(a) whether it is a fact that the funds mobilised through
small savings and Public Provident Fund have risen by 17%
during the last three years;
(b) if so, the details thereof; and
(c) the additional profit likely to be earned in a year due to the reduction in interest rate on small savings
and PPF ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
SHRI BALASAHEB VIKHE PATIL
(a) & (b) The increase in gross collections was approximately
36% during 1997-98, 20% during 1998-99 and 23% during 1999-2000
( upto February, 2000) over the corresponding periods of the
previous years. Figures pertaining to 1999-2000 are provisional.
(c) Any savings on account of reduction in rate of interest
to the subscribers would be countered to some extent by a
reduction in the interest receipts on account of transfers
of net collections to State / Union Territory Governments,
due to the concomitant decision to reduce the interest rate
on these transfers also by 1%.