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the sum of 100,000, especially of rupees. The usual punctuation for sums of Indian money above a lakh is with a comma after the number of lakhs: Rs. 30,52,000 (that is, 30 lakhs and 52,000) instead of 3,052,000.

Three months after it rolled out vaccines, the country hit a grim milestone on April 5 when it recorded over a lakh fresh cases with cases surging in states like Maharashtra, Punjab, Chhattisgarh, and Karnataka among others.

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The modern word lakh derives from Sanskrit: लक्ष, romanized: lakṣa, originally denoting "mark, target, stake in gambling", but also used as the numeral for "100,000" in Gupta-era Classical Sanskrit (Yājñavalkya Smṛti, Harivaṃśa).[7]

Another possible etymology comes from the root word for the lac bug, used to produce shellac. The word lakh is a unit in the Indian numbering system for 100,000 and presumably refers to the large number of insects that swarm on host trees, up to 150 per square inch (23/cm2).[8]

Any amount in excess of Rs. 7.50 lakh contributed by the employer to these accounts taken together in a year is treated as perquisite in the hands of the employee and gets included in his salary and taxed at the slab rates. Even the interest or income accrued in respect of such excess contribution to these three accounts is also required to be included in the value of perquisite of the employee year after year.

Please note that the contribution towards VPF i. e. voluntary contribution made by the employee to his own provident fund account beyond the permitted limit is not considered while arriving at the aforesaid limit of Rs 7.50 lakh. This is so because this is the amount of contribution made by the employee and not by the employer.

The question of including, the interest accrued in respect of contribution made by the previous employer, in the aforesaid limit of 7.50 lakh does not arise as the interest cannot be treated as contribution of the employer. The interest credited in respect of contribution made by your previous employer as well as the current employer is fully tax free in your hands as long as you are employed in one company or another company.

It is only the interest attributable towards the excess contribution which will get taxed prospectively and interest in respect of contribution made by the employer even if it was beyond Rs 7.50 lakh in those prior years will continue to be tax free in your hands.

The DICGC insures principal and interest upto a maximum amount of five lakhs. For example, if an individual had an account with a principal amount of 4,95,000 plus accrued interest of 4,000, the total amount insured by the DICGC would be 4,99,000. If, however, the principal amount in that account was five lakhs, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.

If an individual opens more than one deposit account in one or more branches of a bank for example, Shri S.K. Pandit opens one or more savings/current account and one or more fixed/recurring deposit accounts etc., all these are considered as accounts held in the same capacity and in the same right. Therefore, the balances in all these accounts are aggregated and insurance cover is available upto rupees five lakhs in maximum.

If Shri S.K. Pandit also opens other deposit accounts in his capacity as a partner of a firm or guardian of a minor or director of a company or trustee of a trust or a joint account, say with his wife Smt. K. A. Pandit, in one or more branches of the bank then such accounts are considered as held in different capacity and different right. Accordingly, such deposits accounts will also enjoy the insurance cover upto rupees five lakhs separately.

It is further clarified that the deposit held in the name of the proprietary concern where a depositor is the sole proprietor and the amount of Deposit held in his individual capacity are aggregated and insurance cover is available upto rupees five lakhs in maximum.

If more than one deposit accounts (Savings, Current, Recurring or Fixed deposit) are jointly held by individuals in one or more branch of a bank say three individuals A, B & C hold more than one joint deposit accounts in which their names appear in the same order then all these accounts are considered as held in the same capacity and in the same right. Accordingly, balances held in all these accounts will be aggregated for the purpose of determining the insured amount within the limit of 5 lakhs.

However, if individuals open more than one joint accounts in which their names are not in the same order for example, A, B and C; C, B and A; C, A and B; A, C and B; or group of persons are different say A, B and C and A, B and D etc. then, the deposits held in these joint accounts are considered as held in the different capacity and different right. Accordingly, insurance cover will be available separately upto rupees five lakhs to every such joint account where the names appearing in different order or names are different.

If a bank goes into liquidation, DICGC is liable to pay to the liquidator the claim amount of each depositor upto Rupees five lakhs within two months from the date of receipt of claim list from the liquidator. The liquidator has to disburse the claim amount to each insured depositor corresponding to their claim amount."

The highest ever collection was recorded in April at Rs 1.87 lakh crore. A release from the ministry said that the gross GST collection till November cumulatively adds up to Rs 13.32 lakh crore in FY24, averaging Rs 1.66 lakh per month. This is 11.9% higher than the gross GST collection as of November 2022, which came up to Rs 11.9 lakh crore, averaging Rs 1.49 lakh crore per month, it said.

The BJP on December 3 cruised to a two-thirds majority in Madhya Pradesh assembly, winning as many as 163 of the 230 seats in the House, leaving the Congress a distant second at 66.Chief Minister Shivraj Chouhan, who led the saffron party's emphatic victory, won from his Budhni constituency, defeating Congress rival and TV actor Vikram Mastal Sharma by 1,04,974 votes.Many party leaders attributed the electoral success to PM Narendra Modi, who addressed as many as 14 poll rallies in the state.Celebrations erupted outside the state BJP office as the party crossed the majority mark comfortably to retain power with a landslide victory.Amid the sound of crackers, jubilant workers were seen dancing to the beating of drums as joyous scenes prevailed at the BJP office. Party leaders and workers were seen hugging one another and distributing sweets.The state Congress office bore a deserted look. MP Congress president Kamal Nath and senior party leader Digvijaya Singh were in the office, holding discussions with party functionaries.The BJP did not announce its chief ministerial candidate ahead of the November 17 elections, so there is no clarity as of now on whether Chouhan will continue or will be replaced by someone else or one of the Union ministers the party fielded for the assembly polls.In Budhni assembly constituency, Madhya Pradesh CM Shivraj Singh Chouhan of BJP defeated Vikram Sharma of Congress by over 1 lakh votes.Chouhan thanked people of Madhya Pradesh after the BJP's victory in the assembly elections."This is the victory of the efforts of PM Modi and the developmental works done by the double-engine government. Our party workers have worked day and night for the victory." "Under the leadership of PM Modi, the double-engine govt has done a miracle. I want to thank PM Modi, Amit Shah and our party president J P Nadda for guiding us throughout the election campaign," Chouhan said.Madhya Pradesh Congress chief Kamal Nath maintained his several decade-old stranglehold on Chhindwara even as the BJP retained power in the state with an emphatic win.Nath defeated the BJP's Vivek Bunty Sahu by 36,594 votes. In the 2018 polls, Nath's victory margin against Sahu was 25,837 votes.Since 1980, Nath has won the Chhindwara Lok Sabha seat a record nine times.Union Minister Prahlad Patel won his maiden Madhya Pradesh Assembly polls from Narsinghpur by defeating the Congress' Lakhan Singh Patel by a margin of 31,310 votes.Prahlad Patel, one of the three Union Ministers the BJP fielded in the assembly elections, won his maiden assembly poll from Narsinghpur by defeating the Congress' Lakhan Singh Patel by a margin of 31,310 votes. Patel said the BJP's stellar show in Madhya Pradesh and others states in the Assembly polls was due to the guarantees of Prime Minister Narendra Modi."The reason behind the BJP's good showing is due to Prime Minister Narendra Modi's guarantees, like his resolve for welfare of the poor, empowerment of women, employment for youth, respect and fair prices to farmers," Patel said.Union minister Narendra Singh Tomar defeated Bahujan Samaj Party candidate Balveer Singh Dandotiya by 24,461 votes in Dimani constituency. Polling in the single-phase elections on November 17 saw an impressive turnout of 77.82 per cent, surpassing the 2018 voting percentage of 75.63 per cent. The state electorate voted for 2,533 candidates in 230 constituencies. There were 5.59 lakh eligible voters. In the outgoing assembly, the BJP has 127 members and the Congress has 96. There are 4 independents, while the BSP has two and SP has one member. In 2013, the BJP won 165 seats and the Congress 58. In those polls, the BJP garnered 44.88 per cent votes while the Congress polled 36.38 per cent votes. In 2018, the Congress emerged victorious in 114 seats with 40.89 per cent vote share while the BJP registered win in 109 seats with 41.02 per cent votes. PTI MAS LAL ADU BNM GK NSK NR VT VT 

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