The Reserve Bank is once again going to issue new notes of Rs 500. Along with this, the RBI will also issue Rs 10 notes. There are chances of major changes in both these notes. According to the statement issued by the Central Bank, the new notes will be issued with some changes and this will not have any impact on the currently circulating Rs 10 and Rs 500 currency.

The Reserve Bank of India (RBI) on Friday said it will soon issue Rs 10 and Rs 500 notes under the Mahatma Gandhi (New) series, which will bear the signature of new Governor Sanjay Malhotra. The design of these notes is similar to the existing Rs 10 and Rs 500 banknotes in the Mahatma Gandhi (New) series, the central bank said in a statement. This means that there will be no significant changes in the new notes.

What will happen to old notes?

The RBI has clearly stated that despite the issuance of new notes, all the Rs 10 and Rs 500 banknotes previously issued by the Reserve Bank will remain legal tender. This means that both types of existing currencies will continue to circulate in the market as they are doing now. Malhotra took over as RBI Governor in December 2024. He replaces Shaktikanta Das, who was the Governor for 6 years.

New notes of Rs 100 and Rs 200 will also come.

Last month, RBI had announced the issuance of new notes of Rs 100 and Rs 200. This means that soon you may see many new notes in the market. As per the announcement made so far, the Reserve Bank will issue new notes of Rs 10, Rs 100, Rs 200 and Rs 500. The signature of the new Governor Malhotra will be seen on all these notes.

Then there will be a change in color and size.

Earlier, after demonetization, RBI had issued new notes of Rs 500, whose color and size had changed significantly. Now once again the Reserve Bank is going to issue new notes of Rs 500. There will be major changes in the color, size, theme, security features and design of these notes. The current Rs 500 notes are stone gray in color, but its new color can be issued. The size of the new Rs 500 notes will be 66 x 150 mm.

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The government says that the decision on the next installment will be taken based on the market demand. Only if there is demand in the market, the government will bring a new installment of Sovereign Gold Bond.

Assessing market needs

According to a report, sources in the Ministry of Finance said that the government will deeply assess the market situation before bringing a new installment of Sovereign Gold Bond. This scheme is not a social security scheme and the borrowing cost in it is the highest. In such a situation, the market conditions and needs will be reviewed before bringing a new installment.

There is a possibility of the scheme being shut down

This information has come at a time when speculations were being made about closing the Sovereign Gold Bond since last month. According to media reports, the government is considering this scheme to be expensive and complicated, due to which it is considering closing it.

The scheme was started in 2015

Sovereign Gold Bond was introduced in the year 2015 with the main objective of controlling gold imports. The Reserve Bank of India (RBI) issues bonds under this scheme and it has become an attractive option for investors. However, if it is discontinued, the scheme will not even complete 10 years of its launch.

Reasons for the popularity of gold bonds

Market boom: When the price of gold in the market rises, the value of SGB investment also increases.

Interest: Investors get 2.5% interest every year.

Tax-free amount: The amount received on maturity is completely tax-free.

Online discount: There is a discount of Rs 50 per gram on buying bonds online.

Freedom from hassles: This scheme saves from problems like making charges, storage and adulteration of physical gold.

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New Delhi. Discussions about the 8th Pay Commission have intensified in the market. No announcement has been made by the government regarding this. Every second person is talking about this. Central employees hope that the 8th Pay Commission will come soon. Shiv Gopal Mishra, General Secretary of All India Railwaymen’s Federation (AIRF), hopes that the Modi government will announce the Eighth Pay Commission by January 2026.

Mishra said that he is sure that the salary of central employees will be increased in January 2026. Railway employees and other government employees are hoping that the government will take some action on this soon. This decision of the government will change the salary and pension of more than one crore central government employees and pensioners.

Also Read: Public Holidays in October 2024: Good news, there will be public holidays on these dates in the month of October, See the list here

The 7th Pay Commission was implemented in the year 2016.

The Pay Commission is a body appointed by the government. It reviews the salary structure, allowances and benefits of central government employees and recommends changes in them. The 7th Pay Commission was constituted by the then Prime Minister Manmohan Singh on 28 February 2014. The Commission submitted its report to the government on 19 November 2015 and its recommendations were implemented from 1 January 2016.

The central government constitutes a pay commission to revise the salaries of government employees every 10 years. Now the 8th Pay Commission is likely to be implemented by January 2026. If the 8th Pay Commission accepts the demands of the employee union, then the minimum salary of government employees can increase from Rs 18,00 to Rs 34,560 and the minimum pension can be Rs 17,280.

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The central government on Friday made changes in the Employees’ Pension Scheme (EPS), 1995. Now even members who have contributed for less than 6 months will be able to withdraw money. This change will benefit lakhs of EPS employees. In fact, every year lakhs of EPS members leave the scheme before completing the 10 years of contributory service required for pension. In this, the number of people leaving the scheme within 6 months is high.

Under EPS, those who left the scheme before 10 years were given the facility of withdrawal, but those who left the scheme before 6 months were not given the facility of withdrawal on their contribution. However, now the government has given a big relief by changing this rule. The new amendment will benefit more than 7 lakh EPS members every year, who leave the scheme after less than 6 months of contributory service.

Also Read: Income Tax Rules: How to switch from new tax regime to old tax regime? Know this easy way

The government has also made changes in this rule.

To make the scheme better, the government has also made amendments in the EPS details. From now on, the withdrawal benefit will depend on how many months the member has served and how much EPS contribution has been made on the salary. This rule will make withdrawal easier. More than 23 lakh EPS members will benefit from this change.

What was the rule earlier?

Till now, the withdrawal benefit was calculated on the basis of the period of contributory service in completed years and the salary on which EPS contribution has been paid. Members were entitled to such withdrawal benefit only after completing 6 months or more of contributory service. As a result, members who left the scheme before contributing for 6 months or more did not get any withdrawal benefit.

7 lakh claims rejected

Due to the old rule, many claims were rejected as many members were exiting without less than 6 months of contributory service. According to the government notification, about 7 lakh claims of withdrawal benefit were rejected during the financial year 2023-24 due to less than 6 months of contributory service. Now these EPS members who have not attained the age of 58 years by 14.06.2024 will be entitled to withdrawal benefits.

What is EPS?

Often people get confused about EPS. Actually it is a pension scheme, which is managed by EPFO. Under this scheme, contribution has to be made for 10 years, then you become entitled to pension after retirement. Existing and new EPF members are included under this scheme.

Both the employer/company and the employee contribute equally to the EPF fund at 12% of the employee’s salary. However, the entire share of the employee’s contribution goes to EPF and 8.33% of the employer/company’s share goes to the Employees’ Pension Scheme (EPS) and 3.67% to EPF every month. Pension benefits will be given after completing at least 10 years of service and after retirement.

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Investors had invested in the corporate committees of Sahara Group, the money which was stuck for years, a portal was launched this year for this. Minister of State for Cooperation BL Verma, in response to a question in the Rajya Sabha on investors’ money stuck in Sahara, said that the Ministry of Cooperation has started a portal for investors, through which they can submit claim applications for the money stuck in corporate societies. . He said that 3 crore investors have registered to claim money on the portal and a total of Rs 80,000 crore has been claimed.

Currently the government has Rs 5,000 crore

Verma said that many investors have also got their money back. He said, “We have started the process of refunding investors’ money within 45 days. We have Rs 5,000 crore, we will go to the apex court to get more money from Sahara Group’s fund. Sahara investors will get every penny of their money.” Will get it back.”

The Minister has assured all the investors that the investors who are submitting their applications as per the process on the portal will get their money back. Right now the government is starting with refunding Rs 10,000 per investor to small investors. He also said that the home loan limit in rural cooperative banks has been increased two and a half times from Rs 32 lakh to Rs 75 lakh.

Why am I not getting the money?

Sahara has deposited about Rs 25000 crore in SEBI account. Out of this, Rs 5000 crore has been received at present. Only those investors whose principal amount is maximum Rs 10,000 are getting refund. Let us tell you that in August 2012, the Supreme Court had ordered about three crore investors to return their money with interest.

After this, the Central Government created a separate portal https://mocrefund.crcs.gov.in/ to return the money of the investors. Lakhs of people have applied to withdraw their rights on this. According to sources in the Cooperative Ministry, most of the investors will get refund of Sahara before the 2024 Lok Sabha elections.

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After this, there are many questions in the minds of investors whether they will get their stuck money back or not? Meanwhile, a new report has come out.

It has been claimed in this report that transfer of Sahara’s money to the Consolidated Fund is being considered. The Economic Times report claims that consideration is being given to transferring the unclaimed funds of the Sahara-SEBI refund account to the consolidated fund. At the same time, legal advice is also being taken from the government on this matter.

In such a situation, if any investor makes a claim regarding the fund in future, the money can be returned to him. According to the information, more than Rs 25 thousand crores were recovered from Sahara Group and after this only about Rs 138 crores were transferred till March 31. The remaining money was deposited in a government bank.

In the year 2012, the Supreme Court had upheld the decision of SEBI in which SEBI had ordered Sahara Group to return the investors’ money with interest. Along with this, the Supreme Court had also said about depositing funds with the government. It was said by the Supreme Court that if the investors are not identified even after verification, then such funds will be deposited with the government.

However, even at present, not many investors have come forward. During the conversation with ED, the officer claimed that the unclaimed money of such investors can be used in schemes related to social development. Let us tell you that a web portal has also been launched to get the money back to the investors.

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According to news website, the government may soon bring the Eighth Pay Commission after the Seventh Pay Commission. At present no official announcement has been made. According to media reports, discussions have started on the formation of a new pay commission.

Movement going on

According to news website, there is a movement of employees and pensioners in Delhi regarding the 8th Pay Commission. For the second time in a month, employees are demanding clarification from the Pay Commission. If the government’s mood is formed on this, then there can be a big increase in the minimum salary of the employees. However, no official confirmation has been made by the government.

Elections will be held in 2024

Elections are to be held across the country in the year 2024. In such a situation, the government can also discuss the formation of new salaries of the employees. At present, no official announcement has been made by the government in this regard. If sources are to be believed, the government is in favor that there should be no need to constitute any panel for pay commission. Apart from this, a new formula should be worked out for salary revision.

To be formed in 2024

According to sources, the 8th Pay Commission is to be constituted in the year 2024. After this, it is to be implemented within about one and a half years. Experts believe that after the implementation of the Eighth Pay Commission, there is going to be a bumper increase in the salaries of central employees. Apart from this, there may be changes in the fitment factor also.

Basic salary may increase by 44.44 percent

After the implementation of 8th pay commission, lottery for central employees is going to be held. Apart from this, the fitment factor of employees will also increase to about 3.68 times. According to media reports, the basic salary of the employees may also increase by about 44.44 percent.

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People can now send their Rs 2,000 notes to the designated regional offices of the Reserve Bank through insured post to get them deposited in their bank accounts. This is an easy option for those who live away from the regional offices of the Reserve Bank.

“We encourage customers to send Rs 2,000 notes to RBI through insured post for direct credit into their accounts in the most convenient and secure manner,” said Rohit P, Regional Director, Reserve Bank of India (RBI). Are. This will save them the hassles of traveling to designated branches and standing in queues.”

He said that both TLR and insured post options are highly safe and there should be no fear in the mind of the public regarding these options. Delhi office alone has received around 700 TLR forms so far. He said that RBI is again including these two options in its communication in addition to the exchange facility at its offices.

More than 97 percent notes returned

On May 19, RBI had announced the withdrawal of Rs 2,000 denomination bank notes from circulation. People were given the facility to deposit these notes in banks and exchange them with notes of other denominations.
According to RBI, in this way, more than 97 percent of the total notes worth Rs 2,000 in circulation till May 19, 2023 have now been returned.

The deadline for exchanging these notes or depositing them in bank accounts was earlier September 30. Later this deadline was extended till October 7. Both deposit and exchange services in bank branches were closed on October 7.

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Bank Note: Some changes keep happening in the country. Many of these changes are such that their impact falls on the entire population of the country. Now a big change is going to happen in the month of September. Its last date has also been determined. This change taking place in the month of September is also going to have an impact on the people of the country. Let us know about it…

Actually, only a few months ago, RBI had announced the withdrawal of Rs 2000 note. For this, the date of September 30, 2023 was fixed by RBI and it was said that people will have to deposit Rs 2000 notes in their bank accounts by September 30, 2023 or get them exchanged in the bank.

In such a situation, now people will have to keep in mind that only a few days are left for the date of 30 September 2023. In such a situation, those people who have not yet deposited the Rs 2000 notes in their bank account or have not got them exchanged from the bank, they still have the last chance left and they can get them exchanged till 30th September or they can Can deposit in bank.

Let us tell you that on May 19, RBI had directed that Rs 2000 bank notes have been removed from circulation and the public has been given time till September 30 to exchange or deposit them. As the deadline for depositing or exchanging these high-value bank notes approaches, financial institutions have experienced an increase in public interest in carrying out these transactions.

Along with this, RBI had earlier revealed that 50 percent of the Rs 2,000 notes were returned to the banks within just 20 days of the announcement of withdrawal of these notes.

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Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

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Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

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Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

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SBI has said in one of its reports that with the withdrawal of Rs 2000 notes, bank deposits will increase, loan repayment will be possible and its positive effect will be seen on consumption. As of March 23, the total value of Rs 2,000 notes in the market across the country was about Rs 3.62 lakh crore, which is about 10.8% of the total currency in circulation.

Rs 1.5 lakh crore returned as deposit

On June 8, RBI governor Shaktikanta Das had said that after the announcement of the central bank, Rs 2000 currency notes worth Rs 1.8 lakh crore have returned to the system. Out of this, about 85% i.e. 1.5 lakh crore rupees have come back as deposits in banks. The remaining 2000 notes worth about Rs 30,000 crore have been converted into small currency notes.

What will be the benefit of increasing bank deposits?

It has also been said in this report of SBI that due to this decision of the Central Bank i.e. RBI, deposits in banks have increased. This was seen at a time when there was a decrease in bank deposits. This will help in bringing the Incremental Credit-Deposit (C/D) ratio to the pre-epidemic level. With this, banks will have sufficient capital and the condition of funding different sectors will also be favourable.

It has also been said in this report that at present there are ups and downs in foreign markets. In such a situation, the position of Indian banks should be such that they should be able to meet the increasing demand from the corporates so that they can complete their expansion plans.

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It has not only reduced the travel time by eliminating long queues, but also made the collection of toll fees transparent. Now parking charges can also be deposited with this fastag. It has already been started.

Started from this airport

According to a PTI report, the ‘Automated Car Parking System’ has started at the Chaudhary Charan Singh International Airport in Uttar Pradesh’s capital Lucknow from Tuesday with the introduction of ‘FASTag solution’. Be it people coming to the airport to see off their relatives or to pick them up, all of them can take advantage of the ‘FASTag Parking’ facility. Fastag is India’s electronic toll system.

separate lane for fastag

Sharing details about the FASTag technology, a spokesperson of Lucknow airport said, “The FASTag service is part of its continuous efforts to benefit passengers. To facilitate quick movement, the airport has earmarked two lanes at entry and exit for passengers using the FASTag option. Vehicle movement with FASTag will be faster and the dwell time for passengers waiting to enter/exit the airport will be reduced, thus helping in saving time and fuel.

Parking fee will be deducted in this way

According to the statement, the main advantage of Fastag is that it will minimize the need for cash transactions. The scanner at the entry will read the FASTag of the vehicle and record the time of entry. After that, at the time of leaving the airport, the second scanner installed at the exit will automatically deduct the parking fee. Passengers paying through this medium will have to ensure that there is sufficient balance in their FASTag.

Commuters’ time will be saved

Neeraj Tralashwala of ICICI Bank was also present on this occasion. He said, we are very happy to introduce FASTag based payment for parking at Chaudhary Charan Singh International Airport, Lucknow. This facility will provide a seamless experience to the users, reduce dependence on cash and save their time.

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The Ministry of Electronics and Information Technology (MeitY) has prepared a draft to allow private entities and state entities to carry out Aadhaar verification.

Now public feedback was sought regarding this proposal, which was to be submitted by May 5. However, now it has been extended for 15 days. In this draft issued by the ministry, it has been said that institutions other than the central and state governments can now seek permission for Aadhaar authentication in certain cases.

Will have to present full details

With regard to this proposal of allowing private institutions to do the Aadhaar authentication process, the government has said that these institutions will have to give complete details along with the reason for allowing the authentication. Such institutions will have to submit a complete proposal. If a valid reason is found then permission will be given.

Will get permission from UIDAI

The IT Ministry said that if the concerned ministry or government department is convinced that the proposal for which Aadhaar authentication is being sought is in the public interest, then it will send that proposal to the central government. This proposal has to be sent to UIDAI. In the year 2018, it was argued in the Supreme Court that it was said about this proposal that it would make it more vulnerable to fraud.

What did the Supreme Court say

The Supreme Court had said in a judgment that although Aadhaar numbers can be used to identify users for state welfare, private entities will not be able to conduct such verification.

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Along with this, pensioners are also going to get huge benefits. A big update has been issued by the government regarding the 8th Pay Commission. If you are also waiting for the implementation of the Eighth Pay Commission, then good news has come for you.

Eighth Pay Commission will be formed

The government is soon going to set up the Eighth Pay Commission. It is believed that next year the salary of central employees can increase by more than 44 percent. Along with this, salary should be reviewed on any other formula other than the Fitment Factor. At the same time, a lot of changes can be seen in this pay commission as compared to the old commission.

There will be a bumper increase in salary

Let us tell you that the fitment factor in the Seventh Pay Commission was 2.57 times, after which the salary of the employees increased by 14.29 percent and due to this increase, the minimum salary of the employees was fixed at Rs 18,000. At the same time, under the Eighth Pay Commission, it is believed that this time the fitment factor may be 3.68 times, after which the salary of the employees may increase by 44.44 percent. At the same time, the minimum salary of the employees can directly increase from Rs 18,000 to Rs 26,000.

Salary may increase by Rs 26,000.

If the government sets up the Eighth Pay Commission on the same old scale, then the fitment factor will be kept on the basis of it. On this basis, the fitment of the employees can be done 3.68 times. On this basis, there can be an increase of 44.44 percent in the minimum salary of the employees. With this, the minimum salary of the employees can be Rs 26000.

When can the government implement the 8th Pay Commission?

At present, no proposal of any kind has been presented by the Central Government regarding the Eighth Pay Commission. On the other hand, if sources are to be believed, the government can introduce the Eighth Pay Commission in the year 2024 and it can be implemented in the year 2026. Let us tell you that to implement this, the Pay Commission can also be formed in the year 2024. At the same time, experts are assuming that general elections are to be held in the country, so the government can give a big gift to the employees soon.

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Now till June 30, time has been given to link PAN with Aadhaar. In such a situation, PAN users should not wait for the 30th, but now link PAN with Aadhaar by depositing the fees online.

Why is it necessary to link PAN with Aadhaar?

The Income Tax Department has told PAN users that according to the Income Tax Act 1961, all PAN holders who do not come under the exemption category, must link their PAN number with Aadhaar before June 30, 2023. If PAN is not linked to Aadhaar, PAN will be canceled from 1 July 2023 under Section-139AA of the Income Tax Act.

Has the fee for PAN link been increased?

According to the Income Tax Department, till July 1, 2022, the process of linking PAN with Aadhaar was free. After this, PAN users were given the opportunity to link till June 30, 2022, but the fee was reduced to Rs 500. After this, the deadline for linking PAN has been extended till March 31, 2023, and for this, PAN users were charged Rs 1,000 as a late fee. Now PAN has to be linked by June 30, but this time there has been no increase in the fees.

What is the mode of depositing the PAN link fee?

According to the website of the Income Tax Department, the fee for linking PAN with Aadhaar has been fixed at Rs 1,000. Online mode can be adopted to pay the fees.

1. For the request to link PAN Aadhaar, users must first visit https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp or NSDL portal.
2. Click on PROCEED under CHALLAN NO./ITNS 280 to submit the request for linking of PAN with Aadhaar.
3. Now choose Select Tax Applicable.
4. Thereafter make sure to pay the fee of Rs.1,000 (fee) and under in a single challan.
5. Now choose the mode of payment through Net Banking or Debit Card.
6. After that enter the PAN number, select the specified year and enter the address.
7. After this fill the captcha code and click on proceed.
8. Once the payment is done, the taxpayer can link PAN-Aadhaar.

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