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EPFO lowers interest rate on deposits to 8.50 % from 8.65% last year

Employees Provident Fund Organisation (EPFO) on Thursday lowered the interest rate on deposits to 8.50 per cent for the current financial year (FY20) from 8.65 per cent in 2018-19.

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RBI cuts interest rates as economy slows, India loses out to China as fastest growing economy

Employees Provident Fund Organisation (EPFO) on Thursday lowered the interest rate on deposits to 8.50 per cent for the current financial year (FY20) from 8.65 per cent in 2018-19.

The decision was taken at a meeting of the central board of trustees (CBT) of the EPFO which was attended by Labour Minister Santosh Gangwar.

“EPFO lowered interest rate on employee provident fund to 8.50 per cent for 2019-20 from 8.65 per cent in 2018-19,” said Santosh Gangwar after concluding the meeting.

The minister also said that the EPFO will have a surplus of over Rs 700 crore on providing 8.5 per cent rate of interest on EPF for this fiscal. “The EPFO would have left with a surplus of over Rs 300 crore if it had provided 8.55 per cent rate of interest on EPF for this fiscal. There would have been a deficit if the EPFO had provided a rate of more than 8.55 per cent for current fiscal,” a ministry source said.

The lowering of interest rate would mean that salaried employees would earn lower returns for the current financial year ending March 31, 2020. The EPFO was earlier offering an interest of 8.65 per cent in 2018-19. It had provided 8.65 per cent rate of interest for 2016-17 and 8.55 per cent in 2017-18. The rate of interest in 2015-16 was much higher at 8.8 per cent.

The EPFO invests 85 per cent of its annual accruals in the debt market and 15 per cent in equities through exchange-traded funds.

At the end of March last year, the EPFO had a cumulative investment of Rs 74,324 crore in equities, fetching a return of 14.74 per cent.

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21 police personnel injured in mob violence during Nashik dargah demolition

21 police officers were injured and 15 people detained after violence erupted during a high court-directed demolition of an unauthorised dargah in Nashik’s Kathe Galli area.

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Police vehicles damaged during Nashik demolition violence

In a violent turn of events during an anti-encroachment drive, 21 police personnel sustained injuries and three police vehicles were damaged in Nashik’s Kathe Galli area late Tuesday night. The incident occurred when a mob resisted the demolition of the unauthorised Satpeer Baba Dargah, which was being removed in compliance with a Bombay High Court directive.

Police resort to teargas and lathi-charge to restore order

According to Nashik Police Commissioner Sandeep Karnik, the situation escalated when a large crowd assembled at Usmania Chowk to oppose the dargah’s removal. The trustees of the religious structure had already begun the process of dismantling the structure earlier that night, but the gathering quickly turned violent, with stone-pelting directed at police and community leaders attempting to calm the crowd.

To disperse the mob, police deployed mild force, including lathi-charge and teargas shells. Despite the violence, authorities brought the situation under control by early morning, and the dargah was successfully removed around 6 am on Wednesday.

15 detained, 57 motorcycles seized; FIR process underway

Deputy Commissioner of Police Kirankumar Chavan confirmed that 15 individuals have been detained in connection with the violence. Additionally, 57 motorcycles believed to belong to suspects have been seized. An FIR is being filed against those responsible for the attacks.

Nearly 50 municipal personnel from the Nashik Municipal Corporation (NMC) participated in the demolition, aided by four excavators, six trucks, and two dumpers. Civic officials stated that the drive was a continuation of previous actions taken in February, during which several unauthorised structures around the dargah were removed.

Tensions over the site

The Satpeer Baba Dargah had been at the center of local controversy, with some residents and members of Hindu outfits previously demanding its removal, claiming it was an illegal structure. Nashik Central MLA Devyani Pharande had also raised concerns, stating that earlier demolition efforts were incomplete and that the site should be entirely cleared.

As of now, police officials report that the situation in the area remains peaceful and under control.

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National Herald row reignites BJP-Congress face-off amid ED chargesheet

BJP has reignited its attack on the Gandhi family, accusing them of a corporate conspiracy in the National Herald case, while Congress dismisses the ED action as a political vendetta by the Modi government.

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A political slugfest has erupted once again between the Bharatiya Janata Party (BJP) and the Congress following the Enforcement Directorate’s (ED) chargesheet naming Sonia Gandhi and Rahul Gandhi in the alleged money laundering case tied to the now-defunct National Herald newspaper. The BJP has termed the case a textbook example of “corporate conspiracy,” while the Congress has decried the move as an act of “political vendetta” by the Narendra Modi-led central government.

BJP questions Gandhi family’s property acquisition through Young India Ltd

Senior BJP leader Ravi Shankar Prasad, addressing a press briefing, accused the Congress of orchestrating a corporate arrangement to transfer property into the Gandhi family’s hands. He highlighted that in 2008, after the National Herald ceased publication, the Congress gave ₹90 crore to Associated Journals Limited (AJL), the newspaper’s publisher — a transaction he claims violates the norms as political parties are barred from funding private entities.

AJL reportedly failed to repay the loan, after which a non-profit entity, Young India Limited (YIL) — in which Sonia and Rahul Gandhi each hold a 38% stake — acquired the company’s shares and, by extension, its properties across several Indian cities. Mr. Prasad questioned YIL’s charitable work and highlighted that a token amount of ₹50 lakh was paid to AJL before the remaining loan was written off.

“This is the Gandhi model of development,” Prasad said, alleging that the arrangement enabled the Gandhi family to take control of property worth thousands of crores.

BJP expands attack to Robert Vadra

The BJP leader also took aim at Priyanka Gandhi Vadra’s husband, Robert Vadra, citing alleged irregularities in land transactions. “Another member buys land for ₹3 crore and sells it for ₹58 crore. The country should learn from this Gandhi model,” he remarked sarcastically.

Congress fights back, terms case a political smokescreen

The Congress has launched protests across the country in response to the BJP’s remarks and the ED’s chargesheet. Senior leader Pawan Khera likened the current actions to pre-Independence times, stating, “Back then, the British hated National Herald, the Gandhi family and the Congress — today the RSS has taken that place.”

Calling the case baseless, Congress leader Sachin Pilot said, “There has been no exchange of funds or transfer of property rights. This case is politically motivated, and the Modi government is attempting to silence the voice of the Opposition.” He affirmed that the party has full faith in the judiciary and will fight the case legally.

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Priyanka Gandhi accompanies Robert Vadra to ED office for second day in Gurugram land probe

Robert Vadra, husband of Congress MP Priyanka Gandhi, appeared before the ED for the second day in the Gurugram land case.

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Robert Vadra Priyanka Gandhi

Congress MP Priyanka Gandhi Vadra accompanied her husband Robert Vadra to the Enforcement Directorate (ED) office on Wednesday as he appeared for questioning for the second consecutive day in connection with the Gurugram land case.

Mr Vadra, the brother-in-law of Lok Sabha Leader of Opposition Rahul Gandhi, was seen exchanging a hug with Ms Gandhi before entering the ED office. He is under scrutiny in a money laundering probe linked to a 2008 land deal in Manesar-Shikohpur area, now known as Sector 83 of Gurugram.

Focus of the probe: land deal from Congress tenure in Haryana

The investigation stems from a land transaction executed by Skylight Hospitality Pvt Ltd, a company in which Mr Vadra was formerly a director. In February 2008, Skylight purchased 3.5 acres of land from Onkareshwar Properties for ₹7.5 crore. At that time, Haryana was governed by a Congress-led administration under then Chief Minister Bhupinder Singh Hooda.

In September 2012, four years after the acquisition, Skylight sold the same land to real estate developer DLF for ₹58 crore. The deal later drew public attention after senior IAS officer Ashok Khemka, who was then heading the Land Consolidation and Land Records department in Haryana, cancelled the land mutation, citing violations of the State Consolidation Act and procedural discrepancies.

Haryana Police registered an FIR to examine the deal in 2018, further intensifying the legal scrutiny.

ED questions Vadra under PMLA

On Tuesday, Mr Vadra was questioned for nearly five hours by the ED under the Prevention of Money Laundering Act (PMLA), during which his statement was recorded. The businessman has consistently maintained that the case is part of a political vendetta and emphasized that he has cooperated fully with all investigative agencies, submitting numerous documents over the years.

Calling for a closure to what he described as a decades-old matter, Mr Vadra said cases like these should not be allowed to drag on indefinitely.

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