Congress demands rollback of lowered PF interest rate, ceiling on deposits

New Delhi, Dec 20 : The Congress on Monday termed the Narendra Modi government's decision to lower interest rate on Employee Provident Fund deposits from 8.8 per cent to 8.65 per cent and also putting a ceiling of Rs 5,000 on deposit of old notes, a "dual surgical strike" on employees and the common man and demanded a rollback of both decisions.

"We condemn the move of Modi government on both these counts and demand a rollback of the decision to reduce interest rates on EPF... it should be restored to 8.8 per cent in the interest of ordinary labourer, small and ordinary employees and the industrial work force of this country," said Congress spokesman Randeep Singh Surjewala.

"We also demand that the promise made to the nation by the Prime Minister Narendra Modi and Finance Minister Arun Jaitley be kept and no ceiling can be imposed on deposit of old currency by the government," he added.

The Congress further said that both these decisions are anti-people, anti-poor, anti-farmer, anti-pensioners, anti-old people, anti-housewives and should be withdrawn.

"Modi government has conducted a dual surgical strike on the employees, on the industrial work force and labour on one hand and common persons of the country on the other," said Surjewala. 

"Even for depositing Rs 5,000, banks have been converted into police stations which will conduct an inquiry about source of money against the ordinary people coming to deposit their money in their accounts," he added.