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The Minister of State for Finance Shri. Pawan Kumar Bansal in a written reply to Rajya Sabha, admitted that the gross collections under the Small Savings Schemes for the period April 2007 to January 2008 has declined by 22.5 percent as compared to the same period in the last financial year.
The gross collections for the first ten month period in this financial year stood at Rs.1,11,234 crore as compared to Rs.1,43,52 crore in the previous year.
Though the Government had raised the maximum ceiling limit of the deposits of M I S, it had not attracted the investors.
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