Saturday, January 16, 2016

POSB Interest Calculator

POSB Interest Calculator - Updated as on 15/04/2015

Features in this File:

Updated on 15/04/2015:
  • New Interest rates w.e.f. 01/04/2015 configured for SCSS Account. Maturity amount for old accounts also can be viewed by entering Date of opening in Home page. 
  • Old interest rates for all type of schemes can be calculated by entering the concerned Date of opening and Deposit amount in Yellow cells in Home page of calculator. 
  • KVP (new) option is included in home page of Interest calculator. Discharge value of KVP (old) can be viewed in another link provided in bottom of Calculator table. 
  • SSA Approximate maturity calculation - link is added in the Main page of Calculator (at right bottom of calculator) 
  • Option for calculation of "Maturity Amount for Discontinued/Extended RD accounts" is provided in RD-View more Link. 
  • "Print Tables/Forms" link is provided in Main calculator page to Print Ready reckoner tables for RD/TD/MIS and Pamphlet, Forms. 
  • In "Print Tables/Forms" link, updated pamphlet is provided in PDF format incorporating new KVP, SSA. 
  • Changes have been made in MIS to RD (auto credit option) maturity calculation, so as to see it after 31.03.2015 also. 
  • In RD PMC Calculator available in "view more" link of RD, financial year 2015-16 has been included.

Intelligence Bureau warned DoP on 3 days dharna from 19.01.16 to 21.01.16 by NJCA

Intelligence Bureau warned DoP on 3 days dharna from 19.01.16 to 21.01.16 by NJCA

Vetting of 7th Pay Commission report under process, increase in minimum pay is expected

Vetting of 7th Pay Commission report under process, increase in minimum pay is expected

Vetting of 7th Pay Commission report under process, increase in minimum pay is expected, Please read this news paper report published in English Daily:-

7th Pay Commission – Voyages of 7th Pay Commission

7th Pay Commission – Voyages of 7th Pay Commission

7th Pay Commission – Voyages of 7th Pay Commission, Please read this news paper report published in Business Standard:-

Reports for Non Upgradation to MM version 7.9.4 in Parcel Net

Reports added in Parcel for Non Upgradation to MM 7.9.4

Due to Server resource constraints, the data will be updated on the next day. Latest version of MM 7.9.4 listed below

Offices not upgraded to version 7.9.4

Parcel Net MIS > Other Reports > Offices Not Upgraded to version 7.9.4

Option has been upgraded for MM Software update in Parcel Net MIS Site. All SAs/SPMs are requested to check in the parcel net to know the status of MM Updation and update once again if not upgraded.
  1. Open
  2. Login using default credentials which are already communicated through divisions.
  3. Check your office status by clicking Circle > Region > Division.

Central Excise officials announce ’satyagraha’ on Jan 17 against Pay Commission report ; Govt expects no impact

New Delhi: Central Excise officials have decided to launch a country-wide ‘satyagraha’ (civil disobedience) on January 17, ahead of the Union Budget presentation against the Seventh Pay Commission report. The government, however, said they expect the impact to be Nil.
CBEC Chairman Najib Shah

Ravi Malik, Secretary General, All India Association of Central Excise Superintendents, has written a letter to Union Finance Minister Arun Jaitley complaining about the lack of career growth options available to them besides salary issues.

In his letter Malik said, “They are forced to retire at a PB2 post with only single promotion in the career after joining as Inspector whereas their counterparts are easily enjoying PB4 levels after getting 5-6 promotions.”

He has complained that Central Board of Excise and Customs (CBEC) has been apathetic towards their problems.

He alleges the CBEC has not put their problems seriously before the Seventh Pay Commission. Hence the pay commission rejected their demands.

He added that they would go on a ‘Satyagraha’ on January 17 to draw the attention of the Finance Ministry to their demands.

CBEC sources said yesterday that there will be no impact on Satyagraha due to January 17 is Sunday,

However, CBEC asked the employees list from subordinate offices who will get involved in Satyagraha.


List of Closed/Restricted Holidays during 2016 for CG Employees - AP Circle

List of closed / Restricted Holidays

The attached Closed / Restricted holidays of AP Circle for Central Government Employees during the Year 2016.

‘Public funding needed for growth’ by implementing 7th Pay Commission

C Rangarajan, president of Indian Statistical Institute (ISI), on Friday said that public investment should be increased as the Centre is hiking the salaries of Central employees, by implementing the 7th Pay Commission recommendations.

Speaking on the sidelines of the 50th convocation of ISI, Prof. Rangarajan said that for accelerating the growth in the state the need of the hour is to increase public investment. He feels that since private investment is not going up, rise in public investment could accelerate the growth of private investment in the country.

The 7th Pay Commission,headed by Justice (retd) A K Mathur, submitted its report to the government last month,recommending 23.55 per cent overall hike in pay, allowances and pension of Central government employees with effect from January 1, 2016. This means that the Centre’s salary bill will increase by Rs 1,02,100 crore in 2016-17. 

Tool for Mapping of Old to New Account Number in DOP Finacle

Tool for Mapping Old to New A/c Number in Finacle

Steps :
  • Download "Nrega_Finacle_Account_Mapping.xls" received with Load Layer report from DMCC
  • Copy the entire sheet in Master_data sheet of this excel file
  • Now enter old SB Account number or paste the list to obtain new finacle number
Download and Extract Tool then follow the above steps to map New account number with Old Account Numer.
Download Finacle Account Mapping Tool using below link

Thanks Ketan Joshi System Administrator Banaskantha Dn.Palanpur-385001

Transfers/Postings in the SAG of the IPS, Group 'A' - order date 15.01.2016

Transfers/Postings in the Senior Administrative Grade (SAG) of the Indian Postal Service, Group 'A' - order date 15.01.2016

Transfers/postings in the JTS/STS of IPS, Group 'A'- order date - 15.01.2016

Transfers / postings in the Junior Time Scale (JTS)/Senior Time Scale (STS) of Indian Postal Service, Group 'A'- order date - 15.01.2016

Transfers/postings in the JAG of the IPS, Group 'A' - order dated 15.01.2015

Transfers / postings in the Junior Administrative Grade (JAG) of the Indian Postal Service, Group 'A' - order dated 15.01.2015

Write up on e-Commerce Parel fully mechanized & computerized Parcel Hub

E-Commerce Parcel Processing Centre at Parel, Mumbai was dedicated to nation by Shri Ravi Shankar Prasad, Hon’ble Minister of Communications & Information Technology, Government of India on 9th January, 2016. 
The mechanized e-Commerce Parcel Hub is spread in an area of about 12,000Sq. feet built up area. Processing of parcels at this centre is fully mechanized & computerized using conveyer belts, scanners and computers and electronic weighing scales etc. Dedicated transport facility is provided to dispatch parcel bags to Airport Mumbai for dispatch by air to all places in India. This hub is designed to handle 30,000 e-Commerce parcels in a day in three shifts. This Parcel Hub is equipped with CCTV to enhance security. Articles booked by all the major e-Commerce players are being processed at this centre.

The establishment of e-Commerce Parcel Processing Centre at Parel has given boost to the growth of e-Commerce business and has improved the quality of service to the customers of India Post.

Claiming Children education Allowance is made simple in 7th Pay Commission


The 7th pay commission, which is much expected by all the Central Government Employees, has submitted its report to the government. In its report, the commission has specified that the new pay commission has to be implemented from 01/01/2016 onwards.

The expectations of all the Central Government Employees is focused on: Dearness Allowance, House Rent Allowance and Children Education Allowance.

The fact that the 6th Pay Commission revived the CEA can never be repudiated. Although there are various problems in getting the reimbursement of the allowance, the 6th Pay Commission stands first when it comes to CEA.
7th CPC recommended CEA Rs 2250 pm from existing Rs 1500pm.
The 7th Pay Commission has taken great pains to do away with the practical problems in 6th CPC (Reimbursement).

Particularly, the recommendation that getting a letter from the schools where the children of the Central Government Employees studying is enough will be certainly welcomed by all.

In order to get CEA for those children, who study in the same school from class 1 to class 12, is it necessary to get a certificate for every year? Or is it enough to get a certificate when the child is transferred to another school?

Questions like these naturally arise in our minds.

  • Getting good education is depends upon getting admission in standard schools. Naturally fees structure is high in these schools.So education expenses get important place in employees monthly budget.
  • The fact that same amount of CEA will be given for children who study in class 1 and class 12 is irrational. From class 1, every year when the child goes to higher classes, the minimal sum of Rs 2250 has to be increased by atleast 5%.
  • As per the recommendation of the 7th CPC, when DA exceeds 50%, the CEA increases by 25%. In this case, even to get the first CEA increase one has to wait for at least four or five years. We have to keep in mind that the pay commission is set up only once in ten years.
  • In spite of all these, the CEA announcement of the 7th CPC is a certainly a laudable one. If it had included the above aspects if would have been even more appreciable.

Retired postal employees association honoured A. P. J. M. Maraikayar

Retired postal employees association honoured A. P. J. M. Maraikayar, the elder brother of former President A. P. J. Abdul Kalam with stamps of his portrait 

RAMANATHAPURAM, January 15, 2016

Members of Rameswaram and Ramanathapuram retired postal employees association honoured A. P. J. M. Maraikayar, the elder brother of former President A. P. J. Abdul Kalam with stamps of his portrait, released by the Postal department under the ‘My Stamp,’ the personalised stamp category.

The association members called on Mr. Maraikayar at ‘House of Kalam’ here on Thursday and presented him two sheets of stamps with Rs. 5 denomination.

They honoured Mr. Maraikayar as he would turn 100 years on June 5, A. P. J. M. Sheik Saleem, grand nephew of the former president said.

Meanwhile, Arun Tiwari, a close associate of Mr. Kalam and co-author of Kalam’s “Wings of Fire” called on Mr. Maraikayar and presented him his new book titled “A. P. J. Abdul Kalam, a life.”

Mr. Tiwari who had been associated with Mr. Kalam for over three decades presented a copy of the book before releasing it as a token of his gratitude to the Kalam family, Mr. Saleem said.

Budget 2016: FM Arun Jaitley must find ways to double income tax payers

While there is an urgent need to restructure the current income tax slabs, especially hiking the Rs 10 lakh limit for the highest rate of 30%, presumptivetaxation for the unorganized businesses also needs to be looked at by FM Arun Jaitley.

As Finance Minister Arun Jaitley gears up to present the Budget for 2016-17 next month, one of the biggestquestions that he needs to answer is: why in a country of more than 125 crore people, just about 3.5 crore are in the income tax net?

Several committees have questioned the failure of successive governments on this count, but the situation has failed to improve.

The Tax Administration Reform Commission (TARC) also raised this issue in detail in its report and also calculated that the number should be at least 6 crore.

Taking the population at 120 crore, it made a simple calculation: “Assuming a family size of 5, there are 24 crore families in India. Assuming, further, that 30% of the households earn only subsistence wages and another 20% are below the income tax threshold, there will be 12 crore potential taxpayers. If one-half of this is assumed to derive income from agriculture, there will be 60 million or 6 crore potential taxpayers”.

The parliamentary standing committee on finance in its report last month said that, ‘time has come to reinvent the tax collection approach i.e. to move towards the untapped or lesser tapped
brackets of income which mostly comprise the un-organised sector and the cash economy. For this purpose, the Committee would expect the Ministry to diligently use their manpower and other resources with a strict vigil over non-TDS income group and which are lying above Rs. 5 lakh annual income bracket’.

This is extremely critical as according to the finance ministry, ‘more than three out of four taxpayers is from the sub-five lakh bracket, while tax collection from this bracket is merely around 12% of the total tax collection’, the panel has pointed out.

Even though a comparison with the developed countries in terms of the income taxpayer base needs to take into account India’s overall income profile, the gap is considerably higher than it should be.

The TARC pointed out — only 3.3% of the population pays tax in India, which is very lowcompared to 39% in Singapore, 46% in the US, and 75% in New Zealand – and felt that the number here could be doubled to 7%.

While it is necessary to restructure the income tax slabs to encourage people not to suppress their income to pay lesser tax or no tax at all, one of the options suggested by the TARC is to opt for presumptive taxation to bring those into the tax net who are evading taxes by dealing in cash, mostly small businessmen and professionals.

It has rightly stressed that, ‘There are still a large number of individuals in businesses, trade, services and professions (especially in the unorganised informal sector and sectors where large scale transactions take
place in cash) who are outside the tax net. Therefore, the presumptive profit estimationscheme should be reviewed based on appropriate analysis and its scope enlarged’.

In case of personal income tax slabs, FM Arun Jaitley would do well by announcing a plan on the lines of corporate tax, where the tax rate is to be brought down from 30% to 25% over four years beginning 2016-17 with phasing out of exemptions.

A Rs 5 lakh flat tax exemption limit for individual taxpayers and no other deduction with the 10% rate applicable between Rs 5 lakh and Rs 10 lakh annual income, 20% for income between Rs 10 lakh and Rs 20 lakh, and the 30% rate applicable to income above Rs 20 lakh, could be a possibility that can be looked at in a phased manner.

At present, Rs 2.5-5 lakh income is taxed at 10%, Rs 5-10 lakh at 20% and the 30% rate is levied on income above Rs 10 lakh.

This means the top rate kicks in at a considerably lower income which is seen as a reason for suppression of income.

Of course, these are hard choices, but instead of tinkering in the exemption limit year after year, it is time that the government opts for a stable and long-term approach, if it is serious about expanding the income taxpayer base.

RBI notify conditions for Sovereign Gold Bonds 2015-16

Reserve Bank of India
January 14, 2016
The Chairman& Managing Director
All Scheduled Commercial Banks,
(Excluding RRBs)
Stock Holding Corporation of India Ltd.(SHCIL)

Dear Sir/Madam,
Sovereign Gold Bonds  2015-16
Government of India has vide its Notification F.No. 4(19)-W&M/2014 dated January 14, 2016 announced that the Sovereign Gold Bonds, 2016 (“the Bonds”) will be open for subscription from January 18, 2016 to January 22, 2016. The Government of India may, with prior notice, close the Scheme before the specified period. The terms and conditions of the issuance of the Bonds shall be as follows:

1. Eligibility for Investment:
The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. The bond may also be held by a Trust, Charitable Institution and University. “Person resident in India” is defined under section 2(v) read with section 2(u) of the Foreign Exchange Management Act, 1999

2. Form of Security
The Bonds shall be issued in the form of Government of India Stock in accordance with section 3 of the Government Securities Act, 2006. The investors will be issued a Holding Certificate (Form C). The Bonds shall be eligible for conversion into de-mat form.

3. Date of Issue
Date of issuance shall be February 08, 2016.

4. Denomination
The Bonds shall be denominated in units of one gram of gold and multiples thereof. Minimum investment in the Bonds shall be two grams with a maximum limit of subscription of five hundred grams per person per fiscal year (April – March).

5. Issue Price
Price of the Bonds shall be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average closing price for gold of 999 purity, published by the India Bullion and Jewellers Association Ltd. (IBJA).

6. Interest
The Bonds shall bear interest at the rate of 2.75 percent (fixed rate) per annum on the amount of initial investment. Interest shall be paid in half-yearly rests and the last interest shall be payable on maturity along with the principal.

7. Receiving Offices
Scheduled commercial banks (excluding RRBs), designated Post Offices (as may be notified) and Stock Holding Corporation of India Ltd (SHCIL) are authorized to receive applications for the Bonds either directly or through agents.

8. Payment Options
Payment shall be accepted in Indian Rupees through Cash upto a maximum of Rs.20,000/- or Demand Drafts or Cheque or Electronic banking. Where payment is made through cheque or demand draft, the same shall be drawn in favour of receiving office.

9. Redemption
The Bonds shall be repayable on the expiration of eight years from February 8, 2016, the date of issue of Gold bonds. Pre-mature redemption of the Bond is permitted from fifth year of the date of issue on the interest payment dates.
The redemption price shall be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average closing price for gold of 999 purity, published by IBJA.

10. Repayment
The receiving office shall inform the investor of the date of maturity of the Bond one month before its maturity.

11. Eligibility for Statutory Liquidity Ratio (SLR)
The investment in the Bonds shall be eligible for SLR.

12. Loan against Bonds
The Bonds may be used as collateral for loans. The Loan to Value ratio will be as applicable to ordinary gold loan mandated by the RBI from time to time. The lien on the Bonds shall be marked in the depository by the authorized banks.

13. Tax Treatment
Interest on the Bonds shall be taxable as per the provisions of the Income-tax Act, 1961. Capital gains tax treatment will be the same as that for physical gold.

14. Applications
Subscription for the Bonds may be made in the prescribed application form (Form ‘A’) or in any other form as near as thereto stating clearly the grams of gold and the full name and address of the applicant. The receiving office shall issue an acknowledgment receipt in Form ‘B’ to the applicant.

15. Nomination
Nomination and its cancellation shall be made in Form ‘D’ and Form ‘E’, respectively, in accordance with the provisions of the Government Securities Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, published in part III, Section 4 of the Gazette of India dated December 1, 2007.

16. Transferability
The Bonds shall be transferable by execution of an Instrument of transfer as in Form ‘F’, in accordance with the provisions of the Government Securities Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, published in part III, Section 4 of the Gazette of India dated December 1, 2007.

17. Tradability of bonds
The Bonds shall be eligible for trading from such date as may be notified by the Reserve Bank of India.

18. Commission for distribution
Commission for distribution shall be paid at the rate of rupee one per hundred of the total subscription received by the receiving offices on the applications received and receiving offices shall share at least 50% of the commission so received with the agents or sub-agents for the business procured through them.

19. All other terms and conditions specified in the notification of Government of India in the Ministry of Finance (Department of Economic Affairs) vide number F. No.4(13) W&M/2008, dated 8th October 2008 shall apply to the Bonds.

Yours faithfully,
(Arun Bhagoliwal)
Deputy General Manager
Encls.: As above.

Major initiatives of the Department of Posts in the last 18 months

Transforming physical network into digital network

  • 27,500 Post Offices, mail offices and administrative offices networked into a country-wide W N making it the largest single-organization W N in the country. Disaster Recovery Centre (DRC) at Mysore operationalized on 15th May 2015.
W N has linked all the Post Offices to the Data Centre facility at Mumbai and enabled Department to roll out Core Banking Solution, Core Insurance, Core System Integrator applications that all operate on a common database and help customers access their accounts/policies from any Post Office as well as on the internet.
  • Core Banking Solution (CBS) rolled out in 8623 Post Offices along with 125 TMs. CBS shall be rolled-out in all 25,000 Departmental POs by 31st March 2016.
  • Core Insurance Solution (CIS) rolled out in 19,537 Post Offices and shall be rolled out in all 25,000 Departmental POs by 31st December 2015.
  • Upto 31st March 2016, solar powered, biometric hand-held devices with connectivity shall be supplied to about 20,000 rural Branch Post Offices. The application for these hand-held devices is being developed by Infosys and User Acceptance Testing is scheduled for December 2015. All 130,000 devices would be rolled-out by March 2017.

Benefits of Hand-held device to the rural citizen 

  1. Electronic transactions- Booking and delivery of Speed Post, registered mail, money orders, sale of stamps and postal stationery will be done through these devices and paper receipt shall be generated
  2. instantaneously thereby eliminating chances of overcharging and other problems associated with manual transactions. Savings Bank deposits & withdrawals, PLI/RPLI premium deposits and loan/claim payments will also be done electronically on these devices.
  3. Immediate uploading of transaction data and financial  reconciliation- Using mobile connectivity, data pertaining to all transactions done on the hand-held devices shall be uploaded onto the central server. E-Money order will reach the destination post office instantaneously unlike present day where the money order is digitized at the nearest computerized Post Office and leads to delay in delivery. All financial transactions shall also be reconciled immediately without any manual intervention and Cash on Delivery amount collected in the village shall be immediately credited to the account of e-Commerce Company. Similarly the artisans would be able to fulfill e-commerce orders and receive immediate payment for their sold products online. This will have a positive impact on the overall economy of the villages.
  4. Automatic track and trace- Speed Post and Registered letters/parcels and money remittances will be trackable at the Branch Post Office level and booking/delivery information will also be uploaded to central server immediately.
  5. Fraud and leakage elimination- As Savings Bank and Postal Life Insurance transactions will be done on a real-time basis and through immediate generation of receipt and voice message, chances of fraud would be eliminated. Biometric authentication of MNREGS and social security beneficiaries at the time of pay-out would also reduce leakage in the schemes
  6. Post Offices as Common Service Centres- Branch Post Offices shall be able to work as Common Service Centres and offer services such as Railway Reservation, online bill payment for electricity and water utilities, mobile and DTH recharge, insurance policy premium payments & transactions for partner banks/insurance companies/mutual funds etc

Promoting Financial Inclusion 

  • Number of Post Office Savings accounts increased from 30.86 Crore to 33.53 Crore and total deposits of POSB accounts and Cash Certificates to Rs 6.4 Lakh Crore.
  • More than 75 lakh Sukanya Samriddhi Yojana accounts opened with a cumulative investment of more than Rs 2100 Crore since launch on 22nd January 2015. Public Sector Banks have opened a total of 1,08,478 accounts upto 31st August 2015.
  • More than 1.4 Crore Kisan Vikas Patras sold, attracting an investment of more than Rs 12,400 Crore since launch on 18th November 2014.
Banks are yet to sell any KVP.
  • Launch of PM Suraksha Bima Yojana and PM Jeewan Jyoti Yojana for Post Office Savings Bank account holders in CBS Post Offices on 7th September 2015 after approval of Ministry of Finance in ugust 2015.SO far, more than 50,000 policies have been sold to POSB customers.
  • Increase in maximum sum assured in Postal Life Insurance from Rs 20 Lakh to Rs 50 lakh and for Rural PLI from Rs 5 lakh to Rs 10 lakh in order to provide more investment opportunities to customers and also increase claim amount to nominees in case of death.
  • Driving e-Commerce revolution in rural and semi-urban India 
  • Department has tied-up with Flipkart, Snapdeal, Amazon, YepMe, Shopclues etc for delivering e-Commerce pre-paid as well as Cash on Delivery (CoD) orders. Amazon the largest business partner in e-Commerce (Rs 35 Crore revenue in the current FY from Amazon)
  • Parcel revenue which registered 2% decline in 2013-14, registered 37% growth in 2014-15. 117% growth in parcel revenue till 31st October 2015 in the current FY.
  • Rs 800 Crore COD collection by DoP so far and this figure this likely to
  • cross Rs 1500 Crores by the end of the current FY.
  • 48 integrated state-of-the-art parcel centres have been created for booking, processing and delivery of e-Commerce parcels. 9 more such Centres are being established in the current FY.

Speed Post 

Speed Post revenue growth in the current FY is more than 16% 

Setting up of Payments Bank 
  1. RBI has accorded in-principle approval for setting up of Department of Posts Payments Bank on 7th September 2015. As per this approval, DoP has to operationalize the Payments Bank before 6th March 2017. 
  2. Public Investment Board (PIB) memo was circulated by the Department among stake-holder Ministries/Departments, for which comments have been received and are being incorporated in the final memo. After PIB recommendations, final approval for setting up of Payments Bank shall be obtained from the Cabinet. 
  3. RFP is being circulated among the bidders shortlisted through EOI for selecting a Consultant for the Project 
Common Service Centres 
  • Department has signed an Agreement with Common Service Centre, an SPV under DeitY, on 12th October 2015, for rolling out Common Service Centre services in rural Post Offices and also appointing existing CSCs as Post Office franchisee. 
  • A total of 22 CSCs are being rolled out in rural Post Offices of 4 pilot Circles (Bihar, UP, MP and Gujarat) before 31st December 2015.