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THE UNO has declared 1999 as the “Year of the Aged”. The Government of India, except for the formation of a council at the national level, has done nothing for the senior citizens during the year. Since the Finance Bill, 1999, is yet to be passed by Parliament, the least that the Union Finance Minister can do for the senior citizens, particularly the pensioners, is to grant them the following concessions:

Interest on term deposits should be allowed at least 3% higher than the normal rates paid by the public sector banks and the existing limit of exemption under Section 80L should be raised from Rs 12,000 to Rs 20,000.

Standard deduction should be allowed at the existing rate of 331/3% subject to a limit of 30,000/- in all cases.

Housing and Budget

The Finance Bill, 1999, provides for increased deduction to the extent of Rs 75,000 in respect of loan for self-occupied house property. This is really a very good provision which will result in development of the housing sector. However, for availing this benefit there is also a condition that the loan should be taken only after 1st April, 1999, and that the house should be completed by 31st March, 2001.

May I suggest through the esteemed columns of your paper that the government should bring relaxation in these provisions and to achieve better results the interest should be allowed as a deduction even in respect of loans taken prior to April 1, 1999. Similarly the last date by which the house should be completed should be enhanced to March 31, 2003, specially because in the cooperative societies and others due to various initial problems it may not be possible even with best intentions to construct the house property by March 31, 2001.

I am sure the Finance Minister would consider the proposed amendment in the interest of development of the housing sector.

SUBHASH LAKHOTIA
New Delhi

Mr M.R. Pai, in his letter (March 15), has suggested that following steps be taken to clean up the banking industry:-

Such extreme views can be expressed only by a person with a peculiar bent of mind. It so appears that Mr Pai has developed certain pre-notions against bank employees. But the bankers are wise enough not to counteract conflicting thoughts arising out of an inflicted mind. We wish Mr Pai, instead of whipping bank employees, should have penned a few lines to educate the haughty depositors seeking undue concessions from the banks and belligerent borrowers constantly flouting repayment discipline. This will definitely raise his image as President of Depositors Association.

People are being killed ruthlessly in Bihar by the votaries of some political and communal parties with vested interests. The so-called division of society i.e. the high-class Hindus and dalits, is the main cause of this lawlessness. The economic division of society in haves and havenots has also added fuel to the fire. To say the truth even the people at the helm of affairs and responsible for giving good governance have also not escaped this infection. The governments at the provincial and central levels should be above board to deal with these dreadful dragons. All human beings are equal and the man-made division of dalits and high class people is a slur on the fair name of society and the much talked about secularism in India. Unless the administrators pull themselves out of this marsh, things cannot improve. The BJP, the RJD and all other parties should be up in arms unitedly to crush these venomous serpents of society. They may be naxalites, soldiers of private senas or mercenaries. All need to be dealt with a heavy hand.

	M A I L B A G	Saturday, March 27, 1999
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