Centre notifies 24 per cent hike in salaries for MPs
New Delhi, Mar 24 (PTI): The Centre on Monday notified a 24 per cent hike in the salaries of members of Parliament with effect from April 1, 2023, on the basis of the Cost Inflation Index, taking their monthly salaries to Rs 1.24 lakh besides certain allowances and perks.
A notification issued by the Ministry of Parliamentary Affairs also increased the daily allowances for sitting members and pension and additional pension for every year of service in excess of five years for former members.
The daily allowance too has been increased from Rs 2,000 to Rs 2,500, the notification said. MPs can draw daily allowances while attending Parliament sessions and meetings of parliamentary committees.
The pension for former members of Parliament has been increased from Rs 25,000 per month to Rs 31,000 per month.
The additional pension for every year of service in excess of five years has been increased from Rs 2,000 per month to Rs 2,500 per month.
In 2018, the then finance minister Arun Jaitley increased the salaries of MPs from Rs 50,000 to Rs 1 lakh.
Jaitley had also put a mechanism for automatic revision of salaries and allowances every five years by indexing it to inflation, thus doing away with the practice of MPs making recommendations for fixing their salaries.
A member of Parliament will now get Rs 1.24 lakh per month as salary, Rs 87,000 per month as constituency allowance as against Rs 70,000 earlier, Rs 75,000 towards office expenses as against Rs 60,000 earlier.
The office expenses of Rs 75,000 include Rs 50,000 to hire the services of a computer literate person and Rs 25,000 towards stationery items.
The MPs are also entitled to purchase durable furniture worth Rs 1 lakh and non-durable furniture of Rs 25,000 once during their tenure.
Earlier, these entitlements were capped at Rs 80,000 for durable furniture and Rs 20,000 for non-durable furniture.
The MPs get accommodation, varying from a hostel in Vitthalbhai Patel House to two-bedroom flats and bungalows in central Delhi.
They are also reimbursed for electricity, water, telephone and internet charges. They and their families are also reimbursed for 34 one-way air tickets from their constituency to Delhi and get benefits on rail travel.
In 2020, during the COVID-19 pandemic, the government slashed salaries of MPs and ministers by 30 per cent for one year.
The increase in the salary has been notified in exercise of the powers granted under the Salary, Allowances and Pension of Members of Parliament Act on the basis of the Cost Inflation Index specified in the Income Tax Act of 1961.
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Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi (PTI): Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,52,500 per 10 grams.
Traders attributed the surge in bullion prices to reports that Washington and Tehran are close to finalising a framework agreement to end months of conflict, raising the prospects of smoother flows through the Strait of Hormuz and easing inflation concerns tied to energy markets.
"Gold rallied strongly on Wednesday as easing geopolitical tensions triggered a sharp reversal in key macro drivers that had recently pressured precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also advanced for the third straight session by rising Rs 3,500, or 1.4 per cent, to Rs 2,54,500 per kg (inclusive of all taxes). The metal had settled at Rs 2,51,000 per kg in the previous session, as per the Association.
"The prospect of a diplomatic breakthrough triggered a steep decline in oil prices and the US dollar, easing concerns about inflation while boosting demand for precious metals," Gandhi said.
Globally, spot gold increased by USD 106.15, or 2.33 per cent, to USD 4,663.70 per ounce while silver gained USD 3.40, or 4.68 per cent, to USD 76.24 per ounce.
"Gold witnessed a sharp rally as markets reacted positively to reports that the US and Iran are moving closer to a one-page agreement framework aimed at ending the conflict," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Despite strong international gains, rupee strength limited the upside in domestic gold prices. The market is now highly focused on final confirmation and execution of the proposed deal, he added.
Any negative surprise or breakdown in negotiations could trigger a sharp sell-off in gold, while a successful agreement and sustained ceasefire could push the bullion prices higher in the near-term, Trivedi said.
