Mar 1, 2013

Railway Minister inspects Upgraded Coach which is Precursor to ‘ANUBHUTI’ Coach

Railway Minister inspects Upgraded Coach which is Precursor to ‘ANUBHUTI’ Coach 
Also inspects first Ever Locomotive with Air Conditioned Driver’s Cabin & Newly Designed high Speed high Capacity Autocar Wagon 

The Minister of Railways Shri Pawan Kumar Bansal visited the Coach Care Centre at New Delhi Railway Station here today to inspect the proto type of upgraded coach precursor to ‘Anubhuti’ coach, the announcement for which has been made in the Railway budget 2013-14. This upgraded coach has world class interiors with excellent ambience and latest modern facilities and services. The Railway Minister was accompanied by Chairman, Railway Board, Shri Vinay Mittal and Member Mechanical, Railway Board, Shri Keshav Chandra, General Manager, Northern Railway Shri V.K.Gupta, senior officials of Railway Board, Northern Railway and Delhi Division were among those present on the occasion. 

This new coach is proposed to be having unique world class standard features like i) ergonomically designed cushioned seats and berths ii) Provision of LCD video screen iii) Upgraded Modular toilets iv) Complete Interior paneling of cycloy in place of currently used paneling v) Better illumination by using energy efficient and defused lighting system vi) Automatic opening and closing of internal doors vii) Superior roller blinds as curtains and viii) Nano paint technology with improved surface preparation of coach exterior for better aesthetics. The total additional coast per coach for these upgraded interior works is estimated to be nearly Rs 25 to Rs 30 lakhs. On this occasion, upgraded versions of AC-II, AC-III and Sleeper Class coach on display at the centre were also inspected by the Railway Minister. The Railway Minister was appreciative of the upgradations on display. 

Budget 2013: 12 important things for the middle class

NEW DELHI: Finance Minister P Chidambaram in his budget 2013 speech made many announcements that will impact the middle class. While some are meant to make investments lucrative, others such as hike in excise duties will pinch pockets.Here is a look at 12 important announcements that will impact the middle class:
1) You can look forward to more tax-free bonds in the coming days, as some institutions are expected to raise around Rs 25,000 crore via tax-free bonds in 2012-13. The finance minister has also permitted some institutions to issue tax free bonds in 2013-14 up to Rs 50,000 crore.

2) The hike in income threshold to invest in Rajiv Gandhi Equity Saving Scheme ( RGESS) is good news for new investors to the stock market. Now, those with income of up to Rs 12 lakh can invest in (RGESS). Earlier only those with income of Rs 10 lakh and less could invest in the scheme.

3) If you are taking a housing loan of less than Rs 25 lakh this year, you can claim additional tax break of Rs 1 lakh on interest payment. This is in addition to Rs 1.5 lakh permitted currently.

4) If you have been worried about inflation eating into your long term savings, you should wait for inflation indexed bonds and inflation indexed national security certificates. The details of these instruments will be announced shortly.

5) If you are living in a tier II city and find it difficult to find an insurer near your place, the budget has some good news for you. Insurance companies can open officers in tier II cities without prior permission from Insurance Regulatory and Development Authority.

6) Union Budget 2013-14 has raised the eligibility cap on life insurance premiums to 15% for policyholders with disabilities or specified ailments, noting that some policies meant for such individuals exceed the existing limit of 10%. If policies do not meet the eligibility criterion, the amount of deduction allowed will be restricted to 10% (15% in case of persons with disabilities) of the sum assured and the maturity proceeds will be taxed.

7) The finance minister has announced a tax credit of Rs 2,000 for individuals with income of less than Rs 5 lakh. In simple terms, if your tax payable amounts to Rs 10,000, your liability will be limited to Rs 8,000.

8) Securities transaction tax is reduced. STT on mutual fund (MF) and exchange traded fund (ETF) redemptions at fund counters is slashed to 0.001% from 0.25%; STT on MF/ETF purchase and sale on exchanges is reduced from 0.1% to 0.001%, only on the seller.

9) If you are derivative trader in the equities market, you should be happy as STT on futures has come down 0.017% to 0.01 % and if you are derivative trader in commodities market, you have to pay CTT at the same rate applicable to equity futures. There was no CTT earlier.

10) If you are going abroad, here is some good news for you. Duty-free shopping limit is hiked to Rs 50,000for a male passenger and Rs 1 lakh for a female passenger.

11) Mobile phone prices to go up; the excise duty is hiked to 6% on handsets which costs more than Rs 2,000

12) If you are a service tax evader, you should make use of the new voluntary Compliance Encouragement Scheme announced in the budget. You can file a declaration of service tax due since 1.10.2007 and make the payment in one two instalments before prescribed dates. You don't have to pay interest and penalty and other consequences will be waived.
Source - economic times

Railway Budget 2013-14: New Plans and Schemes

Union Railway Minister Pawan Kumar Bansal presented the Union Railway Budget for 2013-14 in Lok Sabha on 26 February 2013. Some of the New Plans and Schemes proposed in Railway Budget 2013-14 are as under:

• Proposal for setting up of Railway Tariff Regulatory Authority formulated and at inter-ministerial consultation stage.
• To provide a memorable experience to the visitors especially the children, a revamp plan will be rolled out for National Railway Museum in 2013-14.
• To create a corpus for meeting IR’s committed liabilities for debt servicing of JICA and World Bank loans taken for the DFC Project, it is proposed to set up a new Debt Service Fund.
• In order to meet the growing demand, 72 additional services in Mumbai and 18 in Kolkata are being introduced. Besides, rake length is being increased from 9 cars to 12 cars for 80 services in Kolkata and 30 services in Chennai.
• A target to complete 500 km of new lines has been set for 2013-14.
• There is target to convert 450 km of MG/NG lines to broad gauge during 2013-14.
• Announcement of resumption of work on new line projects of Chickmagalur - Sakleshpur and Bengaluru - Satyamangalam, which were pending for want of resources and other mandatory clearances, after State Government of Karnataka agreed to give land free of cost and bear 50% of the cost.





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