Wednesday, January 6, 2016
Revised comprehensive guidelines/instructions on foreign visit by officers of Government of India
To view please Click Here.
Budget 2016: Hoping for a relief in income tax this year? It may not happen
The government is unlikely to offer any major relief on personal income taxes in the 2016-17 budget due to lack of fiscal space, senior officials have said.
Discussions on the crucial budget, which will be unveiled in February, are under way and the numbers are being worked on. But a tight fiscal situation may prevent the government from being populist at any level. "The room on the fiscal front is very limited. Therefore, it is unlikely that there will be any major concessions on the personal income tax side," a government official, who did not wish to be identified, told TOI, adding that some relief may be in store for taxpayers.But he did not elaborate.
The government is faced with a very challenging fiscal situation in the current financial year as well as in 201617. Several factors have narrowed the fiscal space. The first is the impact from the rollout of the 7th Pay Commission recommendations. In November, the Pay panel had recommended an increase in pay and allowances of 23.6%, a 24% rise in pensions and onerank-one-pension for central government employees and paramilitary personnel.
These changes are estimated to cost over Rs 1lakh crore to the government in 2016-17, according to finance ministry estimates. The government is examining the proposals and they are likely to be implemented soon. While low global crude oil prices have provided much needed breathing space, the possibility of an increase in prices next year will prompt the government to be cautious.
The economy , which has shown signs of a rebound, needs support through public nvestment as private investments have not yet picked up o the desired level. The midyear review of the economy ,a half-yearly report card on the state of the economy , has backed appropriate fiscal and monetary policies to boost public investment. The government has already signal ed its strong commitment to stick to the fiscal deficit target and this is likely to make he budget a tight rope walk.
In his 2015-16 budget, finance minister Arun Jaitley had extended a string of benefits to middle class taxpayers, including raising the limit of deduction on health insurance premium from Rs 15,000 to Rs 25,000 and for senior citizens the limit was hiked to Rs 30,000 from the existing Rs 20,000. Jaitley had promised to do more for individual taxpayers. "As and when my fiscal capacity improves, individual taxpayers will have a lot to look forward to," he had said in his budget speech.
.The FM had unveiled the plan to reduce the rate of corporate tax from 30% to 25% over the next 4 years to boost investment, growth and jobs.He had also called for rationalization and removal of various kinds of tax exemptions and incentives for corporate taxpayers, which account for a large number of tax disputes.
Source:-The Economic Times
Tuesday, January 5, 2016
Money laundering: RBI to share banks' inspection report
Bowing down to pressure, the Reserve Bank of India has agreed to share relevant extracts of its banks' inspection reports with a central economic intelligence wing to help it check money laundering and violations of other banking laws.
The central bank is expected to soon sign a Memorandum of Understanding with the Central Economic Intelligence Bureau (CEIB), an apex intelligence agency under the Finance Ministry, in this regard, official sources said.
The RBI had repeatedly refused to share inspection reports with the bureau citing legal hurdles despite the matter being raised time and again during the meetings of Economic Intelligence Council (EIC) headed by Finance Minister Arun Jaitley.
The matter was referred to the Law Ministry, which said provisions of the Banking Regulations Act, 1949 and other banking laws do not restrain RBI from sharing extracts of inspection or scrutiny report with law enforcement agencies or CEIB.
"RBI has agreed to share relevant extracts of inspection reports of banks with CEIB and has sent a draft of the MoU to CEIB. The draft has been accepted by CEIB and RBI with some minor modifications. The MoU is expected to be signed by RBI and CEIB shortly," as per the agenda note for the meeting of "working group on intelligence apparatus pertaining to EIC". The central bank is expected to soon sign a Memorandum of Understanding with the Central Economic Intelligence Bureau (CEIB), an apex intelligence agency under the Finance Ministry, in this regard, official sources said.
The RBI had repeatedly refused to share inspection reports with the bureau citing legal hurdles despite the matter being raised time and again during the meetings of Economic Intelligence Council (EIC) headed by Finance Minister Arun Jaitley.
The matter was referred to the Law Ministry, which said provisions of the Banking Regulations Act, 1949 and other banking laws do not restrain RBI from sharing extracts of inspection or scrutiny report with law enforcement agencies or CEIB.
TThe RBI was required to share relevant extracts of inspection reports with law enforcement agencies and CEIB to check black money and other financial crimes where gross violations of Know Your Customer (KYC) guidelines and Prevention of Money Laundering Act were noticed, the sources said.
RBI had objected to sharing the reports with CEIB on the ground that the latter was not a statutory body. The central bank, however, was sharing these reports with Intelligence Bureau (IB), which is also not a statutory body, they said.
The matter of misuse of Urban Cooperative Banks, over which there is dual control by central and state governments, for money laundering has been a matter of concern for central intelligence agencies. Violations of banking laws by other banks have also been noticed, the sources said.
Source:The Economic Timest
CCS (Conduct) Rules, 1964 - Submission of Declaration of Immovable Property Returns by the Government servants - regarding.
To view Department of Personnel and Training OM No..11013/7/2014-Estt.A-III dated 05-01-2016 please Click Here.
The Annual Property
Returns required to be filed under the Central Civil Services (Conduct) Rules, 1964 for the
year 2015 which is required to be filed by the 31st January, 2016, may be filed in the forms
prescribed under the CCS (Conduct) Rules, 1964.
Posting of Government employees who have differently abled dependents - reg.
To view Department of Personnel and Training OM No. 42011/3/2014-Estt.(Res) dated 05-01-2016 please Click Here.
Raise I-T exemption limit to Rs 5 lakh: Unions
New Delhi, Jan 4 (PTI) Trade unions today asked the government to increase the income tax exemption limit to Rs 5 lakh and the minimum wage to Rs 18,000 besides raising the minimum monthly pension to Rs 3,000 for all.
They also sought a special package for victims of the recent Tamil Nadu floods.
These demands were raised under a 15-point charter submitted by 11 central trade unions to Finance Minister Arun Jaitley during pre-Budget consultations held here. The Union Budget for the next financial year, 2016-17, is slated to be presented in Parliament in February end. It will take effect from April 1.
"We have demanded a minimum wage of Rs 18,000 per month which is higher than our earlier demand of Rs 15,000," Bharatiya Mazdoor Sangh Zonal Organisation Secretary Pawan Kumar said after the meeting.
The 7th Pay Commission has recommended Rs 18,000 as minimum monthly wage for central government workers and it should be the benchmark, he said.
All Indian Trade Union Congress Secretary DL Sachdev said: "We have also demanded Rs 3,000 minimum monthly pension for all and asked for a special package for flood ravaged Tamil Nadu to provide relief to workers as well as industry in the next Budget."
Sachdev said that in view of price rise "we have also demanded from the government to increase the income tax exemption limit to Rs 5 lakh per annum".
The union have also asked that fringe benefits like housing, medical and educational facilities and running allowances in railways should be exempted from Income Tax.
Unions also demanded that PSUs should be strengthened and expanded and the disinvestment of government shares in profit making PSUs should be stopped.
Besides, they said that the budgetary support should be provided for revival of potentially viable sick PSUs.
On the price rise, the charter said: "Take effective measures to arrest the spiralling price rise especially of food and essential items of daily use. Ban speculative forward trading in essential commodities, check on hoarding and universalise and strengthen Public Distribution System."
Expressing concerns over steel and aluminium sectors, the unions said: "Relentless and increasing flow of import of industrial commodities including capital goods must be contained and regulated to prevent dumping and also to protect and promote domestic industries and prevent loss of employment."
It also said that "FDI should not be allowed in crucial sectors like defence production, Railways, financial sector, retail trade and other strategic sectors. In other areas, terms and conditions for FDI should be made public.
They also sought a special package for victims of the recent Tamil Nadu floods.
These demands were raised under a 15-point charter submitted by 11 central trade unions to Finance Minister Arun Jaitley during pre-Budget consultations held here. The Union Budget for the next financial year, 2016-17, is slated to be presented in Parliament in February end. It will take effect from April 1.
"We have demanded a minimum wage of Rs 18,000 per month which is higher than our earlier demand of Rs 15,000," Bharatiya Mazdoor Sangh Zonal Organisation Secretary Pawan Kumar said after the meeting.
The 7th Pay Commission has recommended Rs 18,000 as minimum monthly wage for central government workers and it should be the benchmark, he said.
All Indian Trade Union Congress Secretary DL Sachdev said: "We have also demanded Rs 3,000 minimum monthly pension for all and asked for a special package for flood ravaged Tamil Nadu to provide relief to workers as well as industry in the next Budget."
Sachdev said that in view of price rise "we have also demanded from the government to increase the income tax exemption limit to Rs 5 lakh per annum".
The union have also asked that fringe benefits like housing, medical and educational facilities and running allowances in railways should be exempted from Income Tax.
Unions also demanded that PSUs should be strengthened and expanded and the disinvestment of government shares in profit making PSUs should be stopped.
Besides, they said that the budgetary support should be provided for revival of potentially viable sick PSUs.
On the price rise, the charter said: "Take effective measures to arrest the spiralling price rise especially of food and essential items of daily use. Ban speculative forward trading in essential commodities, check on hoarding and universalise and strengthen Public Distribution System."
Expressing concerns over steel and aluminium sectors, the unions said: "Relentless and increasing flow of import of industrial commodities including capital goods must be contained and regulated to prevent dumping and also to protect and promote domestic industries and prevent loss of employment."
It also said that "FDI should not be allowed in crucial sectors like defence production, Railways, financial sector, retail trade and other strategic sectors. In other areas, terms and conditions for FDI should be made public.
Monday, January 4, 2016
President of India administers oath of office to Chief Information Commissioner
The President of India administered the oath of office to Shri R.K. Mathur as Chief Information Commissioner in the Central Information Commission at a ceremony held today at 1300 hrs. at Rashtrapati Bhavan.
Source:- PIB
Sunday, January 3, 2016
US honours Pluto's historic flyby with postal stamps
WASHINGTON: The US Postal Service has released a preview of its new 2016 stamps highlighting NASA's planetary science programme, including the New Horizons' historic 2015 flyby.
The 2016 stamp series also has eight new colourful Forever stamps of NASA images of solar system planets, a "Global Forever" stamp dedicated to the Earth's moon as well as another postal treat for space fans - a tribute to 50 years of "Star Trek".
"It is exciting to see that planetary science and space exploration are being celebrated in these new 2016 stamps," said John Grunsfeld, NASA's associate administrator for science in Washington, DC, in a statement.
"We are honoured that the US Postal Service has chosen to highlight NASA's New Horizons and 50 years of planetary exploration with these iconic images," he added.
The Pluto stamps are of special significance to NASA and the New Horizons team which placed a 29-cent 1991 "Pluto: Not Yet Explored" stamp on board the spacecraft.
On July 14, the New Horizons carried the tiny postage stamp on its history-making journey to Pluto and beyond, as members of the mission team celebrated with a large print, striking the words "not yet".
"The New Horizons project is proud to have such an important honor from the U.S. Postal Service," noted Alan Stern, New Horizons principal investigator.
The souvenir sheet of four stamps contains two new stamps appearing twice.
The first stamp shows an artist's rendering of NASA's New Horizons Pluto flyby spacecraft and the second shows the spacecraft's enhanced colour image of Pluto taken by New Horizons near its closest approach to Pluto.
The "Pluto Explored!" stamps will be dedicated in late May at the World Stamp Show in New York next year.
Source:-PIB
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