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Interest rate on small savings reduced Wednesday, February 28, 2001

NEW DELHI (Narad Online): Union Finance Minister Yashwant Sinha while presenting the 2001-02 Budget announced in Lok Sabha today that interest rate on small saving schemes would be reduced .5 per cent from tomorrow, adding that government guarantees and tax incentives for these schemes would however continue.

The benefit of reduction in interest rate on small savings deposit will be fully passed on to the states, the Finance Minister said, adding that interest rates on loan portions of central assistance to state plans was being reduced by 50 basis point.

Sinha said a high level group would be set up to review the existing pension system and to provide a road map for the next steps.

Those who enter central government services after October 1 2001 would receive pension through a new pension programme based on a defined contribution.

Facility of LTC to Central Government employees have been suspended for two years, he said adding standard licence fee on government accommodation was being enhanced from April 1, this year.

The Minister said he is providing Rs 4243 crore towards the incentive fund to encourage states to implement monitorable fiscal reforms, saying that devolution of central taxes to states was expected to increase by nearly Rs 9000 crore in the coming year.

 

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