Small savings getting smaller

Responding to a question in Parliament last week, the finance ministry pointed out that net small savings fell in FY12 to just R650 crore from a far more robust R58,650 crore in FY11. The trend has only worsened this year with the government actually paying more than it mopped up—net savings were a minus R1,920 crore in Q1FY13 though the gross number was R51,600 crore.

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