About – New Pension Scheme : India

From May 1, Indians have access to another investment avenue to plan for retirement in the New Pension Scheme (NPS).

The scheme has been in the pipeline for at least five years but it finally took shape in 2007-08. Although the government was pushing for the scheme after a law providing statutory backing to the regulator was enacted, the Left parties, which were supporting the United Progressive Alliance government, did not allow the passage of the Bill.

Who can join the New Pension Scheme?

Any Indian citizen between 18 and 55 years. At present, only tier-I of the scheme, involving a contribution to a non-withdrawable account, is open.

Subsequently tier-II accounts, which permit voluntary savings that can be withdrawn at any point of time, can be opened. But to be eligible to open a tier-II account, you need a tier-I account.

How do I enrol?

You will need to visit a point of presence (PoP), fill up the prescribed form with the required documents.

Once you are registered, the Central Recordkeeping Agency (CRA) will send you a Permanent Retirement Account Number (PRAN), along with telephone and internet passwords.

How much can I invest?

There is no investment ceiling. But the minimum investment limit has been fixed at Rs 500 a month or Rs 6,000 annually. Subscribers are required to contribute at least once a quarter but there is no ceiling on how many times you invest during the year.

What is the penalty for failure to make the minimum payment?

You will have to bear a penalty of Rs 100 per year of default and will need to pay it with the minimum amount to reactivate the account. Also, dormant accounts will be closed when the account value falls to zero.

Are my investments guaranteed?

No. There is no guarantee since NPS is a defined contribution scheme and the benefits depend on the amount contributed and the investment growth up to the time of exit.

How should I select my investment option?

You can choose the investment mix between equity or E (high risk but high returns), mainly fixed income instruments or C (that come with medium risk and returns) and pure fixed investment products or G (which offer low returns but have very low risks associated with them). Equity investment is capped at 50 per cent.

What is the default option?

The default option, called auto choice lifecycle fund, will see the investment mix change according to the age of the subscriber. At the lowest entry age of 18 years, auto choice entails an investment of 50 per cent in E, 30 per cent in C and 20 per cent in G.

The ratios will remain unchanged till the subscriber turns 36, when the ratio of investment in E and C will decrease annually, while the proportion of G rises.

By the time the subscriber is 55 years, G will account for 80 per cent of the corpus, while the share of E and C will fall to 10 per cent each.

Who will decide the fund manager?

At the moment, the Pension Fund Regulatory and Development Authority (PFRDA) has selected six fund managers — State Bank of India, UTI, ICICI Prudential, Kotak Mahindra, IDFC and Reliance — on the basis of a bidding and technical evaluation process.

You have to select one fund manager at the time of deciding your investment option; later, PFRDA may allow subscribers to choose more than one fund manager.

Can I change my investment mix and the fund manager? You can shift from one fund manager to another from May 2010.

What happens if I relocate to another city?

The PRAN remains the same and you can access a toll-free number (1-800-222080). The details of your PRAN and the statement of transactions will be available on the CRA website (www.npscra.nsdl.co.in).

New Pension Scheme

The normal retirement age has been fixed at 60 years. At 60, you will be required to use at least 40 per cent of your accumulated savings to buy a life annuity from an insurance company. A phased withdrawal is also allowed but the lump sum benefit has to be availed of before you turn 70 years.

For those looking to exit before turning 60, there is an option to withdraw 20 per cent of the accumulated savings but buy an annuity with the remaining 80 per cent.

If the subscriber dies before he or she turns 60, the nominee can receive the entire pension corpus. Alternatively, a subscriber can exit if the account value falls to zero or if the citizenship status changes.

The age of exit will be reviewed by PFRDA from time to time. There will also be the option to select an annuity that will pay a survivor pension to your spouse.

Are there tax benefits for NPS?

At present, the investment is covered under section 80CCD of the Income Tax Act and a tax will be levied if you withdraw the money.

You can avoid paying tax by transferring the entire corpus to the annuity service provider. PFRDA has, however, approached the government to treat investment in NPS on a par with instruments like Employees Provident Fund and Public Provident Fund, for which no tax is levied at the investment, accumulation or withdrawal stage.

Source:Rediff

Say no to Bangalore, yes to Buffalo: Obama [ Is it going to affect Indian Market ? ]

Say no to Bangalore, yes to Buffalo: Obama (Is it going to hit Indian Market ?

Say no to Bangalore and yes to Buffalo,‘ seems to be the latest mantra of United States President Barack Obama as he struggles to bring the ailing American economy back on track.

Meeting one of his major election promises, Obama on Monday the announced end of years of tax incentives to those US companies which create jobs overseas in places like Bangalore.

Instead, the incentives would now go to those creating jobs inside the US, in places like the Buffalo city — bordering Canada in upstate New York.

“We will stop letting American companies that create jobs overseas take deductions on their expenses when they do not pay any American taxes on their profits,” Obama said at White House announcing the international tax policy reform.

“We will use the savings to give tax cuts to companies that are investing in research and development here at home so that we can jump start job creation, foster innovation, and enhance America’s competitiveness,” Obama said.

The new tax laws are expected to majorly hit countries like India, China and the Philippines, where US companies have been outsourcing their work.

Hitting hard at the current taxation system, to which he had been very critical since his election days and as a Senator, Obama said: “It’s a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York.”

Reiterating his campaign rhetoric, the US President said: “The way we make our businesses competitive is not to reward American companies operating overseas with a roughly 2 per cent tax rate on foreign profits; a rate that costs taxpayers tens of billions of dollars a year.”

Source: Rediff

Maruti Suzuki Ritz- Launched today

Maruti Suzuki to launch premium hatchback Ritz on May 15

India’s number one carmaker Maruti Suzuki India Limited is set to launch India’s first BS-IV compliant passenger car, Ritz, on May 15.

Ritz is a tallboy hatchback, positioned in the premium A2 market segment. The Maruti Suzuki Ritz, adopts a contemporary European design and is positioned at the growing premium-end of the compact car market.

Ritz will be the first passenger car in India to be compliant with the BS-IV emission norms, in petrol as well as diesel variants. This is many months ahead of the BS-IV norms being applicable in India, reinforcing Maruti Suzuki’s leadership position.The suspension of the vehicle with a ground clearance of 170 mm has been tuned for Indian road conditions.

Ritz is MSIL’s eighth new model within 48 months following the launch of Swift, Zen Estilo, SX4, Swift Diesel, Grand Vitara, Swift Dzire and A-star. In the A-2 segment, Ritz will be the 7th offering for the customers by Maruti Suzuki.

The Ritz combines modern European design, the sportiness of the Swift, the latest in engine technology and Suzuki’s globally acclaimed expertise in compact cars. The Ritz further reiterates Maruti Suzuki’s commitment to bring global car models for its customers in India.

The Ritz will be available with two different engine options: a brand new K-series 1.2 litre, four-cylinder, 85PS Petrol engine and the super-successful 1.3 litre, 16-valve DDiS, 75PS Diesel engine.

Source: Maruti

Rs 50,000 crore spent on Lok Sabha poll campaign !!!

According to rough estimates, the actual cost of running the campaign has crossed the staggering sum of Rs 50,000 crore.

According to insiders in the Congress and the BJP, both parties spent over Rs 20 crore in merely ferrying their leaders across India during the campaign.

While the Congress had hired 21 helicopters and 18 executive jets, the BJP had hired 21 helicopters and 14 jets. These parties had to shell out Rs 80,000 per hour on each helicopter, plus the landing charges.

The political parties have reportedly spent Rs 3000 crore on advertisement campaigns. The Congress spent Rs one crore just to buy the rights of superhit song Jai Ho, but it failed to click with the masses.

The Election Commission’s budget for the 2009 elections is Rs 1,300 crore, which includes the conduct of polls plus transportation and movement of security forces. The state governments and other government agencies have earmarked Rs 700 crore for photo identity cards, electronic voting machines and setting up polling booths.

Source: Rediff

Reasons why people fail in interviews

There are many reasons, why a person fails in an interview, but let us see some of the common ones.

1. Lack of preparation

Of all the reasons, this is the foremost one. It includes carrying improper CV, inappropriate dress code, completely unaware of interview questions and positive answers etc.

2. Casualness

Let us cross the bridge when it comes’ does not apply to interviews. One needs to be geared up 100 per cent before the interview.

3. Failing to understand the job role

This is a typical problem with a few of the candidates. They are completely unaware of what the job requires one to do.

If you are going through a consultant or got an interview call from the company directly, get the job description completely. In the event of responding to walk-in ads in newspaper, if you are not sure about the job description, spend some time on the Internet to know about your role.

4. Lack of skills

A good qualification alone is not sufficient, but host of other skills such as good communications, interpersonal skills, analytical abilities, personality etc. are also vital.

5. No proper focus

During the interview, some candidates lose out, because they are not able to convince the employer about their interest in the position applied for. If you are applying for a job in marketing, stay focused on it.

6. Lack of subject knowledge

Irrespective of you being a fresher or an experienced professional, revisit your subject before going for the interview.

7. Lack of confidence

When the candidate uses too many negative words such as, ‘I am not sure’, ‘May be I can’, etc., it does portray lack of confidence to the employer.

The negative gestures or negative body language plays spoilsport in your selection. Instead use words such as ‘Surely’, ‘I can do it’, ‘It’s challenging but I can do it’ etc.

Source: Rediff

H1B visa provisions target Indian IT companies: Nasscom

Software industry body Nasscom on Friday hit out at the US H1B visa legislation, introduced in the Senate yesterday, saying its provisions are targeting Indian firms and restricting their ability to compete in the US market.

Nasscom said though the stated objective of the Bill is to prevent fraud and visa abuse, several of the provisions of this Bill are against the principles of free trade.

“In many ways, it is targeting Indian companies and restricts their ability to compete in the US marketplace. This is also against President Obama’s stand against protectionism at the G20 Summit,” Nasscom President Som Mittal said.

The almost USD-billion Indian IT outsourcing industry draws over 60 per cent revenue from the US and many of its skilled workforce work onsite on H1B visa for the client.

Indian companies had been allocated only 12,000 visas in 2008, out of the limit of 85,000 visas. The data from USCIS shows that in April 2009 till date, it has received about half the H-1B visa applications against the cap for FY10.

This clearly demonstrates that companies are not using the H-1B Visa route to replace US workers.

US does not have a temporary service visa as in other countries and companies that do send highly skilled engineers on H-1B visas are for temporary period with average stay in US of less than two years, he added.

U.S. Job Losses Not Due to H-1B Visas, Report Says

New H-1B visa holders don’t make much of a dent in the U.S. workforce, according to a report by the National Foundation for American Policy.

US lawmakers may be busy putting restrictions on the country’s primary temporary work visa, H-1B, but new H-1B visaholders each year represent just seven in 10,000 civilian workers in the US, according to a report by an American public policy organisation.

As per the report by the National Foundation for American Policy (NFAP), 107,686 new H-1B petitions were approved by the US Citizenship and Immigration Services in 2008, including those exempt from being included in the H1-B quota of 85,000 visas annually. In comparison, the American civilian labour force stood at 154.6 million in 2008.

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FDA 101: Health Fraud

What is Health Fraud?

Health fraud is the deceptive sale or advertising of products that claim to be effective against medical conditions or otherwise beneficial to health, but which have not been proven safe and effective for those purposes.

Common Types of Health Fraud

Cancer fraud:
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Among the many long-running cancer scams is the Hoxsey Cancer Treatment, an herbal regimen that has no proven benefit. Another scam involves products called black salves. These are offered with the false promise of drawing cancer out from the skin, but they are potentially corrosive to tissues.

HIV/AIDS fraud:

There are legitimate treatments that can help people with the human immunodeficiency virus (HIV). While early treatment of HIV can delay progression to AIDS, there is currently no cure for the disease.

Arthritis fraud:

The U.S. Federal Trade Commission says consumers spend about $2 billion annually on unproven arthritis remedies that are not backed by adequate science.

Fraudulent “diagnostic” tests:

Doctors often use in vitro diagnostic (IVD) tests—in tandem with a physical examination
and a medical history—to get a picture of a patient’s overall health.

Bogus dietary supplements:

The array of dietary supplements—including vitamins and minerals, amino acids, enzymes, herbs, animal extracts and others—has grown tremendously.

Weight loss fraud:

Since 2003, FDA has worked with national and international partners to take hundreds of compliance actions against companies pushing bogus and misleading weight loss schemes.

Sexual enhancement product fraud:

FDA has warned consumers about numerous illegal drugs promoted and sold online for treating erectile dysfunction and for enhancing sexual performance.

Diabetes fraud:

FDA has taken numerous compliance actions against sales of fraudulent diabetes “treatments” promoted with bogus claims such as

* “drop your blood sugar 50 points in 30 days”
* “eliminate insulin resistance”
* “prevent the development of type 2 diabetes”
* “reduce or eliminate the need for diabetes drugs or insulin”

Influenza (flu) scams:

Federal agencies have come across contaminated, counterfeit, and subpotent influenza products.

FDA, with U.S. Customs and Border Protection, has intercepted products claimed to be generic versions of the influenza drug Tamiflu, but which actually contained vitamin C and other substances not shown to be effective in treating or preventing influenza.

Source: FDA

What Is a Clinical Trial?

What Is a Clinical Trial?

Clinical trials are research studies in which people help doctors find ways to improve health and cancer care. Each study tries to answer scientific questions and to find better ways to prevent, diagnose, or treat cancer.

Why are there clinical trials?

A clinical trial is one of the final stages of a long and careful cancer research process. Studies are done with cancer patients to find out whether promising approaches to cancer prevention, diagnosis, and treatment are safe and effective.

What are the different types of clinical trials?

Treatment trials test new treatments (like a new cancer drug, new approaches to surgery or radiation therapy, new combinations of treatments, or new methods such as gene therapy).

Prevention trials test new approaches, such as medicines, vitamins, minerals, or other supplements that doctors believe may lower the risk of a certain type of cancer.

Screening trials test the best way to find cancer, especially in its early stages.

What are the phases of clinical trials?

Most clinical research that involves the testing of a new drug progresses in an orderly series of steps, called phases. This allows researchers to ask and answer questions in a way that results in reliable information about the drug and protects the patients. Most clinical trials are classified into one of three phases:

* Phase I trials:

These first studies in people evaluate how a new drug should be given (by mouth, injected into the blood, or injected into the muscle), how often, and what dose is safe. A phase I trial usually enrolls only a small number of patients, sometimes as few as a dozen.

* Phase II trials:

A phase II trial continues to test the safety of the drug, and begins to evaluate how well the new drug works. Phase II studies usually focus on a particular type of cancer.

* Phase III trials:

These studies test a new drug, a new combination of drugs, or a new surgical procedure in comparison to the current standard. A participant will usually be assigned to the standard group or the new group at random (called randomization). Phase III trials often enroll large numbers of people and may be conducted at many doctors’ offices, clinics, and cancer centers nationwide.

Source: National Cancer Institute

Exit Polls- 2009 Lok Sabha Election

Highlights

* Bihar sees a clean sweep for JDU-BJP Alliance
* Congress retains dominance in Andhra Pradesh
* Split in BJP-BJD Alliance, lets Congress through in Orissa
* Decisive win for BJP in Gujarat
* Uneven vote distribution results in convincing victory for BJP in Karnataka
* Neck-and-neck between AIADMK and DMK Front in Tamil Nadu

Alliances Details

NDA: BJP, JDU, SS, AFP, AKALI, RLD, INLD, NPF
UPA: CONG, NCP, DMK, TC, JMM, JKNC, RPI
3rd Front: LEFT, BSP, AIADMK, TDP, BJD, TRS, PMK, JDS,MDMK
4th Front: RJD, LJP, SP, PRP




Source: NDTV

Trace Mobile phone location

Here is great site to Trace Mobile phone location & Service Provider Details- Click here

or visit this page- : http://www.hacktrix.com/trace-mobile-phone-location-and-service-provider-details/index.php

Trace Mobile phone location & Service Provider Details

Here is great site to Trace Mobile phone location & Service Provider Details- Click here

or visit this page- : http://www.hacktrix.com/trace-mobile-phone-location-and-service-provider-details/index.php

Ways to Search for a Predicate Device

The FDA 510(k) database contains all devices cleared under the 510(k) process. The FDA databases on the web are updated on or around the 5th of every month. The classification of the device and product code is essential in searching for predicate devices. Classification of your device can be found by performing a search on the Product Code Classification Database.

Information which can be useful to find a predicate device includes:

* names of similar devices – traded name under which the device is marketed;
* manufacturer(s) of the similar device(s);
* marketing status, i.e., preamendments or postamendments device;
* 510(k) numbers for postamendments devices;
* classification information, i.e., product codes, classifying regulations, etc., for your device.

Source: FDA

About Predicate Device (Medical Device)

A Premarket Notification [510(k)] is a premarketing submission made to FDA to demonstrate that the device to be marketed is safe and effective by proving substantial equivalence (SE) to a legally marketed device (predicate device) that is not subject to Premarket Approval (PMA). Submitters must compare their 510(k) device to a similar legally marketed U.S. device(s). A device recently cleared under 510(k) is usually used as a predicate device.

The legally marketed device(s) to which equivalence is drawn is known as the predicate device(s).

A claim of substantial equivalence does not mean the device(s) must be identical.Substantial equivalence is established with respect to: intended use, design, energy used or delivered, materials, performance, safety, effectiveness, labeling, biocompatibility, standards, and other applicable characteristics. You can claim SE to either a preamendments or postamendments device that is or was legally marketed. Legally marketed means that the predicate cannot be one that is or was in violation of the Federal Food Drug & Cosmetic (FD&C) Act. An applicant may claim SE to a device that is no longer being marketed in the U.S.

Source: FDA

Upcoming medical device webinar/training

Here is the updated list of few upcoming webinar on medical device -

1. The EU Clinical Trial Directive
2. Preparing and Executing Medical Device Quality Audits: How to Meet the FDA’s Expectations
3. Gamma Sterilizer Validation: Method 1 and VDmax25 per ISO 11137
4. Risk Management - Do Not Throw Dice on Your Company!
5. Maintaining a Sustainable and Compliant Design Validation System and Using FMEA for Device Manufacturers
6. Risk and Hazard Assessment for Medical Devices - ISO 14971
7. New Medical Device Vigilance Guidelines

Source: ComplianceOnline

PhRMA Code’s revised guidelines take effect January 2009

The Pharmaceutical Research and Manufacturers of America (PhRMA) released updates to its voluntary Code on Interactions with Healthcare Professionals on July 10. The new guidelines take effect January 2009.

In addition to prohibiting small gifts and reminder items, the revised Code:Prohibits company sales representatives from providing restaurant meals to healthcare professionals, but allows them to provide occasional meals in healthcare professionals’ offices in conjunction with informational presentations

1. Prohibits company sales representatives from providing restaurant meals to healthcare professionals, but allows them to provide occasional meals in healthcare professionals’ offices in conjunction with informational presentations

2. Includes new provisions requiring companies to ensure their representatives are sufficiently trained about applicable laws, regulations, and industry codes of practice.

3. Provides that each company will state its intentions to abide by the Code and that company CEOs and compliance officers will certify each year that they have processes in place to comply

4. Includes more detailed standards regarding the independence of continuing medical education

5. Provides additional guidance for speaking and consulting arrangements with healthcare professionals

Challenges

1. Tracking aggregate spending is one of the biggest challenges for pharmaceutical companies

2. Some companies do not have a system that will accurately record aggregate spending across the organization.

3. Training employees is another. It’s going to be a challenge getting everyone on the same page.

Benefits

1. The new guidelines could help the industry regain public trust after “just getting shelled” and constantly being accused of wrongdoing. In addition, some

2. Companies will be relieved they can reduce their spending on traditional marketing activities.

12 steps to shock-and-awe Pakistan's economy

FDA: Food Safety Tips for Healthy Holidays

Parties, family dinners, and other gatherings where food is served are all part of the holiday cheer. But the merriment can change to misery if food makes you or others ill.Typical symptoms of foodborne illness are stomach pain, vomiting, and diarrhea, which often start a few days after consuming contaminated food or drink.

1. Clean: The first rule of safe food preparation in the home is to keep everything clean.

Wash hands with warm water and soap for 20 seconds before and after handling food. “For children, this means the time it takes to sing ‘Happy Birthday’ twice,” says Davidson.

Wash food-contact surfaces (cutting boards, dishes, utensils, countertops) with hot, soapy water after preparing each food item and before going on to the next item.

Rinse fruits and vegetables thoroughly under running water and use a produce brush to remove surface dirt.

Do not rinse raw meat and poultry before cooking. “Washing these foods makes it more likely for bacteria to spread to areas around the sink and countertops,” says

Salute the men who fight our battles for us and make a PLEDGE to fight terror with them

India's 9/11: Will this be its wake-up call?