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The Ministry of Labour and Employment recently directed the Employees' Provident Fund Organization (<keyword id="19966712" type="General" weightage="100" keywordseo="EPFO" source="keywords">EPFO</keyword>) to ensure the activation of UAN (<keyword id="20789489" type="General" weightage="20" keywordseo="universal-account-number" source="keywords">Universal Account Number</keyword>) via Aadhar-based OTP. The outreach is part of announcements made during the Union Budget 2024-25, which aim to maximize the net of beneficiaries under the Employment Linked Incentive (ELI) Scheme. The central government has already directed concerned ministries and departments to ensure that payment of all subsidies and incentives under all welfare schemes occurs via the Aadhar Payment Bridge and that 100% biometric Aadhar authentication is achieved. Notably, Aadhaar-based verification eliminates the need for producing multiple documents to prove one's identity. In the first stage, all employers must complete <keyword id="24089674" type="General" weightage="20" keywordseo="UAN-activation" source="keywords">UAN activation</keyword> through Aadhar-based OTP for all employees who've joined the company in the current financial year by November 30, 2024. Starting with their latest recruits, employers will have to finish this process for all their employees. As per the budget announcements, the government will implement 3 schemes for 'Employment Linked Incentive' as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers. The ELI Scheme aims to create over 2 crore jobs in the country in 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihoods. UAN activation provides employees with seamless access to EPFO's comprehensive online services, enabling them to efficiently manage their Provident Fund (PF) accounts, view and download PF passbooks, submit online claims for withdrawals, advances, or transfers, update personal details, and track claims in real-time. This allows employees 24/7 access to EPFO services from the comfort of their homes, eliminating the need for physical visits to EPFO offices. For the uninitiated, UAN is a 12-digit number allotted to each member of EPFO (Employee Provident Fund Organization). Think of UAN as a single-point number that brings together multiple member IDs that have been allocated to a particular employee. In September this year, EPFO added 18.81 lakh members, registering a 9.33% YoY growth.

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

It is no secret that women often outlive men. The global average life expectancy in 2021 was about 68.4 years for men. In contrast, this stood at 73.8 years for women. As such, it is far more important for women to begin planning for their golden years as early as possible. Perhaps realizing this, more women are getting into investing than ever before! Even better, women save about 5% more each month than men. A recent Max Life's India Retirement Index Study (IRIS 4.0) also highlighted a similar sentiment: women are increasingly taking charge of their retirement and finances. Per the study, urban Indian working women are now keeping pace with men, with 66% being confident that their current investments will guarantee a financially secure retirement life. In terms of health, 48% of urban Indian working women feel confident that they will continue to stay fit and healthy in their retirement years. Encouragingly, a whopping 68% of urban Indian women have already started investing for their retirement. Amongst their preferred investment avenues are life insurance (65%), bank FDs/RDs (45%), medical insurance (36%), and mutual funds and SIPs (14%). The awareness is not limited to women; young urban Indians are awakening to the realization that retirement planning should be kicked off as soon as possible. Per IRIS 4,0, 44% of Indians consider the right age to start planning for retirement to be before 35 years, a jump from 38% in IRIS 3.0. An overwhelming 93% of respondents aged above 50 regret delaying their retirement planning. Says Priyanka Bhatia, Co-Founder of Women on Wealth, "Women, by and large, live longer than men and may confront professional interferences, which influence retirement reserve funds essentially. Beginning in your 20s permits women to create strategies that account for longevity risks and potential income gaps. Investments like annuities and dividend-paying assets guarantee a consistent income stream post-retirement, permitting ladies to explore monetary freedom even in later years.". Not to mention, beginning early also permits individuals to take advantage of tax-efficient investments over a more drawn-out period. In India, instruments like the National Pension Scheme (NPS) offer tax benefits that develop over the long haul. By expanding these exceptions from a young age, women can grow their retirement reserve funds while reducing taxable income in each financial year. Bhatia notes that even if one is planning to retire early, it does not only mean putting something aside for your 60s. It is also about adaptability to pick semi-retirement choices, work in sectors driven by passion, or even pursue entrepreneurial ventures without financial pressure. "Beginning in your 20s allows you to amass funds that can allow for early retirement, empowering a change to lifestyle-oriented work or community contributions later in life," Bhatia signs off.

Planning for your retirement in your 20s? Here's why it is a smart move!

In a bid to support meritorious and deserving Indian students to pursue their higher education without having to worry about funds, the government today announced the <keyword id="23831216" type="General" weightage="100" keywordseo="PM-Vidyalaxmi-scheme" source="keywords">PM-Vidyalaxmi scheme</keyword>. Here's all you need to know about it: The scheme will cover students who secure admission to one of the top 860 higher educational institutions in the country. In effect, this is set to benefit over 22 lakh students annually. You can apply for this loan via a soon-to-be launched consolidated PM-Vidyalaxmi portal. The loan application will be entirely digital and will not require collateral or assets to be pledged in place of a loan or even a guarantor. For loans up to Rs 7.5 lakh, the government will provide a 75% credit guarantee. If your family's annual income is up to Rs 8 lakh, you are eligible for receiving loans up to Rs 10 lakh at an interest rate of up to 3% lower rates. This support will be offered to around 1 lakh students every year, and those who opt for technical or professional courses from government-run institutions will be given preference for the same. The government has already set aside Rs 3,600 crore for the same, to be utilized between 2024 and 2031, benefiting 7 lakh students in this period. All eligible students whose family's annual income falls below the Rs 4.5 lakh threshold will receive a full subsidy on interest payable. As for which higher education institutions (HEIs) will qualify, it will depend on recent NIRF (National Institutional Ranking Framework) rankings. This will include: <ul><li>All centrally governed institutions</li><li>Public and private institutions that have made it to NIRF's top 100 rankings in the overall, category, and domain-specific categories</li><li>All state government HEIs that are ranked between 101 and 200 in <keyword id="22759868" type="General" weightage="20" keywordseo="NIRF-rankings" source="keywords">NIRF rankings</keyword> will also be eligible.</li></ul> <h2>Rising cost of education</h2> Data from NSSO (National Sample Survey Office) highlights that the average expenditure on education in India has doubled in the last decade. Per the All India Survey on Higher Education 2020-21, the tuition fees for engineering courses in most private institutions have already risen by 50% over the past 10 years. Education inflation currently stands high, at about 11–12%. The demand for educational loans is also inching up steadily. Per RBI data, as of September 20, 2024, the total quantum of outstanding education loans stood at Rs 62,389 crore, up 2.8% from Rs 60,715 crore in September 2023. India's largest lender, the State Bank of India, leads the education loan bandwagon, with disbursals worth Rs 10,860 crore in FY24.

Lack of funds stopping you from pursuing higher education? The government can come to rescue

<ul><li>The <keyword id="23136597" type="General" weightage="20" keywordseo="PM-E-DRIVE" source="keywords">PM E-DRIVE</keyword> scheme, aimed at boosting the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> has been notified.</li><li>The scheme comes into force from October 1, 2024 and will end on March 31, 2026.</li><li>The scheme has an outlay of ₹10,900 crore, spread over two years.</li></ul>Prime Minister Narendra Modi-led central government has notified a new scheme aimed at boosting the adoption of electric vehicles (EVs). The scheme, dubbed as PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) comes with an outlay of ₹10,900 crore. The PM E-DRIVE scheme will be implemented from tomorrow, October 1, 2024, and will be in force till March 31, 2026. The total outlay of ₹10,900 crore is spread over two years, with ₹5,047 crore allocated for FY 2024-25 and ₹5,853 crore for FY 2025-26. The scheme is aimed at accelerating the adoption of EVs in the country, with a focus on electric two-wheelers, electric three-wheelers (e-3Ws) and more. The scheme will also offer grants for the creation of capital assets such as electric buses, the establishment of a network of charging stations and the upgradation of testing agencies identified under this scheme. <div type="Article" hostid="261" msid="113050150" title="Electric two-wheeler sales declined in August 2024, but year-on-year growth continues" mstype="2" mssubtype="0"></div> The PM E-DRIVE Scheme has replaced the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME-II) scheme. Launched in 2015, the FAME-I scheme had an initial outlay of ₹795 crore, which was later extended to ₹895 crore. The government introduced the FAME-II scheme in 2019 with a budget of ₹10,000 crore, which was later enhanced to ₹11,500 crore to extend its support for electric vehicles until March 2024. Following this, the <a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms">Electric Mobility Promotion Scheme 2024</a> (EMPS-2024) was rolled out with a fund allocation of ₹778 crore from April 1, 2024, to September 30, 2024. The PM E-DRIVE subsumes the ongoing EMPS-2024 scheme. A major focus of the scheme is providing demand incentives to lower the acquisition cost of EVs for consumers. For FY 2024-25, the scheme proposes a demand incentive of ₹5,000 per kWh for e-2Ws and e-3Ws, which will be reduced to ₹2,500 per kWh in FY 2025-26. A major part of the outlay, around ₹8,070 crore has been earmarked for EVs. This includes ₹4,391 crore for electric buses and ₹1,772 crore for electric two-wheelers. As part of the scheme, the central government aims to support the purchase of over 14,000 e-buses, establish 2,000 charging stations, and upgrade EV testing facilities across the country. A total of ₹7,171 crore has been allocated for capital asset creation. The scheme encourages states to provide supplemental support through fiscal and non-fiscal incentives. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles

The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors. As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions. <h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day: <ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services. <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program. Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs. <h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible. <h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail. <h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years. <h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly. <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div>

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

The deluge of funds in sectoral, or <keyword id="20296225" type="General" weightage="20" keywordseo="Thematic-Funds" source="keywords">thematic funds</keyword> continued unabashed in September, with investors pouring in Rs 13,254.63 crore via 183 schemes into this category, as <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="261" meta.entityid="AMFI">AMFI</keyword> data showed. In August too, investors had put in Rs 18,117.18 crore via 179 schemes here. The trend has been going strong since July, 2024, which saw <keyword id="20444306" type="General" weightage="100" keywordseo="Sectoral-Funds" source="keywords">sectoral funds</keyword> garner Rs 18,386.35 crores via 174 schemes. In August, 5 new thematic funds were launched on the momentum, which raised Rs 10,202 crore. Last month saw the launch of 4 new sectoral schemes, which garnered around Rs 8,000 crore. However, inflows into <keyword id="21366551" type="General" weightage="20" keywordseo="Equity-Schemes" source="keywords">equity schemes</keyword> fell by 10% in September to Rs 34,419 crore, as compared to Rs 38,239 crore in August 2024. Between April and June 2024, equity <keyword id="19929240" type="General" weightage="20" keywordseo="Mutual-Funds" source="keywords">mutual funds</keyword> had seen a total inflow of Rs 94,222.27 crore, out of which inflows in sectoral funds (Rs 46,731.17 crore) alone were a whopping 50%. While the quantum of inflow in equities, and sectoral funds certainly seems to have tapered down a bit, it continues to remain significantly strong, indicating heavy <keyword id="20354507" type="General" weightage="20" keywordseo="Investor-Interest" source="keywords">investor interest</keyword> in this largely risky segment. Over the last year, AMCs have been pumping out more and more NFOs in this space in a bid to get a bigger chunk of investor's money, and also regulations restrict them from launching new schemes under other categories. However, with the ongoing geopolitical concerns in Middle East, and rising prices of crude oil, the equity markets are set for volatile, uncertain times ahead. However. thematic funds have had a good run so far this year, with YTD (yield to date) of 28.69%, and returns worth 44.71% over the past year. Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "On the prima facie, it looks like investors are concerned about the valuation, increasing geo-political uncertainty and moderation in earnings and hence, we have seen redemption from funds. But we will have to wait for how the global events play out – like the Chinese stimulus, the Fed Decision and the RBI’s MPC policy stance in the months to come". As such, you should think twice and carefully assess the risks involved before dipping your hands in the gush of sectoral funds right now. While they may be all the rage, identifying the right sector or theme at the right time is a job best done by professionals. <h2>Don't ignore the risks involved</h2>Siddharth Alok, AVP Investments, Multi Ark Wealth-Epsilon Money explains that sectoral funds come with high risk, since they are more vulnerable to sector-specific downturns. This might not suit the risk palate of many investors. "All markets have cycles, where some sectors naturally outperform while some underperform in the short to medium term. For instance, industrial and consumer discretionary sectors may perform well in a growing economy, while defensive sectors like utilities or healthcare may perform better during downturns". "To make the most of your investments in sectoral funds, it is essential to time your entry and exit in these sectors, which is a difficult job for a regular investor", he continued. In order to maximise your returns in thematic funds, either investors i.e. you should understand the dynamics of the underlying sector or theme, or you should have qualified and experienced advisors who can help you take the right decision with regards to such investments. As a matter of fact, you should approach any new funds only after comparing them with similar existing offerings and ensuring their aptness in your portfolio. As an astute investor, you should understand that such funds offer a very high-risk high return investment proposition and may not fit in the portfolio of every investor. Investing in every <keyword id="20498936" type="General" weightage="20" keywordseo="NFO" source="keywords">NFO</keyword> (New Fund Offering) without assessing the sector's viability and future growth, merely on the back of its current hype is unadvisable.

The newest fad in mutual fund multiverse: Sectoral Funds. Here's why you should not over-invest in them

Debt <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> saw massive outflows of Rs 1,13,833.95 crore in September 2024. Liquid funds made up about 50% of this, witnessing outflows of Rs 72,665.97 crore. This was followed by money market funds, which lost Rs 23,420.84 crore during the month. Investors continued to repose strong faith in <keyword id="20300870" type="General" weightage="20" keywordseo="equity-mutual-funds" source="keywords">equity mutual funds</keyword>, which saw inflows worth Rs 34,419.26 crore during the month. The momentum in <keyword id="20444306" type="General" weightage="20" keywordseo="sectoral-funds" source="keywords">sectoral funds</keyword> also continued, with them raking in Rs 13,254.63 crore in September. During the month, 4 new sectoral schemes were launched, which gathered a total of Rs 7,842 crore. This was the 43rd consecutive month for positive equities inflows, beginning March 2021. Multi-cap and large and mid-cap funds saw inflows of about Rs 3,500 crore last month, followed by flexi cap funds, which raked in Rs 3,214.57 crore. Amidst ongoing geopolitical concerns, investors chose to stay away from slightly risky investment avenues such as arbitrage funds, which lost Rs 3,531.93 crore during September. Arbitrage funds make money from price differences, which is generated by buying and selling similar securities simultaneously across different markets. Multi-asset allocation funds saw inflows worth Rs 4,070.37 crore during the month. Index funds and gold ETFs also saw funds worth Rs 1,960.29 crore and Rs 1,232.99 crore flowing in, respectively. September saw 13 new index funds launches, which amassed Rs 3,656 crore. All in all, 27 <keyword id="20867320" type="General" weightage="20" keywordseo="new-schemes" source="keywords">new schemes</keyword> were launched last month, which saw inflows worth Rs 14,575 crore. <h2>SIP accounts, AUM at all-time high</h2>The industry's net AUM (assets under management) stood at Rs 67,09,259.24 crores, with mutual fund folios also touching an all-time high of 21,05,15,684. The retail AUM, which comprises of equity, hybrid and solution oriented schemes, also touched an all-time high of Rs 40,44,098 crore, up from Rs 39,27,594 crore in August 2024. Inflows in SIP (Systematic Investment Plans) remained resilient, and witnessed an all-time high, with the number of new SIPs registered in September registered at 66,38,857. The <keyword id="20876064" type="General" weightage="20" keywordseo="SIP-AUM" source="keywords">SIP AUM</keyword> was also at its highest ever, at Rs 13,81,703.94 crores for September. This stood at Rs 13,38,944.73 crores for August 2024 The number of SIP accounts were also at their highest ever at 9,87,44,171, along with SIP contribution, which recorded an all-time high of Rs 24,508.73 crores last month. The MF industry also reached the milestone of having 5,01,22,609 unique investors in September.

Sectoral funds continue lapping up investor money, debt funds see massive outflows in September 2024, shows AMFI data

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.

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

If you have a <keyword id="19930665" type="General" weightage="100" keywordseo="PPF" source="keywords">PPF</keyword> account, you might want to pay attention to this! Starting October 1st, 2024, your PPF account is set to undergo massive changes, thanks to the new regulations, which were notified by the government in August this year, taking effect. If you don't know about them, here's a ready reckoner for you to get up to speed. 1. If you have opened a PPF account in your child's name i.e. a minor (who's under 18 years of age), their account would earn interest equivalent to a POSA (<keyword id="20076819" type="General" weightage="20" keywordseo="post-office-savings-account" source="keywords">Post Office Savings Account</keyword>), which currently stands at 4% p.a. Once your child turns 18 and attains majority, the standard PPF <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword>, which is presently at 7.1%, will kick in. Remember that in a post office savings account, no interest is credited for a particular month, if the balance in this account falls below Rs 500, between the tenth and last day of the month. The maturity period for all such accounts will be calculated from the day the child turns 18 i.e. attains majority. Normally, the general maturity period of a PPF account is 15 years, with the possibility of extending it multiple times, but only in blocks of 5 years. 2. Have multiple PPF accounts? Well, you will not be earning any interest on any of your other PPF accounts, except for your primary one. As it is, PPF rules mandate that an individual can only have 1 PPF account. Inadvertently, many people end up opening 2 PPF accounts, sometimes with different banks, or one with a bank and post office each. Also, note that if you have opened a second PPF account on or after December 12, 2019, you are not eligible for merger of both your PPF accounts. In this case, your second account would be closed, without bearing you any interest. But if you have opened a second PPF account before this date, you can request for merger. However, in case you have not requested for such a merger, only your primary PPF account will continue earning interest at the rate of 7.1% p.a. While you will be able to transfer and send funds across from your second account, interest will only accrue on your primary PPF account, so better regularize your PPF account in the next 4 days with the post office or agency bank, lest you lose out on interest income. In case the balance in your primary PPF account is below the maximum annual investment limit of Rs 1,50,000, any balances you have in your second account will be added to the same, in order to calculate interest. And thereafter, any remaining balances in your second PPF account will be rendered ineligible for further interest. Lets understand this with an example. Suppose you hold 2 PPF accounts-A and B. The balance in account A is Rs 1,00,000, and that of B is Rs 70,000. In this case, you will only earn interest on Rs 50,000 from account B, while the remaining Rs 20,000 will not be considered while calculating interest. If the primary account stays below the applicable investment limit each year, the balance in the second account will be added to it. The primary account will continue to earn the prevailing scheme rate of interest after the merger. The second account's i.e. B excess balance will be returned without interest. 3. If you are an NRI who currently holds an active PPF account, where your residency status in Form H, which is needed to extend the tenure of your PPF account by 5 years was not asked for, your account will continue to earn interest at the same rate as a POSA (4%). Starting October 1st, such accounts will accrue no interest at all. Notably, while NRIs cannot open new PPF accounts, they can continue investing in their existing PPF account, which they had opened whilst they were still Indian resident. But once their account matures i.e. 15 years are over, they will not be able to extend their account's tenure.

Attention! Here's what's changing with your PPF accounts starting 1st October, 2024

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

The <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (<keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword>) and big auto players have hailed the Cabinet decision of PM e-DRIVE schemes aimed at promoting electric mobility across the country. The Rs 10,900 crore scheme will support 2,479,000 electric 2-wheelers, 316,000 electric 3-wheelers and 14,028 electric buses, along with 88,500 <keyword id="186291" type="General" weightage="100" keywordseo="ev" source="Orion">EV</keyword> charging sites. Shailesh Chandra, President of SIAM and Managing Director of Tata Motors Passenger Vehicles Ltd &amp; Tata Passenger Electric Mobility Ltd, expressed strong support for the government's forward-thinking initiative. Chandra said, "This forward-thinking initiative reflects the Government's unwavering support for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s transition to electric mobility, fostering innovation and investment within the sector. We believe this scheme will not only enhance the growth of the EV ecosystem but also strengthen India's leadership in the global movement towards environmental sustainability." Dr Anish Shah, Group CEO &amp; MD, Mahindra Group also commended government's efforts, specifically highlighting the comprehensive nature of the PM e-DRIVE scheme. Shah said, "We applause the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country." M&amp;M noted that schemes like <keyword id="21028" type="General" weightage="20" keywordseo="fame" source="Orion">FAME</keyword> and <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> have already driven penetration of electric three-wheelers in India. "Investments laid out for fast charging infrastructure for all segments will help in increasing consumer confidence for faster adoption of EVs. FAME and EMPS have helped in 20 per cent e-3W penetration in the country. With PM e-drive, we foresee India becoming the first country to achieve 100 per cent electrification in this segment by 2030", he added. The Union Cabinet, on Wednesday, cleared the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-DRIVE) Scheme,' with a total outlay of Rs 10,900 crore over two years. It includes Rs 3,679 crore in subsidies and demand incentives for e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging electric vehicles. It is expected to support the deployment of 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, providing a significant push to India's EV ecosystem. A critical aspect of the scheme is the introduction of e-vouchers for EV buyers. At the time of purchase, an Aadhaar-authenticated e-voucher will be generated, which will enable buyers to avail of demand incentives. Additionally, the scheme allocates Rs 500 crore for the deployment of e-ambulances, marking a new initiative to integrate electric vehicles into essential public services. Another Rs 4,391 crore has been earmarked for the procurement of 14,028 e-buses, with a demand aggregation process led by CESL in nine major cities, including Delhi, Mumbai, and Bangalore. Intercity and interstate e-buses will also be supported in consultation with states. Furthermore, Rs 500 crore has been set aside to incentivize the adoption of e-trucks, a critical move given that trucks are one of the largest contributors to air pollution. The scheme encourages those with a scrapping certificate from <keyword id="19897457" type="General" weightage="20" keywordseo="ministry-of-road-transport" source="keywords">Ministry of Road Transport</keyword> and Highways-approved (MoRTH) vehicle scrapping centres to participate in this transition. With an allocation of Rs 2,000 crore, the scheme will support the installation of 22,100 fast chargers for four-wheelers, 1,800 fast chargers for e-buses, and 48,400 fast chargers for two- and three-wheelers. These chargers will be installed in cities with high EV penetration and along selected highways, making long-distance EV travel more viable.

You Searched For "schemes" and got 11 results

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Attention! Here's what's changing with your PPF accounts starting 1st October, 2024

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New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

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Automobile industry hails PM e-DRIVE scheme to promote EVs

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