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  • Govt hikes DA By 4% Under 7th Pay Commission; Details Here

    Govt hikes DA By 4% Under 7th Pay Commission; Details Here

    The Union Cabinet has hiked the  Dearness Allowance (DA) of central government employees and pensioners by 4 percent under the 7th Pay Commission The hike takes DA to 38 percent from the current 34 percent of basic pay/pension. The Finance Ministry said that the central government employees and pensioners will become entitled to a higher amount of Dearness Allowance (DA) and Dearness Relief (DR), respectively.

    Financial News



    Speaking at a press conference in New Delhi, the Union Minister added that the hike in salary and pension will benefit over 50 lakh government employees and about 62 lakh pensioners ahead of the festive season.  Meanwhile, Finance took to Twitter to add that the combined impact on the exchequer on account of both DA and DR (Dearness Relief) would be R s 12852.5 crore per annum.

     release additional instalment of Dearness Allowance (DA) to central govt employees & Dearness Relief (DR) to pensioners w.e.f.

    Further, the combined impart on the exchequer on account of both DA and DR will be Rs.8,568.36 crore in the financial year 2022-23 (i.e. for a period of 8 months from July, 2022 to Februar The Union Cabinet had in March approved to increase 3 per cent in dearness allowance (DA) under the 7th Pay Commission, thus taking the DA to 34 per cent of the basic income.



    Dearness Allowance (DA) is the cost-of-living adjustment allowance which the government pays to the employees of the public sector as well as pensioners of the same revised the formula to calculate the DA and DR for central government employees and pensioners Dearness Allowance Percentage  ((Average of All-India Consumer Price Index (Base Year 2001=100) for the past 12 months -115.76)/115.76)x100.For Central public sector employees: Dearness Allowance Percentage = ((Average of All-India Consumer Price Index (Base Year 2001=100) for the past 3 months.

  • On Tuesday, the dollar struggled to find buyers as the market mood improved

    On Tuesday, the dollar struggled to find buyers as the market mood improved

    allowing the currency to remain reasonably resilient against its peers. Eurostat will publish the euro area’s first-quarter Gross Domestic Product (GDP) numbers. Later in the day, a 10-year US Treasury note auction will take place, and the US Census Bureau will release statistics on Wholesale Inventories. The trade action might continue muted ahead of the European Central Bank’s (ECB) policy announcements on Thursday and the US inflation data on Friday Despite the lack of high-impact data announcements, Wall Street’s major indexes rose sharply on Tuesday. US stock index futures, on the other hand, are down between 0.3 and 0.4 percent so far on Wednesday, indicating a cautious market sentiment. The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, is up slightly at 102.50.






    The raised its key repo rate by 50 basis points to 4.9 percent on Wednesday, while keeping the reserve repo rate at 3.35 percent constant.

    After initially soaring to 77.95, the USD/INR has recovered to 77.70 China’s Vice Commerce Minister stated in a statement a day before the release of the country’s trade balance figures that importers and exporters are still under pressure owing to logistical issues and rising material prices. On Tuesday, the EUR/USD fell to a five-day low of 1.0652 before recovering its losses. In the European session, the pair is trading just below 1.0700.





    After dipping to a multi-week low below 1.2500 on Tuesday, the GBP/USD closed the day in positive territory, aided by risk flows. The pair has been maintaining its gains below 1.2600 at the time of writing.

    Above 133.00, the USD/JPY is at its highest level in 20 years. Japan’s GDP dropped by 0.5 percent on an annualised basis in the first quarter, according to official figures. On Wednesday, Bank of Japan Governor Haruhiko Kuroda stated that his comment on families’ acceptance of price rises had been withdrawn. “Rapid currency weakness in a short period of time, as observed recently, is undesirable,” Kuroda continued, although his words did not help the yen find buyers On Tuesday, gold took advantage of falling US T-bond rates to end a two-day losing skid. In the European session, XAU/USD appears to have stabilised at Bitcoin is continuing to fall after suffering minor daily losses on Tuesday, and was last noted around $30,500, down 2% on the day. Ethereum remains on the back foot, trading within a hair’s breadth of $1,800.