The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal.
In what is amongst the first focused fund in the space, India Media Entertainment Fund (IMEF) is raising Rs 500 crore, which will provide both equity as well as instruments like non-convertible debentures (NCD) to companies in the content, distribution platform and services areas. The private equity fund has appointed a high-profile advisory body which includes ad guru Prahlad Kakkar, managing director of Red Chillies Entertainment and cricket team KKR Sports, actress and entrepreneur Raadhika Sarathkumar, who has starred in Malayalam, Hindi and Kannada films and runs Radaan Mediaworks. It also includes Ramnath Pradeep, former chairman and managing director of Corporation Bank, and Rajesh Gupta, senior partner of law firm SNG Partners.
The order also provides that the field office will incur expenditure on the facilitation function under the head of publicity.
Money to the tune of Rs 3,837 crore was lying unclaimed in the inoperative accounts of Employees Provident Fund.
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.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
The Employees' Provident Fund Organisation can comfortably offer 8.5 per cent interest rate to its 4.41 crore (44.1 million) depositors during 2009-10 and still record a surplus contrary to Rs 139-crore (Rs 1.39 billion) losses suffered by it for giving the same benefit during the current fiscal.
A senior EPFO official said, "(Subhiksha) was given 15 days, starting February 20, to pay the PF dues. Since these were not paid, we will go ahead with the action and set a target to collect the dues before March 31, 2009, when the fiscal year comes to an end." The PF dues to be paid for the June-September period of 2008 were around Rs 1.46 crore. The status of Subhiksha's PF payments in other parts of the country will also be checked.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
The EPFO has about 3.7 crore (37 million) members.
The Supreme Court on Wednesday rapped the Haryana and Punjab governments over non-prosecution of violators found guilty of stubble burning and summoned the state chief secretaries to appear before it on October 23 and submit. an explanation.
The number of contributors was 46.4 million in July and 44 million in September.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
Tamil Nadu Governor R N Ravi stoked a fresh controversy on Thursday, remarking that the anti-Sterlite protests in the state in 2018 had been fuelled by foreign funds and was aimed at hindering progress. His comment instantaneously drew an outcry from the ruling Dravida Munnetra Kazhagam and its allies.
'Historically, there hasn't been much representation around para-athletes from a brand perspective.' 'With their best medal tally in Paris, it has triggered considerable organic interest.'
Six establishments -- including Tata Motors -- have been selected as the best employers by the Central Board of Trustees of Employees Provident Fund Organisation.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
Swamy, 83, who is suffering from various health issues including Parkinson's disease, was arrested on October 8 and has been lodged at the Taloja prison in Navi Mumbai.
Saddled with huge arrears from the PSUs and the private sector, the Employees Provident Fund Organisation on Tuesday launched an action plan, including the attachment of property and freezing of bank accounts.
The EPFO had decided that 8.15 per cent interest from its debt income would be credited immediately and the remaining 0.35 per cent capital gains from the equity sale would be given later, subject to its redemption.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
This comes amid a rapid surge in spread of the disease in Eastern Democratic Republic of Congo, and its detection in neighbouring countries as well.
The government has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to 20 days from the existing 30 days.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19.
The EPF board will meet on Wednesday to take a firm view on the interest rate for its 4 crore (40 million) subscribers during 2005-06, even as trade unions are demanding Prime Minister's intervention to retain 9.5 per cent.
Arsenal FC has joined forces with HIS Church to deliver 15 tonnes of emergency supplies to a vulnerable local community.
Retirement fund body EPFO is all set to start online transfer of provident fund accounts in the first fortnight of October, a move that will benefit over 13 lakh applicants every year.
The Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
Detecting frauds worth about Rs 1 crore in claims settlement across the country, Employees Provident Fund Organisation on Wednesday decided to set up a fact finding team to investigate into the matter as part of efforts to prevent such misdemeanours.
