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20 lakh people have joined the modified Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme, total account holders 32.61 crore

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Pradhan Mantri Jan Dhan Yojna (PMJDY)

As many as 20 lakh people have joined the modified Pradhan Mantri Jan Dhan Yojna (PMJDY), taking the total number of account holders in the flagship financial inclusion programme to 32.61 crore as on September 5, according to finance ministry data.

The government earlier this month relaunched PMJDY as an open-ended scheme with higher insurance cover and double the overdraft (OD) facility.

The Union Cabinet decided to continue the scheme beyond the four-year period ended August 14 with an aim to take the formal banking system from “every household to every adult“.

During the August 15-September 5 period, the total deposits in 32.61 PMJDY accounts witnessed an increase of Rs 1,266.43 crore.

The balance in PMJDY accounts was Rs 82,490.98 crore as on September 5.

Under the revamped scheme, accidental insurance cover for new RuPay card holders has been raised from Rs 1 lakh to Rs 2 lakh for new PMJDY accounts opened after August 28.

Also, the existing OD limit of Rs 5,000 has been increased to Rs 10,000. Further, no conditions will be attached for OD up to Rs 2,000.

The data also showed that nearly 7.18 lakh people, who opened PMJDY account after August 28, may get the benefit of increased accidental insurance cover of Rs 2 lakh.

Launched in August 2014, the first phase of PMJDY focussed on opening basic bank accounts and RuPay debit card with in-built accident insurance cover of Rs 1 lakh.

Besides, it provided Basic Banking Accounts with OD facility of Rs 5,000 after six months.

Phase II beginning August 15, 2018 was planned to provide micro-insurance to the people and pension schemes to unorganised sector workers through Business Correspondents.

About 53 per cent of PMJDY account holders are women, while 83 per cent of the total accounts are seeded with Aadhaar.

PTI

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Be the first to comment - What do you think?  Posted by admin - September 17, 2018 at 8:20 am

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Banks will remain open and banking activity will continue unimpeded in the first week of September

Ministry of Finance
Banks will remain open and banking activity will continue unimpeded in the first week of September

Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September ; Monday, 3rd September is not a pan India holiday

ATMs in all States will be fully functional; Banks advised to ensure availability of sufficient cash for dispensation from ATMs
Posted On: 31 AUG 2018 11:19AM by PIB Delhi
It has come to notice that a rumour is circulating in several sections of the social media that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public.

It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September. Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September. Monday, 3rd September is not a pan India holiday and banks only in some States where a holiday is declared under the Negotiable Instruments Act, 1881 will remain closed.

Even on those days, ATMs in all States will be fully functional and there will be no impact on online banking transactions. Banks have been advised to ensure that sufficient cash is available for dispensation from ATMs. Banks will remain open on all other days.

PIB

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DISCUSSIONS WITH IBA ON MEDICAL INSURANCE SCHEME

Discussions with IBA on Medical Insurance Scheme

ALL INDIA STATE BANK OFFICERS’ FEDERATION
(Registered under the Trade Unions Act 1926, Registration No: 727/MDS)
State Bank Buildings, St. Mark’s Road, Bangalore – 560 001

CIRCULAR NO.86

DATE: 10.08.2018

TO ALL OUR AFFILIATES/MEMBERS:

DISCUSSIONS WITH IBA ON MEDICAL INSURANCE SCHEME

We reproduce hereunder the text of AIBOC Circular No.57 dated 9th August, 2018 contents of which are self-explicit.

(Y.SUDARSHAN)
GENERAL SECRETARY

CIRCULAR No. UFBU/2018/14

Date : 08-08-2018

TO ALL CONSTITUENT UNIONS/MEMBERS

Dear Comrades,
DISCUSSIONS WITH IBA ON MEDICAL INSURANCE SCHEME

As already informed to units, bipartite meeting was held today between IBA and UFBU regarding renewal of our Medical Insurance Policy for serving employees/ officers as well as for the retirees for the ensuing period 2018-19. IBA team was represented by Shri Rajkumar, Dy. Chief Executive, Shri S K Kakkar, Sr. Advisor (HR&IR), and Shri K S Chauhan, Sr. Vice President (HR). All our constituent unions were present in the meeting.

IBA informed us that United India Insurance Co. has given their proposal for hike in the premium on the Policies both for the serving employees/officers as well as for the retirees as under:

Serving employees/officers : Increase in premium by 29% over existing rate

Retirees(without Domiciliary) : Increase in premium by 110% over existing rate

Retirees (with Domiciliary) : Increase in premium by 144% over existing rate

We strongly objected to such steep hike in the rate of premium and informed the IBA that especially the hike in premium for the retirees is too exorbitant and not appearing to be relatable to actual claim ratio. We urged upon the IBA to take up with UIIC to drastically reduce the premium.

IBA informed us that they are already seized of the issue and the matter is being taken up with UIIC. We pointed out that the following points be kept in mind while finalizing the issue:

• There should be no attempt to discontinue the policy. Policy should be continued and renewed.
• The premium rates should be drastically revised downwards.
• Pending discussion with UIIC, the Policy for both serving employees and retirees should be extended upto 31-12-2018 with pro rata premium.
• Cost of upfront payment of annual premium should be factored in while finalizing the premium rate.
• Change in age profile of serving employees and retirees should be taken into account while working out the revised premium rates.
• IBA should take up with the Government for exemption of GST on premium amount.
• Renewed Policy should include a penalty clause for delayed sanction of bills/ reimbursement.
• If broker will not be involved in the scheme, suitable mechanism should be put in place to deal with cases of repudiation of claims, etc.
• Uniform guidelines should be given by IBA for sanction of amount under Buffer allocation.
• Premium should be worked out on a composite basis by clubbing both serving employees and retirees.
• Premium for retirees should also be paid by the managements.

IBA took note of the above points raised by us and assured to keep these views in mind while further dealing with the same.

Next round of Talks on 18-8-2018: Next round of Bipartite Talks (Sub-Committee) will be held on 18th August, 2018. Discussions will be held in the forenoon with the Officers Associations and in the afternoon with Workman Unions.

With greetings,

Yours comradely,
sd/-
(SANJEEV K. BANDLISH)
CONVENOR

Source: http://aisbof.org

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Small Committee Meeting held at Mumbai at IBA Office on 18/08/2018

Bank Wage Revision: Small Committee Meeting held on 18.8.2018

ALL INDIA BANK OFFICERS’ ASSOCIATION

18th AUGUST SMALL COMMITTEE MEETING

ALL INDIA BANK OFFICERS’ CONFEDERATION (AIBOC)
ALL INDIA BANK OFFICERS’ASSOCIATION (AIBOA)
INDIAN NATIONAL BANK OFFICERS’ CONGRESS (INBOC)
NATIONAL ORGANISATION OF BANK OFFICERS (NOBO)

Camp: Mumbai

18th August, 2018

To
All Affiliates of AIBOC/AIBOA/INBOC/NOBO

Dear Comrades,

Small Committee Meeting held at Mumbai at IBA Office on 18/08/2018

A small committee meeting of Officers’ Associations with IBA was held today at IBA Office, World Trade Centre, Cuffe Parade, Mumbai at 10-30 AM. The IBA team was led by Shri Prashant Kumar(DMD, SBI), Shri B. Ashok(GM, CBI), Shri Ujjwal Kumar(GM, UCO Bank), Shri LVR Prasad(GM, Canara Bank), Shri Raj Kiran Bhoir(GM, Bank of Maharashtra), Shri B Rajkumar(Dy C.E.O IBA)), Shri S.K. Kakkar(Sr. Vice President, HR & lR, IBA), Shri K.S. Chauhan, Advisor (HR & lR) and other officials of HR Dept. lBA. The four Officer organizations were represented by Com. Dilip Saha, Com Soumya Datta(AIBOC), Com S Nagarajan(AIBOA), Com K.K. Nair(INBOC) and Com. V Tikekar(NOBO) in the discussion.

On our charter of Demands containing both “Monetary and Non- Monetary” issues, elaborate discussions were held. On matters of issues having linkage of financial bearings, no finality could be arrived at in this meeting. However, on certain issues, they have agreed to place the issues before HR Committee of IBA for appropriate finalization. The IBA has responded positively to our request for convening an exclusive meeting on “Discipline and Appeal Regulations”. On certain issues, notes are to be submitted by us within a time bound manner preferably in a week’s time. We shall provide updates on further development.

Yours comradely,

(DILIOP SAHA)President AIBOC

(SOUMYA DATTA)General Secretary
AIBOC
(S NAGARAJAN)General Secretary
AIBOA
(K K NAIR)General Secretary
INBOC

(V.Tikekar)General Secretary

NOBO

Source: http://www.aiboa.org/

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7 day State Mourning to be observed in memory of former Prime Minister Shri Atal Bihari Vajpayee

7 day State Mourning to be observed in memory of former Prime Minister Shri Atal Bihari Vajpayee and all Central Govt Offices across the country will observe half day holiday in the afternoon

Press Information Bureau
Government of India
Ministry of Home Affairs

16-August-2018 20:15 IST

Seven day State Mourning to be observed in memory of former Prime Minister Shri Atal Bihari Vajpayee

The Government of India announce with profound sorrow the death of Shri Atal Bihari Vajpayee, former Prime Minister of India on 16th August, 2018, at AIIMS Hospital, New Delhi.

As a mark of respect to the departed dignitary, it has been decided that seven days of State Mourning will be observed throughout India from 16.08.2018 to 22.08.2018, both days inclusive. During this period the National Flag will be flown at half mast throughout India where it is regularly flown and there will be no official entertainment during the period of State Mourning. It has also been decided that the State Funeral will be accorded to late Shri Atal Bihari Vajpayee at Smriti Sthal, New Delhi.

All Central Government offices and CPSUs across the country, and Delhi Government offices in NCT of Delhi will observe half day holiday in the afternoon of day of funeral.

National Flag shall also fly half mast till 22.08.2018 in all Indian Missions/High Commissions of India abroad.

PIB

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Cabinet condoles the demise of Dr. M. Karunanidhi, former Chief Minister of Tamil Nadu

Cabinet
Cabinet condoles the demise of Dr. M. Karunanidhi, former Chief Minister of Tamil Nadu

09 AUG 2018

The Union Cabinet met under the Chairmanship of Prime Minister Shri Narendra Modi and condoled the demise of Dr. M. Karunanidhi, former Chief Minister of Tamil Nadu who passed away on 7.8.2018 at Kauvery Hospital in Chennai.

The Cabinet observed two-minute silence in his memory and passed a condolence resolution. The text of resolution is as follows:

“The Cabinet expresses profound sorrow at the sad demise of Dr. M, Karunanidhi, former Chief Minister of Tamil Nadu on 7.8.2018 at Kauvery Hospital, Chennai. In his death, the country has lost a veteran and distinguished leader, affectionately called “Kalaignar”.

He was born in Thirukkuvalai village in Nagapattinam District on 3rd  June, 1924. He had held various important positions in his public and political life during his long career in Tamil Nadu political arena. He entered Tamil Nadu Assembly winning Kulithalai seat in the 1957 elections at the age of 33. He became a Minister in Tamil Nadu Government in 1967 and then rose to become the Chief Minister of the State for the first time in 1969.  He held the position as the Chief Minister of Tamil Nadu five times.

Apart from his political life and career, he has been very popular screenwriter in Tamil cinema. He used medium of cinema for propagating the ideals of the Dravidian movement.   Dr. M. Karunanidhi was also famous for his writing and oratorical skills. His contribution to Tamil literature has been profound and prolific covering a wide range i.e. poems, screenplays, novels, biographies, stage-plays, dialogues and movie songs.

In his death, people of Tamil Nadu have lost their popular leader.

The Cabinet extends its heartfelt condolences to the bereaved family as well as the people of Tamil Nadu on behalf of the Government and the entire nation.

PIB

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Identification of Benami Properties

Ministry of Finance
Identification of Benami Properties

24 JUL 2018

Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016 seeks to prohibit the Benami Transactions irrespective of the method by which the Benami Property is acquired. Such Benami Transactions include transactions in respect of movable as well as immovable properties.

As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores.

The Government of India has taken various steps to identify Benami Properties.  The Income-tax Department (ITD) has set-up 24 dedicated Benami Prohibition Units (BPUs) across India. These BPUs are involved in gathering information and matching the same with the data available for identifying the Benami Properties and taking effective action as per the provisions of Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in Written Reply to a question in Rajya Sabha today.

PIB

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Fresh Guidelines for Selection of Teachers for National Awards

Ministry of Human Resource Development

Fresh Guidelines for Selection of Teachers for National Awards

21 JUN 2018

The Ministry of HRD has issued fresh guidelines for Selection of Teachers for National Awards. Teachers of Government schools can now send their entries directly for National Award for Teachers. This is a new initiative, as earlier entries were selected by the State Government.  The purpose of National Award to Teachers is to celebrate the unique contribution of some of the finest teachers in the country and to honor those teachers, who through their commitment have not only improved the quality of school education but also enriched the lives of their students.

  1. Conditions of Eligibility of Teachers for consideration for the Awards:
  1. School teachers and Heads of Schools working in recognized primary/ middle /high / higher secondary schools under the following categories:
  1. Schools run by State Govt. /UTs Administration, schools run by local bodies, schools aided by State Govt. and UT Administration.
  2. Central Govt. Schools i.e. Kendriya Vidyalayas (KVs), Jawahar Navodaya     Vidyalayas (JNVs), Central Schools for Tibetans (CTSA), Sainik Schools run by Ministry of Defence (MoD), Schools run by Atomic Energy Education Society (AEES).
  3. Schools affiliated to Central Board of Secondary Education (CBSE) (other than those at (a) and (b) above)
  4. Schools affiliated to Council for Indian Schools Certificate Examination (CISCE) (Other than those at (a), (b) and (c) above)

 

  1. Normally retired teachers are not eligible for the award but those teachers who have served a part of the calendar year (at least for four months i.e. upto 30th April in the year to which National Award relates) may be considered if they fulfill all other conditions.
  2. Educational Administrators, Inspectors of Education, and the staff of training Institutes are not eligible for these awards.
  3. Teacher/Headmaster should not have indulged in tuitions.
  4. Only regular Teachers and Heads of Schools will be eligible.
  5. Contractual Teachers and Shiksha Mitras will not be eligible.

 

  1. Considerations to guide the selection of teachers at various levels:

Teachers will be evaluated based on the evaluation matrix given at Annexure-I. Evaluation matrix contains two types of criteria for evaluation:

  1. Objective criteria: Under this the teachers will be awarded marks against each of the objective criteria. These criteria are given the weightage of 20 out of 100.
  2. Criteria based on performance: Under this, teachers will be awarded marks on criteria based on performance e.g. initiatives to improve learning outcomes, innovative experiments undertaken, organization of extra and co-curricular activities, use of Teaching Learning Material, social mobility, ensuring experiential learning, unique ways to ensure physical education to students etc. These criteria are given the weightage of 80 out of 100.

 

  1. Procedure for application and selection:
  1. All the applications would be received through an online web portal. The portal would be developed and managed by Administrative Staff College of India (ASCI) assisted by CIET, NCERT under the overall supervision of MHRD.
  2. ASCI would also ensure coordination with States/UTs regarding timely entry into the portal and resolution of technical and operational issues during data entry into portal.
  3. MHRD will bear the entire expenditure for development and maintenance of the portal.
  4. In case of State/UTs, teachers and Heads of schools themselves shall apply directly by filling the application form online through the web portal before the prescribed cut-off date.
  5. Every applicant shall submit a portfolio, online along with the Entry Form. The portfolio shall include relevant supporting material such as documents, tools, reports of activities, field visits, photographs, audios or videos etc.
  6. Undertaking by the applicant: Each applicant shall give an undertaking that all the information/data submitted is true to the best of his/her knowledge and if anything is found at any later date to be untrue then he/she will be liable to disciplinary action.

 

District Selection Committee:

  1. First level scrutiny will be done by District Selection Committee (DSC) headed by the District Education Officer. Members of DSC would be as under:
  1. District Education Officer: Chairperson
  2. Representative of State/UT Govt.: Member
  3. One Reputed academician nominated by District Collector: Member

 

  1. The major functions to be performed by DSC are as under:
  1. Physical verification of the facts/ information provided by the applicant by forming verification teams.
  2. Evaluation/ marking of the applicants as per the format at Annexure-I.
  3. Certificate by DSC: The DSC shall certify that marks have been awarded after due verification of the facts.
  4. After the detailed evaluation of the applications, DSC will shortlist 3 names and forward these to State Selection Committee through online portal along with vigilance clearance certificate of each of the 3 applicants.
  5. In addition to the applications received, the DSC in exceptional circumstances, may suo-moto consider name of maximum one person among the outstanding teachers including special educators and differently abled teachers/heads of schools. The evaluation will be done as per the format at Annexure-I.
  6. DSC may take into account performance of teachers in various streams of studies viz. science, arts, music, physical education etc.

The State Selection Committee (SSC)

  1. The State Selection Committee (SSC) will be headed by Principal Secretary/ Secretary of State Education Department. Members of SSC will be as under:
  1. Principal Secretary/ Secretary of State Education Department: Chairperson
  2. Nominee of Union Govt.: Member
  3. Director/Commissioner of Education: Member Secretary
  4. Director, SCERT or equivalent if there is no SCERT: Member
  1. The major functions to be performed by SSC are as under:
  1. Re-verification of the facts/ information/marks of the nominations received from all the DSCs.
  2. Evaluate all the nominations and prepare shortlist of the best candidates, subject to the maximum number allotted to the States/UTs as per Annexure-II and forward the same to Independent Jury at National level through online portal.

Organization Selection Committee (OSC) (For other organizations)

  1. The composition of OSC is as under:
  1. Chairperson/ Director/ Commissioner/ Head of the Organization: Chairperson
  2. One officer from the Organization nominated by the Chairperson
  3. Nominee of Union Govt.: Member
  4. One reputed academician deputed by the Chairperson: Member
  1. The major functions to be performed by OSC are as under:
  1. The Organizations may follow their internal processes for receiving nominations.
  2. Evaluate all the nominations and prepare shortlist of the best candidates, subject to the maximum number allotted to the Organizations as per Annexure-II and forward the same to Independent Jury at National level through online portal.

Independent Jury at National level

  1. Independent Jury at National level headed by retired Secretary, Department of School Education & Literacy, MHRD would review the list of candidates as forwarded by all the 36 SSCs and 7 OSCs and carry out fresh assessment.
    1. Each nominee is required to make a presentation before the Jury.
    2. The jury shall select names from the list subject to the maximum of 45 (+2 Special Category for differently abled teachers etc.).
    3. TA/DA for nominees shall be paid by MHRD.
    4. Secretarial assistance to the Jury will be provided by NCERT.
  2. All other awards have been subsumed under this award.
  3. The suggested way forward along with proposed timelines is as under:
    1. Opening of web-portal for inviting applications – 15th June to 30th June, 2018. Large scale publicity through newspaper advertisements, social media (Twitter, Facebook etc.) and by sending emails directly to the teachers & the State Education Departments, etc.
    2. District Selection Committee nominations to be forwarded to the State Selection Committee by 15th July, 2018.
    3. State Selection Committee shortlist to be forwarded through online portal to Independent National Jury by 31th July, 2018.
    4. Letters/communication to be issued by MHRD through online portal to all the shortlisted candidates by 3rd August.
    5. Finalization of names by Independent National Jury by 30th August, 2018.

Evaluation Matrix for National Award to Teachers

Annexure-I

Category A: Objective Criteria
Sl No. Criteria Maximum Marks / Ceiling
1 Work done by teacher to encourage community, parents, alumni etc. to contribute to the school in any way e.g. physical infrastructure, computers, mid day meal, funds, books etc. 3
2 Publication (Research papers/Articles in international/national journals{with ISSN}, Books {with ISBN}, etc.) in the last 5 years 3
3 Annual Performance Appraisal Reports or other performance appraisal tools of last 3 years 3
4 Is the teacher attending school regularly without any complaints? 3
5 Whether the teacher is regularly attending the in-service training he/she is deputed to? 2
6 Work done by teacher to increase enrolment and reduce dropouts. 2
7 Whether the teacher is enrolled for any course under SWAYAM or any other MOOCS platform 2
8 Development of e-contents, textbooks, teacher handbooks for SCERTs, Boards or NCERT 2
Subtotal 20
Category B: Criteria based on performance (Indicative and illustrative only)
Sl No. Criteria Maximum Marks
1 Innovative experiments (like use of ICT, joyful learning technique) undertaken by teacher for greater impact of his/her teaching on the students. Development and use of appropriate pedagogic approaches in day to day teaching activities including Teaching Learning Material, Low cost teaching aids etc.

(Based on number, scale and impact of innovations/experiments)

30
2 Organization of extra and co-curricular activities

(Based on number, scale and impact of experiments)

25
3
  1. Mobilization of society for school infrastructure and for spreading social awareness among children.
  2. Promotion of nation building and national integration
25
Subtotal 80
Grand Total 100

State/UT/Organization wise maximum number of nominations allowed

Annexure-II

S.no States/UTs/Organizations Max. nominations
1 Andhra Pradesh 3
2 Arunachal Pradesh 3
3 Assam 3
4 Bihar 6
5 Chhattisgarh 3
6 Goa 3
7 Gujarat 6
8 Haryana 3
9 Himachal Pradesh 3
10 Jammu & Kashmir 3
11 Jharkhand 3
12 Karnataka 6
13 Kerala 6
14 Madhya Pradesh 6
15 Maharashtra 6
16 Manipur 3
17 Meghalaya 3
18 Mizoram 3
19 Nagaland 3
20 Orissa 6
21 Punjab 6
22 Rajasthan 6
23 Sikkim 3
24 Tamil Nadu 6
25 Telangana 3
26 Tripura 3
27 Uttar Pradesh 6
28 Uttarakhand 3
29 West Bengal 3
Union Territory
30 A&N Islands 1
31 Chandigarh 1
32 D&N Haveli 1
33 Daman & Diu 1
34 Delhi 2
35 Lakshadweep 1
36 Puducherry 1
Others
37 Atomic Energy Education Society (Under Deptt. Of Atomic Energy) 1
38 CBSE 6
39 C.I.S.C.E. 2
40 CTSA 1
41 Kendriya Vidyalaya Sangathan 4
42 Navodaya Vidyalaya Samiti 2
43 Sainik Schools Under M/o Defence 1
Grand Total 145

PIB

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CBSE to conduct Central Teacher Eligibility Test (CTET) on 16th September, 2018

Central Teacher Eligibility Test (CTET)

Ministry of Human Resource Development

CBSE to conduct Central Teacher Eligibility Test (CTET) on 16th September, 2018 in 92 cities across the country

The Central Board of Secondary Education will be conducting the 11th edition of Central Teacher Eligibility Test (CTET) on 16/09/2018 (Sunday). The test will be conducted in 92 cities all over the country. The detailed Information Bulletin containing details of examination, syllabus, eligibility criteria, examination fee, examination cities and important dates will be available on CTET official website www.ctet.nic.in w.e.f. 12/06/2018 (Tuesday). The aspiring candidates are requested to download the Information Bulletin from above mentioned website only and read the same carefully before applying. The aspiring candidates have to apply online only through CTET website www.ctet.nic.in. The online application process will start from 22/06/2018 (Friday) onwards. The last date for submitting online application is 19/07/2018 (Thursday) and fee can be paid upto 21-07-2018 (Saturday) before 3.30.p.m.

Be the first to comment - What do you think?  Posted by admin - June 1, 2018 at 3:25 pm

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UPSC: Civil Services (Preliminary) Examination – 2018

UPSC: Civil Services (Preliminary) Examination – 2018

07 MAY 2018

Union Public Service Commission will be conducting the Civil Services (Preliminary) Examination-2018 on 03.06.2018 (Sunday) all over India. The Commission has uploaded the e‑Admit Card for the convenience of the admitted candidates on its website (http://www.upsc.gov.in). The candidates are advised to download their e-Admit Cards and take a printout thereof. The admitted candidates will have to produce the printout of their e-Admit Card at the allotted Venue for appearing at the Examination.
In case the photograph is not clear, blurred or not available on the e-Admit Card, candidates will have to carry two (2) identical photographs (one photograph for each Session) along with proof of Identity such as Aadhaar Card, Driving License, Passport, Voter ID Card etc. and the printout of e-Admit Card at the Venue of the Examination for appearing at the Examination with an undertaking. No paper Admit Card will be issued for this Examination. In case of any discrepancy in the e-Admit Card, the same may be communicated to the Commission immediately by email (at email ID uscsp-upsc@nic.in) for taking the decision in the matter.

The candidates are advised to take a printout of the e-Admit Card well in advance to avoid the last minute rush. “Important Instructions to the candidates” must be read carefully by the candidates.
It may also be noted that entry into the Examination Venue shall be closed 10 minutes before the scheduled commencement of the Examination i.e. 09:20 A.M. for the Forenoon Session and 02:20 P.M. for the Afternoon Session. No candidate shall be allowed the entry into the Examination Venue after closure of the entry.
Candidates should also note that they shall not be allowed to appear at any other Examination Venue except the Examination Venue mentioned in the e-Admit Card.
Candidates are also advised to bring Black Ball Point Pen as the candidates shall be required to fill the OMR Answer Sheets and Attendance List with Black Ball Point Pen only.

Candidates may submit representations, if any, on the questions asked in the Question Papers of this Examination to the Commission through the “Online Question Paper Representation Portal (QPRep)” only by accessing the URL: http://upsconline.nic.in/miscellaneous/QPRep/ during the period from 4th-10 June, 2018. No representation through any other mode and after 10th June, 2018 shall be accepted by the Commission.

Mobile phone, (even in switched off mode), pager or any electronic equipment or programmable device or storage media like pen drive, smart watches etc. or camera or Bluetooth devices or any other equipment or related accessories either in working or switched off mode capable of being used as a communication device and calculator are banned inside the Examination Hall. Any infringement of these instructions shall entail disciplinary action against the concerned candidates including debarment from future Examination / Selection.

Valuable / costly items and bags are also not allowed inside the Examination Venue.

PIB

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11th Bipartite Talks: Meeting at DFS on 2nd May 2018

MEETING AT DFS TODAY – 2ND MAY 2018

ALL INDIA STATE BANK OFFICERS’ FEDERATION
(Registered under the Trade Unions Act 1926, Registration No: 727/MDS)
State Bank Buildings, St. Mark’s Road, Bangalore – 560 001

CIRCULAR NO. 36

DATE: 03. 05. 2018

TO ALL OUR AFFILIATES/MEMBERS:

MEETING AT DFS TODAY – 2ND MAY 2018

We reproduce hereunder the text of AIBOC Circular No. 2018/15 dated 2nd May, 2018 contents of which are self-explicit.

(Y. SUDARSHAN)
GENERAL SECRETARY

TEXT

QUOTE: The Finance Ministry invited us for a discussion based on the memorandum we had submitted to Department of Financial Services and RBI. The meeting took place at the Office of Mr. Ravi Mittal, Additional Secretary Finance. Mr. Amit Agarwal, Joint Secretary, DFS also joined.

Discussions were held on the following issues:

1. Wage Revision:  The talks have resumed but the issue of Mandate and Quantum has to be settled. Lady Officer’s issues were to be taken care.

The response was positive. The addl. Secretary said “Your arguments are well taken. We will see what best can be done”

2. Appointment of Officer Director / Employee Director: The response was that steps have been taken.

3. Implementation of the recommendation of Parliament Standing Committee on NPA: The response was that the Standing Committee is going to come up with fresh recommendations soon.

4. Levy for Tax on Net Profit: The response was that it will be explored with the concerned ministries.

5. Tax on CRR: The response was that it is an issue RBI has to decide.

6. Reimbursement of Expenditure on Govt Schemes:  No response

7. Cross Selling: The response was very positive. The officials are also of the opinion that the income should be credited to the Banks commission account.

8. Review of RBI Policies; PCA, NCLT etc: Now no proposal for Bad Bank. The issues are to be taken up with RBI.

9. Service Tax on Banks for on Services Charges waived: The response was that efforts are on to solve the issue.

10. Superannuation Benefits: We have submitted detailed memorandum related to various issues concerning superannuation benefits.

11. General: The Banking Sector may take another two years to get rid of the problems. Image of the Banking system has to be restored by all of us together.

Comrades, this is the first time we were invited for an official discussion. The discussions were positive. The dialogue should continue.

Comradely yours,
Sd/-
(D. T. FRANCO)
GENERAL SECRETARY

Encl: Copy of the letter submitted to DFS today.

Text of letter No. AIBOC/2018/28 dated 01. 05. 2018

The Additional Secretary,
Department of Financial Services
Govt of India
NEW DELHI

Dear Sir,

Issues affecting Banking Sector

Thank you very much for inviting us for a discussion. We thank the Ministry for the following:

1. The IBA has called us for the Wage Negotiation on 5th May 2018 after our meeting with the Secretary, DFS on 21. 03. 2018.

2. The implementation of Ind As has been deferred by one year giving small relief to Banks.

3. RBI has reduced the provision for accounts transferred to NCLT by 40% instead of 50%.

4. The provision for Investment Fluctuation has been allowed to be spread for 4 quarters instead of one.

However the following issues remain and we request your urgent intervention.

Wage Revision: The issue of restricted mandate has not been settled yet. SBI, PNB, UBI, Indian Bank, CBI and BOB have given restricted mandate. This requires your personal intervention.

There is widespread disenchantment with the salary structure. Recently Karnataka, Andhra Pradesh and Telengana Govts. have given a good salary hike. Hence, we request your intervention for a decent wage hike without looking at the Net Profit as Banks are instrumental in implementing the Govt. schemes without any compensation. Moreover, in the last 3 years Banks have written off Rs. 2,41,000 Crores and our Wage Revision cost will be negligible in comparison. Without employee satisfaction the Banks can’t grow.

The starting basic of an officer in Govt is Rs. 56100/-

The starting basic of an officer in RBI is Rs. 35150 /-

The starting basic of an officer in LIC is Rs. 33745/-

The starting basic of an officer in Bank is Rs. 23700/-

Basic Pay is crucial for everything including superannuation. Hence we request that it should be similar to that of the Central Govt. Officers as presented by the Pillai Committee.

Our other demands are:

i) Five Day Week

ii) Regulated Working Hours

iii) Child care leave for ladies with salary

iv) Crèche facility

v) Assured Pension etc.

[Copy of Charter of Demands & Further Notes submitted to IBA enclosed]

Appointment of Officer Director / Employee Director. At present no Public Sector Bank has an Officer Director or Employee Director.

Implementation of the Recommendation of the Parliament Standing Committee on NPA. If the recommendations are implemented the entire Banking Industry can be saved. (Copy of the Report enclosed)

Please don’t levy tax on Gross Profit. The tax should be on net profit. RBI should provide interest on CRR which at present is almost one lakh crores. This will help the Banks.

Reimburse Expenditure on Govt Schemes. The expenditure on Jandhan, Pension Yojana and other Govt Schemes if reimbursed will help the Banks.

Stop Cross Selling: In the name of Universal Banking we have allowed Banks to sell insurance, Mutual Funds & other products. The huge incentive has lead to misselling. Please intervene. (Note Enclosed)

Review PCA: The 11 banks under PCA have not improved their performance. Hence a review is needed.

Review IBC & NCLT: Both have created lot of problems. They are not helping Banks but benefit the defaulters and new purchasers of the companies. Urgent steps are needed.

Yours faithfully,
Sd/-
D. T. Franco
General Secretary
Encl: As above

Source: http://aisbof. org/

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Union cabinet approves ordinance for death penalty for rape of children

Union cabinet approves ordinance for death penalty for rape of children

Union cabinet approves ordinance for death penalty for rape of children

The Union Cabinet on Saturday approved an ordinance to allow courts to award death penalty to those convicted of raping children up to 12 years of age.

Official sources said here that the criminal law amendment ordinance seeks to amend the Indian Penal Code (IPC), the Evidence Act, the Code of Criminal Procedure (CrPC) and the Protection of Children from Sexual Offences (POCSO) Act to introduce a new provision to sentence convicts of such crimes punishment of death

The move comes against the backdrop of the alleged rape and murder of girls in Jammu and Kashmir’s Kathua and Gujarat’s Surat district recently

The rape of a minor in Uttar Pradesh’s Unnao district had also outraged the nation

The ordinance would be now sent to the President for his approval.

PTI

Be the first to comment - What do you think?  Posted by admin - April 21, 2018 at 3:10 pm

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Anomaly in Computation of Pension – SC Judgement

Anomaly in Computation of Pension – SC Judgement

Anomaly in computation of Pension Civil Appeal No. 5525 of 2012, Filed in the Hon`ble Supreme Court of India by Bank of Baroda & Ors with other Civil Appeals

HR & INDUSTRIAL RELATIONS

No.HR&IR/2018-19/G2/4786

April 3, 2018

Chief Executives of Member Banks which
are parties to the 7th Bipartite Settlement

Dear Sir,

Anomaly in computation of Pension Civil Appeal No. 5525 of 2012, Filed in the Hon’ble Supreme Court of India by Bank of Baroda & Ors with other Civil Appeals.

On 9-10-1993, a Bi-partite Settlement was signed at Industry level between Indian Banks’ Association (representing member Banks) and Workmen Unions (representing Workmen) under the provisions of Industrial Dispute Act, 1947 for introduction of Pension as a second retiral benefit in lieu of “Banks contribution to Provident fund.” On similar lines a Joint Note dated 29-10-1993 between Indian Banks’ Association (representing member Banks) and Officers Associations (representing Officers) was signed.

2. The respective member Banks in exercise of their power under Section 19 of Banking Companies (Acquisition & transfer of undertakings) Act, 1970/1980 pursuant to above referred Bi-partite Settlement/Joint Note, framed and notified in the Gazette of India “Bank Employees Pension Regulations, 1995.”

3. Another Joint Note/Bi-partite Settlement was signed between respective parties as mentioned herein above on 14-12-1999 and 27-3-2000 respectively relating to Wage revision. As per the provisions of said Joint Note / Bi-partite Settlement, 1684 points of Consumer Price Index (CPI) were merged with existing basic pay of Officers/employees and revised basic pay was worked out accordingly. However, as per agreed terms & conditions, pay for the purpose of pension was worked out after merging 1616 points of CPI as against 1684 points. These provisions were made effective w.e.f. 1-4-1998. As such, pay for the purpose of pension was less than the actual Pay the Employee/Officer concerned was getting on or after 1-4-1998. This anomaly was removed vide Joint Note/Bi-partite Settlement signed on 2-6-2005. However, monetary benefits were given w.e.f. 1-5-2005.

4. Due to this anomaly, the employees/Officers who retired after 1-4-1998, including those who retired under Special Voluntary Retirement Scheme, 2000 filed various Writ Petitions before different Hon’ble High Courts, praying that they be held entitled to Payment of Pension on the basis of actual average pay drawn by them during last 10 months as per the provisions of Bank Employees Pensions Regulations, 1995.

5. When the matter came up before Hon’ble High Court of Karnataka and Madras, the Hon’ble Courts decided the matter against Banks and ultimately concerned Banks approached Hon’ble Supreme Court by filing Civil Appeals viz., CA No 5525/2012, 6254/2012, 5611/2012, 3026-3253/2013, 3257-3262/2013, 11205-11340/2014, 11342-11435/2014, 9533-9646/2014, 8557/2014, 4711-4800/2014 and 1880/2018, 1881-1888/2018, 1890/2018, 1892-1912/2018, 1918/2018, 1919-2087 and 2088-2092/2018.

6. The Hon’ble Supreme Court vide its order dated 13/2/2018 (copy enclosed) have dismissed these appeals filed by the Banks and inter-alia has held that:-

“17…the provisions contained in Regulation 35 also make an incumbent entitled for opting the pension on the basis of average emoluments. The average emoluments have to be calculated on the basis of the preceding ten months. Adding Explanation (c) to Regulation 2(s), as done, could have created no fictional basis in view of clear and unambiguous provisions in other provisions of the Regulations. Besides, the definition of the average emoluments in Regulation 2(d) itself makes it clear that it is average pay drawn “during the last ten months” of his service by an employee. It cannot mean pay drawn by the employee even before several years. Mentionably there is no amendment made in the aforesaid provision of Regulation 2(d) and the expression during the preceding last ten months before date of retirement is clearly culled out in Regulation 38(1) and 38(2). Thus, in our considered opinion, the view taken by the then Chief Justice Vikramajit Sen as he then was, at Karnataka High Court and by the High Court of Madras are appropriate and the view taken by the Delhi High Court cannot be said to be sustainable for the various other reasons too mentioned hereinafter.

29. Thus, in our opinion, the Regulations which were in force till 2003, would apply with full force and as a matter of fact, the amendments made in it by addition of Explanation (c) in Regulation 2(s) did not have the effect of amending the Regulations relating to pension, as contained in Regulation 38 read with Regulations 2(d) and 35 of the Regulations of 1995. Even otherwise, if it had the effect of amending the pay and perks ‘average emoluments’, as specified in Regulation 2(d), it could not have operated retrospectively and taken away accrued rights. Otherwise also, it would have been arbitrary exercise of power. Besides, there was no binding statutory force of the so called Joint Note of the Officers’ Association, as admittedly, to Officers’ Association even the provisions of Industrial Disputes Act were not applicable and Joint note had no statutory support, and it was not open to forgo the benefits available under the Regulations to those officers who have retired from 1.4.1998 till December 1999 and thereafter, and to deprive them of the benefits of the Regulations. Thus, by the Joint Note that has been relied upon, no estoppel said to have been created. There is no estoppel as against the enforcement of statutory provisions. The Joint Note had no force of law and could not have been against the spirit of the statutory Regulations and the basic service conditions, as envisaged under the Regulations framed under the Act of 1970. They could not have been tinkered with in an arbitrary manner, as has been laid down by this Court in Central Inland Water Transport Corporation Limited & Anr. vs. Brojo Nath Ganguly & Anr., (1986) 3 SCC 156 & Delhi Transport Corporation vs D.T.C. Mazdoor Congress, (1991) Supp.1 SCC 600.

33. The only purpose of the addition of Explanation (c) to Regulation 2(s), was to take away the actual computation of the pension on the basis of the salary, which was drawn in the preceding ten months. Thus, we have to hesitation to strike it down being arbitrary and repugnant to other provisions/Regulations namely 2(d), 38(1)(2) and 35. The Explanation (c) to Regulation 2(s) is hereby struck down, as it could not have been enacted retrospectively to take away accrued rights. Even otherwise also it is held to be arbitrary and irrational. More so, in view of the fact that only by way of a temporary measure, that discrimination was created and the Explanation was deleted with effect from 1.5.2005.”

34. Thus, we set aside the judgment rendered by the High Court of Delhi and affirm that of High Courts of Karnataka at Bangalore and the High Court of Madras. The appeals filed by the Banks are dismissed and the appeal filed by the Association is allowed. Resultantly, let the amount which was due and payable be paid with 9% interest, be calculated and paid within four months from today.

35. All pending applications stand disposed of.”

7. The matter was put up to the Managing Committee of IBA in its meeting held on 28.3.2018. The committee resolved that the judgement of the Hon’ble Supreme Court may be forwarded to all member banks which are party to above mentioned Joint Note / Bipartite Settlement for their necessary action. As such, a copy of the judgement of Hon’ble Supreme Court is enclosed.

8. As directed by Managing Committee we have taken a Legal Opinion to know the impact of the judgement on various Banks which is given below:

(a) All Nationalized Banks who have Pension Regulations, 1995 will have to give effect to the judgement and pay the differential arrears in the amount of Pension which was due and payable with 9% interest within 4 months from the date of judgement i.e. 13.02.2018.

(b) Banks incorporated under special statutes will also have to give effect to the judgement if they have implemented provisions of the above mentioned Joint Note / 7th Bipartite Settlement.

(c) Private Banks which are not amenable to the Writ jurisdiction of the Hon’ble High Courts/Supreme Court, though can take the plea that captioned judgement is not applicable to them, should also give effect and comply with the captioned judgement if they have implemented provisions of the above mentioned Joint Note/7th Bipartite Settlement. The view expressed in this point Is based on the possibility that if the employees of the Private Banks approach the Civil Court on the basis of said Hon’ble Supreme Court judgement, they would procure a favourable verdict.

Yours faithfully,
B Raj Kumar
Deputy Chief Executive

Source: http://www.iba.org.in/

SC JUDGEMNT

Be the first to comment - What do you think?  Posted by admin - April 9, 2018 at 1:55 pm

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RBI Circular: Banks to remain open till 8 pm on 31.3.2018

Banks to remain open till 8 pm on 31.3.2018 – RBI Circular

“All agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 p.m. on March 31, 2018″

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2017-18)

RBI/2017-18/144
DGBA.GBD.No.2388/42.01.029/2017-18

March 27, 2018

All agency banks

Dear Sir / Madam

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2017-18)

The Government of India has desired that all government transactions with banks for Financial Year 2017-18 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose. Accordingly, all agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 p.m. on March 31, 2018. All electronic transactions, including RTGS and NEFT, will continue till midnight on March 31, 2018. Banks may give adequate publicity to the special arrangements made.

Yours faithfully

(Partha Choudhuri)
General Manager

Source: www.rbi.org.in

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Pass marks reduced in CISCE Examinations for Class X & Class XII

Ministry of Human Resource Development

Pass marks reduced in CISCE Examinations for Class X & Class XII

9 MAR 2018

The Council for the Indian School Certificate Examinations (CISCE) has informed that it has reduced the pass marks for the Class X from 35% to 33% and for class XII from 40% to 35% from the Examination year 2018 onwards.

The CISCE has informed that this year (ISC year 2018 Examination) the Indian School Certificate (ISC) practical examinations were evaluated in the School on the days of the respective practical examination, as against the earlier practice of evaluating them at the centralized marking centers.

The requisite details are given hereunder:-

Sr. No. Class Numbers of Students
(i) X (ICSE) 1,84,253
(ii) XII (ISC) 81,758

This information was given by the Minister of State (HRD), Shri Upendra Kushwaha today in a written reply to a Lok Sabha question.

Be the first to comment - What do you think?  Posted by admin - March 19, 2018 at 9:06 pm

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Wage Negotiation: Negotiating Committee Meeting with Unions / Associations

Wage Negotiation: Negotiating Committee Meeting with Unions / Associations

“Meeting of UFBU will be held on 23 Feb to discuss present Bkg. scenario & to formulate next course of action for wage settlement

A Meeting of UFBU will be held on 23rd February 2018 at “Tarak Illam”, Central Bank Union Building, Ameerjan Street, Off Choolaimedu High Road, Nungambakkam, Chennai to discuss the present banking scenario and to formulate next course of action in the matter of 11th Wage Negotiations.”

Indian Banks’ Association
HR & INDUSTRIAL RELATIONS

No. HR&IR/UFBU/XIBPS/4539

February 17, 2018

Shri Sanjeev K. Bandlish
Convenor
United Forum of Bank Unions (UFBU) & General Secretary
National Confederation of Bank Employees
C/o State Bank of India, LHO
Plot No.1, Sector-17A
Chandigarh- 160 017

Dear Sir,
Wage Negotiation: Negotiating Committee Meeting with Unions / Associations

We draw your kind attention to our letter no HR&IR/UFBU/XIBPS/4476 dated 7th February 2018 and advise that due to some unforeseen circumstances, it has been decided to postpone Negotiating Committee meeting with Unions/Associations scheduled to be held on 21st February 2018. Next date of said meeting will be advised to you in due course.

2. We regard for the inconvenience caused in this regard.

Yours faithfully,
K S Chauhan
Advisor (HR&IR)

Source: http://aipnbsf.org

Be the first to comment - What do you think?  Posted by admin - February 25, 2018 at 9:29 pm

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IBA Invites UFBU for Negotiations on Wage Revision fixed on 21.2.2018

IBA Invites UFBU for Negotiations on Wage Revision fixed on 21.2.2018

Date:09.02.2018

Central Office:
R-8/38 Raj Nagar
Ghaziabad (U.P.)

Camp Office:
Punjab National Bank
Preet Vihar, Delhi-92
Ph. /Fax No: 0120-4136800 Mobile (G.S.): 9818562336
E-mail: aipnbsf@yahoo.co.in Website: www.aipnbsf.org

Circular No. 2/2018

TO ALL MEMBERS

 

Dear Comrades.

• UFBU MEETING HELD ON 6TH FEBRUARY 2018
• UFBU DECIDES ALL INDIA STRIKE ON 15TH MARCH 2018
• IBA INVITES UFBU FOR NEGOTIATIONS ON 21ST FEBRUARY 2018

We reproduce hereunder the Circular No. UFBU/2018/01 Dated the 9th February 2018 issued by Com. Sanjeev K. Bandlish, Convenor, United Forum of Bank Unions (UFBU), for information of all affiliates and members.

With revolutionary greetings,

Yours Comradely,

(R. K. SHARMA)
GENERAL SECRETARY

 In the background of virtual silence on the part of IBA to hold negotiations with UFBU on our current demands for revision of wages and services conditions, a meeting of UFBU was held at Mumbai on the 6th February 2018.

 

Delay in wage revision: The meeting was concerned to note that for the past three months, IBA has not held any meeting with us on our demands for wage revision despite assuring us in the meeting held in October, 2017 that shortly another meeting would be held when the IBA would make their offer. So far, there has been no response. Department of Financial Services of Government of India has also been communicating to all the Banks and IBA to conclude the settlement without delay. Even this has been ignored. Regrettably, when we took up the matter with the Government to intervene to expedite the settlement, there was no response. Hence, it was decided after due deliberations that agitational programmes including strike actions have to be resorted to.

 

Strike call: Accordingly, it was decided to give the call for All India Strike on the 15th March 2018 preceded by other protest programmes like deputation to Chairperson IBA, demonstrations, mass rallies, Badge wearing, Dharna, etc.

 

IBA invites UFBU for Talks: After our taking the decision on the 6th February 2018, we have been informed by the IBA vide their letter dated the 7th February 2018 that the next round of negotiations on our demands for wage revision has been fixed for the 21st February 2018.

 

In view of this, we shall take part in the negotiations on 21.02.2018 to impress upon the IBA to expedite the settlement. Looking to their response in the meeting on 21st February 2018, UFBU will meet immediately thereafter and take the decision about our agitational programme and strike call.

 

Continued attacks on Banking Sector – Mass signature Campaign : Further to our successful protest strike on 22.08.2017 and the massive Morcha to Parliament on 15.09.2017, it was decided to undertake mass signature campaign in the Petition to Speaker of Lok Sabha to seek the support of the people to our demands. Already the draft Mass Petition has been circulated to units. The meeting observed that the units are in the process of collecting signatures from the general public and the response is encouraging.

 

It was decided to complete the campaign by the end of March 2018 so that the Mass Petitions can be handed over to the Speaker of Lok Sabha in the first week of April, 2018 before the conclusion of the current Budget Session.

 

Source: http://aipnbsf.org

Be the first to comment - What do you think?  Posted by admin - February 13, 2018 at 9:19 pm

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Cabinet approves amendments in FDI policy

FDI policy further liberalized in key sectors

Cabinet approves amendments in FDI policy

100% FDI under automatic route for Single Brand Retail Trading

    100% FDI under automatic route in Construction Development
Foreign airlines allowed to invest up to 49% under approval route in Air India
FIIs/FPIs allowed to invest in Power Exchanges through primary market
Definition of ‘medical devices’ amended in the FDI Policy

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval to a number of amendments in the FDI Policy. These are intended to liberalise and simplify the FDI policy so as to provide ease of doing business in the country. In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment.

Foreign Direct Investment (FDI) is a major driver of economic growth and a source of non-debt finance for the economic development of the country. Government has put in place an investor friendly policy on FDI, under which FDI up to 100%, is permitted on the automatic route in most sectors/ activities. In the recent past, the Government has brought FDI policy reforms in a number of sectors viz. Defence, Construction Development, Insurance, Pension, Other Financial Services, Asset reconstruction Companies, Broadcasting, Civil Aviation, Pharmaceuticals, Trading etc.

Measures undertaken by the Government have resulted in increased FDI inflows in to the country. During the year 2014-15, total FDI inflows received were US $ 45.15 billion as against US $ 36.05 billion in 2013-14. During 2015-16, country received total FDI of US $ 55.46 billion. In the financial year 2016-17, total FDI of US $ 60.08 billion has been received, which is an all-time high.

It has been felt that the country has potential to attract far more foreign investment which can be achieved by further liberalizing and simplifying the FDI regime. Accordingly, the Government has decided to introduce a number of amendments in the FDI Policy.

Details:

Government approval no longer required for FDI in Single Brand Retail Trading (SBRT)

Extant FDI policy on SBRT allows 49% FDI under automatic route, and FDI beyond 49% and up to 100% through Government approval route. It has now been decided to permit 100% FDI under automatic route for SBRT.

It has been decided to permit single brand retail trading entity to set off its incremental sourcing of goods from India for global operations during initial 5 years, beginning 1st April of the year of the opening of first store against the mandatory sourcing requirement of 30% of purchases from India. For this purpose, incremental sourcing will mean the increase in terms of value of such global sourcing from India for that single brand (in INR terms) in a particular financial year over the preceding financial year, by the non-resident entities undertaking single brand retail trading entity, either directly or through their group companies. After completion of this 5 year period, the SBRT entity shall be required to meet the 30% sourcing norms directly towards its India’s operation, on an annual basis.

A non-resident entity or entities, whether owner of the brand or otherwise, is permitted to undertake ‘single brand’ product retail trading in the country for the specific brand, either directly by the brand owner or through a legally tenable agreement executed between the Indian entity undertaking single brand retail trading and the brand owner.

Civil Aviation

As per the extant policy, foreign airlines are allowed to invest under Government approval route in the capital of Indian companies operating scheduled and non-scheduled air transport services, up to the limit of 49% of their paid-up capital. However, this provision was presently not applicable to Air India, thereby implying that foreign airlines could not invest in Air India. It has now been decided to do away with this restriction and allow foreign airlines to invest up to 49% under approval route in Air India subject to the conditions that:

Foreign investment(s) in Air India including that of foreign Airline(s) shall not exceed 49% either directly or indirectly

Substantial ownership and effective control of Air India shall continue to be vested in Indian National.

Construction Development: Townships, Housing, Built-up Infrastructure and Real Estate Broking Services

It has been decided to clarify that real-estate broking service does not amount to real estate business and is therefore, eligible for 100% FDI under automatic route.

Power Exchanges

Extant policy provides for 49% FDI under automatic route in Power Exchanges registered under the Central Electricity Regulatory Commission (Power Market) Regulations, 2010. However, FII/FPI purchases were restricted to secondary market only. It has now been decided to do away with this provision, thereby allowing FIIs/FPIs to invest in Power Exchanges through primary market as well.

Other Approval Requirements under FDI Policy:

As per the extant FDI policy, issue of equity shares against non-cash considerations like pre-incorporation expenses, import of machinery etc. is permitted under Government approval route. It has now been decided that issue of shares against non-cash considerations like pre-incorporation expenses, import of machinery etc. shall be permitted under automatic route in case of sectors under automatic route.

Foreign investment into an Indian company, engaged only in the activity of investing in the capital of other Indian company/ies/ LLP and in the Core Investing Companies is presently allowed upto 100% with prior Government approval. It has now been decided to align FDI policy on these sectors with FDI policy provisions on Other Financial Services. Thus, if the above activities are regulated by any financial sector regulator, then foreign investment upto 100% under automatic route shall be allowed; and, if they are not regulated by any Financial Sector Regulator or where only part is regulated or where there is doubt regarding the regulatory oversight, foreign investment up to 100% will be allowed under Government approval route, subject to conditions including minimum capitalization requirement, as may be decided by the Government.

Competent Authority for examining FDI proposals from countries of concern

As per the existing procedures, FDI applications involving investments from Countries of Concern, requiring security clearance as per the extant FEMA 20, FDI Policy and security guidelines, amended from time to time, are to be processed by the Ministry of Home Affairs (MHA) for investments falling under automatic route sectors/activities, while cases pertaining to government approval route sectors/activities requiring security clearance are to be processed by the respective Administrative Ministries/Departments, as the case may be. It has now been decided that for investments in automatic route sectors, requiring approval only on the matter of investment being from country of concern, FDI applications would be processed by Department of Industrial Policy & Promotion (DIPP) for Government approval. Cases under the government approval route, also requiring security clearance with respect to countries of concern, will continue to be processed by concerned Administrative Department/Ministry.

Pharmaceuticals:

FDI policy on Pharmaceuticals sector inter-alia provides that definition of medical device as contained in the FDI Policy would be subject to amendment in the Drugs and Cosmetics Act. As the definition as contained in the policy is complete in itself, it has been decided to drop the reference to Drugs and Cosmetics Act from FDI policy. Further, it has also been decided to amend the definition of ‘medical devices’ as contained in the FDI Policy.

Prohibition of restrictive conditions regarding audit firms:

The extant FDI policy does not have any provisions in respect of specification of auditors that can be appointed by the Indian investee companies receiving foreign investments. It has been decided to provide in the FDI policy that wherever the foreign investor wishes to specify a particular auditor/audit firm having international network for the Indian investee company, then audit of such investee companies should be carried out as joint audit wherein one of the auditors should not be part of the same network.

Be the first to comment - What do you think?  Posted by admin - January 10, 2018 at 9:24 pm

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PM greets nation on Christmas

PM greets nation on Christmas

The Prime Minister Shri Narendra Modi has conveyed his greetings to the nation on Christmas.

“Wishing everyone a Merry Christmas. We remember the noble teachings of Lord Christ.

May this festive season enhance the spirit of happiness and harmony in our society”, the Prime Minister said.

PIB

Be the first to comment - What do you think?  Posted by admin - December 25, 2017 at 4:39 pm

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Join work within 24-hours or face termination: Govt to Nurses

Join work within 24-hours or face termination: Govt to Nurses

Bhubaneswar: Odisha government today asked the agitating contractual nurses to join work within 24 hours or face termination.

The ultimatum was served by Mission Director of National Health Mission (NHM), Odisha, Shalini Pandit.

“I request and direct the agitating contractual nurses to join duty in 24 hours or we will be compelled to terminate them,” Pandit told reporters.

Stating that the Health Minister has already assured the agitating nurses to redress their grievances soon, Pandit said “However, some staff nurses refused to call off their stir affecting the health services in the state. Hence, we asked them to join duty within 24 hours.”

Healthcare in all government hospitals across the state was severely affected as over thousands of nurses staged cease work protest from December 18.

The agitating nurses recruited under NRHM are demanding regularisation of their jobs, up gradation of pay structure and equal pay for equal work with their counterparts working at the state government.

PTI

Be the first to comment - What do you think?  Posted by admin - December 23, 2017 at 7:59 pm

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