Attack on People's Savings

 Attack on People's Savings


Press Statement



The Polit Bureau of the Communist Party of India (Marxist) has issued the
following statement:



Attack on People's Savings



The Polit Bureau of the Communist Party of India (Marxist) registers its
strong protest at the steep cuts in interest rates on small savings schemes
like the Public Provident Fund (PPF), National Savings Certificate (NSC),
Post Office savings the Kisan Vikas Patras etc. According to the new rates
announced by the government, while the interest rate on PPF and savings of
senior citizens has been reduced by 0.6 per cent, in the case of Post office
deposits interests have been lowered in the range of 0.6 to 1.3 per cent.



This reduction in interest rates in small savings will hit the poor and the
middle class badly as bulk of their savings are in small deposits. Coming
after the increase announced in the prices of petroleum products, this
reduction of interest rates is going to affect the savings of the poor and
the middle class, whose livelihoods are constantly under attack.



While the government is not taking any concrete measures to bring in black
money stashed abroad and is not making efforts to collect non-performing
assets, it is launching an attack on the small savings of the common people,
which will not be tolerated.



The Polit Bureau of the Communist Party of India (Marxist) demands that the
announced reduction of interest rates be rolled back.