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7.75% earning savings scheme will replace 8% GoI bonds

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New Delhi, Jan 4 (IANS) Closing its popular GOI Savings Bonds scheme earning 8 per cent interest per annum, the government on Thursday replaced it by another with a lower 7.75 per cent rate of interest.

The new scheme will commence from January 10, a Finance Ministry statement said here.

“The government has announced to launch 7.75 per cent Savings (Taxable) Bonds, 2018, commencing from January 10, to enable resident citizens/HUF (Hindu Undivided Families) to invest in a taxable bond without any monetary ceiling,” it said.

These bonds will be available in denominations of Rs 1,000 each and will only be issued in the “Bond Ledger Account” demat form.

The interest received from these bonds is taxable at the marginal rate of income tax the investor is liable for.

On Monday, the government had announced that the GOI Savings Bonds, 2003 will cease subscription from the close of banking business Tuesday.

However, Economic Affairs Secretary S.C. Garg said on Tuesday that the 8 per cent Savings Bonds Scheme, was not being closed, but only being replaced by the 7.75 per cent Savings Bonds Scheme.

Earlier this week, former Finance Minister P. Chidambaram criticised the Narendra Modi government on this account, saying: “GoI 8 per cent taxable bonds have been the safe harbour of the middle class, especially retirees and senior citizens, since 2003. Government has taken away their only safety net.”

These became a preferred choice for investors seeking fixed income like senior citizens and pensioners after the government cut interest rates on fixed deposits and small savings schemes like the post office monthly income scheme and public provident fund (PPF) to below eight per cent in April 2016.

Last week, the government cut the interest rates on small saving schemes, including National Savings Certificates (NSCs), Public Provident Fund (PPF) and Kisan Vikas Patra (KVP) by 0.2 percentage point for the fourth quarter of the fiscal (January-March).

The PPF and NSCs earn 7.6 per cent interest from January 1, while KVPs earn even less (7.3 per cent).

The interest on the Senior Citizen’s Savings Scheme of five-year period has, however, been retained at 8.3 per cent.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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