Tuesday, September 8, 2015
Draft Instructions/guidelines under rule 7(2) of AIS(Leave) Rules 1955 to process deemed resignation for being unauthorisedly absent after expiry of Leave/Study Leave/Foreign Assignment etc.
Investment Guidelines for NPS Schemes (Other than Govt. Sector (CG &SG), Corporate CGI NPS Lite and APY) w.e.f. 10th September, 2015
Monday, September 7, 2015
Fiscal impact of 7th Pay Commission under watch: DBS
Bulk of the impact of Seventh Pay Commission, under which salaries of
government employees will be reviewed, is likely to be absorbed by the
Budget of the next financial year, 2016-17, says a DBS report.
The global financial services major said pay/allowances could rise by
16 per cent following the rollout of the Seventh Pay Commission.
“If adopted, bulk of the impact (of the Seventh Pay Commission) will be absorbed by the FY16/17 Budget,” the DBS report said adding that “historically, the pay commission’s rollout has been negative for fiscal balances.”
As per DBS, the increase in bonus payments and pay/ allowances would cumulatively imply a first-round increase in spending to the tune of 0.2-0.3 per cent of GDP in FY16/17, “putting deficit targets at risk”.
“These higher spending needs will require the government to either re-channel fiscal savings, restrain spending elsewhere or renege on the fiscal deficit targets,” it added.
The Seventh Pay Commission, set up by the government to revise remuneration of about 48 lakh central government employees and 55 lakh pensioners, will submit its report by December 31.
DBS said that the full impact would get clearer when the pay commission tables its recommendations later this year.
The recommendations of the Seventh Pay Commission are scheduled to come into effect from January 1, 2016.
The previous Sixth Pay Commission was rolled out in the third quarter of 2008, at a time when the economy was reeling under the impact of the global financial crisis.
“Implementation of the revised salaries/ pensions (plus arrears), along with farm loan waivers and other stimulus measures saw the fiscal deficit balloon from -2.5 per cent of GDP in FY07/08 to -6.0 per cent in FY08/09 and stay high for another year before easing off,” the report added.
The government constitutes the Pay Commission almost every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications.
“If adopted, bulk of the impact (of the Seventh Pay Commission) will be absorbed by the FY16/17 Budget,” the DBS report said adding that “historically, the pay commission’s rollout has been negative for fiscal balances.”
As per DBS, the increase in bonus payments and pay/ allowances would cumulatively imply a first-round increase in spending to the tune of 0.2-0.3 per cent of GDP in FY16/17, “putting deficit targets at risk”.
“These higher spending needs will require the government to either re-channel fiscal savings, restrain spending elsewhere or renege on the fiscal deficit targets,” it added.
The Seventh Pay Commission, set up by the government to revise remuneration of about 48 lakh central government employees and 55 lakh pensioners, will submit its report by December 31.
DBS said that the full impact would get clearer when the pay commission tables its recommendations later this year.
The recommendations of the Seventh Pay Commission are scheduled to come into effect from January 1, 2016.
The previous Sixth Pay Commission was rolled out in the third quarter of 2008, at a time when the economy was reeling under the impact of the global financial crisis.
“Implementation of the revised salaries/ pensions (plus arrears), along with farm loan waivers and other stimulus measures saw the fiscal deficit balloon from -2.5 per cent of GDP in FY07/08 to -6.0 per cent in FY08/09 and stay high for another year before easing off,” the report added.
The government constitutes the Pay Commission almost every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications.
Seventh Pay Commission is no ogre-7वें वेतन आयोग में मूल वेतन होगा 15 हजार!
Sunday, September 6, 2015
Grant of payments banks licence arbitrary, says Subramanian Swamy
"These were chosen from 41 applicants who wanted to start Payment
systems. The manner in which 11 Payments Banks were shortlisted is
inconsistent with the rule of law. It is not clear how the RBI came to
the number of 11 payments banks, or why licences were denied to the
others...
"The arbitrary and malicious decision (of RBI) appears to be a big scam...," Swamy said in a
statement.
From the very outset, he said, it is not clear why RBI chose to use
the Banking Regulation Act, 1949, to licence Payments Banks when
Parliament has made separate law for governing payments systems under
the Payments and Settlement Systems Act, 2007.
Although the RBI stated that the 11 entities were chosen by an
external evaluation committee, Swamy said "without casting any
aspersions on the members of the committee, this is, sadly, not a due
process of law".
"There is no explanation on how the committee evaluated each
criterion... ," he said, adding RBI did not provide for review or appeal
by rejected applicants. "This is also a violation of the rule of
law".
He further said that there would have been no problem had the RBI
granted 30 payments banks licences instead of 11. "It would have
promoted more competition and reduced costs to consumers". ..
Payments Banks are allowed to collect deposits (initially up to Rs 1
lakh per individual), offer Internet banking, facilitate money
transfers and sell insurance and mutual funds. Besides, they can issue
ATM/debit cards, but not credit cards.
Source : http://economictimes.indiatimes.com/
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