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Plea to cut rates on Seamens PF rejected

Our Bureau

MUMBAI, June 6

THE board of trustees of Seamens Provident Fund (SPF) has rejected a proposal to reduce the interest rates paid on the fund to 3.5 per cent from 9 per cent as a way to make up a part of the losses suffered by SPF in the government securities trading.

SPF suffered a loss of around Rs 100 crore in gilts trading and the case is being investigated.

According to sources, the proposal was made by the government nominee on the board.

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