PPF and other Saving Schemes interest rates cut, Modi Govt Continues to Hit Middle Class

Discussion in 'Off-Topic Discussion' started by kharb, Mar 1, 2018.

  1. kharb

    kharb Well-Known Member

    Aug 15, 2015
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    Modi Govt Anti Middle Class stand is hardening with each passing day and it is not leaving any chance to hit them financially. PPF and many other Govt schemes , where Middle Class put its money for its future is under Modi Govt Radar. It's advisers, who are unfamous for acting against middle class, has reduced interest rates on PPF, NSC, Sr Citizens Schemes. PPF interest rates is reduced to 7.6 against 7.8,lowest in recent history from this January. This has been done, when interest rates and Bond yields are hardening world over and Even SBI has increased retail deposits rates by 0.5% for terms beyond 2 years. Now Govt should not fool public that PPF was misused by HNI and Corporates as one can not deposit more than 1.5 lakh per year in PPF. Govt has already itroduced LTCG tax, by saying that it is helping HNI and Corporates, but if it was taxing them, why it did not give LTCG exemption upto 10 lakhs, which could have left middle class untouched. Why it did not exempt ELSS, which is used by only Salary Class. It seems Salary and Middle Class has lost its Voice under BJP rule and being completely ignored by Modi Govt . Middle Class itself has to blame itself for its plight under Modi Govt, Middle class is not raising its voice for its interest,inspite of having Huge Vote Share. It's should not allow its vote Bank for granted to any Govt which is acting against its core Interest . Modi Govt has taken various steps against middle class in 2018 itself ,few of them being LTCG tax, increase in cess on Income tax, removing exemption of income tax on medical expenses upto 15000 for salary class and reduction in interest rates of Govt Saving Schemes , when Bank deposits Intrest rates and Bond Yield are hardening etc .
    Last edited: Mar 3, 2018