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Thursday, May 09, 2002

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Rs 100 cr sunk for seamen in gilts scam

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ABOUT Rs 100 crore of seamen's provident fund has become the latest casualty of the gilts scam.

The provident funds of seamen are covered by the Seamen's Provident Fund Commission Act, 1966. Out of a corpus of around Rs 400 crore, about Rs 300 crore are invested in special deposits and Government of India securities.

The balance Rs 100 crore is understood to have been given to a broker for making investments in Government authorised securities who disappeared without handing over possession of securities to the commissioner, Government sources said.

The seamen's provident fund corpus is made of contributions in equal proportions from the employer and the seamen.

Using a broker for making investments is specifically prohibited as per the rules notified by the Government for the operation of the Seamen's provident fund.

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Rs 100 cr sunk for seamen in gilts scam

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