Newsmakers: Seventh Pay Commmission may offer 23% salary hike and more

Time magazine on Thursday nominated Prime Minister Narendra Modi , Reliance Industries Chairman Mukesh Ambani and Google 's India-born CEO Sundar Pichai among over 50 global leaders, business chiefs and pop icons as contenders for its annual 'Person of the Year' honour.

The Seventh Pay Commission headed by Justice A K Mathur, in a bonanza for central government employees, is likely to recommend a 22-23 per cent jump in salary and allowances, according to sources.

The gold deposit scheme launched amid fanfare by Prime Minister Narendra Modi two weeks ago has so far attracted only 400 grams, an industry official said on Thursday, out of a national hoard estimated at 20,000 tonnes.

The government on Thursday kick-started the process for the fourth round of e-auctioning of eight coal blocks, which is slated for January 18-22 next year.

Major banking services including cheque clearances, payments and settlements and forex transactions took a hit on Thursday as over 17,000 employees of RBI went on 'one-day mass casual leave' protesting against reform measures of the central government and seeking better retirement benefits.