Citizens' Issues
Revive AERA appellate tribunal within a week: HC to Centre

With AERAAT being defunct, the FIA had filed an appeal in the High Court against an 24th April decision of AERA by which DIAL was allowed to have a 345% hike in its aeronautical tariff for the IGI Airport

 
New Delhi: The Centre has been ordered by Delhi High Court to revive within a week the defunct Airports Economic Regulatory Authority (AERA) that decides aeronautical tariff disputes failing which the plea for stay of Indira Gandhi International Airport (IGIA)'s three-fold hike in airport levy here would be heard, reports PTI.
 
"It is expected that Appointment Committee of the Cabinet (ACC) would have got the recommendation and notify the Airports Economic Regulatory Authority Appellate Tribunal (AERAAT) within a week or so. So that the matters like this do not suffer," said Justice Sunil Gaur after being told that so far, the appellate tribunal has not been constituted.
 
The three-member appellate panel, AERAAT, which hears appeals against tariff decisions of regulator AERA, is defunct as its initial two-year tenure expired in June this year.
 
As AERAAT is not functioning, the appeals of the Delhi International Airport Ltd (DIAL) and the Federation of Indian Airlines (FIA), an industry body that represents airlines, against the recent tariff decisions are in limbo.
 
During hearing, Justice Gaur said, "...it is made clear that in case, today's order (of constituting AERAAT) is not complied with, then the application (of FIA) for stay (on tariff hike) would be heard" and fixed the matter for further hearing on 21st August.
 
The Ministry of Civil Aviation, represented by Additional Solicitor General Rajiv Mehra, had earlier told the court that it has already started the process to revive AERAAT.
 
With AERAAT being defunct, the FIA had filed an appeal in the High Court against an 24th April decision of AERA by which DIAL was allowed to have a 345% hike in its aeronautical tariff for the IGI Airport.
 
Earlier, the FIA counsel had sought a stay on the AERA order saying the exorbitant hike, allowed by it, in the aeronautical tariff has made the IGI Airport the costliest airport in the world.
 
"The airlines industry, which is going through a bad patch, is finding it difficult to cope up with the pressure and some of the companies may become sick," he had said.
 
The FIA, in its plea, had alleged the AERA's order allowing GMR-promoted DIAL to increase the tariff by 345 percent was "unlawful" as it was hiked without following the basic norms of the regulated sectors, like performing independent audit prudence check, to do it.
 

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CBT allows EPFO to park funds in CDs, long duration bank FDs

The decision will allow EPFO, which has a corpus of Rs3.5 lakh crore, more flexibility in its investment

 
New Delhi: The Central Board of Trustees (CBT) has given green signal to retirement fund body Employees' Provident Fund Organisation (EPFO) to park its funds in fixed deposits (FDs) upto five years, short term securities and certificate of deposits (CDs) of public sector banks, reports PTI.
 
The proposal to provide greater freedom to EPFO in additional financial instruments, was approved by the CBT at a meeting in the capital.
 
However these approved proposals will have to be cleared by the government before implementation.
 
EPFO has corpus of Rs3.5 lakh crore and needed to increase its returns on investments to provide higher rate of interest to subscribers.
 
"What has been agreed....which again will be recommended to the government and it has to take a view, is that the borrowing in the collateral borrowing lending obligation (CBLO) is to be permitted, the investment in the CDs of the public sector banks also is to be permitted and and the investment in FDs for more the one year and less than five years is also be permitted," Central Provident Fund Commissioner RC Mishra told reporters after the CBT meet.
 
As per the proposal, the EPFO would be allowed to participate in CBLO, approved by the the Reserve Bank of India (RBI).
 
The decision will allow EPFO more flexibility in investment in the primary options of short term securities by the RBI.
 
The PF body also got approval of trustees to park its funds in certificate of deposits (CDs) issued by public sector banks as they provide higher returns.
 
CDs are issued by banks to raise funds from the market and are tradeable instruments.
 

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MLM employees demand enactment of Central law

While there is no guarantee of a MLM company's survival, the AITUC want these companies to provide PF, gratuity and other benefits to their employees

 
New Delhi: Several employees of multi-level marketing firms staged a protest in the capital demanding enactment of a Central law which would identify and protect the interests of the genuine companies and employees working in the sector, reports PTI.
 
The workers under the aegis of the All India Trade Union Congress (AITUC) marched from Barakhamba to Jantar Mantar where they sat on a dharna.
 
Addressing the protesters, senior CPI leader Gurudas Dasgupta said, "There are more than 20 lakh employees working in the multi-level marketing sector and their number is bound to grow due to market competition." 
 
"However, the current working conditions that are provided to them by MNCs are very unsatisfactory. Income of multi-level marketing officials is very unreliable, where they have no stability or social security.
 
"We will fight to procure benefits like provident fund, maternity benefit for the marketing people by the companies," he added.
 
AITUC National Secretary Amarjeet Kaur alleged the high- power seven member inter-ministerial committee set up by the Ministry of Consumer Affairs with nominees from various ministries and the RBI does not have any employee representation.
 
"This lacuna will seriously affect the quality of the fact finding report which will recommend and finally be submitted to the government by 31st August. Therefore, we do hope that the government will take appropriate steps to consult all stakeholders," she said.
 

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COMMENTS

mohan

5 years ago

Good move by the Union

mohan

5 years ago

Good move by the Union

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