Payment of wages now through e-mode, cheques
Q. The Parliament passed the Payment of Wages (Amendment) Bill 2017 for?- Published on 09 Feb 17a. Payment of wages via cheque
b. Payment of wages through cash transfer
c. Both of the above
d. Neither of the above
ANSWER: Both of the above
Parliament passed a bill seeking for Centre and state governments to specify industrial units paying wages through cheques or transferring into bank accounts.
LS passed the bill on 7th Feb 2017. This bill will improve the compliance of labour laws.
Workers will now get their wages in a transparent manner.
The bill was introduced in the LS on Dec 15, 2016.
The bill replaces Payment of Wages (Amendment) Bill 2016 and repeals the Payment of Wages (Amendment) Ordinance 2016.
Section 20 of the bill "provides for six months imprisonment for violation of the Act. Moreover the inspector can initiate appropriate action under the Factories Act 1948.
Demonetisation: Know More- In the first demonetisation in January 1946, banknotes of 1000 and 10000 rupee were withdrawn.
- New notes of 1000, 5000 and 10000 rupee were introduced in 1954.
- The Janata Party coalition government had again demonetized banknotes of 1000, 5000 and 10000 rupee on 16 January 1978 as a means to curb counterfeit money and black money.
- In 2012, the Central Board of Direct Taxes had recommended against demonetization.
- On 28 October 2016 the total banknotes in circulation in India was ₹17.77 lakh crore (US$260 billion).
- In terms of value, the annual report of Reserve Bank of India (RBI) of 31 March 2016 stated that total bank notes in circulation valued to ₹16.42 lakh crore (US$240 billion)
- Nearly 86% (around ₹14.18 lakh crore (US$210 billion)) was ₹500 and ₹1000 banknotes.
- In terms of volume, the report stated that 24% (around 22.03 billion) of the total 90,266 million banknotes were in circulation.
Indian demonetisation by the NDA government was announced on Nov 8, 2016.
