Mamata promises scheme with 'decent & proper' returns to prevent Saradha re-run

Calcutta, May 8 (PTI): The West Bengal government will come out with a social security scheme where people can deposit money and get "decent and proper" returns, Chief Minister Mamata Banerjee said on Wednesday. "In view of the current chit fund fiasco where thousands of people are duped, the government is thinking of floating a social security scheme where people can safely deposit money and get decent and proper returns after a certain period of time," Mamata said. She said that the idea will be posted on the website of the finance department for getting opinion of the public. After getting public opinion on the scheme, the government would chalk out details and a piece of legislation would also have to be passed, she told reporters at the state secretariat here. Mamata said the name of the scheme would be decided later. She said that since people have faith in the government, it would help them deposit money in the proposed scheme and not go elsewhere like chit funds and get duped. The Chief Minister argued that the people had invested in dubious funds because of the falling interest rates in small savings schemes run by the government. "So they were flocking to these companies promising higher returns and getting cheated subsequently," she said. Recently, the West Bengal government had passed a law on chit funds, which has received the green signal from the Governor. She said Finance Minister Amit Mitra and the finance secretary had met both the Prime Minister and Home Minister for quick processing of the Bill in getting the Presidential assent.