India set to buy fighter jets, missile systems, weapons worth Rs 38,900-cr from Russia

New Delhi, Mar 5: Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday.

The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.

"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting here.

Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.

The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes.

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

Chennai, Feb 20: Three people, including an assistant director were killed and 9 others injured when a crane used for the shooting of “actor Kamal Haasan starrer “Indian 2” film crashed down at Nazarathpet near Poonamallee here late on Wednesday night.

Police said the accident occurred when a group of workers were engaged in erecting a set for a scene at EVP film city, private studio. As the crane crashed down, a heavy-duty light stand that was mounted on it also fell on the workers.

Mr Haasan and the film director S.Shankar escaped unhurt in the accident.

The deceased were identified as Krishna (34), an assistant director of the film, Madhu (29) and Chandran (60), who was part of the catering team.

Tamil Nadu Fire and Rescue Services personnel, along with a fire tender from Irungattukottai rushed to the spot and retrieved the bodies from the spot.

Mr Haasan, who was at the accident spot, also helped to transport the injured people to a private hospital near Poonamallee.

The bodies were sent to the Government General Hospital for post-mortem.

The Nazarathpet police have filed a case and are investigating the cause of the accident.

Meanwhile, Mr.Haasan condoled the death of three people during the film shoot. “The accident is the most horrific I have seen in my film career. I have lost three colleagues, but my pain pales in comparison to the grief of those who have lost their loved ones.

My deepest sympathies to them, he tweeted.

The Lyca productions also expressed condolences over the tragic accident. “We are extremely saddened with the unfortunate accident happened at the sets of Indian 2. We have lost three of our most hardworking technicians, it tweeted.

Hyderabad, May 19: Telangana Chief Minister K Chandrashekar Rao has hit out at the Narendra Modi-led NDA government over the fiscal stimulus package, accusing it of treating states like "beggars" and imposing "laughable" conditions for increasing borrowing limits under the FRBM Act.

"This is 'pure cheating. Betrayal. Jugglery of numbers. All gas. The Centre has reduced its own prestige," he said while referring to conditions linked to the increased borrowing limits for states under the Fiscal Responsibility and Budget Management (FRBM) Act.

Rao cited international journals that had commented on whether the Union Finance Minister's aim was to revive the GDP or to reach the Rs 20 lakh crore number (the stimulus package announced by Prime Minister Narendra Modi).

"This is a very cruel package. It is fully in a feudal policy and dictatorial attitude. We fully condemn this. This is not what we asked for," Rao, who had supported several measures taken by the Centre so far in the fight against coronavirus, said.

At a time when the finances of states were paralysed due to COVID-19 global pandemic, the state governments wanted funds to reach them so that they can help people in different forms, he said. "When we asked for it, you treat states like beggars, what did the Centre do? Is this the way reforms are implemented in India?" he asked during an interaction with media on Monday after a cabinet meeting.

For example, two per cent increase under the Fiscal Responsibility and Budget Management (FRBM) Act (about Rs 20,000 crore in Telangana) has been given.

But, the conditions put are "laughable" and "very nasty" though the loan was to be fully repaid by the state, he said.

Explaining the situation, Rao said Rs 2,500 crore would be given if reforms were implemented in power sector and Rs 2,500 crore would be allowed if reforms in market committees as suggested by the central government are accepted.

"Is this a package? What is this? This cannot be called a package. Very sorry.. This is not the policy to be followed in a federal system... Then what are the state governments for?" the Telangana Rashtra Samithi supremo asked and said they were also constitutional governments and not subordinates.

The CM said he felt anguished and the way the Centre was wielding control over states was against the spirit of federalism.

"Prime Minister ji said cooperative federalism. This has proved that it is totally hollow and bogus," he added.

The state, however, has already fulfilled certain conditions, he added.

On the occasion, Rao also outlined his government's certain policy guidelines for regulatory farming proposed to be implemented.

On the additional water proposed to be drawn by the neighbouring Andhra Pradesh from Srisailam project, he said there was no question of compromising on the states interests.

Flaying Opposition criticism against his government for allegedly failing to protect the state's interests, Rao said he had sought peaceful co-existence with all the neighbouring states.