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  • Saturday 17 December 2016

    EXEMPTION OF INCOME TAX FOR DISABLED VETERANS


    Instruction No 2/ 2001
    F.No. 200/51/99-ITA.I
    Govt of India Ministry of Finance
    Deptt of Revenue
    Central Board of Direct Taxes
    New Delhi, the 2ndJuly, 2001
    To: All Chief Commissioners of Income-Tax
           All Directors General of Income-Tax

    Subject: Exemption from Income Tax to disability pension, i.e., “disability element” and “service element” of a disabled officer of the Indian Armed Forces – Instructions regarding

    Sir,

    References have been received in the Board regarding exemption from Income Tax to disability pension, i.e., “disability element” and “service element” of a disabled officer of the Indian Armed Forces.2.It appears that field formations in certain cases are not uniformly allowing disability pension in spite of Board’s Instruction No 136 dated 14thJanuary 1970 (F No 34/3/68-II(AI) ).3.The matter has been re-examined in the Board and it has been decided to reiterate that the entire disability pension, i.e, disability element and service element of a disabled officer of the Indian Armed Forces continues to be exempt from Income Tax.4.This may be brought to the notice of all officers working under you.

    Yours faithfully
           Sd/-
    (B L Sahu)
    OSD (ITA-I)

    Wednesday 14 December 2016

    OROP protest: 4 veterans stay atop water tower in Delhi for 10 hrs

    Four retired non-commissioned officers today threatened to jump off a water tower near old Delhi railway station over the issue of One Rank One Pension (OROP), several hours before they came down from the structure on assurance from defence ministry officials, police said.
    Four members of ‘Sabka Sainik Sangharsh Samiti’ climbed the water tower around 8 AM and threatened to jump off it, but with police intervention, they were pacified and eight-ten people who were accompanying them were taken to the office of Ministry of Defence to meet the officers and put forth their demands, said a senior police officer.
    water tower
    Those who had climbed the water tower have been identified as Gurcharan Singh, Kabal Singh, Satpal Singh and Kartar Singh and they had come from Punjab, said the officer.
    They had climbed the water tank around 8 AM and even threatened to commit suicide by jumping off the tank, the officer added. Later a meeting was facilitated between the members of the body and the ministry officials by the police and the four men got down from the water tower around 6 PM, police said.
    “They thanked us for facilitating the meeting and left for their hometown after the delegation that had gone to meet ministry officials apprised them about the meeting and assured them that they had got a patient hearing from the concerned officials,” the officer said.
    http://www.jantakareporter.com/india/orop-water-tower-delhi/84091/

    Currency Reforms of Sher Shah Suri

    The coins and currency reforms of Sher Shah Suri (Sher Khan) are one of his most outstanding achievements. Sher Shah Suri found on his accession that the currency system had practically broken down. There was debasement of the current coins and the absence of a fixed ratio between the coins and various metals. There was another difficulty, namely, that coins of all previous reigns, in fact of all ages, were allowed to circulate as legal tender.

    Sher Shah Suri took steps to issue a large number of new silver coins which, subsequently, became known as dam. Both the silver rupee and copper dam had their halves, quarters, eighths and sixteenths. Next, he abolished all old and mixed metal currency coins. He fixed a rate between the copper and silver coins. His silver rupee coins weighed 180 grains, of which 175 grains were pure silver. This rupee minus its inscription lasted throughout the Mughal period and was retained by the English East India Company up to 1835. V.A. Smith rightly observes: "it is the basis of the existing British currency" (up to 1947).

    Sher Shah's name and title and place of mint were invariably inscribed on the coins in Arabic characters. Some of his coins bore his name in Devanagari script and some had the names of first four Khalifas in addition. Gold coins of pure metal of various weights, such as 166.4 grains, 167 grains and 168.5 grains, were executed. The ratio of exchange between the dam and the rupee was 64 to 1. The ratios between the various gold coins and the silver ones were fixed on a permanent basis.
    These coins and currency reforms of Sher Shah Suri proved very useful and did away with a great deal of inconvenience which was experienced by the general public and particularly by the trading community. These reforms have elicited high praise from modern numismatists.

    "Sher Shah is entitled to the honour of establishing the reformed system of currency which lasted throughout the Mughal period, was maintained by the East India Company down to 1835, and is the basis of the existing British currency. He finally abolished the inconvenient billon coinage of mixed metal, and struck well-executed pieces in gold, silver, and copper, to a fixed standard of both weight and fineness. His silver rupees, which weigh 180 grains, and contain 175 grains of pure silver, being thus practically equal in value to the modern rupee, often have the king's name in Nagari characters in addition to the usual Arabic inscriptions." (V. A. Smith, Imperial Gazetteer of India, ii, pp. 145-6.)

    "His coins also illustrate the rapidity with which he conquered the countries settled under his rule. The land survey, construction of roads, and establishment of mint towns seem to follow almost in the wake of his conquering armies." ( Qanungo, Sher Shah, p. 383.)
    ".........He reformed the coinage, issuing an abundance of silver money, excellent in both fineness and execution. That is a good record for a stormy reign of five years. If Sher Shah had been spared he would have established his dynasty, and the ' Great Mughals ' would not have appeared on the stage of history." (The Oxford History of India, pp. 327-29.)

    Tuesday 13 December 2016

    Why is Muhammad Bin Tughlaq called an intelligent fool?


    “Muhammad Bin Tughlaq was one of the most interesting personalities of Medieval Indian history. He ruled from 1324 to 1351 AD. Muhammad Bin Tughlaq was interested in Persian poetry, mathematics, medicine, and astronomy and was also noted a philosopher. He was well-versed in the religious topics and fluent in both Arabic and Persian. From the beginning of his kingship, the countrymen had a huge expectation from him. He took some very bold and strong measures to reform the Sultani administration at the advent of his rule.
    He took great steps in revenue reformation. He decided to shift his capital from Delhi to Devagiri, which is now known as Daulatabad. Daulatabad is situated in Central India. Though controversial, Muhammad Bin Tughlaq showed a great sense of pragmatism in this decision. He not only saved his capital from the Mongol raids but also ensured the proper administrative rule in both the northern and southern part of the India.
    His rule is also significant for the introduction of token currency. He understood the importance of currency as a medium of commercial exchange and that is why he took keen interest to circulate gold and silver coins. The gold coin was introduced as Dinar. Tughlaq’s silver coin was named Adl. However, it was difficult to maintain the supply of gold and silver coins on a large scale. So, Tughlaq replaced those coins and started the circulation of copper and brass coins as the token currency which had the same value of gold or silver coins in 1330-32 CE. He was well aware that the state had to act as a responsible guarantor for the token money by ensuring high degree of security which will prevent others from making fake currencies.
    But the administrators failed in maintaining the security measures. These coins totally lacked the artistic design and perfection in finishing and even the administrators of the king took no measure to keep the design secured and protected. In fact, the coins just had some inscriptions and no royal seals. These loopholes make them easier to copy. Thus, ordinary people easily copied the design and started making coins in their house. Soon the entire market was flooding with the fake coins. The ordinary people started to pay the state revenue with their home made coins and this caused a great problem for the state treasury. Within a very short period of time the state treasury was full of fake coins. Historians have argued that the value of the coins decreased for such wholesale forgery and it became worthless like the stones.”

    Monday 5 December 2016

    MINIMUM PAY & MF LIKELY TO BE HIKED


    GOVERNMENT OF INDIA
    MINISTRY OF FINANCE
    RAJYA SABHA
    UNSTARRED QUESTION NO-1526
    ANSWERED ON-29.11.2016
    Pay hike after implementation of Seventh Central Pay Commission
    1526 . Dr. Sanjay Sinh
    (a) the salient features of the Seventh Central Pay Commission;
    (b) the percentage of increase in the salaries of employees after the implementation of the recommendations of Seventh Central Pay Commission;
    (c) the percentage of increase in the salaries of employees after the fourth, fifth and sixth Central Pay Commission;
    (d) whether the extent of pay hike this time is very less as compared to the previous pay hikes; and
    (e) whether Government would reconsider it in view of the resentment among employees and pay anomalies?
    ANSWER
    MINISTER OF STATE IN THE MINISTRY OF FINANCE
    (SHRI ARJUN RAM MEGHWAL)
    (a): The Seventh Central Pay Commission (7th CPC) has recommended the minimum pay of Rs. 18,000 per month and uniform fitment factor of 2.57 for all employees. The system of Pay Band and Grade Pay has been replaced with separate Pay Matrices for Civil, Defence and Military Nursing Services personnel. The Commission has recommended abolishing 52 allowances and subsuming of another 36 allowances either in an existing allowance or in newly proposed allowances. Allowances relating to Risk and Hardship will be governed by a Risk and Hardship Matrix. The Commission has also recommended revised pension formulation for all personnel who have retired before 01.01.2016 to bring about complete parity of past pensioners with current retirees.
    (b) to (e): Salary of all employees will increase by at least 14.29 per cent after the implementation of Seventh Central Pay Commission (7th CPC) recommendations. The 7th CPC has mentioned that increases given in Minimum Pay were 27.6%, 31.0% and 54.0% by Fourth, Fifth and Sixth Central Pay Commissions, respectively.
    The anomalies arising out of implementation of the recommendations of the 7th CPC will be examined by the Anomalies Committee which has already been constituted. Based on the report of the Committee, the matter will be considered by the Government and appropriate decision will be taken.
    Source: http://rajyasabha.nic.in/



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