Connect with us

Business

Centre notifies law for doubling tax-free gratuity to Rs 20 lakh

Monitor News Bureau

Published

🕒

on

IST

New Delhi: The centre government has notified a legislation that double tax-free gratuity for formal sector employees to Rs 20 lakh.
The Payment of Gratuity (Amendment) Bill, 2018, which was passed by the Lok Sabha on March 15 and by the Rajya Sabha on March 22, has been brought in force on March 29 after assent from the President, an official statement said today.
“This will ensure harmony amongst employees in the private sector and in Public Sector Undertakings/ Autonomous Organizations under Government who are not covered under CCS (Pension) Rules. These employees will be entitled to receive higher amount of gratuity at par with their counterparts in Government sector,” it said.
Earlier, the upper ceiling on gratuity amount under the act was Rs 10 lakh.
With implementation of 7th Central Pay Commission, the ceiling was raised to Rs 20 lakh for the central government employees effective January 1, 2016.
In addition, the Bill also envisaged to amend the provisions relating to calculation of continuous service for the purpose of gratuity in case of female employees who are on maternity leave from 12 weeks to such period as may be notified by the Central Government from time to time’.
This period has also been notified as 26 weeks, it said.
However, bank unions including RSS affiliated National Organisation of Bank Workers (NOBW) expressed their displeasure over the notification date.
They demanded that the government should give the benefit of increased limit of gratuity from Rs 10 lakh to Rs 20 lakh for private and public sector employees at par with Central government employees with effect from January 1, 2016.
“Thousands of employees who have been retired since January 1, 2016 have not been able to get the benefit of this increased gratuity. The government cannot discriminate between employees of the Central Government and the private sector and the public sector workers in this way,” NOBW said in a statement.
The government had earlier given assurance to give the benefit of the payment of the Gratuity Amendment Bill 2018 effective January, 2016, it said.


Advertisement
Loading...
Comments

Business

India’s trade deficit narrows by 7.98% to $15.28 billion in June, exports falls by 9.71%

Agencies

Published

on

New Delhi: India’s trade deficit for June 2019 narrowed by 7.98 percent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed.

The country’s exports registered a negative growth of 9.71 percent during June 2019 to USD 25.01 billion as compared to USD 27.70 billion in June 2018. Non-POL exports for June 2019 declined by 5.73 percent; non-POL and non-gems and jewelry exports declined by 4.86 percent.

India’s imports in June 2019 too fell 9.06 percent to USD 40.29 billion in June 2019 as compared to USD 44.30 billion in June 2018, data further showed.

 

The major commodities which contributed towards decline exports in June 2019 have been Petroleum products (-32.85 percent), Rice (-28.05 percent), Cotton yarn/Fabrics/made-ups (-19.73 percent), Gems and Jewellery (-10.67 percent), Readymade garments (-9.18 percent), Organic & inorganic chemicals (-8.17 percent), and Engineering goods (-2.65 percent), data showed.

Import of petroleum crude & products in June 2019 (USD 11.03billion) has recorded a negative growth of 13.33 percent as compared to June 2018 (USD 12.73billion). In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 15.81 percent in June 2019 vis-à-vis June 2018 as per data available from World Bank, official data said.

Continue Reading

Business

It will take 2-3 days for scheduling to use Pakistani airspace: AI

Agencies

Published

on

New Delhi: Hours after the Pakistan Civil Aviation Authority ordered its airspace to be opened to all civilian traffic for flights between India and Pakistan, Air India official said that it will take 2 to 3 days for scheduling to use Pakistani airspace.

Indian airlines resumed flight operations over the Pakistan airspace, after the latter removed access restrictions, following Balakot airstrikes by the Indian Air Force in February. Air India was saddled with heavy financial losses following this.

The Ministry of Civil Aviation wrote on Twitter, “After cancellation of NOTAMS by Pakistan and India in the early hours of Tuesday, there are no restrictions on airspaces of both countries, flights have started using the closed air routes, bringing a significant relief for airlines”.

 

In March, Pakistan partially opened its airspace but did not allow Indian flight to fly over its airspace.

Since then, foreign carriers had been using Indian airspace have been forced to take costly detours because they cannot fly over Pakistan. The closure mainly affects flights from Europe to Southeast Asia.

Continue Reading

Business

RBI slaps Rs 7 cr penalty on SBI for violating various norms

Agencies

Published

on

Mumbai: The Reserve Bank of India said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.

The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds.

 

Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.

“After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.

The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Continue Reading
Advertisement

Latest News

Latest News17 mins ago

US bans Myanmar army chief Min Aung over Rohingya ‘ethnic cleansing’

Washington, July 17: The United States has banned visits by Myanmar’s army chief and three other top officers due to...

Latest News30 mins ago

K’taka Speaker cannot be forced to take a decision within a time frame: SC

New Delhi, July 17: The Supreme Court on Wednesday said that the Karnataka Speaker cannot be forced to take a...

Latest News32 mins ago

Hanuman Chalisa recited on UP road to oppose namaaz on streets

New Delhi, July 17: The HYV men said that they would continue to hold recitation of “Hanuman Chalisa”  till the...

Latest News34 mins ago

Don’t sacrifice cow on Eid al-Adha: Telangana minister urges Muslims

Telangana Home Minister Mahmood Ali has urged members of Muslim community to refrain from sacrificing cows on the occasion of...

Latest News36 mins ago

Mumbai building collapse: Death toll mounts to 13, 9 injured

Mumbai, July 17: The death toll in the Dongri building collapse incident that took place has now mounted to 13,...

Latest News42 mins ago

Kathua case: HC to hear death plea on Thursday

Chandigarh, July 17: Sensing the gravity of the matter, the Punjab and Haryana High Court here on Wednesday decided to...

Latest News1 hour ago

Khalil Bandh resigns from PDP

Srinagar, Jul 17: In a huge setback to the People’s Democratic Party (PDP) senior leader and district president Pulwama, former...

Latest News3 hours ago

Gunfight starts in Sopore village

Baramulla, July 17 : Gunfight rages between militants and government forces in Gund Brath area of Sopore in north Kashmir’s...

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 1,011,575 other subscribers

Archives

July 2019
M T W T F S S
« Jun    
1234567
891011121314
15161718192021
22232425262728
293031  
Advertisement