18th June, 2014
PRE-BUDGET RUMOURS.... AS USUALCNN-IBN REPORTS:
" In what could probably become one of the landmark reforms by the Narendra Modi government, sources tell CNN-IBN that the Centre is likely
to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh.
The Finance Ministry has also sought a report on the same from the I-T department,
say sources. The CBDT is likely to submit a proposal by June 20, added sources."
18-6-214
PENSION ANOMALY CASE
A STRANGE AND USELESS LETTER HAS BEEN SENT BY BSNL CORPORATE OFFICE TODAY
TO ALL CIRCLES ASKING COMMENTS OF THE LATTER ON THE PENSION ANOMALY CASES.
THE LETTER REVEALS THAT THEY HAVE NOT STUDIED THE ISSUE AT ALL.
OR, THEY WANT TO TWIST THE CASE TO DENY THE BENEFITS TO PENSIONERS.
HOWEVER, WE HAVE A FILED A CASE IN THE PRINCIPAL BENCH OF CAT.
WE CAN NOT EXPECT JUSTICE FROM THE BUREAUCRATS.
THE CASE WILL COME UP, AFTER THE COURT SUMMER VACATION IS OVER.
[Click here to view the file....]
17th June 2014
NO HOPE BEFORE 2018 !!!!!
[For the benefit of those who have still some illusion that they can get better pension
depending upon performance of BSNL, we hereunder publish extracts from an item appeared in the Wall Street Journal]
Bharat Sanchar Nigam Ltd ( BSNL ) is unlikely to report a profit until at least 2018
even if the money-losing telecom services provider gets the Rs. 15,000 crore
bailout package it has sought from the government.
The company will accumulate losses of around Rs.11,700 crore by 2018
despite state support before it can turn around
The projections are based on the company retaining its current market share over the next five years
and being able to invest in expanding its network and services.
Without government aid, BSNL is like to entirely erode its net worth in another five years.
The company has seen a steady erosion of its net worth since 2010, when it reported a loss of Rs.1,823 crore,
the first since it was carved out of the government’s telecom department in October 2000.
In the past four years, BSNL has accumulated a loss of Rs.25,258 crore spectrum as payments for 3G and broadband spectrum
depleted its reserves and expansion plans were hobbled because of political interference and litigation,
harming its ability to compete with private companies such as Bharti Airtel Ltd and Idea Cellular Ltd. Expenses,
including that for buying radio waves, depleted its reserves to around Rs.2,500 crore in March 2011
from Rs.30,343 crore a year earlier.
BSNL claimed it will post a profit before tax of Rs.35 crore in the year ending 31 March, 2018,
after receiving the requested government support.
If the government bailout comes through and its employees accept the VRS offer, BSNL’s sales are projected to increase to Rs.41,000 crore for the year ending in March 2017.
A panel consisting of technocrat Sam Pitroda and banker Deepak Parekh had recommended that the government sell a 30% stake in the company to the public and also cut its staff by 100,000.
....CHQ NEWS
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