§ SIR W. JOYNSON-HICKSasked the Secretary of State for India whether the Government of India compel the majority of their Civil servants and a great number of their subordinates and clerks to subscribe a percentage of their salary each month to the general provident fund and only allow 4 per cent, compound interest on all deposits, whereas they have to pay 5½ per cent, interest on money raised in the open market; and whether the Government of India intend to revise this rate of interest, with retrospective effect, so that the rates to be allowed will not be less than ½ per cent, in excess of the rates at which the Government were in a position to raise rupee Loans?
§ Mr. MONTAGUI am in communication with the Government of India on the subject, and have requested them to propose a rate of interest on Fund deposits more in accord with the prevailing market rate.