Wednesday, November 23, 2016

Post Office SB accounts are excluded for deposit of SBN Notes clarification received from Finmin

( Deposits into Post Office Savings Accounts are excluded )
(Dated 23rd November, 2016)




Source :http://finmin.nic.in/SmallSaving_Notes23112016.pdf

Income Tax warns account holders against depositing black money into their account

In a press statement Income Tax department cautioned account holders against depositing others money into their bank account and helping conversion of black money. It is reminded that there is no such immunity of depositing upto Rs 2.5 Lac and though within this threshold limit , it may be investigated if found suspicious.

"It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for Income Tax is Rs.2.5 lakh. Reports are being received of instances where people are using other persons’ bank accounts to convert their black money into new denomination notes for which reward is also being given to the account holders who agree to allow their accounts to be used. This activity has been reported in case of Jan-Dhan Accounts also. It is hereby clarified that such tax evasion activities can be made subject to Income Tax and penalty if it is established that the amount deposited in the account was not of the account holder but of somebody else. Also the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act. However, genuine persons depositing their own household savings in cash into their bank accounts would not be questioned. The people are requested not to get lured by black money converters and be a partner in this crime of converting black money into white through this method. Unless all citizens of the country help the Government in curbing black money, this mission of black money will not succeed. Also the people who are against the black money should give information of such illegal activities going on to the Income Tax department so that immediate action can be taken and such illegal transfer of cash can be stopped and seized. Black money is a crime against humanity. We urge every conscientious citizen to help join the Government in eradicating it."

Click here for the Press Release

Deposit of specified banknotes (SBN) in Small Savings Schemes - RBI

Foreign Banks / Regional Rural Banks /
Urban Co-operative Banks / State Co-operative Banks

Dear Sir,
Deposit of specified banknotes (SBN) in Small Savings Schemes
Please refer to our circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes.
2. We advise that Government of India has decided that subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Banks are, therefore, advised not to accept SBNs for deposits in Small Saving Schemes with immediate effect.
3. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager

Seeking clarification on Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme

FNPO S/G LETTER TO DIRECTORATE



FEDERATIONOFNATIONALPOSTALORGANISATIONS
T-24,Atul Grove Road, New Delhi - 110 001. Phone : 011-23321378


Ref: OHD/4/2016 dt: 23/11//2016


To
MS MANJU P.PILLAI
The DDG (FS)
Department of Posts
Dak Bhawan ,
New Delhi-110 001.


Sub: –Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme 


Ref: Ministry of Finance letter.No.1/042016-NS dt: 22/11/2016
Kindly recall our conversation regarding the above subject. The order under reference created more confusion in the HO/SO/BO for accepting OHD notes in Small Savings Scheme. A clarification on the subject may be issued by the Directorate to clear the doubts.
Your early action is requested.
Yours Sincerely,
D.Thegarajan.
Secretary General.

Disbursement of salary for Central Government Employees in Cash - NC JCM Staff Side

NC JCM Staff Side Requested the Govt to Pay salary in Cash for November and December 2016

In a Letter to The Prime Minister, the NC JCM Staff Side has Requested the Govt to Pay Salary in Cash to all central Staffs for the Months of November and December 2016 . The content of the letter is given below
Disbursement Of salary for Central Govt. Employees – November and December 2016
Salary payment of Central Government employees (including Industrial Workers) normally made through Bank- Transfer since 1.4.2012. The recent decision Of the Govt. to invalidate the Rs.1000 and Rs.500 currency notes and restrictions on ATM withdrawals made the bank functioning in the country in to an extraordinary situation.

As the employees would require cash for meeting out various expenses in the first week of every month, the present general restrictions might cause certain insurmountable difficulties apart from being in the long queue before banks. To overcome the situation the NCJCM Staff Side requested the Govt to issue necessary Orders to disburse the salary for November and December 2016 in cash (lower denominations) which para 3 or Ministry of Finance Department of Expenditure No. F.No.I (i) 2011/TA/365 dated 1.8.2016 provides for in this matter.

Enhancement of bonus to Casual Labourers - Reply from Ministry of Labour & Employment

No.s-33027/3/2016-WB
Government of India 
Ministry of Labour & Employment
(Wage Board Section)
Shram Shakti Bhawan, Rafi Marg,
New Delhi dated 11 November, 2016.
Office Memorandum

Subject : Enhancement of the rate of bonus payable to Casual labourers consequent on enhancement calculation ceiling of bonus for Central Government Employees from Rs.3500/- to Rs.7000/- regarding.

The undersigned is directed to forward herewith a copy of O.M. No. 49014/1/2016-Estt (C) Dated 2nd November 2016 alongwith the enclosure thereto on the subject mentioned above.

2. Action as deemed fit, may please be taken in this regard under intimation to all concerned.

3. This issues with the approval of Deputy Director General ( c ).

Encl: as above
Sd/-
(Samir Kumar Das)
Under Secretary to the Government of India
Source : confederationhq


DO Letter regarding RBI Notification in connection with Withdrawal / Exchange Limits


Stop accepting WOS notes in Small Saving Schemes in Post Offices reg

A message from CPMG AP Circle 


I had spoken to DDG FS Dak Bhavan about stop accepting WOS notes in small savings accounts. Directorate sought for clarification from ministry of finance, clarification expected tomorrow. Till such time our directorate issue directions in this regards, present arrangement will continue.
 By CPMG AP
Source :whatsapp

TN Circle Union Requests to Withdraw the Orders of Opening Enternsion Counters to Accept Deposit of WOS Currencies

DOP Finacle Shortcut for Entering large amount

Easy Method for entering large amount in Finacle

Many a times, we face situation of entering wrong amount in Finacle while entering large amount. This especially happens when there are more zeros in amount Like Rs 1,00,000/- etc. Sometimes we enter Rs.10,000/-deposit instead of Rs.1,000/- which is very difficult to rectify. But there is one solution in Finacle for this problem i.e we can use first alphabet of amount in words while entering amount:
e.g : If Rs.1, 000 needs to be entered, we can enter as------------------1T
Rs.10,000/----------------------10T
Rs.5,00,000/--------------------5L
Rs.10,00,000/------------------10L
Rs.1,00,00,000/----------------1C
Rs.18,00,00,000---------------18C
One Billion--------------------1B
One Million-------------------1M

Some points to consider

1) This validation works only for amount Rs.1000/- and above
2) Amount should be in multiple of 1,000 i.e we cannot enter Rs.1,500/- using above method
3) This validation doesn’t work in CRDP & CPDTM menus
4) This validation works in CXFER, CTM & HTM Menus
Thanks to Shri. Mallikarjun M Karadi, SPM, Karoshi S.O - 591226, Chikodi Division

Old Notes May Not Be Allowed To Be Deposited In Small Saving Schemes - Ministry of Finance

Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme - Finmin Order 22.11.2016

F.No.1/042016-NS
Ministry of Finance
Department of Economic Affairs

(Budget Divisional)
North Block, New Delhi
Dated 22nd November 2016
To

1. The Chief General Manager
Reserve Bank of India
Department of Government & Bank Accounts
Central Office, Byculla Office Accounts
4th floor, Opposite Mumbai Central Railway Station
Byculla, Mumbai - 400008

2. The Deputy Director General (FS)
Department of Posts
Dak Bhawan, Sansad Marg, New Delhi

3. The Joint Director & HOD
National Savings Institute
ICCW Building

4. Deen Dayal Upadhyay Marg
New Delhi-110003

Subject: Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme

Sir,
I am directed to state that Ministry of Finance has received references from Banks whether currency notes of Rs.500 and Rs.1000, discontinued w.e.f.9.11.2016, can be deposited in accounts opened under small savings schemes. The matter was examined in this Ministry and it has been decided that subscribers of Small Savings Scheme may not be allowed to deposit old currency note of Rs.500 and Rs.1000, in Small Savings Schemes.

2. This may be compiled strictly.

3. This has the approval of Secretary (Economic Affaris).

Yours faithfully,
sd/-
(Padam Singh)
Regional Director(Sr.)

BSNL Junior Engineer (JE) Result Declared (25-09-2016 TO 29-09-2016)

BSNL Junior Engineer (JE) Result Declared (25-09-2016 TO 29-09-2016)

Result : Click Here


For more details : Click Here

Exam was held during 25-09-2016 TO 29-09-2016

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000

The Prime Minister, Shri Narendra Modi, has invited views from the people, on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000.

People can submit their views through a survey consisting of 10 questions, which is available through the Narendra Modi App. Sharing the link to this survey, the Prime Minister tweeted today that he wants a first-hand view from the people, regarding this decision.

The ten questions in the Survey are as follows:

1. Do you think that black money exists in India? a. Yes b. No

2. Do you think the evil of corruption and black money needs to be fought and eliminated? a. Yes b. No

3. Overall, what do you think about the Government's moves to tackle black money?

4. What do you think of the Modi Government's efforts against corruption so far? Scale of 1 to 5 - outstanding, very good, good, ok, useless

5. What do you think of the Modi Government's move of banning old Rs 500 & Rs 1000 notes? a. Great move in the right direction b. Good move c. Will make no difference

6. Do you think demonetisation will help in curbing black money, corruption & terrorism? a. It will have an immediate impact b. There will be impact in medium to long term c. Minimal impact d. Don't know

7. Demonetisation will bring real estate, higher education, healthcare in the common man's reach a. Completely Agree b. Partially Agree c. Can’t say

8. Did you mind the inconvenience faced in our fight to curb corruption, black money, terrorism and counterfeiting of currency? a. Not at all b. Somewhat, but it was worth it c. Yes

9. Do you believe some anti-corruption activists are now actually fighting in support of black money, corruption & terrorism? a. Yes b. No

10. Do you have any suggestions, ideas or insights you would like to share with PM Narendra Modi?
This survey is in sync with the Prime Minister's vision of participative governance and directly seeking the views of the people of India on key policy and execution matters.

The Prime Minister has sought answers on very pointed and direct aspects of the decision of 500 and 1000 rupee notes ceasing to be legal tender. He has also sought feedback from the people on how to make the implementation stronger.

The Prime Minister's core beliefs of direct engagement with people are yet again on full display in the survey.

PIB

Declaration of undisclosed Black Money

Press Information Bureau 
Government of India
Ministry of Finance

22-November-2016 17:53 IST 

Declaration of undisclosed Black Money

A total number of 64,275* declarants have made declaration of undisclosed income of Rs.65,250* crore under the Income Declaration Scheme, 2016. (*Provisional). Under the Income Declaration Scheme, 2016 the amount of tax, surcharge and penalty is payable in three instalments. The notified date for payment of first instalment is 30th November, 2016. Hence, the quantum of tax collected as part of the Scheme cannot be quantified at this stage.

Government has taken several measures, by way of policy initiatives and enforcement action, to curb black money. Such measures include –

(i) Constitution of the Special Investigation Team (SIT) on Black Money under Chairmanship and Vice-Chairmanship of two former Judges of Hon’ble Supreme Court.

(ii) Enactment of ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ to specifically deal with the issue of black money stashed away abroad. The Act inter alia provides stringent provisions for concealment penalties (equal to three times the amount of tax payable) and contains stringent provision for prosecution.

(iii) Constitution of Multi-Agency Group (MAG) consisting of officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) for investigation of recent revelations in Panama paper leaks.

(iv) Proactively engaging with foreign governments with a view to facilitate and enhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/ Multilateral Conventions.

(v) Joining the Multilateral Competent Authority Agreement in respect of Automatic Exchange of Information (AEOI) and having information sharing arrangement with USA under its Foreign Account Tax Compliance Act (FATCA).

(vi) Renegotiation of DTAAs with other countries to bring the Article on Exchange of Information to International Standards and expanding India’s treaty network by signing new DTAAs and TIEAs with many jurisdictions to facilitate the exchange of information and to bring transparency.
(vii) Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money Laundering Act, 2002 through the Finance Act, 2015.

(viii) Enactment of the Benami Transactions (Prohibition) Amendment Act, 2016 to amend the Benami Transactions (Prohibition) Act, 1988 with a view to, inter alia, enable confiscation of Benami property and provide for prosecution. The provisions of the amended Prohibition of Benami Property Transaction Act, 1988 have come into effect from 01.11.2016.

(ix) Initiation of the information technology based ‘Project Insight’ by the Income Tax Department for strengthening the non-intrusive information driven approach for improving tax compliance and effective utilization of available information.

(x) Withdrawal of Rs.500 and Rs.1000 denominations of Bank Notes of the existing series issued by Reserve Bank of India vide Notification No.2652 [S.O.3407(E)] dated 08.11.2016.

(xi) Amendment of Rule 114B of the Income-tax Rules to mandate quoting of PAN, for transactions of sale or purchase of goods or services of any nature above Rs.2 Lakh.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.

GDS COMMITTEE REPORT AND COURT CASE STATUS AS ON 22/11/2016

GDS COMMITTEE REPORT


GDS COMMITTEE REPORT IS EXPECTED TO BE SUBMITTED TO THE SECRETARY POSTS BY 24th NOVEMBER-2016.

​GDS Court case status as on 22-11-2016

It is informed that GDS Court case proceedings in Principle CAT, Delhi adjourned to 13-01-2017. 
R.N. Parashar
General Secretary