Industry & Economy
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Small Savings
Industry & Economy
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Economy
Gross small savings collections up
K.R. Srivats
New Delhi
,
March 23
Gross small savings collections went up by 17.87 per cent during the first nine months of the current fiscal to touch Rs 1,48,183 crore, compared to Rs 1,25,722 crore during the corresponding previous period. This figure does not include the collections under the deposit scheme for retiring employees.
Official sources said that the net collections for the period under review stood at Rs 62,040 crore (Rs 67,773 crore).
The entire net collections are transferred to the State and Union Territory (with legislature) Governments as investments of the National Small Savings Fund (NSSF) in special securities issued by the respective Governments.
Operative from April 1, 1999 the NSSF was created in the Public Account of India to manage transactions under small savings schemes.
Sources said that Rs 72,473 crore has been transferred as share of net small savings collections to the States and Union Territories up to January 31, against Rs 74,318 crore during the corresponding previous period.
Effective May 13 last year, small savings schemes are available for investment by individuals only.
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