Old worries

Sir ? The advertisement issued by the department of posts (Feb 25), proposing a reinvestment of the interest earned in the monthly income scheme in a recurring deposit account so that investors can avail themselves of the otherwise invalid 10 per cent bonus is nothing but an attempt to fool the people. When the bonus was valid, that is before February 13, investors were always free to reinvest if they so wished. As such, the new scheme does not promise an extra earning. Mostly retired people who have no steady source of income, invest in such schemes. If the monthly return is reinvested, how will they meet their daily expenses? Instead of introducing such a measure, it would be helpful to provide at least a five per cent bonus to give the elderly some financial security.

Yours faithfully,
Diptimoy Ghosh, Calcutta

Sir ? The senior citizens who have retired from private firms and do not enjoy pension facilities like those in the government service, are entirely dependant on either the MIS or on the meagre interests provided by banks on their savings. Yet the finance minister, P. Chidambaram, did not deem it necessary to make any special provisions for them. The former finance minister, Yashwant Sinha, had at least increased bank interests a bit. The last hope of the senior citizens was the 10 per cent bonus on the maturity of the MIS at the end of its 6-year term, but that was also withdrawn a few days before the budget. No one from any quarter came forward to take up the case of the lakhs of senior citizens. Even the leftists, who threatened to withdraw support from the Centre over the reduced interest rates on the employees? provident fund, seem to have lost their voice. But that must be because senior citizens cannot get them much mileage.

Yours faithfully,
Dipak Bysack, Calcutta

Sir ? The report, ?Small savings take rate rejig hint? (Feb 12), is most shocking. The middle classes are heavily dependant on schemes such as the MIS. Most organizations these days pay a poor amount in lieu of pension. The government has failed to curb the prices of essential commodities. The interest on MIS had been slashed from 13 per cent to 8 per cent, but the consolation of a 10 per cent bonus on maturity was retained. Now if the bonus too is withdrawn, the middle-income sections will be hard pressed to make ends meet. Do our politicians have nothing to say on this?

Yours faithfully,
N.K. Singha Roy, Calcutta

Sir ? On the one hand, the government is helping its workforce with dearness allowance for every hike in the price of essential commodities, and on the other, it is withdrawing its support from people who have no earnings from salary or pension, no DA or benefits like insurance, medical and travel allowance. Moreover, the government is also reducing the rate of interest on MIS from time to time. And now, even the 10 per cent bonus has been withdrawn. How can our policy-makers allow this disparity in social welfare?

Yours faithfully,
Bimal Basak, Calcutta

Sir ? The postal department should campaign for making the interest earned through the post-office MIS tax free, at least for the senior citizens, in the absence of the 10 per cent bonus facility. It should also strive to bring the MIS investment or the senior citizens plan under section 80(c) of the Income Tax Act so that a part of the lost bonus can be reclaimed.

Yours faithfully,
Moni Shankar Banerjee, Calcutta

New friends

Sir ? ?Amnesia sends Vaiko to Jaya? (March 5) is the latest comic episode in the ongoing seat-wrangle drama. For the sake of just three seats, all scruples are sacrificed and old friends are abandoned. An ex-Pota detainee ? who has been carrying on in the Union cabinet ? holding a bouquet in hand before J. Jayalalithaa is being referred to as one of the ?finest moments in Tamil Nadu politics?. For the Marumalarchi Dravida Munnetra Kazhagam, in balancing between Delhi and Chennai, seats may come and go, but friendship keeps changing shades.

Yours faithfully,
Surajit Das, Calcutta

Sir ? Lured by the promise of 35 seats, Vaiko, the MDMK leader, has joined hands with the All India Anna Dravida Munnetra Kazhagam and J. Jayalalithaa. The same Vaiko, who had compared the Tamil Nadu chief minister with Hitler after his arrest at the Chennai airport under the Prevention of Terrorism Act more than two years ago, is now showering praise on her. The MDMK has already sacrificed their ministerial candidate at the Centre for the DMK, hence the DMK should have offered the desired 25 seats to Vaiko out of gratefulness. M. Karunanidhi, being a politician with more than five decades of experience, should not have allowed Vaiko?s exit. The DMK may have to pay a heavy price for this.

Yours faithfully,
R. Sekar, Angul, Orissa

Parting shot

Sir ? The report, ?1 year jail for Rs 100 bribe? (March 7), should make Indians proud of the country?s judiciary and anti-corruption department. In another case, a clerk who accepted a bribe of Rs 10 has been discharged from service. The two incidents happened in Delhi and Chennai, suggesting that the rule of law is equally stern across the country. However, influencial people, especially the politicians, get away with worse kinds of corruption. Many of them, even after being charged for bribery, happily continue in office. Perhaps a separate set of rules applies to them.

Yours faithfully,
S.B. Gupta, Calcutta