Thursday, February 15, 2018

RICT Rollout at Khammam division in Telangana circle

RICT rollout in Khammam division by the SP sir T. Isaiah.... Superintendent of Post Offices, Khammam Division, Telangana circle

PPF, NSC Act changes not to affect tax status; aimed at allowing early closure: Govt

The government, on Tuesday, clarified that no change in interest rate or tax policy on small savings schemes, which includes PPF and NSCs, is being made through the amendments proposed in Budget 2018. 

It has been proposed in the Budget to merge the Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873. 

With a single Act, relevant provisions of the Government Savings Certificates (NSC) Act, 1959 and the Public Provident Fund Act, 1968 would stand subsumed in the new amended Act without compromising on any of the functional provision of the existing Act, says a press note issued today. 

As per the note, these changes are proposed in order to allow the government to easily allow premature closure in the schemes and provide other procedural benefits to depositors by simply issuing a notification. 

A ministry of finance tweet also stated, "All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act. No existing benefits to depositors are proposed to be taken away through this process." 

The government through the press note also makes it clear that there is no proposal to withdraw the provision of protection against the attachment of Public Provident Fund Account under any decree or order of any court in respect of any debt or liability incurred by the depositors and the existing and future depositors will continue to enjoy protection from the attachment under the amended umbrella Act as well. 

Apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill. These provisions which are proposed to be incorporated in the amended Act will add to the flexibility in operation of the Account under Small Savings Schemes. These are: 

i. Premature closure 

Existing: As per PPF Act, the PPF account can't be closed prematurely before completion of five financial years. If depositor wants to close PPF account before five years in exigencies, he can't close the account. 

Proposed: To make provisions for premature closure easier in respect of all schemes, provisions could now be made through specific scheme notification. The benefits of premature closure of Small Savings Schemes may now be introduced to deal with medical emergencies, higher education needs, etc. 

ii. Investment by minors 

Existing : Investment in Small Savings Schemes can be made by Guardian on behalf of minor(s) under the provisions made in the proposed bill Guardian may also be given associated rights and responsibilities. 

Proposed : There was no clear provision earlier regarding deposit by minors in the existing Acts. The provision has been made now to promote culture of savings among children. 

iii. Proceeds to heirs 

Existing: As per existing provisions of the Acts, if depositor dies and nomination exists, the outstanding balances will be paid to nominee(s). 

Proposed: Whereas, Supreme Court in its judgement stated that nominee(s) is merely empowered to collect the amounts as Trustee for the benefit of legal heirs. It was creating disputes between the provisions of the Acts and verdict of Supreme Court. Hence, right of nominees have now been more clearly defined. 

iv. Nomination 

Existing: In the existing Acts, there is no provision for nomination with regard to account opened in the name of minor. Further, existing Acts say that if account holder dies and there is no nomination and amount is more than prescribed limit, the amount shall be paid to legal heirs. In this case, the guardian has to obtain succession certificate. 

Proposed To remove this inconvenience, provisions for nomination with regard to account opened in the name of minors have been incorporated. Further the provision has been made that if the minor dies and there is no nomination, the balances shall be paid to guardian. 

v. Grievance redressal 

Existing: The existing Acts are silent about grievance redressal. 

Proposed The amended Act allows the Government to put in place mechanism for redressal of grievances and for amicable and expeditious settlement of disputes relating to Small Savings. 

vi. Other changes 

There were no clear provisions in all the three Acts for the operation of accounts in the name of physically infirm and differently abled persons. Provisions in this regard have now been made. 

Source:-The Economic Times

NAPE General Secretary Letters to Directorate on BD Targets

Unbearable harassment of staff in the name of achieving BD /New Accounts/RPLI/PLI premia collections in blatant violation of Directorate instructions/Orders - Reg : NAPE General Secretary Letters to Secretary , Department of Posts.










Annexure submitted to Directorate

Public Provident Fund (PPF) Accounts To Offer More Benefits

Apart from higher interest rates compared to bank deposits, PPF or Public Provident Fund also offers a host of income tax benefits.
PPF or public provident fund is one the most popular saving schemes. Apart from higher interest rates compared to bank deposits, PPF also offers a host of income tax benefits. In terms of income tax implications,PPF enjoys an EEE – exempt, exempt, exempt – status. This means the contribution, interest and maturity proceeds are all tax-free. PPF contribution up to Rs. 1.5 lakh in a financial year is eligible for tax deductions under Section 80C of the Income Tax Act. Now, PPF accounts are likely to come with more benefits.

Here are 10 things to know about thechanges proposed in PPF rules:

1. The government has proposed to allow premature closure of Public Provident Fund (PPF) accounts.
2. According to the current PPF account rules, premature closure of PPF account is allowed only under specific conditions such as expenditure towards medical treatment and higher education. The account has to complete at least five financial years.
3. “To make provisions for premature closure easier in respect of all schemes, provisions could now be made through specific scheme notification. The benefits of premature closure of small savings schemes may now be introduced to deal with medical emergencies, higher education needs, etc,” the Ministry of Finance said in a statement.
4. The government has also plans to consolidate PPF Act under the proposed Government Savings Promotion Act. The government has said that “no existing benefits to depositors are proposed to be taken away through this process”.
5. “The main objective in proposing a common Act is to make implementation easier for the depositors as they need not go through different rules and Acts for understanding the provision of various small saving schemes, and also to introduce certain flexibilities for the investors,” the Finance Ministry said.
6. PPF accounts are immune from attachment under court decree order. The Finance Ministry has also clarified that there is no proposal to withdraw the provision and the existing and future depositors will continue to enjoy protection from the attachment under the amended umbrella Act as well.
7. The government has also said that apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill to merge Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873.
8. “The existing Acts are silent about grievance redressal. The amended Act allows the Government to put in place mechanism for redressal of grievances and for amicable and expeditious settlement of disputes relating to Small Savings,” the Finance Ministry said.
9. As per existing provisions of the Acts, if the depositor dies and nomination exists, the outstanding balances will be paid to nominee(s). But Supreme Court in its judgement stated that nominee(s) is merely empowered to collect the amounts as trustee for the benefit of legal heirs, the Finance Ministry said. “It was creating disputes between the provisions of the Acts and verdict of Supreme Court. Hence, right of nominees have now been more clearly defined,” the ministry said in a statement.
10. No change in interest rate or tax policy on small savings scheme is being made through this amendment, the government clarified. The interest rate on PPF accounts, like other small savings schemes, is reset on a quarterly basis. Currently, PPF accounts fetch an interest rate of 7.6 per cent (for January-March quarter).

TD COMMISION BILL IN WORD FORMAT BPM INCENTIVE BILL FOR TD ACCOUNT

TD COMMISION BILL BPM INCENTIVE BILL FOR TD ACCOUNT

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MAKE CHQ STRUGGLE PROGRAMME SUCCESS


Calling for application of volunteers to work as office Assistant/System Admin in PTC-Mysuru and Junior Accountant, PTC, Mysuru

Calling for application of volunteers from Postal/Sorting Assistant cadre to work as office Assistant/System Admin in PTC-Mysuru and qualified Accountant's to work as Junior Accountant, PTC, Mysuru

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Revision of provisional pension sanctioned under Rule 69 of the CCS (Pension) Rules, 1972

No. 38/49/16 – P&PW (A)
Government of India
Ministry of Personnel, PG & Pensions
Department of Pension & Pensioners’ Welfare

3rd Floor, Lok Nayak Bhawan
Khan Market, New Delhi
Dated the 12th February, 2018

Office Memorandum

Sub:- Revision of provisional pension sanctioned under Rule 69 of the CCS (Pension) Rules, 1972

The undersigned is directed to say that in implementation of the decision taken on the recommendations of the 7th CPC, orders were issued vide this Departments’ OM No. 38/37/2016- P&PW(A)(ii) dated 04.08.2016 for revision of pension of pre-2016 pensioners/family pensioners w.e.f 01.01.2016 by multiplying the pre-revised pension/family pension by a factor of 2.57. Subsequently, vide OM No. 38/37/2016-P&PW(A) dated 12.05.2017, it has been decided that the pension/family pension of all Central civil pensioners/family pensioners, who retired/died prior to 01.01.2016, may be revised w.e.f. 01.01.2016 by notionally fixing their pay in the pay matrix recommended by the 7th CPC in the level corresponding to the pay in the pay scale/pay band and grade pay at which they retired/died.

2. Instructions were issued vide this Department’s OM of even number dated 30.11.2016 for extending the benefit of OM dated 4.8.2016 to the following categories of pensioners drawing provisional pension under Rule-69 of the CCS (Pension) Rules, 1972.

(i) Retired before 1.1.2016 and sanctioned provisional pension under Rule-69 of the CCS (Pension) Rules on account of departmental/judicial proceedings or suspension.

(ii) Suspended before 1.1.2016 and sanctioned provisional pension, based on their pre-revised pay under Rule-69 of the CCS (Pension) Rules on retirement on or after 1.1.2016.

3. It has now been decided that provisional pension sanctioned in the above cases may be revised w.e.f. 1.1.2016 in accordance with the instructions contained in this Department’s OM No.38/37/2016-P&PW(A) dated 12th May, 2017. Higher of the two formulations i.e. OM dated 4.8.2016 or OM dated 12.5.2017 would be the revised provisional pension w.e.f. 1.1.2016 in such cases.

4. This issues with the approval of Department of Expenditure. Ministry of Finance ID No.1(21)/E-V/2016 dated 15.01.2018.

5. Hindi version will follow.

Enc. a.a.

(Harjit Singh)
Director

Various circular issued from Central Vigilance Commission : Department of Posts

No.4-24/2016-Vig
Government of India 
Ministry of Communications 
Department of Posts
dated 08.02.2018

Various circular issued from Central Vigilance Commission : Department of Posts.


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PNB detects Rs 11,500 crore fraud: All you need to know

NEW DELHI: Punjab National Bank (PNB), the country's second-largest lender on Wednesday said that it has detected "fraudulent and unauthorised" transactions+ worth more than Rs 11,500 crore at one of its branches in Mumbai. Here is your cheatsheet on this latest banking fraud:

WHO CARRIED OUT THE FRAUD?
PNB has not revealed the names or other details of those involved in the scam. However, in a filing to the bourses the bank has said the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."

WHAT ACTION HAS PNB TAKEN?
In the stock exchange filing, PNB said that it has reported the fraud to law enforcement and investigative agencies.

IS THERE A BACKGROUND TO THE FRAUD?
Even though there is not much clarity on what lead to the scam, PNB has been grappling with fraud cases recently. Just last week, an investigation was launched over accusations that billionaire jeweller Nirav Modi -- one of the country's richest men -- defrauded PNB of Rs 282 crore. However, it could not be immediately ascertained if the two fraud cases have a link.

IS THERE A LARGER IMPACT?
An immediate fallout can be tracked to the equity markets where the PNB stock tanked 8 per cent during intra-day trading on Wednesday. The Nifty PSU Bank sub-index felt the pressure too, as it was trading almost 3 per cent below previous closing mark.

The bank, in its filing has not elaborated on what impact the fraud may have on its finances and it didn’t name the other lenders which could be hurt.

The case comes in the backdrop of state-run banks already reeling under massive bad loans which run into lakhs of crores of rupees. Most PSU banks have performed poorly in the third quarter (October-December) as a result of this.

Source:-The Times of India
(With inputs from agencies)