Introduction of FDI in the defence sector

FDI in Defence Sector – Introduction of FDI in the defence sector

FDI in Defence Sector

The Government vide Press Note 7 of 2014 Series dated 26.08.2014 has notified revised FDI Policy in defence Sector, according to which FDI upto 49% is allowed in the sector through Government route and above 49% through approval of Cabinet Committee on Security (CCS) on case-to-case basis, wherever it is likely to result in access to modern and state-of-the-art technology in the country. Further, FDI in Defence Sector is subject to obtaining Industrial Licence under the IDR Act, 1951.

The introduction of FDI in the defence sector will not pose any threat as some of the major conditions governing Licensing in Defence Sector are as follows:

(a) The management of the company / partnership firm owning the Industrial Licence should be in Indian hands with majority representation on the Board as well as the Chief Executive of the Company / partnership firm being Resident Indians. This condition is, however, not applicable to cases of foreign investment above 49%.

(b) Adequate safety and security procedures would need to be put in place by the licensee. The Indian Licensed Defence Companies (ILDC) shall comply with the security guidelines applicable to them as per security instructions / architectures prescribed in “Security Manual for Licence Defence Industries” available at www.ddpmod.gov.in based on their categorization. Some of the important guidelines of the Security Manual includes External Security Audit of the ILDCs by Intelligence Agencies once in two years and Cyber Security Audit by CERT-IN empanelled Auditors once every year.

(c) The licensable defence items as mentioned in the license, produced by the private manufacturers will be primarily sold to the Ministry of Defence. These items may also be sold to other Government entities under the control of the Ministry of Home Affairs, State Governments, Public Sector Undertakings (PSUs) and other valid Defence Licensed Companies without prior approval of Department of Defence Production (DDP). However, for sale of the items to any other entity, the licensee shall take prior permission from DDP, Ministry of Defence.

This information was given by Minister of State for Defence Shri Rao Inderjit Singh in a written reply to Shri Naresh Agrawal in Rajya Sabha today.

Source: www.7thpaycommissionnews.in

National Commission for Ex-Servicemen – Setting up of Veterans Commission

National Commission for Ex-Servicemen – Setting up of Veterans Commission

Setting up of Veterans Commission

In pursuance of Hon’ble President’s statement made in the joint session of parliament on 9th June, 2014 regarding Government’s decision to appoint a Veteran Commission, the National Commission for Ex-Servicemen Bill, 2015 has been drafted in order to set up the National Commission for Ex-Servicemen. The comments of Department of Legislative Affairs have been obtained on the Bill and the follow-up action is being taken in accordance with the guidelines / procedure laid down for legislative proposals to set up such Bodies. No funds have been allocated for setting up of the Commission during the year 2014-15

This information was given by Minister of State for Defence Shri Rao Inderjit Singhin a written reply to Shri Rajeev Chandrasekharin Rajya Sabha today.

Source: www.7thpaycommissionnews.in

One Rank One Pension Scheme – Implementation

Implementation of One Rank One Pension Scheme – Defence Minister replied in Parliament

Implementation of One Rank One Pension Scheme

The principle of One Rank One Pension for the Armed Forces has been accepted by the Government. The modalities for implementation have been discussed with various stakeholders and are presently under consideration of the Government. It will be implemented once the modalities are approved by the Government.

This information was given by Minister of State for Defence Shri Rao Inderjit Singh in a written reply to Shri Avinash Rai Khannain Rajya Sabha today.

Source: www.7thpaycommissionnews.in

New Website of National Pension System Trust Launched

New Website of National Pension System Trust Launched

New Website of National Pension System Trust Launched; To Provide Proper and Effective Information Dissemination to the Stakeholders and Provide Ease of Access to Various Beneficiaries Under NPS

The National Pension System Trust has been set-up and constituted by Pension Fund Regulatory Development Authority (PFRDA) for taking care of the assets and funds under the National Pension System (NPS) in the interest of the beneficiaries (subscribers).

The National Pension System Trust has launched its new website www.npstrust.org.in here today.. The website was launched by Shri G. N. Bajpai, Chairman & Trustee of the Board of NPS Trust. The website is aimed to provide proper and effective information dissemination to the stakeholders and provide ease of access to various beneficiaries under NPS.

www.npstrust.org.in

About NPS Trust

The National Pension System Trust (NPS Trust) was established by PFRDA on27th February, 2008 with the execution of the NPS Trust Deed. The NPS Trust has been set up and constituted for taking care of the assets and funds under the National Pension System (NPS) in the interest of the beneficiaries (subscribers). Individual NPS subscribers shall be the beneficiaries of the NPS Trust. The NPS funds are managed by the Board of Trustees to realize and fulfill the objectives of the NPS Trust in the exclusive interest of the Subscribers.

Bank Employees Wage Revision – 10th Bipartite Wage Settlement

Bank Employees Wage Revision – 10th Bipartite Wage Settlement Comes to an End

WE ARE HAPPY TO INFORM THAT IN TODAY’S TALKS, WAGE REVISION SETTLED AT 15% (RS.4725/- CRORES) WITH EFFECTIVE FROM 01.11.2012.

2ND AND 4TH SATURDAY’S WILL BE HOLIDAYS AND OTHER SATURDAY’S WILL BE FULL WORKING DAYS.

STRIKE DEFERRED.

DETAILED CIRCULAR FOLLOWS.

Indian Banks’Association

Minutes of the discussions held on 23rd February 2015 between IBA representing

Management of banks which are parties to the Bipartite settlement and

Workmen Unions and Officers Associations on wage revision

Discussions were held between the Indian Banks’Association representing Managements of banks and the authorized representatives of Workmen Unions and Officers Associations on wage revision for officers in banks. After holding several rounds of discussions, the parties have mutually agreed as under:

1. The wage revision will be effective from 1.11.2012

2. The annual wage increase in salary and allowances @ 15% which works out to Rs.4725 crores on salary slip components.

3. The new scales will be constructed after merging dearness allowance corresponding 4440 points as on November 2011, which works out to 60.15% and adding a load factor of 2% on Basic pay plus Dearness Allowance as on 31st March 2012 amounting to around Rs.597 crores.

4. Distribution of annual wage increase between workmen unions and Officers Associations will be worked separately based on breakup of establishment expenses as on 31-3-2012.

5. Every second and fourth Saturday of the month will be a holiday and the other Saturdays will be full working days.

6. All other issues of the Managements and Unions/Associations discussed during the process of negotiation will be settled to the mutual satisfaction.

7. The parties will meet on mutually convenient dated to draw out a detailed Bipartite Settlement/Joint Note on the various issues on which consensus positions have been reached. The parties will endeavour to finalise the Bipartite Settlement/Joint Note within a period of ninety days from the date of this minutes.

Signed at Mumbai on 23rd February 2015

For Management
TM Bhasin
VR Iyer
Arundhati Bhattacharya
Rajeev Rishi
Ashwani Kumar
Arun Tiwari
Rakwshi Bethi
shyam Srinivasan
Animesh Chauhan
Ashwini Mehra
MV Tanksale
K Unnikrishnan
KS Chauhah

For Officers Association Workers Unions

All India Bank Officers Confederation
All India Bank Officers Association
Indian National Bank Officers Congress
National Organisation of Bank Officers
All India Bank Employees Association
National Confederation of India
Bank Employees Federation of India
Indian National Bank Employees Federation
National Organisation of Bank Workers

Click here to view the original 10th Bipartite Wage Revision Settlement Minutes

Source: www.7thpaycommissionnews.in