Finance seeks Labour reply: Is 8.65% EPF interest rate sustainable?

PSLV-C37 carries 96 private satellites, lifting hopes of firms with India plans

THE INDIAN Space Research Organisation (ISRO) on Wednesday launched a record 104 satellites in one shot on board its workhorse rocket system, the Polar Satellite Launch Vehicle (PSLV).

Flying its 39th mission since it became operational in 1993, the PSLV — called PSLV-C37 for Wednesday’s mission — delivered into space a payload of 1,378 kg in its 38th consecutive successful flight.

ISRO’S earth observation Cartosat-2 satellite (714 kg), from the Satish Dhawan Space Centre at Sriharikota in Andhra Pradesh, and its two “technology demonstration” nano satellites (INS-1 and 2) were the only Indian payloads on PSLV-C37. The rest were commercial launches for international customers, through agreements with ISRO’S commercial arm Antrix Corporation.

Of the 101 foreign satellites launched by PSLV on Wednesday, 96 are from the US — including 88 from the start-up, Planet Labs, a San Franciscobased earth imaging company — while one satellite each is from the Netherlands, Switzerland, Israel, Kazakhstan and the UAE.

All but eight of the satellites THE MINISTRY of Finance has raised red flags on the sustainability of the 8.65 per cent interest rate for 2016-17 for subscribers of the Employees’ Provident Fund Organisation (EPFO). This rate has been given the go-ahead by the Ministry of Labour and Employment.

In a missive to the Labour Ministry last week, the Finance Ministry sought clarifications on the 8.65 per cent interest rate, with the main query pertaining to the EPFO’S ability to pay this level of interest rate and the payouts to be made in case of inoperative accounts.

Of its nearly 17 crore subscribers, about four crore are contributing subscribers. As per general practice, the decision of the Central Board of Trustees (CBT), the governing body chaired by the Labour Minister that manages the fund, needs the Finance Ministry’s approval.

“If it (EPFO) earns more, it can pay more. But our main concern is whether 8.65 per cent interest rate is tenable or not. We just want to be sure about their ability to pay this level of interest

PTI The 1,378-kg payload included ISRO’S Cartosat-2 and two nano satellites; the rest were foreign satellites.

Virender Singh Negi Uttarakhand Chief Minister Harish Rawat in Dehradun Wednesday before the state voted.

PTI ISRO chairman A S Kirankumar, Wednesday.