Provident Fund Body Extends Deadline To Apply For Higher Pension Till June

Retirement fund body EPFO has extended the date for filing applications to opt for a higher pension till June 26, 2023.

In order to provide a larger window of opportunity and in order to enable all eligible persons to file their applications, the timeline for filing applications would now be till 26th June, 2023, according to a statement.

"The EPFO (Employees' Provident Fund Organisation) has made arrangements for obtaining applications for validation of option/joint option from pensioners/members as per the Supreme Court order on November 4, 2022," labour ministry said in a statement.

To facilitate this process, online facility has been made available.

More than 12 lakh applications have been received till date.

The online facility was to remain available only till May 3, 2023.

In the meantime, many representations have been received from various quarters seeking extension of time.

The issue has been considered and it has been decided that in order to provide a larger window of opportunity and in order to enable all eligible persons to file their applications, the timeline for filing applications would now be till 26th June, 2023, it stated.

The timeline is being extended to facilitate and provide ample opportunity to the pensioners/members so as to to ease out any difficulty being faced by them.

This has been decided after sympathetically considering the various demands received from employees, employers and their associations, it stated.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/YNX47iH
via

World Bank Board To Vote On US Nominee Ajay Banga Tomorrow: Report

The World Bank's 25-member executive board is set to vote on the U.S. nominee to run the World Bank, Ajay Banga, on Wednesday after completing a four-hour interview with the ex-Mastercard CEO on Monday, sources familiar with the process said.

Mr Banga, 63, the sole contender to replace departing president David Malpass, is expected to win the consensus-based vote handily after a three-week charm offensive that saw him meet with government officials, business executives and civil society groups around the world, the sources said.

If approved, Mr Banga could start in the new job in early June after the June 1 departure of Malpass.

U.S. President Joe Biden nominated Mr Banga, an Indian-born executive who is now a U.S. citizen, in late February.

One of the sources said Mr Banga had impressed shareholders in recent weeks as a "true change maker" who will help accelerate reforms at the global development bank, which is under pressure to increase its lending to help developing countries address global challenges such as climate change and conflict.

U.S. Treasury Secretary Janet Yellen told Reuters last month she is insisting that next steps in the World Bank's evolution be taken "on a rolling basis" in coming months, after the bank's board approved an initial set of reforms at its spring meetings.

She said attracting more private capital for development goals would be a key area of focus for Mr Banga if he is approved.

The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/DUwHLrG
via

World Bank Board To Vote On US Nominee Ajay Banga Tomorrow: Report

The World Bank's 25-member executive board is set to vote on the U.S. nominee to run the World Bank, Ajay Banga, on Wednesday after completing a four-hour interview with the ex-Mastercard CEO on Monday, sources familiar with the process said.

Mr Banga, 63, the sole contender to replace departing president David Malpass, is expected to win the consensus-based vote handily after a three-week charm offensive that saw him meet with government officials, business executives and civil society groups around the world, the sources said.

If approved, Mr Banga could start in the new job in early June after the June 1 departure of Malpass.

U.S. President Joe Biden nominated Mr Banga, an Indian-born executive who is now a U.S. citizen, in late February.

One of the sources said Mr Banga had impressed shareholders in recent weeks as a "true change maker" who will help accelerate reforms at the global development bank, which is under pressure to increase its lending to help developing countries address global challenges such as climate change and conflict.

U.S. Treasury Secretary Janet Yellen told Reuters last month she is insisting that next steps in the World Bank's evolution be taken "on a rolling basis" in coming months, after the bank's board approved an initial set of reforms at its spring meetings.

She said attracting more private capital for development goals would be a key area of focus for Mr Banga if he is approved.

The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/DUwHLrG
via

At Rs 1.87 Lakh Crore, GST Collection For April 2023 Is Highest Ever

The goods and services tax (GST) revenue collection for April 2023 was the highest-ever at Rs 1.87 lakh crore, the government said today.

Last month's gross GST collection was more than the previous highest in April 2022 by Rs 19,495 crore - or 12 per cent higher than the GST collection year-on-year.

The centre collected Rs 68,228 crore on April 20 - the highest-ever single-day collection.

"The revenues for April 2023 are 12 per cent higher than the GST revenues in the same month last year," the government's Press Information Bureau said in a statement.

"During the month, the revenues from domestic transactions (including import of services) were 16 per cent higher than the revenues from these sources during the same month last year," it said.

Sikkim's GST revenue collection growth of 61 per cent was the highest among the states at Rs 426 crore in April 2023, compared to Rs 264 crore in the same month last year, according to data published by the government today.

Though Sikkim's GST revenue growth percentage is higher, the amount collected is smaller than in bigger states like Gujarat and Haryana.

Gujarat collected Rs 11,721 crore in April 2023, against Rs 11,264 crore in the same month last year - a rise of 4 per cent. Haryana collected Rs 10,035 crore this April, against Rs 8,197 crore in the same month last year - a 22 per cent growth.

from NDTV Profit-Latest https://ift.tt/x54kGtM
via

At Rs 1.87 Lakh Crore, GST Collection For April 2023 Is Highest Ever

The goods and services tax (GST) revenue collection for April 2023 was the highest-ever at Rs 1.87 lakh crore, the government said today.

Last month's gross GST collection was more than the previous highest in April 2022 by Rs 19,495 crore - or 12 per cent higher than the GST collection year-on-year.

The centre collected Rs 68,228 crore on April 20 - the highest-ever single-day collection.

"The revenues for April 2023 are 12 per cent higher than the GST revenues in the same month last year," the government's Press Information Bureau said in a statement.

"During the month, the revenues from domestic transactions (including import of services) were 16 per cent higher than the revenues from these sources during the same month last year," it said.

Sikkim's GST revenue collection growth of 61 per cent was the highest among the states at Rs 426 crore in April 2023, compared to Rs 264 crore in the same month last year, according to data published by the government today.

Though Sikkim's GST revenue growth percentage is higher, the amount collected is smaller than in bigger states like Gujarat and Haryana.

Gujarat collected Rs 11,721 crore in April 2023, against Rs 11,264 crore in the same month last year - a rise of 4 per cent. Haryana collected Rs 10,035 crore this April, against Rs 8,197 crore in the same month last year - a 22 per cent growth.

from NDTV Profit-Latest https://ift.tt/x54kGtM
via

Jaypee Group's Flagship Firm Defaults On Rs 4,161 Crore Loans On March 31

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans of Rs 4,161 crore, including principal and interest amount.

In a regulatory filing on April 29, Jaiprakash Associates Ltd (JAL) informed that the company on March 31 defaulted on repayments of a principal amount of Rs 1,653 crore and interest of Rs 2,508 crore.

The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).

"The total borrowing (including interest) of the company is Rs 29,396 crore, repayable by 2037, against which only Rs 4,161 crore is overdue as on March 31, 2023," Jaiprakash Associates said in the filing.

Out of the total borrowing of Rs 29,396 crore, the company said Rs 18,051 crore will get further reduced on transfer to the proposed special purpose vehicle (SPV) for which the scheme of arrangement duly approved by all the stakeholders is pending sanction of the NCLT (National Company Law Tribunal).

"The entire loan is in any case under restructuring," JAL said.

The company said it has been taking tangible steps to reduce the borrowings.

"Post the proposed divestment of cement business and the restructuring under consideration, the borrowing will get almost to nil upon implementation of revised restructuring plan," it said.

JAL also said that the ICICI Bank had approached the NCLT Allahabad on the direction of the RBI under section 7 of the Insolvency & Bankruptcy Code 2016 against the company. It has objected the same.

"The matter is pending to be decided simultaneously with the Scheme of Arrangement for transfer of Real Estate to the SPV to be sanctioned by the NCLT," the filing said.

In September 2018, ICICI Bank filed an insolvency petition against JAL. The country's biggest lender SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore as of September 15, 2022.

Recently, JAL and its group firms announced the sale of its remaining cement assets to Dalmia Bharat Ltd at an enterprise value of Rs 5,666 crore and exit from the sector as part of its strategy to reduce debt.

Earlier, as part of its debt resolution exercise, JAL had sold more than 20 million tonnes per annum cement capacity to Aditya Birla group firm UltraTech Cement between 2014 and 2017.

In its erstwhile subsidiary Jaypee Infratech Ltd (JIL), Mumbai-based realty firm Suraksha Group has recently got approval from the NCLT for its bid to acquire JIL and complete around 20,000 apartments in Noida.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/0kvl9u4
via

Jaypee Group's Flagship Firm Defaults On Rs 4,161 Crore Loans On March 31

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans of Rs 4,161 crore, including principal and interest amount.

In a regulatory filing on April 29, Jaiprakash Associates Ltd (JAL) informed that the company on March 31 defaulted on repayments of a principal amount of Rs 1,653 crore and interest of Rs 2,508 crore.

The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).

"The total borrowing (including interest) of the company is Rs 29,396 crore, repayable by 2037, against which only Rs 4,161 crore is overdue as on March 31, 2023," Jaiprakash Associates said in the filing.

Out of the total borrowing of Rs 29,396 crore, the company said Rs 18,051 crore will get further reduced on transfer to the proposed special purpose vehicle (SPV) for which the scheme of arrangement duly approved by all the stakeholders is pending sanction of the NCLT (National Company Law Tribunal).

"The entire loan is in any case under restructuring," JAL said.

The company said it has been taking tangible steps to reduce the borrowings.

"Post the proposed divestment of cement business and the restructuring under consideration, the borrowing will get almost to nil upon implementation of revised restructuring plan," it said.

JAL also said that the ICICI Bank had approached the NCLT Allahabad on the direction of the RBI under section 7 of the Insolvency & Bankruptcy Code 2016 against the company. It has objected the same.

"The matter is pending to be decided simultaneously with the Scheme of Arrangement for transfer of Real Estate to the SPV to be sanctioned by the NCLT," the filing said.

In September 2018, ICICI Bank filed an insolvency petition against JAL. The country's biggest lender SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore as of September 15, 2022.

Recently, JAL and its group firms announced the sale of its remaining cement assets to Dalmia Bharat Ltd at an enterprise value of Rs 5,666 crore and exit from the sector as part of its strategy to reduce debt.

Earlier, as part of its debt resolution exercise, JAL had sold more than 20 million tonnes per annum cement capacity to Aditya Birla group firm UltraTech Cement between 2014 and 2017.

In its erstwhile subsidiary Jaypee Infratech Ltd (JIL), Mumbai-based realty firm Suraksha Group has recently got approval from the NCLT for its bid to acquire JIL and complete around 20,000 apartments in Noida.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/0kvl9u4
via