Consumer Issues
EPFO defers decision on investing in low-cost housing and equities

Board of Trustees asks FIAC to look into proposals in the face of opposition from unions and labour leaders

 

The Employees Provident Fund Organisation (EPFO) today deferred its decision to channel its funds to invest in low-cost housing projects and equity markets. The EPFO's top decision making body, the Central Board of Trustees (CBT) met today to decide on various issues including these.
 
The move to consider investing part of their funds in equity had initially come from the Finance Ministry, while the proposal of investing in low cost housing projects had come from the Prime Minister's Office, reports said.
 
There had been a pushback on investing in equities and housing from the unions, saying these were high risk assets. In a high inflation scenario such investment options were being considered to beat the eating away of fund value by inflation. 
 
Earlier in August, the Board had said there would be no investments in equities. A four-member committee had been set up to look into the proposals after the cabinet reshuffle after which the Board met today.
 
The EPFO handles a massive corpus of Rs6 lakh crore, which are savings and benefits of employees from all over the country. 
 
The proposals are likely to be referred to Financial Investment and Audit Committee (FIAC), which will give its recommendations to the CBT. 
 
Other issues discussed by the CBT in the meeting were, high Non-performing Assets of public sector banks, claims and payments and allowing bankers to handle EPFO funds.

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Bulandshahr District Magistrate B Chandrakala takes local officials to task

In a video that has now gone viral, the DM is seen giving a severe tongue-lashing to junior officials involved in road contracts.

 

Brave bureaucrats taking on a decaying system have often been heard of, but this video, which has now gone viral on social media, shows B Chandrakala giving a severe tongue lashing to officials. “Out of the 17 works given to you, work has not begun on 10 of them,” she is seen telling an official in Hindi.

 

She forces the officials to seize samples and take brick samples to process the contractor's black-listing, but tells them to file an FIR, failing which the officials themselves would face inquiry.

 

Watch the full video below:

 

 

Reports had said that when she was recently transferred from Mathura to Bulandshahr without explanation, the citizens were shocked. She was said to be popular with the locals in Mathura for her prompt redressal of complaints.

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COMMENTS

manhar kothari

2 years ago

she deserve congratulation.
other government of same post must take lesson from here as how to perform their duties.
Public must be encouraged to speak against wrong doing by contractors in milibhagat with babus.

Airfare rise: HC asks govt to submit copies of licences granted to private airlines

Airlines are indulging in unfair means in a big way and neither the Ministry of Civil Aviation nor the DGCA is monitoring it

 

The Lucknow bench of Allahabad High Court has asked the Indian government to submit copies of licence granted to private airlines as well as an order that removed upper and lower ceiling on airfare increase.

 

Social activist Dr Nutan Thakur has filed a writ petition against arbitrary raising of airfares by private and government airlines. The public interest litigation (PIL) says, "Private Air transport service providers are raising the air fares exorbitantly and irrationally on such critical occasions as important festivals, imminent and unexpected law and order situations and other crucial situations. This is nothing but a malicious and greedy way to extort money from poor and helpless ordinary passengers who are forced to pay such huge money."

 

The bench of Justice VK Shukla and Justice Brijesh Kumar Srivastava-II have also asked the government and Director General of Civil Aviation (DGCA) to present copies of licences granted to private airlines to verify whether the specified requirements were followed or not while granting such licences. The Bench also asked the government to submit a copy of 27 December 2013 order, which allegedly has removed the upper and lower ceiling on airfare increase.

 

The PIL had sought cancellation of licence of all private airlines that did not follow the conditions specified in Schedule XI of Aircraft rules 1937 and to direct them not to arbitrarily increase airfares during periods of high demand.

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