The Finance Minister will launch a portal to subscribe to NPS Vatsalya. During this, she will also release a brochure related to the scheme, which will have complete details about NPS Vatsalya.

NPS Vatsalya Yojana is considered an important step in the pension system. This new scheme is being launched to secure the financial future of children. The management of the scheme will be in the hands of the Pension Fund Regulatory and Development Authority (PFRDA). The NPS Vatsalya Scheme will allow parents and guardians to arrange funds for the future of their children by investing in a pension account.

Investment will start from Rs 1000

Under the NPS-Vatsalya scheme, parents or guardians can open an account in the name of the child with a minimum of Rs 1000. After that, the parent or guardian will have to deposit a minimum of Rs 1000 in the child’s NPS-Vatsalya account every year till the child turns 18. According to the SBI Pension Fund Platform, there is no limit on the maximum amount deposited in this account. NPS ‘Vatsalya’ can also be converted into a non-NPS scheme when the child turns 18.

Also Read: School Closed: Impact of Yagi cyclone in this state, schools closed in these districts today

Who can open an account?

All parents and guardians, whether Indian citizens, NRIs or OCIs, can open NPS Vatsalya accounts for their minor children. NPS Vatsalya is designed to help ensure financial security of children as they grow up. Parents can invest in this scheme on behalf of children. When the child attains majority, the account will be converted into regular NPS. Compound interest will be earned on the money deposited in the account.

Parents or guardians will be able to withdraw

money from the account opened under NPS-Vatsalya scheme even before the child turns 18 years old. Under NPS Vatsalya Yojana, after 3 years from the date of opening the account, 25% of the total amount deposited in the account opened in the name of the child i.e. contribution will be allowed to be withdrawn. This facility of partial withdrawal will be available only 3 times till the child turns 18 years old.

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The post NPS Vatsalya Yojana: Finance Minister will launch a special scheme for children today, account will be opened for Rs 1000 first appeared on Rightsofemployees.com.

Three major schemes have been announced to increase employment which will be brought under the Prime Minister’s ‘Employment Linked Incentive’.

This includes schemes for first time job seekers, jobs in the manufacturing sector, schemes to support companies providing employment. Along with this, the government has announced to provide skill training to 30 lakh youth in the next 5 years. Let us know about the three schemes in detail.

Scheme for first time job seekers:

First time job seekers or employees registered with EPFO ​​for the first time will be given one month’s salary in their bank account. This amount will be transferred in 3 installments which will be a maximum of Rs 15,000. It is estimated that 30 lakh youth will benefit from this scheme.

Also Read: Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything

Manufacturing sector will get a boost

The Finance Minister has announced in Budget 2024 to promote employment in the manufacturing sector. The government has announced to give incentives to both the employee and the employer under this scheme. This benefit will be available to both the employee and the employer for the first 4 years of starting the employment.

Support to employers

The central government has also announced a support scheme for companies providing jobs and employers. Employers providing jobs up to one lakh per month will be given a monthly assistance of up to three thousand rupees, which will go towards the employee’s EPFO ​​contribution.

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However, several reports suggest that Union Finance Minister Nirmala Sitharaman will present it in the second fortnight of July. According to reports, the monsoon session of Parliament is expected to begin on July 22 and is likely to last till August 9.

Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 earlier this year before the general elections. Sitharaman will present the full budget for the current financial year after becoming the Finance Minister again in NDA 3.0. During the second term of the Modi government, Sitharaman played an important role in taking forward the economic agenda of the government.

Also Read: New Telecom Act: Big News! New Telecom Act to be implemented form 26th June 2024

Record of presenting 7 consecutive Union Budgets

This will be the first Union Budget under PM Modi’s third term. Sitharaman will become the country’s first finance minister to present 7 consecutive Union Budgets, surpassing former minister Morarji Desai’s record of 6. While serving as India’s finance minister between 1959 and 1964, Desai presented 5 full budgets and one interim budget.

India’s GDP may grow at the rate of 7.2 percent in the financial year 2024-25.

Let us tell you that the Reserve Bank of India (RBI) has increased the GDP growth rate estimate for the current financial year 2024-25 from 7 percent to 7.2 percent.

The post Union Budget 2024: When will the country’s full budget be presented? Know key dates first appeared on Rightsofemployees.com.

Union Finance Minister Nirmala Sitharaman on Tuesday said that the focus of the Finance Ministry is not only on increasing GST collection but also on bringing all business establishments under its ambit. Speaking at a function organized on the occasion of opening of GST Facilitation Center in Gujarat, Sitharaman said, GST Suvidha Centers will help the business establishments in removing the inconveniences faced in getting GST registration and will make it easier to resolve the issues.

He said, the country’s GST collection is increasing every month. GST has reduced the tax burden on many items as compared to before. Traders know that they no longer have to pay double taxes as before. Because of this GST collection is increasing. But still many establishments are outside its scope and are not part of the formal economy. They should come under the purview of GST to strengthen the economy. We collect only a small share in taxes and formalization of the economy can happen only when everyone is in the tax net.

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Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

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Sitharaman also mentioned the efforts to bring down the price of fuel and natural gas. He said that these are imported in the country. Due to Covid and Russia-Ukraine war, fuel prices are high in the global markets.

Excise duty

Finance Minister Nirmala Sitharaman said, “The Prime Minister had directed us in November 2021 to cut the excise duty on fuel itself. Due to this an announcement was made during Diwali. After that in June, 2022 again we cut the excise duty. Due to all these reasons, the price of fuel softened to some extent.

Dearness

Responding to questions about inflation and measures to bring it down, the finance minister said, “But when we talk about fuel or natural gas, we need to understand one thing. These products are imported and especially due to the Kovid epidemic and the subsequent Russia-Ukraine war, the prices have increased and despite this the imports are going on. At the center level, we have cut excise duty to bring down its price.

Inflation

He said that the Group of Ministers keeps an eye on essential goods and their prices. Additional stock was issued as per the situation. Sitharaman said that when the price of rice increased, we released rice from the buffer stock. The central government is continuously taking steps to bring down the prices. This is the reason that consumer price index based inflation has come down from 6 per cent to 5.8 per cent. Inflation has increased due to supply-related problems at seasonal level, which is being continuously monitored and measures are being taken to bring it down.

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However, it was also announced to give relief to taxpayers in the budget this time. While presenting the Budget 2023 on behalf of Union Finance Minister Nirmala Sitharaman, several announcements related to income tax were made. Due to which people filing income tax returns will get relief.

Income tax slab

While presenting Budget 2023, many changes were announced in the new tax regime by Finance Minister Nirmala Sitharaman. Under this change, earlier where there was no tax slab on income of Rs 2.5 lakh per annum, it was increased to Rs 3 lakh per annum. This means that on an annual income of three lakh rupees, tax will have to be paid zero in the income tax slab.

Tax rebate

At the same time, an important announcement was made by Finance Minister Nirmala Sitharaman in the Modi government. In the new tax regime, the rebate limit has been increased to Rs 7 lakh. This means that taxpayers who are filing income tax returns will get rebate up to Rs 7 lakh per annum, due to which they will not have to pay tax.

Standard deduction

Along with this, another important announcement was made by the Modi government, due to which taxpayers got more relief. In fact, in Budget 2023, it was announced by Nirmala Sitharaman that now taxpayers will be able to get the benefit of standard deduction in the new tax regime. Due to the benefit of standard deduction of Rs 50 thousand to the salaried people, people have got some more relief. Due to this, those people will not have to pay any tax up to an annual income of Rs 7.5 lakh.

The post Income Tax Slab: Big relief for taxpayers! Now you will not have to pay tax on this much income, know details first appeared on Rightsofemployees.com.

There was a demand from the MPs of the opposition parties that a JPC should be constituted regarding this matter. The Finance Bill 2023 was passed amid much hue and cry. During this, Finance Minister Nirmala Sitharaman said that there is a need to improve the National Pension System implemented for government employees.

Will be formed under the leadership of the Finance

Secretary The Finance Minister said that I propose to constitute a committee to look into the matter related to the pension of government employees. This committee will be constituted under the leadership of the Finance Secretary. Earlier, he said that such representations have been received that there is a need for reform in the National Pension System (NPS) applicable to government employees. Apart from this, the Finance Minister said that credit card payments are not being accepted on foreign visits under the Liberalized Remittance Scheme (LRS). This should also be seen by RBI.

Finance Bill 2023 proposes to exempt from capital gains tax debt

mutual funds that invest less than 35 percent of their assets in equity, according to reports. It is proposed to keep such investors separate from long term capital gains tax. In this way only short term capital gain tax will be applicable on mutual funds. Holders of such mutual fund schemes, who invest 35 per cent of their assets in equity shares after getting the approval of the House, will be taxed as per the slab.

Demand to restore the old pension scheme

Let us tell you that there is a demand from the central and state government employees to restore the old pension scheme. The old pension (OPS) has been restored by the governments of Himachal Pradesh, Punjab, Chhattisgarh, Rajasthan and Jharkhand. Employees of some other states are planning to go on strike demanding restoration of old pension. Meanwhile, a strict warning has been issued by the Central Government for the employees. On behalf of the central government, a warning was given to protest or sack the employee who went on strike.

The post Finance Bill 2023: Finance Minister’s big announcement on pension of government employees, proposal in Finance Bill first appeared on Rightsofemployees.com.

Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

The post Big news for the customers of SBI-HDFC-ICICI Bank, Finance Minister issued a statement first appeared on Rightsofemployees.com.

But before this, the Finance Minister is being informed about their demands on behalf of different sectors. Along with this, the Union Finance Minister is being demanded to give relief in the upcoming budget.

Modi government’s last budget

Sources also claim that the government is thinking of giving relief to both farmers and employed people in this budget. Actually, this will be the last budget of the Modi government before the 2024 Lok Sabha elections. In the Union Budget, the limit of savings under section 80C is expected to be increased from Rs 1.5 lakh to Rs 2.5 lakh. In the Pre-Budget Memorandum 2023 from ICAI, the common man has been asked to save more.

Demand for relief for a long time There is a demand from the common man to give relief under 80C for a long time. ICAI has also demanded to increase the investment limit in Public Provident Fund (PPF). At present this limit is 1.5 lakh, which is being demanded to be increased to 3 lakh. ICAI’s argument behind the demand for increasing the PPF limit is that it is a safe investment option for businessmen and job professionals.

Due to the accumulation of PF of the employed, there is not much scope for investment under it. In such a situation, he has limited options for tax saving. For the last several years, there is a demand to increase the limit of Rs 1.5 lakh under 80C. Apart from this, ICAI has also requested the Finance Ministry to increase the limit of expenditure under 80DDB.

The post Big news for PPF account holders! know when the Finance Minister will make this big announcement? first appeared on Rightsofemployees.com.

Organizations not involved in the online meeting

The joint platform of ten labor organizations in an e-mail sent to the Finance Ministry on Monday put forward their demands regarding the next budget. However, these organizations did not attend the online meeting called for pre-budget discussions.

Pension scheme is based on contribution

National Pension System (NPS) was implemented from January 2004 by abolishing OPS during the tenure of Atal Bihari Vajpayee government. NPS is a contribution based pension scheme and there is no provision for dearness allowance. After increasing complaints of employees getting less amount of pension under NPS, labor organizations have intensified their demands for re-implementation of OPS itself.

Meanwhile, some states like Rajasthan, Chhattisgarh and Punjab have announced re-implementation of OPS for their government employees.

Organizations want to have face-to-face meeting

Forum of labor organizations said, ‘Government should re-implement the old pension system instead of NPS by giving contribution on its behalf.’ These organizations did not participate in the online meeting, demanding a face-to-face meeting with the Finance Minister. Each organization was given three minutes to present their demands related to their area.

Demand to increase the minimum pension amount , however, SP Tiwari, general secretary of the Trade Union Coordination Center (TUCC), who attended the pre-budget consultation meeting, also said that in the meeting there was a demand for restoration of OPS instead of NPS. Along with this, a demand was also made to increase the amount of minimum pension from Rs 1,000 to Rs 5,000.

Demand for increase in mental honorarium

Bhartiya Mazdoor Sangh (BMS) said that apart from increasing the amount of minimum pension, it should also be linked with dearness allowance, so that the needs of the pensioners can be met. BMS also demanded the government to allocate more funds to the unorganized sectors. Apart from this, there has also been a demand to increase the monthly honorarium to the workers associated with Anganwadi, Asha and mid-day meal schemes.

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