Congress defends decision on Reliance Capital
The Congress on Wednesday defended the decision to get new fund managers, including Reliance Capital, for the Employees Provident Fund claiming the proposal was pending since December 2004.
By PTI |
NEW DELHI: The Congress on Wednesday defended the decision to get new fund managers, including Reliance Capital, for the Employees Provident Fund claiming the proposal was pending since December 2004.
"The party favours maximum returns for those who have money in the EPF. Now, there would be greater flexibility in managing the funds for higher returns," said Congress spokesman Abhishek Singhvi.
Singhvi said there were limitations in the way money was invested earlier, now there would be more flexibility.
Asked if the "reform" became possible only after the Left withdrew support to the UPA government, the spokesman said, "to an extent it is true".
He however added that all aspects of the issue were looked into and only then a decision was taken.
Replying to charges that making Anil Ambani-led Reliance Capital as one of the fund managers was a "pay back" in lieu of the support extended by the Samajwadi Party to the UPA government during the July 22 trust vote, Singhvi said "Do you see it as a pay back?"
Earlier the CPI-M politburo had said that the selection of Reliance Capital as one of the fund managers is an indication of the cost of support to this tainted Government. "The proposal was lying since the end of 2004 and even then Reliance Capital was in the picture," Singhvi said. He indicated that the company got it on merit and the support of the SP to the Congress during the trust vote did not influence the decision.
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