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Proposal for 50% income of Seventh CPC will be invested in bank capitalisation bonds: ET News

04/11/2016 Leave a Comment

Proposal for 50% income of Seventh CPC will be invested in bank capitalisation bonds: ET News

Innovative approach: Government staff’s pay hikes may fund bank capitalisation

NEW DELHI: The government is considering an innovative proposal under which 50% of increased salary of higher-income government staff under the Seventh Pay Commission will be compulsorily invested in bank capitalisation bonds. The proceeds will be used to recapitalise banks without additional pressure on the fiscal.

While this will result in less cash in the hands of higher-income employees, as a sweetener they will get income tax rebate on the amount invested. Those wanting to invest more than 50% to save tax will be allowed to do so. The Bank Recapitalisation Scheme, as this proposal is being called, will be voluntary for employees with lower salaries (those in the Rs 5,200-20,200 bracket) and pensioners.

Read more at: Economic Times

Filed Under: 7th Central Pay Commission, 7th CPC News, 7th CPC Pay Scale Calculator Tagged With: 7th Central Pay Commission, 7th CPC News, 7th Pay Commission News

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