Financial Daily
from THE HINDU group of publications
Friday, August 10, 2001
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Financial Daily from THE HINDU group of publications Friday, August 10, 2001 |
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US-64 issue
S. Srinivasan, Chennai
Despite one scam after another shocking the economy, no lessons seem to have been learnt. In the light of UTI debacle -- the redemption crisis faced by US-64 scheme -- it is suggested that the Government should come out with some regulations prohibiting
the deployment of money deposited with a PF Trust in equity.
It seems it may be safer to park funds in some large residuary non-banking finance companies under the RBI, such as Peerless General Finance, etc., where decent returns without fear of maturity refund is assured. If public money is diverted to speculativ
e avenues, PF Trusts will also meet the same fate as that of Unit Trust, thereby making mockery of the term `Trust'.
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