The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project. In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year". "The project will be financed through the company's internal accruals and capital management plan," the firm said.
Rs 135.3 crore. How much of it was salary, and how much commission?
The pay panel had in November recommended 14.27 per cent hike in basic pay at junior levels.
A National Commission order held that the buyer was the borrower and so the bank was entitled to demand the EMI payments from him.
The notification with regard to the Sixth Pay Commission award is ready and is currently being approved by statutory authorities. Sources said the dearness allowance effective this July is also likely to be announced the same day.
The Cabinet, which met in Jammu under the chairmanship of chief minister Omar Abdullah on Thursday evening, approved the recommendations of the Cabinet Sub Committee on implementation of the 6th Pay Commission, including one that there shall be no lock-in period for withdrawal of arrears deposited to the GP Fund.
Ratcheting up their protests one notch, the three service chiefs met Defence Minister AK Antony today to tell him the Sixth Pay Commission's recommendations relating to the services were inadequate and would not prevent attrition. The three chiefs said they wanted an average increase of 50 to 60 per cent in salaries, whereas all the pay commission offered was 28 to 33 per cent hike.
Though the government obn Thursday in principle accepted the Services' demand for restoring 70 per cent 'extant pensionary weightage' to jawans on the basis of their last drawn pay, the Armed Forces are cut up with the finance ministry over the rejection of their three other demands concerning officers. The CPC had recommended that the jawans be given 50 per cent 'pensionary weightage' and provided an option of lateral entry into paramilitary and central police forces.
The principal opposition party though appeared content securing 99 of the 543 seats in the 2024 national elections as against its all-time low of 44 in 2014 and then 52 in 2019.
In its guidelines for submission of initial public offer applications through a nationwide network of brokers, physically or electronically, market regulator Sebi has made provisions for payment of a commission to such brokers by the IPO-bound companies.
The new pay scale will come into effect from January 1.
The ordinance will be tabled in the next session of the legislature, it said, adding that 27 posts were approved for the commission.
West Bengal and Maharashtra, despite having fewer public sector employees, are likely to face a higher burden of salaries and pensions.
Experts said the higher pay out will boost consumption demand.
There are 1.9 million employees and 650,000 pensioners in Maharashtra.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The current salary paid by the Delhi government amounts to 17 per cent of the total expenditure.
Paris St Germain will take their wage dispute with Kylian Mbappe to court after the French football league's governing body (LFP) ruled in favour of the France captain on Friday.
Former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has strongly refuted allegations of bribery by the Adani Group for solar power purchases during his government. He claimed his name was not mentioned in a US court's indictment and that meetings with Adani Group chairman Gautam Adani were not unusual for a chief minister. Reddy said the power supply agreement was between the state's DISCOMs and SECI, with no third-party involvement. He also defended the deal, calling it 'historic' and highlighting the cost savings for the state. Meanwhile, former CM N Chandrababu Naidu has alleged irregularities in the deal and promised to act upon the alleged charges.
Jaitley said the government has been able to improve its budgeted expenditure.
The National Commission noted that if the policyholder wanted reinstatement, he should have made a written request and should have also cleared the premium till that date, but no such request had been made.
Why did the political system in the country react to these two decisions of the Modi government in a diametrically opposite manner? asks A K Bhattacharya.
The Planning Commission does not foresee any significant disruption of state finances on account of increase in salaries of state government employees.
The Cabinet on Friday gave mandate to the 7th Pay Commission for revising salaries of over 50 lakh central government employees and remuneration of 30 lakh pensioners.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
The armed forces had decided not to implement the revised pay scales from October 1.
Railway Minister Lalu Prasad has asked PM Manmohan Singh to review the sixth pay commission report. He said recommendations in the report would promote disparities among the different sections of government employees. The review should be made with regard to the Railways, as there was a lot of unrest among the rail employees and they were threatening to go on strike. A representative of the Railways -- the Finance Commissioner or Member Secretary -- would be on the committee.
The Sixth Pay Commission on Monday submitted its report to the government presumably recommending a 40 per cent hike in salary for the central government employees. The commission, headed by Justice B N Srikrishna, submitted its report to Finance Minister P Chidambaram on Monday morning.
State governments want the Centre to direct the 14th Finance Commission to compensate states for implementing pay scales, to be recommended by the pay panel.
'If the criminal or civil charges are deemed unworthy or defective, Trump's new justice department and SEC can withdraw the criminal and civil cases.'
India Inc on said the Seventh Pay Commission set up today for central government employees is likely to lead to additional burden on the exchequer and increase inflation by pushing demand.
Indian economy grew 7.9 per cent in the March quarter.
It also promised financial assistance of Rs 24,000 annually to all dependent widows and single mothers, two free LPG cylinders to all the beneficiaries of the PM Ujjwala Yojana and 24x7 power supply.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
Top carmakers, including Maruti Suzuki India, Hyundai and Honda, are expecting a spike in their sales following the implementation of 7th Pay Commission recommendations.
Employees and workers will meet on November 27 to protest against the recommendations
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