Chit fund scam: After 'relief fund', Mamata announces 'social security scheme'

With its back against the wall following the Saradha chit fund scam, the West Bengal government has now announced a ‘social security scheme’ where people can invest safely and with guarantee of ‘proper returns’. Mamata Banerjee had recently also announced a ‘relief fund’ worth Rs 500 core to  pay back investors and agents who are in the docks following the Saradha chit fund meltdown. [caption id=“attachment_765661” align=“alignleft” width=“380”]  Mamata Banerjee. Agencies.[/caption] However, when doubts were raised about the government’s resources which didn’t seem strong enough to support a relief fund, Banerjee came up with solution that stunned many - she decided to increase the tax on cigarettes and help raise the fund. While eyebrows were raised over that one, even government officials seem clueless about the specifications of the new ‘social security scheme’. And like most other schemes Mamata Banerjee announces, the chief minister herself seems quite clueless about her scheme. The Telegraph quotes Banerjee as saying:

“We are thinking about running a scheme where people will keep the money with the government, and it will be safe, where they can get proper returns. People will not be duped because the government does not cheat people. When a government takes responsibility, people consider that they are safe. People have faith in the government.”

However, senior officers in the finance department told reporters that the scheme might be on the lines of a recurring deposit scheme. Suggestions about how it could be better will be invited over online forums that the government has. Read the complete The Telegraph story here.