Right to Information
BMC spent Rs1.70 crore on hiring retired officers as OSDs, consultants
BrihanMumbai Municipal Corp spent the amount by appointing officers as OSDs and consultants after their retirement. Some were even given extension without permission from the government, reveals reply received by Anil Galgali, under the RTI Act
 
The Municipal Corp of Greater Mumbai (MCGM) also known as BrihanMumbai Municipal Corp (BMC), the richest municipal corporation in India has spent about Rs1.70 crore over past five years on contract payment for hiring retired officers as officer on special duty (OSD) and consultants reveals a reply received under the Right to Information (RTI) Act.
 
According to the reply received by RTI activist Anil Galgali, over the past five years, the BMC appointed 40 retired officials on contractual basis. "Not only that the BMC Commissioner seems to have gone out of way in extending the tenure of contract for some of the retired officers not once but twice," he added.
 
NK Kusnoor appears to be the favourite OSD or Consultant for BMC as he received Rs29.50 lakh, the maximum, for his services after retirement. According to the reply received by Galgali, during 1 January 2010 to 28 February 2015, the Corporation deputed and retained services of 40 retired officers. Some of them, appointed on monthly retainership basis were paid as much as Rs50,000, while some received just Rs5,850 a month.
 
Galgali said three OSDs or consultants got extension twice, while three other managed to get it for one time. "Some retired officers like PV Kulkarni (Asst Commissioner-Special Engineer -paid Rs9.87 lakh), SS Palav (Asst Commissioner- Special Engineer -paid Rs13.10 lakh) and Sneha Khandekar (Director -paid Rs10.47 lakh) were give two extensions by the Commissioner. On the other hand, NH Kusnoor (Additional Commissioner-Projects-paid Rs29.50 lakh), SD Khandare (Dy. Chief Engineer- Planning-paid Rs9 lakh) and Uday Mande (Dy Chief Engineer-paid Rs5.71 lakh) have been granted extension only once," he added.
 
According to the RTI activist, by appointing and giving extensions to these officials, the BMC Commissioner had flouted the norms. He said, "In a special order passed by the Court in the Dr Jagganath Dhone v/s Government of Maharashtra, on 14 January, 2010, the Court had directed to make such appointments but only after getting the necessary permission from the Government. However, the BMC Commissioner, without taking any permission from the Government, made sure that these 40 officers are appointed."
 
Galgali has sent a letter to Maharashtra Chief Minister Devendra Fadnavis, Chief Secretary Swadhin Kshatriya and BMC's new Commissioner Ajoy Mehta about the appointments.  

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Nifty, Sensex struggling; Bank Nifty trend up – Wednesday closing report
Nifty may rally if Tuesday’s lows hold. Bank Nifty trend is positive
 
We had mentioned in Monday’s closing report that NSE’s CNX Nifty has to close above 8,300 for a bounce back. The 50-stock index opened Wednesday marginally lower and witnessed a move in the red for most of the session. Bank Nifty traded mostly in the green.
 
The S&P BSE Sensex opened at 27,396 while Nifty opened at 8,275. The indices hit a low at 27,177 and 8,219 before moving to a high of 27,439 and 8,308, respectively. However, both the benchmarks closed the day in the red. Sensex closed at 27,226 (down 170 points or 0.62%) while Nifty closed at 8,240 (down 45 points or 0.55%). Bank Nifty had a complete opposite trading pattern today. It moved most in the green and closed higher. It opened at 18,256 and after hitting a low at 18,202 it reached upto 18,432 and closed at 18,303 (up 56 points or 0.31%). NSE recorded a volume of 70.03 crore shares. India VIX fell 1.01% to close at 17.2350.
 
The Cabinet Committee on Economic Affairs (CCEA) Wednesday approved a clear policy on testing requirements for discoveries made under New Exploration and Licensing Policy (NELP) blocks which will help settle the long pending issue with regard to 12 discoveries in five blocks pertaining to ONGC (six discoveries) and Reliance Industries (six discoveries). Finance Bill will be taken up in the Lok Sabha tomorrow, 30 April 2015.
 
The Union Cabinet on Wednesday approved the proposal to set up 100 smart cities across the country. In addition to this, old housing projects initiated by the previous government have also been cleared.
 
The Indian government has raised the import duty on sugar from 25% to 30% and imposed other restrictions on inbound shipments. The CCEA also decided to waive off the 5% excise duty on production of ethanol.
 
As many as 224 central sector infrastructure projects in sectors like road, rail and power were showing cost overrun of over Rs2 lakh crore till December-end, and Parliament was informed today.
 
Coming back to the Indian stock market, Welspun Corp rose 19.95% to close at Rs78.15 on the BSE. It was again the top gainer today after posting improved consolidated results for quarter ended March 2015 on Tuesday.
 
KPIT Technologies fell 19.99% to close at Rs 124.05 on the BSE. The stock fell in spite of improved result posted on Tuesday after market hours.
 
Axis Bank (3.30%) was the top gainer in the Sensex 30 pack. It posted a net profit of Rs2,180.59 crore for the quarter ended 31 March 2015 as compared to Rs1,842.32 crore for the quarter ended 31 March 2014. Total income has increased from Rs10,17.86 crore to Rs12,384.39 crore for the relevant period. Bharti Airtel (3.32%) was the top loser in the Sensex 30 pack despite posting good March 2015 quarter result.
 
The US indices had mixed closing Tuesday with Dow and S&P500 closing in positive. 
 
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy, which began yesterday, will conclude with the release of a post-meeting statement later today.
 
Except for Shanghai Composite (0.01%) all the other trading Asian indices closed in the red. Jakarta Composite (2.61%) was the top loser.
 
In Japan, Monetary Policy Meeting of Bank of Japan (BOJ) is scheduled tomorrow. The Japanese stock market was shut due to Showa Day Holiday.
 
China's central bank is reportedly planning to launch a credit-easing program to help restructure trillions of dollars of local-government debt. Chinese banks would be able to swap local government bailout bonds for loans from the central bank under the plan, according to reports.
 
European indices were trading in the red. US Futures too were trading lower.
 

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Rs.1,000 minimum pension to continue
The union cabinet on Wednesday approved the continuation of Rs.1,000 minimum monthly pension for pensioners under the Employees' Pension Scheme beyond the financial year 2014-15.
 
Currently, it is effective only up to March 2015.
 
The decision to continue with the pension on perpetual basis was taken at a meeting of the union cabinet chaired by Prime Minister Narendra Modi here, an official release said.
 
The cabinet also approved corresponding grant of continuous annual budgetary support for implementing the minimum pension, which will be to the tune of Rs.850 crore per year on a tapering basis.
 
The present proposal is likely to benefit approximately 20 lakh pensioners.

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COMMENTS

Mr Jitendra

2 years ago

This means "Rob Peter to pay Paul" system of EPS will continue.

The entire EPS scheme 1995 is unrealistic. The amount of EPS deduction(Rs 541 or Rs 1250 now) collected from a EPFO subscriber is irrelevant while giving pensions. Unrealistic pensions are doled out at the end. There remains a shortfall that they keep filling with new new subscribers.
Even if they simply deposit the Rs 541 or Rs 1250 per month in each employee's PPF account those returns will be much better than what they give as pension per month.

I tried explaining this through multiple grievances on pgportal but to no avail. They pretend that they are not able to understand anything what I am saying.

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