Citizens' Issues
AAP says both Bhushans and Yadav worked against party in elections
AAP accused Prashant and Shanti Bhushan and Yogendra Yadav working against the party during Delhi elections
Arvind Kejriwal-led Aam Admi Party (AAP) on Tuesday alleged that the party's three top leaders Prashant Bhushan, Shanti Bhushan and Yogendra Yadav worked against it during the recently concluded Delhi elections.
According to a statement issued by Manish Sisodia, Gopal Rai, Pankaj Gupta and Sanjay Singh on the party's Facebook page, these three leaders, especially Prashant Bhushan, told party workers from other states over the phone to not come to Delhi to campaign for the polls. 
The statement says Prashant Bhushan told party workers ""Even I am not campaigning for the Delhi polls. It is necessary for AAP to lose the Delhi polls this time. Only then Arvind (Kejriwal) will come to his senses."
AAP says during the Delhi election campaign, Prashant Bhushan kept the party brass threatening to hold a press conference against the party. Even Mayank Gandhi, the party chief in Maharashtra had stated the same thing in his blog post last week.
Meanwhile, replying to the statement, Yadav said he has been told that the members of legislative assembly (MLAs) in Delhi are being forced to sign a letter against him and Prashant Bhushan.

"I would like to thank my four colleagues for making a statement in public. Hope this would put an end to all this rumour mongering, and opens the possibility for a truthful dialogue. I'm told that Delhi MLAs are being forced to sign a letter against us, I hope this ends," Yadav said.

"It is our party's mechanism that Lokpal can look into allegations against any party leader; and the Lokpal is willing to look into it," he added.
Last week, the National Executive (NC) of AAP removed Prashant Bhushan and Yadav from the party's Political Affairs Committee (PAC).



Nifty, Sensex and Bank Nifty on a downtrend – Monday closing report
Nifty may be headed for 8,600 and below
We had mentioned in our previous week’s market report that the Indian indices may move sideways. But the much-awaited US jobs report gave out better than anticipated data which has sparked the fear that Federal Reserve may raise interest rates by June 2015. This has led to a sharp downmove in all equity markets around the world.
The S&P BSE Sensex opened Monday lower at 29,317 while Nifty opened in the red at 8,891. After hitting the day’s high, almost at the same level, the benchmarks moved lower. The indices continued to move lower and hit the day’s low at the end. Sensex hit a low at 28,800 and closed at 28,845 (down 604 points or 2.05%) while Nifty hit a low at 8,740 and closed at 8,757 (down 181 points or 2.03%). Bank Nifty opened and hit the high at 19,545 and moved lower at 19,113 and closed at 19,145 (down 602 points or 3.05%). The loss on the indices was the highest since 6 January 2015. NSE recorded a volume of 90.68 crore shares. India VIX rose 9.52% to close at 15.8125.
Minister for Commerce & Industry Nirmala Sitharaman last week said that exports play a key role in ensuring success of the Make in India initiative. Speaking at the ECGC Dun & Bradstreet Export Performance Award ceremony in Mumbai, Sitharaman reiterated government's commitment to 'ease of doing business' and assured the gathering that similar measures will be extended to the export sector as well. 
Coming back to Indian stock markets, Sun Pharma Advanced (15.07%) was the top gainer in ‘A’ group on the BSE. The stock hit its all-time high again today. It recently got USFDA approval for its new drug application for Elepsia XR (Levetiracetam extended-release tablets 1000 mg and 1500 mg). Elepsia XR is indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age and older with epilepsy.
Pipavav Defence (7.26%) was the top loser in ‘A’ group on the BSE. It was in news as Reliance Infrastructure said that it bought 18% stake in the company for aggregate amount of Rs819 crore. This will be followed with it making open offer for 26% of share capital at Rs66 per share.
Hindustan Unilever (3.76%) was the top gainer in Sensex 30 pack. The stock hit its 52-week high today. Sesa Sterlite (5.21%) was the top loser in the Sensex.
On Friday, US indices closed in the red. US Labor Department said employers added 295,000 workers in February. It was the longest run of 200,000-plus increases since 1994. The jobless rate dropped to 5.5% from 5.7% in January. The market fell because investors now anticipate a hike in interest rates. Except for Shanghai Composite (1.89%) all the other Asian indices closed in the red. Jakarta Composite (1.27%) was the top loser.
Data released by the General Administration of Customs on Sunday showed that China posted a record trade surplus of $60.6 billion last month. February exports jumped 48.3% from a year earlier, the strongest rise since May 2010 and comfortably beat market expectations, but customs office cautioned about reading too much into the figure given seasonal distortions. A 20.5% slide in February imports was the sharpest since the global financial crisis.
European indices were trading in the red. US Futures were trading flat. Greece may reportedly hold a referendum on whether to accept terms from the European Union over further aid to the country. Last month, Greece struck an agreement with its creditors to extend its current euro 240 billion ($263 billion) bailout by another four months.


EPFO's average return over past three years comes to 8.67%

The Employees' Provident Fund Organisation -EPFO gave an average return of 8.67% over past three years till FY2014-15


The Employees' Provident Fund Organisation (EPFO) gave an average interest of 8.67% to its account holders over the past three years up to FY2014-15.
Labour Minister Bandaru Dattatreya, while replying to a question in the Parliament, said the rate of interest during FY2015 and FY2014 have been declared at 8.75% and 8.50% during FY2012-13.
In the current financial year up to December 2014, EPFO invested a total of Rs3.59 lakh crore in various schemes, he added.
Similarly, EPFO invested Rs3.25 lakh crore in 2013-14, Rs3.77 lakh crore in 2012-13 and Rs2.37 lakh crore in 2011-12, the Minister said.
"The government prescribes investment pattern for investments of EPFO corpus. Presently, EPFO is following pattern of investment, 2013 notified by Ministry of Labour and Employment on 21 November 2013," Dattatreya said in a written reply to the Lok Sabha.
He said the Central Board of Trustees (CBT) and Employees Provident Fund (EPF) in a meeting held in February this year relaxed investment guidelines with an objective to increase the earnings of the fund without compromising with safety and security of the fund.
EPFO invested the funds in its corpus in central and state government securities, special deposit schemes and public sector financial institutions, including private and sector bonds.
In reply to a separate question, the Minister said EPFO has been mandated to settle claims within 30 days from the date of its receipt.
"At present, the Organisation is able to settle nearly two-third of all claims within 10 days of their receipt and the rest of the claims are settled in accordance with the mandate," Dattatreya said.
He further said the process of settlement has been simplified and certain manual processes have been done away with, reduction of authority level from three to two levels.
Also, provision of electronic challan-cum-return, induction of National Electronic Fund Transfer, re-engineering the process of transfer of claims include some of the steps taken by EPFO for speedy disposal of claims.



Mr Jitendra

2 years ago

EPFO now coming up with a proposal to collect PF and gather more money indirectly. I have read EPFO will collect 12% of entire monthly salary including all allowances from the employer and will not take anything from the employee. When I asked to the Ministry of Labor, EPFO department to answer as to what made them think of this new model I received a vague reply of six or seven words which was irrelevant. It means they do not want to let the cat out. I just done know why our bureaucrats are not honest enough, truthful, sincere and patriotic to serve the country and citizenry.


2 years ago

If govt. has will, they can easily transfer the EPF amount into right owner bank account.
If epf account is linked to pan, then they can track the subsciber's active bank account and deposit the amount.

If pan is not linked to epf, then they should track the employees old salary account through employer.

If employer is not available, then still they can contact banks, and trace information.

If bank is also closed down, they can still track pan card database and filter them with details like matching
names, dob, fathers name and ask the claiment to produce the pf statements, payslips and soft copy of bank statements.

It is as simple as that if govt. has the will power to do.


2 years ago

Myself and several of my friends are struggling to transfer/withdraw EPF which were opened by our previous companies.
because of Delays, indifferent attitude of EPF govt. employees. All this is happening when the subscriber is
alive. Subscribers are ha-razzed to provide proofs, docs, affidavits,..etc...Just imagine in case of a nominee.

Now, a special rule that EPF will stop paying interest if "not withdrawn within 3 years", by making it inoperative.
This is the reward that helpless citizens get.

One more thing, the real threat is FM announced that unclaimed funds will now be diverted/utilized to "pension fund".
this is day-light looting of our hard earned money.

Can't govt. speed up settlement at-least for those who applied for transfer/withdrawal.

And for unclaimed amount, can't the govt. track down, the right owners though PAN, banks, old-employers-contact, linked-IN,
old-salary-accounts, and other relevant data and deposit them back their hard earned money into bank accounts?

Govt. should gradually stop epf employee recruitment from 2016 and outsource the epf settlement to several commercial banks,
where claimants can pay out 1% to 2% handling charges to serving banks.

If things go this way, then public should fight with a PIL in court demanding that
"EPF should be made optional but not mandatory", which should be applicable to every citizen
irrespective of income slab he belongs to.

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