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This has reference to the news item relating to the 22.5 per cent decline in small savings collections and the consequent negative net collections recorded during the period April 2007-January 2008.

 The dip in the collections is also attributable to the increased rate of returns offered by commercial banks and extension of Section 80-C income-tax benefits to long term deposits in commercial banks.

 It is partly due to the increased returns offered by mutual funds as a result of the then boom in the stock market. The collections are bound to go down further next year, also because of the liberal income-tax sops offered in the recent Budget.

P. E. Muthu Mumbai

Readers are invited to comment on the paper’s news stories and views. Letters can be sent by e-mail to bleditor@thehindu.co.in and should not exceed 200 words. Please include brief professional details.

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