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BREXIT
Like Mr. Cameron, Mrs. May was against
Britain leaving the EU but she says she will
respect the will of the people. She has said
"Brexit means Brexit" but there is still a lot
of debate about what that will mean in
practice especially on the two key issues of
how British firms do business in the
European Union and what curbs are
brought in on the rights of European Union
nationals to live and work in the UK.
C. Removal of cascading
A system of seamless tax-credits throughout
the value-chain, and across boundaries of
States, would ensure that there is minimal
cascading of taxes. This would reduce
hidden costs of doing business.
D. Improved competitiveness:
Reduction in transaction costs of doing
business would eventually lead to an
improved competitiveness for the trade and
industry.
E. Gain to manufacturers and exporters:
The subsuming of major Central and State
taxes in GST, complete and comprehensive
set-off of input goods and services and
phasing out of Central Sales Tax (CST)
would reduce the cost of locally
manufactured goods and services. This will
increase the competitiveness of Indian
goods and services in the international
market and give boost to Indian exports.
The uniformity in tax rates and procedures
across the country will also go a long way in
reducing the compliance cost.
7 TH PAY COMMISSION
employees will get arrears from January
this year.
Minimum Pay
Based on the Aykroyd formula, the
minimum
pay
in
government
is
recommended to be set at Rs 18,000 per
month.
Maximum Pay
Date of implementation
The recommended date of implementation
is January 1, 2016. So, government
Fitment
Lateral Entry/Settlement
Modified
(MACP)
Annual Increment
Assured
Career
Progression
Headquarters/Field Parity
Parity between field and headquarters staff
recommended for similar functionaries e.g.
Assistants and Stenos.
Cadre Review
A systemic change in the process of Cadre
Review for Group A officers recommended.
Allowances
The
Commission
has
recommended
abolishing 52 allowances altogether.
Another 36 allowances have been abolished
as separate identities, but subsumed either
in an existing allowance or in newly
proposed allowances. Allowances relating to
Risk and Hardship will be governed by the
proposed Risk and Hardship Matrix.
RISK
AND
HARDSHIP
ALLOWANCE: Allowances relating to Risk
and Hardship will be governed by the newly
proposed nine-cell Risk and Hardship
Matrix, with one extra cell at the top, viz.,
RH-Max to include Siachen Allowance.
CENTRAL
GOVERNMENT
EMPLOYEES
GROUP
INSURANCE
SCHEME (CGEGIS): The Rates of
contribution as also the insurance coverage
under the CGEGIS have remained
unchanged for long. They have now been
enhanced suitably. The following rates of
CGEGIS are recommended:
Medical Facilities
Pension
The Commission recommends a revised
pension formulation for civil employees
including CAPF personnel as well as for
Defence personnel, who have retired before
01.01.2016. This formulation will bring
about parity between past pensioners and
current retirees for the same length of
service in the pay scale at the time of
retirement.
The past pensioners shall first be fixed in
the Pay Matrix being recommended by the
Gratuity
Enhancement in the ceiling of gratuity from
the existing Rs 10 lakh to Rs 20 lakh. The
ceiling on gratuity may be raised by 25
percent whenever DA rises by 50 percent.
Disability Pension for Armed Forces
The Commission is recommending reverting
to a slab based system for disability
element, instead of existing percentile based
disability pension regime.
Regulatory Bodies
Clash
of
ideas
with
Ratan
Tata
Decisions clashed
Almost four years after he took charge as
the Chairman of Tata Sons, Cyrus Mistry
was asked to step down from his post on
Monday. Mistry, who was tasked to find a
successor to Ratan Tata to head the over
USD 100 billion Tata Group, had himself
become a surprise selection saw his tenure
cut short abruptly. 78-year-old Ratan Tata
is now the interim chairman till a successor
is selected in the next four months. The
reasons for Mistrys ouster by the Tata Sons
board is not clear yet. However, according to
sources, the decision was taken on the
suggestion of Tata Trusts.
In a statement on Monday, Tata Sons said,
Tata Sons today announced its board has
replaced Mr. Cyrus P Mistry as Chairman of
Tata Sons. The decision was taken at a
board meeting held here today. Mistry was
only the second non-Tata to take charge of
one of countrys oldest business empires
after Nowroji Saklatvala in 1932.
Cyrus Mistry, born in Ireland, is the second
person outside of the Tata family to hold the
esteemed position in the Tata group. His
family gave up the Indian Citizenship to
take up the Irish identity since it wasnt
permitted at the time to have dual
nationality. His father Shapoorji Pallonji is
the largest shareholder at the Tata group.
Docomo dispute
Mistry took it upon him to declare war on
NTT Docomo to challenge international
arbitration court yet another move that
garnered
ill
air.
The
Japanese
telecommunication major has a 26.5% stake
in Tata Teleservices that it acquired for $2.7
billion. The agreement called for Tata to find
a buyer for its stake when it wanted to exit.
The court claims a huge $1.12 billion in
damage from Tata for which the board
blames Mistry.
Bad performance
During Mistrys reign, it was found that the
performance of the Tata was not what it was
expected to be. Apart from Tata
Consultancy services and UK based Jaguar
Land Rover, none of its companies were
doing well enough. With Tata Steel facing
tough time Tata Motors also saw a huge
decline in demands. Critics are of the view
that Mistry was not capable of good
leadership.
Dividing assets
Pros:
Reduction in the amount of Black
Money: This policy acts as an ultimate
punishment for the black money holders.
This move will definitely see their black
wealth reduced to its fraction.
Reduction in the amount of fake money: Due
to this move fake Rs. 500 Rs. 1000 are now
a complete waste thus leading to them being
reduced in the market.
Helps
to
fight
terrorism
funding
activities: Since funding of terrorist
organizations relies on fake currency, this
policy will help in fighting it.
Paper
Money
replaced
by
Plastic
Money: This policy also issues an upper