6% hike in DA for Central govt employees

NEW DELHI: The Union Cabinet on Thursday raised the Dearness Allowance for Central government employees from the existing 16% to 22% with effect from Jan 1, 2009.

The Cabinet met today and cleared the hike which will increase the burden on the exchequer to over Rs 6,000 crore.

The move is significant since elections are round the corner and notification from the Election Commission is expected shortly.

In other decisions, the Cabinet cleared Rs 8,160 crore for upgrading roads in Naxal-affected areas. It also allowed states to let their fiscal deficit go up to 3.5% as compared to 3% earlier.

On Tuesday, more sops were announced by stand-in finance minister Pranab Mukherjee, who declared cuts of 2% in service tax and in excise duties on most goods. Ahead of Lok Sabha polls, the sops are estimated to cost the government over Rs 29,000 crore.

Announcing that the 4% cut in central excise duties made in December 2008 would continue for the next fiscal, the FM said excise rates at 10% would be cut by a further 2% to bring them down to 8%. Other excise slabs like 4% or 8% or items taxed at more than 10% would be unaffected by the cut. Experts said while only one slab had been slashed, it accounted for almost 96% of all items, which makes the cut almost across-the-board.

Source:http://timesofindia.indiatimes.com/

Govt mulling diesel price cut

NEW DELHI: As crude oil prices hover around four-year lows, the government may look at slashing diesel prices further that will help cool inflation by lowering goods transportation charges.

When contacted, Petroleum Minister Murli Deora said: "There is no plan as of now to cut fuel prices." But, sources in the know said the Oil Ministry was pushing for the matter to be taken up by the Cabinet at the earliest.

According to a source, "There is a scope for reduction in diesel rates only." Going by the calculations, diesel prices can be cut by Rs 2 a litre on top of the Rs 4 a litre reduction effected in two installments since December.

State-owned fuel retailers Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum are selling petrol at almost break-even point while they make Rs 3.26 a litre profit on diesel sales.

New York's main contract, light sweet crude for April delivery, was trading at $40.07 a barrel as demand was still weak.

Soruce:http://timesofindia.indiatimes.com/Business/Govt-orders-special-audit-of-DLF/articleshow/4189734.cms

Chargesheet filed in Mumbai terror attacks

MUMBAI: Three months after the unprecedented terror attack in Mumbai, a voluminous chargesheet was filed on Wednesday against about 20 people including the lone arrested gunman Mohammad Ajmal Amir Kasab for crimes ranging from murder to waging war against the country.

The nearly 5,000 page chargesheet in the Mumbai siege which brought the country's financial capital down to its knees for 72 hours killing 183 people also included the reports and forensic examination conducted by the FBI, which had been working along with the Central Security agencies in the case.

Special public prosecutor Ujwal Nikam filed the chargesheet before the metropolitan magistrate M J Mirza.

Nikam told reporters, “We want the trial to end in six months. We will give the copy of chargesheet to Kasab.”

There are 35 names in all figuring in the chargesheet, according to TV reports. Nikam refused to reveal how many of them are Pakistanis.

Kasab, the lone terrorist caught alive in the Mumbai terror attacks, was not produced in the court.

Kasab is facing charges ranging from waging war against the country to murder, attempt to murder and other provisions of the Indian Penal Code and under the stringent MCOCA.

He is also being charged under the Unlawful Activities Prevention Act and for entering the railway platform without ticket, PTI reported.

Besides Kasab, nine other Lashkar terrorists killed in the encounter, over a dozen accused have been named in the chargesheet.

source:http://timesofindia.indiatimes.com/Chargesheet-filed-in-Mumbai-terror-attacks/articleshow/4189975.cms

Sensex gains 134 pts in early trade

MUMBAI: The Bombay Stock Exchange benchmark Sensex gained over 134 points in the opening trade on Wednesday due to buying of funds on firm global markets amid covering up of short positions by speculators ahead of Thursday's expiry in the derivatives segment.

The 30-share barometer gained 134.02 points to 8,956.08 with the banking, realty and metal sector stocks leading the recovery. The index had lost nearly 220 points in the previous two sessions.

The broad-based National Stock Exchange Nifty also moved up by 35.80 points to 2,769.70.

Stock brokers said apart from short-covering by speculators in view of Thursday's monthly expiry in the derivatives segment, fresh buying by funds driven by overnight rally on the US markets and firming trend in other regional bourses, helped sentiments improve to some extent.

They said the market also got a boost after the government announced that the 4 per cent across-the-board excise duty cut would continue beyond March 31, 2009, and also reduced excise duty rates by two per cent to bring it down to 8 per cent.

Soruce:http://timesofindia.indiatimes.com/Business/Sensex-gains-134-pts-in-early-trade/articleshow/4187110.cms