Finance Ministry s April Fool s Day gaffe: PPF rate cut order withdrawn after criticism
The step sparked outrage and may have put the ruling BJP in jeopardy in the ongoing assembly elections, prompting the government to act quickly to mitigate the damage.
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Facing sharp criticism, the Central government has decided to reverse the drastic cuts to small savings schemes. The Union Finance Ministry announced sharp cuts in interest rates on small savings schemes for the quarter beginning April 1 in an order issued Wednesday evening.
The reduction was as much as 90 basis points for certain schemes. The step sparked outrage and may have put the ruling BJP in jeopardy in the ongoing assembly elections, prompting the government to act quickly to mitigate the damage.
Panvel: Four, accused of duping multiple banks, arrested with fake documents worth crores
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Panvel City police arrested four persons for allegedly cheating banks by producing fake Kisan Vikas Patra (KVP) and National Saving Certificates (NSC) papers. They were arrested when they had come to produce fake papers at a private bank in Panvel. Police also recovered around Rs 6 crores fake documents from them.
Police said that an assistant postmaster is also involved in the racket who provided the details about the KVP and NSC.
The Panvel City police received a tip-off that four persons were coming to a private bank in Panvel to produce fake government papers to take a loan. The police laid a trap and when they came over there, they were taken into custody. Following interrogation, the police came to know that they had already cheated several banks.