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Govt decides to release final installment of pay arrears: Good news for the government employees, as the festival season came; government has decided to release the final installment of pay arrears. Government has decided to release the last installment of salary arrears to the government employers on Tuesday August 25, 2009. This will put burden on exchequer of over Rs. 17, 500 crore. The first installment of 40% arrears was paid during fiscal. The decision to release the second installment is taken by finance ministry office. According to them the remaining arrears is paid out now to the concerned government employees of the government. Every employee of the particular government has be paid by their own government. However the date of payment is yet to decide. The estimated arrears that are calculated is near about 29, 373 crores. The decision of releasing arrears in two installments had been taken in last year of the month August. According to that, in future the pay out will be released in two installments. They decided to release the first pay outs in 40% and second in 60%. Wire money online to India with Xoom.com for as low as $4.99. Finance minister office memorandum: Finance minister office declared a memorandum which has to be accepted by the concerned government and they accepted that. According to this memorandum, the government employees are advised to deposit the arrears in their GPF account as in the case of first installment they did. This time too government should permit their employees to deposit amount in GPF account for their better saving for future. The employees who joined the government service after January1, 2004 will get the second installment only after it is assured that they have joined the new pension scheme. They have to first complete all the legal formalities of new pension scheme and after their clarification, they got the second arrears. The government had accepted the cabinet 6th pay out commission with all the modification s and after that it is allowed to release the arrears second and final installment. Pensioners will also get: A sigh of relief for those who are in not in government job now that is they left the job either these employees are retired from the government jobs or has taken VLS, in short all the  pensioners of the government department will also get their final installment of arrears. As the [...]

Indian currency template: In these days, the news of fake Indian currency notes is very common. Everyday at least one case is get to hear that fake notes found here and there. Now what first thought come in mind is from where they get the print of Indian currency notes? Is it available so easily that any once can steal the print? Is the template of Indian currency is available with such an ease? Who is responsible for all this? Wire money online to India with Xoom.com for as low as $4.99. CBI admits secret Indian currency template compromised: Due to increase in cases of fake notes, CBI researched on it and admits that Indian secret currency template which is used to print Indian currency notes has been compromised. Due to which the possibilities of fake currency notes increases and which affects the economy of India. CBI announces a special team which includes detective and officials. These officials are from Reserve bank of India, Directorate of Revenue Intelligence and Central Forensic Science Laboratory. This team will find out that how and at what level the design of the template has been compromised. The director of CBI Ashwini Kumar said that the CBI team ha revealed that the template of Indian currency which is designed in 2005 has been compromised. When he was asked that still the same pattern or template was used for Indian currency notes, he replied positive responses on this. And his positive response poses a question on the compromised secret template for Indian currency notes. Finance Minister Official report: According to an official of finance minister I don’t know how CBI has been able to reach to secret template design of the Indian currency notes. It is not an easy task to reach there. He shows his amazement that it is very surprising to hear this news that CBI has reached and not only this but also investigated on this matter. The officials of Finance Minister was shocked to know that CBI has reached to the secret design and investigated this all. Although the RBI has not yet confirmed that the template has been compromised. They still did not give any confirmation on the report of CBI but CBI has already made a team to know that at what level the design has been compromised. According to Harsh Bhal, “A secret team has been set up which [...]

H-1B visa demand ebbs as US recession bites: This year is not at all good in terms of jobs point of view. Due to US recession many countries are also affected especially those which are related to Information Technology (IT) field. This in turn affect H-1B visa. The demand of H-1B visa also decreased due to this recession. This is the first year, IT business hits the business since it grew in 2001. This year, fewer applicants are requested for this visa. This indicates that there is less demand of skilled workers in foreign countries. India is one of the countries who used this kind of visa for their employees. But this year due to recession in western market business is not going well; less IT business professionals deploy their employees to client’s offices overseas. H-1B is directly related to trade market and less use of it shows less business. Because the process of business is not gaining too much speed, it affects the H-1B visa demand rate. Wire money online to India with Xoom.com for as low as $4.99. H-1B visa: H-1B visa is a kind of visa for foreigners to visit in United States. It is an official code for the work permit which is used by employer to hire a skilled professional from foreign countries. To get this visa, employer has to apply in advance to get the visa according to their time suitability. But this year due to uncertainty in business fronts, every one has thought at least once. India’s highest ranking software companies like TCS, INFOSYS said that this years they also used less H-1B visa to deploy their employees. According to INFOSYS, this years the total cost of the visa cut down and come down to around 25 crore from 60 crore in the time period of April-June. TCS said it has sufficient visas. They don’t need more as less business less demand of applicants. After seeing all this TCS is going to plan to train their employees locally. Before this TCS used its US centers to train their locally recruited employees from engineering colleges. USCIS report: Each year many employers deploy their employees to US on H-1B visa. They deploy their employees to get them proper training to improve their skills in particular filed. This year recession affects mostly to IT field employees as well as employers. Employers don’t want to pay much [...]

Tech Mahindra among top 5 IT companies: Nasscom: Nasscom presents its list in which there are some changes shown because of Satyam Computers crisis. The first three positions remain same; there is some change in last two positions. Satyam Computers remember, yes the same IT Company who had done billion dollar fraud in early 2009 year. Instead of it, Tech Mahindra is considered and it scored fifth position now. Tech Mahindra is a name that is most famous in India. It is that company who has taken over Satyam. This Company becomes parent company of Satyam. After take over on Satyam, Tech Mahindra comes in top 5 IT companies. Wire money online to India with Xoom.com for as low as $4.99. Nasscom ranking: When fraud of Satyam opened publically, Nasscom decided not to take this company in ranking list. They officially out the company from their ranking. Nasscom did not take the risk to take Satyam in the latest ranking. Instead of that Nasscom considered Tech Mahindra, the new parent company of Satyam. According to latest ranking of IT industry association Nasscom, Tech Mahindra occupied fifth position. HCL Tech grabs the fourth position which was the position of Satyam Computer last year. The parent company of Satyam was previously ranked at number six, but due to Satyam’s exit from the list, it occupies fifth position and in this way comes into top 5 IT firms of India. Now Tech Mahindra is in Nasscom ranking. The first three positions remain same that is first three positions are scored by TCS, Infosys and Wipro respectively. They are still country’s largest software exporter. Satyam Computers is not in ranking: Satyam Computers is officially out from the league of India’s top software companies. Now Satyam Computers has been rebranded to Mahindra Satyam and it is not considered in the latest ranking because of its acquisition. This is the common reason known by everyone. Another reason is it is yet to release the full year audit result of the Satyam Computers. Satyam Computers fallen into crisis because of the fraud done by its ex chairman. This ex chairman is also the founder of Satyam Computers, B Ramalinga Raju. Nasscom doesn’t include some Indian IT companies: The list of Nasscom only included those IT companies who have their head quarters in India and have share in India-centric revenue figures. The Nasscom includes companies like Infosys, TCS, [...]

                     Government Decision All hopes of revival have ended for the closed sugar mills of Punjab. Badal led SAD-BJP alliance government has decided to sell the land of six closed sugar mills to the Punjab State Federation of Co-operative House Building Society for the construction of housing colonies instead of reviving these sick units. With it the dreams of thousands of employees and mill laborers of resumption of work have dashed. It must be learnt that former Co-operative minister late Captain Kanwaljeet Singh had dreamt of reviving the sick mills within the time frame of three months but his dreams too have been broken. Co-operative department has 15 sugar mills out of which, Faridkot, Jeera, Budhlada, Jagraon, Tarantaran and Rakhra based sugar mills have been closed for a long time because of government’s indifference. All the workers of these mills have been left jobless. Neither they have got their salaries for a long time nor have they been transferred to other governmental departments. Wire money online to India with Xoom.com for as low as $4.99.   Allotment of Land In its 2007’s assembly elections manifesto the SAD-BJP alliance had promised to restart these closes mills. Late Captain Kanwaljeet Singh had promised to take immediate steps for the revitalization of these ill-mills. To keep his promise he had planned to establish electricity production units in these sugar mills to solve the financial problems of these mills. More than fifteen private companies had showed their interests in this new planning. An electricity production unite has already been established in Faridkot based sugar mill that was established in 1991. This unite produces the electricity worth two crore seventy lakh annually. But this mill, too, has been closed because state government has shown the deficit of seventy seven crore in the time of ten years. In spite of the planning of restarting production from these sick unites the state government has allotted the land of these mills to Housefed to construct big residential colonies. Faridkot based mill has 133 acres of land out of which 65 acres have been allotted to Housefed to construct residential colonies. Except it large chunks of land of the remaining five sick sugar units have also been allotted to construct residential colonies.   Economy of Punjab Except it the financial condition of the remaining sugar mills of Ajnala, Shaheed Bhagat Singh Nagar (Nawan Shahar), Batala, [...]

Black Money Issue During the 15th Lok Sabha elections BJP leaders had raised the issue of black money that corrupt Indian millionaires, political leaders and police officials have deposited in the foreigner especially Swiss banks. They were saying that billions of black money will be brought back into the country and India will become world’s most prosperous country in a very short time span. But one question rises that corrupt industrialists and political leaders are the owners of this black money not the ordinary Indians and thus who will bring the black money back into the country and who will allow doing so. During the election time it was a perfect slogan to befool the people but now Congress led UPA government should seriously and honesty think about this problem so by bringing the black money back into the country the progressive works should be given a new impetus. Wire money online to India with Xoom.com for as low as $4.99. Reality In reality the term ‘black money’ is related with cash flow of the currency and only those people know how to use it properly who are the masters in this profession. Firstly black money is deposited in the foreigner countries or properties are bought in and out of the country with this money. Sometimes, people buy land or large farm houses in the names of their relatives which are usually bought in non-existent or bogus names. Whenever some officer or leader is caught red handed taking the bribe they usually decline about their ownership of some property etc. so properties are bought in non-existence names by the corrupt officers and leaders. There are many examples of it that corrupt leaders amassed a lot of property during their rule and they were blamed for corruption. They lost in the elections but after elections their children live the life of kings. CBI raids recovered documents of property that had been bought in non-existent names. Luxury cars were found but they say that their relatives are the owners of these items who are the god fearing people and daily goers to the Gurudwaras or temples. There are many examples when many high class government officials and police officers had collected crores of rupees though corrupt means for the satisfaction of their personal interests. Corruption Definition United Nations Development Program has given a new definition to the increasing corruption of Asian countries [...]

Those who wish to buy new house, Realty giant DLF has some good offers of its new housing project at Gurgaon. It is a first of its kind move and the company has written to the people who had booked flats at its New Town Heights residential project, where construction is yet to start, of an amendment to its sale agreement. The change entitles customers to benefits that will work out to a price reduction, it says, of about 20 per cent. Wire money online to India with Xoom.com for as low as $4.99. The company will offer a 5% discount on the basic sale price. Another 10% rebate would be offered for timely payment. The changes also include an increase in the compensation rates for delays from Rs 5 per sq ft per month to Rs 10. DLF has rescheduled the payment plans as well. Now, instalments have been linked to various construction milestones. All payments received over and above 35 per cent of the sale price will thus be treated as advance payment, and a rebate equivalent to 13 per cent interest will be allowed to the customer.During the times of global economic meltdown, the company said the move was in tune with its earlier announcement to cut the prices of residential projects by 15-20 per cent. “We have been implementing the price correction on a project to project basis. Different models were worked out in cities like Chennai and Bangalore. In Hyderabad, reduced prices were announced. Each model reflects the price correction happening in specific cities,” Rajiv Talwar, group executive director, DLF said. According to him, DLF’s attempt is to hold all existing clients, boost customer confidence and attract new customers, to ensure continued cash flow in the times of global recession. “We are trying to be responsive to the market,” he said.   Customers, however, said it wasn’t such a generous thing. Commenting on the 10 per cent timely payment rebate, they said the rebate was on 65 per cent of the total amount, as 35 per cent was always paid as advance. “This means the rebate is effectively 6 per cent and not 10 as claimed by DLF. When the total benefit may not be more than 11 per cent, how can the company claim to offer 20 per cent discount?” they asked.The project-specific and city-specific plans also came under criticism. However, the customers agreed [...]

It was the settlement day of March series as tomorrow is Gudi padwa and the markets had to close all the settlements today itself. There was a stunning performance from the benchmark indices today. The Sensex once again had touched the 10,000 mark. It took almost 50 sessions and it managed to close above the same level. Nifty as well tested the 3100 mark but in the course of the day it retreated from that level during the last 10 minutes of the trade. There was good buying from the foreign as well as domestic investors. Local mutual funds were also active in midcaps on NAV propping. Wire money online to India with Xoom.com for as low as $4.99. Markets stayed positive as there was buying in infrastructure, metal, banking, technology, auto, FMCG and oil&gas sectors. It kept the mood positive throughout the day. Broader indices also followed the same trend but underperformed the benchmark indices. All sectoral indices ended higher barring Realty index.  The Sensex has touched an intraday high of 10,061.36, before closing the day at 10,003.10, up 335.20 points or 3.47%. The 50-share NSE Nifty shut shop at 3082.25, up 3.28% or 97.90 points, after hitting a high of 3103.35. The last time both indices had touched respective marks on January 7, 2009.    The frontrunners include ONGC, Bharti Airtel, BHEL, TCS, L&T, Sterlite, Maruti and Tata Power which gained almost 6%, where as SBI, ITC, Infosys, Reliance Industries, NTPC, HDFC, HUL, ICICI Bank and HDFC Bank gained upto 4%. Due to F&O expiry, there was the highest turnover and markets reported turnover of more than Rs 90,000 crore for the third consecutive day. Total traded turnover stood at Rs 97,107.51 crore. This includes Rs 15,527.42 crore from NSE cash segment, Rs 76,957.01 crore from NSE F&O and the balance Rs 4,623.08 crore from BSE cash segment.   The wholesale price index (WPI) is very close to the 0% mark. Inflation for week ended March 14 came in at 0.27% — still in positive terrain — compared with 0.44% week on week (WoW). January 17 WPI inflation has been revised to 4.95% versus 5.64% provisionally. Everyone has very well-factored in a negative print in WPI and it is primarily on higher base last year. there will be lot more rate cuts going ahead. She forecasts another 50 basis points cut as far as reverse repo rate is [...]

It was the most strongest session in the year 2009 which benchmarked indices this year. The upward journey was continued in the markets on the back of strong global cues. There was a short covering in rate sensitive and fresh long build up in major heavyweights which boosted the markets to reach it higher and higher. Wire money online to India with Xoom.com for as low as $4.99.   Nifty touched the 2700+ mark while the Sensex reached beyond 8700 mark. Banking & financial, technology, metal, oil & gas and capital goods stocks led this rally followed by auto, realty and FMCG stocks.  The Sensex which runs on 30 shares touched the geight of 8793.21 before the day closed at 8756.61. the over all gains is that of 4.95%% or say 412.86 points. The 50-share NSE Nifty gained 101.80 points or 3.89%, to settle at 2,719.25, after hitting a high of 2726.15. Reliance Industries, Infosys, ICICI Bank, HDFC, L&T, HDFC Bank, SBI, ONGC, TCS, Tata Power, Bharti Airtel and Reliance Communication were leading contributors in this rally. However, only NTPC closed in red, was down 2%. This is a real positive sign of the economy being revived and markets coming to the track. Mr. KV Kamath Said that he sees recovery in the fourth quarter of the current financial year across sectors except in the textile industry. Kamath, also the president of industry body Confederation of Indian Industries (CII), said he was basing his assumption on the interaction with members of the CII National Council meeting. Talking about the Nify March Futures, it ended with 1-point premium. It added almost 40 lakh shares in open interest.this gives turnover of Rs9900 crores. The Nifty Put-Call ration was up by 1 point from 1.25 to 1.35. Stocks futures that added to the stream includes DLF which added 46 lakh shares, SAIL added about 30 lakh, ICICI Bank added nearly 22 lakh and Reliance Capital added about 11.5 lakh shares in open interest.  The rally was led mainly by the positive global cues. When the Indian equities were closing, European marktets were toward high. FTSE went up 62 points, to 3,774. CAC was trading at 2,744, up 50 points and DAX was trading at 3,999, up 43 points. The US futures were trading with marginal gain; Dow Jones Futures were at 7,195, up 27 points and Nasdaq Futures at 1.166, up 3 points.  [...]

It was for the first time in the history of IIM: Kolkata, Ahmedabad or Bangalore, everywhere the placement season was extended. In this time of global economic slowdown even the new asprirants are facing the heat. These management graduates haven’t got the blues over despite this exention. More over the salaries have fallen. Wire money online to India with Xoom.com for as low as $4.99. The new aspirants are not getting what ttheir seniors might have got. In Ahmedabad itself the salaries offered have dipped to 30%. Now the offered package is that around 12.5 lakhs. For those in Kolkatta, tthere is a slowdown by 12% and the average package that was offered is 14 lakhs. It was interesting to learn that the offers from the financial sectore were on high. Almost 40% of the offers were from the financial sector where as the number was 34% last year.  This year there was another major change. PSU once again have started  coming to IIMs to find the talent. The only thing that was not interesting with the PSUs was that the offer was only for the average salary of 7 lakhs. In Bangalore as well the story is no good. Here the average salary offered was around 12 lakhs almost 30% lesser than what it used to be. Most of the recruiters have not participated because of the recruitement freeze that is going on because of economic slowdown and cost cutting.  The companies are not hiring. Infact companies are facing a challenge in retaining the employees that they already have. Voluntary retirements, unpaid leaves etc are the measures that these companies have resorted to. PSU banks were among the top recruiters, hiring 34 of the over 200 students at IIM Calcutta. Things will be better next year says a report by global job survey firm Manpower. A survey of 3600 employers over seven sectors indicates slow but steady hiring could happen from the second quarter of 2009.   While the meltdown has taken a global toll, India hiring will be the highest in the Asia Pacific region. Global meltdown has not spared even headline-making placements of Indian Institute of Management (IIM) grads. The average salary in the 2009 placement season at IIM-Calcutta witnessed a fall of 23 per cent over the last year.  The domestic average this year was Rs 12.7 lakh, with the highest offer at Rs 60 lakh per [...]