Wednesday, March 28, 2012

MBA Student Bojya Nayak Suicide For Telangana

With an on going agitation about achieving separate state of Telangana, a recent suicide case took place 25-Mar-2012.

Honorable Chief minister Mr. Kiran Kumar Reddy urged the youth that suicide is neither the solution nor a right approach to accomplish separate state. Kiran also assured that central Government is already working on this and asked youth not to sacrifice their lives.

Meanwhile, K. Chandrashekar Rao, president of TRS fired on Government about neglecting the case of Bojya Nayak, who committed suicide. He told media that his visit to Delhi will be about questioning Central Government about some resolution soon. “Until then youth have patience and Bojya Nayak’s suicide should be the final one”, he requested.

Telangana Rashtra Samiti president K. Chandrasekhar Rao on Sunday announced that his party legislators will stall the proceedings of both the Parliament and the state Assembly from Monday onward, demanding the tabling of Telangana Bill. Though it is likely that Congress MPs from Telangana will help the TRS chief in stalling the House on Monday, raising the Telangana demand and self immolation of Bojya Naik in Warangal on Saturday, Mr Rao's announcement is bound to inadvertently ease some pressure off Chief Minis-ter N. Kiran Kumar Reddy.
Mr Kiran Kumar Reddy has been under pressure due to issues like minister D.L. Ravindra Reddy's resignation, Supreme Court notices to six of his Cabinet ministers and the debate on general corruption. If the TRS goes ahead and stalls the proceedings, the debate on corruption may not come before Assembly for discussion. Reacting to Naik’s suicide, Mr Rao said, “It is very unfortunate, I express my deepest sympathy to the family of the martyr. I also appeal to the Telangana youth not to resort to suicides anymore and I wish that Bojya Naik's suicide is the last suicide for Telangana.”

Meanwhile, Telangana Congress MPs, who met here on Sunday evening, said that they will too raise the issue on Monday. The Assembly Budget Session, which commenced on February 13, has seen proceedings being stalled by TRS MLAs on the statehood issue. The House will reverberate with the same demand again at the end of the session, with only four sittings scheduled before it is adjourned sine die on March 29.

The MLAs who were re-elected in the recent bypolls, four of the TRS and Independent MLA Nagam Janardhan Reddy, will take oath at 9 am and immediately after this, the TRS members will troop to the podium and demand the tabling of a Bill on Telangana statehood. Similarly, both Mr Rao and his party MP Vijayashanti, will try to stall the Lok Sabha proceedings with the help of BJP and Telangana Congress MPs, demanding tabling of Telangana Bill in Parliament.

Friday, March 16, 2012

Highlights of Union Budget 2012-13

Following are some of the key highlights of the Union Budget 2012-13, presented by Finance Minister Pranab Mukherjee in the Parliament on Friday:

* Tax burden for individuals to come down: Income tax exemption limit raised from Rs. 1,80,000 to Rs. 2,00,000; 10 per cent tax for 2-5 lakh income; 20 per cent for 5-10 lakh and 30 per cent beyond Rs. 10 lakh; Savings bank account interest up to Rs. 10,000 exempted from tax.

* Many services and goods to cost more: No change in corporate tax rate, but standard rate of excise duty, as also service tax rates, raised from 10 per cent to 12 per cent; No change in peak customs duty of 10 per cent on non-agri goods.

* Large cars, imported bicycles, cigarettes, bidis and some imported jewellery to cost more; branded silver jewellery may get cheaper.

* Boost for capital markets: Securities Transaction Tax on cash delivery reduced by 25 per cent to 0.1 per cent; A new Rajiv Gandhi Equity Saving Scheme to allow income tax deduction to retail investors in stocks.

* Economy expected to gain ground: GDP growth rate pegged at 7.6 per cent in 2012-13; Subsidy Expenditure to be checked and higher tax revenues targeted; Rs. 30,000 crore to be raised from disinvestment.

* Capital boost to financial and infrastructure sectors: Rs. 15,888 crore to be provided for capitalisation of public sector banks and financial institutions; Infrastructure investment of Rs. 50 lakh crore in 12th period, with half from private sector; Tax free bonds of Rs. 60,000 crore to be allowed for financial infrastructure projects.

* Fight against black money: White paper on black money in current session of Parliament; Introduction of compulsory reporting requirement for assets held abroad; tax collection at source on high-value cash purchase of bullion, jewellery, immovable property and trading in coal, lignite and iron ore.

* Greater scrutiny of closely-held companies for funds; Taxation of unexplained money, credits, investments, expenses at highest rate of 30 per cent irrespective of income slab.

* Tax reforms: Direct Taxes Code (DTC) at earliest; GST network to be operational by August 2012; Central Excise and Service Tax being harmonized. A General Anti-Avoidance Rule (GAAR) to be introduced to counter aggressive tax avoidance.

* Attracting foreign funds: Efforts on to allow FDI in multi-brand retail and permitting foreign airlines invest in domestic players; External borrowings to the extent of USD one billion for aviation companies; Qualified Foreign Investors to get access to corporate bond market.

* Tax relief for stressed sectors: Sectors like agriculture, infrastructure, mining, railways, roads, civil aviation, manufacturing, health and nutrition, and environment to get duty relief; Turnover limit for compulsory tax audit for SMEs raised from Rs 60 lakh to Rs 1 crore.

* Farming for growth: Target for agricultural credit raised to Rs 5,75,000 crore; Interest subvention for short-term crop loans to farmers at 7 per cent interest continues; additional 3 per cent for prompt paying farmers.

Financial Highlights of Budget 2012-12:

* Direct proposals to give in net revenue loss of Rs. 4,500 crore and net gain of Rs. 45,940 crore from indirect taxes, resulting into a net gain of Rs. 41,440 crore.

* Fiscal deficit targeted at 5.1 per cent of GDP in 2012-13, down from 5.9 per cent in 2011-12; Central Government debt at 45.5 per cent of GDP.

* Total expenditure budgeted at Rs. 14,90,925 crore; plan expenditure at Rs. 5,21,025 crore, 18 per cent higher than 2011-12 budget; non-plan expenditure at Rs. 9,69,900 crore.

* Gross Tax Receipts estimated at Rs. 10,77,612 crore, 15.6 per cent higher than original budget estimates and 19.5 per cent over the revised estimates for 2011-12.

* Net tax to the Centre in 2012-13 estimated at Rs. 7,71,071 crore; Non-Tax Revenue Receipts estimated at Rs. 1,64,614 crore and Non-debt Capital Receipts at Rs. 41,650 crore.

* Total expenditure for 2012-13 budgeted at Rs. 14,90,925 crore, including Rs. 5,21,025 crore of Plan Expenditure and Rs. 9,69,900 crore as Non-Plan Expenditure.

* Defence services get Rs. 1,93,407 crore; any further requirement to be met.

Sachin 100th century : The first man in the Cricket History India's Sachin Tendulkar completed his milestone of 100 international centuries as he hit a century against Bangladesh in their Asia Cup clash at Shere Bangla National Stadium in Mirpur on Friday. Sachin Tendulkar reached his half century off 63 balls and then went on to complete his century in 138 balls.

God of cricket hits 10 fours and one six on his way to his landmark score. He done an astonishing sporting achievement that is unlikely to ever be matched. But the record is set to spark celebrations in India, where Tendulkar, whose international career began in 1989, is revered.


NEW DELHI: The government has cut the interest rate on employees' provident fund (EPF) savings for 2011-12 to 8.25%, ending months of indecision, but leaving nearly 6 crore employees with lower returns on their retirement savings this year compared with bank fixed deposits and other small savings instruments. The labour ministry-run Employees' Provident Fund Organisation (EPFO) declared the lower rate late Wednesday evening, two days before the Union Budget for 2012-13 is to be presented, after the finance ministry refused to allow any rate higher than 8.25%. Last year, the EPF rate was 9.5%, and this 125-basis-point decrease is the single largest cut in the past decade. "We were informed by the labour ministry that a rate of 8.25% be declared for 2011-12," said EPFO financial advisor Rajesh Bansal. Government Bites the Bullet Opposition leaders were quick to condemn the government's decision to lower the rate. "At a time interest rates are rising, this move exposes the government's insincerity towards the 'aam aadmi' it claims to represent and protect. We will definitely raise the issue in Parliament," said CPM MP Tapan Sen. In December 2011, the EPFO board of trustees chaired by labour minister Mallikarjun Kharge had recommended three EPF rates of 8.25%, 8.5% and 9.5% and left the final decision to finance minister Pranab Mukherjee. The labour ministry had lobbied hard for an EPF rate of 8.6%, to bring it on a par with the returns earned on public provident fund deposits. The government, which had put off a final decision on the EPF rate till after the state assembly elections, has now chosen to bite the bullet with the lowest proposed EPF rate on the table. In 2010-11, the EPF rate was raised to 9.5% from 8.5%, after the EPFO claimed it had discovered 'hidden reserves' of around Rs 1,700 crore. While reluctantly approving the 9.5% EPF rate last year, the finance ministry had asked the PF office to update all workers' accounts within six months and ensure there was no shortfall in income.

But the reserves were not enough to support the 1% rate hike, forcing the organisation to dip into this year's income to fulfil last year's promise. A 5.7% error in its income estimates for 2010-11 led to a Rs 510-crore deficit that was funded from this year's income. Moreover, worker accounts have not been updated. Consequently, the finance ministry has taken the view that that there is no option but to finalise a conservative rate of return for this year. The EPF rate for this year is lower than the 8.6% payable on PPF savings from December 1, 2011, and the 8.7% paid on NSCs. Risk-free bank fixed deposits are earning over 9.25% currently. "Representatives of employees on our board were aware that paying more than 8.25% would be difficult as per our income calculations. It may pinch the working class a bit, but there have also been times when we paid 12% interest on EPF while market interest rates were 8%," said EPFO's Bansal. But this argument did not find much support from union leaders.

Sunday, March 11, 2012


Some of the candidates have moved CAT and hence the results of the IPO Exam 2011 are delayed.

It came to the notice that some circles had allowed PM Grade-1 officials to take the IP examination. Hence the File has been sent to the DDG (P) for Clarification. Results will be announced only after clarification by the SPN Division of the Department.

Monday, March 5, 2012

Now, Post Offices outside city retail Solar Lamps

CHENNAI: Looking for an eco-friendly solar lamp to tide over the power cuts? You might be able to pick up one at your neighbourhood post office. The Chennai circle of India Post is selling solar lamps through 19 post offices across Tamil Nadu to give a fillip to its retail post initiative.

"The demand has been on the rise so we will make the lamps available in other post offices too," says M S Ramanujan, postmaster general. The department started selling solar lamps in Chengalpet from September 2011. In February, post offices in Vellore and Kanchipuram started selling the lamps to cover areas such as Madurantakam, Tiruporur, Uttiramerur, Sriperumbudur, Tiruvallur, Tiruttani, and Sathuvacheri.

"In the last month nearly 1,000 lamps were sold by the new centres," says an official. The demand is probably driven by the daily power cuts across the state.

The department sells three kinds of lamps with LED lights and integrated solar panels that can be charged in the sun. The prices range from Rs 399 to Rs 1,699, and come with high and low settings or a facility to charge mobile phones, depending on the model. "Once the lamps are fully charged they can be used for four to eight hours," says Ramanujan.

The department decided to sell solar lamps after successfully retailing gold coins and university application forms, and opening counters to accept utility bills. "We were forced to look at various options after the internet and other forms of communication eroded our traditional mail base," he says.

After a solar lamp manufacturer approached the department, it decided to start selling the lamps in rural areas. "Our biggest advantage is our network, especially in rural areas. The demand has gone up with power cuts and the beginning of the exam season," says Ramanujan.

To cater to the demand, the department has placed orders with a few more companies. However, supply is not sufficient to meet the rising demand. "Every household needs at least two lamps and that is tough to meet," he says.