NEW DELHI, Mar 12:
Finance Ministry’s new investment pattern to invest non-government provident fund in the equity market today came in for sharp criticism in Rajya Sabha, with a CPI-M member equating it with “gambling”.
“The Government has no authority to change the investment pattern. It does not have the right to decide,” Tapan Kumar Sen (CPI-M) said during Zero Hour.
The move would be detrimental to the workers’ interest as it would lead to “speculation and gambling” with their hard- earned money, he said.
“This must stop. The Government must restore the investment pattern,” the CPI(M) member said.
Finance Ministry had on March 1 notified a new investment pattern for non-government provident fund, superannuation fund and gratuity fund, prescribing investment of 5-15 per cent of investible funds in equity and equity-related instruments.
The investment pattern was last revised in August 2008 and made effective from April 1, 2009.
“It is a sad decision which is going to endanger the lives of the pensioners,” Sen added.
He also said that the Central Board of Trustees has rejected the proposal at its meeting held last evening. (PTI)
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