Interest rate for PPF is cut to 8.7% from 8.8% while the same for SCSS would be 9.2% from 9.3%. The new rates would be applicable from 1st April
The Reserve Bank of India (RBI) has notified new reduced interest rates for public provident fund (PPF) and senior citizen savings scheme (SCSS) that would be applicable from 1st April. These rates are 0.1% lower than the prevailing rates.
Accordingly, the interest rate for PPF is cut by 10 basis points to 8.7% from 8.8% while the same for SCSS would be 9.2% from 9.3%, the central bank said in a notification.
This follows the government’s memorandum on 25th March, which advised rate of interest on various small savings schemes for the financial year 2013-14.
From April onwards millions of small savers and PPF account holders will earn less on their post office savings schemes.
However, the government has not changed rates on savings on deposit schemes and on fixed deposit of up to one year run by post offices at 4% and 8.2% respectively. In addition, post office monthly income schemes (MIS) of five year maturity will earn an interest of 8.4%.
However, the national savings certificates (NSC) having maturity of five and 10 years will attract 8.5% and 8.8% interest respectively, down 0.10% each.
Automobile companies are offering discounts and low interest rate schemes to increase sales volumes but growth remains very weak
Customer footfalls and conversion rates have remained quite low in the Indian automobile industry. Although automakers are offering discounts and low interest rate schemes to increase sales volumes, overall growth remains very weak, says Nomura Equity Research.
Nomura says it believes that Maruti Suzuki India Ltd (MSIL) will continue to outperform industry growth, led by a strong order book for its Swift and D’zire models and strong distribution network in rural India where demand is still good. Overall, it is expected that MSIL’s domestic car volumes may decline by around 13% in March 2013 compared to a 22%-24% decline expected for the industry. MSIL’s market share will remain around 50% in this month, as well.
According to Nomura research, volumes in the medium and heavy commercial vehicles (MHCV) segment are likely to decline by 30% and two-wheeler volumes are likely to decline by around 2% year-on-year during March 2013.
While retail demand remains weak across segments, year-on-year growth in sales volumes this month could also be impacted by the high base of last year due to pre-buying ahead of an expectation of increase in excise duty. Thus, there could be negative surprises, it said.
In the two-wheeler segment, it is expected that industry volumes are likely to decline by around 2% year-on-year. Volume growth at Honda Motorcycles should be around 8%, as per Nomura’s estimates. Bajaj Auto and Hero MotoCorp are likely to see 10% and 3% declines in domestic volumes, respectively.
Nomura expects Tata Motors and Ashok Leyland’s sales volumes in the MHCV segment to decline by 35% and 25%, respectively. Even volumes of Eicher will be weak and decline by around 20% year-on-year.
For Mahindra & Mahindra (M&M), it is expected that there will be 16% volume growth in the utility vehicles (UV) segment led by its Quanto model. Recovery in the tractor industry might take some more time and expect a 5% volume decline for the company in this segment in March 2013.
“We reiterate our preference for companies where there is visibility of earnings growth and valuations are reasonable relative to historical averages. MSIL and M&M remain our top picks in the sector,” Nomura added.
Justice (retd) M Katju's wants Sanjay Dutt pardoned. So, why not pardon all those below the age of 35 and above the age of 50 at the time of committing a crime, if they are not terrorists, requests former Central Information Commissioner Shailesh Gandhi, in an open letter to the President
Here is an open letter written by Shailesh Gandhi, former Central Information Commissioner, to Pranab Mukherjee, president about the ‘pardon for Sanjay Dutt’ episode that is being played continuously in the media by the Press Council chairman and few MPs and celebrities…
Dear Mr President,
I understand that worthy Members of Parliament (MPs) have sent petitions to you to use your powers of pardon under Article 72 of the Constitution. This plea is also reported to have been made by the Chairman of the Press Council of India (PCI), which is a statutory authority, and Ministers. The framers of the Constitution gave the President unfettered power to pardon any convict, without any reasons. It is also true that the Constitution did not specify who could ask for pardon.
However, Shri Markandey Katju, a former judge of the Supreme Court, and chairman of PCI would not ask for pardon without any reasons. He is reported to have stated that since Mr Sanjay Dutt was not convicted under TADA, he was not a terrorist. Besides, he has stated that since the trial has taken 20 years, and Mr Dutt was less than 40 years of age at that time, he should be pardoned. To maintain consistency, he has also stated that Smt. Zaibunisa should also be pardoned since she is over 70. Though Mr Dutt has in a dignified and logical manner stated that he is not seeking pardon, this mounting cacophony from lawyers, MPs and the head of an important statutory authority may lead you to consider using your powers to pardon.
Considering the impressive voices asking you to show mercy, you may be tempted by Portia’s lines:
“The quality of mercy is not strain'd,
It droppeth as the gentle rain from heaven
Upon the place beneath. It is twice blest:
It blesseth him that gives and him that takes….
It is enthroned in the hearts of kings,
It is an attribute to God himself; ”
to consider being blessed by showing mercy after some months.
The constant repetition to you to show mercy and gain the attributes of God may continue for months. Since I too was a statutory authority a few months ago, I would like to add my advice to this. The fact that our Courts take decades to decide cases finally is well known. Everyone, including the Courts has convinced themselves that this can only deteriorate.
If you use the power of pardon this time, consider using it in a logical manner, which should not result in allegations of partisanship. By the logic given by Justice Katju, cases in Courts can take fifteen to twenty years, and humanitarian grounds demand that senior citizens should not be able to suffer in prison. On the other hand, people below 35 can make mistakes due to lack of maturity.
Taking this together, and to maintain consistency of action, I plead with you to consider recommending that all below the age of 35 and above the age of 50 at the time of committing a crime should be automatically pardoned under Article 72 of the Constitution, if they are not terrorists. It would look bad if you pardoned terrorists.
There are no conditions in the Constitution when the President can use this power, and I believe if you use it in the manner suggested above, it will also reduce the burden on the judicial system. You could consider this act to be in larger public interest.
The reduction of cases in the Courts, will lead to establishing the rule of law in our Nation, and Citizens will not have to complain any longer that ‘Justice delayed is Justice Denied.’
You may then find justification in using the power of pardon under Article 72 in a Historic manner.
Former Central Information Commissioner