Letter to PM for withdrawal of FRDI Bill 2017

FRDI Bill 2017 which is expected to take away whatever little is available to the Sr. Citizens from the interest income of deposits in the Banks for their survival. ...

अतिथि लेखक

letter to PM for withdrawal of FRDI Bill 2017

To

 

Shri Narendra  Modi Ji,                                                                                                                                                                        Prime Minister of India,                                                                                                                                                                  South Block, Raisina Hill,                                                                                                                                                                      New Delhi - 110011.

 

Sub: Earnest appeal to help survival of Elders/ Sr Citizens financially by outright withdrawal of Clause 52 of The Financial Resolution And Deposit Insurance Bill, 2017 (FRDI Bill 2017) and implementation of our demands.

Hon’ble Prime Minister Shri Narendra Modi Ji,

I would like to draw your kind attention to many of our letters and proposals to you and the Hon’ble Minister of Finance for providing financial protection and security in terms of return on investment schemes for Sr. and super Sr. Citizens as a sort of Social Security for those who had contributed to the nation and to the company in the initial stages of establishment of the plants. In fact, earlier we approached you when the Govt decided to go for drastic cut in the interest on deposits for Sr. Citizens like Sr. Citizens Savings Scheme, MIS and PPF etc. and reduction in the rates of interests on deposits in banks and post offices.

In view of your letter addressed to Elders, sometime in early 2015 and your speech thereafter inspired us and gave us some confidence and hope that there is someone who cares for Senior Citizens. We felt once again encouraged to reiterate our demand from the Govt. i.e. (i) 11% interest on deposits, esp. meant for Sr. Citizens who are without pension, (ii) with provision for tax free exemption for income up to Rs. 6 lakhs, (iii) regular revision against the price rise of essential commodities as done for Govt pensioners.

But what actually has come about is the FRDI Bill 2017 which is expected to take away whatever little is available to the Sr. Citizens from the interest income of deposits in the Banks for their survival. The return from these deposits help the Retirees from non-pensionable employment to substitute for the pension or a guaranteed income for day to day survival. We all feel seriously scared that with the adoption and implementation of the FRDI Bill the provisions of Clause 52 will end up with ‘confiscation’ of deposits beyond Rs. One Lakh which is covered by an age-old deposit insurance policy by Resolution Corporation or some other authority. Issuance of equity or any other instrument which does not get the citizens a monthly income for their day to day existence will only worsen further the already wretched and unprotected condition of the Sr Citizens/ Retirees.

Clarifications provided by the Govt press release and the speeches of the Hon’ble Finance Minister are not very re-assuring as everything in Bail-in process is clearly left to be decided by the Resolution Corporation. This, in turn, will lead to uncertainties in day to day life and also may result in sickness of mind and body of individuals. As it stands, the Sr. Citizens are being made to suffer for no fault of theirs but simply because of incompetence and improper functioning of the Banks and the Individuals & Enterprises which caused creation of huge NPAs.

In view of the above, esp the assurances made in the Press Release and repeatedly by the Hon’ble Finance Minister I humbly appeal to you on behalf of over 1.20 lakh SAIL Retirees and a few millions from other undertakings to kindly go for outright withdrawal of Clause 52 of the Bill to ensure continuity of remaining part of the Sr. Citizens life without socio-economic turbulence and turmoil.

Considering the cost of living going upwards due to ever rising prices of essential commodities, we further appeal to you to kindly look into our old demand in para 2 above and implement the improved version to meet our minimum needs at the earliest.

With regards,   

Yours faithfully,

For & on behalf of the Federation of Retired SAIL Employees’

(V N Sharma)

 Chairman

Copy by e-mail to: Union Minister for Finance, New Delhi.

 

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