Monday, July 3News That Matters

Economy

7th pay commission: Good news for 47 lakh central government employees

7th pay commission: Good news for 47 lakh central government employees

Economy
Now, there is some good news for Central government servants and people who are directly or indirectly connected with 7th Pay Commission and hiked salaries. According to a report, the government may finalise 7th pay commission allowances, including HRA (House Rent Allowance), later this month. According to National Joint Council of Action (NJCA) convenor Shiv Gopal Mishra, the 7th Pay Commission may be finalised by the end of this month, as reported National Joint Council of Action (NJCA) is a joint organisation of unions representing central government employees. Moreover, the employee union leader who held discussions with top government officials recently, also says that there is a possibility of central government officials getting higher HRA than that recommended by the 7th pay co...
GST will put millions of Indian youth  to work

GST will put millions of Indian youth to work

Economy
In a bid to gear up for the rollout of Goods and Services Tax (GST), companies across sectors are pushing to sort their GST teams, which has led to an increase in the hunt for tax and technology professionals. Some of the sectors such as FMCG, consumer goods, pharmaceuticals, real estate, banking and insurance, are burning the candle at both ends to form a firm team to benefit from the new tax regime, as per industry experts. As per estimates, it has been predicted that the GST is set to create jobs for 1.3 million professionals. Consultants and experts in the field have stated that the GST portal, where companies are registered, will eventually need about 9 million assesses. For instance, if one per cent of large companies requires five people to handle GST-related issues, and 10 per...
CAG will audit GSTN: Arun Jaitley

CAG will audit GSTN: Arun Jaitley

Economy
Clearing the air on audit of the firm providing IT backbone for GST, Finance Minister Arun Jaitley on Monday said the Comptroller and Auditor General of India will audit the Goods and Services Tax Network (GSTN). In a rebuff of party colleague Subramanian Swamy, he defended the equity structure of GSTN saying that he did not find anything wrong in government holding 49 per cent stake in the company. Swamy has repeatedly questioned the shareholding pattern in the GSTN, terming it "a shady organisation" that was a "grave security" issue. "The present structure of GSTN was decided by the United Progressive Alliance (UPA) when Mr P Chidambaram was the finance minister. I have personally reviewed the entire structure and I saw no reason to disagree with him," Jaitley told CNBC TV18...
Tata Motors reduced its managerial force by up to 1,500 people as part of an organisational restructuring exercise

Tata Motors reduced its managerial force by up to 1,500 people as part of an organisational restructuring exercise

Economy
Tata Motors today said it has reduced its managerial workforce by up to 1,500 people domestically as part of an organisational restructuring exercise. “The reference (total managers) on which we started (the exercise) was in the vicinity of 13,000…we do see as far as the white collar population is concerned, an overall reduction in the vicinity of 10-12 per cent (up to 1,500),” managing director and chief executive Guenter Butschek told reporters here. He was speaking after announcing the company’s earnings for the fiscal 2016-17. The company joins a growing number of organisations adopting such strategies for a variety of reasons, ranging from cutting the flab to automation. These job cuts, which have led to concerns on ‘jobless economic growth’ in various quarters, have been ac
Is it Modi Govt’s First Rs 1300 crore Scam ????

Is it Modi Govt’s First Rs 1300 crore Scam ????

Economy
Was it clairvoyance on part of the UPA Government to float a Section 25 company in 2013, called Goods and Services Tax Network (GSTN) to control the accounting and tax collection management of Goods and Services Tax (GST)? For a government that tended to be slow, it was a swift move to float this company with 51 percent private shares (see the graphic below). Centre and State Governments have only 49 percent in GSTN. Being a Section 25 company, GSTN is a not-for-profit organization. Then why do private entities have a majority stake in it? What is in it for them? As of Jan 31st, 2016 the list of shareholders in GSTN is- Creation of GST involves Constitutional Amendments and this GST administration and tax management company should have been ideally created by a consortium of Centre ...
Reserve Bank of India (RBI) has cleared a proposal to introduce notes of Rs 200

Reserve Bank of India (RBI) has cleared a proposal to introduce notes of Rs 200

Economy
The Country’s supreme banking authority, the Reserve Bank of India (RBI), has cleared a proposal to introduce new currency notes of Rs 200 denomination, according to a report by LiveMint. The decision was taken at the Reserve Bank Of India board meeting held in March, two officials of the RBI were quoted as saying in the news report. They didn’t want to be identified as they aren’t authorized to speak to the media. The process of printing the new Rs 200 notes is likely to begin in June after the central government officially approves this new denomination note, said one of the two people cited earlier. When contacted Reserve Bank Of India spokesperson declined to comment. The move to introduce lower denomination notes comes against the backdrop of the Central government’s mov
These items will turn expensive from 1st Apr 2017 – Check out the complete list

These items will turn expensive from 1st Apr 2017 – Check out the complete list

Economy
From the next fiscal year, that is from April 1, a lot of things of your daily needs as well as things of your comfort is going to get dearer. During the presentation of Budget 2017-18, Finance Minister Arun Jaitley hiked custom and excise duty on some, while it has been reduced on some products which will eventually lead to commodities getting costlier or cheaper. Here is a list of things that will become dearer from April 1, 2017 Cigarettes Pan masala Cigar Cheroots Paper-rolled handmade bidis Chewing tobacco LED lamp components Cashew nuts (roasted and salted) Aluminum ores and concentrates Polymer coated MS tapes used in manufacturing of optical fibres Silver coins and medallions Apart from this, you will have to pay more premiums for car...
Finance Bill relaxes corporate funding to political parties, but is it really evil?

Finance Bill relaxes corporate funding to political parties, but is it really evil?

Economy, Opinion
The Lok Sabha approved a proposal by the government as part of amendments to the Finance Bill, 2017 that relaxes conditions for corporate funding to political parties. One of the major points of controversy surrounding the move is the confidentiality provided to corporate and removal of limit on funding as regards to proportion of profit previously limited at 7.5 per cent. On the face of it, the move seems to make the political funding system more opaque. However, diving deep, it actually makes sense to remove these restrictions as it allows accounted money from corporate to flow into the political system rather than unaccounted money that finds its way into the system dubiously filtered through multiple channels. The move may fare better on merit in comparison to the previous system in...
New SEBI Chief’s tenure cut short

New SEBI Chief’s tenure cut short

Economy
Senior IAS officer Ajay Tyagi appointed new SEBI chief 12 Feb 2017 Senior bureaucrat Ajay Tyagi has been appointed as the chairman of the Securities and Exchange Board of India (SEBI). Tyagi, a 1984-batch IAS officer from Himachal Pradesh cadre, is an additional secretary in the Department of Economic Affairs and manages the capital market division. He will assume the mantle of UK Sinha, whose twice-extended service tenure since 2011 ends on March 1. What is SEBI and what does it do? Fact SEBI is the regulator for all finance and investment markets in India. Set up in 1992, it has the power to regulate and approve by-laws of stock exchanges, inspect books of players, compel selected companies to get listed and even handle the registration of brokers. More about the n...
Steps taken sufficient are enough to address P-note concerns: Sebi

Steps taken sufficient are enough to address P-note concerns: Sebi

Economy
Sebi today said steps taken by it on P-notes are “sufficient enough” to address the concerns of SIT on black money, but the regulator is open to further suggestions, even as it asserted that consistent tightening of norms have made these instruments less attractive. “The consistent tightening of Offshore Derivative Instrument (ODI) norms by Sebi has not only been through increased compliances but also improved transparency,” the regulator said after its board meeting where the issue was also discussed. Over the years, foreign portfolio investments through ODIs, popularly known as Participatory Notes (P-notes), has come down significantly. The regulator said the simultaneous liberalisation in registration process of foreign portfolio investors has made the P-notes “less attractive vi