JICA India to loan Rs 520 crore for Forest and Biodiversity Conservation in West Bengal

 Japan International Cooperation Agency (JICA) has signed a loan agreement with the Indian government to provide Japanese ODA loan amounting to JPY 9,308 million (approximately Rs 520 crore) for the Project for Forest and Biodiversity Conservation for Climate Change Response in West Bengal (WB-FBCCCR). The objective of the project is to mitigate and adapt to climate change and conserve and restore ecosystems by adopting ecosystem-based climate change measures, biodiversity conservation, livelihood improvement

Rajasthan government announces 4 per cent hike in DA of state employees, pensioners

 The Rajasthan government on Saturday announced a 4 per cent increase in the dearness allowance of the state employees and pensioners. The pensioners and state government employees will now receive a 42 per cent dearness allowance (DA) with effect from January 1, 2023.

Earlier, 38 per cent DA was being given to them.

The decision will benefit about 8 lakh state employees and 4.40 lakh pensioners, according to an official release.

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Apart from the state employees, this benefit will also be payable to the work-charged, Panchayat Samiti and Zila Parishad employees.

The state government will bear a financial burden of about Rs 1,640 crore annually with this increase.

Chief Minister Ashok Gehlot said the central government announced a DA, but it is implemented after a long time, while the Rajasthan government ensures immediate payment of the increased amount along with the announcement.

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UBS to buy Credit Suisse for nearly $3.25B to calm turmoil

 

Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.

Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in  ..

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The deal was “one of great breadth for the stability of international finance," said Swiss President Alain Berset as he announced it Sunday night. "An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.”

Switzerland's executive branch, a seven-member governing body that includes Berset, passed an emergency ordinance allowing the merger to go through without shareholder approval.

Credit Suisse Chairma ..

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India likely to keep April-Sept borrowing under 60% of FY24 goal, sources say

The Indian government's borrowing for April-September is likely to be between 55% and 58% of its gross borrowing target for next fiscal year, two government officials said on Wednesday, to front-load expenditure and keep bond supply closer to market expectations.

India aims to raise 15.43 trillion rupees ($187.18 billion) from the market in the financial year starting April 1, higher than the 14.21 trillion rupees it raised this year.

"The government is planning to keep its borro ..

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The officials did not want to be named as they are not authorised to speak to the media. A finance ministry spokesperson did not immediately reply to a Reuters email seeking comment.

The government borrowed 58% of its full-year target in the first half of this financial year.

However, market participants want that to be reduced to 55% of this year's target, with a higher share of longer-tenor paper, given the sizeable maturities due i ..
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All you need to know about National Pension System (NPS) and its tax benefits

 

Financial planning is one of the most essential steps to meet one’s life goals. A strong financial plan can help us manage our income, expenses, and investments, and allows us to build the life that we aspire for, taking into consideration fluctuating expenses, unexpected exigencies, and economic downturns. But how does one formulate a strategy where risks are controlled and reasonable returns are ensured for a worry-free future? Interestingly, making small changes to the way we manage money app ..


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National Pension System (NPS) is an unparalleled tax-saving investment option that substantially reduces your tax liability. As an investment cum pension plan launched by the Indian Government, any Indian citizen from the age group of 18 years to 70 years, as well as employees from the public, private, and the unorganised sectors, except those working in the Armed Forces, can open an NPS account. While NPS has been primarily designed to provide retirement security through attractive investment o ..


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How to invest in an NPS account
NPS, in short, are low-cost pension plans wherein an individual can invest in a mix of equity, government debt, alternate investment funds, and corporate debt, with allocation to Equity capped at 75% till the age of 50 after which, it reduces steadily while % allocation to debt increases. NPS comes with a lot of flexibility regarding deposits and withdrawals, where you can opt for two kinds of account preferences: NPS Tier 1 and Tier 2. Both th ..


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Any individual can participate in the NPS under 3 models :
All India Citizens (including NRIs) between the age 18 and 70 years can open an NPS account.
Corporate Model where employer/employee in the organised sector contributes to the employee’s Tier 1 account.
Central / State Government Model which guides mandatory participation of government employees who joined employment on or after 1 Jan 2004.Breaking the myth around withdrawal a ..


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Centre releases Rs 1.40 lakh crore tax devolution amount to states

The government has released the 14th instalment of tax devolution of more than Rs 1.40 lakh crore to states. "The Union Government has released 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore today, as against normal monthly devolution of Rs 70,159 crore," the finance ministry said in a statement on Friday.

This is in line with the commitment of the Union government to strengthen the hands of states to accelerate their capital and developmental expe ..

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https://economictimes.indiatimes.com//news/economy/finance/centre-releases-rs-1-40-lakh-crore-tax-devolution-amount-to-states/articleshow/98549548.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstCurrently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments to states during a fiscal year.

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