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Category: Economy

  • 7th Pay Commission: Central Govt Revises Employees’ Allowances — Read In Detail | Personal Finance News

    New Delhi: It is good news for you if you are a central government employee and a pensioner. The union government has announced revisions to six key allowances under the 7th Pay Commission dispensation. The Department of Personnel and Training (DoPT) released an Office Memorandum (OM) on April 2, 2024 regarding the revisions. 

    Here is the breakdown of the revisions made by the department. (Also Read: Veg Thali Becomes Expensive In March, Non-Veg Cheaper: Check Rates)

    Child Education Allowance

    Child Education Allowance has been revised, now standing at 25 percent of the allowance when the employee’s DA reaches 50 percent. The maximum allowance for Child Education/Hostel Subsidy applies to two children, with a hostel subsidy amounting to Rs 6,750 per month. (Also Read: China May Use AI Content To Influence Lok Sabha Polls, Warns Microsoft Report)

    In cases of disabled children, the allowance is doubled.

    Risk Allowance

    For employees engaged in hazardous duties, the Risk Allowance has been revised. This allowance, provided to mitigate health risks associated with certain job roles, is not considered as part of the employee’s regular pay.

    Night Duty Allowance

    The 7th Pay Commission recommendations have updated the Night Duty Allowance (NDA). Employees eligible for NDA must have a basic salary of Rs 43,600 per month.

    The calculation of NDA is based on the basic pay and dearness allowance rates specified by the Commission.

    Special Allowance

    Special Allowance for Parliament Assistants has been increased by 50 percent for those fully engaged in Parliament duties during its sessions. The revised rates apply for each calendar month, with adjustments made for shorter sessions.

    Over Time Allowance

    Ministries/Departments are tasked with compiling rosters of ‘Operational Staff’ eligible for Overtime Allowance, without any upward adjustment in rates. Biometric attendance may be used to streamline procedures and ensure transparency in overtime work scheduling.

    Special Allowance For Women With Disabilities

    To support female employees with disabilities, especially those with young children or children with disabilities, a special allowance of Rs 3,000 per month will be provided. This allowance will be disbursed from the birth of the child until the child reaches two years of age.

  • Anand Mahindra Offers Job Opportunity To Girl Who Used Alexa To Scare Off Monkey | Companies News

    New Delhi: In a remarkable display of courage and quick thinking, a 13-year-old girl from the Basti district of Uttar Pradesh saved herself and her younger sister from a monkey attack using Amazon’s virtual voice assistant, Alexa. Mahindra Group Chairman Anand Mahindra got impressed by her bravery and offered her a job.

    The girl instructed Alexa to mimic a dog’s bark in an attempt to frighten off the monkey that had entered her sister’s house. This strategy proved effective and allowed the girl to protect herself and her sister from harm. (Also Read: EXL Layoffs: US-Based IT Company Cuts 800 Employees In India And United States)

    In response to the incident, Anand Mahindra used his official X account (formerly Twitter) to share his thoughts and wrote, “The dominant question of our era is whether we will become slaves or masters of technology. The story of this young girl provides comfort that technology will always be an enabler of human ingenuity. Her quick thinking was extraordinary.” (Also Read: Tata Steel India Clocks Record Production)

    The dominant question of our era is whether we will become slaves or masters of technology.

    The story of this young girl provides comfort that technology will always be an ENABLER of human ingenuity.

    Her quick thinking was extraordinary.

    What she demonstrated was the… https://t.co/HyTyuZzZBK


    — anand mahindra (@anandmahindra) April 6, 2024

    The video garnered various reactions by the netizens check them out:

    One user commented, “Presence of mind can save us from many unpleasant incidents. Always respond not react to a situation.” 

    Another wrote, “Good implementation of mind at right time. Brave Girl..” 

    A third user remarked, “We will become slaves or masters of technology, story of this young girl provides comfort that technology will always be an ENABLER of human ingenuity.” 

    “It is a great gesture from you sir, for appreciating the young girl for using her presence of mind to overcome the situation by using technology is really tremendous. But you recognising it spontaneously and offering a job in your esteemed organization is much more appreciable.,” praised the fourth individual. 

    The fifth user said, “Sir, You should give her Thar.”

  • Oil Prices Hit 6-Month High, Sparking Inflation Worries And Economic Uncertainty | Economy News

    New Delhi: The price of Brent crude reached its highest level in six months on Friday, exceeding USD 91 per barrel due to increasing tensions in the Middle East. This rapid increase in oil prices has caused significant impacts on global financial markets, leading to renewed worries about inflation and causing considerable concern among central bankers, policymakers, and investors.

    The global standard, Brent crude, hasn’t reached these levels since October, primarily due to increasing tensions in the volatile Middle East. Analysts are closely watching developments, especially following recent conflicts between Hamas and Israel, which led to an Israeli airstrike on Tehran’s consulate in Damascus, Syria. (Also Read: Invest Once In THIS LIC Scheme, Receive Rs 12,000 Monthly Pension: Read More)

    The implications of surging oil prices extend far beyond geopolitical concerns, casting a shadow over various sectors of the global economy. In the United States, where the economy is still recovering from the impact of the COVID-19 pandemic, the sudden spike in gasoline prices has exacerbated concerns. (Also Read: India’s Reserve Bank Leads Surge In Gold Reserves Amid Global Central Bank Slowdown)

    Gasoline prices have surged by a notable 6 percent over the past month, a worrying development as the North American summer driving season approaches. This surge in energy costs adds additional strain on consumers already grappling with elevated living expenses.

    The Biden administration finds itself facing mounting challenges as it navigates the economic fallout of escalating oil prices. The White House’s response to this situation carries significant weight, not only in terms of economic management but also in the political arena as the 2024 election looms on the horizon.

    Moreover, the Federal Reserve’s stance on interest rates is being closely scrutinized, with investors anxious about potential disruptions to the central bank’s plans for rate adjustments in response to inflationary pressures.

    The specter of inflation hangs heavy over global markets, with investors expressing growing apprehension about the Federal Reserve’s ability to maintain economic stability amidst rising energy costs and geopolitical uncertainties.

    The recent surge in oil prices has already had immediate repercussions across financial markets, with stock prices experiencing notable declines and crude oil prices witnessing sharp increases. The S&P 500 is currently on track for its worst weekly performance since October, underscoring investor unease over the potential economic ramifications of escalating oil prices.

    As market participants eagerly await the release of the upcoming jobs report, expected to provide further insights into wage growth trends and their potential impact on inflation, policymakers find themselves under increasing pressure to mitigate inflationary risks and safeguard economic stability amidst the backdrop of heightened geopolitical tensions and surging oil prices. (With ANI Inputs)

  • BSE Introduces New Limit Price Protection Mechanism: Here’s What It Brings | Markets News

    New Delhi: In a move aimed at bolstering pre-trade risk control measures, the Bombay Stock Exchange (BSE) has announced the implementation of a Limit Price Protection (LPP) mechanism in its equity derivatives segment, effective April 16, 2024.

    What Changes Limit Price Protection Brings?

    The new mechanism, unveiled on Friday, April 5, will restrict the price range for orders in the derivatives market. Under this initiative, the trading system will accept limit price orders within specific thresholds based on the reference price. (Also Read: ICICI Bank Customers Alert! Bank Issues Warning On Online Fraud)

    Orders falling outside this range will be automatically rejected. (Also Read: Japan Launches E-Visa Program For Indian Travelers: Check Eligibility, Application Process, And More)

    What BSE’s Circular Says?

    According to the BSE circular released on April 5, the exchange emphasized, “To strengthen the pre-trade risk control measures in the equity derivatives segment, Exchange will implement LPP Mechanism with effect from Tuesday, April 16, 2024.”

    Mock Trading Session Session

    To ensure a seamless transition and allow market participants to familiarize themselves with the new mechanism, the BSE has scheduled a mock trading session for April 13, 2024 (Saturday).

    LPP Mechanism Objectives

    The LPP mechanism’s primary objective is to safeguard against unusual trading activities and curb erratic trades. Orders placed outside the defined price range will be automatically rejected by the system.

    Similar To NSE LPP Mechanism 

    The BSE’s move follows a similar initiative by the National Stock Exchange (NSE) in October 2022, which introduced an LPP mechanism in its futures and options segment to fortify pre-trade risk controls and ensure orderly trading.

    Similar Initiatives In Future

    The BSE highlighted that it would periodically review the utilization of these enhancements and make further adjustments based on feedback from market participants and as deemed necessary.

  • RBI Cancels Registration Of Four Non-Banking Financial Companies | Economy News

    New Delhi: On Friday, the Reserve Bank of India (RBI) cancelled the certificate of registration of four non-banking financial companies.Those companies are Uttar Pradesh-based Kundles Motor Finance Private Limited, Tamil Nadu-based Nithya Finance Limited, Punjab-based Bhatia Hire Purchase Pvt Ltd, and Himachal Pradeesh-based Jiwanjyoti Deposits and Advances Limited.

    These companies will now not be able to transact the business of a Non-Banking Financial Institution as defined in the RBI Act. In other news, the Reserve Bank of India (RBI) today imposed a monetary penalty of Rs 1 crore on IDFC First Bank Limited (the bank) for non-compliance with certain directions issued by the central bank on ‘Loans and Advances – Statutory and Other Restrictions’. (Also Read: RBI To Soon Launch App To Enable Retail Investors To Participate In Govt Bonds)

    According to an RBI release, this penalty has been imposed in the exercise of powers vested in RBI under the Banking Regulation Act, of 1949. Based on supervisory findings of non-compliance with RBI directions / statutory provisions and related correspondence in that regard, a notice was issued by the RBI to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. (Also Read: RBI To Launch New NRI Scheme For Sovereign Green Bonds In IFSC)

    After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the charge against the bank was sustained warranting imposition of monetary penalty. 

    According to RBI, the bank had sanctioned term loans to a public sector undertaking for financing infrastructure projects, without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations; and the repayment / servicing of the said term loans was made out of budgetary resources. 

    “The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank,” RBI said. 

  • India To Stop Importing Urea By 2025 End: Mansukh Mandaviya | Economy News

    New Delhi: India will by the end of 2025 stop importing urea as a massive push for domestic manufacturing has helped bridge the gap between supply and demand, Chemicals and Fertilisers Minister Mansukh Mandaviya has said.

    In an interaction with PTI, the minister noted that the availability of fertilisers is very important for Indian agriculture. He said the country has been using chemical fertilisers for the last 60-65 years to enhance crop production. Now, Mandaviya said, the government is making efforts to promote alternate fertilisers like nano liquid urea and nano liquid di-ammonium phosphate (DAP). (Also Read: Apple Laid Off Over 600 Employees As Car, Smartwatch Projects Stopped)

    “Use of alternate fertilisers is good for crops and soil health. We are promoting it,” he said. Asked about achieving self-sufficiency in urea production, Mandaviya said the Modi government has adopted a two-pronged strategy to end dependency on urea imports. (Also Read: RBI To Soon Launch App To Enable Retail Investors To Participate In Govt Bonds)

    The minister highlighted that the government has revived four closed urea plants and is reviving one another factory. He noted that India needs around 350 lakh tonnes of urea annually to meet domestic demand. Mandaviya said the installed domestic production capacities have been increased to around 310 lakh tonne from 225 lakh tonne in 2014-15.

    “At present, the gap between annual domestic production and demand is around 40 lakh tonne,” the minister said. Mandaviya said the annual domestic production capacity of urea would reach around 325 lakh tonnes after the commissioning of the fifth plant and the target is to replace the use of 20-25 lakh tonne of conventional urea with nano liquid urea.

    “Our agenda is very clear. By the end of 2025, Modiji will end the country’s import dependency on urea,” he said while asserting that the import bill of urea would become zero. According to the government data, imports of urea fell to 75.8 lakh tonne in 2022-23 from 91.36 lakh tonne in the previous year.

    Urea imports stood at 98.28 lakh tonne in 2020-21, 91.23 lakh tonne in 2019-20 and 74.81 lakh tonne in 2018-19. Mandaviya highlighted that the Modi government in the last 10 years has ensured an adequate supply of fertilisers for the agriculture sector.

    He said the Centre also protected Indian farmers from a sharp rise in prices of fertilisers in global markets by increasing the subsidy on key crop nutrients. For 2024-25, the government has allocated a fertiliser subsidy of Rs 1.64 lakh crore as against the revised estimates of Rs 1.89 lakh crore for the 2023-24 fiscal.

    In 2022-23, the fertiliser subsidy had shot up to Rs 2.55 lakh crore. Last month, Mandaviya had informed that India’s conventional urea consumption is estimated to have declined 25 lakh tonne during the last fiscal on increase in demand of nano liquid urea and the government’s efforts to discourage the use of chemical fertilisers.

    Urea consumption stood at 357 lakh tonne during 2022-23. Cooperative organisation IFFCO had launched nano liquid urea a few years back. It has also provided technology to some other companies to set up nano urea plant.

    A total of 7 crore nano urea bottles (of 500 ml each) have been sold during the August 2021 and February 2024 period. One bottle of nano urea is equivalent to one bag (45 kg) of conventional urea.

    The government has also launched ‘PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth’ (PM-PRANAM) scheme to incentivise states and Union Territories (UTs) to promote the usage of alternative fertilisers and balanced use of chemical fertilisers.

    Under the Urea Subsidy Scheme (USS), urea is provided to the farmers at a statutorily notified Maximum Retail Price (MRP). The difference between the urea MRP and the production cost is being paid to manufacturers.

    Besides, under the Nutrient Based Subsidy Policy, a fixed amount of subsidy is notified on an annual/semi-annual basis, which ensures availability of P&K (phosphatic and potassic) fertilizers at reasonable prices to farmers. Urea is imported on a government account.

    However, all P&K fertilisers (DAP, MOP and NPK) are covered under Open General License (OGL) under the Nutrient Based Subsidy (NBS) Scheme and they are imported by the fertilizer companies on commercially viable terms.

  • ITR Filing 2024: ITR-1, ITR-2, ITR-4 Available On e-filing Portal; 23,000 ITRs For FY 23-24 Already Filed | Personal Finance News

    New Delhi: The Central Board of Direct Taxes (CBDT) has said that has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards.

    The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns.

    Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards.

    As a precursor to this, the ITR forms had been notified early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January 2024 and ITR-2 was notified on January 31st, 2024, CBDT said.

    To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under the downloads section of the e-filing portal, according to the CBDT statement.

    In fact, about 23,000 ITRs for A.Y. 2024-25 have already been filed till date. Facility to file ITRs 3, 5 and 7 will be made available shortly, the statement said.

    This is for the first time in recent times that the Income Tax Department has enabled taxpayers to file their returns on the very first day of the new financial year, the statement added.

  • ICICI Bank Customers Alert! Bank Issues Warning On Online Fraud | Personal Finance News

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  • Customer Get Delayed Food Delivery On Tuesday, Swiggy Blames 'Weekend Peak Hour', Chat Goes Viral

    Expressing his concern, the customer took to social media platforms, including the ‘Delhi’ subreddit, to share his perplexing experience.

  • Maruti Offers BIG DISCOUNT On Jimny; Exciting Price Drops On Fronx, Baleno And Other Popular Models. Read Here | Auto News

    Maruti Suzuki is rolling out attractive discounts on a range of its popular models in April 2024. These discounts are part of the company’s strategy to move stock and entice customers with compelling offers. Let’s delve into the details of these exciting price drops.

    Maruti Suzuki Fronx

    The Maruti Suzuki Fronx, a variant based on the Baleno platform, is receiving a substantial discount package. Customers opting for the turbo-petrol variant can enjoy benefits totalling Rs 68,000. This includes a cash discount of Rs 15,000, an exchange bonus of Rs 10,000, corporate benefits worth Rs 13,000, and the enticing Velocity Edition kit valued at Rs 30,000.

    Maruti Suzuki Grand Vitara

    Despite entering the mid-size SUV segment relatively late, the Maruti Suzuki Grand Vitara has garnered significant success. In April 2024, the Grand Vitara Strong Hybrid versions are available with benefits worth Rs 79,000. This package comprises a cash discount of Rs 25,000, an exchange bonus of Rs 50,000, and additional corporate benefits amounting to Rs 4,000.

    Maruti Suzuki Jimny

    The rugged and versatile Maruti Suzuki Jimny is a favourite among off-road enthusiasts. To make this compact SUV more accessible, Maruti Suzuki is offering a generous cash discount of Rs 1.5 lakh on the MY2023 Jimny. Customers eyeing the MY2024 models can also benefit from cash discounts, the specifics of which may vary by dealer.

    Maruti Suzuki Baleno

    As the market trend leans heavily towards SUVs, the Maruti Suzuki Baleno, a popular offering from the Nexa range, is witnessing a dip in sales. To counter this, Maruti Suzuki is providing discounts worth Rs 53,000 on the Baleno. This includes a cash discount of Rs 35,000, an exchange bonus of Rs 15,000, and corporate benefits totalling Rs 3,000.

     Maruti Suzuki Ciaz

    In need of a refresh, the Maruti Suzuki Ciaz sedan is nevertheless attracting customers with its discounted price tag. Buyers can avail themselves of a Rs 53,000 discount package, featuring a cash discount of Rs 25,000, an exchange bonus of Rs 25,000, and corporate benefits worth Rs 3,000.

    These attractive discounts from Maruti Suzuki present an excellent opportunity for car enthusiasts to drive home their favourite models at compelling prices. Interested buyers are encouraged to contact their nearest Maruti Suzuki dealership to explore these offers in detail and make the most of this limited-time opportunity.