General Affairs
Haryana's unemployment crisis: MBAs, BEds and JBTs line up for peon's posts
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On completing 50 years of Haryana's existence as a separate state, the Haryana government is gearing up for gala celebrations and has earmarked Rs 1700 crore for the planned events. On the one hand the government is sparing no efforts to release funds for organising the event, but on the other hand, is the dark reality of unemployment in the state. Lakhs of Haryana's youth are unemployed.
For mere 92 peon posts with a monthly salary of Rs 8800, the state has received 22000 applications from MBA, BEd, JBT and MA graduates while the minimum eligibility is to be merely Class 8th pass. Desperate applicants said in the face of unemployment, the job of a peon looks like an attractive option to them.
Maharishi Dayanand University campus has throngs of youth crowding to fill application forms. These are not students at the university or youngsters looking for applications. Instead, these are desperate job seekers filling up application forms for a mere 92 peon posts at the university.
One of the applicants, Jyoti says she is an MBA and also a B Pharmacy graduate but has filled up the peon application form.
"We cannot hope for government jobs. There are hardly any government jobs available. Even if there were one needs either big recommendations or money. That is why I am hoping that I will get a job as a peon at least, says Jyoti.
Another applicant Dinesh says he has come from Bhiwani to fill up the application form for a peon's post. Desperate for a job, he says in addition to doing an MA he has completed courses in veterinary science, bus conductor qualifications and also dairy farming.
"I have applied for many jobs, but did not succeed. I am from the general category. I am hoping I get a peon's job," he added.
JBT and BA pass graduates also said they are applying for peon jobs as there are no jobs available in Haryana.
MDU's establishment branch head Mehtab Dalal said the university has called for applications for 92 peon posts and Wednesday being the last date they are expecting 20 to 22 thousand applicants, many of whom are highly qualified.
On completing 50 years of Haryana's existence as a separate state, the Haryana government is gearing up for gala celebrations and has earmarked Rs 1700 crore for the planned events. On the one hand the government is sparing no efforts to release funds for organising the event, but on the other hand, is the dark reality of unemployment in the state. Lakhs of Haryana's youth are unemployed.
For mere 92 peon posts with a monthly salary of Rs 8800, the state has received 22000 applications from MBA, BEd, JBT and MA graduates while the minimum eligibility is to be merely Class 8th pass. Desperate applicants said in the face of unemployment, the job of a peon looks like an attractive option to them.
Maharishi Dayanand University campus has throngs of youth crowding to fill application forms. These are not students at the university or youngsters looking for applications. Instead, these are desperate job seekers filling up application forms for a mere 92 peon posts at the university.
One of the applicants, Jyoti says she is an MBA and also a B Pharmacy graduate but has filled up the peon application form.
"We cannot hope for government jobs. There are hardly any government jobs available. Even if there were one needs either big recommendations or money. That is why I am hoping that I will get a job as a peon at least, says Jyoti.
Another applicant Dinesh says he has come from Bhiwani to fill up the application form for a peon's post. Desperate for a job, he says in addition to doing an MA he has completed courses in veterinary science, bus conductor qualifications and also dairy farming.
"I have applied for many jobs, but did not succeed. I am from the general category. I am hoping I get a peon's job," he added.
JBT and BA pass graduates also said they are applying for peon jobs as there are no jobs available in Haryana.
MDU's establishment branch head Mehtab Dalal said the university has called for applications for 92 peon posts and Wednesday being the last date they are expecting 20 to 22 thousand applicants, many of whom are highly qualified.
India, Russia Ask Countries To Stop Cross-Border Movement Of Terrorists
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An Army Major was tonight injured in an encounter between security forces and militants in Pulwama district of south Kashmir.
The gunbattle broke out in Kakapora area in which two Lashkar terrorists were believed to be trapped.
A team of 50 Rashtriya Rifles, Special Operations Group and 183 CRPF battalion are involved in the encounter with terrorists.
An Army Major of Rashtriya Rifles got injured in the attack. There are also reports of heavy stone pelting.
An Army Major was tonight injured in an encounter between security forces and militants in Pulwama district of south Kashmir.
The gunbattle broke out in Kakapora area in which two Lashkar terrorists were believed to be trapped.
A team of 50 Rashtriya Rifles, Special Operations Group and 183 CRPF battalion are involved in the encounter with terrorists.
An Army Major of Rashtriya Rifles got injured in the attack. There are also reports of heavy stone pelting.
India's next President: After Nitish backing Kovind, Opposition split wide open ahead of big meet tomorrow
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After Bihar Chief Minister and Janata Dal-United (JD-U) chief Nitish Kumar decided to support Ram Nath Kovind, NDA's pick for the post of India's next president, fissures in the Opposition are now loud and clear. All eyes are on the meeting of 17 parties tomorrow which will also be a test of the unity of the Opposition.
Led by the Congress, Opposition parties will meet tomorrow in Delhi to decide on its strategy in the presidential election and are also expected to announce a candidate.
Nitish Kumar's announcement which came just a day ahead of this meeting has not only demoralised the Opposition parties, which do not seem to have the numbers to make their candidate win the race to the Rashtrapati Bhavan, but also left them in a tight spot.
With JD-U, the vote share of NDA in the electoral college has went up to almost 63 per cent.
The Communist Party of India (Marxist) has indicated that they want to put up a candidate as the NDA's selection of Kovind, who comes from an RSS background, has made it a political fight for them.
WHO WILL BE THE OPPOSITION CANDIDATE?
Despite all the setbacks, it is understood that the Opposition will try to put up a brave face at tomorrow's meeting and come up with a rival candidate against Ram Nath Kovind.
Former Lok Sabha speaker Meira Kumar, who is also from a Dalit background like Kovind, is said to be on the top of the list of probable candidates for the top constitutional post.
Her meeting with Congress president Sonia Gandhi during the day also gave rise to speculations in political circles. Another Dalit face of the party is former Maharashtra Chief Minister Sushil Kumar Shinde. But Kumar may score over him because of her Lok Sabha experience and also the fact that she is a woman. Ten years ago, Sonia Gandhi had chosen Pratibha Patel as India's first female president.
The Left parties seem to be in favour of scholar and former West Bengal Governor Gopal Krishna Gandhi. Another nominee can be Prakash Ambedkar, the grandson of the Dalit icon BR Ambedkar.
WHICH SIDE IS MAYAWATI?
Mayawati-led Bahujan Samaj Party (BSP) has already indicated that they will support Kovind as their party cannot be negative towards a Dalit nominee for the post of president.
However the disclaimer was that their support to Kovind is only till the Opposition does not field any Dalit candidate for the top post.
It will be interesting to see what Mayawati does if the Congress proposes a Dalit's name like Meira Kumar or Sushil Kumar Shinde.
SAMAJWADI PARTY DIVIDED
The Samajwadi Party family seems divided with Mulayam Singh saying that he has good relations with Kovind while his son and party president Akhilesh Yadav has said that the President's post should be above caste and religion.
Akhilesh Yadav has also said his party would go with the Opposition led by Congress.
HOW MANY WILL TURN UP AT MEETING?
It is also to be seen whether all the 17 parties turn up for the meeting tomorrow.
The election for the next President of India is to be held on July 17 as President Pranab Mukherjee will demit the office on July 24.
The Election Commission of India has issued the notification in this regard and the process of the nomination has started that will continue till June 28.
After Bihar Chief Minister and Janata Dal-United (JD-U) chief Nitish Kumar decided to support Ram Nath Kovind, NDA's pick for the post of India's next president, fissures in the Opposition are now loud and clear. All eyes are on the meeting of 17 parties tomorrow which will also be a test of the unity of the Opposition.
Led by the Congress, Opposition parties will meet tomorrow in Delhi to decide on its strategy in the presidential election and are also expected to announce a candidate.
Nitish Kumar's announcement which came just a day ahead of this meeting has not only demoralised the Opposition parties, which do not seem to have the numbers to make their candidate win the race to the Rashtrapati Bhavan, but also left them in a tight spot.
With JD-U, the vote share of NDA in the electoral college has went up to almost 63 per cent.
The Communist Party of India (Marxist) has indicated that they want to put up a candidate as the NDA's selection of Kovind, who comes from an RSS background, has made it a political fight for them.
WHO WILL BE THE OPPOSITION CANDIDATE?
Despite all the setbacks, it is understood that the Opposition will try to put up a brave face at tomorrow's meeting and come up with a rival candidate against Ram Nath Kovind.
Former Lok Sabha speaker Meira Kumar, who is also from a Dalit background like Kovind, is said to be on the top of the list of probable candidates for the top constitutional post.
Her meeting with Congress president Sonia Gandhi during the day also gave rise to speculations in political circles. Another Dalit face of the party is former Maharashtra Chief Minister Sushil Kumar Shinde. But Kumar may score over him because of her Lok Sabha experience and also the fact that she is a woman. Ten years ago, Sonia Gandhi had chosen Pratibha Patel as India's first female president.
The Left parties seem to be in favour of scholar and former West Bengal Governor Gopal Krishna Gandhi. Another nominee can be Prakash Ambedkar, the grandson of the Dalit icon BR Ambedkar.
WHICH SIDE IS MAYAWATI?
Mayawati-led Bahujan Samaj Party (BSP) has already indicated that they will support Kovind as their party cannot be negative towards a Dalit nominee for the post of president.
However the disclaimer was that their support to Kovind is only till the Opposition does not field any Dalit candidate for the top post.
It will be interesting to see what Mayawati does if the Congress proposes a Dalit's name like Meira Kumar or Sushil Kumar Shinde.
SAMAJWADI PARTY DIVIDED
The Samajwadi Party family seems divided with Mulayam Singh saying that he has good relations with Kovind while his son and party president Akhilesh Yadav has said that the President's post should be above caste and religion.
Akhilesh Yadav has also said his party would go with the Opposition led by Congress.
HOW MANY WILL TURN UP AT MEETING?
It is also to be seen whether all the 17 parties turn up for the meeting tomorrow.
The election for the next President of India is to be held on July 17 as President Pranab Mukherjee will demit the office on July 24.
The Election Commission of India has issued the notification in this regard and the process of the nomination has started that will continue till June 28.
TB patients won't get cash benefits till they have Aadhaar card
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Patients suffering from tuberculosis (TB) disease will no more get cash benefits under a central government scheme till they produce their Aadhaar card.
The Revised National Tuberculosis Control Programme (RNTCP) under the National Health Mission for promotion of universal access to tuberculosis (TB) care provides for a conditional cash assistance to eligible patients.
The Union Ministry of Health and Family Welfare has issued a notification stating that an individual eligible to receive the benefit under the scheme will now be required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication.
ALL YOU NEED TO KNOW:
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The health ministry said the use of Aadhaar as an identity document for delivery of subsidies simplifies the government delivery processes. It also brings in transparency and efficiency besides enabling beneficiaries to get their entitlement directly in a convenient and seamless manner.
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Aadhaar also obviates the need for producing multiple documents to prove one's identity.
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Those who do not have Aadhaar card yet have been asked get themselves enrolled by August 31.
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The health ministry will offer Aadhaar enrolment facilities for those who do not have an Aadhaar number. In case, there is no Aadhaar enrolment centre located in the respective block or taluka or tehsil, the department in the state government will provide enrolment facilities at convenient locations in coordination with the Unique Identification Authority of India (UIDAI).
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Till a patient gets the Aadhaar number, he or she can avail the benefits with the help of Aadhaar enrolment ID slip, a copy of the request made for Aadhaar enrolment or other government documents such as voter identity card, PAN card, bank passbook, ration card, etc.
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"This notification will come into effect from the date of its publication in the Official Gazette in all the states and Union territory Administrations except Assam, Meghalaya and Jammu and Kashmir," it added.
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The World Health Organisation (WHO) recently said that tuberculosis epidemic in India was "larger" than what had been previously estimated and asserted that the country was one of six nations which accounted for 60 per cent of the new cases in 2015.
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According to reports, the prevalence of TB in India was at 217 per 1,00,000 population in 2015 as against the previously estimated 127.
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The government has pledged its commitment to eliminate tuberculosis by 2025, five years ahead of the global goal to reduce the number of such deaths by 90 per cent by 2030.
Patients suffering from tuberculosis (TB) disease will no more get cash benefits under a central government scheme till they produce their Aadhaar card.
The Revised National Tuberculosis Control Programme (RNTCP) under the National Health Mission for promotion of universal access to tuberculosis (TB) care provides for a conditional cash assistance to eligible patients.
The Union Ministry of Health and Family Welfare has issued a notification stating that an individual eligible to receive the benefit under the scheme will now be required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication.
ALL YOU NEED TO KNOW:
- The health ministry said the use of Aadhaar as an identity document for delivery of subsidies simplifies the government delivery processes. It also brings in transparency and efficiency besides enabling beneficiaries to get their entitlement directly in a convenient and seamless manner.
- Aadhaar also obviates the need for producing multiple documents to prove one's identity.
- Those who do not have Aadhaar card yet have been asked get themselves enrolled by August 31.
- The health ministry will offer Aadhaar enrolment facilities for those who do not have an Aadhaar number. In case, there is no Aadhaar enrolment centre located in the respective block or taluka or tehsil, the department in the state government will provide enrolment facilities at convenient locations in coordination with the Unique Identification Authority of India (UIDAI).
- Till a patient gets the Aadhaar number, he or she can avail the benefits with the help of Aadhaar enrolment ID slip, a copy of the request made for Aadhaar enrolment or other government documents such as voter identity card, PAN card, bank passbook, ration card, etc.
- "This notification will come into effect from the date of its publication in the Official Gazette in all the states and Union territory Administrations except Assam, Meghalaya and Jammu and Kashmir," it added.
- The World Health Organisation (WHO) recently said that tuberculosis epidemic in India was "larger" than what had been previously estimated and asserted that the country was one of six nations which accounted for 60 per cent of the new cases in 2015.
- According to reports, the prevalence of TB in India was at 217 per 1,00,000 population in 2015 as against the previously estimated 127.
- The government has pledged its commitment to eliminate tuberculosis by 2025, five years ahead of the global goal to reduce the number of such deaths by 90 per cent by 2030.
India-Russia Joint Committee on Science & Tech Cooperation holds meeting
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The India-Russia Joint Committee on Science & Tech Cooperation today held its first meeting that was co-chaired by Defence Minister Arun Jaitley and Russian Dy PM Dmitry Rogozin.
The meeting was held along with 5th edition of TECHNOPROM -- an annual forum focussing on innovation & tech.
Defence Minister Jaitley addressed the forum on the role of defence manufacturing under the "Make in India" imitative and potential for India-Russia partnerships within this framework.
Russia has launched a "Do It In Russia" initiative to promote local manufacturing & tech development, as well as 'dual purpose industrialization' wherein Russian firms are being encouraged to manufacture items for civil industrial use.
Addressing TECHNOPROM, Russian Dy PM repeatedly praised PM Modi's Make in India initiative and described it as an inspiration for Russia to launch its own version of a drive to enhance industrialization.
It was agreed that there was enormous scope for cooperation within this framework for Indian & Russian industries & tech firms by being part of supply chains as well as partnerships in production.
The Joint Science & Tech Committee meeting finalised range of bilateral areas of cooperative projects including space & marine technologies, IT, deep ocean engineering as well as modelling & simulation.
Cooperation in these areas would be undertaken through futuristic projects with participation of research centres & innovative industrial enterprises of both countries. Working procedures for the Committee have been devised to ensure that mechanism will be dynamic and take speedy decisions towards implementation of joint projects.
2017 has been a year of great progress in India-Russia strategic partnership. There have been several exchanges at ministerial level apart from annual Summit between PM Modi and Russia President. These exchanges reflect excellent state of current relationship, which is better today than it has ever been.
Defence Minister described Russia as a partner of choice for India in high tech and noted that both countries have great trust and confidence in each other.
"India-Russia scientific & tech coop is increasingly driven by synergies & mutual benefit. For example, we are considering launch of a nan satellite of Samara State Univ on an Indian launch vehicle."
Defence Minister will now travel to Moscow to co chair India-Russia Inter Governmental Commission on Military Technological Cooperation with the Russian Def Min Gen. Sergey Shoigu on June 23.
Apart from Jaitley, the Indian delegation includes - Chairman DRDO, Secy Deptt of Atomic Energy, Secy Earth Sciences and senior officials from Deptt of Space, Defence and other ministries.
The India-Russia Joint Committee on Science & Tech Cooperation today held its first meeting that was co-chaired by Defence Minister Arun Jaitley and Russian Dy PM Dmitry Rogozin.
The meeting was held along with 5th edition of TECHNOPROM -- an annual forum focussing on innovation & tech.
Defence Minister Jaitley addressed the forum on the role of defence manufacturing under the "Make in India" imitative and potential for India-Russia partnerships within this framework.
Russia has launched a "Do It In Russia" initiative to promote local manufacturing & tech development, as well as 'dual purpose industrialization' wherein Russian firms are being encouraged to manufacture items for civil industrial use.
Addressing TECHNOPROM, Russian Dy PM repeatedly praised PM Modi's Make in India initiative and described it as an inspiration for Russia to launch its own version of a drive to enhance industrialization.
It was agreed that there was enormous scope for cooperation within this framework for Indian & Russian industries & tech firms by being part of supply chains as well as partnerships in production.
The Joint Science & Tech Committee meeting finalised range of bilateral areas of cooperative projects including space & marine technologies, IT, deep ocean engineering as well as modelling & simulation.
Cooperation in these areas would be undertaken through futuristic projects with participation of research centres & innovative industrial enterprises of both countries. Working procedures for the Committee have been devised to ensure that mechanism will be dynamic and take speedy decisions towards implementation of joint projects.
2017 has been a year of great progress in India-Russia strategic partnership. There have been several exchanges at ministerial level apart from annual Summit between PM Modi and Russia President. These exchanges reflect excellent state of current relationship, which is better today than it has ever been.
Defence Minister described Russia as a partner of choice for India in high tech and noted that both countries have great trust and confidence in each other.
"India-Russia scientific & tech coop is increasingly driven by synergies & mutual benefit. For example, we are considering launch of a nan satellite of Samara State Univ on an Indian launch vehicle."
Defence Minister will now travel to Moscow to co chair India-Russia Inter Governmental Commission on Military Technological Cooperation with the Russian Def Min Gen. Sergey Shoigu on June 23.
Apart from Jaitley, the Indian delegation includes - Chairman DRDO, Secy Deptt of Atomic Energy, Secy Earth Sciences and senior officials from Deptt of Space, Defence and other ministries.
Business Affairs
GST effect: AC, first class train fares to go up marginally
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With the Goods and Services Tax (GST) coming into effect from July 1, train passengers will have to pay a bit more to travel AC and first class.
Service tax on ticket charges is set to hike from 4.5 per cent to 5 per cent after the GST implementation.
Service tax is levied only on AC and first class travel fares in the Railways. So if a ticket costs Rs 2,000, then a passenger will have to shell out Rs 2,010 from the next month, said a senior railway ministry official.
Gearing up for the GST roll-out from from July 1, the Railways has appointed nodal officer in each state to ensure smooth transition into the new single tax regime.
A consultant has been appointed for examining the impact of the GST in the Indian Railways, the official said.
Since GST registration is based on PAN details, Railways has already got its PAN.
The General Manager of each zone has been nominated as the Principal Officer for taking care of GST compliance.
The Centre for Railway Information Systems, the IT arm of Indian Railways, is in the process of making suitable software modification in respect of transportation of freight and passengers.
Though major transactions of the railways have been computerised, a few are still done off-line. Steps are being taken to digitise them also.
With the Goods and Services Tax (GST) coming into effect from July 1, train passengers will have to pay a bit more to travel AC and first class.
Service tax on ticket charges is set to hike from 4.5 per cent to 5 per cent after the GST implementation.
Service tax is levied only on AC and first class travel fares in the Railways. So if a ticket costs Rs 2,000, then a passenger will have to shell out Rs 2,010 from the next month, said a senior railway ministry official.
Gearing up for the GST roll-out from from July 1, the Railways has appointed nodal officer in each state to ensure smooth transition into the new single tax regime.
A consultant has been appointed for examining the impact of the GST in the Indian Railways, the official said.
Since GST registration is based on PAN details, Railways has already got its PAN.
The General Manager of each zone has been nominated as the Principal Officer for taking care of GST compliance.
The Centre for Railway Information Systems, the IT arm of Indian Railways, is in the process of making suitable software modification in respect of transportation of freight and passengers.
Though major transactions of the railways have been computerised, a few are still done off-line. Steps are being taken to digitise them also.
Govt fiat for banks to deposit demonetised notes with RBI by July 20
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The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the banned Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period.
After the November 8 shock demonetisation announcement, the government had allowed commercial banks and post offices to accept the junked currency from the public till December 30. District central cooperative banks were allowed to accept them only till November 14.
The finance ministry, through a notification today, allowed banks and post offices to exchange any old junked notes with RBI in the next one month, provided they were collected by December 30, 2016. The same window would also be available to cooperative banks if they had collected the banned notes by November 14.
The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency.
Banks and post offices will however have to give reasons for not depositing the withdrawn notes with the specified time period "subject to the satisfaction of the RBI".
After demonetisation, the government gave holders of the junked currency a 50-day window to deposit it in their bank or post office accounts by December 30.
But cooperative banks were on November 14 barred from accepting the junked notes as deposits or exchange them with new currency.
This left cooperative banks with crores of invalid currency notes. According to a recent report, district central cooperative banks in Maharashtra alone are stuck with Rs 2,770 crore worth old notes they collected during the early days of demonetisation but were unable to deposit them with RBI.
This had led to stalling of a Maharashtra government scheme to hand out Rs 10,000 cash to distressed farmers.
Several leaders including NCP supremo Sharad Pawar and those from Shiv Sena had represented to the government for allowing cooperative banks to exchange old notes.
The relief has finally come.
In the notification, the ministry said that "specified bank notes may be deposited by such Bank, Post Office or District Central Cooperative Bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules, and get the exchange value thereof by credit" to their account.
While the grace period for resident Indians to deposit the invalidated currency notes expired on 31 March, the non- resident Indians have time till June 30 to deposit such currencies.
RBI will accept deposits collected by any bank or post office by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016 should be deposited within 30 days, the notification said.
They should also cite valid reasons for non-deposit of the specified bank notes within the period, it added.
Old Rs 500 and Rs 1,000 notes were junked from November 8, 2016 to eliminate black money and curb infusion and circulation of fake Indian currency notes (FICNs).
India is the second-largest producer and consumer of currency notes. The circulation of banknotes has increased to 90.27 billion pieces from 64.58 billion over the last five years.
As on November 8, 2016, the total amount of currency in circulation was Rs 17.7 lakh crore, which included specified bank notes (SBNs) of Rs 500 and Rs 1,000.
As per the last official count released by RBI on December 13, banks had garnered Rs 12.44 lakh crore in banned notes till December 10.
The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the banned Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period.
After the November 8 shock demonetisation announcement, the government had allowed commercial banks and post offices to accept the junked currency from the public till December 30. District central cooperative banks were allowed to accept them only till November 14.
The finance ministry, through a notification today, allowed banks and post offices to exchange any old junked notes with RBI in the next one month, provided they were collected by December 30, 2016. The same window would also be available to cooperative banks if they had collected the banned notes by November 14.
The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency.
Banks and post offices will however have to give reasons for not depositing the withdrawn notes with the specified time period "subject to the satisfaction of the RBI".
After demonetisation, the government gave holders of the junked currency a 50-day window to deposit it in their bank or post office accounts by December 30.
But cooperative banks were on November 14 barred from accepting the junked notes as deposits or exchange them with new currency.
This left cooperative banks with crores of invalid currency notes. According to a recent report, district central cooperative banks in Maharashtra alone are stuck with Rs 2,770 crore worth old notes they collected during the early days of demonetisation but were unable to deposit them with RBI.
This had led to stalling of a Maharashtra government scheme to hand out Rs 10,000 cash to distressed farmers.
Several leaders including NCP supremo Sharad Pawar and those from Shiv Sena had represented to the government for allowing cooperative banks to exchange old notes.
The relief has finally come.
In the notification, the ministry said that "specified bank notes may be deposited by such Bank, Post Office or District Central Cooperative Bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules, and get the exchange value thereof by credit" to their account.
While the grace period for resident Indians to deposit the invalidated currency notes expired on 31 March, the non- resident Indians have time till June 30 to deposit such currencies.
RBI will accept deposits collected by any bank or post office by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016 should be deposited within 30 days, the notification said.
They should also cite valid reasons for non-deposit of the specified bank notes within the period, it added.
Old Rs 500 and Rs 1,000 notes were junked from November 8, 2016 to eliminate black money and curb infusion and circulation of fake Indian currency notes (FICNs).
India is the second-largest producer and consumer of currency notes. The circulation of banknotes has increased to 90.27 billion pieces from 64.58 billion over the last five years.
As on November 8, 2016, the total amount of currency in circulation was Rs 17.7 lakh crore, which included specified bank notes (SBNs) of Rs 500 and Rs 1,000.
As per the last official count released by RBI on December 13, banks had garnered Rs 12.44 lakh crore in banned notes till December 10.
Retailers need to file single GST return every month: Govt
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Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do.
In an interview to PTI, Revenue Secretary Hasmukh Adhia said the notion that assessees will have to file three returns every month is unfounded and retailers or B2C dealers need not give invoice wise details every month.
"Eighty per cent of the businesses will have to simply file total turnover detail in return because they are all B2C dealers or retailers. Return filing is very easy, people need not worry about filing process, it is very transparent and is done by machine," Adhia said.
Explaining filing of returns, he said when a supplier uploads details of sale invoices, a GST Return-1 is generated by 10th of next month.
The details from the suppliers in GSTR-1 automatically gets updated in the GST Return-2 (GSTR 2) of the purchaser.
GSTR-2 is to be filed by 15th of next month and is just a few clicks on computer. GSTR-2 doesn't need full filing of return.
"GSTR 2 is not to be filed by anybody. It will be appearing in the computer on their own account and they can confirm it. If there is any transaction missing in purchase which computer is not showing because the person from whom you bought has forgotten to put it, then you get a right to add it. It is an auto-populated return. Click it and accept it online," he said.
Adhia said retailer and B2C suppliers need not worry about the return filing procedure as they have to file only turnover wise detail in GSTR-1.
While only B2B dealers have to file both GSTR-1 and GSTR- 2, retailers do not need to file the GSTR-2 as they have to only match with what the dealer has uploaded on the GST Network.
"Ordinary people need not worry...It is not at all complex and people need not worry. 80 per cent of the businesses will have to just file total turnover," Adhia said.
By 17th of the month, both the supplier and the recipient would have to reconcile the invoice details and file the third return (GSTR-3) by 20th of the month.
GSTR-3 is combination of GSTR-1 and 2 and is computer generated. It gives the summary of the total output tax liability, input tax credit and the difference is the tax liability for the month.
"Out of three returns which are prescribed, only one return has to be filed by the retailer. The remaining two returns are auto-generated by the computer which is only a facility given to them to see so that if there is any mistake they can correct it," Adhia said.
Adhia said only in case of B2B dealers, invoice wise details are required. "Those number of dealers are very few in the country".
The GSTN will launch an excel sheet format for B2B dealers so that they can keep the invoice wise details ready and can upload it on the 10th of every month.
In the excel sheet, the businesses would have to give details of transaction, like invoice number, GSTIN of buyer, commodity sold or services given, value of the goods or services sold, the tax incidence and taxes paid.
The GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, has already relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
As regards traders, manufacturers or eateries opting having turnover up to Rs 75 lakh and have opted for composition scheme, they will just have to give their total turnover in GSTR-1 and no invoice wise detail is required.
These businesses will have to file just one return every three months, Adhia said.
Such returns are to be filed by 18th of the month in the succeeding quarter.
Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do.
In an interview to PTI, Revenue Secretary Hasmukh Adhia said the notion that assessees will have to file three returns every month is unfounded and retailers or B2C dealers need not give invoice wise details every month.
"Eighty per cent of the businesses will have to simply file total turnover detail in return because they are all B2C dealers or retailers. Return filing is very easy, people need not worry about filing process, it is very transparent and is done by machine," Adhia said.
Explaining filing of returns, he said when a supplier uploads details of sale invoices, a GST Return-1 is generated by 10th of next month.
The details from the suppliers in GSTR-1 automatically gets updated in the GST Return-2 (GSTR 2) of the purchaser.
GSTR-2 is to be filed by 15th of next month and is just a few clicks on computer. GSTR-2 doesn't need full filing of return.
"GSTR 2 is not to be filed by anybody. It will be appearing in the computer on their own account and they can confirm it. If there is any transaction missing in purchase which computer is not showing because the person from whom you bought has forgotten to put it, then you get a right to add it. It is an auto-populated return. Click it and accept it online," he said.
Adhia said retailer and B2C suppliers need not worry about the return filing procedure as they have to file only turnover wise detail in GSTR-1.
While only B2B dealers have to file both GSTR-1 and GSTR- 2, retailers do not need to file the GSTR-2 as they have to only match with what the dealer has uploaded on the GST Network.
"Ordinary people need not worry...It is not at all complex and people need not worry. 80 per cent of the businesses will have to just file total turnover," Adhia said.
By 17th of the month, both the supplier and the recipient would have to reconcile the invoice details and file the third return (GSTR-3) by 20th of the month.
GSTR-3 is combination of GSTR-1 and 2 and is computer generated. It gives the summary of the total output tax liability, input tax credit and the difference is the tax liability for the month.
"Out of three returns which are prescribed, only one return has to be filed by the retailer. The remaining two returns are auto-generated by the computer which is only a facility given to them to see so that if there is any mistake they can correct it," Adhia said.
Adhia said only in case of B2B dealers, invoice wise details are required. "Those number of dealers are very few in the country".
The GSTN will launch an excel sheet format for B2B dealers so that they can keep the invoice wise details ready and can upload it on the 10th of every month.
In the excel sheet, the businesses would have to give details of transaction, like invoice number, GSTIN of buyer, commodity sold or services given, value of the goods or services sold, the tax incidence and taxes paid.
The GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, has already relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
As regards traders, manufacturers or eateries opting having turnover up to Rs 75 lakh and have opted for composition scheme, they will just have to give their total turnover in GSTR-1 and no invoice wise detail is required.
These businesses will have to file just one return every three months, Adhia said.
Such returns are to be filed by 18th of the month in the succeeding quarter.
Sebi relaxes norms for lenders buying stake in distressed companies
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Markets regulator Sebi today relaxed norms for stake purchase in distressed listed companies by lenders, exempting them from making open offers for shareholders.
The relaxation would be subject to certain conditions, including shareholders' approval of the stake acquisition by way of special resolution.
The Sebi decision comes against the backdrop of the government and Reserve Bank of India stepping up efforts to tackle the menace of bad loans, amounting to Rs 6 lakh crore.
At the board meeting here, Sebi decided to ease the norms for restructuring in stressed companies that are listed on exchanges as well as for resolution plans approved under the Insolvency and Bankruptcy Code.
Clearing the proposals, the Securities and Exchange Board of India (Sebi) said they are aimed at facilitating "turnaround of listed companies in distress which will benefit their shareholders and lenders".
Currently, relaxations from preferential issue requirements and from open offer obligations are available for lenders undertaking restructuring of distressed listed companies under Strategic Debt Restructuring (SDR) scheme.
There have been representations made to Sebi that lenders who have acquired shares and propose to divest them to new investors faced difficulties as the latter have to make an open offers. Such offers further reduce the funds available for investment in the company concerned.
In view of the concerns raised, Sebi has decided to extend the relaxations to the new investors acquiring shares in distressed companies pursuant to such restructuring schemes.
"Such relaxations shall be subject to certain conditions like approval by the shareholders of the companies by special resolution and lock-in of their shareholding for a minimum period of three years," the regulator said in a release.
Further, the relaxations would be applicable for the lenders under other restructuring schemes undertaken in accordance with the RBI guidelines.
Sebi board has also cleared the proposal to provide exemption from open offer obligations "for acquisitions pursuant to resolution plans approved by NCLT under the Insolvency and Bankruptcy Code, 2016".
Under the Code, lenders or the companies seeking insolvency proceedings have to first approach the National Company Law Tribunal (NCLT).
Markets regulator Sebi today relaxed norms for stake purchase in distressed listed companies by lenders, exempting them from making open offers for shareholders.
The relaxation would be subject to certain conditions, including shareholders' approval of the stake acquisition by way of special resolution.
The Sebi decision comes against the backdrop of the government and Reserve Bank of India stepping up efforts to tackle the menace of bad loans, amounting to Rs 6 lakh crore.
At the board meeting here, Sebi decided to ease the norms for restructuring in stressed companies that are listed on exchanges as well as for resolution plans approved under the Insolvency and Bankruptcy Code.
Clearing the proposals, the Securities and Exchange Board of India (Sebi) said they are aimed at facilitating "turnaround of listed companies in distress which will benefit their shareholders and lenders".
Currently, relaxations from preferential issue requirements and from open offer obligations are available for lenders undertaking restructuring of distressed listed companies under Strategic Debt Restructuring (SDR) scheme.
There have been representations made to Sebi that lenders who have acquired shares and propose to divest them to new investors faced difficulties as the latter have to make an open offers. Such offers further reduce the funds available for investment in the company concerned.
In view of the concerns raised, Sebi has decided to extend the relaxations to the new investors acquiring shares in distressed companies pursuant to such restructuring schemes.
"Such relaxations shall be subject to certain conditions like approval by the shareholders of the companies by special resolution and lock-in of their shareholding for a minimum period of three years," the regulator said in a release.
Further, the relaxations would be applicable for the lenders under other restructuring schemes undertaken in accordance with the RBI guidelines.
Sebi board has also cleared the proposal to provide exemption from open offer obligations "for acquisitions pursuant to resolution plans approved by NCLT under the Insolvency and Bankruptcy Code, 2016".
Under the Code, lenders or the companies seeking insolvency proceedings have to first approach the National Company Law Tribunal (NCLT).
GST rollout: Credit card bill, insurance premium to get costlier
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Credit card providers, banks and insurers have started alerting their customers to pay higher tax post implementation of Goods and Services Tax (GST) from July 1.
Customers currently pay 15 per cent service tax for such services. Starting from July 1, 2017 the GST will replace all indirect taxes like service tax and VAT.
Financial services and telecom have been put in the 18 per cent GST slab.
SBI Card has sent SMS to its customers alerting about the higher incidence of tax.
"Important: The Government of India proposes to implement the GST which is likely to be effective from July 1, 2017.
Consequently, the existing service tax rate of 15 per cent shall be replaced by a GST rate of 18 per cent," the SMS sent by SBI Card read.
Banks like Standard Chartered and HDFC are also sending messages related to GST to their customers.
ICICI Prudential Life Insurance, in email messages to its customers, said premium payable on term policy and fund management charges on a Unit Linked Insurance Policy will attract 18 per cent GST post implementation of the new indirect tax regime.
These products currently attract 15 per cent service tax.
GST will be levied at the rate of 2.25 per cent on premium payment for endowment policy. Currently, customers pay 1.88 per cent service tax on endowment policies.
Parliament's historic Central Hall will host a midnight function on June 30 to launch the nation's biggest tax reform GST.
President Pranab Mukherjee, who had piloted the first Constitutional Amendment Bill to bring in GST in 2011 when he was finance minister in the previous UPA regime, will share the dais with Prime Minister Narendra Modi on the occasion.
Credit card providers, banks and insurers have started alerting their customers to pay higher tax post implementation of Goods and Services Tax (GST) from July 1.
Customers currently pay 15 per cent service tax for such services. Starting from July 1, 2017 the GST will replace all indirect taxes like service tax and VAT.
Financial services and telecom have been put in the 18 per cent GST slab.
SBI Card has sent SMS to its customers alerting about the higher incidence of tax.
"Important: The Government of India proposes to implement the GST which is likely to be effective from July 1, 2017.
Consequently, the existing service tax rate of 15 per cent shall be replaced by a GST rate of 18 per cent," the SMS sent by SBI Card read.
Banks like Standard Chartered and HDFC are also sending messages related to GST to their customers.
ICICI Prudential Life Insurance, in email messages to its customers, said premium payable on term policy and fund management charges on a Unit Linked Insurance Policy will attract 18 per cent GST post implementation of the new indirect tax regime.
These products currently attract 15 per cent service tax.
GST will be levied at the rate of 2.25 per cent on premium payment for endowment policy. Currently, customers pay 1.88 per cent service tax on endowment policies.
Parliament's historic Central Hall will host a midnight function on June 30 to launch the nation's biggest tax reform GST.
President Pranab Mukherjee, who had piloted the first Constitutional Amendment Bill to bring in GST in 2011 when he was finance minister in the previous UPA regime, will share the dais with Prime Minister Narendra Modi on the occasion.
General Awareness
3rd International Yoga Day celebrated on June 21 2017
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3rd edition of International Yoga Day was celebrated across India on June 21, 2017 with several government and private institutions organising yoga events for the masses.
2017 International Yoga Day theme is ‘Yoga for Health’
Background Information:
The idea of an International Day of Yoga was the first proposed by the Prime Minister of India, Mr. Narendra Modi during his speech at the United Nations General Assembly, on 27 September 2014.
- On December 11, 2017, the United Nations declared June 21 as the International Yoga Day.
- International Yoga Day is celebrated annually on 21 Junesince its first edition in year 2015.
- 21 June was suggested as the date for international Yoga Day as it is thelongest day of the year in the Northern Hemisphere and shares special significance in many parts of the world.
- The first International Yoga Day function held on June 21, 2015, at Rajpath in Delhi witnessed Narendra Modi performing Yoga along with over 200 million people across the country and over 37,000 people in Delhi alone.
- The second edition was held in Chandigarh with the participation of over 30,000 people in the presence of the Prime Minister.
3rd International Yoga Day Celebrations Across India:
This year, Prime Minister Narendra Modi was in Lucknow where he performed yoga along with Uttar Pradesh Chief Minister Yogi Adityanath and 51,000 participants at Ramabhai Ambedkar Sabha Sthal.
- The NDA’s choice for President, Ram Nath Kovind, performed yoga at Central Park in Delhi.
- Indian missions in the Netherlands, Trinidad and Tobago, and the United States, among other countries, held programmes on yoga with participants from various sections of society.
- The French Embassy in India also held a Yoga and music programme on June 21, 2017.
- On June 21, 2017, apart from the national capital, every state organised the International Yoga Day events at all levels.
- Government institutions such as All India Institute of Medical Sciences (AIIMS) also held an event to mark the day with faculty members and students performing Yoga.
- To familiarise Yoga with the lives of citizens, the AYUSH Ministry had started one-month free yoga camp through the Central Council for Research in Yoga and Naturopathy in almost every district of the country.
Nearly 3 Lakh perform Yoga at one place, set World Record:
Nearly three lakh people, led by Baba Ramdev, turned up at GMDC ground in Ahmedabad, Gujarat on the International Yoga Day on June 21, 2017 to perform asanas.
- BJP president Amit Shah, Gujarat Chief Minister Vijay Rupani, Deputy Chief Minister Nitin Patel and former Chief Minister Anandiben Patel were also present at the venue.
- After the one-and-a-half hour long session, Baba Ramdev claimed that the event has made it to the Guinness World Records book with nearly three lakh people performing yoga at one place. The previous record was made in Delhi on June 21, 2015, when 35,985 people did yoga at Rajpath with Prime Minister Narendra Modi.
- Officials of the Guinness World Records book were also present at the event. Baba Ramdev said the officials will declare the final figure of the participants after tabulating the data based on the bar code tag given to each person at the entry gates.
Ramamani Iyengar Memorial Yoga Institute, Pune selected PM’s Yoga award
The Ramamani Iyengar Memorial Yoga Institute of Pune has been selected as the first recipient of the Prime Minister’s award for outstanding contribution for promotion and development of yoga 2017.
Background Information:
Last year, at the 2nd International Day of Yoga celebrations at Chandigarh, Prime Minister Narendra Modi had announced the institution of awards for the promotion of Yoga.
Selection Procedure:
- The Ministry of AYUSH had developed the guidelines for the awards and two committees — screening committee (for preliminary evaluation) and evaluation committee (Jury)– were constituted so that a transparent process is followed in finalising the awards.
- The jury, chaired by the cabinet secretary, with the additional secretary to the prime minister, the foreign secretary, secretary (AYUSH), and Veerendra Heggade as members, examined the screening committee’s recommendations.
About Ramamani Iyengar Memorial Yoga Institute, Pune:
The Ramamani Iyengar Memorial Yoga Institute has worked to spread yoga internationally. The institute has published several books on yoga and these have been translated into multiple languages.
8000 students attempt to break longest yoga chain record in Mysuru palace
On June 21, 2017, more than 8,000 school children formed the “longest yoga chain” in front of the iconic Mysuru Palace in Karnataka to create a new world record.
- More than 44 schools across Mysuru took part in the record-breaking attempt that saw participation by 8387 students.
- The participating children performed four asanas as part of the attempt.
- The students took 10 seconds to demonstrate each asana and all were completed in just 40 seconds.
World’s second biggest celebrations of International Yoga Day to be held in China after India
In China, on International Yoga Day (June 21), thousands of Chinese participated in several yoga events organised across the country.
- Officials said, it was the second biggest yoga day celebration in the world after India.
- Beijing’s iconic Great Wall as well as numerous parks, lakes and resorts across China became venues for the both official and unofficial yoga events being held with active support of Chinese government bodies.
- The Indian Embassy in Beijing besides Indian Consulates in Shanghai and Guangzhou organised dozens of events commemorating the events featuring Chinese officials.
- A first yoga college outside India has been set up with joint collaboration of India and China in Yunnan Minzu University in Kunming.
3rd edition of International Yoga Day was celebrated across India on June 21, 2017 with several government and private institutions organising yoga events for the masses.
2017 International Yoga Day theme is ‘Yoga for Health’
Background Information:
The idea of an International Day of Yoga was the first proposed by the Prime Minister of India, Mr. Narendra Modi during his speech at the United Nations General Assembly, on 27 September 2014.
- On December 11, 2017, the United Nations declared June 21 as the International Yoga Day.
- International Yoga Day is celebrated annually on 21 Junesince its first edition in year 2015.
- 21 June was suggested as the date for international Yoga Day as it is thelongest day of the year in the Northern Hemisphere and shares special significance in many parts of the world.
- The first International Yoga Day function held on June 21, 2015, at Rajpath in Delhi witnessed Narendra Modi performing Yoga along with over 200 million people across the country and over 37,000 people in Delhi alone.
- The second edition was held in Chandigarh with the participation of over 30,000 people in the presence of the Prime Minister.
3rd International Yoga Day Celebrations Across India:
This year, Prime Minister Narendra Modi was in Lucknow where he performed yoga along with Uttar Pradesh Chief Minister Yogi Adityanath and 51,000 participants at Ramabhai Ambedkar Sabha Sthal.
- The NDA’s choice for President, Ram Nath Kovind, performed yoga at Central Park in Delhi.
- Indian missions in the Netherlands, Trinidad and Tobago, and the United States, among other countries, held programmes on yoga with participants from various sections of society.
- The French Embassy in India also held a Yoga and music programme on June 21, 2017.
- On June 21, 2017, apart from the national capital, every state organised the International Yoga Day events at all levels.
- Government institutions such as All India Institute of Medical Sciences (AIIMS) also held an event to mark the day with faculty members and students performing Yoga.
- To familiarise Yoga with the lives of citizens, the AYUSH Ministry had started one-month free yoga camp through the Central Council for Research in Yoga and Naturopathy in almost every district of the country.
Nearly 3 Lakh perform Yoga at one place, set World Record:
Nearly three lakh people, led by Baba Ramdev, turned up at GMDC ground in Ahmedabad, Gujarat on the International Yoga Day on June 21, 2017 to perform asanas.
- BJP president Amit Shah, Gujarat Chief Minister Vijay Rupani, Deputy Chief Minister Nitin Patel and former Chief Minister Anandiben Patel were also present at the venue.
- After the one-and-a-half hour long session, Baba Ramdev claimed that the event has made it to the Guinness World Records book with nearly three lakh people performing yoga at one place. The previous record was made in Delhi on June 21, 2015, when 35,985 people did yoga at Rajpath with Prime Minister Narendra Modi.
- Officials of the Guinness World Records book were also present at the event. Baba Ramdev said the officials will declare the final figure of the participants after tabulating the data based on the bar code tag given to each person at the entry gates.
Ramamani Iyengar Memorial Yoga Institute, Pune selected PM’s Yoga award
The Ramamani Iyengar Memorial Yoga Institute of Pune has been selected as the first recipient of the Prime Minister’s award for outstanding contribution for promotion and development of yoga 2017.
Background Information:
Last year, at the 2nd International Day of Yoga celebrations at Chandigarh, Prime Minister Narendra Modi had announced the institution of awards for the promotion of Yoga.
Selection Procedure:
- The Ministry of AYUSH had developed the guidelines for the awards and two committees — screening committee (for preliminary evaluation) and evaluation committee (Jury)– were constituted so that a transparent process is followed in finalising the awards.
- The jury, chaired by the cabinet secretary, with the additional secretary to the prime minister, the foreign secretary, secretary (AYUSH), and Veerendra Heggade as members, examined the screening committee’s recommendations.
About Ramamani Iyengar Memorial Yoga Institute, Pune:
The Ramamani Iyengar Memorial Yoga Institute has worked to spread yoga internationally. The institute has published several books on yoga and these have been translated into multiple languages.
8000 students attempt to break longest yoga chain record in Mysuru palace
On June 21, 2017, more than 8,000 school children formed the “longest yoga chain” in front of the iconic Mysuru Palace in Karnataka to create a new world record.
- More than 44 schools across Mysuru took part in the record-breaking attempt that saw participation by 8387 students.
- The participating children performed four asanas as part of the attempt.
- The students took 10 seconds to demonstrate each asana and all were completed in just 40 seconds.
World’s second biggest celebrations of International Yoga Day to be held in China after India
In China, on International Yoga Day (June 21), thousands of Chinese participated in several yoga events organised across the country.
- Officials said, it was the second biggest yoga day celebration in the world after India.
- Beijing’s iconic Great Wall as well as numerous parks, lakes and resorts across China became venues for the both official and unofficial yoga events being held with active support of Chinese government bodies.
- The Indian Embassy in Beijing besides Indian Consulates in Shanghai and Guangzhou organised dozens of events commemorating the events featuring Chinese officials.
- A first yoga college outside India has been set up with joint collaboration of India and China in Yunnan Minzu University in Kunming.
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