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Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget ahead of its presentation by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>. Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat". Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today. At 11 am, Finance Minister Nirmala Sitharaman will present the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector. "The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024-25: Focus on employment, skilling, MSME and middle class</a>

Union Cabinet meets in Parliament ahead of Budget presentation

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

New Delhi [India], March 1 (ANI): The <keyword id="19916620" type="General" weightage="20" keywordseo="union-cabinet" source="keywords">Union Cabinet</keyword>, chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, has given its nod for the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957, to specify the royalty rates for 12 critical and strategic minerals. This decision includes minerals such as beryllium, cadmium, cobalt, <keyword id="20784576" type="General" weightage="20" keywordseo="gallium" source="keywords">gallium</keyword>, and several others that are pivotal for the nation's strategic sectors, including defence, electronics, and renewable energy. According to an official release from the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword>, "The Union Cabinet chaired by Prime Minister Narendra Modi approved the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 ('MMDR Act') for specifying the rate of royalty in respect of 12 critical and strategic minerals, viz., Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten and Vanadium." This completes the exercise of the rationalisation of royalty rates for all 24 critical and strategic minerals. It may be noted that the government notified the royalty rate of 4 critical minerals, viz., glauconite, potash, molybdenum and platinum Group of Minerals, on March 15, 2022, and of 3 critical minerals, viz., lithium, Niobium and rare earth elements, on October 12, 2023, according to the release. Recently, the Mines and Minerals (Development and Regulation) Amendment Act, 2023, which came into force on August 17, 2023, listed 24 critical and strategic minerals in Part D of the First Schedule of the MMDR Act. The amendment provided that the mining lease and composite licence for these 24 minerals would be auctioned by the Central Government. The approval by the Union Cabinet for the specification of the rate of royalty will enable the Central Government to auction blocks for these 12 minerals for the first time in the country, it added. The royalty rate on minerals is an important financial consideration for the bidders in the auction of blocks. Further, the method for calculating the average sale price (<keyword id="20301760" type="General" weightage="20" keywordseo="asp" source="keywords">ASP</keyword>) of these minerals has also been prepared by the Ministry of Mines, which will enable the determination of bid parameters. As per the release, the Second Schedule of the MMDR Act provides royalty rates for various minerals. Item No. 55 of the Second Schedule provides that the royalty rate for minerals whose royalty rate is not specifically provided therein shall be 12 per cent of the average sale price (ASP). Thus, if the royalty rate for these is not specifically provided, then their default royalty rate would be 12 per cent of ASP, which is considerably high as compared to other critical and strategic minerals. Also, this royalty rate of 12 per cent is not comparable with other mineral-producing countries. Critical minerals have become essential for economic development and national security in the country. Critical minerals such as Cadmium, Cobalt, Gallium, Indium, selenium and Vanadium have been used in batteries, semiconductors, solar panels, etc. These minerals have gained significance given India's commitment to the energy transition and achieving net-zero emissions by 2070. Minerals like beryllium, titanium, tungsten, tantalum, etc. have been used in new technologies, electronics and defence equipment. Encouraging indigenous mining would lead to a reduction in imports and the setting up of related industries and infrastructure projects. The proposal is also expected to increase the generation of employment in the mining sector. The Geological Survey of India (GSI) and Mineral Exploration &amp; Consultancy Ltd. (MECL) have recently handed over the exploration report of 13 blocks containing one or more critical minerals like cobalt, titanium, gallium, vanadium and tungsten. Further, these agencies are conducting exploration for these critical and strategic minerals in the country. (ANI)

Cabinet approves royalty rates for mining of 12 critical minerals

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

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Union Cabinet meets in Parliament ahead of Budget presentation

ANI

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

PTI

Cabinet approves royalty rates for mining of 12 critical minerals

ANI

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

PTI

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