Higher education in India gets a Rs 8,000 crore boost

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

New Delhi: To increase investment in higher educational institutions, the Union Cabinet today approved a proposal for expanding the scope of Higher Education Financing Agency (HEFA) by expanding its capital base to Rs 10,000 crore and tasking it to mobilise Rs 1 trillion by 2022.

Briefing reporters after the Cabinet meeting chaired by Prime Minister Narendra Modi, Union minister Ravi Shankar Prasad said the government wants to increase investments in higher education, for which an announcement was made in the last budget and HEFA was established.

“At that time its authorised capital was Rs 2,000 crore and now it has been increased to Rs 10,000 crore,” Prasad said, adding that earlier central government universities and other new varsities didn’t get advantage of HEFA but in today’s cabinet meeting, it was decided that they can utilise this fund.

In his Union Budget 2018, the then finance minister Arun Jaitley had announced a new initiative of the government—‘‘Revitalising Infrastructure and Systems in Education (RISE)”—to step up investments in research and related infrastructure in premier educational institutions, including health institutions. HEFA, a joint venture company of Canara Bank and Ministry of Human Resource Development which provides financial assistance for creation of educational infrastructure and R&D in India’s premier higher educational Institutions, was tasked to fund this initiative.

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion against estimated expenditure of Rs 1.22 trillion in 2017-18.

[“Source-livemint”]

 

Keep Away From Benami Transactions, Warns Income Tax Department

Keep Away From Benami Transactions, Warns Income Tax Department

The taxman is the nodal department to enforce the Benami Act in the country

New Delhi: The Income Tax Department on Wednesday warned people to “keep away” from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years. The department put out its alert in a public advertisement published in leading national dailies.

Titled “Keep Away from Benami Transactions”, it described black money as a “crime against humanity” and urged “conscientious citizens to help the government in eradicating it”.

“Benamidar (in whose name benami proper is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may face rigorous imprisonment up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property,” the I-T advertisement said.

The tax department attached benami assets worth Rs. 1,833 crore across the country, issued 517 notices and made 541 attachments, from November 1, 2016 to October 2017.

The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.

The advertisement added that “persons who furnish false information to authorities under Prohibition of Benami Property Transactions Act, 2016, are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10 per cent of fair market value of benami property”.

It added that benami property “may be attached and confiscated by the government” and that this action will be in in addition to prosecution under the Income Tax Act of 1961 for tax evasion charges.

The Income Tax Department is the nodal department to enforce the Benami Act in the country.

[“Source-ndtv”]

Mark Walhberg Was Paid 1,500 Times More Than Michelle Williams To Reshoot Film

Williams earned $1,000 in total, much less than the $1.5 million that Wahlberg earned.

Michelle Williams at the Golden Globes 2018 (Image Credit: AFP)

Hollywood is voicing its outrage over reports that Mark Wahlberg was paid 1,500 times more than Michelle Williams to reshoot scenes for kidnap drama “All the Money in the World.”

Ridley Scott partially re-shot his latest movie after Kevin Spacey was fired due to sexual misconduct allegations, with both Wahlberg and Williams called back to act opposite Spacey’s replacement, Christopher Plummer.

But Williams, according to USA Today, earned a daily allowance of $80 for her work — amounting to under $1,000 in total and less than 0.07 percent of the $1.5 million that Wahlberg earned.

“Please go see Michelle’s performance in ‘All the Money in the World.’ She’s a brilliant Oscar-nominated Golden Globe-winning actress,” raged an indignant Jessica Chastain on Twitter.

“She has been in the industry for 20 years. She deserves more than one percent of her male co-star’s salary.”

Actress and activist Amber Tamblyn described the reported pay gap as “totally unacceptable” while veteran producer Judd Apatow said it was “so messed up that it is almost hard to believe.”

Golden Globe-winning actress Mia Farrow said the disparity was “outrageously unfair,” adding that she was “never, ever paid even a quarter of what the male lead received.”

Williams previously told USA Today she appreciated efforts to reshoot the film, which recounts the kidnapping of oil tycoon J. Paul Getty’s grandson, adding that “they could have my salary.”

Scott said the actors, including Williams and Wahlberg, turned up “for nothing” for the 10-day November re-shoot but USA Today reported that Wahlberg’s agency later renegotiated his “hefty fee.”

At Sunday’s Golden Globes — where “All the Money in the World” came home empty-handed despite three nominations — male and female actors wore black to highlight sexual misconduct and also to promote gender parity.

The protest was organized in part by the newly-launched Time’s Up campaign led by female stars including Williams to address gender discrimination in Hollywood and other industries.

As her date, Williams brought civil rights activist Tarana Burke, the creator in 2006 of the “Me Too” movement to raise awareness of the ubiquity of sexual abuse. The phrase was co-opted by actress Alyssa Milano last year for the #MeToo social media campaign against sexual misconduct in Hollywood.

Representatives for Wahlberg and Williams did not immediately respond to requests for comment.

[“Source-ndtv”]

What Not To Say During A Salary Negotiation

If you want things to go your way, don’t say any of this

Get the best offer possible during your salary negotiation

Preparation pays off, literally, when it comes to salary negotiations. Research about the market and company standards can only take you so far – you need to be able to pitch yourself too. There are some phrases people tend to use in these discussions that don’t really end up working in their favour – despite what they (or you) believe. Here are a few of them. Remember not to say any of this during your next salary negotiation.

1. ‘I’m getting married/moving house/etc’

Let us try to say this as politely as possible – no one cares. Your personal matters are just that – personal. And you can not expect them to influence any professional decisions made at that meeting. The best thing to do is avoid talking about your personal dilemmas, no matter how much they’re affecting you, and focus on the work you’re doing and it’s worth.

2. ‘I’m sorry but…’

Don’t apologise. We all tend to use the word quite liberally, especially when talking to superiors. But there is nothing to apologise for here – you’re talking about your remuneration, which is your right. Don’t feel embarrassed or uncomfortable about it. You’ve worked hard for it.

3. ‘I need/want… ‘

But do you really ‘need’ it? And if you want it, so what? We’re sure every person wants a higher salary. But what’s more important is – do they deserve it? Sometimes the answer to that is no. During your salary negotiations, instead of telling them what you want, tell them what you deserve – and why.

4. ‘I have another offer that is much higher’

Take it then? You don’t want your prospective employer to think you’re in it just for the money. If the other company is offering you more money, and that’s all that matters, you would have taken it anyway. So don’t play that card and try to keep the focus of the conversation on the offer you’re discussing.

5. ‘I haven’t had a raise in so long’

You need to put your point across, without sounding like you’re whining and saying this doesn’t help your case. Bringing their attention to the fact that you have not gotten a raise only makes them think that there has been no reason for you to get a raise.

6. ‘But others are getting paid more to do less work’

Again, trying to compare yourself to others won’t work, nor it is your place to do so. Talk about how much time and effort you have been putting in, irrespective of others – but as soon as you make it seem like a competition, you’re going to lose favour in the discussion. Also, it makes you sound like a gossip-monger.

7. ‘I want more…’

‘More’ is too vague for you to use in this discussion. ‘More’ can be 2% more than the original offer was. There is no room for ‘more’ in this negotiation. Talk about how much more you would like the offer to be and they might take you seriously.

[“Source-ndtv”]