New Delhi, Sep 04: The Centre has notified rules for regulating service matters relating to benefits under the Unified Pension Scheme (UPS) in respect of its employees, an official statement issued on Thursday said.

The Central Civil Services (Implementation of the Unified Pension Scheme under the National Pension System) Rules, 2025 will cover “enrolment under Unified Pension Scheme and switch facility from UPS to NPS one year before the date of retirement or three months before the VRS”, among others.

These rules are for regulating the service matters relating to benefits under the Unified Pension Scheme in respect of central government employees opting for UPS as an option under the NPS, said the statement issued by the Personnel Ministry.

The rules also cover contributions by the employee and the government, compensation to be paid to the government servant in case of delay in registration and credit of contributions to the NPS account and option for benefits under the CCS (Pension) Rules or UPS regulations in the event of death or disability of government servant during service, it said.

Benefits payable on retirement on superannuation, premature retirement, voluntary retirement, absorption in autonomous body or public sector undertaking, retirement on invalidation and resignation from service and “effect of compulsory retirement /dismissal/removal from service” among others are also covered under the newly notified rules.

National president of All India NPS Employees Federation, Manjeet Singh Patel, welcomed the notification and said that the provision of retirement after completion of 20 years regular services in place of 25 years, will be undoubtedly a historic milestone in the employees’ welfare.

“It was a much-needed amendment in UPS since the operationalisation of the new scheme,” he said.

The Union Cabinet had on August 24 last year approved introduction of the UPS.

Accordingly, the Department of Financial Services had notified the UPS on January 24 this year as an option/ scheme under the NPS. Effective date of operationalisation of the UPS is April 1, 2025.

Thereafter, the Pension Fund Regulatory and Development Authority notified the PFRDA (Operationalisation of Unified Pension Scheme under National Pension System) Regulations, 2025 on March 19, 2025.

Central government employees covered under the NPS have been given one-time option for inclusion under the UPS.

New Delhi, Sep 4: Prime Minister Narendra Modi on Thursday said that the upcoming GST reforms mark a significant step in making India self-reliant, calling them the “next-generation” of changes required to strengthen the economy and ease compliance for citizens and a “double dhamaka” of happiness before this Diwali and Chhath Puja.

Announcing the implementation date, PM Modi said the simplified GST regime will take effect on September 22, the first day of Navratri.

Reiterating his Independence Day address, the Prime Minister said, “Without timely changes, we cannot give our country its rightful place in today’s global situation. I had said from the Red Fort on 15 August this time that it is crucial to undertake next-generation reforms to make India self-reliant. I had also promised the countrymen that there would be a double dhamaka of happiness before this Diwali and Chhath Puja…”

“Now GST has become even simpler… On 22 September, which is the first day of Navratri, the next gen reform will be implemented as all these things are definitely related to the ‘Matrishakti’,” he added.

“This time, the festivity of Dhanteras will also be even more vibrant. Because the tax on dozens of items has now been reduced significantly. 8 years ago, when GST was implemented, a dream of several decades was realized. It was one of the biggest economic reforms in independent India,” he said further.

PM referred to GST reforms as a double dose for support and growth of the country.

“In the 21st century, as India moves forward, next-generation reform has also been carried out in GST. GST 2.0 is a double dose of support and growth for the country. The new GST reforms will bring tremendous benefits to every family in the country. The poor, neo middle class, middle class women, students, farmers, youth… everyone will get tremendous benefits from reducing GST tax,” he said.

The landmark next-generation GST reforms that were announced on Wednesday include significant relief to citizens in the healthcare and insurance sectors. One of the biggest announcements is the complete removal of GST on individual health and life insurance.
Until now, they have attracted 18 per cent GST. With the new reform, they have been moved to the zero-tax bracket, making health and life insurance more affordable and accessible to a wider section of society.

These reforms, cleared by the GST Council, are expected to reduce the cost of essential medical items and health-related financial services. In addition to this, GST rates on several critical medical items have been reduced from 12 per cent to just 5 per cent.

They include a thermometer, medical-grade oxygen, all diagnostic kits and reagents, glucometers and test strips, as well as corrective spectacles.

New Delhi, Sep 04: Gold prices retreated from record highs by plunging Rs 1,000 to Rs 1,06,070 per 10 grams in the national capital on Thursday, as traders booked profits in tandem with a weak trend in global markets.

The precious metal of 99.9 per cent purity had settled at Rs 1,07,070 per 10 grams, its all-time high level on Wednesday.

Gold of 99.5 per cent purity also witnessed a pullback, depreciating Rs 1,000 to Rs 1,05,200 per 10 grams (inclusive of all taxes) on Thursday. It had closed at Rs 1,06,200 per 10 grams in the previous market session, according to the All India Sarafa Association.

Silver too slipped from its record levels as investors booked profits at higher levels. The white metal fell Rs 500 to Rs 1,25,600 per kilogram (inclusive of all taxes) on Thursday.

In the previous session, it had ended at its lifetime high of Rs 1,26,100 per kg.

In the overseas market, spot gold prices also corrected after scaling historic highs. The precious metal dropped USD 39.61, or 1.10 per cent, to USD 3,539.14 per ounce.

On Wednesday, it had touched an all-time high of USD 3,578.80 per ounce in New York.

“Gold prices fell over 1 per cent on profit-taking, following the recent surge. However, prices have since recovered to around USD 3,540 per ounce, ahead of key US macroeconomic data releases, including private payrolls and weekly jobless claims.

“The US jobs report due on Friday is expected to show a fourth straight month of subdued payroll growth. If the data come in weaker than anticipated, it may boost the case for deeper interest rate cuts by the US Federal Reserve in the coming months,” Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.

Spot silver was trading 0.70 per cent lower at USD 40.93 per ounce.

Despite Thursday’s decline, commodities market experts noted that bullion prices continue to trade at elevated levels amid geopolitical tensions, expectations of interest rate cuts by the US Federal Reserve, and festive demand prospects in India.

“Gold and silver continued to be supported by these additional uncertainties, which also included anxieties about debt and the independence of the Federal Reserve,” Renisha Chainani, Head – Research at Augmont, said.