Respected Prime Minister Shri Narendra Modi ji/Shri Arun Jaitely ji,
First of all I extend my sincere thanks in anticipation that you will spare a few minutes of your valuable time to read and take suitable action in the matter.
I am a senior citizen and on 01.08.2012, I put Rs 40 lakhs in a nationalized Bank for 5 years. I was being paid an amount of Rs. 35,352/- every month (of course subject to income tax) enabling me to lead a worry free life financially. Now on maturity I have reinvested the amount in the same Bank and I will be paid Rs. 26,489/-; a shortfall of Rs. 8863/- i.e. 25% over the previous return, per month. Can you please advise me from where I should make good the loss or sacrifice consumption of medicines or atta or dals or vegetables or fruit or milk or what?
Practically your government after taking over in 2014 has done nothing for senior citizens. No additional facilities extended but withdrawal of what existed in 2014. No commodity or provision item is available at the price of 2014. Yes you have been able to bring down the figures of inflation and indices but not the actual prices. Every off and on the prices of some essential daily use items go rocket high like dals, chana/besan, salt, onion and now the tomatoes. At that time we cannot even dare see those items.
I know you have political and the theoretical replies for these issues like interest on deposits and advances in banks depend on demand and supply. The prices of daily use items vary with seasons being agricultural products. But the straight upward shoot of prices cannot be justified by these reasons. If the government wants to provide cheaper credits to the trades and industries, it should not be at the cost of depositors. Banks are sitting over volcanoes of NPAs and all good money is being diverted for bad money.
But is it not the duty of the government to enable the senior citizens to lead a respectable life who have spent their golden years in serving various organizations and finally the nation? Government cannot see the other way. I am at a loss to understand from where this deficit of 25% be met. Is any of the minister/MP/MLA is ready to cut his salary and allowances by this percentage? If not, then why the public especially the senior citizens?
Perhaps it is because that, like you, we do not have the power to fix our own salaries, allowances and perqs and getting everything for full year, for sessions of total of 3 months and that too attending sessions at their sweet will. When the matter of increasing your salaries comes, you pass the same just in 2 minutes with no discussion, with all heads together be it from ruling or opposition benches. For this increase, you totally over look the cost to the exchequer, deficit, economics and any other factor.
The government had started a scheme for deposits of senior citizens and the rate was 9.20% but In July, 14 it was reduced to 8.3%; the amount limited to Rs 15 lakhs. This is totally unjustified. The rate should be a minimum of 12% and the amount limit should be equal to what a person gets as terminal benefits. The government should ensure financial respectability to the senior citizens to walk with their heads straight.
I am sure you will understand the plight of the people whose good part of expenses comes from the interest of their savings of life time.
Sorry if I have offended you in any way.
Thanks and Regards
D P Bhateja, ex-GM, Bank Of India
2246, Sector 48C, Chandigarh
August 23, 2017 at 1:36 pm
I understand your stance about the Executive and Governance being too dependent on the taxpayer but I take exception to your demand for a minimum of 12% interest for senior citizens. Here’s why.
1. The reason for the cap on the amount invested is because we as a country are a nation of scoundrels with millions of rich folks investing their money in the name of senior citizens to get a higher rate of interest.
2. We as a nation of scoundrels (read also as the likes of Gautam Singhania, don’t take care of our elderly – me included)
3. India can never become a welfare state because welfare is abused by us scoundrels because the only thing we can think of is how we can exploit every single loophole in the system to profiteer from it.
4. We the people of India do not deserve benefits because we are corrupt, unscrupulous and without a shred of moral fibre or integrity.
But before I go about bashing the citizens of India any further, I would like to ask you this:
You retired from Bank of India as General Manager – but you only state the income that you receive from your investments but not your pension. Could you, for the benefit of all those who are blindly forwarding your open letter to each other, thinking they’re doing a good deed, tell us how much you receive as pension (along with some evidence)?
September 23, 2017 at 7:37 pm
Dear Mr. Karthik… Let me tell you, your Reply stinks. (a) The letter is addressed to PM and FM. (b) you go around callung everybody a scoundrel. Wherein the content of your mail makes me believe you are a FIRST CLASS FIRST….(c) your frustration stems from the fact the way your son is treating you.
Mr. Bhateja has put some very valid point. PM/ FM have a lot of answers to give. Failure od demonetization, very high prices, high GST RATES killing many industries, No SOPS for middle class, Billions of dollars of farm waivers for political mileage, Millions of burnt dollars cause of back end support to Baba’s like Gurmeet, worsening levels of unemployment, myopic political sight by not bringing Petrol and alcohol under GST, Bullet train , low FDI……what are you defending.
You may have been a corrupt govr guy but probably Mr. Bhateja comes with a impeccably clean background of a non-corrupt banker. So he feels the pinch and he has a right to write to the PM/ FM and that too without the Value-added comments and intervention of a Indian Scoundrel. Mind you in your mail above u called Indians scoundrels many times over.
I AM THE PROUD SON OF A HIGHLY RESPECTED CLEAN BANK OF INDIA EMPLOYEE JL KAPOOR.
Now i bet you are going to envy this too cause your son may just be ashamed of you.
December 5, 2017 at 9:48 am
I understand the first four points but may not agree. Govt has machinery , regulations and framework to control the so called scoundrels. Now Govt is checking the source of the funds they can easily check if the deposits do belong to the particular Sr Citizen.Now that all our various identities are linked , Govt can check the deposits. Due to the inefficiency of Govt the seniors should not be put to trouble. Govt should come out with a regulation and keep check the use/misuse of it. You have asked the pension amount of Shri Bhatejaji. He may get pension. But what about the people like me who retire from a private organization with NO pension. Investments in MFs and equities is risky. We Seniors look for regular income.Please suggest.
December 19, 2017 at 5:57 pm
Really sad how the country that claims to worship Ramji and maata ji cares not for parents or women The ambition and greed to become head of State is all one cares for to politically enjoy the benefits. The other scoundrels are NRIs who are clueless and support anyone they wish to bring to power for their own purpose while not living in the country.
March 6, 2020 at 11:28 pm
This topic has received scant regard by the Govt and indeed Pensioners have been worst hit.All Pensioners take pride -read Self Respect on Financial self Support and we in India have 33% Senior Citizens. PPF and Senior Citizen Savings are the only saving grace against unpredictable markets and this was also cut heavily in interest and terms. Overall India sees Business and Elite only gaining but Salaried class pensioners Go down steadily .
Pl take note this scene is even more valid in 2020