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He said that the government has given another blow to the saving citizens, especially senior citizens, as it has closed 7.75 per cent of the RBI ponds.
Failing the government’s action, he demanded from the people that the RBI bond be immediately restored.
“After reducing interest rates in PPF and small savings instruments, the elimination of RBI bonds is another cruel blow,” he said on Twitter.
The former finance minister said, “All citizens should demand that the RBI bond should be restored immediately.”
Chidambaram said that the government did this once before January 2018.
“I protested sternly. The next day he reintroduced the bonds but reduced the interest rate from 8 percent to 7.75 percent,” he said.
He effectively said, after tax, the bond would only produce 4.4 percent. “He is now taken away. Why? I thwarted this action,” he said.
He said that each government is obliged to provide at least one safe risk-free investment option to its citizens and that “it was an RBI bond since 2003”.
The government has given another blow to the saving citizens, especially the senior citizens. It has closed 7.75 per cent of RBI bonds.
– P. Chidambaram (@PChidambaram_IN) 1590640666000
The government closed the 7.75 percent Savings (Taxable) Bond Scheme, 2018, issuing notification of termination of membership with effect from the closure of banking business on 28 May.
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