7th Pay Commission: IAS, IPS, IFS Officers Must Inform Government About Stock Market Related Transactions Under New Guidelines; Here's When and Why
As per the order, members of AIS members can invest any amount which is less than six months of their basic pay without informing the authority. It must be noted that AIS officers receive their salary based on the recommendations of the 7th Pay Commission.
Mumbai, April 17: Central government employees under the 7th pay commission are eagerly waiting to receive good news about the Fitment Factor hike and the introduction of the 8th pay commission. Amid all of this, the Centre last month released a slew of guidelines asking IAS, IPS, IFS officers and all government employees under All India Services (AIS) to submit their stock market-related and any other investment transactions.
The Centre has introduced new rules for IAS and IPS officers with regard to stock market-related transactions. As per a report in DNA, all government officers including IAS, IPS and IFS officers under the All India Services (AIS) have to inform the Centre about their stock market-related transactions. Besides the stock market, the officers also have to intimate the Centre about their total transactions in shares or any other investments in case it exceeds their six months' basic pay during a calendar year. 7th Pay Commission: After 4% DA Hike, Central Government Employees Set to Get Basic Salary Increment; Know How Much Salary Will Increase.
The rules regarding stock market-related transactions come after the Department of Personnel and Training (DoPT) issued an order on March 20th asking all officers to submit the details latest by January 31 of the subsequent year. As per the order, members of AIS members can invest any amount which is less than six months of their basic pay without informing the authority. It must be noted that AIS officers receive their salary based on the recommendations of the 7th Pay Commission.
"...With a view to enable the administrative authorities to keep a watch over the transactions in any stock, share or other investments etc. in respect of members of All India Services (AIS), it has been decided that an intimation may be sent in the enclosed proforma to the prescribed authority every year, if the total transactions in stock, share or other investments etc. exceed six months' basic pay of government servant during a calendar year," read the DoPT order. Central Government Planning to Replace 7th Pay Commission With 8th Pay Commission in 2024? Know How Much Salary Might Increase.
Besides informing about the share and stock market transactions, AIS members also have to inform the Centre when their transactions exceed two months’ basic pay. "It is also clarified that since share, securities, debentures, etc are treated as moveable property as per explanation-I under rule 16 of AIS (Conduct) Rules, 1968, if an individuals transaction exceeds two months’ basic pay of the member of services as prescribed in Rule 16 (4) of ibid rules, intimation to the prescribed authority would still be necessary," the DoPT said in its order.
On the other hand, the DoPT also said that frequent purchases or sale or both of shares, securities or any other investments will be deemed to be speculation under the sub-rule.
(The above story first appeared on LatestLY on Apr 17, 2023 11:34 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).