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Friday, October 16, 2009

President’s Diwali greetings

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The President of India, Smt. Pratibha Devisingh Patil has sent her greetings to her fellow citizens on the occasion of Diwali.

In a message, the President has said, “On the joyous occasion of Diwali, I convey my warm greetings and good wishes to everyone in India and abroad.

Diwali, the festival of lights is the celebration of the victory of good over evil. Let this year’s festival bring peace, prosperity and communal harmony amongst the people and illumine the lives of those who are in need of help”.

IIMs accept govt pay structure, says Sibal

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Unlike the IITs, the IIMs have accepted the government's salary structure for the faculty, HRD Minister Kapil Sibal said today.

After meeting the IIM directors here, Sibal said the directors did not raise any issue over the pay structure as they have accepted it.

The government in August came up with the revised pay structure for the faculty of Centrally Funded Technical Educational Institutions. However, the IIT faculty protested certain "anomalies" in the pay package after which the government revised the pay structure twice.

Faculty of certain IIMs also requested their institutes not to implement the pay structure for the time being. The government later clarified that its guidelines are just norms which could be relaxed to promote excellence.

Sibal said the government will come out with a performance-related incentive scheme to provide special incentives to teachers in IIMs to promote excellence.
Source:PTI

SBI lifts bar on posting for pregnant women

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The State Bank of India has withdrawn a 30-year-old norm placing certain restrictions on immediate posting to pregnant women after their recruitment.

SBI sources here said a recent circular from the bank's headquarters stated that pregnancy need not be considered as a bar for giving immediate postings to women candidates, who had passed the written tests and interviews.

It said the norms were formulated long back on the premise that pregnancy normally results in indifferent health and is a hindrance in discharge of one's duties.

In view of the advancement in medical sciences and changed lifestyles, the medical community felt that women are able to take up work even during pregnancy. So women candidates should be permitted to join the bank in their first two trimesters (upto first six months of pregnancy), the revised rules said.


Only employment visas for highly skilled Chinese: PC

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India has made it clear to China it will only issue employment visas to its highly skilled workers and that it has decided against giving business visas, Home Minister P Chidambaram said today.

"Chinese workers can come to India only on employment visa, no more on business visas," he told a press conference here.

"We are going to issue employment visas only to highly skilled workers and it does not apply only to Chinese workers but to other countries as well. We are not going to issue any visas to unskilled and semi-skilled workers as we have plenty of them in India," the Home Minister said.

Chidambaram was replying a question on the controversy after Beijing issued visas on loose sheets rather than stamping the passports of people from Jammu and Kashmir and Arunachal Pradesh.
Source:PTI

MARKET WATCH PENSION REGULATOR RESTRICTS NPS INVESTMENTS TO SENSEX, NIFTY COS

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The Pension Fund Regulatory and Development Authority (PFRDA) has said that the money from the New Pension Scheme (NPS) will flow only to those infrastructure companies that find a place in the BSE Sensex or the NSE Nifty. Thus, the interim pension regulator has ruled-out direct lending to any infrastructure project or a particular core sector company.

"They (pension fund managers) can invest the money in companies that are represented in the index and in the same weightage. So they have to track either the Sensex-30 or the Nifty-50," PFRDA Chairman, Mr D. Swarup, told Business Line. "We don't intend to direct our fund managers to lend money directly for infrastructure companies. There is no direct lending to any project per se in our scheme. This will not happen in future also," Mr Swarup said.

Investing on the basis of weightage of companies in the BSE or NSE indices would mean if a company has 2.5 per cent weightage in Nifty-50, then only Rs 2.50 of an individual's total money of Rs 100 would go into that company.

This would ensure that risks are diversified and contained and yet the subscriber gets good returns, he said.

Mr Swarup said NPS fund managers are not allowed to do individual stock picking due to apprehensions that their links to a particular company may make them invest in it. This, in turn, may put the subscribers' money at risk.
from BUSINESS LINE

Release of 2nd installment of arrears of 6th CPC recommendations to new entrants (on or after 1.1.2004)

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F.No.1(2)/E.V/2008

Government of India

Ministry of Finance

Department of Expenditure

*****

New Delhi, Dated 14th October,2009.


OFFICE MEMORANDUM


Subject:- Implementation of New Pension Scheme - Release of 2nd installment of arrears of 6th CPC recommendations to the post 1/1/2004 entrants.



Reference is invited to this Department's Office Memorandum of even number dated 17th August, 2009 wherein it was stipulated that the 2nd installment in respect of post 1/1/2004 entrants will be subject to the filling up of Physical Registration Form by the individual NPS Subscriber.

2. The OM dated 17/8/2009 was issued to ensure that subscribers fill in the Physical Registration Form so that the basic data viz. name, age, date of birth, address, etc. are updated in the PRAN account maintained by NSDL so that their PRAN Account gets activated. It is presumed that Physical Registration Form would have been filled up by now.

3. The 2nd installment of arrears on account of implementation of revised pay scales on the recommendations of the Sixth Central Pay Commission may be released to all the post 1/1/2004 entrants straightway.

4. In case there are any stray cases where data required by NSDL still remains to be obtained, it may be ensured that this may be sent ot NSDL by 30th November, 2009.

Related Posts:
1.OM released for 2nd installment of 6th CPC arrears

2. Pre-Condition for release of 2nd installment of 6th CPC arrears



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