06 Thursday Oct 2016
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Department of Public Enterprises (DPE) has issued orders increasing the IDA to 120.3% w.e.f. 1st October 2016. The increase is 5.5% on the basis on the increased cost of living.
Endorsement by the BSNL is expected shortly.
05 Wednesday Oct 2016
Posted in General
As per the recommendation of the 44th Indian Labour Conference and the decision of the Central Board of Trustees of EPFO, the Labour Minister has assured in the Parliament that EPF will be made compulsory to all establishments with 10 or more workers instead of 20 or more workers. Government had also stated that according to this 50 lakh more workers will be covered under the EPF Scheme.
But the government has gone back on these assurances. Due to pressure from the employers, government has withdrawn the proposal which would have benefited 50 lakh workers.
Going back from earlier assurance is condemnable. The government should honor its assurance.
04 Tuesday Oct 2016
Posted in General
Chinese people celebrated 1st October 2016, the 67th Anniversary of the proclamation of the Peoples Republic of China, which was formed on 1st October 1949. China, the most populous country with about 138 crores of people, is one of the biggest economy in the world. From one of the poorest countries, by adopting Socialism, it has come up as the second most powerful nation in the world after US. It was through hard work and complete faith in Communism that Peoples Republic of China has achieved all this.
On this 67th Anniversary of the PRC, I convey my Warm Greetings to the people of China!
04 Tuesday Oct 2016
Posted in General, Uncategorized
Com. Sitaram Yechury, M.P. and General Secretary of CPI(M) has written the following letter to the Prime Minister opposing the start of “Bad Bank”
“Please refer to my letter to you dated 7 July 2016 about the alarming increase in the Non-Performing Assets (NPA) of state-owned banks and your government’s reluctance to recover these bad loans. As we have not witnessed any action on the points so far and because of newer developments in this area, I am being forced to write to you again.
Recent reports show that bad loan provisioning for most state-owned banks doubled – and even trebled in some cases — in 2015-16. To make matters worse, the core earnings of most of these banks have fallen grossly short of the requirement for bad loan provisioning. There has been a lack of concerted effort to recover these bad loans, and your government has instead waived Rs 59,547 crore of bad loans of big borrowers in 2015-16. All this while, the farmers continue to be hounded for repayment of minor amounts in drought years.
These big borrowers have viable assets which can be easily recovered by banks, if backed up with political will and determination. Instead, we have seen a proposal to divert all the bad loans from state-owned banks by creating a single “bad bank”. It is an attempt to portray a clean-up of bank account books by diverting the bad loans to a separate new entity, which will still be government owned. This “bad bank” will still be furnished by public money as all the other banks will be recapitalised by your government, while big borrowers would be allowed to go scot free at the cost of the honest tax-payer. This amounts to the cronies being rewarded for their profligacy, bad business practices and their lavish personal lifestyles by the hard earned savings of the vast majority of the middle classes and the poor of this country.
A proposal to create a “bad bank” was publicly rejected by the former RBI governor, Raghuram Rajan. He had identified the ‘moral hazard’ problem of this proposal, where the banks would continue to lend to the same big borrowers who would display scant regard for returning these loans.
Before any attempts at whitewashing the bad loans by recapitalising the banks, the principle of “Recovery First, Recapitalise Later” must be followed in letter and spirit of your government. To not do so would confirm our worst fears of your government – which has written off Rs 1,12,089 crore of loans of big borrowers — being beholden to crony capitalism.
As I had mentioned in my previous letter, the need of the hour is for your government to put into practice an urgent action plan to start recovery of pending loans from Top 100 borrowers. You must begin by making public their names with the due amount. A failure to do so would mean that your government is making our working people pay for the criminality of the rich defaulters. This is an inversion of the principle of natural justice.
We hope that you will reject this proposal of creating a “bad bank” and start recovery of bad loans on priority. Anything less would be tantamount to dereliction of your constitutional duty as the prime minister of this country.”
03 Monday Oct 2016
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On the basis of the Niti Ayog recommendations, the Department of Investment and Public Assess Management (DIPAM – the new name for the former Department of Disinvestment) is moving for the strategic sale of 27 central PSUs. The names come out include Container Corporation of India, Bharat Earthmovers Ltd, Certification Engineers International Ltd., Hindustan Newspapers Ltd., Scooters India Ltd., Air India etc. BSNL and MTNL were reported to be in the list, but immediately Niti Ayog issued a denial. It is clear that the denial was only to hoodwink the workers in these two PSUs and take them by surprise later to avoid agitation.
The Central Trade Unions have to focus these issues in a massive and prepare the workers for a serious fight. The Forum of BSNL Unions and Associations as also the Forum of BSNL/MTNL Unions / Associations should start preparations for a serious sustained struggle to defeat the ill-conceived moves of the NDA government.
Bajpai Government sold VSNL to Tata. Are the BSNL and MTNL unions and workers going to allow strategic sale of BSNL and MTNL being planned by the Modi Government?
The answer is a big NO. BSNL Workers defeated the decisions of the government to disinvest and impose VRS/CRS. They will defeat the move for strategic sale also.
03 Monday Oct 2016
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India has to cover its face with shame. 30%, almost 1/3 of its population are under poverty line, with only $ 1.90 ( about Rs. 126.00) a day. The number comes to about 36 crores. India has got maximum poor people in the world followed by Nigeria, an African country.
The increase in the poor population is mainly due to the pro-rich, pro-corporate policy of both the UPA and NDA governments. Another reason is the low literacy rate which is due to its lack of interest in education by the government. There are only two states which have full literacy, Kerala and Tripura, which are both ruled by Left Parties.
“The Rich becomes Richer and the Poor becomes Poorer” – This is completely true with regard to India. Is it not time to change this sad situation? The political parties, social reformers, working class, educationists, trade unions – all have to think and act to change this unacceptable situation.
03 Monday Oct 2016
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Finance minister Arun Jaitely has proudly announced that 64,285 persons have declared their black money coming to Rs. 65,250 crore. The government will get Income Tax @ 45% of the amount coming to Rs. 29,362 crore. The name of the declarants will not be disclosed. Well and fine!
But certain questions are there. Instead of confiscating the entire black money, why the government is allowing it to be made white money by taking 45% tax only?
From the number of persons and the amount declared, it comes to an average of Rs. one crore or so for a person. This means that the declaration has come from the small fish only. Those big fish having hundreds or thousands of crores of black money have not declared at all. In that respect, the declaration process is a failure. What action the government is going to take against the big fish?
Whether it is NPA, Black Money, Corruption, Cheating, it is only the small fish which are caught in the net. The big fish, the big corporates, super rich, who have contributed much to the election funds etc. will never be caught. They will continue with their big mansions in In India and outside, numerous foreign cars and yachts, planes and helicopters and five star hotels and black money kept safe in the foreign havens.
What Dr. B.R.Ambedkar stated at the time of adoption of Constitution is relevant even today: Constitution has only provided equal vote for all; but there is no equality provided in income, education, job or any other thing.
01 Saturday Oct 2016
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The auction for spectrum proposed today is expected to get at least Rs. 5.6 lakh crore for the Government. It may be more also.
We demand that the government should allot at least Rs. 10,000 crore to BSNL and a similar amount to MTNL for modernisation and purchase of equipment. The BSNL and MTNL Managements as also the unions and associations should take up the issue with the government. It is the duty of the government to assist these two telecom PSUs to pass over the present financial crisis and restore its past glory. Simply issuing statements that Government will assist BSNL / MTNL is not sufficient. Action should follow assurances.
01 Saturday Oct 2016
Posted in General
Central Provident Fund Commissioner Shri V.P.Joy has stated that all the 4 crore EPF subscribers will be linked with Aadhar by April 2007. Already 1.5 crore accounts are connected and the proposal is to connect the balance 2.5 crore accounts.
The workers who are the account holders should be educated in the new method of operation without delay. (Courtesy: ET)
27 Tuesday Sep 2016
Reports are coming everyday in the press about the move of the government to close down the central PSUs. The latest is that 15 PSUs are going to be closed. Further many PSUs are targeted for strategic sale. Some others are for disinvestment. In order to help the MNCs and corporates, BJP government is going to demolish the Public Sector which has contributed much for the economic improvement of the country.
Condemn the government move to destroy the PSUs.
VAN Namboodiri's Blog 