The Union Finance Minister Sri Arun Jaitley is requested to fulfill our (senior citizens’) following wish list positively in his next general budget due on 29 February. Firstly, all the nationalised, cooperative and the other private banks must offer zero balance facility to the savings account holders, at least, to the senior citizens. My wife is a senior citizen (age 63) having a savings account with the ICICI Bank, wherein minimum balance to be kept is Rs. 5,000/-. We, the senior citizens also have a joint savings account in a nationalised bank where we are compelled to keep minimum balance of Rs. 500/- and Rs. 1000/- in the other nationalised bank. Again, we both senior citizens have a savings account in a cooperative bank where we have to keep minimum balance of Rs. 1000/-. We both are not earning a regular monthly income. Nor we are ‘Lakhpati’ and consequently, in these days of nearly hyper food inflation we cannot withdraw even a single rupee from our own hard earned savings lying with the banks even in case of small or big emergencies. Thus, we become helpless and have to borrow even a small amount from our neighbour, relative or friend against our desire. In such situations of small emergencies we feel embarrassed due to self respect. Such conditions force many people to take extreme steps, including suicide. Secondly, the annual income of Rs. 4,00,000/- (four lakhs) should be tax free, again, at least for senior citizens. And in general, it will be highly beneficial to follow the smart, pro-nation as well as pro-people ‘Chanakya Neeti’ which has taught us many years ago, “Minimum taxes fetch maximum revenues to the government.” Consequently, there will be no corruption.
Hansraj Bhat
(The views expressed by the author in the article are his/her own.)
