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Central Government Hikes 2% DA for Central Govt Employees and Pensioners

2% da hike in salaries

It looks like festival bonanza doesn’t seem to end for many lakhs of Central Government Employees and the Pensioners this year. The Union Cabinet on Thursday had approved hike of 2% DA ( Dearness Allowance) for the Central Government Employees and the Pensioners at a meeting. The announced hike will be effective from the month of July 2016.

This windfall decision by the Cabinet just ahead of Diwali festive will benefit 50 lakh Central Government employees and pensioners of 58 lakhs across the whole country.

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PTI Officially quoted on this matter saying that, “The proposal to provide 2% dearness allowance and dearness relief to Central Government employees and pensioners respectively, is listed on agenda of the Union Cabinet meeting scheduled for tomorrow,”

The DA (Dearness Allowance) hike is lower than that of demanded by the Trade Unions.

“The 12-month average of Consumer Price Index for Industrial Workers from 1 July 2015 to 30 June 2016, works out to be 2.92%. Therefore the unions had pressed for 3% DA. We are not satisfied with this,” K K N Kutty, President of Confederation of Central Government Employees, reported PTI on Wednesday said

The Government will increase DA basing on the 12-month average of Retail Inflation Rate and will not depend on or consider the price rise rate over a decimal point on deciding the Rate of DA.

The Seventh Pay Commission bonanza already had resulted in huge arrears disbursement for the government employees with the on-going festive season.

100% FDI In Most Sectors Lures Small Entrepreneurs And Startup Companies: Maximum Limit Set To $3 Million Every Year

FDI

India as a step to boost business startups in India with foreign funds, the government has eased the procedures now. Popularly termed as FDI (Foreign Direct Investment), has many obligations to invest in India. As per the latest relaxations, nearly $3 Million every year can be fed from abroad investors and lenders for startup companies.

In Union Budget 2016, the FDI in startup companies was a major issue. After months later, the central government has opened the gates for relaxations in a cautious manner. Both B2B and B2C will get a benefit of Rs.20 crore from foreign investors. Technically this is termed as “External Commercial Borrowings (ECB)”. The fund can give either in foreign currency or the Indian currency.

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In 2016, March, the center has allowed 100% investment in online B2B (Business to Business) market businesses. But Business to Consumer (B2C) not included in that decision. The latest decision is a step towards B2C FDI.

The government of India has taken precautionary measures to define as what exactly a “Startup company means.” Such definitions will lead to eradicating the misutilization of FDI concept. This is a primary step because the 30% tax imposition has uncapped for the investments that were laid earlier on such foreign capitals.

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Companies Act 2013, was revived by the central government as to make the latest laws effective. Another promotional decision is the abolition of Capital Gains Tax from May 2016. This step is an encouragement for the businesses to increase their productivity. Ministry of Entrepreneurship has been keen in making Indian small entrepreneurs market less vulnerable from great entrepreneurs.

With this decision, the Indian government has strongly signaled that in future many reforms will flood in the industry. By Oct 31st, 2016 Reserve Bank of India (RBI) is likely to announce officially about the FDI relaxation through a notification.

E-Passport Chip-Embedded: Government Will Implement by Next Year

passport

Central Government to Implement Chip Embedded E-Passports

The Lok Sabha, Minister of State of External Affairs, VK Singh said that the government was in the process of procuring e-passport machines. The e-passports are likely to secure the data and to check the fake passports. He also announced that digital passports that can even carry in mobile will be introduced in the next phase.

Singh said that facilities for e-passports installed, and expected that the fresh passports would issue from next year in which chips are embedded in it. He also mentioned that once the police verification is delayed due to the sorting of electronic passing information, the time of issuing the passports could be minimized.

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An e-passport contains the electronic chip which holds the same information that is printed on passport’s data page. The Government is going to issue e-passports to the citizens and also given the authority for manufacturing electronic contactless e-passports to India Security Press (ISP) Nasik.

The Minister VK Singh had visited Saudi to help the people who are struck there and also said that the Saudi government is cooperating in getting the claims from Saudi employers. He also advised those who are still going to Saudi for employment to be cautious and have to make an enquiry about the channels through they are going.

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Singh said that “he said manufacture of e-passport would commence on the successful completion of the tendering and procurement process by ISP, Nasik.

To a separate question, Singh said the MEA had received a proposal from the Ministry of Women and Child Development for waiver of No Objection Certificate (NOC) required from a father in case a child travels to India on tourist visa”.

Good News! 7th Pay Commission Arrears To Be Paid In One Installment With August Pay

7th Pay Commission Arrears To Be Paid In One Installment With August Pay

The long wait of veterans and central government employees has finally come to an end. Indian government decided to pay the 7th pay commission arrears in one instalment with the August pay. As it is notified earlier the 2.57 hike in basic pay of 4.7 million government employees and 5.3 million pensioners, which is effective from January 1, 2016, will be paid in cash.

Finance Minister, Arun Jaitley said that the revised pay scale will include the existing DA (dearness allowance) of 125%, and he said that the rate of the first instalment of DA under the new payment would be announced later in the year.

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In a statement Arun Jaitley said, “The arrears as accruing on account of revised pay consequent upon fixation of pay under CCS (RP) Rules, 2016 with effect from January 1, 2016, shall be paid in cash in one installment along with the payment of salary for the month of August, 2016, after making necessary adjustment on account of GPF and NPS, as applicable, in view of the revised pay.”

Besides, it is also noted that the benefits of disbursing arrears without pre-check of fixation of pay will not be available for the government employees who have retired, resigned or dismissed after the implementation date of the 7th Pay Commission recommendations.

The minimum pay for the central government employees now will be from Rs. 7,000 to Rs. 18,000 per month. And at the highest level of cabinet secretary, the salary would be Rs 90,000 per month up to Rs 2.5 lakh. An instruction later said that income tax would be deducted from the arrears of payment.

Indian government to spend $150 billion to Modernise the Armed Forces

Indian Army

The Government of India under the eminent leadership of Prime Minister Narendra Modi is planning to modernise all the equipment of the Indian Armed forces.It is reportedly known that NDA-led Government is allotting a whopping amount of $150 billion for refurbishing the weapons and tankers.

Sources said that the PM is very keen on strengthening the Armed Forces.The government is also making private company executives and makers check the ground reality of the usage of the Armor.The idea is to make the individual makers a clear picture of how to make devices that comfort the soldiers in using them.

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Earlier this month, more than 200 representatives of defence companies — big and small, local and foreign — got unprecedented access to India’s secretive military. At two events in the western city of Ahmednagar, they crawled inside tanks, learned about the army’s equipment needs and spoke with troops on the front lines in Kashmir, a region also claimed by primary rival Pakistan.

“You could feel how the soldier would adjust themselves in a tight space,” said Rajesh Khurana, an associate vice-president at Bharat Forge Ltd., a major Indian manufacturing defence firm, who noted that he climbed inside of a tank. “It was a pretty intimate affair.”

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The new-found transparency is part of Modi’s efforts to transform the world’s biggest arms importer into a defense manufacturing powerhouse as he spends $150 billion over the next decade to modernise the armed forces. Closer collaboration with the military would increase the technological capacity of local companies and create jobs as more than 10 million Indians join the work force each year.

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Opening up

“We’ve seen the army open up under this current leadership,” said Jayant D. Patil, a senior vice-president with Larsen & Toubro Ltd., which makes parts for everything from missiles to submarines. “The army is trying to build a relationship with the private sector. They’re communicating what their real needs are and want us to know what kind of problems they see in their day to day life — and then industry can build solutions.”

For the past few decades, publicly owned defence companies have repeatedly failed to do just that.

Almost two-thirds of the army’s contracts for critical weapons and equipment concluded from 2007 to 2012 — worth nearly $4.5 billion — were delayed, India’s national auditor said in a report this week. The foot-dragging was so severe that it “hampered” the military’s modernization plan and impacted defence preparedness, the report said, blaming the delays in part on a “heavy dependence” on imported weapons.

Arms imports

Nitin Wakankar, a defence ministry spokesman, had no comment on the auditor’s report. In response to questions, the army said the Ahmednagar events stemmed from Modi’s campaign for companies to “Make in India.” The policy aimed to “harness the preparedness of the Indian private industry towards meeting the felt-needs of the armed forces” and “reduce dependence on foreign vendors,” it said.

India relies on imports for 60% of its defence requirements, much of which has come from Russia due to a previous Cold War alliance between Delhi and the Soviet Union. Of late, it has bought more weapons from the US, becoming one of the top markets for American defence companies.

The Ahmednagar events featured executives from Mahindra & Mahindra Ltd., Tata Group, Larsen & Toubro and Bharat Forge. Participation among foreign defence companies was limited to those with India offices, including Honeywell International Inc. and Dassault Aviation SA.

‘Blind guess’

All attendees had to be Indian nationals, vetted and approved by the army. The invitations to small-and-medium-sized defence firms were a first in a sector that prizes scale and a country that tends to favour conglomerates.

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Subimal Bhattacharjee, a security expert and former India country head for US-based defence firm General Dynamics Corp., said the military went beyond merely talking about its equipment: Army officials, who wanted a new engine design, actually gave six Russian-made infantry combat vehicles to two private companies.

“You have a chance to see the car with the whole team, to have a clear understanding of what can be done,” said Bhattacharjee, who attended the event. “You don’t have to make a blind guess. You have a vehicle to yourself that you can play around with and understand better.”

Defence failures

India’s defence companies have a long track record of failing to deliver. A 40-year effort by the government to develop a battlefield tank has yet to produce anything the army can use. Similarly, a project to build an anti-tank guided missile has seen repeated setbacks, forcing India to acquire them from Russia, France and Israel.

The army had previously refused to discuss procurement projects unless they received a formal request, Deepak Sinha, a retired Army veteran who oversaw procurement for the Indian Special Forces, said in an e-mail. And even then the military never told defence contractors about “procurement philosophy or plans,” he said.

“The army has always preferred to keep interaction with business houses to the minimum,” said Sinha, who served in the military for more than three decades. “This interaction with business executives would certainly be a first and an excellent omen at that.”

Source:Bloomberg