Rs 44,054.72 crore has been withdrawn from the EPFO till date: Govt in Rajya Sabha
on September 21, 2020 at 9:49 am
The Employees’ Provident Fund (EPF) Scheme was amended to provide for a non-refundable advance from the provident fund account of a member not exceeding the basic wages and dearness allowances of that member for three months or up to 75% of the amount standing to his credit in the EPF Account, whichever is less.
3557 workers affected by lay-offs across India between January and June: Labour ministry data
on September 21, 2020 at 9:36 am
According to the statement, the ministry of Labour and Employment has the mandate to protect and safeguard the interests of workers with due regard to creating a healthy work environment for higher production and productivity and to provide social security to the labour force.
Pre-filled GST return form soon: GSTN CEO Prakash Kumar
on September 21, 2020 at 9:01 am
GSTN, which handles the IT backbone for GST has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form. It is also providing taxpayers auto-generated invoice-wise input tax credit (ITC) statements based on information furnished by the suppliers of the taxpayer.
80,000 new additions take PM-SYM’s total subscriber count to over 44 lakh
on September 21, 2020 at 8:46 am
Over Rs 173 crore has been spent on the scheme so far this year as against the budgetary allocation of Rs 500 crore for 2020-21, labour minister Santosh Gangwar said. The pandemic has impacted voluntary investments by individuals to any kind of social security scheme during this time as they hold on to cash for meeting any emergency situation.
Imports will now get benefits on the basis of their value addition, here’s all you need to know
on September 21, 2020 at 4:22 am
The new ‘rules of origin’ framework for free trade agreements (FTAs) under the Customs Act will come into effect from Monday.
India mulls on supplying onions to its neighbours following the decision to ban onion exports
on September 20, 2020 at 6:24 pm
India and Bangladesh are due to review the entire gamut of ties at a meeting between their foreign ministers later this month, from connectivity initiatives to security partnership to joint celebrations of Mujibur Rehman’s birth centenary and energy pipeline to defence partnership.
Lok Sabha passes Bilateral Netting of Qualified Financial Contracts Bill, 2020
on September 20, 2020 at 6:21 pm
Under the bill, a qualified financial contract (QFC) is a bilateral contract notified as a QFC by a relevant authority such as the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority or International Financial Services Centres Authority.
View: Put depositors first. Relief to borrowers not at their cost
on September 20, 2020 at 6:12 pm
Bank depositors are typically the most risk averse — the retired earning monthly income from deposits, or those saving for the future or simply keeping savings safe in banks till it’s needed. Denying interest to crores of such depositors to benefit a few lakh borrowers, as the RBI governor said, can cause immense misery.
View: Interest groups are raring to hijack the atmanirbharta debate. Real economists must speak up
on September 20, 2020 at 6:01 pm
After 2009, central banks emerged as flawed icons. They salvaged some of the reputation with their unique power to create money. Economists have no such tool. But Covid-19 and a changing world would test them the way the financial meltdown had challenged central bankers.
Import duty on TV component to make local industry uncompetitive, expensive: CEAMA
on September 20, 2020 at 4:33 pm
“This may make domestic manufacturing uncompetitive and expensive. Open-cell panels form nearly 65 per cent of the total production cost of television and the imposition of duty may have an impact on the overall pricing of TVs,” said CEAMA President Kamal Nandi.
Government to implement new financial model for interest subvention for SC/OBC Self-Help Groups
on September 20, 2020 at 3:50 pm
“The Ministry of Social Justice and Empowerment is going to implement a new Financial Model for Interest Subvention for individual beneficiaries as well as the Self-Help Groups (SHGs) comprising exclusively of SC and OBC categories,” Gurjar said.
EPFO records 8.45 lakh new enrolments in July
on September 20, 2020 at 3:23 pm
Provisional payroll data last month had shown that net new enrolments stood at 6.55 lakh in June this year. The figure has now been revised down to 4,82,352. The net enrolments with the Employees’ Provident Fund Organisation (EPFO) had dropped to 5.72 lakh in March 2020 from 10.21 lakh in February, according to the payroll data released in May.
New Social Security Code introduces different ceilings for different workers
on September 20, 2020 at 3:17 pm
The standing committee on labour had recommended gratuity eligibility criteria to be reduced between one and three years since duration of jobs have reduced in general and more and more contract workers are hired.
21 states accept Rs 97,000 cr borrowing proposal to meet GST shortfall
on September 20, 2020 at 1:51 pm
GST Council with full presence of states and UTs needs, as per the GST Act, only 20 states to pass any resolution, in case voting is required on any issue, the sources added.
Banks not asked by RBI to raise capital to brace for possible NPAs: MoS Finance Anurag Thakur
on September 20, 2020 at 1:50 pm
\RBI Governor Shaktikanta Das at an event in July had advised that banks need to raise capital on anticipatory basis to build up adequate capital buffers to mitigate risks arising out of coronavirus outbreak.