CR Bhattacharjee, Kolkata
The decision of the trustees of the Employees Provident Fund (EPF) to keep the interest rate at 8.5% per annum (EPF interest to stay 8.5% for FY07, July 24) is imprudent. As a fallout, EPF will have to rely heavily on its reserves, due to a deficit of Rs 450 crore. This would force subscribers to depend on the provisions of the new pension scheme. The realistic method should have been to reduce the interest rate, and let it be determined by the market. Besides, the EPF should invest 5% of its corpus in the stock market so as to diversify its investments and obtain better returns.
RN Lakhotia, New Delhi
The US recognising India as a transforming country (US slashes aid to India by 35%, July 25) should be welcomed. It is a signal the US has sent that India is on course to achieving developed country status, just as APJ Abdul Kalam leaves office.
Jacob Sahayam, Thiruvananthpuram