34 C 
Traders in Madhya Pradesh observed No UPI Day on Wednesday. They were seeking an immediate withdrawal of the imposed MDR fees on UPI transactions.
How to refuse money requests from family and friends without destroying relationships
Lending money to friends and family without clear terms often leads to unreturned funds, damaged relationships, and personal stress. Learning to say no through clear boundaries, delaying responses, and offering alternative solutions can protect both your finances and personal bonds.
Can you make payments without internet connectivity? RBIs offline e-rupee initiative explained
RBI is exploring offline e-rupee transactions using Bluetooth and NFC, allowing digital payments without internet connectivity. Details here.
From October 1, 2026, all domestic LPG consumers will need to undergo Biometric Aadhaar Authentication to access subsidies. This process is designed to ensure that subsidies are provided solely to qualifying households. Authentication can be done through delivery personnel, distributor outlets, or mobile apps provided by oil marketing firms.
As of September 17, 2026, the EPF wage ceiling is set to increase from Rs 15,000 to Rs 25,000. This adjustment does not affect employees whose earnings exceed Rs 25,000. Those earning between Rs 15,000 and Rs 25,000 will experience negligible changes to their contributions. Notably, EPS contributions will rise for employees hired prior to September 2014. Employers are responsible for managing increased contributions while keeping their salary structures intact.
EPS pension on 25,000 salary: How much can you get at 50, 58 and 60?
Father attested brothers sale deed, children lost 3.5 acres: What Madras HC ruled on oral partition
Attesting brothers sale deed has major legal consequences in proving oral partition of ancestral land; How children lost 3.5 acre land dispute case in Madras HC because of this. Read this article to know more.
A joint home loan can help spouses increase their borrowing eligibility by combining their incomes, while also allowing them to share EMI payments. But higher eligibility does not mean couples should borrow the maximum, as both borrowers share the repayment responsibility.
Mutual fund SIP AUM rose 23% YoY to Rs 18.62 lakh crore in August 2026, while SIP flows as a share of gross equity flows hit a two-year high of 43%. Aggregate SIP flows for the 12 months ended August grew 17% YoY to Rs 3.7 lakh crore, the Franklin Templeton report said.
India is set to play a key global role in Autodesks innovation and software development, with the US design and engineering company citing the countrys engineering talent, scale and digital adoption. Autodesk also sees opportunities in Indias semiconductor, mobility and industrial manufacturing sectors, while expanding AI capabilities and local skills development.
Make in India shifts focus to deeper manufacturing capabilities, global competitiveness: CII
CII said Indias manufacturing sector is shifting from simply expanding capacity to building domestic supply chains, developing technology and integrating deeper with global markets as Make in India completes 12 years.
Power ministry sends draft National Electricity Policy 2026 to Cabinet: Secy Pankaj Agarwal
The draft of the National Electricity Policy 2026 has been submitted for cabinet consultation to enhance the power supply. This policy aims to address the needs for grid management and renewable energy sources. The power sector has evolved since the last policy was established in 2005, with different challenges now present. Demand for coal-based electricity has recently increased, reflecting a need for improved logistics.
Amazon to bet $3 billion on India's fast-delivery boom, sources say
Amazon has announced plans to invest $3 billion in its quick commerce business in India by 2030. This investment aims to expand its network of small neighborhood warehouses to improve delivery efficiency. Amazon is focusing on daily essentials rather than one-off purchases in this sector. Current competitors have established loyalty among customers, making competition more challenging for Amazon.
Navitas Solar to invest over $1 billion in clean energy expansion
Navitas Solar intends to invest 100 billion rupees in Gujarat and Maharashtra over the next five years. This investment will support the expansion of solar ingots, wafers, cells, modules, and battery storage. The company is already constructing a 2.4 gigawatt solar cell plant in Gujarat, with operations expected to begin in July 2027. Additionally, Navitas is developing solar parks in Maharashtra with specified capacities.
UPI MDR kicks in October 15: Why NPCI expects no hit to transaction volumes
NPCI CEO Dilip Asbe said the new Merchant Discount Rate is unlikely to materially affect UPI transaction volumes, with the additional revenue expected to be reinvested in payment infrastructure and technologies such as soundboxes and AI.
Banks in India will close for multiple days in October due to holidays, including national and regional observances. The RBI's holiday calendar outlines numerous non-working days affecting banks across various states.
IRDAI has proposed rules with the aim of providing clearer choices for borrowers considering insurance cover for their loans. Check full details here.
India must reduce oil & gas dependence, shift to renewables: Power Secy Pankaj Agarwal
Pankaj Agarwal emphasized the need for India to shift from oil and gas towards renewable energy. He noted recent events have highlighted the importance of energy security in the country. Significant changes in the power sector's economics, particularly in battery storage costs, were also discussed. The government is addressing grid stability challenges posed by geographical concentrations of renewable energy.
Corporate NPS: why India needs to flip the retirement savings default
Corporate NPS offers tax benefits, low costs and long-term returns, yet only 56% of eligible private-sector employees participate. The answer may lie in changing one thing: the default.
Buying a luxury car is not just about comparing the price of a new model with a pre-owned one. Buyers should consider depreciation, loan interest, insurance, maintenance, warranty, repair costs and resale value to understand the actual cost of ownership.
Proposed 0.4% UPI MDR could recover Rs 15,000 crore in first year: NPCI chief
Gold may have pushed silver into the spotlight, but the shift is not just about price. Younger Indians, in particular, are looking at silver differently, seeking jewellery they can experiment with and wear more often something that is harder to do with gold at current prices.
The IRDAI has proposed transformative reforms to enhance insurance distribution in India, focusing on affordability and transparency. Key changes include limits on insurer expenses, greater disclosure of commissions, and measures to reduce mis-selling. While these reforms aim to empower consumers, concerns about the impact on market competition and the viability of low-premium policies remain.
Saudi opens oil taps for Asia as India, China hunt crude amid Iran war, Hormuz crisis
Saudi Arabia has sold almost 100 million barrels of crude to Asian buyers, including refiners in India and China, helping ease supply concerns as the Iran war disrupts regional oil flows. The sales come as Iranian crude supplies dry up, Russian oil faces political risks and Saudis damaged East-West pipeline pushes more exports through Hormuz.
VBL Zimbabwe signs exclusive distribution pact with Mondelez
Varun Beverages Limited Zimbabwe has entered into a distribution agreement with Mondelez South Africa. This exclusive agreement will focus on chocolate, biscuits, candies, and gum products. The partnership is set to take effect from October 1, 2026. Varun Beverages plans to utilize its existing distribution network for this venture. The specific investment details have not been disclosed by the company at this time.
Maruti Suzuki India commissions 300 kW Green Hydrogen (GH2) electrolyzer plant
Maruti Suzuki India commissioned a 300 kW Green Hydrogen (GH2) electrolyzer plant, a pilot initiative, at its Manesar Facility. The project would help the firm maximise the use of its solar energy generated on-site. The Green Hydrogen produced would be blended with Natural gas to be used as process fuels in manufacturing operations. The auto-maker is in an advanced stage of setting up a 10 Tonnes Per Day (TPD) biogas plant at its Kharkhoda facility as well as recently approving 4 CBG projects, costing Rs 5,610 million. Parent company Suzuki Motor Corporation (SMC) has partnered with the National Dairy Development Board (NDDB) and dairy industry unions to set up 10 biogas plants across India
Shivtek Spechemi Industries to expand manufacturing capabilities through new land acquisition
Shivtek Spechemi Industries is planning to expand manufacturing capabilities through new land acquisitions and expanding existing manufacturing facilities at Pungam (Ankleshwar), Gujarat. Shivtek is constructing the new facility entirely from the ground up as the first industrial entrant on this specific plot. Leasing of factory space by manufacturing companies is projected to rise to 30-32 million sq ft annually by 2030 from 21.3 million sq ft in 2025. The company also announced strategic capacity expansion of 14,000 MT at its flagship manufacturing facility in Kurnool, Andhra Pradesh.
Did your agent mis-sell insurance? IRDAI proposes clawing back their commission under new reforms
IRDAI has proposed commission claw-back when an insurance policy is found to have been mis-sold. The proposal also seeks to link salespersons to policies they sell and make mis-selling records publicly available, giving consumers more information before buying insurance.
Gold continues to strengthen despite higher US real yields and a Federal Reserve rate hike, with central-bank buying, inflation risks and energy uncertainty supporting demand for the precious metal.
India has implemented new quality norms for smartphone screen protectors that will take effect in 2027. The government aims to prevent low-quality imports from harming local manufacturers who have established production capacities. Electronics and Information Technology Secretary S Krishnan emphasized the importance of supporting quality domestic products. A partnership between Optiemus Infracom and Corning highlights ongoing efforts to strengthen local manufacturing.
50 litres per customer: Private pumps ration diesel as oil shock deepens
Private fuel retailers have started limiting diesel sales at their pumps due to rising crude prices. Several Jio-BP outlets have imposed caps on diesel sales per customer and daily limits. Nayara Energy outlets have similarly enforced restrictions for transactions within certain limits. However, state-run oil marketing companies continue to sell fuel without restrictions at their stations.
Bank strike from Sept 28-30: Why are employees demanding 5-day work week and pension tweak?
Bank unions (UFBU) plan a 3-day strike (Sept 28-30) demanding a five-day banking week and pension reforms. Banks will stay open on Sept 27 (Sunday) to offset disruption. Strike coincides with half-yearly closing on Sept 30, a key date for provisioning and treasury operations.
Sensex stuck for 2 years: What a time correction means for your SIP and investments
Buying an old property with a home loan? What buyers need to check
Buying an old property with a home loan requires more than checking the price. Buyers should verify title, registration, encumbrances, construction approvals, structural condition, repair costs and whether the property meets lender requirements before proceeding.
NSE draws brokerage attention on stock market debut as 3 firms initiate coverage on Day 1
NSE shares rallied after a muted listing at Rs 1,800, pushing the exchange into Indias ninth-most valued company with a market cap of Rs 4.63 lakh crore. The post-listing surge came as three major brokerages initiated coverage on Day 1 with positive ratings. Macquarie called NSE The Dominator and assigned an Outperform rating with a Rs 1,965 target price.
Manoj Devshi Chhadva, a tenant in a Mumbai housing society, received two flats valued at 1.38 crore for surrendering his tenancy rights. He got a tax notice and later challenged it. Here's why he won the case.
Can children from a void second marriage claim fathers property? Know their inheritance rights under Hindu law. HC says Section 16 of the Hindu Marriage Act, can mean that a child born from a second marriage which was proved as void can still inherit the fathers property.
Income Tax: Buying property from an NRI gets easier from October 1; what changes for buyers
From 1 October 2026, resident individuals and HUFs buying immovable property from non-residents will no longer need to obtain a separate TAN for TDS. They can use their PAN and file the new Form 141, simplifying the tax reporting and payment process.
Homebuyer wins as MahaRERA orders builder to pay stamp duty and registration charges and also Rs 5.4 lakh interest to homebuyer. Read this article to know why the homebuyer won the case in MahaRERA real estate tribunal.
Middle class salary: Why your salary vanishes within 48 hours & how to get financial freedom
Best medium to long duration funds to invest in September 2026
Even a minor upward movement in interest rates could make these schemes extremely risky and volatile. In simple terms, investors might lose money in such a scenario. That explains why advisors do not speak about these schemes often. Needless to say investors should be extremely cautious about these schemes in the current scenario.
FD-backed SBI Card: Advantage SBI Card launched; who can benefit from it?
SBI Card has introduced the Advantage SBI Card through the SBI YONO app, making it simpler than ever for customers to apply. This innovative offering features four variants of secured credit cards linked to fixed deposits. With a fully paperless application process, it's designed to enhance accessibility, particularly for those with limited credit histories seeking a means to build financial profiles.
ABVKY Scheme 2026 explained: Check 90-day ESIC relief, eligibility and benefits
Gold and silver prices in India dropped slightly during early trading hours on Thursday. Check retail rates of the precious metals in top metro cities of the country.
With small-cap valuations turning more reasonable and earnings growth improving, Pratik Dharmshi, Fund Manager Equity at Union AMC, remains constructive on the segment. He recommends focusing on quality businesses with sustainable earnings potential, avoiding the chase for recent outperformers, and maintaining a 5-7 year investment horizon while staying mindful of liquidity and volatility risks.
IRDAI proposes new motor insurance rules: What could change for new car buyers
IRDAI has proposed changes to motor insurance distribution that could alter how new-vehicle buyers purchase insurance. It proposes digital purchase options through platforms such as Bima Sugam, tighter rules for motor dealers and lower commissions on mandatory third-party motor insurance.
Copper producers seek GST cut to 5 per cent as record prices lock up cash
Indian copper producers are seeking a GST cut to 5% from 18%, saying record copper prices are increasing working-capital requirements across the supply chain. The proposed tax change could unlock up to $3.6 billion, according to association president Rohit Pathak, as producers and downstream buyers grapple with higher costs and leaner inventories.
Transaction records alone cant prove genuine share gains: Why ITAT upheld 14.85 lakh tax addition
Ahmedabad ITAT upheld a 14.85 lakh addition in a share-trading case after finding that transaction records alone did not establish the genuineness of gains from Kushal Tradelink shares. The tribunal, however, sent the taxpayers separate 40.74 lakh long-term capital-loss claim back to the CIT(A).
AI products in India: What makes an enterprise AI solution stand out in 2026?
Enterprise AI is moving beyond experimentation. Products that solve clear business problems, fit existing workflows, and show measurable value are increasingly separating themselves from the wider AI market.
Entry-level hatchbacks regain ground after GST cuts, but SUVs continue to dominate
Tax cuts on small cars have increased their market share, rising from 2.3% to 3.3% recently. Sport utility vehicles have continued to gain popularity, increasing their share to 58%. Maruti Suzuki reported a significant rise in sales for their small cars after the tax reduction. Although affordability has improved, customer aspirations are shifting towards SUVs as first cars.
Motilal Oswal Nasdaq Q50 ETF crashes 49% in 3 days, rings alarm bells for investors
Motilal Oswal Nasdaq Q50 ETF faced a sharp decline of nearly 49% in just three trading sessions. This drop followed a dramatic price surge that raised concerns about valuation and investor behavior. Several other international ETFs are also trading well above their net asset values, creating a potential risk for investors. Limited supply of ETFs relative to demand has further intensified these trading conditions.
Premiumisation trend is spreading beyond affluent urban consumers, with households upgrading across homes, cars, travel, smartphones, appliances and everyday products. While 54% of home sales in eight major cities were priced above Rs 1 crore in the first half of 2026, companies are also seeing stronger premium demand in smaller towns and rural markets. Finance minister Nirmala Sitharaman said sustaining consumption growth will require this shift to extend beyond urban India as incomes and aspirations rise.
Banking patterns could help identify people experiencing financial abuse, UK study finds
Telltale signs of financial abuse, such as depleted savings, increasing debts and declining credit scores, can be identified in bank records, according to an analysis of U.K. banking data published in Nature. The findings reveal up to 373 indicators of financial behavior that could help pinpoint customers who may be experiencing economic abuse.
Crude prices rise nearly 2% amid choppy trade
Oil prices saw an increase of almost 2% in a volatile market influenced by geopolitical tensions. Traders reacted to Iranian President Masoud Pezeshkian's assurance of Iran's resilience amidst ongoing negotiations. Brent crude futures surged by $1.84, reaching $101.09 by evening, while West Texas Intermediate prices also rose. Discussions included the potential reopening of the Strait of Hormuz amid conflicting statements from Iranian officials.
Govt cuts edible oil duty to ease prices
The government has cut customs duty on various edible oils, which includes crude and refined oils. These changes aim to reduce import costs and potentially ease domestic prices. The reduced duties are effective from September 24, allowing businesses to benefit immediately. India, one of the largest edible oil importers, is sensitive to global commodity price fluctuations. This action may provide relief from rising food inflation across the country.
FSSAI said action had been initiated against Amazon, Flipkart India, Swiggy Instamart, Zepto and BigBasket over allegedly misleading claims related to Happilo Premium Date Bites - Zesty Orange. Separately, Swiggy Instamart and BigBasket face action over alleged misleading claims and non-compliant product information involving three Milky Mist products - Fresh Low Fat Cream, Farm Fresh Curd and Greek Yoghurt.
Reliance Consumer Products quadruples authorised capital to 40,000 crore as FMCG business scales up
Reliance Industries has expanded the authorised share capital of Reliance Consumer Products to 40,000 crore. The company has tripled its borrowing limit to 27,000 crore to support its FMCG operations. Executive directors T Krishnakumar, Ketan Mody, and Asim Parekh have had their tenures extended until 2030. Recent filings indicate a positive business outlook for FY 2026-27 for RCPL.
Banking sector key to financing India's economic expansion: SBI chairman
SBI Chairman C S Setty says stronger bank profitability, credit demand and asset quality give the sector greater capacity to support investment and India's next stage of growth
Central government salary and pension to be paid on 25 September ahead of three-day bank strike
The Ministry of Finance will disburse salaries and pensions for September 2026 on the 25th due to a nationwide bank strike from September 28-30. This affects Central Government employees and pensioners, including those in Defence and Posts & Telecommunications.
SBI Card has launched a new secured credit card linked to a fixed deposit, available for online applications via the SBI YONO platform in just 10 minutes, aiming to assist customers in building or enhancing their credit history.
SEBI plans to review merchant banking and IPO rules
Regulator to examine price bands, advertising costs and valuation requirements to simplify public issues
Recently, an advocate from Ahmedabad sent a legal notice to PVR INOX over its cashless policy. According to experts, private businesses can skip cash and insist on digital payments. Here's what the company's policy says.
The government has notified October 1 as the date from which contributions under the Employees State Insurance Act, 1948, will become payable in the areas covered by the order in Madhya Pradesh.
NTPC pays Rs 3,394 crore final dividend for FY26
NTPC Ltd has paid a final dividend amounting to Rs 3,393.83 crore for the financial year 2025-26. This brings the total dividend payout for the year to Rs 8,727 crore, reflecting an ongoing commitment to shareholders. The company also distributed two interim dividends earlier in the fiscal year, signifying a robust financial performance. NTPC has maintained its record of paying dividends for 33 consecutive years without interruption.
How exposed is India to Trump's new tariff law on Russian oil? | Explained
RPF has introduced a digital repository, the E-Forecasting Register (EFRR), to anticipate and manage high-footfall events at railway stations. The system will track festivals, religious gatherings, examinations, rallies and other events, enabling timely manpower deployment, passenger movement regulation and coordination with state police. Officials have been directed to make advance entries for better crowd management.
The biggest wealth strides in the M3M Hurun India Rich List 2026's top 100 were made by individuals from industrial and diversified businesses. And the biggest new entrant on the 2026 list is Renuka Jagtiani of Landmark Group, with wealth of 70,500 crore.
West Bengal plans own edible oil brand, starting with mustard oil
West Bengal is preparing to launch its own mustard oil brand as part of a self-sufficiency initiative. The state government aims to boost oilseed production and reduce reliance on external suppliers. NDDB will assist in establishing the brand and support procurement processes based on their expertise. Farmers will be encouraged to grow mustard, diversifying from excessive potato cultivation.
How Indias smaller hospitals are becoming the next big digital health market
Smaller hospitals in India are becoming the new digital health market. As the Ayushman Bharat Digital Mission expands, the demand for digital solutions had increased. Healthcare tech companies are focusing on providing solutions tailored to smaller providers. Despite challenges in implementation, the integration into existing workflows could improve patient experiences significantly.
The rules spell out eligibility requirements, employee and government contributions, pension calculation, lump-sum benefits, minimum and maximum pension provisions, VRS rules and the process for switching from UPS to NPS.
OMCs are facing mounting pressure as elevated crude oil prices push petrol and diesel marketing margins into negative territory, while domestic LPG losses have reached around Rs 300 per cylinder, ICRA said. The rating agency estimates OMCs are losing around Rs 530 crore daily, with unchanged domestic fuel prices and supply disruptions in West Asia adding to profitability and cash-flow pressures.
CBDT eases TDS compliance for property buyers dealing with non-residents
The Central Board of Direct Taxes is set to simplify TDS compliance requirements for residents buying property from non-residents. From October 1, 2026, residents can use their PAN instead of obtaining a TAN for taxing purposes. This change is aimed at making tax compliance easier in such real estate transactions. Eligible resident individuals and Hindu undivided families can use Form 141 to report TDS deductions.
John C Bogle's investment philosophy centres on simplicity: own less and stay patient. Check out these 5 money lessons from the book.
Eastern Railway is stepping up railway safety and electrical maintenance as Railway Board official Ramendra Kumar Tewari inspected key locations across the Howrah-Memari section. The inspection focused on fire safety, OHE reliability, passenger amenities and staff training. Eastern Railway is also upgrading trains from EOG to HOG and replacing ageing OHE wires to reduce failures, diesel consumption and emissions.
A red hexagon on your food pack? FSSAI proposes new warning-label regime
The Food Safety and Standards Authority of India has proposed a new front-of-pack nutrition labelling system. This system will feature a red hexagon on a white background to indicate high salt, sugar, or fat content. FSSAI plans to implement these warnings within approximately four months after finalizing draft regulations. The system will inform consumers about specific nutrients of concern in packaged foods.
Good news: Property purchase from NRIs gets easier as govt amends Form 141; check how it helps
From October 1, 2026, Indian property buyers can buy properties from non-residents without getting a TAN. Instead a new system has been launched by the Finance Ministry under which the buyer needs to file Form 141 and fill Schedule E and then issue the TDS certificate in Form 132 to the non-resident. Earlier this system was very complicated, now it has been made comparatively easier.
Bank strike: Will banks be open on September 26 and 27? What RBI and bank unions say
In a proactive measure, the Reserve Bank of India has granted approval for banks to remain open on Sunday, September 27, 2026. This strategic decision aims to support customers anticipating a three-day strike from September 28 through September 30, organized by the United Forum of Bank Unions. Although it remains unclear if banks will operate on Saturday, customers can secure essential services on September 27.
The 8th pay commission will conduct state visits in October to meet with employee and pensioners representatives and stakeholders to discuss recommendations for over 1 crore beneficiaries. It is expected to make an announcement by May 2027.
8th Pay Commission news: AIDEF has put forth demands regarding family units and pay calculations for the 8th Pay Commission. They request a minimum salary of Rs 69,000 and a higher fitment factor. The federation seeks to restore the Old Pension Scheme and change the commuted pension duration to 11 years. Additionally, they want amendments for pension-related issues covering pensioners before 2026.
Steel prices to stay firm as tight supply, duties fuel dealer inventory build-up: Centrum report
Domestic steel prices are forecasted to remain strong in the coming months due to tight supply constraints. Dealers are actively building inventory in anticipation of further price hikes as demand surpasses supply. While demand is generally healthy, significant factors include rising prices and lower allocations from primary producers. The festive season may cause temporary demand fluctuations, particularly in Gujarat.
DA row: The Punjab and Haryana High Court has directed the state chief secretary to appear before it on 5 October for not complying with its previous order regarding payment of pending DA arrears of state employees and pensioners.
Sebi plans review of merchant banking rules, IPO cost structure soon
Markets regulator will also review ICDR norms, including price bands and advertising requirements, as it seeks to simplify processes and lower public issue costs
Retail sector logs 10% growth in August on stable consumer demand: RAI survey
Mumbai's retail sector recorded a 10 per cent year-on-year growth in August, building on previous months. Regional growth remained consistent, with West India leading at 11 per cent. Essential categories like quick service restaurants and food & grocery drove significant growth. Executive Director of RAI noted a strong recovery since July, with careful inventory planning for the festive season.
Tax benefits on co-owned house hinge on actual contribution, not ownership share
Tax benefits for co-owned properties should not be seen as a hack to maximise tax between spouses, but rather should depend on the actual contribution of each co-owner.
Mutual fund AUM-to-bank deposit ratio triples in a decade to 31% in August
Rs 30 lakh income tax demand notice and India-US DTAA benefit denied to US citizen; she fights and wins case in ITAT Delhi; Know how
Different ways to earn more interest on your savings account
Savings accounts are crucial for achieving financial security and generating passive income. By routinely evaluating various savings options, individuals can benefit from higher interest rates. It's important to refrain from unnecessary withdrawals to fully capitalize on interest accumulation. Utilizing features like Auto Sweep can further optimize surplus funds while keeping them accessible, and establishing clear saving objectives can inspire effective savings growth.
Cinematographic film not IT software under GST: HC; quashes Rs 79 cr tax demand on Karan Johar firms
Bombay High Court maintained that a cinematographic film is not IT software under GST law regardless of its method of delivery. The court set aside a tax demand of over Rs 79.7 crore from Karan Johar's two production companies after stating that the transactions as licensing of IT software under Services Accounting Code (SAC) 998340, attracting 18 per cent Goods and Services Tax (GST).
UPS for Railway employees: Assured pension, VRS and one-time switch to NPS explained
The Ministry of Railways has announced the Unified Pension Scheme rules for employees covered under the National Pension System. Employees appointed after January 1, 2004, are eligible for this scheme and will contribute 10% of their basic pay. A minimum pension of Rs 10,000 is assured after completing ten years of service. Additionally, employees can opt for voluntary retirement after 20 years of service.
Oil firms face Rs 530 crore daily fuel losses as crude surges: ICRA
State-run oil marketing companies IOC, BPCL and HPCL are facing losses of about Rs 8 a litre on petrol and Rs 9 on diesel as crude prices surge while domestic fuel prices remain unchanged, rating agency ICRA said. The daily loss is estimated at Rs 530 crore, while LPG under-recoveries are around Rs 300 per cylinder.
