Mamata moots social security scheme to check chit fund lure

“People do not want to invest their savings in banks or post offices in the form of small savings as the rate of interest is very low. Moreover,banks do not have reach in the villages. On the other hand,chit fund companies offer high interest rates to lure people. But if people keep their money with the government,their money is secured and they will get back the money on time,” she added.

The idea mooted by the government will be posted on the Finance Department website for public opinion. “We will post the idea in the form of a proposal on the website of the Finance Department. Common people,experts on financial issues,journalists and students can post their opinions on the website. We will consider the opinions and give the scheme final shape. The opinions can be posted for a month,” the CM said.

After receiving suggestions on the scheme,the government will chalk out details and a legislation will have to be passed,she added.

The name of the scheme will be decided later. “We might call it We The People Scheme or Social People scheme. But the name will be decided after we go though the opinions and suggestions of the people,” said Mamata.

Abhirup Sarkar,economist and pro-change intellectual said,“The scheme can be given shape in the existing financial setup. There are two types of organisations in the state where people can invest. One is the cooperative bank. But cooperative banks are facing problems with cases of misappropriation of funds. People used to invest in small savings,from which the government received a huge amount of funds in terms of loan. But now the small savings interest rate has dipped drastically. The agents of small savings do not get commission. So the government’s move is welcome.”

Stung govt wary of inauguration invitations

Kolkata: The chit fund mess the state government is in has cast its shadow on inaugurations of functions presided over by ministers.

Minister for Commerce and Industries Partha Chatterjee on Wednesday said,“I have given instructions to my officials that from now on wherever I am invited for an inaugural function,the organisers have to give a written undertaking that they are not involved with any illegal investment company. I am the minister for industries and I will have to maintain it for the image of our government.”