The National Payment Corporation (NPCI) plans to almost double the number of RuPay Cards, to 25 million, by the end of March. So far, 14 million RuPay cards have been issued. RuPay Card, India’s answer to Visa and MasterCard, which control the domestic plastic money market, was launched in April 2012.
Trustees of EPFO (Employees’ Provident Fund Organisation) approved a proposal to provide a minimum monthly pension of Rs1,000, a decision that will benefit about 2.8 million pensioners. The Central Board of Trustees (CBT), the apex decision-making body of EPFO, also decided to raise the monthly wage ceiling for eligibility to Rs15,000, from Rs6,500, by amending the EPF scheme, 1952, so that more workers can be brought under its various social security programmes.
In a written reply to the Rajya Sabha, minister of state for finance, JD Seelam, said, “The enforcement agencies during the first nine months of 2013-14 have seized 1,074.41kg of gold as against 326.23kg seized during the entire 2012-13 fiscal. The cases booked by Directorate of Revenue Intelligence (DRI) and customs field formations indicate that there has been an increase in gold smuggling during the past one year. The increase may be partly attributable to the fluctuation of the price of gold and customs duty rate,” he said.