Apr 19, 2018

T’s Going To Be At Least Two Weeks Before You Can Stop Worrying About Empty ATMs

India may need an additional Rs 70,000-1 lakh crore to meet the cash demand of a growing economy and it may take at least two weeks to print that much currency, according to estimates by leading economists. But the current cash shortage in some parts of the country may be overcome sooner as the Reserve Bank of India and banks gear up to plug gaps in cash-supply logistics.

Economists suggest that the country needs at least Rs 19.4-20 lakh crore in public hands and ATMs.

Currency with public is currently at Rs 17.5 lakh crore while Rs 1.2 lakh crore is estimated to be the current value of digital transactions, resulting in a gap in circulation.

Award For Timely Pension Revision

Indian Railways has awarded its “national award for outstanding service” to Anand Kumar, a Bihar resident, for ensuring timely pension revision of railway pensioners as per the Seventh Pay Commission’s recommendations.

Anand, an Indian Railway Accounts Service Officer (IRAS) of the 2000 batch, is currently serving as deputy chief accounts officer (DCAO) of Western Railway, and is posted in Mumbai.

The award, which includes a citation and a medal, was handed over by minister of state (MOS) for railways Manoj Sinha in the presence of Union railway minister Piyush Goyal and Madhya Pradesh chief minister Shivraj Singh Chouhan at the 63rd Indian Railway National Awards Function 2018 held at Vidhan Sabha Auditorium in Bhopal on Monday evening.

Indian Railways has around 14 lakh pensioners – the second largest after defence ministry pensioners.

कैश की किल्लत: बुधवार को थोड़ी राहत के बीच ग्रामीण इलाकों में अब भी संकट कायम

मंगलवार को देश के 11 राज्यों में कैश संकट के बाद बुधवार को वित्त मंत्रालय ने सभी बैंकों को निर्देश दिया है कि वो गुरूवार तक सभी ATMs में उनकी क्षमता का 80% कैश जमा कर दे. बुधवार को कैश संकट का दायरा कुछ कम हुआ लेकिन उत्तर प्रदेश और बिहार के ग्रामीण इलाकों से अब भी कमी की खबर आ रही है. मंगलवार के मुकाबले अलग-अलग शहरों में बुधवार को ATMs में कैश की कमी की शिकायतें कम आयीं. हालांकि उत्तर प्रदेश और बिहार के कुछ ग्रामीण इलाकों में अब भी कैश की किल्लत है.

इधर ऑल इंडिया बैंक ऑफिसर्स कन्फेडरेशन के संयुक्त महासचिव रबिंद्र गुप्ता ने कहा कि बुधवार को ज्यादा पैनिक की खबर नहीं आई है. हालात में कुछ सुधार हुआ है. नोटबंदी के बाद व्यवस्था में कैश करेन्सी बढ़ी है…फिर ये चिंता का विषय है कि कैश कहा है?

Income Tax Department Rolls Out ‘Operation Dress Code,’ Expects Employees To Be In Formal Wear

The Income Tax department on Wednesday announced that a dress code is being imposed upon its employees through the rollout of ‘Operation Dress Code.’ The department noted that any employee failing to abide by the orders will be liable to a corrective action and he/she may be sent back home to change and dress as per the instructions.

The Income Tax department on Wednesday rolled out an ‘Operation Dress Code’ and announced about the new dress code for all employees.

In an official order from the Principal Chief Commissioner of Income Tax, Delhi Office, the department ruled that all officers, staff members, and other officials would be required to maintain a “neat, clean and formal appearance that is appropriate for the workplace setting.

Fliers May Get Up To Rs 20,000 In Compensation For Delays And Cancellations

Indian carriers may have to pay stranded fliers compensation of up to Rs 20,000 if they miss connecting flights due to airline cancellations or delays in their initial leg of the journey, the regulator has proposed in a charter that lists the rights and responsibilities of air travellers.

The charter, proposed by the Directorate General of Civil Aviation (DGCA) and seen by ET, also directs airlines to pay a compensation of Rs 5,000 for ‘forced’ denied boarding to passengers. A passenger is not permitted to board by an airline when a flight is overbooked.

More such incidents are now being increasingly reported across India, which is one of the world’s fastest-expanding aviation markets.

These proposals by the regulator have been opposed by members of the Federation of Indian Airlines (FIA) and non-FIA members such as Vistara and AirAsia India.

Apr 18, 2018

Centre Ready With SC/ST Ordinance If Supreme Court Refuses Review

The government is ready with a draft ordinance to restore all provisions of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, including restoration of automatic arrest for offences under the law, in case it fails to persuade the Supreme Court to reconsider its ruling.

The Centre is making strenuous efforts through a review petition to nullify the recent SC judgment doing away with mandatory arrest and setting out approval of a superior authority before the arrest of a government official. But it has also prepared its response if the SC does not heed its arguments.

The SC order has made it mandatory for a preliminary inquiry by a deputy superintendent of police before registering an FIR under the Act to guard against misuse and in view of the large number of acquittals. The court had clarified that there was no need to wait for an inquiry in case of an IPC offence.

Smart Card Industry, Google Don’t Want Aadhaar To Succeed: Govt To Supreme Court

The Unique Identity Authority of India (UIDAI), the nodal agency in charge of implementing Aadhaar, on Tuesday sought to justify opening up the Aadhaar platform for private players, saying the “private sector had stepped into many areas where hitherto only public sector was operating” and that they were subject to the writ of law and the courts.

The UIDAI also claimed that many entities like Google and the smart card industry did not want Aadhaar to succeed, and strongly denied that Aadhaar data could be used to manipulate election results, as was allegedly done by Cambridge Analytica.

“Some day the court will have to look into this question of private players… I’m not saying take a decision now,” senior advocate Rakesh Dwivedi told a five-judge Constitution bench of Chief Justice of India Dipak Misra and Justices A K Sikri, A M Khanwilkar, D Y Chandrachud and Ashok Bhan. “For the present, it is enough for me to say all these requesting entities are controllable. They are bound by the law,” he said.

Indian Railways May Replace AC-II-Tier With AC-III Tier In Rajdhanis, Durontos In Some Sectors

Indian Railways may replace its AC-II-tier class with the AC-III tier variety in premium trains like Rajdhanis and Durontos in sectors where the patronage of AC-II is low.

Reason: the flexi-fare scheme, a dynamic pricing mechanism that makes majority of the berths in these trains up to 50 per cent more expensive than the base fare. In AC-II tier, fares are working out to be close to, if not costlier than, flight fares in many sectors.

Although the flexi-fare scheme has brought in around Rs 862 crore extra in earnings in a year to Indian Railways, and the segment of reserved passengers has seen an over five per cent jump in numbers last fiscal when compared to the previous, it has made certain classes like AC-II and and AC- First Class in many sectors less attractive—sometimes even more expensive—for the passengers who may be shifting to flights offering similar fares.

Pension Scheme For Malayalees To Be Launched

A pension scheme for people from Kerala settled outside the State would be launched in the city on April 21.

Kerala Chief Minister Pinarayi Vijayan, and TS IT Minister K.T. Rama Rao would launch the scheme at Ravindra Bharathi. The premium is a minimum of ₹100 per month. While anyone above the age of 18 years can enroll for the scheme, those who are 55 years would be benefited the most as they would start getting the pension from 60 years of age. Speaking at a media briefing, All India Malayalee Association-TS Unit representatives said the scheme can be availed by all people of Kerala origin living outside the State.

The scheme launch will also have a display of traditional art forms of Kerala including Kalaripayattu.

ITR -1 Form For AY 18-19 Now Available For E-Filing

The latest ITR -1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official said today.

The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday.

“Other ITRs wil be available shortly,” said the Income Tax e-filing website.

The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover.

The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, had said some fields have been “rationalised” in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.

Apr 17, 2018

Govt Not To Hike Basic Salary To Rs.21,000 To Increase EPFO Coverage

The Union government has shelved a plan to expand the social security net for nearly six million organized sector employees in a bid to ease the burden on the government exchequer.
The labour ministry has decided not to act on a proposal approved by the central board of Employees Provident Fund Organization (EPFO) to increase the salary threshold from up to Rs.15,000 to Rs.21,000 per month to bring more workers under mandatory EPF coverage and give them PF and pension benefits.
The government decided to shelve the plan because it will lead to additional expense. However, not increasing the salary threshold may not go down well with workers’ unions at a time of rising anti-government protests across the country.