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Good news for PF account holders, government may announce big next month

January 31, 2019

National News:

1.Good news for PF account holders, government may announce big next month:-Before the Lok Sabha elections, the Modi government can make a big announcement to please the workers. According to media reports, the Modi government can announce the increase in the rate of interest of the EPFO in February. If this happens, then about 60 million employees working in the organized sector will have direct benefit. Let us know, this year the Lok Sabha elections of the country are proposed in the month of April-May.

It is being said that the employee can increase 8.55% interest on the EPFO. There has been discussion regarding the increase in interest rates in the recent EPFO’s annual internal review. After the discussion, it is almost certain that interest rates of EPFO will be increased. After this, officials in the past also expressed the possibility that interest rates of EPF will be increased.

EPFO is developing a software that will show the cash and ETF portion separately in the PF account. If cash and ETF investments begin to appear separately in the account, then EPFO’s next big move will be to give shareholders an option to increase or decrease investment in the stock.

the Central Board of Trustees, the top body of EPFO, had asked the organization to explore the possibility of providing an option to reduce shareholding in shares in the beginning of the year. PF interest rates have been falling for the last two years. If the average returns from PPF and NSC meet in 2018, it is almost 7.7 per cent. At the same time, the EPF got 8.55 percent interest on deposits.

2.Prime Minister Narendra Modi laid the foundation stone of Surat Airport Terminal Building in Gujarat:-Prime Minister Narendra Modi is on a one-day tour of Gujarat on Wednesday . He laid the foundation stone for expansion of the airport terminal at Surat earlier.

Prime Minister will later dedicate the national salt Satyagraha monument to the nation later in Dandi.

“The main event will be in Dandi. Where national salt Satyagraha will be dedicated to the nation on Mahatma Gandhi’s Nirvana day. In this memorial made at a cost of 110 crores, 81 silicon bronze sculptures of pedestrians included in Dandi March have been made. Including the statue of Mahatma Gandhi. There are 24 silicon-bronze paintings in this monument. Which narrates the history of Dandi travel. ”

Businesss News:

3.Reserve Bank of India will raise Rs. 3 trillion 75 billion through government securities in the financial system to increase liquidity:-The Reserve Bank of India has said that in the financial system to increase liquidity, in February, through government securities, it will put Rs. 3 trillion 75 billion The Reserve Bank is monitoring the liquidity situation and needs. The Reserve Bank of India issued on Tuesday said that the government securities will be bought under the open market system. For this, there will be three auctions in the second, third, and fourth week of February.

4.Budget 2019: Starting from the budget session today, know these 5 things before the interim budget is presented.:-The Modi government will present an interim budget on February 1. It will also be the last budget of the present government. The interim budget is a report of government expenditure. This is the details of the receipts and expenditure of the government, although no budget is proposed in this budget.

Before the Budget to be introduced on February 1, you should know these five things:

Budget is prepared on behalf of officials of the Department of Finance, under the Ministry of Finance, in which other ministries are consulted. This includes budget speech, annual financial statements, finance bill, demand for grant and microeconomics framework.
The interim budget is usually presented when the government’s tenure is left for a few months and the government needs fund to run its functioning till then. After the interim budget, the full budget is presented by the new government.
By the year 1999, the first budget was presented at 5 o’clock in the evening on 28 or 29 February. However, Finance Minister Yashwant Sinha changed his time from 5 am to 11 a.m. Since then the budget is present at 11 o’clock in the morning. At the same time, in 2016, Arun Jaitley united the rail and general budget.
The budget was first presented on the last working day of February, though the Modi government changed this tradition. Now the budget is starting to be presented on the first working day of February. The beginning of the budget session has started from today (January 31) and this session will be held in the Lok Sabha and Rajya Sabha till 13 February.
Constitutionally, the outgoing government is allowed to make tax changes and announce new policies in the interim budget, but since independence, the interim budget has been presented 12 times so far and existing governments have made a major change or announcement Has avoided it. That’s because the upcoming government can present full budget without any burden.

5.On February 1, Piyush Goyal will present interim budget, find interim budget and differences in votes on account:-Union Minister Piyush Goyal will present the interim budget on February 1, 2019. Piyush Goyal has been given additional charge of Finance Ministry due to Finance Minister Arun Jaitley’s poor health. The budget session of Parliament will commence from January 31, which will run till 13 February.

Difference between votes on account and general budget: The general budget is presented for a full fiscal year, whereas the interim budget is presented for a few months. A few months after the interim budget, the full budget is also presented in the same year by the new government.

Interim Budget: During the electoral year in democratic countries, governments present an interim budget by not presenting full budget. In fact, this budget has the formalities of arranging the expenses till the formation of the new government in the electoral year. No decision is taken in this budget, which is the policy and which needs to be approved by the parliament or the changes in the law to fulfill. There is no change in direct tax in this budget, although governments give relief in import, excise or service tax. Generally every government has its own fiscal plans and he allocates funds accordingly.

Differences in interim budget and vote-on-account: There is little difference between the interim budget and the vote on account. Both are for a few months only. However, there is a difference in how to present both. In the interim budget, the central government gives details of the expenditure besides the expenditure, whereas in the accounting only the Parliament seeks approval for expenditure.

Sport News:

6.The International Cricket Council announced the Twenty-Twenty Cricket World Cup-2020 program in Australia:-The International Cricket Council has announced the Twenty-Twenty Cricket World Cup-2020 program in Australia. For the first time, men and women’s tournaments will be played in the same year and in the country. The Women’s Twenty-Twenty World Cup will commence on February 21 and will be concluded on March 8 at International Women’s Day.