November 6, 2013
Mamata Banerjee flags off Safe Savings Scheme
At a function organised at Town Hall, Kolkata, Chief Minister of West Bengal Ms. Mamata Banerjee inaugurated the Safe Savings Scheme earlier today.
Excerpts from Chief Minister`s speech:
I welcome all the dignitaries, representatives of different banks and all the people present here.
We made a commitment on behalf of the Government that we will start a scheme with permission of the Reserve Bank of India. We had 3 focus points. We wanted to return money to the common people, the poor people, who had been duped by Chit Funds. A commission was formed, which is overseeing the compensation. 1.5 lakh people have already been compensated; 80,000 more people will be compensated soon. A section of people is spreading rumours that the government has halted the compensation process due to paucity of funds. That is not true. A commitment made by us will be fulfilled. Whenever the Commission will hand over the list of names, the Government will fulfill its promise.
The State Government enacted a law to bring chit funds to book and sent it to the Central Government for approval; we are still awaiting their nod. But we have found legal ways within the current legal framework to tackle with the money laundering companies. The Government should be given credit for this. The Government did not have any responsibility to pay these compensations. The Government is for the people, by the people, of the people. When common man is in distress, then it becomes our responsibility. It is for that reason, we have taken steps. Whatever we have done, is within the law. I appeal to the common people not to be lured by chit funds.
We have abided by the clauses set by the Reserve Bank for the Small Savings Scheme and started it. The amount that may be deposited is between Rs 1000 to Rs. 25,000. You can withdraw your savings after 3 months, if you wish to. If you keep your money for 4 years, you will get 9% interest on the deposits. For a 5-year term, 9.25% interest is being offered. I am told that the interest rate is more than what is being offered by the Post Office. West Bengal Government will not touch the money. It will remain in the bank. The Bank will transfer the money with full interest in your account when the term ends. There will be some registered agents who will help in paper-works and will get 1% commission from the Government. But please do not hand the deposit money to them. You need to deposit your money directly to the Bank.
Your money will be safe. Please remember that white money is much more precious than black money. We set the higher limit of permissible deposit amount at Rs 25000 because it will not be taxable. I request all who are present here to spread the words in your locality and prevent people from investing in chit funds. Secure your future. This scheme will be a model all over the country.
