Department Financial News

Who will be eligible for a productivity-linked bonus in the Indian Army? The bonus will be paid to all eligible group B (non-gazetted) and group C civilian employees of the Indian Army who are covered under the productivity linked bonus scheme (PLB) scheme for the accounting year 2022-23. How much productivity-linked bonus will civilian employees of the Indian Army get? «The calculation ceiling of Rs 7,000/- (7000×40/30.4) and other terms and conditions of the PLB Scheme will remain unchanged,» said the order.

global trade and economy refuse to abate. After Covid and the Ukraine war ravaged global supplies, creating energy and food crises in many parts of the world, another risk has started building up. The Israel-Hamas war, even though it hasn't spilled over to other countries, is threatening a wider disruption of trade and supplies.

OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. OneWeb, which has recently completed a merger with France’s Eutelsat, has become the first entity in India to be granted the approval from IN-SPACe. With approval from IN-SPACe, the Eutelsat OneWeb has secured all the necessary permissions and now needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services. IN-SPACe is the agency of the Government of India, responsible for regulating space activities and granting authorisation for conducting the space activities in the country. Bharti Group Chairman and Vice-President (Co-Chair) of the Board of Directors of Eutelsat Group, Sunil Bharti Mittal, said Eutelsat OneWeb is ready to deploy as soon as it receives the final spectrum authorization to launch commercial services. Any entity which wants to offer satcom services in India must get approvals from IN-SPACe, a global mobile personal communication by satellite services (GMPCS) licence and spectrum from the DoT.

(Reuters) -Kohl's on Tuesday posted a bigger than expected drop in quarterly sales, as customers spent less dollars at its department stores amid persistently high inflation.

Tesla Model S. Before leaving the dealer, he bought insurance from Tesla itself, finding the initial $93 monthly premium “really reasonable.” Sixteen days later, as he drove along the Capital Beltway to his Maryland home, he engaged Autopilot, Tesla’s automated driving system. The car started beeping and lurched left — striking a median and flipping.

Central Board of Indirect Taxes and Customs (CBIC) has raised the threshold for filing of appeals before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by ten times to Rs 50 lakh, as it looks to reduce the number of litigations. The thresholds for appeals in the high courts and the Supreme Court have been doubled to Rs 1 crore and Rs 2 crore, respectively.

OpenAI on November 17 announced that co-founder and CEO Sam Altman has been dismissed for inconsistencies in communication with the company's board. In a statement on its website, the board said it "no longer has confidence" in Altman's ability to lead OpenAI. OpenAI is the start-up that has produced the generative artificial intelligence platform ChatGPT.

One of Russia’s biggest banks says international crypto exchanges such as OKX, Bybit, and Bitstamp are “cooperating with Russian arbitration managers” in bankruptcy investigations.

Reskilling and upskilling are not only turning out to be effective talent retention tools but also helping companies boost revenue, according to a joint report by EY and iMocha. According to the report, more than 50% of the enterprises which participated in the global survey are undergoing “skills-first transformation” (SFT) and clocking two times growth in revenue compared with their peers. The report was released on Tuesday. Companies adopting SFT saw 61% of human resources department leaders reporting better outcomes for talent retention in 2023 and 58% reporting a boost in employee performance. The report is based on primary research via interviews and surveys with 560 HR leaders and employees across BFSI (banking, financial services and insurance), information technology, telecom and other industries across the US, EMEA (Europe, the Middle East and Africa), India, Southeast Asia and the Australia-New Zealand region. More than half of the companies that participated in the survey are embracing SFT, as per the report.

Delhi High Court has in its recent ruling clarified that the extended 10-year review period for Income-Tax (I-T) assessments should only be applied when the assessee's alleged undisclosed income exceeds ₹50 lakh, The Times of India reported. It further clarified that below the specified threshold, assessments can only be reopened within a three-year period, the report added. This will be applicable to all review notices sent on or after April 1, 2021.

Senior Citizen’s Savings Scheme (SCSS), and Time Deposit Scheme have changed. The regulations have now eased, thus, allowing more inclined investors to benefit from putting their money in them. The following list provides a summary of the nine categories of small savings schemes provided by the Indian government at present.

UFO was spotted in the skies, officials told PTI. The disruption caused delays for three flights and led to the diversion of two planes before services were normalised after three hours, they added. The Indian Air Force Eastern Command at Shillong was also informed, as per the official.

Tamil Nadu Weather Update: IMD issues yellow alert for THESE districts, predicts heavy rainfall. Details here It is to be further noted that when considering the monthly mean, Bengaluru has already surpassed the expected figures by a significant margin. This deviation is not solely attributable to daily rainfall but is instead a result of moderate to heavy rains occurring on two distinct occasions.

Northern Minerals executive chairman Nick Curtis is being targeted by Chinese interests accused of a covert attempt to gain control of the strategically important rare earths player.

Washington | The US Justice Department is seeking more than $US4 billion ($6 billion) from Binance Holdings as part of a proposed resolution of a years-long investigation into the world’s largest cryptocurrency exchange.

State and federal wildlife agencies have developed a new weapon to slow down invasive carp across the Great Lakes region: traitor fish

Sugar prices are soaring in many places

Kyle Vogt has resigned as CEO of Cruise, General Motors' autonomous vehicle unit

(Reuters) -The U.S. Justice Department is seeking more than $4 billion from Binance Holdings as part of a proposed resolution of a years-long investigation, Bloomberg News reported on Monday, citing people familiar with the discussions.

₹5,600 crore to procure 800,000 tonnes at the MSP of ₹7,000 crore per quintal and ₹2,400 crore for 400,000 tonnes of masur at ₹6,000 a quintal MSP. However, the procurement expenses may be over and above this, the official added.

₹10 trillion for capex in FY24, a 37% rise from last fiscal. In FY23 and FY22, capex budgets were increased by 24% and 40%, respectively. However, infrastructure ministries including roads and railways have already used up more than 60% of their allocated capital, and are on course to finish the rest by January.