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Govt bars new investment in SDS

NEW DELHI MAY 2. The Centre today barred any new investment in the Special Deposit Scheme (SDS), in which the Employees Provident Fund Organisation invests over 80 per cent of its funds, from July.

"The Government has decided that no new investment in the SDS shall be allowed after June 30,'' an official release said here.

The accretion in the corpus of the scheme on account of interest should be invested as per the new investment pattern, it said.

Refund would be allowed before the repayment was due in the case of winding up of related establishments followed by the disposal and realisation of the fund's investment for settlement of claims on the fund by employees, it said.

SDS in such form would be extended till the time the Centre may notify and the Government may make repayment of the outstanding balance under the scheme through the issue of dated securities to the subscribers, it said. — PTI

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