Kolkata: West Bengal Chief Minister Mamata Banerjee announced today that her government will set up a Rs.500 crore relief fund for compensating depositors who have lost money by investing in chit funds run by the Saradha Group.
Ms Banerjee also announced the imposition of 10 percent tax on cigarettes to provide money for the fund. "We are setting up a Rs.500 crore relief fund for small and medium depositors who have lost their money. This will help the common people who are now in distress," she told reporters at the state secretariat Writers' Buildings.
"To raise the fund, we will impose 10 percent tax on cigarettes. This will get us around Rs.150 core. We will tap other sources to get the rest of the amount," she said.
Ms Banerjee said the money from the fund will be paid to the depositors on the basis of recommendations of the high-powered commission set up by her government.
The notification for the commission, headed by retired Calcutta High Court judge Shyamal Sen, was issued during the day.
Ms Banerjee also announced the imposition of 10 percent tax on cigarettes to provide money for the fund. "We are setting up a Rs.500 crore relief fund for small and medium depositors who have lost their money. This will help the common people who are now in distress," she told reporters at the state secretariat Writers' Buildings.
"To raise the fund, we will impose 10 percent tax on cigarettes. This will get us around Rs.150 core. We will tap other sources to get the rest of the amount," she said.
The notification for the commission, headed by retired Calcutta High Court judge Shyamal Sen, was issued during the day.
Advertisement
COMMENTS
Advertisement
Monsoon Special: 2 Ways To Make Kolkata-Style Fish Fry For A Rainy Evening Watch: Gautam Gambhir's Farewell Note To KKR Has A Special Team India Connection "God-Sent For Me": Bengal Governor On Court's Order On Mamata Banerjee World's Largest Isolated Tribe Makes Rare Appearance In New Footage 2 Passengers Die As Chandigarh-Dibrugarh Express Derails In UP Puja Khedkar's Mother Was Hiding At Lodge With Cab Driver, Used Fake ID Malavika Mohanan's Pastel Saree Perfectly Matched Her Charming Elegance Chartered Accountancy Final Exam Schedule For November Session Out Earliest Evidence Of Biblical Scarlet Dye Found In Israel Desert Track Latest News Live on NDTV.com and get news updates from India and around the world.