Retirement
EPFO trustees may decide interest on PF deposits on 15th January

According to the sources, the preliminary estimates of EPFO indicate that the body would neither have surplus nor have deficit if it pays 8.6% rate of interest to its over 50 million subscribers.

New Delhi: Retirement fund body Employees' Provident Fund Organisation's (EPFO)'s apex decision making Central Board of Trustees (CBT) is likely to decide rate of interest on provident fund (PF) deposits for 2012-13 in its meeting on 15th January, reports PTI.

 

"EPFO trustee may consider the proposal for deciding the rate of interest on PF deposits in its meeting on 15th January," a source said.

 

EPFO has also issued a notice that the 201st meeting of the CBT has been scheduled to be held on 15 January 2013 in Mumbai.

 

As per the practise after the CBT, headed by the Labour Minister, decides the rate of interest for a fiscal, it is sent to the Finance Ministry for concurrence.

 

According to the sources, the preliminary estimates of EPFO indicate that the body would neither have surplus nor have deficit if it pays 8.6% rate of interest to its over 50 million subscribers.

 

However, the unionists are demanding to keep the interest rate at par or above 8.8% provided to the subscribers of Public Provident Fund, which is voluntary scheme.

 

The unionist have also been demanding raising the interest rate to 9.5% provided by the body in 2010-11. EPFO had slashed the rate of interest by 1.25% to 8.25% for 2010-11.

 

Prior to 2010-11, EPFO had maintained an interest rate of 8.5% for five consecutive years since 2004-05.

 

"We will demand interest rate of 9.5% for this fiscal in the trustees meet. It should commensurate the prevailing bank deposits rate ranging from 9 to 10%," Hind Mazdoor Sabha Secretary AD Nagpal who is also an EPFO trustee told PTI.

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India realises Rs181 crore in tax based on info provided by France

France has provided details of Indians having bank accounts in one of the banks of Switzerland using which the tax authorities realised Rs181 crore in tax

New Delhi: The Indian government on Thursday said tax authorities have realised Rs181 crore on undisclosed income of Rs565 crore detected so far on the basis of information provided by the French government relating to certain bank accounts in a Swiss bank, reports PTI.

 

"On the request of the government and persistent follow up in June 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland, under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France," Minister of State for Finance SS Palanimanickam said in a written reply in the Rajya Sabha.

 

Investigation conducted led to detection of undisclosed income of about Rs565 crore and realisation of taxes of about Rs181 crore, he said.

 

Palanimanickam also added that the investigation in the cases where information was received from France are under progress including with the foreign tax authorities to obtain more information.

 

Based on the information received from the Government of France relating to certain bank accounts reportedly held by certain individuals or non-individuals in a foreign bank, he said, investigations have been undertaken by different jurisdictional authorities under the Income Tax Act 1961.

 

In a separate response, Palanimanickam said government receives information from various countries regarding assets including bank accounts held abroad by Indians under the respective Double Taxation Avoidance Agreements (DTAAs) or Tax Information Exchange Agreements.

 

Based on information received since March 2009 under DTAAs regarding foreign bank accounts maintained by certain individuals or non-individuals, undisclosed income of about Rs600 crore has been detected and taxes of about Rs 200 crore have already been realised, he said.

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COMMENTS

NSriramamurty

4 years ago

Even in Rajya Sabha ,GOI is not telling Rajya Sabha Members full details of Indians having Rs.600 Crores in Banks in France.India has Strong Acts like Money Laundering Act,FEMA,& Black Money control. Rs. 600 Crores should have gone to France in Violation of Acts. GOI do not take any action to find out the Illegal Activity involved in it. This also Proves Arvind Kejriwal's Allegation as Correct.

Adore or Abhor but you cannot ignore Narendra Modi

Modi is the most targeted leader in the current times with his opponents ready to go to any extent to hurl invectives on him. However, he has admirers in equal measure in his party and outside

 

New Delhi: Narendra Modi, whose hat-trick in Gujarat could possibly pitchfork him as a prime ministerial candidate of Bharatiya Janata Party (BJP) in 2014, has always remained a leader with a difference, a personality you may love or hate but cannot ignore, reports PTI.

The 62-year-old former pracharak of the Rashtriya Swayamsevak Sangh (RSS) is no ordinary politician and has carved out a name for development in a state that has always nurtured talent and entrepreneurial skills.

But Modi has more share of controversies and is yet to live down the stigma over the post-Godhra violence that claimed lives of over 1,000 Muslims in March 2002 months after he had taken over as Chief Minister replacing Keshubhai Patel.

In a state considered the Sangh Parivar's Hindutva laboratory, the Chief Minister is accused of polarising the state on communal lines.

In fact, he is the most targeted leader in the current times with his opponents ready to go to any extent to hurl invectives on him.

However, he has admirers in equal measure in his party and outside. Modi made feeble attempts to woo the Muslims but the controversial BJP strongman has always projected an air of unconcern.

His critics say that Modi will always have to carry the taint of 2002 Gujarat riots after the Godhra train carnage for which he has consciously avoided expressing regret or offering any apology. In one recent interview, he had, however, said if he was guilty of involvement, he can be hanged.

Modi's admirers, on the other hand, hail him as "Hindu Hriday Samrat".

The situation is so polarised in Gujarat that Sonia Gandhi's remarks accusing Modi of being a "merchant of death" had created a huge controversy in the 2007 Assembly Polls.

The description is said to have cost the Congress dear that the party shied away from raking up the issue of post-Godhra riots altogether in the current elections.

After 11 long years as Gujarat Chief Minister and his third consecutive success at the hustings, Modi may have propelled himself as a strong contender as party's candidate for Prime Minister's post in the 2014 Lok Sabha polls.

"No need of looking behind ...FORWARD!...We want infinite energy, infinite courage, infinite patience..." Modi said on the microblogging site Twitter in the wake of trends that he was set to create a hat-trick.

It was interpreted in some circles as a subtle comment indicating his intention to be in the Prime Ministerial race.

In fact, he has created history by emerging as the first BJP Chief Minister to have third successive win at a time when the party is in dire need of a strong leader to get back to power at the Centre.

The election was different for Modi as it was for the first time that elderly Keshubhai, whom he had replaced as the Chief Minister in 2001, parted ways with the BJP and floated his Gujarat Parivartan Party to rid the state of an 'emergency like situation'.

Given the bitter parting of ways, the 2012 polls was the litmus test for Modi, who had consciously tried to build bridges with the minorities by holding Sadbhavana fasts all over the state.

At the same time, he did not give ticket to a single Muslim in a bid not to ruffle the feathers in the Hindutva camp.

Modi also had reached out to his core constituency by organising state-wide yatra by projecting Swamy Vivekananda as his ideal on his 150th birth anniversary.

In the wake of the 2002 riots, the then Prime Minister Atal Bihari Vajpayee had reminded him of his "raj dharma", but LK Advani and the late Pramod Mahajan helped Modi to survive as the Chief Minister.

After that there was no looking back for the RSS pracharak who had moved to the BJP long back, first as organising secretary of the party in Gujarat and later an office-bearer at his headquarter in Delhi.

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COMMENTS

Mrs Kokila Mani

4 years ago

Snubbed by Uncle Sam, Narendra Modi looks towards the Red Zone. His detractors are fast vanishing. "Mother-in-law Modi" and "cranky old lady from Bollywood movies" were the names attributed to him! BJP's PM hopeful has arrived.
Chief Minister Narendra Modi is certainly an indispensable leader in the BJP. Despite facing stiff opposition from within and outside Gujarat, he is undoubtedly emerging out to be most suitable leader to lead the organisation in the coming general elections in 2014.
The vitriolic attacks by Keshubhai Patel failed to have any effect. In Indian history, no political leader has been as systematically and viciously maligned as Narendra Modi.
In his leadership BJP is rather expecting a rallying point to polarise the Hindu vote bank in the next general elections.
Modi's indispensability to the BJP is now becoming more of a compulsion.

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