News

Volume 6 Issue 7 - September 15, 2009

Banks sit on 10,000 crores meant for disability

D.N.I.S. News Network, India: Paying no heed to a 2004 Supreme Court order directing banks to utilize the money collected by rounding up interest tax collections since 1993 for implementation of the Disability Act of 1995, banks continue to pocket Rs. 724 crores annually bringing the figure to a whopping Rs. 10,000 crores.

This was revealed in a P.I.L. filed in the Supreme Court. The P.I.L also said that except for starting a scholarship scheme for disabled students with a maximum expenditure of Rs. 1 crore every year, nothing further has been done.

Colin Gonsalves, advocate for the petitioner said that if this fund is utilized, the implementation of Disability Act would not need State funding.

The Supreme Court in its 2004 directive had asked to set up a Trust headed by Comptroller and Auditor General (C.A.G.) and the Union of India, banks and other financial institutions to contribute Rs. 50 lakhs each annually towards this Trust.