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Thursday, October 02, 2008
CPM = Communist Party with Mutual Fund..
An article by CPM General Secretary Prakash Karat last week came down heavily on the new pension scheme of the Government saying it would siphon off thousands of crores earned by employees to the speculative stockmarket with no assured returns. The argument: the stockmarket, capitalism’s seamy showcase, has to be avoided. But not when it comes to the CPM’s own cash reserve.
Income tax returns filed by the party from 2002 to 2006 show it has earned a substantial amount from interest and dividends: Rs 1.88 crore (2002), Rs 1.17 crore (2003), Rs 2.10 crore (2004), Rs 2.15 crore (2005) and Rs 1.92 crore (2006).
senior Politburo member M K Pandhe says
“We have invested in mutual funds because we get better returns than banks.As long as we are working in a capitalist system, we will have to be part of the system,”
In the portfolio, PSUs are not exactly at the top. As of July 31, 2008, the fund’s portfolio included Reliance Industries, Glaxosmithkline, Reliance Communications, Tata Tea, TCS, Infosys and Shoppers Stop.