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Central Govt Employees’ DA Increased by 7 pc

Ahead of the festival season, the government on Thursday announced a 7 percent hike in the dearness allowance of its employees which will give them some relief from near double digit inflation.

Besides the five million central government employees, about four million pensioners will stand to benefit from the decision, taken by the Union Cabinet.

However, employees, especially in the junior scales, do not seem to be happy with the quantum of pay hike.

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Ahead of the festival season, the government on Thursday announced a 7 percent hike in the dearness allowance of its employees which will give them some relief from near double digit inflation.

Besides the five million central government employees, about four million pensioners will stand to benefit from the decision, taken by the Union Cabinet.

However, employees, especially in the junior scales, do not seem to be happy with the quantum of pay hike.

The pay hike would be applicable from July 1.

The DA for the government employees would increase from 51 per cent of the basic salary to 58 per cent.

"The inflation index, which is the basis of calculating the DA, is not actually reflecting the cost of living and erosion in employees remuneration due to price rise," Secretary General of the Confederation of Central Government Employees and Workers, K K N Kutty said.

The general inflation for August was at near one-year high of 9.78 per cent.

The hike in DA and DR would cost the exchequer annually Rs 7,229 crore, while for the remaining period of the current fiscal the implication would be Rs 4,819 crore,Information and Broadcasting Minister Ambika Soni told reporters.

League Business Desk
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ECONOMY-DEVELOPMENT

IMF Sees Greater Role for India in the Indo-Pacific

At the same time, the IMF believes there is scope to do more on trade reform in India.

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WASHINGTON D.C. (United States): The International Monetary Fund (IMF) has said India’s role in the development of the Indo-Pacific region will continue to expand because of its robust growth.

Deputy Director of Asia and Pacific Department in the IMF, Ken Kang said in a news conference in Washington that India’s growth is rising to 7.8% in 2019 from 7.4% in 2017-2018 and there is room to increase its export orientation and to reduce further barriers.

Answering a question on the role India can play in the development and growth of the Indo-Pacific region, Kang, said there is scope to do more on trade reform.

He said the statutory tariff rate in India is relatively high at about 15% and higher than those in the rest of the region.

The IMF in the latest World Economic Outlook (WEO) has projected India to grow at 7.4% in 2018 and 7.8% in 2019.

China is expected to grow respectively at 6.6% and 6.4% in the two years.

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ECONOMY-DEVELOPMENT

Delhi Police Busts Bitcoin-Virtual Currency Racket

The accused have cheated thousands of people through their online portal.

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NEW DELHI: The Special Cell of Delhi Police on Saturday busted a Bitcoin-virtual currency racket and arrested two people for allegedly duping people.

They allegedly launched a fraudulent scheme on the pretext of high returns on bitcoin investment.

As per the information, the accused have cheated thousands of people through their online portal.

Under their scheme, the returns to the tune of 12 percent in a month were offered. They also offered a monthly payout and referral income for the persons on the top line.

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ECONOMY-DEVELOPMENT

RBI Revises its KYC Guidelines

This will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.

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MUMBAI (Maharashtra): The Reserve Bank of India has revised its “Know Your Customer” or the KYC guidelines.

It said the KYC norms have been revised following the government’s decision to update the ‘Prevention of Money Laundering’ rules in June last year.

In a circular issued in Mumbai, the RBI made linking of national biometric ID Aadhaar to bank accounts mandatory.

However, it said this will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.

Till now, an Officially Valid Document for address proof together with Permanent Account Number issued by the Income Tax department and a recent passport size photograph were the key KYC documents.

But in the amended Customer Due Diligence procedure, the Aadhaar number, the PAN or Form No. 60 need to be obtained from an individual who is eligible for applying for the biometric ID.

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