The Modi government has withdrawn the decision to cut the interest rate on small savings schemes amidst voting for the second phase in 30 seats in West Bengal and 39 assembly seats in Assam. Within 24 hours, the Finance Ministry withdrew its order. Finance Minister Nirmala Sitharaman said on Thursday that the government would withdraw the decision to reduce the interest rate on small savings schemes and assured to bring the interest rates to the level of the last quarter of the financial year ended March 31.
The Finance Minister has said that the order was mistakenly passed. Following this statement by the Finance Minister, the Modi government has come under attack from the opposition. Along with this, social media users are also trolling Nirmala Sitharaman fiercely.
Congress General Secretary Priyanka Gandhi retweets
Finance Minister Nirmala Sitharaman tweeted on the morning of Thursday (April 1), “The interest rate on small savings schemes of the Government of India will remain the same as it was in the last quarter of 2020-2021, that is, till March 2021. Previously placed orders will be withdrawn. “
Following this tweet by Nirmala Sitharaman, the Modi government has come under attack from the opposition as well as social media users. Congress General Secretary Priyanka Gandhi retweeted the Finance Minister’s tweet and wrote whether Nirmala Sitharaman reviewed or thought before taking this decision of the Central Government… or whether the Modi government has changed its decision due to this election. She jibes that once the elections go, the BJP will re-implement its economics.
Former Madhya Pradesh Chief Minister and senior Congress leader Digvijay Singh wrote in his tweet, “For fear of elections, the Modi Shahnirmala government changed its decision of interest rate of Small Savings of poor and common man. Thank you. But Nirmala ji also promise that you will not reduce the interest rate again even after the elections are held. ”
Digvijay Singh wrote in another tweet, “Nirmala ji also tell us from whose” Oversight “this order came out and at a time when BJP is making every effort to woo people. How did this order come out?”
It is worth noting that late last night, the news came that on Wednesday (March 31), the government on Wednesday (March 31) on the Small Savings Schemes including Public Provident Fund (PPF) and NSC (National Savings Certificate), while giving a shock to people investing in small savings schemes Interest rates were cut by 1.1 percent. This deduction was made for the first quarter of 2021-22 starting April 1.
According to the Finance Ministry notification, interest on PPF was reduced by 0.7 per cent to 6.4 per cent, while that on NSC was reduced by 0.9 per cent to 5.9 per cent. Interest on small savings schemes is notified on a quarterly basis.
The maximum reduction in interest was 1.1 percent on one-year term deposits. It was decided to reduce the interest on it from 5.5 percent to 4.4 percent. Interest rates for small savings schemes are notified on a quarterly basis.