The decision to provide higher DA to employees will cost the exchequer an additional Rs 9,303.2 crore (Rs 93.03 billion) per annum, an official spokesperson said after a meeting of the Union Cabinet, where it was decided to raise the allowance.
The move comes following a recent verdict by the Supreme Court in this regard.
The ban has been in force since last Friday.
The Congress expressed its 'whole-hearted' support to the 'Bharat bandh' called by farmer unions against the new agri-marketing laws and announced that it will hold protests that day at all district and state headquarters in solidarity with the demands of the farmers. TRS president and Chief Minister K Chandrasekhar Rao said the party rank and file would actively participate in the bandh to ensure it was a success.
Enclosing the money with a letter, the workers affiliated to the Gram Swaraj Mazdoor Sangh "expressed concern" at the "meagre" hike as they felt that the central government was facing "paucity of funds", otherwise the wages would have definitely increased in tune with Jharkhand's minimum daily wage which is Rs 212.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
Officials said the CBI has not felt the need to issue LOCs against public servants so far because they cannot leave the country without intimating the government.
The minister said demonetisation has increased the tax return filings and also increased the revenue of the states and the Centre immensely.
Leader of Opposition Mallikarjun Kharge and some other members sought that the bill be referred to a standing committee for scrutiny.
Taxation has played spoilsport despite double digit returns.
Taking the supporters of Telangana supporters by surprise the Union government has given its nod to the ambitious Information Technology Investment Region proposal for Hyderabad which envisions an investment of Rs 2.19 lakh crore in and around the city over the next 25 years.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
The 6-member Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi-monthly review, kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
Banking operations are likely to be hit hard on Friday as three employees unions have called for a nationwide strike to oppose outsourcing of services, demand recruitment of staff and one more pension option.
The finance ministry has received over 600 names of Indians who have accounts in HSBC Bank's Switzerland branch, from the government of France.These names were obtained by the French government after an employee of HSBC Bank became a whistleblower. He took refuge in France and brought along a long list of account holders who have allegedly stashed money in the Swiss branch of HSBC Bank. Now the Indian government is sitting tight on those names.
'Now, we have a minimum pension of Rs 1,000 annually.'
These changes will entail a relook at the various laws governing banks in the country - the two Bank Nationalisation Acts (passed in 1970 and 1980); the State Bank of India (SBI) Act of 1955; and the Companies Act of 2013.
Why did such a 'socially conscientious' people adapt to cash-for-votes and the like, as fish to water? N Sathiya Moorthy offers an explanation.
Terrorists have stepped up attacks in the Kashmir valley over the past week.
India does not have a stringent privacy or data protection Act.
The remaining 0.35 per cent will be credited in December this year, if the EPFO is able to redeem its equity investments.
Relatively a lesser degree of damage, including those to houses marked the landfall of cyclonic storm Mandous in Tamil Nadu and at least four people were killed in rain-related incidents, authorities said in Chennai on Saturday.
The major central trade unions demanded that the Centre take steps to "negate" the impact of the SC judgement banning strike by government employees. They will also observe the opening day of budget session of Parliament as national protest day.
It also directed the BSF to produce before it the investigation report and the steps it has taken with regard to allegations levelled by Yadav.
"That is a fact of life because we are not being able, after 75 years, to bring the SCs and STs to the same level of merit as the forward classes," Attorney General K K Venugopal told a bench headed by Justice L Nageswara Rao.
Besides these entities, IDBI Capital was shortlisted by the interim pension regulator PFRDA for acting as a fund manager and asked to submit bids.
On the eve of the Modi government's two years in office, the RSS-linked Bharatiya Mazdoor Sabha leadership met Finance Minister Arun Jaitley. After the meeting, the BMS claimed the FM told its delegation 'the government has realised that labour reforms are not essential for industrial growth in the country.'
Central and state government employees would be entitled to five per cent additional dearness allowance of basic pay and 50 per cent DA from July 1, 2006 following proportionate increase in price index since January this year.
Over 10 lakh (1 million) bank employees across the country are likely to strike work on Tuesday in protest against the 'negative attitude of the Indian Banks Association and the central government' towards their wage revision.
A top-class board is important from a systemic point of view, more so at a time when the wider financial world and India Inc is chasing the same talent as banks.
The norms, say industry experts, are not sufficient to weed out fly-by-night contractors.
Diversified business house Trident Group would become the first corporate to use Aadhaar Payment Bridge (APB) for disbursal of salaries to its employees.
Trade union leaders claimed that the strike would be even bigger than the one last year as the number of striking workers is expected to swell to 18 crore
Taiwan-headquartered Wistron Corporation has said that it had suffered a loss worth Rs 437.40 crore in the violence in its facility unleashed by a section of workers over salary issues at its plant in Kolar district in Karnataka.
The bill also seeks to enhance the eligibility limit for payment of bonus from the salary or wage of an employee from Rs 10,000 per month to Rs 21,000.
US Congressman Ro Khanna's message is that instead of depending on the 'hidden hand' of capitalism -- that is to say, the power of markets -- it is time for policymakers to play a more active role in making sure that a wide range of towns become locations for digital economy enterprises and jobs, points out Ajit Balakrishnan.
The Taliban knows that Washington holds the key, points out Ambassador M K Bhadrakumar.
On one hand, Operation Greens should help to smoothen volatility in the prices of vegetables, whereas the proposal to enhance and extend minimum support prices to augment farmer incomes, may emerge as an inflation risk.
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes.
While most experts suggest the government loosen its purse strings and not worry about the fiscal deficit in a pandemic impacted year, it will be a tightrope walk for the government to increase spending without going overboard.
