General Affairs
Which landmark broad gauge rail line in Assam was inaugurated by Union Railways Minister on 21 November 2015, which brought the strategically important Barak Valley on the broad gauge map of the Railway?
African country Mali was site of a hostage drama and mass shooting at a hotel on 20 November 2015, which resulted in the death of at-least persons. Which Islamic militant organization claimed responsibility for this attack?
The legendary Windows operating system completed how many years of its launch on 20 November 2015?
In an important development, leaders of 10-nation group ASEAN declared the establishment of an EU-style regional economic bloc. This decision was taken at the 2015 ASEAN Summit that concluded in Kuala Lumpur (Malaysia) on 22 November 2015. What is the name chosen for this proposed regional economic bloc?
Who was elected as the new President of industry body – the Federation of Indian Chambers of Commerce and Industry (FICCI) on 20 November 2015?
At paltry Rs 150 crore, gold bonds scheme fails to glitter
FM Arun Jaitley to meet PSU bank heads today; NPAs, rate cut on agenda
Air India mops up Rs 7,000 crore through Dreamliners' sale
GoAir rolls out three discounted ticket schemes
Grounded Kingfisher Airlines' lenders to auction some assets
Which landmark broad gauge rail line in Assam was inaugurated by Union Railways Minister on 21 November 2015, which brought the strategically important Barak Valley on the broad gauge map of the Railway?
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Silchar-Lumding
The Silchar-Lumding is considered a landmark broad gauge rail line in Assam as it is expected to accelerate development in state’s underdeveloped but strategically important Barak Valley. This rail-link will also provide immensely beneficial for the states of Tripura, Manipur and Mizoram.
- The line passes through 21 tunnels and has 75 major bridges and 340 minor bridges along the track.
- The Lumding-Silchar Gauge Conversion Project under the Northeast Frontier Railway was sanctioned in 1996-97 and was declared a National Project in 2004. The project was hit by insurgency from 2006 to 2009. The Territorial Army had to be deployed to take on the insurgents.
Silchar-Lumding
The Silchar-Lumding is considered a landmark broad gauge rail line in Assam as it is expected to accelerate development in state’s underdeveloped but strategically important Barak Valley. This rail-link will also provide immensely beneficial for the states of Tripura, Manipur and Mizoram.
- The line passes through 21 tunnels and has 75 major bridges and 340 minor bridges along the track.
- The Lumding-Silchar Gauge Conversion Project under the Northeast Frontier Railway was sanctioned in 1996-97 and was declared a National Project in 2004. The project was hit by insurgency from 2006 to 2009. The Territorial Army had to be deployed to take on the insurgents.
African country Mali was site of a hostage drama and mass shooting at a hotel on 20 November 2015, which resulted in the death of at-least persons. Which Islamic militant organization claimed responsibility for this attack?
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Al-Mourabitoun
Around 4-5 gunmen belonging to the Islamic militant group Al-Mourabitoun stormed Hotel Radisson Blu in Bamako, the capital city of African country Mali on 20 November 2015. They took over 170 people in the hotel as hostages after carrying out a firing spree. Later Malian Special Forces stormed into the hotel and the hostage drama unfolded after hostilities between militants and the security forces. Malian govt. claimed that 19 persons died in the attack and this included 17 foreigners.
- Al-Mourabitoun claimed responsibility for the attack, while the claim was not verified initially. It claimed that the attack was carried out jointly with al-Qaeda in the Islamic Maghreb (AQIM). It is worth mentioning that Al-Mourabitoun is made up of Tuaregs and Arabs from northern Mali and is affiliated with AQIM. The group, led by Mokhtar Belmokhtar, formed in 2013 and is based in the Sahara Desert.
- Following a military coup in 2012, Islamic extremists took control of northern Mali, prompting a French-led military intervention in early 2013.
Al-Mourabitoun
Around 4-5 gunmen belonging to the Islamic militant group Al-Mourabitoun stormed Hotel Radisson Blu in Bamako, the capital city of African country Mali on 20 November 2015. They took over 170 people in the hotel as hostages after carrying out a firing spree. Later Malian Special Forces stormed into the hotel and the hostage drama unfolded after hostilities between militants and the security forces. Malian govt. claimed that 19 persons died in the attack and this included 17 foreigners.
- Al-Mourabitoun claimed responsibility for the attack, while the claim was not verified initially. It claimed that the attack was carried out jointly with al-Qaeda in the Islamic Maghreb (AQIM). It is worth mentioning that Al-Mourabitoun is made up of Tuaregs and Arabs from northern Mali and is affiliated with AQIM. The group, led by Mokhtar Belmokhtar, formed in 2013 and is based in the Sahara Desert.
- Following a military coup in 2012, Islamic extremists took control of northern Mali, prompting a French-led military intervention in early 2013.
The legendary Windows operating system completed how many years of its launch on 20 November 2015?
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30 years
Windows 1.01, the first-ever operating system of the iconic Windows series was launched on 20 November 1985. Windows 1.0 offered a new way to navigate a PC, clicking a cursor on various boxes rather than scrolling through lines of text in order to navigate data and applications. While arguably less efficient than a command line, the graphical user interface (GUI) was more intuitive and easier for novice users to manage.
- With the launch of the first-ever version of Windows, Microsoft started its journey to ultimately become the most successful OS company in the highly competitive world of PCs. Windows 1.01, however, was not exactly a stirring success. But without doubt it was the foundation stone to the immense Windows edifice that was to come.
- The first highly successful Windows-based OS was Windows 3.11
30 years
Windows 1.01, the first-ever operating system of the iconic Windows series was launched on 20 November 1985. Windows 1.0 offered a new way to navigate a PC, clicking a cursor on various boxes rather than scrolling through lines of text in order to navigate data and applications. While arguably less efficient than a command line, the graphical user interface (GUI) was more intuitive and easier for novice users to manage.
- With the launch of the first-ever version of Windows, Microsoft started its journey to ultimately become the most successful OS company in the highly competitive world of PCs. Windows 1.01, however, was not exactly a stirring success. But without doubt it was the foundation stone to the immense Windows edifice that was to come.
- The first highly successful Windows-based OS was Windows 3.11
In an important development, leaders of 10-nation group ASEAN declared the establishment of an EU-style regional economic bloc. This decision was taken at the 2015 ASEAN Summit that concluded in Kuala Lumpur (Malaysia) on 22 November 2015. What is the name chosen for this proposed regional economic bloc?
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ASEAN Economic Community (AEC)
The decision to establish ASEAN Economic Community (AEC) was taken at the 27th ASEAN Summit (for 2015) that concluded at Malaysian capital Kuala Lumpur on 22 November. The declaration to establish AEC was signed by the leaders of 10-nation grouping in front of world leaders including Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.
- The AEC envisages a single market with a free flow of goods, capital and skilled labour across borders in the highly competitive economic region. It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined gross domestic product of $2.4 trillion.
- The ASEAN leaders also adopted the declaration on “ASEAN 2025, forging ahead together”. The ASEAN 2025 document charts the path for the AEC building over the next ten years.
- ASEAN grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
ASEAN Economic Community (AEC)
The decision to establish ASEAN Economic Community (AEC) was taken at the 27th ASEAN Summit (for 2015) that concluded at Malaysian capital Kuala Lumpur on 22 November. The declaration to establish AEC was signed by the leaders of 10-nation grouping in front of world leaders including Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.
- The AEC envisages a single market with a free flow of goods, capital and skilled labour across borders in the highly competitive economic region. It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined gross domestic product of $2.4 trillion.
- The ASEAN leaders also adopted the declaration on “ASEAN 2025, forging ahead together”. The ASEAN 2025 document charts the path for the AEC building over the next ten years.
- ASEAN grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Who was elected as the new President of industry body – the Federation of Indian Chambers of Commerce and Industry (FICCI) on 20 November 2015?
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Harshavardhan Neotia
Harshavardhan Neotia, Chairman of Ambuja Neotia group, was elected as the new President of FICCI on 20 November. He will take over from the current FICCI President Jyotsna Suri during the chamber’s AGM in December 2015.
- Neotia, a ‘Padma Shri’ awardee, is also a member of the Rajasthan Chief Minister’s Advisory Council and West Bengal Chief Minister’s Core Committee on Industry.
- FICCI is the largest and oldest trade and business organization in India.
Harshavardhan Neotia
Harshavardhan Neotia, Chairman of Ambuja Neotia group, was elected as the new President of FICCI on 20 November. He will take over from the current FICCI President Jyotsna Suri during the chamber’s AGM in December 2015.
- Neotia, a ‘Padma Shri’ awardee, is also a member of the Rajasthan Chief Minister’s Advisory Council and West Bengal Chief Minister’s Core Committee on Industry.
- FICCI is the largest and oldest trade and business organization in India.
Business Affairs
At paltry Rs 150 crore, gold bonds scheme fails to glitter
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The government's much-touted sovereign gold bond scheme has failed to cut much ice with the public, if the final amount of about Rs 150 crore is any indication, say bankers, who also blamed the high issue price as the biggest dampener.
Public sector bankers whom PTI spoke to also attributed the many market holidays and affinity of the public towards physical gold for the subdued demand for ambitious sovereign gold bond scheme, which was the maiden offering by the government so far. Although, the Reserve Bank has not formally disclosed the overall funds collected under the scheme, bankers pegged it at around Rs 150 crore.
The primary reason for this lower-than-expected collection is the higher issue price. The RBI had set it at Rs 2,684 a gram, whereas the market price was lower. Why should somebody buy at higher price, said a senior banker from a state-run bank. He said his bank was targeting around Rs 50 crore from the scheme but could only collect one-tenth of it.
Market expert also vouched this, saying 4-5 per cent premium on the market price is not acceptable to a buyer, therefore the dismal demand. In our country, people like to worship physical gold on Dhanteras, which is an auspicious day to buy the precious metal. We cannot resist ourselves from buying gold, said another public sector bank official.
Prime Minister Narendra Modi, on November 5, had launched three ambitious schemes to reduce the physical demand for gold and fish out 20,000 tonnes of the precious metal worth $800 billion lying idle with households. Modi launched the maiden sovereign gold bond, gold monetisation and the Indian gold coin scheme with much fanfare. The first tranche of sovereign gold bond scheme was open for subscription from November 5-20.
The collection under the scheme would have been better had the government started the scheme earlier. There were a few holidays during the subscription period which has impacted the response, said a senior official of a state-run bank. However, some bank officials described the response as reasonable, considering this was the first time the government launched such a product.
The government's much-touted sovereign gold bond scheme has failed to cut much ice with the public, if the final amount of about Rs 150 crore is any indication, say bankers, who also blamed the high issue price as the biggest dampener.
Public sector bankers whom PTI spoke to also attributed the many market holidays and affinity of the public towards physical gold for the subdued demand for ambitious sovereign gold bond scheme, which was the maiden offering by the government so far. Although, the Reserve Bank has not formally disclosed the overall funds collected under the scheme, bankers pegged it at around Rs 150 crore.
The primary reason for this lower-than-expected collection is the higher issue price. The RBI had set it at Rs 2,684 a gram, whereas the market price was lower. Why should somebody buy at higher price, said a senior banker from a state-run bank. He said his bank was targeting around Rs 50 crore from the scheme but could only collect one-tenth of it.
Market expert also vouched this, saying 4-5 per cent premium on the market price is not acceptable to a buyer, therefore the dismal demand. In our country, people like to worship physical gold on Dhanteras, which is an auspicious day to buy the precious metal. We cannot resist ourselves from buying gold, said another public sector bank official.
Prime Minister Narendra Modi, on November 5, had launched three ambitious schemes to reduce the physical demand for gold and fish out 20,000 tonnes of the precious metal worth $800 billion lying idle with households. Modi launched the maiden sovereign gold bond, gold monetisation and the Indian gold coin scheme with much fanfare. The first tranche of sovereign gold bond scheme was open for subscription from November 5-20.
The collection under the scheme would have been better had the government started the scheme earlier. There were a few holidays during the subscription period which has impacted the response, said a senior official of a state-run bank. However, some bank officials described the response as reasonable, considering this was the first time the government launched such a product.
FM Arun Jaitley to meet PSU bank heads today; NPAs, rate cut on agenda
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Finance Minister Arun Jaitley will meet heads of PSU banks on Monday to discuss various issues, including bad loans and interest rate reduction, in light of RBI lowering its policy rate in September.
The performance review meeting of public sector banks(PSBs) will also take stock of the credit flow to productive sectors to spur economy and review of 'Indradhanush', the seven-pronged strategy to revive PSBs, sources said. The government in August announced the programme, which includes Rs 70,000 crore capital infusion in PSBs in four years, starting with Rs 25,000 crore this fiscal, and measures to de-stress banks by introducing governance reforms.
The gross NPAs of PSBs rose to 6.03 per cent at the end of June 2015, as against 5.20 per cent in March 2015. According to the sources, the meeting is expected to review credit offtake by sectors such as home, education and corporates as well as the progress made under the Jan Dhan Yojana and Prime Minister's social security schemes, among other issues.
The meeting will also examine what steps have been taken by state-owned banks in the aftermath of Rs 6,100-crore Bank of Baroda black money remittance case to avoid such episodes in future. Jaitley is expected to review the interest rate cut by banks following reduction in the key policy rate by RBI in September.
RBI in its September bi-monthly monetary policy review had cut interest rate by a higher-than-expected 0.5 per cent. The benchmark repurchase (repo) rate has subsequently come down from 7.25 per cent to 6.75 per cent, the lowest in four-and-a-half years. The progress of three social security schemes, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), and the Micro Units Development & Refinance Agency (MUDRA), among others, is also likely to feature in the discussions.
Finance Minister Arun Jaitley will meet heads of PSU banks on Monday to discuss various issues, including bad loans and interest rate reduction, in light of RBI lowering its policy rate in September.
The performance review meeting of public sector banks(PSBs) will also take stock of the credit flow to productive sectors to spur economy and review of 'Indradhanush', the seven-pronged strategy to revive PSBs, sources said. The government in August announced the programme, which includes Rs 70,000 crore capital infusion in PSBs in four years, starting with Rs 25,000 crore this fiscal, and measures to de-stress banks by introducing governance reforms.
The gross NPAs of PSBs rose to 6.03 per cent at the end of June 2015, as against 5.20 per cent in March 2015. According to the sources, the meeting is expected to review credit offtake by sectors such as home, education and corporates as well as the progress made under the Jan Dhan Yojana and Prime Minister's social security schemes, among other issues.
The meeting will also examine what steps have been taken by state-owned banks in the aftermath of Rs 6,100-crore Bank of Baroda black money remittance case to avoid such episodes in future. Jaitley is expected to review the interest rate cut by banks following reduction in the key policy rate by RBI in September.
RBI in its September bi-monthly monetary policy review had cut interest rate by a higher-than-expected 0.5 per cent. The benchmark repurchase (repo) rate has subsequently come down from 7.25 per cent to 6.75 per cent, the lowest in four-and-a-half years. The progress of three social security schemes, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), and the Micro Units Development & Refinance Agency (MUDRA), among others, is also likely to feature in the discussions.
Air India mops up Rs 7,000 crore through Dreamliners' sale
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Air India has mopped up Rs 7,000 crore by selling nine of its 21 Dreamliner planes to a Singaporean lessor, which it has taken back on lease from the company under an SLB arrangement.
A major chunk of these funds will go into repayment of the bridge loan availed earlier for purchasing these Boeing 787-800s, airline sources said. Under a Sale and Lease Back (SLB) arrangement, the seller of an asset leases it back from the purchaser for a long-term period and continues to use it without actually owning it.
Air India has 131 aircraft in its fleet, consisting of Boeing, Airbus and ATR planes as well as CRJs. Of these, 21 are Boeing 787-800s. Earlier also, the flag carrier had sold and leased back 12 Dreamliners under a similar arrangement. Air India has sold all the nine Dreamliners to one Singaporean lessor for a little over Rs 7,000 crore. These planes have now been taken back on lease by the same firm, Air India sources told PTI.
Sources said that of the total proceeds, about Rs 6,000 crore will be used for repayment of the bridge loan taken against these planes at the time of acquisition while the remaining Rs 1,000 crore will be utilised for other purposes. The airline is saddled with a debt of about Rs 40,000 crore that includes a long-term loan taken for aircraft purchase and working capital loan. It has accumulated a loss of close to Rs 30,000 crore.
The airline, however, is expected to report around Rs 6 crore operating profit this fiscal. These nine B 787-800s were inducted into the national carrier's fleet between March 2014 and June this year. Air India had last month invited bids from domestic and international banks /financial institutions to sell these planes. The airline had fixed a reserve price of not less than $123 million for the planes acquired in 2015 and $120 million for the aircraft inducted in the fleet during 2014.
As part of its fleet expansion plan, the national carrier had in 2006 placed orders with Boeing for 68 aircraft- 27 Dreamliners, 15 B777-300ERs, eight B777-200LRs and 18 B-737- 800s. Surviving on a Rs 30,000 crore bailout package from the parent, Government of India, Air India had reported a net loss of Rs 5,547.47 crore in the last fiscal on the back of total revenues of Rs 19,781 crore.
Air India has mopped up Rs 7,000 crore by selling nine of its 21 Dreamliner planes to a Singaporean lessor, which it has taken back on lease from the company under an SLB arrangement.
A major chunk of these funds will go into repayment of the bridge loan availed earlier for purchasing these Boeing 787-800s, airline sources said. Under a Sale and Lease Back (SLB) arrangement, the seller of an asset leases it back from the purchaser for a long-term period and continues to use it without actually owning it.
Air India has 131 aircraft in its fleet, consisting of Boeing, Airbus and ATR planes as well as CRJs. Of these, 21 are Boeing 787-800s. Earlier also, the flag carrier had sold and leased back 12 Dreamliners under a similar arrangement. Air India has sold all the nine Dreamliners to one Singaporean lessor for a little over Rs 7,000 crore. These planes have now been taken back on lease by the same firm, Air India sources told PTI.
Sources said that of the total proceeds, about Rs 6,000 crore will be used for repayment of the bridge loan taken against these planes at the time of acquisition while the remaining Rs 1,000 crore will be utilised for other purposes. The airline is saddled with a debt of about Rs 40,000 crore that includes a long-term loan taken for aircraft purchase and working capital loan. It has accumulated a loss of close to Rs 30,000 crore.
The airline, however, is expected to report around Rs 6 crore operating profit this fiscal. These nine B 787-800s were inducted into the national carrier's fleet between March 2014 and June this year. Air India had last month invited bids from domestic and international banks /financial institutions to sell these planes. The airline had fixed a reserve price of not less than $123 million for the planes acquired in 2015 and $120 million for the aircraft inducted in the fleet during 2014.
As part of its fleet expansion plan, the national carrier had in 2006 placed orders with Boeing for 68 aircraft- 27 Dreamliners, 15 B777-300ERs, eight B777-200LRs and 18 B-737- 800s. Surviving on a Rs 30,000 crore bailout package from the parent, Government of India, Air India had reported a net loss of Rs 5,547.47 crore in the last fiscal on the back of total revenues of Rs 19,781 crore.
GoAir rolls out three discounted ticket schemes
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GoAir on Saturday rolled out three discounted ticket schemes to its customers for a limited period including offering one-way fares starting as low as Rs 691 excluding taxes for travel between January 1 and September 30 next year.
The three offers - Christmas Special, Go Explore and Happy Tuesday's - are aimed at making air travel affordable for customers across its network, especially during the holiday season, the airline said.
The 'Christmas Special' offer, which is available for bookings from November 20 to November 22, gives every 25th GoAir passenger a chance to win free tickets to any of the GoAir sectors for travel between December 1 and December 25, 2015, GoAir said in a release.
Similarly, under the 'Go Explore' scheme, ticket prices for GoAir flights starts at Rs 691 excluding of mandatory taxes and the travel period for this offer is between January 1 and September 30, 2016.
To avail the opportunity, passengers need to book their tickets between November 21-24, 2015 through airlines website, travel agents, travel portals, airport ticketing office or from airlines call centre.
Along with these two offers, GoAir has re-launched 'Happy Tuesday's' offer, wherein passengers will be able to avail 20 per cent discount on the base fare of all GoAir flights booked between November 24 - December 15, 2015 for travel on Tuesdays between the given period, GoAir said.
The four-week sale will be open till midnight of December 14, and tickets booked under this offer will be governed by the airlines standard re-booking and cancellation policies, the airline said.
GoAir on Saturday rolled out three discounted ticket schemes to its customers for a limited period including offering one-way fares starting as low as Rs 691 excluding taxes for travel between January 1 and September 30 next year.
The three offers - Christmas Special, Go Explore and Happy Tuesday's - are aimed at making air travel affordable for customers across its network, especially during the holiday season, the airline said.
The 'Christmas Special' offer, which is available for bookings from November 20 to November 22, gives every 25th GoAir passenger a chance to win free tickets to any of the GoAir sectors for travel between December 1 and December 25, 2015, GoAir said in a release.
Similarly, under the 'Go Explore' scheme, ticket prices for GoAir flights starts at Rs 691 excluding of mandatory taxes and the travel period for this offer is between January 1 and September 30, 2016.
To avail the opportunity, passengers need to book their tickets between November 21-24, 2015 through airlines website, travel agents, travel portals, airport ticketing office or from airlines call centre.
Along with these two offers, GoAir has re-launched 'Happy Tuesday's' offer, wherein passengers will be able to avail 20 per cent discount on the base fare of all GoAir flights booked between November 24 - December 15, 2015 for travel on Tuesdays between the given period, GoAir said.
The four-week sale will be open till midnight of December 14, and tickets booked under this offer will be governed by the airlines standard re-booking and cancellation policies, the airline said.
Grounded Kingfisher Airlines' lenders to auction some assets
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Lenders who are owed more than $1 billion by grounded carrier Kingfisher Airlines are putting up for sale some of its assets including cars and forklifts.
An auction notice appeared on Saturday on the website of the trustee company representing the creditors.
Kingfisher, founded by liquor baron Vijay Mallya and once India's second-biggest airline, stopped flying three years ago as it ran out of cash. It owes money to its lenders, mostly state-run banks, and suppliers.
As of end-January 2014, the airline owed $1.1 billion to its banks, who are assessing interest of 15.5 per cent a year on the debt.
On December 7, the banks will sell moveable pledged assets through an auction over the Internet.
The reserve price for the assets going on sale has set at 6.5 million rupees, meaning that at most the auction will let the lenders recover just a fraction of what they are owed. The banks earlier this year took over $15 million worth of airline property after a two-year legal battle.
Mallya was once known as "The King of Good Times" for his flamboyant lifestyle.
Lenders who are owed more than $1 billion by grounded carrier Kingfisher Airlines are putting up for sale some of its assets including cars and forklifts.
An auction notice appeared on Saturday on the website of the trustee company representing the creditors.
Kingfisher, founded by liquor baron Vijay Mallya and once India's second-biggest airline, stopped flying three years ago as it ran out of cash. It owes money to its lenders, mostly state-run banks, and suppliers.
As of end-January 2014, the airline owed $1.1 billion to its banks, who are assessing interest of 15.5 per cent a year on the debt.
On December 7, the banks will sell moveable pledged assets through an auction over the Internet.
The reserve price for the assets going on sale has set at 6.5 million rupees, meaning that at most the auction will let the lenders recover just a fraction of what they are owed. The banks earlier this year took over $15 million worth of airline property after a two-year legal battle.
Mallya was once known as "The King of Good Times" for his flamboyant lifestyle.
General Awareness
Highlights of Seventh Pay Commission report
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The 7th Central Pay Commission, headed by Justice A K Mathur, submitted its report to Finance Minister Arun Jaitley and has recommended 23% hike in gross salaryof central government.
- The 900-page report of the Pay panel with recommendations will be implemented from January 1, 2016.
- Recommendations will impact 47 lakh serving govt employees, 52 lakh pensioners, including defence personnel.
- Financial impact of implementing recommendations will be Rs 1.02 lakh crore– Rs 73,650 crore to be borne by Central Budget and Rs 28,450 crore by Railway Budget.
HIGHLIGHTS
- Based on the Aykroyd formula – Minimum pay fixed at Rs 18,000 per month & Maximum pay at Rs 2.25 lakh
- Annual increment – 3%
- Pension hike – 24%
- Basic salary hike – 16%
- Gratuity ceiling – Enhanced from Rs 10 lakh to Rs 20 lakh; ceiling on gratuity to be raised by 25 % whenever DA rises by 50 %.
- Cabinet Secretary pay – Rs 2.5 lakh as against Rs 90,000 per month pay band currently
- MSP for service officers – Doubled to Rs 15,500 per month from Rs 6,000 currently; for nursing officers to Rs 10,800 from Rs 4,200; for JCO/ORs to Rs 5,200 from Rs 2,000 and for non-combatants to Rs 3,600 from Rs 1,000
- Short service commissioned officers will be allowed to exit the armed forces at any point in time between 7 to 10 years of service
- Commission recommends abolishing 52 allowances; another 36 allowances subsumed in existing allowances or in newly proposed allowances.
- One Rank One Pension proposed for civilian government employees on line of OROP for armed forces
KEYS
Chairmans of Pay Commission
1st – Srinivasa Varadachariar
2nd – Jagannath Das
3rd – Raghubir Dayal
4th – P N Singhal
5th – Justice S. Ratnavel Pandian
6th – Justice B.N.Srikrishna
- The 7th Central Pay Commission, headed by Justice A K Mathur, submitted its report to Finance Minister Arun Jaitley and has recommended 23% hike in gross salaryof central government.
- The 900-page report of the Pay panel with recommendations will be implemented from January 1, 2016.
- Recommendations will impact 47 lakh serving govt employees, 52 lakh pensioners, including defence personnel.
- Financial impact of implementing recommendations will be Rs 1.02 lakh crore– Rs 73,650 crore to be borne by Central Budget and Rs 28,450 crore by Railway Budget.
HIGHLIGHTS- Based on the Aykroyd formula – Minimum pay fixed at Rs 18,000 per month & Maximum pay at Rs 2.25 lakh
- Annual increment – 3%
- Pension hike – 24%
- Basic salary hike – 16%
- Gratuity ceiling – Enhanced from Rs 10 lakh to Rs 20 lakh; ceiling on gratuity to be raised by 25 % whenever DA rises by 50 %.
- Cabinet Secretary pay – Rs 2.5 lakh as against Rs 90,000 per month pay band currently
- MSP for service officers – Doubled to Rs 15,500 per month from Rs 6,000 currently; for nursing officers to Rs 10,800 from Rs 4,200; for JCO/ORs to Rs 5,200 from Rs 2,000 and for non-combatants to Rs 3,600 from Rs 1,000
- Short service commissioned officers will be allowed to exit the armed forces at any point in time between 7 to 10 years of service
- Commission recommends abolishing 52 allowances; another 36 allowances subsumed in existing allowances or in newly proposed allowances.
- One Rank One Pension proposed for civilian government employees on line of OROP for armed forces
KEYS
Chairmans of Pay Commission
1st – Srinivasa Varadachariar
2nd – Jagannath Das
3rd – Raghubir Dayal
4th – P N Singhal
5th – Justice S. Ratnavel Pandian
6th – Justice B.N.Srikrishna
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