Happy Aayudha Pooja Greetings to all

Happy Aayudha Pooja Greetings to all

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'We can't blame UPA for declining economy, we had enough chance,' says Yashwant Sinha

NEW DELHI: After igniting a political firestorm+ with a column criticising the government's economic policy, the BJP's Yashwant Sinha on Thursday went even further by clearly absolving the earlier Congress-led UPA government for a slowdown in growth.

"The economy is in decline. We can't blame the previous government, we had plenty of time and chances," said Sinha, when asked about his comments in the column he wrote, which appeared yesterday.



Sinha said that the economy has been on the downswing for a while now, but "I did not speak".

"I am not talking just based on one quarter's numbers, the economy has been falling for six straight quarters," said Sinha.

The biggest culprit that made a bad situation near-catastrophic is demonetisation, said Sinha who had called the move "an unmitigated economic disaster" in his column.

"The biggest culprit for growth slowing is the note ban. A thorough study should have been done on its effects to the economy, to jobs and it should have been introduced when the economy was in a healthy state, not in the manner it was introduced," said Sinha.

As for GST, Sinha had written that its rollout was "badly conceived and poorly implemented". He reiterated that today.

"After the demonetisation shocker, GST was another one. What was the need to hurry? They could have launched it in October," said Sinha.

In his column, Sinha tore the government's economic policies to shreds and blasted finance minister Arun Jaitley.

What was Sinha's picture of the Indian economy in his column? He explained in a tirade of a sentence.

"Private investment has shrunk as never before in two decades, industrial production has all but collapsed, agriculture is in distress, construction industry, a big employer of the work force, is in the doldrums, the rest of the service sector is also in the slow lane, exports have dwindled, sector after sector of the economy is in distress, demonetisation has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market," wrote Sinha.

A dazed BJP responded+ by launching Yashwant's son, Union minister Jayant Sinha into the battleground.

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World Heart Day 2017: 4 Ways to Keep Your Heart Healthy

World Heart Day 2017: 4 Ways to Keep Your Heart Healthy

September 29 marks World Heart Day 2017, which aims to encourage people to cut their risk of cardiovascular disease (CVD), which includes heart attack and stroke. Here are some ways to manage your heart health.

Cardiovascular disease (CVD), which includes heart attack and stroke, is the world’s number one killer, causing 17.5 million deaths each year, with the figure expected to rise to 23 million by 2030. The good news is that many cases of CVD can be prevented with some lifestyle changes. Here is a round-up of some ways to manage your heart health:

Get to Know your Heart

Book a visit to your doctor to know how healthy your heart is and any lifestyle changes that you need to make. It’s a good idea to find out your blood pressure, which is the number one risk factor for CVD and known as the “silent killer” because it usually has no warning signs or symptoms, and many are unaware that they have it. Also have your blood glucose levels checked as high blood glucose could indicate diabetes, which if left undiagnosed and untreated can also put you at a higher risk of CVD and stroke. Also, check your cholesterol levels, weight, and body mass index (BMI) to help ensure your heart is healthy.

Eat heart-healthy food

Aim to include five portions of fruit and vegetables in your daily diet, with each portion equivalent to around a handful of fresh, frozen, canned, or dried fruit and vegetables. Avoid processed and pre-packaged foods which are often high in fat, sugar, and salt, and try to make your own healthy meals for lunch at school or work. Cut down on sugary fruit juices and drink water instead, and keep your alcohol intake within recommended guidelines.

Kick the Habit

Stopping smoking is the single best thing anyone can do to improve their heart health. Within two years of quitting the risk of CVD is significantly reduced, and within 15 years it returns to that of a non-smoker. Exposure to secondhand smoke also increases the risk of heart disease in those around you, so by quitting you’ll also help improve the health of friends and family. If you’re struggling to kick the habit don’t suffer in silence, seek out the support of those around you and help from a medical professional.

Move More

Physical inactivity is another contributor to CVD, as it can lead to unhealthy weight gain, diabetes, and high blood pressure. Aiming for at least 30 minutes of moderate-intensity activity five times a week can help cut this risk, with brisk walking, jogging, swimming and cycling being good options. Making everyday changes such as taking the stairs instead of the elevator and walking instead of driving are also easy ways to get more active.

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Government’s Policy U-turn May Harm Make in India Drive

Government’s Policy U-turn May Harm Make in India Drive

Surprise policy shifts, such as an apparent U-turn over a locomotive deal with General Electric, risk undermining Prime Minister Narendra Modi’s flagship Make in India initiative, which aims to create millions of jobs and boost growth, industry executives say.

GE won a $2.6 billion contract in 2015 to supply 1,000 diesel locomotives – the biggest direct investment in India by a U.S. firm and the first deal awarded to a foreign firm after India allowed 100 percent foreign investment in its railways – part of efforts to overhaul its creaking, colonial-era infrastructure.

But the railways ministry said last week it wouldn’t need diesel after all – hoping to save on fuel and maintenance costs – and suggested GE might want to make electric engines instead.

Electric engines are usually used for passenger trains, while diesel is used for freight. Around 25-30 percent of India’s locomotives are diesel-engined.

The policy shift could cost New Delhi in compensation – GE is already building a factory for the diesel locos – but executives and investors say it is also an important test for a government that needs foreign investment to create jobs and reboot growth ahead of a 2019 general election.

“The GE case is very important symbolically because they have been among the earliest and most committed investors,” said Amitabh Dubey, a political analyst at research firm Trusted Sources.

“People will be watching to see how this plays out, particularly because the railway contracts were initiatives that the government pushed consciously and worked very hard to get these people in. To then turn around two years later and change your strategy will bother a lot of people,” he said.

GE has already shipped its first diesel locomotive to India and is completing a factory in the state of Bihar. It has created around 1,000 jobs at the plant and a maintenance shed, and 5,000 jobs in the supplier network.

In a statement, the U.S. firm said the government’s change would put future foreign investment at risk.

“An alteration of this contract will have serious impact on job creation and skills development, and cause the government to incur substantial costs,” it said. “This will also undermine government’s signature ‘Make in India’ initiative.”

FDI GROWTH SLOWING

Foreign direct investment (FDI) into India topped $60 billion in fiscal 2016-17, almost double the levels before Modi came to power in 2014.

But after increasing by more than 20 percent in the first two years of the Modi government, FDI growth was less than half that rate in the latest financial year, hit by tax changes and a shock move to withdraw most of India’s banknotes overnight.

Yashwant Sinha, a veteran leader of Modi’s Bharatiya Janata Party (BJP) and a former finance minister, said poorly executed policy shifts had stalled growth. “Economies are destroyed more easily than they are built,” he wrote in a newspaper column on Wednesday.

India’s economy, Asia’s third-largest, grew at a 3-year low of 5.7 percent in April-June.

THREE-POINT TURN

In another example of shifting goalposts, India this month blindsided the auto industry by almost doubling the maximum levy on luxury cars and sport-utility vehicles (SUVs) – just weeks after first setting the rate as part of a major tax change.

Rahil Ansari, head of Audi India, said sudden shifts affect companies’ ability to plan ahead, and could force changes.

“This is bound to adversely impact sales, by possibly a double-digit reduction, and will reduce revenues for the company, dealers and perhaps also tax revenue for the government,” he said.

Rival Mercedes-Benz also said the luxury car industry has been at the receiving end of arbitrary policies, and a hike in levies would affect its future expansion plans under the ‘Make in India’ initiative.

Source: BS

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How to Get Your Money Back if You Fall Victim to Online Fraud

How to Get Your Money Back if You Fall Victim to Online Fraud

Online Fraud – Narendra Pal, a government school teacher in Zirakpur near Chandigarh, got the shock of his life when he received an sms just before midnight that Rs 10,000 has been withdrawn from his account through an ATM in Surat. By the time he could realise what was happening, he got two more messages about withdrawal of Rs 10,000 and Rs 20,000. He had fallen victim to online fraud. As the first debit happened a few minutes before 12 midnight, the fraudster was able to transact again immediately as withdrawal limit for the next day set in.

As more and more people use online banking services, which are now reaching the unbanked under the financial inclusion programmes of the government, banking frauds are rising. Also, post demonetisation, there has been a sharp rise in online transactions. Pal informed his bank about the transactions immediately by calling on the helpline number. He also wrote to the bank branch and the RBI that he had not shared details of his bank account and ATM card with anyone. He also filed a complaint with the crime branch’s cyber cell. The officers took him to the petrol pump where he had last used the card but nothing came out of it. Pal says the bank staff was cooperative but still it took him more than two months and two-three visits to the branch to get his money. He had to forgo the interest.

People like Pal need not worry now. The RBI has come out with guidelines that say the bank will have to make good the entire loss if the customer notifies it about the unauthorised/fraudulent transaction within a stipulated period. The RBI has taken forward the draft guidelines on customer liability in case of online fraudulent transactions that it had issued in August 2016. “Considering the recent surge in customer grievances associated with unsanctioned electronic transactions, the recent notification shared by RBI entails a more specific guideline to protect customers from potential cases of fraud or misuse.

Banks will therefore have to set up robust frameworks around fraud identification and early warning mechanisms covering the online and digital space”, says Vikram Babbar, Partner, Fraud Investigation & Dispute Services, EY India.

Onus On Bank

While earlier, the onus was on the customer to prove that he or she has not shared his bank details with anyone, now it is the bank that has to prove that the customer was at fault and not careful enough while using online banking facilities. The earlier system used to result in the customer suffering losses or the bank taking long to pay the money as there were no clear guidelines or stipulated period for refunds. “Many people are apprehensive about online transactions. These guidelines will build trust among bank customers,” says Kalpesh J. Mehta, Partner, Deloitte Haskins and Sells.

This is a big step, believes Mahesh Patel, President and CTO, AGS Transact Technologies, as this will encourage banks to use better fraud monitoring systems.

“As the onus was on the customer, the cost of a good fraud monitoring system was more than the cost of actual fraud for banks. As a result of this, barring the top few banks, the rest refrained from investing in fraud monitoring systems,” says Patel. The RBI guidelines ask banks to implement a robust and dynamic fraud detection and prevention mechanism and assess and fill gaps if any.

Customer to get full refund

Banks will pay for the entire loss in the following cases.

1. When a fraudulent transaction has happened due to deficiency or negligence on the part of the bank irrespective of the fact that the customer has reported it or not. “A digital transaction goes through various intermediary platforms such as the payer bank, the payee bank, the payment gateway, etc, and the transaction has to be encrypted. No data should be stored with either of the intermediaries but only transferred. Therefore, if a fraud happens during this process, the customer should not be held liable. As per RBI recommendations, the bank will have to refund to the customer,” says Mehta of Deloitte Haskins and Sells.
2. When there is a third-party breach where the deficiency lies neither with the bank nor the customer but with the system somewhere else and the customer notifies the bank regarding the transaction within three working days.

For example, last year, the systems of Hitachi Payment Service, to which some banks had outsourced their ATM transaction processing, were compromised, affecting around 3.2 million cards across banks such as ICICI, SBI, YES and HDFC.

In this scenario, if the customer informs the bank about the fraudulent transaction within three working days after receiving the communication, the bank will have to make good the entire loss to the customer.

Limited liability If the fraud has happened due to the negligence of the customer, he or she will have to bear the entire loss till the bank is informed about the transaction.

• If the customer shares confidential information like ATM PIN, card number, etc, with somebody knowingly or unknowingly, he or she will have to bear the entire loss till the bank is informed about the transaction.
• If neither the bank nor the customer is responsible but the fraud has happened due to the fault in the system and the customer informs the bank within four or seven days, the customer liability will be limited to the transaction value or Rs 10,000, whichever is less. The limit applies in case of savings bank accounts, credit cards with limit of up to Rs 5 lakh, and current accounts with annual average balance limit up to Rs 25 lakh. If a person informs within three days, the entire amount is paid back. For current accounts, overdraft accounts and credit cards with limit above Rs 5 lakh, the maximum limit is Rs 25,000.

For basic saving bank deposit accounts, that is, no-frills accounts, the limit is Rs 5,000.

• If there is a delay of more than seven days, the customer’s liability will be decided as per the policy approved by the bank’s board.

Banks convey to their customers who have registered their mobile number and email with banks about every transaction through email and sms. Now, the RBI has advised banks to ask for a mobile number if the customer wants to take the online transaction facility so that he or she is notified about every transaction. The banks may not offer the facility of electronic transactions, other than ATM cash withdrawals, to customers who do not provide mobile numbers to the bank. At present, banks charge for the SMS service. However, RBI guidelines do not mention anything about who will bear the SMS charges. At present, the charges are borne by account holders.

Reply Option

Apart from multiple channels like website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to the home branch, etc, for reporting fraudulent transactions, banks will have to provide the customer an option to reply to an SMS and email alerts. Further, the RBI has directed banks to provide a direct link for lodging complaints, with specific option to report unauthorised electronic transactions on home page of bank’s website.

The fraud reporting system of banks shall also ensure that immediate response (including auto response) is sent to customers acknowledging the complaint along with the registered complaint number. The communication systems used by banks to send alerts and receive their responses thereto must record the time and date of delivery of the message and receipt of customer’s response, if any, to them. This shall be important in determining the extent of a customer’s liability.

Timeline for Refund

After the customer has informed the bank about the transaction, the bank shall credit the amount to the customer’s account within 10 working days as per the new guidelines.

Apart from this, in cases where the customer liability is to be decided by the bank’s board, the complaint should be addressed within 90 days and if the board is unable to decide the customer liability, he or she should be compensated as per zero liability and limited liability provisions.

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Promotion to Senior Time Scale

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7th Pay Commission: The final one, no more ten year wait for salary hikes

7th Pay Commission: The final one, no more ten year wait for salary hikes

Good news for Central Government employees and pensioners is on the way after they were all left disappointed and frustrated by the 7th Pay Commission. The National Anomaly Committee which is set to meet in October will make a change in the fitment factor. Sources said that this process would then be examined by the Department of Expenditure following which it would be submitted to the Union Cabinet for final approval.

Countdown begins

Over 50 lakh CG employees are waiting eagerly for this pay hike. However the question that is being asked is whether the rise in the fitment factor would be applicable to pensioners. The government is set to raise the fitment factor from 2.57 to 3 times. This will be a big step by the government since it approved the recommendations of the pay panel in June. If the 2.57 fitment factor is tinkered with fitment factor 3.00, then salary and pension will go up.

NAC is ready to change fitment factor

The National Anomaly Committee which has been studying the issue in detail will change the fitment factor. A majority of the stakeholders will vote in favour of rising the fitment factor from 2.57 to 3 times. This would hike the basic minimum salary from Rs 18,000 to Rs 21,000.

What about future hikes

With no 8th Pay Commission, the question is how will the government revise the pay of central government employees? Justice A K Mathur who headed the 7th Pay Commission said that the government must review the salary of central government employees every year looking into the data available based on price index. The commission had recommended that the pay matrix may be reviewed periodically without waiting for the long period of ten years.

7th Pay Commission the last, Aykroyd formula next 

The 7th Pay Commission will be the last. The salaries of central government employees can be reviewed on the basis of the Aykroyd formula which takes into consideration the changes prices of the commodities that constitute a common man's basket. The Labour Bureau at Shimla reviews these changing prices of commodities periodically. This would mean that government employees will not have to wait for ten years for the formation of a pay commission to review their salaries and pension. All salary hikes and other revisions would take place every year taking into consideration the inflation that year.

 OneIndia News

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7th Pay Commission: National Anomaly Committee may make changes in minimum pay hike

Though central government employees are hoping to get a hike in minimum pay from January, National Anomaly Committee is likely to make changes in the pay structure under recommendations of 7th Pay Commission, a media report said.

The central government employees may get a hike in minimum pay hike from Rs 18,000 to Rs 21,000 under 7th Pay Commission. 

However, NAC may raise only the fitment factor of basic pay to 3.00 times as against 2.57 times currently as per 7th Pay Commission, The Sen Times report said.

Moreover, the report quoted top Ministry of Finance official stating that after receiving NAC report from head Ajay Mittal, who is also the Secretary of Department of Personnel and Training, the report will be examined by the Department of Expenditure. 

NAC is likely to hold a meeting in October to take a call on hike in basic pay with fitment factor at 3 times.

Also, another media report suggested that the rise in minimum pay will not be applicable only to working employees but also pensioners. 

Which means, once the fitment factor raised to 3 times, it will be applicable to both central government employees as well as the pensioners. 

In June, Union Cabinet had approved the recommendations of 7th Pay Commission and had set minimum pay at Rs 18,000 per month considering the the fitment formula at 2.57.

However, later NAC felt the current minimum pay was not "helpful" for maintaining living standards.

Last year in September, the government had formed a 22-member NAC to look into the concerns of central government employees related to the minimum pay. 

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Contempt Petition regarding upgradation of Grade Pay of Inspector Posts w.e.f 01.01.2006 ..... Updates

Contempt Petition regarding upgradation of Grade Pay of Inspector Posts w.e.f 01.01.2006 ..... Updates

GOOD NEWS 

Contempt Petition filed by our Association bearing No. C.P/180/00137/2016 before Hon'ble CAT Ernakulam Bench in OA No.  180/00289/2013 regarding up-gradation of Grade Pay of Inspector Posts w.e.f. 1/1/2006 was heard on 25/9/2017. 

After hearing the case, Hon'ble Tribunal has rejected all the three affidavits filed on behalf of the Respondent and directed the Respondent i.e Secretary, Department of Expenditure, Ministry of Finance, to file fresh affidavit within 30 days complying the Tribunal Order. 

Copy of the order/record of proceedings of the Hon'ble Tribunal is to be received. After receipt of the same, the complete details will be placed on blog. We may hope for the best. 

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