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Showing posts with label Budget 2017. Show all posts
Showing posts with label Budget 2017. Show all posts

Friday, 12 May 2017

07:19

Indian Railways to Take a Significant Step Towards Providing Rail Connectivity for Chardham Pilgrimage in the State of Uttarakhand Through Commencement of Final Location Survey

Indian Railways to Take a Significant Step Towards Providing Rail Connectivity for Chardham Pilgrimage in the State of Uttarakhand Through Commencement of Final Location Survey 
Indian Railways to Take a Significant Step Towards Providing Rail Connectivity for Chardham Pilgrimage in the State of Uttarakhand Through Commencement of Final Location Survey 
Union Minister For Railways And Chief Minister Of Uttarakhand To Lay The Foundation Stone For Final Location Survey For Rail Connectivity to Badrinath, Kedarnath, Gangotri and Yamunotri at a Program Scheduled To Be Held On coming Saturday i.e 13 May 2017 at Badrinath
Final Location Survey Sanctioned at a Cost Of Rs.120.92 Crore in Budget 2017-18
Railway PSU, Rail Vikas Nigam Limited (RVNL) Entrusted to Undertake the Final Location Survey 
Taking forward the vision of the Prime Minister of India Shri Narendra Modi to link the Chardham pilgrimage centres through rail connectivity and in keeping with its budgetary commitment, the Indian Railways is taking the significant step to commence the Final Location survey for a single BG line rail connectivity for the Chardham Pilgrimage. Reiterating his commitment to fast-track this rail project, Minister for Railways Shri Suresh Prabhakar Prabhu, to lay the foundation stone for the Final Location Survey For Single Broad Gauge Line Rail Connectivity at a ceremonial program to be held in the presence of Chief Minister of Uttarakhand Shri Trivendra Singh Rawat, as the Chief Guest on the occasion at 12.30 p.m. on 13 May 2017(Saturday) at Badrinath. Union Minister for Agriculture & Farmers Welfare Shri Radha Mohan Singh, and Members of Lok Sabha and Rajya Sabha of the region along with the Members of Legislative Assembly, Uttarakhand are also slated to grace the function with their distinguished presence.
Rail Vikas Nigam Limited (RVNL), a Public Sector Enterprise under Ministry of Railways has been entrusted to undertake the Final Location Survey for rail connectivity to Chardham and Chardham Yatra (Gangotri, Yamunotri, Badrinath & Kedarnath via Dehradun & Karanprayag) in the State of Uttarakhand. As alignment will pass through the rugged mountainous terrain of mighty Himalayas, the Railway has to meet the challenges of railway construction integrating the unique challenges of the terrain and adverse geology along with limits of load, capacity, safety and speed. The four Dhams have their varied and distinctive elevation levels along with unique spiritual significance. The Yamunotri tracing the origin of River Yamuna is situated at 3293 m above Mean Sea Level (MSL) while the Gangotri tracing the origin of River Ganga is situated at 3408 m above MSL. The Kedarnath housing the Shrine of Lord Shiva, is one of the 12 Jyotirlingas at 3583 m above MSL, while Badrinath housing the Shrine of Lord Vishnu is at 3133 m above MSL. The existing railheads or the nearest railway stations to the proposed Chardham connectivity are Doiwala, Rishikesh and Karanprayag (on the upcoming Rishikesh-Karanprayag new rail line under construction by RVNL) at mean MSL ranging from 400-825 m. The proposed Chardham rail line connecting to 2000 m MSL and above will be an engineering challenging feat.
Rail Vikas Nigam Limited has undertaken a Reconnaissance Engineering Survey (REC) in the year 2014-15 of the rail connectivity project and has submitted its report in October 2015, recommending two take-off points one from existing Doiwala station and one from Karanprayag station (under construction). For the Gangotri alignment, the proposed rail link takes off from Doiwala station to connect upto Manneri at 1270 m above MSL marking a route of 131 km via Uttarkashi. For Yamunotri, the alignment is proposed to take off midway from Gangotri link at Uttarkashi making a “Y” connection and terminating at Palar (1265 m above MSL) with a take- off route length of 22 km. For the Kedarnath alignment, the proposed line will take off from proposed Karanprayag station and terminating at Sonprayag(1650 m above MSL) via Saikot with a route length of 99 km. The Badrinath alignment will take off midway from Kedarnath link at Saikot making a “Y” connection and terminating at Joshimath (1733 m above MSL) with a route length of 75 km. As per the Reconnaissance Survey the total route length is 327 km at estimated cost of Rs. 43,292 Cr. The REC Survey recommends 21 new stations, 61 tunnels totaling to 279 km tunnel length and 59 bridges. The alignment will have ruling gradient of 1 in 80 with a maximum degree of curvature of 5 degree.

Chardham, is one of the unique cornerstones of Hindu pilgrimage which is intertwined to mystical and spiritual aspirations of every devout Hindu. Large number of pilgrims flock to Chardham while foreign and domestic tourist  are attracted to trekking & sightseeing in the state of Uttarakhand. The Railway envisages bringing in a new era of safe and comfortable travel through this Chardham Rail Connectivity Project. Alongside, Indian Railways through Rail Vikas Nigam Limited is concurrently pursuing its ambitious project of construction of new rail line between Rishikesh and Karanprayag and efforts are underway to fast-track the completion of the project. These rail projects shall add momentum to the progress of the State by connecting far-flung areas besides boosting opportunities for the tourism and economic development. When completed, these rail projects would script their own unique engineering marvels in the history world railways.

 Source:PIBNEWS
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Thursday, 2 February 2017

07:48

BUDGET 2017:BENEFIT FOR NPS SUBSCRIBERS

BUDGET 2017:BENEFIT FOR NPS SUBSCRIBERS

J. BENEFIT FOR NPS SUBSCRIBERS

Tax-exemption to partial withdrawal from National Pension System (NPS)

The existing provision of section 10(12A) provides that payment from National Pension System (NPS) trust to an employee on closer of his account or opting out shall be exempt up to 40% of total amount payable to him.
In order to provide further relief to an employee subscriber of NPS, it is proposed to amend the section 10 so as to provide exemption to partial withdrawal not exceeding 25% of the contribution made by an employee in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and regulations made there under.
This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-19 and subsequent assessment years.

Rationalisation of deduction under section 80CCD for self-employed individual

The existing provisions of section 80CCD provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under section 80CCD (1) cannot exceed 10% of salary in case of an employee or 10% of gross total income in case of other individuals. However, under the provisions of section 80CCD (2) of the Act, further deduction to an employee in respect of contribution made by his employer is allowed up to 10% of salary of the employee. Thus, in case of an employee, the deduction allowed under section 80CCD adds up to 20% of salary whereas in case of other individuals, the total deduction under section 80CCD is limited to 10% of gross total income.
In order to provide parity between an individual who is an employee and an individual who is self-employed, it is proposed to amend section 80CCD so as to increase the upper limit of ten per cent of gross total income to twenty per cent in case of individual
other than employee.
This amendment will take effect from 1st April, 2018 and, will accordingly, apply in relation to assessment year 2018-19 and subsequent years.

Source:Indian Budget 2017

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Wednesday, 1 February 2017

06:08

Budget 2017:Indian Railway May allow Private Player Participation to Run Rail Network

Budget 2017:Indian Railway May allow Private Player Participation to Run Rail Network

Railway Budget 2017: Modi government may allow airport-like private player participation in railways, says TV report
The Narendra Modi government is looking at a proposal to allow private players to run rail network on the lines of the airport leasing model.

Are private players all set to get the opportunity to run rail lines of the Indian Railways? If a report in ET Now is to be believed, then the Narendra Modi government is looking at a proposal to allow private players to run rail network on the lines of the airport leasing model. The government weighing the proposal that will allow private operators to run trains using government tracks and stations. According to the channel, the government is keen to allow private players in core rail activities. The move to consider such a step comes in the backdrop of the fact that freight traffic is down and cannot be relied on anymore to subsidise passenger fares, the channel reported. Finance Minister Arun Jaitley may introduce this proposal in this year’s Budget 2017.
This year the Budget 2017 is unique not only because of the fact that it has been preponed to February 1, but also because it will include the Railway Budget. For the first time in Independent India, a separate Railway Budget will not be presented. Recently, Finance Minister Arun Jaitley made a case for the railways to outsource non-core functions like hospitality services.

As the Indian Railways is saddled with under-recovery of over Rs 32,000 crore from the passenger segment, an across-the-board hike in fares could be expected soon. Though the transporter manages to fend for itself, its mammoth, legitimate capex needs are a nagging burden on the exchequer and so commuters will have to pay up, Jaitley has indicated.
Speaking at a conference on Accounting Reforms in Railways organised by the Confederation of Indian Industry (CII), Jaitley said, “Railways got caught in a battle where populism prevailed over performance.. For any commercial establishment to be run, the first essential principle is that consumers must pay for the services that they receive.”

Revenue from the passenger segment is estimated to be Rs 52,000 crore for the current fiscal, up 12% from last fiscal. Revenue from the passenger segment is just over a quarter of the railways’ gross traffic receipts, as the bulk of its revenue comes from freight, with coal, foodgrains, iron ore and cement being the virtual milch cows for it.



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Sunday, 29 January 2017

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Monday, 23 January 2017

08:21

MERGER OF UNION BUDGET AND RAILWAY BUDGET 2017 APPROVED BY PRESIDENT

MERGER OF UNION BUDGET AND RAILWAY BUDGET 2017 APPROVED BY PRESIDENT

The Cabinet had also given nod for advancement of the date of budget presentation from the last day of February. The government will present the Union budget 2017-18 on February 1.

President Pranab Mukherjee has approved changes in government rules to allow merger of rail budget with the Union Budget 2017. The Department of Economic Affairs has been entrusted with the work relating to preparation of central budget including rail budget, as per a recent order issued by Cabinet Secretariat. Earlier, the department was looking after the preparation of budget other than the railway.
The President has given nod to amend Government of India (Allocation of Business) Rules, 1961 in this regard and the department will now prepare both the budgets. The Union Cabinet had in September last year approved certain landmark budgetary reforms relating to the merger of railway budget with the general budget from 2017-18 onwards. The presentation of separate railway budget started in 1924, and has continued after independence as a convention rather than under Constitutional provisions.

Source:FinanceExpress 

 Also Read:PIBNEWS
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Friday, 20 January 2017

18:49

Supreme Court to hear on Jan 23 plea to postpone Union Budget

Supreme Court to hear on Jan 23 plea to postpone Union Budget

NEW DELHI: The Supreme Court on Friday deferred to January 23 the hearing on a plea seeking postponement of Union Budget presentation ahead of the upcoming assembly polls in five states.

A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud, which has sought material and legal provisions in support of the PIL, preferred to go through the additional affidavit filed by the petitioner.

Advocate M L Sharma, who has filed the PIL, also expressed his readiness to argue the matter on Monday.

The PIL has said that the Centre be directed to present the Budget in the financial year 2017-18 which would commence from April 1, instead of the proposed February 1 date.

It has also said that the central government be restrained from declaring “any relief, programme, financial budget until the states’ elections are over” as they would violate the Model Code of Conduct.

The Election Commission had on January 4 come out with the schedule of assembly elections to be held in five states, including Uttar Pradesh.

The Centre has already decided to convene the Budget Session of Parliament from January 31 to present the Budget for 2017-18 fiscal the very next day.


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