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Reliance PF barb at govt

New Delhi, July 30: The CPM today accused the Centre of favouring Anil Ambani’s Reliance Capital by allowing it to handle the employees’ provident fund, saying the UPA was meeting the “cost” of the support for the trust vote.

“The reported late selection of Reliance Capital as one of the fund managers is an indication of the cost of support to this tainted government,” the CPM politburo said.

“By this decision, around 2,40,000 crore rupees in the corpus fund and another 30,000 crore rupees of the annual incremental fund will be literally gifted to the corporates.”

The government had yesterday announced that Reliance Capital, ICICI Prudential and HSBC would be allowed to manage the Rs 2.5 lakh crore provident fund corpus, breaking the monopoly of the State Bank of India.

The leadership of the Samajwadi Party, with whose support the UPA cleared the floor test, is close to Anil Ambani.

“While the companies can make profits, there is no guarantee of minimum returns to the workers. Thus the savings of workers over years of hard work can be wiped out through speculation,” the CPM said.

The Congress hit back, saying the government had taken “a calculated risk in the interests of the country”.

“What has happened is greater injection of flexibility to get higher returns. The Congress always stands for and looks for and seeks better and greater returns,” it said.

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