Revise the decision
The recent decision of 10% cut from any fixed deposit or sanchay patra with retrospective effect appears to be irrational. These who went for fixed deposit earlier then July entered into a kind of financial contract with the government that they would get certain percent of interest if they deposit such amount of money. But the sudden decision of the government of reducing the interest on money deposited earlier than July 2010 amounts to a breach of contract.
The government has full authority to take decisions and impose it considering the overall financial scenario of the country but that cannot be or should not be given retrospective effect. This decision adversely affects the position of the pension holders and small savers who survive on the interest of their hard earned money. The decision of cut will also badly affect the saving tendency of the people. The country is not under any financial emergency that the cut of interest should be mandatory.
Considering the points raised above I would request the decision makers to revise or modify the decision and show respect to the genuine demands of the people.
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