Interest rate on Public Provident Funds, other small savings schemes hiked by upto 0.4%
New Delhi : The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks.
Interest rates for small savings schemes are notified on a quarterly basis.
The rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the Finance Ministry said while notifying the rates.
Interest rate for the five-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens’ scheme is paid quarterly.
However, interest on savings deposits has been retained at 4 per cent, annually.
Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 8 per cent as compared to existing 7.6 per cent, while Kisan Vikas Patra (KVP) will yield 7.7 per cent and mature in 112 months as against 118 months in the previous quarter.
The girl child savings scheme Sukanya Samriddhi account will earn higher interest rate of 8.5 per cent rate, 0.4 per cent more then the current rate.
Term deposits of one-three years will fetch 0.3 per cent higher interest rate.
While announcing the quarterly setting of interest rates in 2016, the finance ministry had said that rates of small savings schemes would be linked to government bond yields. The move is expected to see banks lowering their deposit rates in line with the small savings rate offered by the government.
courtesy : hindustantimes.com
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Man held for attempting to encroach on 532 acres of forest, govt land near Bengaluru
Belagavi (Karnataka) (PTI): Karnataka Forest Minister Eshwar Khandre on Tuesday said that police have arrested a man for allegedly attempting to encroach upon 532 acres of forest and government land at B M Kaval near Bengaluru by submitting forged documents and obtaining court orders fraudulently.
He said the accused, M B Manmatha alias M B Nemannagowda, had earlier also attempted to claim ownership over 512 acres and 26 guntas of forest and government land in Chikkamagaluru's Mudigere by producing fake records.
In connection with the case, an Assistant Conservator of Forests had lodged a complaint at the Mudigere Circle police station on November 28, following which the Tahsildar also lodged a separate complaint, the minister said in a statement issued by his office.
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Based on these complaints, police registered an FIR and have now taken Manmatha into custody. "The investigation will reveal who were all involved in this conspiracy to encroach upon forest and government land," he said.
The FIR was registered against the accused at Mudigere police station in Chikkamagaluru district on December 13 under Sections 465 (forgery), 468 (forgery for purpose of cheating), 469 (forgery for purpose of harming reputation), 471 (using as genuine a forged document) of the Indian Penal Code and relevant section of the Karnataka Land Revenue Act.
Khandre further claimed that it had come to his notice that some officials and government advocates were directly or indirectly assisting those attempting to encroach upon government and forest land worth thousands of crores of rupees.
The minister said he has written to Chief Minister Siddaramaiah seeking a CID or Special Investigation Team (SIT) probe into the matter.
Warning of strict action, the minister said no one attempting to grab forest land using forged documents would be spared and termed the development a "wake-up call".
