VIP tour expenses increased more than 10 times to Rs678.5 crore in FY12 from Rs56.2 crore a year ago
New Delhi: Expenses on foreign and domestic tours of central ministers and VVIPs rose by more than ten times to Rs678.5 crore in 2011-12, up from Rs56.2 crore in the previous year, reports PTI.
The tour expenses was increased from Rs46.95 crore in the budget estimates of 2011-12 to Rs499.89 crore in the revised estimates, due to payment dues to Air India for VVIP travels and maintenance of aircraft, government informed the Lok Sabha on Tuesday.
Minister of State for Home Affairs Jitendra Singh said in a written reply that the actual expenses on domestic and foreign tours of cabinet ministers and ministers of state declined to Rs56.16 crore in the financial year 2010-11, from Rs81.54 crore during 2009-10, before rising again in 2011-12.
Punjab National Bank admitted that cheque was lost during transit but contended that it could not be held responsible for the lapse
Mandi: Citing deficiency in service, the Consumer Forum of Mandi has directed Suindernagar branch of Punjab National Bank (PNB) to pay Rs5,000 as compensation and Rs2,000 as cost to a person, whose cheque was lost by the bank, reports PTI.
The forum also directed the bank to issue a duplicate cheque to the consumer within thirty days.
A cheque of Rs20,999 was issued to Sunil Kumar in April 2009 by the executive engineer, PWD, Kullu, which Mr Kumar deposited in the account. However, months passed but the money did not reflect in his account. Even after passage of one year the branch also did not take action on his request of issuing a duplicate cheque, said the forum.
The bank admitted that cheque was lost during transit to Kullu branch but contended that it could not be held responsible for the lapse as it had been clearly written on the deposit slips that it would not be liable in such cases.
The forum held that act of bank amounted to "deficiency in service" as it neither ordered any inquiry in to the matter nor issued a duplicate cheque to the customer which caused harassment to him.
Forum directed bank to complete necessary formalities for issuing of duplicate cheque with in thirty days, and further directed the bank to pay Rs5,000 as compensation on account of deficiency in service along with cost of Rs2,000 to the complainant.
The state-run lender increased interest rate by 1.75% for fixed deposits in foreign currency between 3-4 years to 3.67% from earlier 1.92%
New Delhi: State Bank of India (SBI) raised interest rates on fixed deposits in foreign currency by up to 1.75%, reports PTI. The revision has been done following the changes in the ceiling rates announced by the Reserve Bank of India (RBI) last week.
For FCNR (B) dollar-denominated deposit, interest rate has been increased by 0.75% to 3.05% from 2.30% for a maturity of 1-2 years, SBI said in a statement.
Similarly, for maturity of 2-3 years, the rate has been hiked to 2.56% from the earlier 1.81%, the banks said in separate statements.
Interest rate has been increased by 1.75% for fixed deposits between 3-4 years to 3.67% from earlier 1.92%.
Rate of interest on US dollar deposits, for a maturity of five years, has been revised upwards by similar 1.75% to 4.11%, the bank said.
The new rates are effective from 5 May 2012, the statement said.
Interest rate on fixed deposit in British pound, Japanese Yen, Euro and the Canadian and Australian dollar also been revised upwards by up to 1.75%.
Meanwhile, private sector Federal Bank has also made similar changes.
Last week, the Reserve Bank of India had raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3% to attract inflows.
"Interest rate ceiling on Foreign Currency Non-Resident FCNR (B) deposits of banks has been raised from 125 basis points (bps) (1.25%) above the corresponding LIBOR or Swap rates to 200 bps for maturity period of 1 year to less than 3 years, and to 300 bps for maturity period of 3 to 5 years," RBI had said.