Thursday, March 23, 2017

7th CPC Allowance Committee Report - Minister once again replied in Parliament on 22.3.2017

7th CPC Allowance Committee Report - Minister once again replied in Parliament on 22.3.2017

DoPT Minister replied in Lok Sabha on 22nd March 2017 regarding the status of the Committee on Allowances.

Minister of State in the Ministry of Personnel, Public Grievances and Pensions and Minister of State in the Prime Minister's Office Shri DR. JITENDRA SINGH said in a written reply to various questions regarding the report of allowance committee in Parliament on 22.3.2017 as follows:

“Several representations have been received from various employees’ associations on allowances by the Committee on Allowances. Joint Consultative Machinery (JCM) has also requested to resolve the pending issues including allowances as soon as possible.

To examine the recommendations of the 7th Central Pay Commission on Allowances (other than Dearness Allowance), a Committee of Secretaries under the Chairmanship of Finance Secretary and Secretary, Expenditure has been set up by the Ministry of Finance, Department of Expenditure on 22.07.2016.
In the 13 meetings held so far, the Committee has interacted with National Council (Staff Side), Joint Consultative Machinery (JCM) and the representatives of All India Railwaymen Federation (AIRF), National Federation of Indian Railwaymen (NFIR), All India Train Controllers Association (AITCA), All India Guards Council (AIGC), Federation of National Postal Organization, National Federation of Postal Employees, Bhartiya Postal Employees Federation, Bhartiya Postal Employees Association (Group-C), Joint Action Council of Service Doctors Organization (JACSDO), All India GDMO Association (AIGDMOA), Delhi Administration Doctors Welfare Association (DADWA), Faculty Association (Maulana Azad Medical College and associated hospitals), Faculty Welfare Association (Lady Hardinge Medical College), Safdarjung Hospital Medical Officers Association, All India Government Nurses Federation (AIGNF), Railway Nurses of India, All India ESIC Nurses Federation, PGI Nurses Welfare Association, Trained Nurses Association of India (TNAI), National Federation of Atomic Energy (NFAEE).

The Committee has not yet submitted its report to the Government. Decisions on implementing the Report will be taken after the Report is submitted by the Committee.

Authority: Lok Sabha

More than 9.5 lakhs women avail benefit under the Maternity Benefit Programme during 2014-15 and 2015-16

More than 9.5 lakhs women avail benefit under the Maternity Benefit Programme during 2014-15 and 2015-16

Scheme to be implemented on a Pan India basis w.e.f. 01.01.2017

The Maternity Benefit Programme is a Centrally Sponsored Scheme being implemented through the State Governments/UT Administrations. The Ministry issues guidelines for implementation of the Programme, releases funds in the prescribed cost sharing ratio and monitors implementation of the scheme. Whenever, any incident of non-payment of benefits under the Programme is brought to the notice of the Ministry, the concerned State Government/UT Administration is requested to take necessary action in this regard.
Adequate fund have been placed at the disposal of States/UTs for providing maternity benefit to the eligible beneficiaries.

Earlier this scheme was implemented in selected 53 districts of the country, the Government has approved pan-India Implementation of Maternity Benefit Programme to cover all the districts of the country with effect from 01.01.2017. Year-wise details of funds allotted to the scheme are as under:

Year2011-122012-132013-142014-152015-162016-17
Allocations
(Rupees in Crore)
BE-520.00
RE-403.00
BE-520.00
RE-93.87
BE-500.00
RE-300.00
BE-400.00
RE-358.00
BE-438.00
RE-233.50
BE-400.00
RE-617.00*
* For implementation of Maternity Benefit Programme.

Details of funds released under the Maternity Benefit Programme during 2011-12 to 2016-17 (Up to 06.03.2017) and number of beneficiaries across the country is as follows:

Year2011-122012-132013-142014-152015-16
Funds Released (Rs. In Crores)293.8382.57232.05343.13233.46
Beneficiaries309749644167588971616420336910
No. Of States not reported data of beneficiaries403810

This information was given by Minister of State for Women & Child Development, Smt Krishna Raj in reply to a question in Rajya Sabha today.

PIB

Implementation of creamy layer criteria

Implementation of creamy layer criteria

In case of recommendation of name of a candidate by Union Public Service Commission (UPSC) for service allocation, the candidate is considered for allocation to one of those services by the Government for which he has indicated his preference subject to fulfilment of other conditions like Medical fitness, eligibility for availing reservation as per Civil Services Examination Rules and extant instructions on the subject. Further, vacancies reserved for Other Backward Classes (OBC) candidates are filled by the candidates eligible for availing OBC (Non Creamy Layer) reservation.

The Supreme Court of India in the Indra Sawhney judgement referred to 'creamy' layer as those sections or identified groups among the backward classes who are excluded from the purview of reservation. Further, the criterion for determining creamy layer amongst OBCs is provided in the Schedule to the OM dated 08.09.1993. For Category VI of the aforesaid Schedule, wherein Income/Wealth Test for determination of creamy layer has been prescribed, the income ceiling is revised from time to time. The current income ceiling for that purpose is Rs 6 Lakh per annum, as stipulated in DoPT OM dated 27.05.2013.

This was stated by the Minister of State in the Ministry of Personnel, Public Grievances and Pensions and Minister of State in the Prime Minister's Office, Dr. Jitendra Singh in a written reply to a question by Shri Devender Goud T. in the Rajya Sabha today.

PIB

Change in nomenclature of Nursing Staff in CGHS

Change in nomenclature of Nursing Staff in CGHS

F.No.A.60011/13/2017-CGHS.II
Government Of India
Ministry Of Health & Family Welfare
C.G.H.S. -II Section
Nirman Bhawan, New Delhi
Dated the 8th March 2017.
ORDER

Subject: Change in nomenclature of Nursing Staff in CGHS - regarding.

In pursuance to Nursing Division's Order No.Z.28015/41/2014-N, dated 09.09.2016, the nomenclature of following Nursing Staff in CGHS have been changed as mentioned against each, with immediate effect:

SL.No.Existing Nomenclature of the PostNew Nomenclature
1Staff NurseNursing Officer
2Nursing SisterSenior Nursing Officer

2. The change in nomenclature as mentioned above doesn’t involve change in duties and responsibilities and any additional financial benefits.

3. This issues with the approval of Competent Authority.
(Dharminder Singh)
Under Secretary to the Govt. Of India

Signed Copy

Fixed Minimum Wages for Workers

Fixed Minimum Wages for Workers

The Minimum Wages Act, 1948 provides for both the Central and State Governments as the appropriate Governments to fix, review and revise the minimum wages of the workers employed in the scheduled employments under their respective jurisdictions. Presently, there are 45 scheduled employments in the Central Sphere while in the State Sphere the number of such employments is 1709.

The Minimum Wages Act, 1948 is implemented by the Centre as well as the States in respect of their respective jurisdiction. In the Central Sphere, the enforcement is secured through the Inspecting Officers of the Chief Labour Commissioner (Central) commonly designated as Central Industrial Relations Machinery (CIRM), the compliance in the State sphere is ensured through the State Enforcement Machinery. They conduct regular inspections and in the event of detection of any case of non-payment or under-payment of minimum wages, they advise the employers to make payment of the shortfall of wages. In case of non-compliance, penal provisions against the defaulting employers are invoked. Details of enforcement of Minimum Wages Act, 1948 during 2014-15, 2015-2016 and 2016-2017 (upto December, 2016) are given below.

S .No.Particulars2014-152015-162016-17
(upto Dec., 2016)
1No. of Inspections Conducted658298035732
2No. of Irregularities detected687477593839837
3No. Irregularities Rectified878094646740541
4No. of Prosecutions Launched377415491636
5No. of Convictions278214761386

Claim cases under Minimum Wages Act
YEARCLAIMSAMOUNT AWARDED (in Rs.)
B/FFILEDDECIDEDAWARDEDRECOVERERDPAID TO WORKES
1234567
2013-143855300028381230300725079411533439937
2014-1539802167248598568813589224430526714
2015-1636727431796666544174412803634879425
2016-17
(upto Dec., 2016)
2610719827749370484124193438196925

This information was given by Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in written reply to a question in Rajya Sabha today.

Source : PIB

Government may table 4 GST bills in Parliament today: Minister

Government may table 4 GST bills in Parliament today: Minister

New Delhi: The government may table four GST supplementary legislations in Parliament today, a union minister said.

We can do it today as well. A meeting on GST will be chaired by Finance Minister Arun Jaitley today, Minister of State for Finance Arjun Ram Meghwal said when asked about tabling of the four GST bills in the Lok Sabha.

He was speaking to reporters on the sidelines of an infrastructure event here.

The Cabinet on Monday cleared the four GST related bills to enable roll out of the Goods and Services Tax from July 1.

The four bills are: the Central Goods and Services Tax Bill 2017, the Integrated Goods and Services Tax Bill 2017, the Union Territory Goods and Services Tax Bill 2017 and the Goods and Services Tax (Compensation to the States) Bill 2017.

A source had told that the bills would be introduced as money bills in Parliament this week.

Yesterday, Finance Minister Arun Jaitley said that he was hopeful of rolling out GST from July 1 which will create one of the world's biggest single markets and make commodities cheaper and tax evasion difficult.

Jaitley said India has "hugely" a non-tax compliant society and the government banned higher denomination notes to curb the tendency of people to deal in cash that lead to tax evasion as well as terror financing.

PTI

Air India LTC 80 Fare as on March 2017 for Central Government Employees

Air India LTC 80 Fare as on March 2017 for Central Government Employees

Travel by Air while availing LTC - Air India LTC 80 Fare as on March 2017 - Central Government Employees travelling on LTC will have to purchase only Air India Tickets under LTC 80 Fare

Air-Travel-LTC

Instructions issued by Govt from time to time envisages that Central Government Employees will have to travel only by Air India by purchasing LTC 80 tickets, when they avail Air under Leave Travel concession.
Govt has also issued instructions regarding eligibility for reimbursement of Private Air tickets fare other than Air India LTC 80 Tickets, in certain circumstances such as non-availablity of Air India flights, tickets etc.

The Latest Air India LTC 80 Fare with effect from March 2017 along with Air India’s conditions for booking air tickets under LTC concession.

LTC Concession
Eligibility:Air India offers LTC in Economy and Business class Indians and their family members traveling on leave.For the purpose of concession, the family includes Spouse, dependent children 12Yrs and above and dependent Parents. They must be employed in the following institutions where leave facility is available:- Central & State Government.
- Public Sector Organizations.
- Educational Institute recognized / aided by Central / State Governments and / or officiated to any of the Universities / Education Boards.
Required Documents:Official ID card. Family members to carry the copy of the same.
Discount:Specific HLTC fare in Economy and DLTC in Business class.
Travel:Any sector within India.
Ticket Validity:1 Year from date of issue
Advance Purchase:Not required. Ticket can be purchased any time
Children:Normal discount on the class of travel. No additional discount applies.
Infant:(Under 2 years) 1st accompanying Infant - Rs.1000 per coupon, Plus applicable taxes. 2nd and more Infants, no discount permissible.
Date/Flight change, Cancellation & Refund:Permitted - Fee applies

TABLE - IV : LTC Fares

SECTOR & V.VHLTC (Economy Class)DLTC (Executive Class)
Base FareBase Fare
AgartalaKolkata574112601
AgattiBengaluru10141
AgattiKochi10421
AgraDelhi753118476
AgraKhajuraho574111001
AgraVaranasi679615872
AhmedabadChennai1037633856
AhmedabadDelhi815022628
AhmedabadHyderabad922625124
AhmedabadMumbai620118792
AizawlImphal631611800
AizawlKolkata647613853
AllahabadDelhi8391
AllahabadKanpur7531
AllahabadMumbai12351
AmritsarDelhi621618680
AmritsarMumbai1346135400
AmritsarNanded1346135400
AurangabadDelhi1095127552
AurangabadMumbai630117880
BagdograDelhi1266627400
BagdograKolkata728617840
BhatindaDelhi6901
BengaluruChennai655113396
BengaluruDelhi1355139956
BengaluruGoa700120056
BengaluruHubli6671
BengaluruHyderabad730121556
BengaluruKochi635114032
BengaluruKolkata1335137072
BengaluruMangalore6786
BengaluruMumbai900121644
BengaluruMysore6351
BengaluruPune803421368
BengaluruTirupati7071
BengaluruTrivandrum730116948
BengaluruVijayawada7101
BhavnagarMumbai6786
BhopalDelhi665122200
BhopalHyderabad7900
BhopalIndore613112732
BhopalJabalpur6901
BhopalMumbai720623880
BhopalPune7101
BhopalRaipur7180
BhubaneshwarDelhi1195132813
BhubaneshwarMumbai1235135108
BhubaneshwarPort Blair14166
BhubaneshwarVaranasi855023880
BhujMumbai8391
ChandigarhDelhi615118508
ChandigarhJammu6901
ChandigarhLeh655114032
ChandigarhMumbai1178635400
ChandigarhPune1178635400
ChennaiCoimbatore717117120
ChennaiDelhi1210639724
ChennaiGoa816121052
ChennaiHyderabad630118328
ChennaiKochi710119312
ChennaiKolkata1151636144
ChennaiMadurai610117012
ChennaiMumbai1152127680
ChennaiPortblair1236133312
ChennaiPune1000126752
ChennaiTrivandrum745119320
CoimbatoreDelhi1340141624
CoimbatoreMumbai1095127480
DehradunDelhi707117400
DehliDharamsala6671
DehliDurgapur1201133672
DelhiGaya900123524
DelhiGoa1247133260
DelhiGorakhpur7206
DelhiGuwahati1346133904
DelhiGwalior690112614
DelhiHyderabad1135133960
DelhiImphal1273138000
DelhiIndore670120668
DelhiJabalpur8251
DelhiJaipur540117880
DelhiJammu625118836
DelhiJodhpur755618940
DelhiKanpur7171
DelhiKhajuraho750119836
DelhiKochi1600144668
DelhiKolkata1201134600
DelhiKozhikode1370140024
DelhiKullu8151
DelhiLeh735119872
DelhiLucknow667118680
DelhiMangalore1355139956
DelhiMumbai1190131360
DelhiNagpur932122718
DelhiPantnagar6151
DelhiPatna930123120
DelhiPort Blair2516644668
DelhiPune1235136872
DelhiRaipur1000127952
DelhiRajkot11251
DelhiRanchi1176127480
DelhiSrinagar805122364
DelhiSurat1125126536
DelhiTirupati1266638000
DelhiTrivandrum1580644668
DelhiUdaipur763622680
DelhiVadodra920125476
DelhiVaranasi753122600
DelhiVijayawada1151633874
DelhiVishakhapatnam1335135876
DibrugarhDimapur510111276
DibrugarhKolkata955118312
DimapurKolkata795116827
DiuMumbai6901
DurgapurKolkata625317880
GayaKolkata635114550
GayaVaranasi670112110
GoaHyderabad710119880
GoaKochi685119123
GoaMumbai717117120
GoaPune638617880
GuwahatiImphal675117880
GuwahatiKolkata692618280
GuwahatiLilabari7001
GuwahatiSilchar7101
GuwahatiTezpur5951
GwaliorMumbai1055123946
HubliMumbai6671
HyderabadJabalpur7900
HyderabadKolkata1264633340
HyderabadMumbai710119696
HyderabadPune708118912
HyderabadTirupati650617880
HyderabadVaranasi1176127456
HyderabadVijayawada690117880
HyderabadVishakhapatnam679617880
ImphalKolkata613114480
IndoreMumbai633117128
JaipurMumbai1000124316
JaipurJodhpur703116280
JammuLeh673617880
JammuSrinagar625317880
JamnagarMumbai703116280
JodhpurMumbai983624180
KhajurahoVaranasi678619480
KochiMumbai1135128068
KochiTrivandrum615110804
KolkataLilabari9950
KolkataMumbai1213638000
KolkataPort Blair1402133708
KolkataRanchi6386
KolkataShillong7331
KolkataSilchar685114228
KolkataTezpur7001
KozhikodeMumbai1125029536
LehSrinagar645317880
LucknowMumbai1100133340
MaduraiMumbai1080130284
MangaloreMumbai793620552
MumbaiNagpur685119892
MumbaiRaipur1165026396
MumbaiRajkot713117880
MumbaiRanchi1270134160
MumbaiSurat6151
MumbaiTrivandrum1315130552
MumbaiUdaipur663622280
MumbaiVaranasi1264631221
MumbaiVishakhapatnam1205130016
Port BlairVishakhapatnam1264629621
PuneRaipur9301
RaipurNagpur703116280
RaipurVishakhapatnam610115999
SilcharTezpur5951
VijayawadaVishakhapatnam6901

Source: Download Latest Air India LTC 80 Ticket Fare with effect from March 2017 released by Air India

Kendriya Vidyalayas PGT, TGT Exam 2017 answer key released

Kendriya Vidyalayas PGT, TGT Exam 2017 answer key released

Kendriya Vidyalayas PGT, TGT Exam 2017: Answer keys, OMR sheet released at mecbsekvs.in

Kendriya Vidyalayas PGT, TGT Exam 2017: Answer keys, OMR sheet : The Kendriya Vidyalaya Sangathan recruitment examination 2017 answer keys have been released at kvsangathan.nic.in
The Central Board of Secondary Education (CBSE) conducted the written exam for the post of Post Graduate Teacher (PGT) and PRT on January 7 and Trained Graduate Teacher (TGT) and TGT (Misc.) on January 8. Answer key/ Paper solution for this examination is now available online. All appeared candidates can check official answer key from the following links.

The following KV PGT, TGT 2017 answer keys are available in the following link :
  • Answer key for Principal (paper 1)
  • Final answer key for Principal (paper 1)
  • Answer key for PGT (paper 1)
  • Answer key for PRT (paper 2)
  • Answer key for TGT (paper 1)
  • Answer key for TGT (Misc) (paper-2)
The Central Board of Secondary Education has displayed the images of OMR Sheets of the candidates who had appeared for written examination for Kendriya Vidyalaya Sangathan Recruitment Examination for the post of PGT and PRT conducted on 07/01/2017 and TGT and TGT (Misc.) conducted on 08/01/2017 along with the answer key to ensure transparency in examination process from 21/03/2017 to 25/03/2017 (midnight).

The candidates can check and download the scanned images of their OMR sheets and answer key prepared by the Board from www.mecbsekvs.in and www.kvsangathan.nic.in

The candidates willing to challenge any answer given in the Answer key displayed by CBSE may do so by submitting their challenges online on the prescribed format by clicking the link available on www.mecbsekvs.in and www.kvsangathan.nic.in upto 25/03/2017 (midnight).

The challenges submitted by any other mode like fax, email, post or in person etc. will not be entertained. A fee of Rs. 500/- per challenge will be required to be submitted by e-challan through HDFC Bank. The fee once paid is non-refundable.

If the challenge is accepted by the Board i.e. if any mistake is noticed by the subject experts in the answer key, the fee shall be refunded. CBSE's decision on the challenges shall be final and binding and no further communication will be entertained.

To avoid any confusion, CBSE has also released the images of OMR sheets of the candidates who appeared for recruitment exam on its website, mecbsekvs.in

Steps to check the answer keys:

  • Log on to the official website
  • Click on Paper 1 and Paper 2 of PGT and TGT exam link
  • Click on the ‘Download OMR sheet and submission key challenge’ link
  • Enter your roll number and date of birth
  • Click to login
  • Check and download the same

Vacancy details:

Total posts: 6,205

Name of the posts:

  • Principal: 90
  • PGTs: 690
  • TGTs: 926
  • Primary Teacher: 4499

Selection procedure:

The candidates will be selected on the basis of their performance in an interview.

Pay scale:

  • Principal: Rs 15,600 to Rs 39,100 per month
  • PGTs: Rs 9,300 to Rs 34,800 per month
  • TGTs: Rs 9,300 to Rs 34,800 per month
  • Primary Teacher: Rs 9,300 to Rs 34,800 with a grade pay of Rs 4,200 per month.

About KVS :

KVS is affiliated to the Central Board of Secondary Education (CBSE) to provide education to children of transferable Central Government employees including Defence and Para-Military personnel.

Indian Railways may allow Private Passenger Trains to use its Tracks once DFCs become operational

Indian Railways may allow Private Passenger Trains to use its Tracks once DFCs become operational

To accelerate its eroding fare revenue, the Indian Railways (IR) plans to allow private passenger trains, luxury trains and container operators to use its existing tracks once the dedicated freight corridors (DFCs) become operational, as it will move 70% of the freight traffic to the new routes.

While one Indian railway official said there is a definite thinking in this direction and a study is already going on for utilisation of the released capacity on the IR network, another railway official confirmed that the carrier is open to all such possibilities. Both officials spoke on the condition of anonymity.

Though private container operators, albeit a few, already use the IR network by paying haulage charges, "private passenger train operators are yet to come in India", said the first official quoted above.

The Dedicated Freight Corridor Corporation of India (DFCCIL), a special purpose vehicle of the Indian Railways, has been mandated to develop six DFCs across the country, of which the Eastern DFC and the Western DFC are under construction at present, with funding assistance from the World Bank and Japan International Cooperation Agency, respectively.

The total track length of the two DFCs is around 3,300 km. The surveys of the other four DFCs are done, but the work is yet to start.

These DFCs, 80% of which will be built aligned to the existing IR tracks, will carry 70% of the existing freight traffic of the railways which will result in huge released capacity.
"If you do not want to invest in rolling stock, you can lease these spaces to private parties," said the first official. By December 2020, both the Easter DFC and Western DFC will be operational, though sections of each corridor will be commissioned as and when they are ready.

Once the slow-moving freight traffic moves to DFCs, the speed differential will come down drastically. Right now there is a Gatimaan Express running at 160 km per hour and also others running at 75 km per hour, and goods train at 25 km per hour.

Now, if these goods trains are taken off the IR track, there will be only express trains running at high speed. So, speed difference will be minimum. As a result, the throughput will increase as there could be more number of trains. If there are trains running at same speed, the sectional capacity goes up, said the first official.

A consultant, which is a consortium, is being hired to recommend the possible ways to monetise the released capacity and the revenue potential is expected to be substantial.

Sectional capacity is referred to in terms of paths, which means the number of trains that can be pushed into a section. It is different for each section as some may predominantly have only passenger trains, and capacity released will be lower.

The Indian Railways freight-loading target for 2017-18 is 1,165 mt, a meagre increase of 71.5 mt from the revised estimate for 2016-17. The earnings from goods, contributing around 60% of the transporter's total traffic receipts, have been estimated to be R1.18 lakh crore for 2017-18 compared with an estimated R1.17 lakh crore in 2016-17. The passenger revenue, meanwhile, at R50,125 crore is a little below last year's target.

Source: FE

Wednesday, March 22, 2017

GST rollout from July 1 to make goods cheaper: Jaitley

GST rollout from July 1 to make goods cheaper: Jaitley

New Delhi: Hopeful of the GST rollout from July 1, Finance Minister Arun Jaitley today said it will create one of the world's biggest single markets and make commodities cheaper and tax evasion difficult.

Speaking at the 23rd Conference of the Commonwealth Auditor General, Jaitley said India has hugely a non-tax compliant society and the government banned higher denomination notes to curb the tendency of people to deal in cash that lead to tax evasion as well as terror financing.

He said the reform measures undertaken by the government will help India clock 7-8 % growth and retain the tag of fastest growing major economy in the world, but challenges remain in volatile global oil prices, reviving private sector investment and health of state-owned banks.

With regard to GST, he said the new indirect tax regime will ensure seamless transfer of goods and services, while stronger information technology backbone will make evasion difficult.

Despite being one political entity, India currently is not a single economic entity as there are multiple layers of taxation that make goods costlier. GST - first proposed in 2006 - will replace at last 17 state and central levies.

The biggest taxation reform what we are trying to implement from July 1 is Goods and Services Tax … It will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient, Jaitley said.

The Union Cabinet this week cleared four supplementary GST legislations which will be introduced in Parliament in the ongoing budget session.

The laws which enable this (GST) are now before Parliament which hopefully should get cleared and once they do get cleared then by the middle of this year we hope to see the implementation as far as this law is concerned, Jaitley said.

In terms of tax compliances, he said India ranks fairly high as a non-compliant state.

Therefore, one of the efforts of the state has been how to bring non-compliance to an end. Once the GST is introduced it will be a great check as far as evasion is concerned, he said, adding that the government has amended direct taxation law by bringing in curbs on cash currency.

Jaitley, yesterday, in Parliament introduced an amendment to Finance Bill 2017 proposing to ban cash dealings above Rs 2 lakh.

Cash component of Indian economy was exorbitantly high about 12.2 per cent of GDP and of this, 86 per cent was high denominational currency and therefore the tendency to deal excessively in cash did exist and this created its own challenges for economy, he said.

Cash facilitated crime, corruption, incentivised tax non-compliance and was facilitator for funding terrorism and insurgency, he said, as he defended November 8 decision of the government to demonetise 500 and 1,000 rupee notes.

(With demonetisation) Anonymity which was attached to this high level of cash operating in market that anonymity disappeared as it had to be deposited in bank.

This has also increased the trend towards digitisation of economy, (will) act as disincentive to continuing to deal in a shadow or parallel economy and lead to a further integration of informal with formal economy, Jaitley said.

He said the size of India's GDP in the near future will be bigger, size of formal economy will increase and will be cleaner.

As regards growth, Jaitley said India would continue to remain amongst the fastest growing economies of the world.

For the last three years we have been the fastest growing major economy, we will continue to be in that phase. I think for India to achieve the growth rate of 7-8 per cent is reasonably logically plausible. If big growth returns to the world we probably can push upwards, he said.

Outlining the challenges for Indian economy, Jaitley said the government is now trying to address the problems plaguing the public sector banks and also increasing private investment.

We are hopeful that in the next few quarters, will probably see a better result as far as those areas are concerned, he said, adding oil prices remain an uncertainty for India.

The gross NPAs of public sector banks have risen from Rs 5.02 lakh crore at the end of March 2016 to Rs 6.06 lakh crore in December 2016.

PTI

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