Here are some of the highlights of the budget :

Budget Estimates 2024-25:

• Total receipts other than borrowings: 32.07 lakh crore.
• Total expenditure: 48.21 lakh crore.
• Net tax receipt: 25.83 lakh crore.
• Fiscal deficit: 4.9% of GDP.

The government aims to reach a deficit below 4.5 per cent next year. Inflation continues to be low, stable and moving towards the 4% target; Core inflation (non-food, non-fuel) at 3.1%.

Employment and Skilling

Prime Minister’s package of 5 schemes and initiatives for Employment, Skilling and other opportunities, for 4.1 crore youth, over 5 years.

1. Scheme A – First Timers: One-month salary of up to `15,000 to be provided in 3 instalments to first-time employees, as registered in the EPFO.
2. Scheme B – Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, to their EPFO contribution in the first 4 years of employment.
3. Scheme C – Support to employers: Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.
4. New centrally sponsored scheme for Skilling
   • 20 lakh youth to be skilled over 5 years.
   • 1,000 Industrial Training Institutes to be upgraded in hub-and-spoke arrangements.
5. New Scheme for Internship in 500 Top Companies to 1 crore youth in 5 years

Skill Development

• New centrally sponsored scheme for Skilling under Prime Minister’s Package for 20 lakh youth over 5 years.
• Model Skill Loan Scheme to be revised to facilitate loans up to
  `7.5 lakh.
• Financial support for loans up to 10 lakh for higher education in domestic institutions to be provided to youth who have not been eligible for any benefit under government schemes and policies.

Urban Development

Transit Oriented Development

• Formulation of Transit-Oriented Development plans and strategies to implement and finance 14 large cities with a population above 30 lakh.

Urban Housing

• Investment of 10 lakh crore, including the central assistance of 2.2 lakh crore in the next 5 years, under PM Awas Yojana Urban 2.0 proposed to address the housing needs of 1 crore urban poor and middle-class families.

Street Markets

• New scheme to support the development of 100 weekly ‘haats’ or street food hubs every year for the next 5 years in select cities.

Next-gen reforms

Rural land related actions

• Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands
• Digitization of cadastral maps
• Survey of map sub-divisions as per current ownership
• Establishment of a land registry
• Linking to the farmer’s registry

Urban land related actions

• Land records in urban areas to be digitized with GIS mapping.

NPS Vatsalya

• NPS-Vatsalya, a plan for contribution by parents and guardians for minors will be started. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.

Taxes

Indirect taxes

• Buoyed by GST’s success, tax structure to be simplified and rationalised to expand GST to remaining sectors.

• Three cancer drugs namely TrastuzumabDeruxtecan, Osimertinib and Durvalumab fully exempted from customs duty.
• Basic Customs Duty on mobile phones, mobile Printed Circuit Board Assembly (PCBA) and mobile charger reduced to 15%.

• Customs duties on gold and silver reduced to 6% and that on platinum to 6.4%.
• Basic Customs Duty on PVC flex banners increased from 10 to 25%.
• Capital goods for use in the manufacture of solar cells and panels exempted from customs duty.

Simplification for Charities and of TDS

• Two tax exemption regimes for charities to be merged into one.
• 5% TDS rate on many payments merged into 2% TDS rate.
• 20% TDS rate on repurchase of units by mutual funds or UTI withdrawn.
• TDS rate on e-commerce operators reduced from 1 to 0.1%.
• Delay for payment of TDS up to due date of filing statement decriminalized.

Simplification and Rationalisation of Capital Gains

• Short-term gains on certain financial assets to attract a tax rate of 20%.
• Long-term gains on all financial and non-financial assets to attract a tax rate of 12.5%.
• Exemption limit of capital gains on certain financial assets increased to ₹ 1.25 lakh per year.

Other taxes

• Angel tax for all classes of investors abolished to bolster start-up eco-system.
• Security Transactions Tax on futures and options of securities increased to 0.02% and 0.1% respectively.
• Income received on the back of shares in the hands of the recipient to be taxed.
• Simpler tax regime for foreign shipping companies operating domestic cruises to promote cruise tourism in India.
• Deduction of expenditure by employers towards the National Pension Scheme to be increased from 10 to 14 per cent of the employee’s salary.

“With modern and advanced equipment, we provide high quality personalised care for each patient,” said a statement from the hospital. They also offer advanced services such as Clear Aligner, dental implants, CAD-CAM dentistry, cosmetic dentistry, laser dentistry, single visit root canal treatment. 

Their state-of-the-art infrastructure aims to provide a stress-free environment to reduce anxiety among geriatric and paediatric patients within the hospital setup. “Our main motto is to provide the best treatment at an affordable cost for all patients. We provide dental care for your whole family and restore your beautiful asset – smile,” added a representative from the hospital.

The hospital is at Lakshmi Complex, 2nd Floor, No.1/48, ECR, Kottivakkam. Ph: 90064 99006, 47849125; email: narmathasdentalcare@gmail.com; https://narmathasdentalcare.com/

Nearly 80 people participated in the event and donated blood. Representing the traders association were: MMR Mani (Honorary President), Rajendran (President), M.Ramesh (Secretary), A.Noordeen (Treasurer), K.Mohammed Nazar (Joint-Secretary), N.Mohammed Mustafa (Joint-Secretary).

Prime minister Narendra Modi, on May 28, inaugurated the new Parliament House and installed the Sengol with the Nandi atop. He also lit the lamp and offered flowers to the Sengol.

Referring to the establishment of sacred Sengol, the Prime Minister said that in the great Chola empire, Sengol was seen as a symbol of the path of service, duty and nation.

Here we see how the neighbourhood of Adyar can be proud of the Sengol…

How did Sengol come into the limelight?

The use of a sceptre as a symbol of power has its origin in the Chola dynasty, when transfer of power was symbolised with the transfer of Sengol from one king to another. Sengol was the symbol of authority and the Nandi at its head symbolised justice.

In 1947, when the British were to transfer the powers to India, there was a dilemma on what to use to symbolise the transfer. Jawaharlal Nehru, who was to become the first Prime Minister of independent India, turned to Rajaji for a solution. Rajaji inturn looked into the country’s past. The dynasties of Pandyas, Pallavas and Cholas had different symbols of authority / power. This particular one, Sengol, was inspired by the one used by the Cholas. 

Rajaji then contacted the Kanchi seer of the time who directed him to the Thiruvavaduthurai Adheenam. The Adheenam commissioned the making of the sceptre to Vummidi Bangaru Chetty and Sons jewellery store at Parry’s Corner, who designed and created the Sengol in around 10 days. This sceptre was then used as a symbol of power transfer on our Independence Day. Sengol soon got lost in history and lay at the Allahabad Museum as a ‘Golden Walking Stick presented to Pt.Jawaharlal Nehru’. 

In 2021, an article published in the Tamil weekly magazine, Thuglak, caught the eyes of dancer Padma Subrahmanyam (a resident of Adyar), who shared the translated version of the same with the Prime Minister’s Office. The article narrated the story of the Sengol as told by the then Kanchi Seer (1978) to one of the disciples.

When the letter caught the attention of the officials, history books were turned and soon the Sengol found its place in the new Parliament House.

Honoured to be a part of Sengol installation history: Family of Prakruthi Vummidi Bangaru, Gandhi Nagar

On the occasion of the inauguration of the new Parliament House, the Prime Minister also honoured the members of the Vummidi Bangaru Chetty family, who had designed and made the sceptre in 1947, at the behest of C.Rajagopalachari or Rajaji, as he was fondly called, to symbolise the transfer of power from the British to India.

The family has since branched out and one its stores ‘Prakruthi’ is located at Gandhi Nagar, Adyar. A press release from Vummidi Bangaru family members, Kalpana Vummidi and Prashanth Vummudi (Managing Directors, Prakruthi Vummidi Bangaru, Adyar) conveyed that they are absolutely honoured to be part of such a huge piece of the nation’s history proud to serve the country in their own unique way by keeping alive the culture and traditions left behind by their forefathers, and further building on it for the future.

Speaking about how the heritage is kept relevant in current times, Kalpana Vummidi (MD, Prakruthi Vummidi Bangaru) said, “We bring tradition and personalisation together. We give personal attention to customers who want custom designs and help take the craftsmanship and family heritage forward by creating exceptional bespoke designs that our forefathers would not only approve but be proud of.”

Prashanth Vummidi (MD, Prakruthi Vummidi Bangaru) added, “We feel immensely blessed that our multi-generation family has given us this heritage and passion. It is a responsibility and a pleasure to be committed to our craft and to deliver the best, keeping in line with the Vummidi heritage.”

At Prakruthi Vummidi Bangaru, they also support their highly-skilled artisans, who hand-make their jewellery, to keep their livelihood going, and the craft and tradition alive.

Prakruthi Vummidi Bangaru specialises in bespoke jewellery, giving special attention to each and every customer to help them with designing exactly what they are looking for and delivering it with the highest quality craftsmanship as well as flawless diamonds, other precious stones, and gold.

They are at No:44, B Ramachandra Adithanar Road, Gandhi Nagar, Adyar, Chennai: 600020; Ph: 044 4350 4460.

The shop also includes uniforms from Montessori and pre-schools in the surrounding area. The showroom features high-quality fabrics for both boys and girls, as well as other school requirements such as school bags, lunch bags and boxes, water bottles, shoes, socks, stationery, and more. The products are available at affordable rates at best quality.

The 20,000 sq ft showroom is the go-to place for budget-friendly apparel shopping. It has a wide collection of readymade and dress materials for men, women and children, for all occasions. An ample car parking space is available near the back entrance of the shop. At 68, LB Road, Thiruvanmiyur. Ph: 24454442, 42010609.

It is the first state-level workshop on ocean, biodiversity conservation and sustainable eco-tourism. The State Minister of Forests, Dr.M.Mathiventhan, who was the Tourism Minister until very recently, will lead the select group of eco conservationists, forestry managers, wildlife experts, tourism administrators, wildlife and adventure stakeholders and service providers into a conclave, to stave off the conflicts of interest that arise due to controversies between commerce versus conservation. 

VGP Ravidas will be hosting the workshop at VGP Marine Kingdom. “Nearly 80% of our planet’s biological diversity is in the ocean,” informs Dr.S.Paulraj, Executive Chairman of Chennai Snake Park. The Organising Secretary Dipankar Ghose, adds that, “With so many offbeat experiential tourism activities on the rise, like the dolphin cruise, beach and ocean activities along the Coromandel Coast, and the perceptions of Forest Administrators must be considered from the very beginning itself. They can provide insights on the demographic pressures leading to disdainful activities that could conflict with biodiversity conservation of mangroves, sand dunes, littering on ocean floor, turbidity, etc. None of the stakeholders or service providers would be disappointed if tweaking and course corrections are done on the basis of biodiversity conservation and sustainable development goals, at the start itself. It’s time that Tourism and Environment become inclusive and everybody’s ‘sustainable business.’”

To register for the workshop, contact 73959 17040.

Check out the below FAQs issued by RBI on the topic:

• Why are ₹2000 denomination banknotes being withdrawn?
  The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934 primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. With fulfilment of that objective and availability of banknotes in other denominations in adequate quantities, printing of ₹2000 banknotes was stopped in 2018-19. A majority of the ₹2000 denomination notes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continue to be adequate to meet the currency requirement of the public.
  In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the ₹2000 denomination banknotes from circulation.

• What is Clean Note Policy?
  It is a policy adopted by RBI to ensure availability of good quality banknotes to the members of public.

• Does the legal tender status of ₹2000 banknotes remain?
  Yes. The ₹2000 banknote will continue to maintain its legal tender status.

• Can ₹2000 banknotes be used for normal transactions?
  Yes. Members of the public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.

• What should the public do with the ₹2000 denomination banknotes held by them?
  Members of the public may approach bank branches for deposit and/or exchange of ₹2000 banknotes held by them.
  The facility for deposit into accounts and exchange for ₹2000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments* until September 30, 2023.

• Is there a limit on deposit of ₹2000 banknotes into a bank account?
  Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements.

• Is there an operational limit on the amount of ₹2000 banknotes that can be exchanged?
  Members of the public can exchange ₹2000 banknotes upto to a limit of ₹20,000/- at a time.

• Can ₹2000 banknotes be exchanged through Business Correspondents (BCs)?
  Yes, exchange of ₹2000 banknotes can be made through BCs upto a limit of ₹4000/- per day for an account holder.

• From which date will the exchange facility be available?
  To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023 for availing exchange facility.

• Is it necessary to be a customer of the bank to exchange ₹2000 banknotes from its branches?
  No. A non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.

• What if someone needs more than ₹20,000/- cash for business or other purposes?
  Deposit into accounts can be made without restrictions. The ₹2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.

• Is there any fee to be paid for the exchange facility?
  No. The exchange facility shall be provided free of cost.

• Will there be special arrangements for senior citizens, persons with disabilities, etc. for exchange and deposit?
  Banks have been instructed to make arrangements to reduce inconvenience to the senior citizens, persons with disabilities, etc., seeking to exchange/deposit ₹2000 banknotes.

• What will happen if one cannot deposit / exchange ₹2000 banknote immediately?
  To make the entire process smooth and convenient for the public, a period of over four months has been given for deposit and/or exchange of ₹2000 banknotes. Members of the public, are therefore, encouraged to avail this facility at their convenience within the allotted time.

• What will happen if a bank refuses to exchange / accept deposit of ₹2000 banknote?
  For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in).

* RBI having Issue Departments: Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram

The Reserve Bank of India (RBI) has, on May 19, notified that the ₹2000 bank note, which was brought into circulation in November 2016, will be withdrawn for circulation. It will however continue to remain as a legal tender. 

RBI has stated that the public can deposit Rs.2000 bank notes in the bank account / exchange in the usual manner. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023.

To complete the exercise in a time-bound manner and to provide adequate time to the public, all banks shall provide deposit and/or exchange facility for ₹2000 banknotes until September 30, 2023. Separate guidelines have been issued to the banks on the same. The RBI has also advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.

A document on Frequently Asked Questions (FAQs) in the matter has been hosted on the RBI website for information and convenience of the public.

The ₹2000 denomination banknote was introduced in November 2016 primarily to meet the currency requirement of the economy, as part of the demonetisation strategy, after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes, in circulation at that time. The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹2000 banknotes was stopped in 2018-19. The RBI also observed that this denomination is not commonly used for transactions and the stock of other denominations banknotes is adequate to meet the currency requirement of the public, thus prompting the decision for the withdrawal of ₹2000 banknote.