Union labour minister Sahib Singh Varma has told finance minister Jaswant Singh that he was ready to comply with the demand to cut the interest rate on Employees Provident Fund (EPF) if the government agreed to bridge any shortfall on interest payments on EPF deposits in the future.
Varma raised this issue at a meeting with Singh on Thursday. The finance minister is reported to have said he would be able to take a decision only after taking the Reserve Bank of India
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