Government backstabbing honest tax payers by lowering EPF interest rate: Congress


New Delhi, Feb 22 (IANS): Slamming the Narendra Modi government for lowering the interest rate on provident fund deposits, the Congress on Wednesday said it was "backstabbing" honest tax payers by the measure.

The party also accused the government of indulging in "organized fleecing" of ordinary citizens.

"Modi Government backstabs honest tax payers by lowering interest rates of 4.5 crore EPF holders. Burning holes in the pockets of already burdened people has become the single point agenda - 'motto' of Modi government," said Congress spokesperson Randeep Singh Surjewala in a statement.

"Post the colossal loss of almost Rs 30,000 crore loot and scams being unravelled in the past seven days, Modi government has once again backstabbed the common people and honest tax payers of the country by reducing the interest rates in EPFO holders from 8.65 per cent to 8.55 per cent," he added.

"Post 2014-15, this is the second such reduction... interest rate on EPFO has now been reduced twice from 8.75 (in 2014-15) now to just 8.55 per cent," he said, adding that in December 2017, Modi government had cut the interest rate on small savings schemes, including Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan Vikas Patra.

The party also pointed out that the interest rate for savings bank accounts which was 4 per cent in May 2014 is now 3.5 per cent, PPF is down from 8.7 per cent (in May 2014) to just 7.6 per cent now and Kisan Vikas Patra, which was at 8.67 per cent then, is just 7.3 per cent now.

There are also multiple new bank charges that the Modi government has levied from time to time, he added.

  

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Comment on this article

  • Krishna Kumar, Kodi/Bangalore

    Thu, Feb 22 2018

    Only paying tax. Their policy is very good. Rob Peter and pay Paul. Many left Indian in search of future and became NRI reducing the burden on government to provide jobs. Unfortunately in return NRIs are not given any facility except cut down interest on their deposits, so when they come back retired, they can starve.. People must think again...

    DisAgree Agree [4] Reply Report Abuse

  • Anilkumar, Mangalore

    Thu, Feb 22 2018

    No one seems to be protesting about PPF facility withdrawal for NRIs. There was a time when NRIs were treated like VVIPs. Govt had to depend on them for foreign exchange. Today, although they do bring in a log of foreign exchange, the Govt has realised that they do not form the major chunk of vote bank.
    NRIs were given the facility of continuing their PPF account it it was opened before their status was changed to NRI. The Govt had guaranteed rate of interest and tax free interest. Today NRIs are left high and dry. There is not even clarity on what happens to the money already invested. Being a NRI is being treated as a negative point.

    Can someone open their eyes and look into this??

    DisAgree Agree [2] Reply Report Abuse

  • Ravi, mangalore

    Thu, Feb 22 2018

    After FRDI Bill & Nirav Modi Kand Nobody interested to investment in any Bank
    Also lowest rate of EPFO / other scheme No one get any Benefit.
    accumulated amount should be very low
    This all pooling the people for there own benifit

    DisAgree Agree [6] Reply Report Abuse

  • Ramesh S, MANGALORE

    Thu, Feb 22 2018

    PPF Rates History;
    From 1.4.1986 to 14.1.2000 12%
    From 15.1.2000 to 28.2.2001 11%
    From 1.3.2001 to 28.2.2002 9.5%
    From 1.3.2002 to 28.2.2003 9%
    From 1.3.2003 to 30.11.2011 8%
    From 1.12.2011 to 31.3.2012 8.6%
    From 1.4.2012 to 31.3.2013 8.8%
    From 1.4.2013 to 31.3.2016 8.7%
    ..Didnt congress reduced PPF rates!!..these are corelated to customer lending also..Home loan was at 13% now at 8.7%..tax payers rewarded already, compensated..

    DisAgree [23] Agree [4] Reply Report Abuse

  • mohammed, Al khobar

    Thu, Feb 22 2018

    01 March 2003 – 30 Nov 2011 8.00%
    01 Dec 2011 – 31 March 2012 8.60%
    01 April 2012 – 31 March 2013 8.80%
    01 April 2013 – 31 March 2014 8.70%

    SO there was increase in PF since 2011 , But present Modi govt pulled it back and lowered again...

    DisAgree [1] Agree [9] Reply Report Abuse

  • Ajith, Mumbai

    Thu, Feb 22 2018

    PF rates come down during Atal Bihari Vajpayee's rule 1998 - 2004!!

    DisAgree [1] Agree [10] Reply Report Abuse

  • shan, dubai

    Thu, Feb 22 2018

    What option government got....... Reduce the rate of Interest on Poor people savings i.e. PF,FD and lend it to the business people....... Most of these business/political people will take loan on lower interest rate without giving any security and will not pay.

    DisAgree [1] Agree [4] Reply Report Abuse

  • Anonymous, India

    Thu, Feb 22 2018

    From 15.1.2000 to 28.2.2001 11%
    From 1.3.2001 to 28.2.2002 9.5%
    From 1.3.2002 to 28.2.2003 9%
    From 1.3.2003 to 30.11.2011 8%

    This is called falling into your own grave

    from 1999 to 2004 your sri sri sri BJP govt was ruling

    Bhakth fas gaya


    This is during congress rule
    From 1.4.1986 to 14.1.2000 12%
    From 1.12.2011 to 31.3.2012 8.6%
    From 1.4.2012 to 31.3.2013 8.8%
    From 1.4.2013 to 31.3.2016 8.7%

    DisAgree Agree [3] Reply Report Abuse

  • Ozy, Surathkal

    Thu, Feb 22 2018

    Petrol and cooking gas price hike
    Commodities price hike
    GST hike
    Interest rate low for deposits as well as EPF to compensate looters.
    Poor killer Government

    DisAgree [1] Agree [20] Reply Report Abuse

  • N.M, Mangalore

    Thu, Feb 22 2018

    Our 'chowkidaar' will let the common man suffer while the rich will loot and scoot.

    DisAgree [1] Agree [23] Reply Report Abuse

  • geoffrey, hat hill

    Thu, Feb 22 2018

    Rob Peter to pay Paul. Rob common man and pay fraudsters and corporate buddies.

    DisAgree [1] Agree [30] Reply Report Abuse

  • Declan, Mumbai

    Thu, Feb 22 2018

    how else can BJP sponsor grand election rallies ? how else can BJP offer ladoos to MPs, MLAs to cross over ? how else can BJP do EVM magic ?

    DisAgree [1] Agree [24] Reply Report Abuse

  • Christine, Mangalore

    Thu, Feb 22 2018

    It appears that the one point agenda of this government is to harass and punish the honest tax payers and feed the already overfed looters of the Country.

    DisAgree [2] Agree [22] Reply Report Abuse

  • hemanth, Bangalore

    Thu, Feb 22 2018

    Siddu's NO.1 govt stabbing people in front itself by protecting rowdy nalpad and giving him royal treatment where are mahadayi protesters are booked 307.

    DisAgree [22] Agree [2] Reply Report Abuse

  • Declan, Mumbai

    Thu, Feb 22 2018

    Yeddyurappa's no. 1 corrupt government in Karnataka looted the state maximum in the history of Karnataka and now Desh ka Chowkidar has endorsed him as the CM candidate for Karnataka is the biggest disaster and his government has also allowed a looter like Chota Nirav Modi to loot and escape.

    DisAgree [1] Agree [20] Reply Report Abuse

  • Anees, Karkala

    Thu, Feb 22 2018

    Indian initiate to Kick off Feku Govt in 2019..

    DisAgree [2] Agree [25] Reply Report Abuse


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