone on strike, shutting down thousands of schools, public transport and border disruption. It is the biggest day of industrial action for more than a decade.
Myanmar's Misery
Two years after the military coup ousted the elected government led by Aung San Suu Kyi, the brutal crackdown by the junta on so-called \"insurgents\" and civilian protesters has reached a new level with the use of air strikes, a new and deadly tactic in the ongoing civil war.
AMERICA'S ANGST
From messy, divisive politics to a series of mass shootings, and now black officers brutally beating another black man to death as seen in bodycam videos, America's domestic convulsions are cause for serious introspection
JUSTICE LEAGUE
There are few judicial appointment procedures in the world that are completely bereft of the overarching presence of either the executive or the legislature, or both. In the end, the judge is left with all the powers vested in him/her by the constitution to uphold the rule of law, within an atmosphere of external influences
