New Delhi, March 24: The Centre has increased the salaries, allowances and pensions of Members of Parliament with effect from April 1, 2023, according to a gazette notification issued by the Ministry of Parliamentary Affairs on Monday.

The salary of Lok Sabha and Rajya Sabha members has been raised to Rs 1.24 lakh per month from Rs 1 lakh at present, whereas the daily allowance has been raised to Rs 2,500 from Rs 2,000 earlier, the notification states.

The pension paid to former MPs has also been increased to Rs 31,000 per month from Rs 25,000 at present, as per the notification.

The additional pension for every year of service in excess of five years has been increased to Rs 2,500 from Rs 2,000 earlier, the notification states.

The revision in salaries, allowances and pensions for the MPs has been announced amid the ongoing budget session of the Parliament. The earlier revision of the salary and allowances paid to sitting and former MPs was announced in April 2018.

The base pay for an MP announced in the revision in 2018 was Rs 1,00,000 per month. The purpose of setting this amount was to bring their salary into line with the rates of inflation and the growing cost of living.

According to the 2018 revision, MPs receive an allowance of Rs 70,000 as constituency allowance to pay for the costs of keeping their offices up to date and interacting with voters in their respective districts. Apart from this, they receive Rs 60,000 per month as office allowance and Rs 2,000 as a daily allowance during Parliamentary sessions. These allowances will also be increased now.

In addition to this, MPs also get an allowance annually for phone and internet usage. They enjoy 34 free domestic flights per year for themselves and their families, and first class train travel at any time for professional and personal use. They can also claim mileage allowance when they use roads. MPs also enjoy the benefits of 50,000 free units of electricity and 4,000 kilolitres of water annually.

The government takes care of their housing and accommodation too. During their five-year term, MPs are provided with rent-free housing in New Delhi. They could get hostel rooms, apartments, or bungalows based on their seniority. Individuals who opt not to utilise the official accommodations are eligible to receive a monthly housing allowance.

New Delhi, March 22: India’s ambitious goal of becoming a ‘Viksit Bharat’ by 2047 will not only transform the country but also positively impact the world, Microsoft co-founder Bill Gates has said.

According to the billionaire philanthropist, if India can stay on the path of the 2047 plan, “it will be beneficial not just to India but to the whole world”.

Gates hailed India’s digital public infrastructure (DPI), including Aadhaar and UPI, calling it one of the country’s most significant contributions to the world.

Speaking at a media event in the national capital, he said that prioritising key sectors like health and education in India has created a very positive dynamic.

Gates emphasised that economic expansion would enable greater government investment in healthcare and education, creating significant opportunities.

On Artificial Intelligence (AI), Gates said that with AI, we can achieve enough food and medical care “without requiring everyone to work as we do today”.

In his meeting with Prime Minister Narendra Modi earlier this week, Gates said his meeting with the PM was focused on India’s development vision, particularly the ‘Viksit Bharat 2047’ goal — an initiative aimed at making India a developed nation by its centenary year of Independence.

The discussions between Modi and Gates emphasised how AI and digital infrastructure can revolutionise healthcare, education, and agriculture.

“As always, an excellent meeting with Bill Gates. We spoke about diverse issues including tech, innovation, and sustainability towards making a better future for the coming generations,” said PM Modi in a post on X.

Meanwhile, the India AI Mission and the Gates Foundation are expected to collaborate on several initiatives, leveraging technology to improve public services and create sustainable solutions. Gates also met Union Agriculture Minister Shivraj Singh Chouhan to explore new opportunities for agricultural development.

Chief Minister Devendra Fadnavis said that Microsoft and Gates Foundation will provide support to make Maharashtra a role model in the country in digital governance and right to service.

Mumbai, March 21: The Securities and Exchange Board of India (SEBI) has cracked down on multiple companies for misappropriation of funds raised through rights issues in the stock markets, after receiving complaints from whistleblowers.

SEBI is reported to have initiated investigations against these companies for the alleged illegal diversion of funds by promoters to their relatives or front companies for personal use rather than the declared purpose for which the money was raised.

The capital markets watchdog is currently looking into four or five such entities and has discerned a pattern in the misuse of such funds. The issue is, therefore, also being taken up on a broader level.

Most of the cases relate to small and dormant companies which float a rights issue, in which shares are offered to existing shareholders at a discount to raise funds for further investment to expand the business. However, these funds are then diverted for personal use such as buying property.

Unlike pump and dump cases, fund diversion from rights issues does not have an immediate impact on the stock market. Hence, such misuse of funds is more difficult to detect and whistleblower complaints are the main source of information in unearthing the cases.

In an interim order passed on December 5, 2024, SEBI observed that Mishtann Foods Ltd. misused proceeds from its rights issue, transferring funds to promoters and group entities instead of their stated purpose. The company withdrew an initial Rs 150 crore rights issue and later issued smaller rights issues under Rs 50 crore, seemingly to avoid SEBI scrutiny.

The markets regulator has barred the company from raising public funds and prohibited the promoters from trading or accessing the capital markets.

Mishtann Foods was also asked to return Rs 49.82 crore misappropriated from its rights issue and Rs 47.10 crore diverted through fictitious transactions. To improve governance, SEBI has mandated the formation of a new audit committee to ensure strict compliance with regulations.

Additionally, BSE has been directed not to approve any further rights issues by the company. These directives will remain in force until further orders.

In another order passed on December 11, 2024, SEBI released an order against Debock Industries Ltd. The company was found to have engaged in financial misconduct, including manipulating its financial statements, submitting false bank statements, and siphoning off rights issue proceeds.

The company allegedly used fictitious preferential issues to migrate to the Main Board of the stock exchange. As a result, SEBI imposed strict restrictions, preventing the accused from dealing in securities or accessing the capital markets.