Asian Development Bank (ADB) annual funding to India hits record high

Last year, the Asian Development Bank (ADB) increased its overall yearly funding to India to $4.27 billion, thanks to Covid-19 support. The ADB stated in a statement on Friday that this was the greatest yearly lending commitment to the country since the bank’s lending operations began in 1986.

According to the announcement, the total sum includes $3.92 billion in sovereign financing for 13 projects, including $1.8 billion in pandemic-related support and a $356 million commitment through non-sovereign activities.

As part of its pandemic assistance to India, the Asian Development Bank (ADB) offered emergency assistance to contain the virus and implement social protection measures to help the poor and vulnerable.

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“ADB stands ready to provide more resources to address India’s many Covid-19-related challenges in the future, including funds to expedite the country’s ongoing vaccination programme and build the health system’s resilience against future shocks, as well as supplementary support to protect small businesses, underpin education, and underpin social protection,” said Takeo Konishi, ADB Country Director.

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Aside from Covid-19 aid, the international lender increased its funding for India’s infrastructure development by assisting with energy, transportation, urban development, and public sector management.

This includes $500 million for the construction of an 82-kilometer high-speed Delhi-Meerut RRT system corridor, as well as energy sector loans to boost distribution networks in Maharashtra, Karnataka, Uttar Pradesh, and Meghalaya, as well as a 120-megawatt hydroelectric power plant in Assam.

Are you aware of these Top 5 EPFO Provident Fund account benefits?

Employees’ Provident Fund Organisation (EPFO) offers a variety of benefits to its members. Free insurance and pension coverage are among the Provident Fund’s perks. In general, an employee’s Provident Fund (PF) account is viewed as a retirement-oriented investment option, and it is required of any employee who meets the Rs 15000 monthly PF contribution threshold. Section 80C of the Income Tax Act exempts an employee’s PF contribution up to Rs 1.5 lakh in a single financial year from income tax.

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Employees should be informed of the following five primary points:-

1. Free insurance:

Under the EDLI, a Provident Fund Account holder is automatically liable for free insurance up to Rs 7 lakh in the event of death while serving (Employees Deposit Linked Insurance Scheme). The death cover for PF account holders was previously Rs 6 lakh, but it has now been increased to Rs 7 lakh. Most notably, the PF account holder would not have to pay any insurance premiums for the EDLI death cover.

2. Pension provision:

After 58 years, a PF account holder is still liable for a pension. To be eligible for a pension, however, a minimum of 15 years of daily monthly PF contributions must be made in one’s PF account. The pension gain comes from the employer’s contribution, which goes to the EPS account of the PF account holder for 8.33 percent of its contribution (out of a total of 12 percent).

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3. Loan against PF:

In the event of a financial emergency, a PF account holder may borrow against his or her PF balance, with an interest rate of only 1%. The loan will be for a limited time and must be repaid within 36 months of the date of disbursement.

4.Emergency partial withdrawal:

EPFO provides for partial withdrawal in the event of a medical or financial emergency, subject to certain terms and conditions.

How to navigate tax changes to protect your long-term money goals

5. Home loan and hole loan repayment:

An individual’s PF account may be used to repay a home loan. According to EPFO law, they can withdraw up to 90% of their PF balance for the purchase or construction of a house. They can also use their PF balance to purchase properties.

CSR Amendment Rules – BIG CHANGES coming into effect into the CSR domain

  • Compulsory CSR project registration form CSR-1 w.e.f. 1 April 2021
  • Impact Assessment for big CSR projects
  • Carry forward and set off of CSR expenditure
  • Annual CSR Action Plan by the Board each year in addition to CSR strategy
  • Tweaks in the reporting format of the Board report
  • Mandatory disclosure of CSR projects and operations on the company’s website, if any
  • Acquisition of capital assets and its holding is limited to three bodies in total

Link:- http://www.mca.gov.in/Ministry/pdf/CSRAmendmentRules_22012021.pdf

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