Saturday, 21 October 2017

MGNREGS Wage Seeker Wage Rate for 2017 - 2018

MGNREGS Wage Seeker Wage Rate for 2017 - 2018

MGNREGS Wage Seeker Wage Rate for 2017 - 2018
In AP& Telangana
Wage Rate : 197 ×30 = Rs.5910/-
GDSBPM salary 
TRCA. : 2745
DA. : 3815
Total. : 6560.
BO Rent etc : Average Rs.600/-
Net : Rs.5960/-

So, there is no difference between MGNREGS Wage seeker's salary and a BPM salary.

Here, wage seekers working hours maximum upto 2 to 3 hours.But our GDS hours 3 to 5 hours not including MGNREGS and SSP Pensions.

This is the practical Information.

CH.Laxmi Narayana
Circle Secretary , NUGDS



The above said facilities are not availed by the GDS.
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RBI clarifies that linking Aadhaar to bank accounts is mandatory

RBI clarifies that linking Aadhaar to bank accounts is mandatory


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Linkage of Aadhaar number to bank account is mandatory: RBI

Linkage of Aadhaar number to bank account is mandatory: RBI

MUMBAI, OCT 21: 
Reserve Bank of India today said biometric identity number Aadhaar linkage with bank accounts is mandatory.

The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage with bank accounts.

“The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on June 1, 2017,” the central bank said in a statement.

These rules have statutory force and, as such, banks have to implement them without awaiting further instructions, it said.

The government in June had made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs. 50,000 and above.

Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017, failing which the account will cease to be operational, the government notification had said.

There were reports in media quoting an RTI query in which RBI had said it “has not issued any instruction so far regarding mandatory linking of Aadhaar number with bank accounts“.

The government in Budget 2017 had already mandated seeding of Aadhaar number with Permanent Account Number to avoid individuals using multiple PANs to evade taxes.

The notification issued amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs. 50,000 or above.
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CSI Overview - Very Useful Document

CSI Overview - Very Useful Document


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7th Pay Commission: Latest updates and news today

7th Pay Commission: Latest updates and news today


7th Pay Commission :
Latest update on salary hike of the Central Employees | Oneindia News There was a major meeting held earlier this week to discuss the 7th Pay Commission. Central Government employees and pensioners have expressed apprehension about the manner in which it being implemented. While there is a small ray of hope for the CG employees in January, the big question is how much will the hike be.
Will pay hike be above 17 per cent
The question that all CG employees are asking if the pay hike will be above 17 per cent. As of now it appears as though it will be at 17 per cent. This means the fitment factor will go up to 3 times as a result of which the minimum basic pay hike would go from Rs 18,000 to Rs 21,000.
The trends
Ahead of Diwali there were several announcements on this subject. Tamil Nadu, Gujarat, Rajasthan all announced the implementation of the 7th Pay Commission. The same was announced in the case of teachers as well. Sources say that this is a trend that cannot be missed and CG employees should look at this as positive development. With so many states coming up with these announcements, for CG employees there is good news around the corner.
What does 17 per cent hike mean for CG employees 
If the 2.57 to 3 times, then the basic pay hike would go from Rs 18,000 to Rs 21,000. However this would not be it. The allowances too would go up considerably and hence the overall hike percentage would be a good one. There are however three steps remaining before this could come into force. First an NAC meeting which would be followed by tabling of the report before the DoE. The final process would be to table it before the Cabinet which is expected to clear the proposal in the last week of January.
7th pay commission 2017 talks failing

The CG employees are demanding that the amount should be 26,000. There have been several rounds of talks to increase the basic pay beyond the recommendations of the 7th Pay Commission. However the government for now says that the fitment factor can rise only to 3 times. From then onwards the pay would be variable in nature.

 OneIndia News
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Friday, 20 October 2017

The date for receiving entries for stamp design competition on theme "Nest" has been extended upto 25.10.2017

The date for receiving entries for stamp design competition on theme "Nest" has been extended upto 25.10.2017


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Eating Out May Get Cheaper as Government Plans Flat 12% GST on All Restaurants

Eating Out May Get Cheaper as Government Plans Flat 12% GST on All Restaurants

Eating Out May Get Cheaper as Government Plans Flat 12% GST on All Restaurants

NEW DELHI: Eating out in air-conditioned comfort could get cheaper if a proposal to fix the goods and services tax (GST) at a flat 12 per cent on all restaurants is adopted by the GST Council. But this could also mean them losing the benefit of input tax credit.
Air-conditioned restaurants currently charge 18 per cent GST and non-air-conditioned ones charge 12 per cent GST. Unifying the rate may mean giving up the ability to claim back taxes paid on inputs.
“It has been felt that the restaurants have not passed on the benefit of input tax credit to consumers,” said a government official, who said the lower rate of 12 per cent may be extended to cover the entire sector. The GST Council had set up a panel to look into the matter.
The industry lobbied for a 12 per cent rate for all restaurants but with the benefit of input tax credit kept intact. Incidentally, restaurants with an annual turnover of up to Rs 1 crore can avail of the composition scheme — a flat 5 per cent tax without input tax credit and easier compliance requirements that’s meant to support small businesses.
Representations were made to the panel about restaurants not passing on the benefit of input tax credit while levying 18 per cent GST, the official said. After the imposition of GST on July 1, taxes on such services rose to 18 per cent from 15 per cent but the rationale was that input tax credit would neutralise the increase.
Following lobbying by the industry, the Goods and service tax Council set up a panel under Assam Finance Minister Himanta Biswa Sarma to make the composition scheme more attractive and revisit Goods and service tax rates on restaurants. The panel, which had been asked to give its report in two weeks, has finalised its recommendations, said the official cited above.
Source: ET
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Why State Bank of India (SBI) is Afraid of Small but Nimble Fintech Companies

Why State Bank of India (SBI) is Afraid of Small but Nimble Fintech Companies

Why State Bank of India (SBI) is Afraid of Small but Nimble Fintech Companies

More than 24,000 branches and 42 crore customers make the State Bank of India (SBI) the goliath of all banks by sheer size and physical presence but its new chairman Rajnish Kumar is worried about the competition from nimble fintech companies.
“Today, the risk is the disruption that is caused by the technology ,“ Rajnish Kumar, chairman, State Bank of India (SBI) told ET in an interview. “We have to be very alert to this challenge. Protecting the turf and meeting the challenges from all the new fintech companies is the priority .“
India’s banking landscape has undergone tremendous change in the past 3-4 years with the likes of Paytm, and ItzCash disrupting banking services. Banks are increasingly worried about the businesses that these startups could eat into. Wallets and other payment mechanisms have become the preferred mode of payments as people walking into branches have dwindled. “We cannot live in this comfort that we have such a huge dominant market share or customer base,” said Kumar, who would serve at the helm till 2020. “When you are incumbent, the biggest challenge will be protecting the turf and continue to remain dominant player.”
Although it is two-century-old, Kumar’s predecessor Arundhati Bhattacharya laid emphasis on technology by launching products like Buddy, a wallet, and regaining number one position in mobile banking, hired experts from outside, including Shiv Bhasin from Barclays. SBI now has 30% market share in payments space despite facing competition from new players. “We should not be smug about it. Even if it is a small player challenging you, you should not underestimate it, because it can become big player,” said Kumar. “We have to ring fence our market fully.SBI has brand value and we should not do anything that erodes that trust.“SBI is set to launch a new mobile app Omni Channel where a customer can carry out all banking transactions except depositing and withdrawing cash.
Source: ET
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RBI Declines to Give Information About Black Money, Counterfeit Notes Recovered Post Demonetisation

RBI Declines to Give Information About Black Money, Counterfeit Notes Recovered Post Demonetisation

RBI Declines to Give Information About Black Money, Counterfeit Notes Recovered Post Demonetisation

New Delhi, Oct 20: No information is available about black money and counterfeit notes recovered post demonetisation, the Reserve Bank of India (RBI) said in response to an RTI query. The RBI also said it has scrapped 9,711.62 million demonetized notes of Rs 500 denomination and 4,709.72 million Rs 1,000 notes till August this year. As far as the new notes of Rs 500 and Rs 2000 are concerned, the RTI reply revealed that as many as 4,292.225 million notes of new Rs 500 and 3,542.991 million notes of Rs 2,000 have been printed till March 31, 2017.
The RTI was filed to seek information about black money and counterfeit notes detected post demonetisation in the country. “Processing of notes is in progress,” the central bank replied. The RBI also declined to give information on printing defects in the new legal tender of Rs 500 and Rs 2,000 citing country’s “economic interest”. There were reports of variants of new Rs 500 and Rs 2,000 notes differing in colour and design.
“The information sought by the applicant cannot be furnished since it falls under the ambit of Section 8 1(a) of the RTI Act,” Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) said in response to the RTI. Section 8 1(a) of the RTI Act states that “information, disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence”.
In its annual report released in August this year, the RBI that of the Rs 15.44 lakh crore worth old currency notes of Rs 500 and Rs 1,000 in circulation, Rs 15.28 lakh crore returned to banks during the demonetisation drive. This means as much as 99 per cent of banned currency notes has returned to banks during the note ban period. On November 8, 2016, Prime Minister Narendra Modi announced demonetization of old Rs 500 and Rs 1000 currency.
The demonetisation drive was touted as a measure to check black money and curb corruption and counterfeiting in terror activities.
Source: PTI
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