Retirement
EPFO cuts interest rate to 8.65%
The Employees' Provident Fund Organisation on Monday lowered the interest rate on deposits to 8.65% for fiscal 2016-17 from 8.8% in 2015-16, said a member of its apex board of trustees.
 
"The Central Board of Trustees has take a decision to reduce the interest rate on EPFO's deposits to 8.65% as per the guidelines of the Comptroller Audit General (CAG), which objected to 8.8% interest rate," CBT member and INTUC Vice President Ashok Singh told IANS after the meeting here.
 
Admitting that the trade union leaders and cadres were not happy with the board's decision to lower the interest rate on their savings, Singh said they would appeal to the Finance Ministry to retain the interest rate given in the last fiscal.
 
"We have conveyed to the board chairman (Union Labour Minister Bandaru Dattatreya) our unhappiness on lowering the interest rate by 0.15%, which has been calculated on the basis of the CAG guidelines.
 
"The CAG has observed that interest earned on the retirement fund (EPF) cannot be considered as income to retain the interest rate on its deposits at 8.8%," he said.
 
The retirement fund will recommend the lower interest rate to the finance ministry for notification soon.
 
The meeting was attended by all the trustee members, representing the employees, employers, state government and officials of the Labour and Finance Ministries.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex may head lower - Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex are on a slow decline. Sensex, Nifty traded in the red throughout the day. Nifty sectoral indices ended in red while Nifty IT was in green and up marginally. Also, the Sensex indices ended on a negative note after being marginally down. S&P BSE Sensex ended the day at 26,375, down 115 points, while the broader Nifty50 settled at 8,104, down 35 points. Broader market indices performed in line with the headline indices, with BSE Midcap and Smallcap down 0.51% and 0.46% respectively.
 
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
In the sectoral landscape, telecom stocks slumped the most, pushing S&P BSE Telecom index to 1.36 per cent lower at 1130.13 with Bharti Airtel, Bharti Infratel and Tata Communications contributing the most to the fall. Consumer durable stocks were the second-worst performers with S&P BSE Consumer Durables index falling 1.24 per cent at 10912.66. 
 
The India VIX (Volatility) index was down 2.72% at 14.83. Out of 1897 stocks traded on the NSE, 986 declined and 628 advanced today. A total of 17 stocks registered a fresh 52-week high in trade today, whereas 21 stocks touched a new 52-week low on the NSE. The Indian Rupee was trading at 67.80 per dollar. Gold was trading at Rs27,210 per 10 grams and silver was trading at Rs39,529 per kg.
 
Lupin was up as the pharma major launched antifungal drug Voriconazole tablets and Voriconazole oral suspension in the US. Back home, Aurobindo Pharma rebounded over a percent after the company in its clarification note says it has not received any further requests for information pursuant to that March 2016 subpoena, nor we have received any further subpoenas from the US Department of Justice.
 
The top gainers and top losers of the major indices are given below:
 
 
Asian shares slipped to four-week lows on Monday as the prospect of higher U.S. interest rates and a strong dollar stemming from the incoming Trump Administration's purported policies of cutting taxes and spending heavily threatened to suck capital out of emerging markets. Japan's Nikkei, which has benefited from the yen's sharp fall against the dollar, snapped its nine-day winning streak, dipping 0.1% from Friday's one-year high. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.3% to a four-week low. It has lost 3.7% since Trump was elected.
 
The closing values of the major Asian indices are given in the table below:
 
 

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COMMENTS

Saroj Chakrabarti

1 month ago

Volatile market.

Five, including Yasin Bhatkal sentenced to death for 2013 Hyderabad blasts
A special NIA court here sentenced to death five convicts, including Indian Mujahideen (IM)) co-founder Yaseen Bhatkal in the 2013 Hyderabad bomb blasts.
 
The court had on December 13 held Bhatkal and four other operatives of the banned IM, including a Pakistani national, guilty in the twin blasts in the city's Dilsukhnagar area on February 21, 2013, which killed 18 persons, including one unborn child in mother's womb, and injured 131 others.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Saroj Chakrabarti

1 month ago

No mercy to those terrorists who kill innocent people at random .

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