Wonders of wonders, Australia, a tion obsessed with cricket, is making news for all the wrong reasons. The latest ball tampering episode, where three of their senior players — Steven Smith, David Warner and Cameron Bancroft — were found guilty, is unfortute. This incident has once again marred the reputation of the gentleman’s game whose image was restored slowly after the ugly match-fixing incidents of the past. Australia has produced legends like Sir Dold Bradman, Richie Beud, Jeff Thompson and Waugh brothers, to me a few, who were gentleman on and off the field. But the current scerio has sullied the reputation of Team Australia.
Dr Ashim Chowdhury,
For Senior Citizens
The Union Fince Minister in the Budget for 2018-19 has increased investment limit in the Pradhan Mantri Vaya Vanda Yoja (PMVVY) through the Life Insurance Corporation (LIC) of India with eight per cent annual income yield to now Rs 15 lakh per individual senior citizen rather than earlier Rs 7.5 lakh per couple. But investment under this scheme is not exempted by Section 80-C of the Income Tax Act, while investments under the other pension plan, Jeevan Akshay-VI, is exempted under the Income Tax Act. The Central Board of Direct Taxes (CBDT) should provide benefits of tax exemption to investment in PMVVY also.
Broadly, there are two exclusive investment plans in government savings schemes for senior citizens with higher interest yield of eight per cent per annum, mely PMVVY and the Senior Citizens Savings Scheme (SCSS) through post offices with investment limit of Rs 15 lakh per individual. The Fince Ministry should club both these schemes by launching a new scheme through all branches of public sector banks and post offices with an investment limit of Rs 30 lakh per senior citizen, yielding eight per cent annual interest yield payable monthly. Investments already done under PMVVY and SCSS may be deducted from maximum investment limit under suggested new scheme through banks. Both PMVVY and SCSS may be discontinued for future. Such a unified scheme will be convenient for banking purposes also where interest will be auto-credited to bank accounts of investors usually in the same bank, rather than requiring electronic transfers inconvenient to even investors because interest credited under the SCSS plan goes to savings accounts opened in post offices rather than in the bank accounts of investing senior citizens.
Chandni Chowk, Delhi.