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Showing posts with label bis. Show all posts
Showing posts with label bis. Show all posts

Thursday, 9 February 2017

08:37

Bank employees under the Central government payroll will get Dearness Allowance (DA) as per the recommendations of the Seventh Pay Commission.

Bank employees under the Central government payroll will get Dearness Allowance (DA) as per the recommendations of the Seventh Pay Commission.

The order to this effect was issued on February 1 which stated that employees will be paid the DA for the months of February, March and April 2017.

Bank employees under the Central government payroll will get Dearness Allowance (DA) as per the recommendations of the Seventh Pay Commission.
The order to this effect was issued on February 1 which stated that employees will be paid the DA for the months of February, March and April 2017.
The order brings much cheer to employees who were otherwise disappointed with Finance Minister Arun Jaitley for not saying a single word on the Seventh Pay Commission in his Budget speech.
  1. On the basis of the Consumer Price Index (CPI) announced by the government, the DA payable to bank employees for February-April will be 46.9 per cent of the pay.
  2. In another development, the government has started releasing the Seventh Pay Commission arrears to defence pensioners. The amount released and the number of pensioners to be benefitted from this are still being calculated.
  3. The information was shared by Union Minister of State for Defence Subhash Bhamre in a written reply to AIADMK MP M Vasanthi in Lok Sabha recently.
  4. Among autonomous bodies, the Bureau of Indian Standards (BIS) will start getting revised salary as per the Seventh Pay Commission's recommendations. BIS falls under the aegis of the Ministry of Consumer Affairs. Ram Vilas Paswan, who is in-charge of the ministry, approved the revised salary for BIS employees.
  5. Much to the disappointment of Central government employees, the Finance Minister did not mention them in his Budget speech on February 1. However, employees are hopeful that there will be some announcement at the start of the new financial year in April.
  6. Several state governments have made announcements on implementing the recommendations of the Seventh Pay Commission. Poll-bound Uttarakhand was among the first to implement the recommendations from January 1.
  7. The Seventh Pay Commission recommended a 14.27 per cent hike in basic pay--the lowest in 70 years. The previous Sixth Pay commission had recommended a 20 per cent hike, which the government doubled while implementing it in 2008.
  8. The National Joint Action Committee (NJAC) wants the minimum wage to be raised to Rs 26,000 as against the Rs 18,000 suggested by the commission.
  9. The Pay Commission also recommended doing away with 53 of the 196 allowances besides moderation in several others. The recommendations cover nearly 50 lakh central government employees and 58 lakh pensioners.
Source:IndiaToday
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Friday, 27 November 2015

22:26

Sovereign Gold Bond Scheme ,Gold Monetisation Scheme -Ministry Of Finance

Sovereign Gold Bond Scheme ,Gold Monetisation Scheme  -Ministry Of Finance

Overwhelming response received from the retail investors for Sovereign Gold Bond Scheme (SGB) ; 63,000 applications received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve the reach of Gold Monetisation Scheme (GMS) 

The Prime Minister Shri Narendra Modi had launched three Gold related Schemes i.e. Sovereign Gold Bond Scheme (SGB), Gold Monetisation Scheme (GMS) and Indian Gold Coins and Bullions on 5th November, 2015. There has been a mixed response to these schemes from the public. The status of two of the schemes implemented by Department of Economic Affairs (DEA), Ministry of Finance is as follows:- 

Sovereign Gold Bond Scheme (SGB): 

The main objectives of the scheme is to reduce the demand for physical gold and shift a part of the gold imported every year for investment purposes into financial savings through Gold Bonds. 

The first tranche of SGB was issued on behalf of the Government of India by RBI at the branches of scheduled commercial banks and designated post offices through its e-kuber system from 5th November, 2015 to 20th November, 2015. More tranches will be issued during the financial year 2015-16. 

This scheme saw an overwhelming response from the investors throughout the country and initial figures show that about 63,000 applications were received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold. 

It may be noted that this overwhelming response has been received from the retail investors who are the focus of this scheme. The positive response to this new and innovative saving instrument has elicited response from across the country and it is expected that subsequent tranches will continue to receive such enthusiastic response. 

Gold Monetisation Scheme (GMS): 

The Gold Monetization Scheme (GMS) provides different options to the people to monetize the gold. The idea is to mobilize the gold held by households and institutions in the country and putting this gold into productive use. The scheme aims to reduce the country’s reliance on the import of gold to meet the domestic demand. 

Presently there are 33 Collection and Purity Testing Centres (CPTCs) and 5 refiners that have been notified in the scheme. This had resulted into signing of limited number of tripartite agreements among banks, CPTCs and refiners. After the slow response to this scheme, a meeting of all the stakeholders of the scheme was held in the Department of Economic Affairs. In the meeting, a number of decisions were taken to improve the reach of the scheme. These decisions include:- 

•Gold depositors can give their gold directly to the refiner without involving the Collection and Purity Testing Centres (CPTCs) where ever it is acceptable to the Banks. This will encourage the bulk depositors like HUFs and Institutions to participate in the scheme. 

•Fees to the banks on account of testing , transport , refining and storage services at Collection and Purity Testing Centres (CPTCs ) and refiners for Medium and Long Term Government Deposits will be reimbursed based on the actuals, removing such doubts in the minds of the Banks. 

•A circular clarifying the tax treatment clauses on the scheme is being published to clarify that, tax exemptions on Income Tax and Capital Gains Tax would be available to the customers. 

•BIS is expected to complete the registration of 55 numbers of Collection and Purity Testing Centres (CPTCs) by the end of December 2015. 

•BIS has published an EOI on its website inviting applications from the more than 13,000 licensed jewellers to act as a CPTC in the scheme provided they have tie-up with BIS’s licensed refiners. 

•BIS has modified the licensing condition to refiners already having NABL accreditation from existing three years refining experience to one year refining experience. This is likely to increase number of licensed refiners to nearly 20. 

•To increase the awareness among depositors, Government will continue the awareness campaign in the print media, social media, Radio and Television. 

The above steps and the clarifications are expected to fetch a better response from the depositors. Above two schemes are innovative schemes and these are early days of implementation. Based on the feedback received from the stakeholders of the schemes, Government will continuously monitor and review the progress of the schemes at the regular intervals and make necessary improvements, in order to increase the reach of the schemes. 

Source :PIBNEWS.
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Wednesday, 11 November 2015

22:26

Raghuram Rajan first Indian to be VC of Bank for International Settlements

Raghuram Rajan first Indian to be VC of Bank for International Settlements

MUMBAI: Reserve Bank of India governor Raghuram Rajan has become the first Indian central banker to be appointed as vice-chairman of the Bank for International Settlements (BIS) -the bank for central banks. The appointment is expected to give stronger voice to Rajan, who has been repeatedly calling for more coordination among central banks in monetary policy. 

Rajan was elected to the number two position for a period of three years from November 10, 2015 at a meeting of the BIS board. Rajan had joined the BIS board in December 2013. As vice-chairman, Rajan will work with BIS chairman Jens Weid mann, who is also president of Germany's Bundesbank. 

Rajan has for long been a critic of central banks in the develo ped world opening up the monetary sluice gates and flooding emerging markets with capital flows. Rajan once even had a face-off with former chairman of the Federal Reserve Ben Bernanke when he said that powerful central banks should pay attention to how their policies affect other countries. 

 On Tuesday , speaking at Frankfurt, Rajan forecast volatility when the Federal Reserve raises rates. However, he said that the consequences of the inaction by the Fed would be even more severe."When it happens, there will be volatility . I worry more about the consequences of staying in the ultra accommodative ... world. I think there will be volatility, but I think we have to bear it," he said. 

 Prior to Rajan, former RBI governor Y V Reddy had a key role as chairman of the BIS Asian Consultative Council which comprised all governors of BIS member central banks in the Asia-Pacific region. 
As an organization of central banks, BIS seeks to bring more predictability and transparency in monetary policy . The framework for regulations that prescribe capital requirement for banks is also prescribed by the BIS. The capital norms are known as Basel norms, named after the location of the BIS headquarters where they were framed.

 Source:TOI

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