Nirav Modi's bail plea rejected again after CBI's strong opposition in UK court
A fresh bail petition filed by fugitive diamond trader Nirav Deepak Modi was on Thursday rejected by the High Court of Justice, King's Bench Division, London. This is the tenth bail petition since his detention in the UK, which was successfully defended by the CBI through Crown Prosecution Service, London.The bail arguments were strongly opposed by the Crown Prosecution Service Advocate, who was ably assisted by a strong Central Bureau of Investigation (CBI) team consisting of investigating and law officers who travelled to London for this purpose.advertisementThe CBI successfully defended the arguments which resulted in the rejection of the bail.Neerav Modi, who has been languishing in a UK jail since 2019, is a fugitive economic offender who is wanted for trial in India in the Rs 6,000 crore Punjab National Bank fraud case.His extradition has already been approved by the High Court of the UK on India's request.In December last year, Union Finance Minister Nirmala Sitharaman revealed that properties worth Rs 1,052.58 crore from the Nirav Modi case were handed back to both public and private banks.This came after the Enforcement Directorate attached assets worth Rs 29.75 crore belonging to Nirav Modi and his group of companies in September 2024. These attached assets included immovable properties and bank balances.These attachments added to the previously attached assets valued at Rs 2,596 crore located in India and abroad. In addition, a Special Court in Mumbai also confiscated assets worth Rs 692.90 crore under the Fugitive Economic Offenders Act, 2018.The ED investigation into the PNB fraud case was initiated following an FIR by the Central Bureau of Investigation (CBI). The investigation resulted in the identification and attachment of several domestic assets belonging to Nirav Modi and his associates under the Prevention of Money Laundering Act (PMLA), 2002.Must Watch
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A generous hike could significantly strain the exchequer, prompting policymakers to tread carefully.A major part of the salary revision hinges on the fitment factor, Fitment factor is the number used to recalculate an employee's basic salary. In the 7th Pay Commission, this was set at 2.57, raising the minimum pay from Rs 7,000 to Rs 18,000. Going by the views expressed by various experts 8th Pay Commission could recommend a fitment factor between 2.5 and 2.86. "Considering the inflation factor, there are indications that the fitment factor may stay between 2.5- 2.8 times, which will give a significant boost to employee salaries between Rs 40,000 and Rs 45,000," says Krishnendu Chatterjee, Vice President at the top-end 2.86 figure is accepted, the minimum basic salary could climb to over Rs 51,000. However, due to its fiscal implications, such a steep hike may be challenging. A 2.6x to 2.7x hike appears to be more likely, providing a significant increase while keeping the government's finances in fitment factor for the 7th Pay Commission was 2.57 and the minimum basic salary was hiked to Rs 18,000 from Rs 7,000. For the 6th Pay Commission, the fitment factor was 1.86 and the minimum basic salary was raised from Rs 2,750 to Rs 7, likely shift is the merger of the Dearness Allowance with the basic salary. Currently pegged at around 55% effective from January 2025, DA helps offset the impact of inflation and is revised twice in a year. Before the effective date of 8th Pay Commission early next year, there is one more DA hike is due to be announced in coming months which will be effective from July 2025. When a new Pay Commission is implemented, DA accumulated up to that point is typically merged into the revised basic this increases the overall salary package, it also means future DA hikes start from zero. 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