1. Government reduces EPF interest rate to 8.1% for 2021-22
The Central Board of Trustee, Employment Provident Fund (EPF) under the Union Ministry of Labour and Employment has decided to reduce the interest to be paid on the EPF fund to 8.1% for the financial year 2021-22.
During the 2020-21 the interest rate was 8.5%.
The meeting of the Central Board of Trustee was held in Guwahati ,under the chairmanship of the Union Minister for Labour & Employment and Environment, Forest & Climate Change, Bhupendra Yadav.
This is the lowest interest rate since 1977-78 when the EPF interest rate stood at 8%.
Employees provident Fund (EPF)
Employee Provident Fund (EPF) is a retirement benefits scheme framed under the Employees Provident Fund & Miscellaneous Provisions Act, 1952.
The Act is applicable to every factory or industry mentioned in Schedule 1 of the Act, wherein 20 or more persons are employed or to any other establishment which the Central Government specifies by notification in the official Gazette, even when the number of employees is less than 20.
It includes any worker having salary(basic salary and Dearness allowances ) of Rs 15,000 or less per month .
The Employee has to contribute 12% of its salary and a similar contribution is made by the Employer. The Government of India pays interest on the amount every year.
On retirement, the employee receives a lump sum corpus of EPF, including the employee’s contribution, employer’s contribution and the interest amount credited every year.
- The fund is managed by Employees Provident Fund Organisation (EPFO) under the Union Ministry of Labour
2. India ranked 4th on the Global firepower Index
Tags: Popular International News
The Global Firepower report 2022 has ranked India as the 4th most powerful military in the world in 2021. The Global Firepower ranks the countries on its potential war making capabilities across land, air and sea fought by conventional means. It means it does not take into account the country's nuclear capability.
The most powerful country in the world was the United States followed by Russia, China, India and Japan.
Iceland was ranked at 142 and was considered as the least military powerful country in the world,
The report has been released by Global Firepower since 2006.
3. Justice (retd.) AK Sikri to be the head of the Char Dham Panel
The Supreme Court of India has appointed Justice ( retd.) A.K. Sikri as the chairman of the high-powered committee constituted by it to “consider the cumulative and independent impact of the Char Dham Mahamarg Vikas Pariyojna on the entire Himalayan valley” on 11 March 2022..
Earlier Professor Ravi Chopra resigned as the chairman of the Char Dham project accusing the Union Road and Highway Transport ministry of ignoring its recommendations.
Justice Sikri is also the chairman of the oversight committee appointed by the Supreme Court, to look after the environmental concerns and other issues related to the Char Dham project.
Char Dham Project
The project seeks to connect the pilgrimage centers of Kedarnath, Badrinath, Yamunotri & Gangotri in Uttarakhand.
The project is of 889 Km length which will build two lane roads.
The total cost of the project is Rs 11,700 crore.
Many environmentalists are objecting to the project as it will harm the sensitive ecosystem of the Himalayas.
4. Debashish Panda appointed as the new Chairman of IRDAI
Tags: Popular Person in news
The Appointment Committee of the Cabinet has approved the appointment of Debashsish Panda as the new chairman of the Insurance Regulatory and Development Authority of India .
He has been appointed for a term of three years .
Debashish Panda earlier retired as the Secretary of the Department of Financial Services , Union Ministry of Finance.
The post of IRDAI chairman has been vacant since May 5, after Subhash C Khuntia stepped down on completion of his term.
IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) was set up under the Insurance Development Authority Act 1999 by the Government of India in 1999.
It was set up on the recommendation of R.N Malhotra Committee on Insurance sector , set up by the Government of India in 1993.
It is the regulator of the Insurance sector in India .
The Headquarters of the IRDAI : Hyderabad .
Appointment Committee of the Union Cabinet
The appointment committee of the Union Cabinet at present consists of the Prime Minister Narendra Modi and the Home Minister Amit Shah .
5. BJP poised to form government in 4 states and AAP sweeps Punjab polls
Bharatiya Janata Party is set to form governments in Uttar Pradesh,Uttarakhand, Manipur and Goa while the Aam Aadmi Party(AAP) swept away Punjab.
The general election to constitute a new legislative Assembly in the states of Manipur, Goa, Uttar Pradesh, Uttarakhand and Punjab was held by the Election Commission of India from 14 February 2022 to March 7 ,2022.
Uttar Pradesh voted in 7 phases from February 10 to March 7 to elect 403 vidhan sabha members of the Uttar Pradesh Legislative Assembly
The 40-member assembly of Goa went to polls in a single phase on February 14.
The 70 member assembly of Uttarakhand went to polls in a single phase on February 14.
The 117 member assembly of Punjab went to polls in a single phase on February 20.
The 60 member assembly of Manipur went to polls in two phases on 28 February and 5 March 2022.
State | Total Seats | Majority seats | Second place | Others |
Punjab | 117 | Aam Aadmi Party -92 seats | Congress(I)- 18 seats | Shiromani Akali Dal-3 seats |
Uttar Pradesh | 403 | BJP-255 seats | Samajwadi party-111 seats | Congress-2 seats |
Uttrakhand | 70 | BJP-47 seats | Congress-19 seats | Others - 2 seats |
Manipur | 60 | BJP-32 seats | National People’s Party -7 seats | Congress-5 seats |
Goa | 40 | BJP-20 seats | Congress-11 | AAP-2 seats |
In Uttar Pradesh,the alliance partners of BJP were Apna Dal(Sonelal) and NISHAD Party(Nirbal Indian Shoshit Hamara Aam Dal") .The alliance partner Apna Dal won 12 seats and the NISHAD party won 6. The total seats won by BJP and its alliances are 273.
Notable winners of the Poll
Uttar Pradesh Chief Minister Yogi Adityanath of BJP won from Gorakhpur Urban seat by defeating Samajwadi Party’s Subhawati Upendra Dutt Shukla. This was the first time he contested an Assembly poll.
Samajwadi party leader Akhilesh Yadav won the Karhal seat by defeating the Union Minister of State for Law and Justice Satya Pal Singh Baghel.
Manipur Chief Minister N.Biren Singh of BJP defeated Congress's P Sharatchandra from Heingang seat.
Goa Chief Minister Pramod Sawant won the Sanquelim assembly constituency seat as he defeated Congress leader Dharmesh Saglani.
Notable losers
- Uttarakhand Chief Minister and BJP leader, Pushkar Singh Dhamilost the election from Khatima to the Congress candidate Bhuwan Chandra Kapri.
- Punjab Chief Ministerand Congress Party (I) candidate Charanjit Singh Channi contested from two constituencies and lost both . He was defeated by Aam Aadmi Party(AAP) candidate Labh Singh Ugoke in the Bahadaur assembly seat. He also lost his traditional Chamkaur singh sahib seat to his name sake ,Chanranjit singh Channi of Aam Aadmi Party.
- Former Chief Minister of Punjab ,Captain Amrinder Singh who formed a new party, Punjab Lok Congress lost his Patiala Urban constituency to AAP's Ajit Pal Singh Kohli.
- Congress Party Punjab chief , Navjot Singh Sidhu lost the Amritsar East seat to AAP candidate Jeevanjyot Kaur
- Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya was defeated by Pallavi Patel of Samajwadi Party in Sirathu constituency .
Pushkar Singh Dhami and Charanjit Singh Channi have resigned from their post .
Chief Election Commissioner of India : Sushil Chandra .
6. Government removes upper age limit for NEET-UG
Tags: Popular National News
In a major decision the government of India has decided to remove the upper age limit for aspirants appearing for the National Eligibility Cum Entrance Test (NEET) for Undergraduates medical courses.
The National Eligibility Entrance Test (NEET), formerly the All India Pre-Medical Test (AIPMT), is the qualifying test for MBBS and BDS programmes in Indian medical and dental colleges. It is conducted by the National Testing Agency (NTA).
As per the Regulations on Graduate Medical Education, 1997 the upper-age limit for candidates appearing for National Eligibility Entrance Test and seeking admission to MBBS programme shall be 25 years as on the date of examination and 30 years for SC/ST/OBC category and persons entitled for reservation under the Rights of Persons with Disabilities Act, 2016.
There is no change in the minimum age criteria of 17 years for appearing in the exam.
According to the government of India there were 51,348 MBBS seats in India in 2014 and now it is 88,120 seats. Nearly half of these seats are in government medical colleges.
This move of the government can be seen as a response to the fact that many Indian students go to places like Ukraine for medical study and one of the reasons cited was the low number of medical seats in India, high fees in private medical colleges in India and also NEET. Increasing the age limit will offer more chances to the candidate to clear the medical exam for MBBS.
7. SEBI raises investment limit through UPI to Rs 5 lakhs in debt securities
Tags: Economy/Finance Popular
Securities Exchange Board of India has increased the investment limit for payment through Unified Payment Interface (UPI) for retail investors buying debt securities in the public issue of a company to Rs 5 lakh.
At present the limit is Rs 2 lakhs.
The new rule will come into effect from 1 May 2022.
Concept Clearing
Debt Securities.
Company needs funds for its business. It can raise the fund by taking loans (borrowing) from banks. Loans taken from banks will not be called debt securities.
Another option for the company is to approach the market also known as the financial market, to borrow. When it approaches the financial market it issues certain papers to the lenders promising to pay interest for a certain time period and also return back the principal amount after a certain time.
This paper creates debt to the company . These types of paper are also called debentures,bonds etc. As it can be freely bought and sold in the market it is also called as debt securities.
Public Issue
When the company approaches the market and asks money from the public by issuing its shares or debentures etc it is called a public issue.
SEBI chairperson : Madhuri Puri Buch
For SEBI kindly see our 28 February 2022 post also.
8. RBI launches 24x7 helpline DigiSaathi
Tags: Economy/Finance Popular
Reserve Bank of India has launched a 24x7 helpline , ‘DigiSaathi’ to address the queries of digital payment users across products.
DigiSaathi will assist users with their queries on digital payments via website & chatbot facility and through toll-free calls where users can dial or call out the options / products for which the information is required.
Automated responses on information related to digital payment products and services are available in Hindi and English through multiple options like – (a) toll-free number (1800-891-3333), (b) a short code (14431), (c) website www.digisaathi.info, and chatbots.
Governor of RBI: Shaktikanta Das
Headquarter of RBI: Mumbai.
9. Reserve Bank of India launches UPI123Pay
Tags: Economy/Finance Popular
To make digital payment more accessible to the people, the Reserve Bank of India has launched UPI123Pay for people who do not have a smartphone .
UPI 123 Pay has been designed to make Unified Payment Interface (UPI) digital payment system more user friendly through feature phones .
Feature phones are normal phones which do not have internet connection and in India around 40 crore people use feature phones .
UPI123Pay includes four distinct options :
App-based Functionality:
An app would be installed on the feature phone through which several UPI functions, available on smartphones, will also be available on feature phones.
Missed Call:
This will allow feature phone users to access their bank account and perform routine transactions such as receiving, transferring funds, regular purchases, bill payments, etc., by giving a missed call on the number displayed at the merchant outlet. The customer will receive an incoming call to authenticate the transaction by entering UPI PIN (Personal Identification Number).
Interactive Voice Response (IVR):
UPI payment through pre-defined IVR numbers would require users to initiate a secured call from their feature phones to a predetermined number and complete UPI on-boarding formalities to be able to start making financial transactions without internet connection.
Proximity Sound-based Payments:
This uses sound waves to enable contactless, offline, and proximity data communication on any device.
This is not the first time that UPI facilities are being made available through a feature phone . UPI facility can be used through a Unstructured Supplementary Service Data(USSD) service.
Under this service the user has to dial *99# to receive a set of menus before initiating instructions. It was complicated and difficult to use and the new UPI123Pay is more easy to use .
UPI (Unified Payment Interface)
UPI was launched by NPCI(National Payment Corporation of India ) in 2016 . It provides an instant fund transfer system from one bank account to another through a mobile phone .
It is operational 24x7 and 365 days.
The maximum fund transfer limit is Rs 2 lakh per transaction.
Important for Exam
UPI :Unified Payment Interface
USSD: Unstructured Supplementary Service Data
Governor of RBI: Shaktikanta Das
Headquarter of RBI: Mumbai.
10. International Women's Day
Tags: Popular Important Days
8 March is celebrated around the world as International Women's Day. It was observed for the first time in 1911.
Theme of 2022 International women's day : “gender equality today for a sustainable tomorrow”.
That is, gender equality is necessary in society for a stable and equal tomorrow.
The colours of Women's Day are purple, green and white. Because purple is a symbol of justice and dignity. On the other hand, green colour symbolises hope and white colour symbolises peace and purity.
