Tuesday, March 12, 2013

Change of father’s name of students of Kendriya Vidyalayas – regarding.

Change of father’s name of students of Kendriya Vidyalayas – regarding.

KEDRIYA VIDYALAYA SANGATHAN (HQ)
18, INSTITUTIONAL AREA
SHAHEED JEET SINGH MARG
NEW DELHI-110016

FR.No.11029/20/2011-KVSHQ(Acad.)/6676
Dated 04/07.01.2013
The Deputy Commissioner
Kendriya Vidyalaya Sangathan
Bhopal Region

Sub :- Change of father’s name of students of Kendriya Vidyalayas – regarding.

Madam,
I am to refer to your letter No.F. 14044/6-15/2012-KVS/Bhopal/5931dated 12-09-2012 on the subject mentioned above and It is to Inform you that under law the biological father’s name cannot be changed till such time the said father allows or gives away the child in adoption under adoption laws.The biological mother cannot unilaterally allow her child to change the name to new person whom she will marry or has married. Under these circumstances, It is not legaIy permissible to change the name of biological father.

In the case of single biological mother who has been either divorced or has lost her husband on account of death etc. the rule position is that before she marries again, she is permitted to change the name of her child. This is permissible In law however she is not allowed to change the name of the child while the father is alive and without his consent.

This issues with the approval of the competent authority.
Yours faithfully,
sd/-
(Chandana Mandal)
Deputy Commissioner (Acad.)
Source : www.kvsangathan.nic.in
[http://kvsangathan.nic.in/CircularsDocs/CIR-ACAD-11-03-13.PDF]

Latest list of Canteen Stores Department (CSD) Depots in India

Latest list of Canteen Stores Department (CSD) Depots along with their location in India

CSD Depots

Performance Audit of Canteen Stores Department (CSD) was carried out by Comptroller and Auditor General of India (C&AG) in 2008-09. The Public Accounts Committee (PAC) selected the subject for examination and report. The Action Taken Notes (ATNs) on the recommendations of PAC have been submitted to PAC by this Ministry in October 2012.

Proposals for opening of new depots of CSD are regularly received from various sources and are considered on merit, after ascertain suitability, necessity, economic viability and other administrative aspects. However, no request has been received from Uttar Pradesh as the state already has four CSD Depots.
The details of the Canteen Stores Department (CSD) Depots along with their location set up in various States are given below-

S. No. Name of States Places of Depots No. of Depots
1 Uttar Pradesh (i) Lucknow Depot 4


(ii) Meerut Depot


(iii) Agra Depot


(iv) Bareilly Depot
2 Uttaranchal (i) Dehradun Depot 1
3 Madhya Pradesh (i) Jabalpur Depot 1
4 West Bengal (i) Kolkata Depot 2


(ii) Baghdogra Depot
5 Nagaland (i) Dimapur Depot 1
6 Assam (i) Narangi Depot 3


(ii) Masimpur Depot


(iii) Misamari Depot
7 Jharkhand (i) Ramgarh Depot 1
8 Gujarat (i) Ahmedabad Depot 1
9 Haryana (i) Hissar Depot 2


(ii) Ambala Depot
10 Rajasthan (i) Bikaner Depot 2


(ii) Jaipur Depot
11 Delhi (i) Delhi Depot 1
12 Jammu & Kashmir (i) BD Bari Depot 4


(ii) Srinagar Depot


(iii) Leh Depot


(iv) Udhampur Depot
13 Punjab (i) Pathankot Depot 3


(ii) Jalandhar Depot


(iii) Bhatinda Depot
14 Karnataka (i) Bangalore Depot 1
15 Tamil Nadu (i) Chennai Depot 1
16 Kerala (i) Kochi Depot 1
17 Maharashtra (i) Khadki Depot 3


(ii) Mumbai Area Depot


(iii) Base Depot, Mumbai
18 Andaman & Nicobar (i) Port Blair Depot 1
19 Andhra Pradesh (i) Secunderabad Depot 2


(ii) Vishakhapatnam Depot
Total No. of Depots 35

This information was given by Defence Minister Shri AK Antony in a written reply to Shri Bhisma Shanker Alias Kushal Tiwariin Lok Sabha today.

PIB

Consumer Price Index Numbers for Industrial Workers

Consumer Price Index Numbers for Industrial Workers

“Consumer Price Index Numbers for Industrial Workers on base 2001=100 are being compiled and maintained by Labour Bureau, Ministry of Labour & Employment in respect of All-India and 78 constituent centres. The All-India Index for CPI-IW is a weighted average index of centres’ indices. These indices are compiled on monthly basis and are released on the last working day of the succeeding month”.

CPI for Industrial Workers
The Labour Bureau compiles and maintains segment specific three different series of Index numbers viz. (i). Consumer Price Index Numbers for Industrial Workers on base 2001=100, (ii). Consumer Price Index Numbers for Agricultural Labourer on base 1986-87=100, (iii). Consumer Price Index Numbers for Rural Labourer on base 1986-87=100.
Besides, the Consumer Price Index encompassing the entire rural and urban population is compiled by the Central Statistics Office, Ministry of Statistics &Programme Implementation.
These indices measure relative changes in prices of selected goods and services consumed by indexed population over a period of time.
 
Consumer Price Index Numbers for Industrial Workers Consumer Price Index Numbers for Industrial Workers on base 2001=100 are being compiled and maintained by Labour Bureau, Ministry of Labour & Employment in respect of All-India and 78 constituent centres. The All-India Index for CPI-IW is a weighted average index of centres’ indices. These indices are compiled on monthly basis and are released on the last working day of the succeeding month.
Consumer Price Index Numbers for Agricultural and Rural Labourers The Labour Bureau is also compiling CPI Numbers for Agricultural and Rural Labourers separately for 20 States and All-India. These indices are released on monthly basis by 20th of every succeeding month.
The all-India CPI for Industrial workers at the beginning of financial year 2012-13, i.e., in the month of April, 2012 was 205 with an increase of 1.99 per cent over the month March, 2012. This rise was mainly on account of Food Items and Vegetables in particular. The next highest increase of 1.92 per cent in the index was recorded during the month of July, 2012, attributed to food items, specifically cereals and vegetables.
In case of CPI-AL/RL, the proportionate change in monthly indices as compared to previous months was reported due to changes (rise/fall) in the prices of food items, particularly cereals & vegetables.
 
The headline inflation used as a macro economic indicator is based on Wholesale Price Index (WPI) compiled by the office of Economic Advisor, Department of Industrial Policy &Promotion, Ministry of Commerce & Industry. Inflation reflecting change in retail prices of goods and services consumed by the working population is measured with the help of CPI (IW). A comparative statement indicating the inflation rates during January, 2012 to January, 2013 in respect of WPI and CPI (IW) is given in the Annexure.
 The Government has undertaken a series of policy measures aimed at curbing inflation. These measures, inter-alia, include appropriate monetary measures intended to have desired impact on the demand side. The monetary policy however had to take into account the overall economic situation as manifested in declining growth rate. Besides, necessary fiscal and administrative measures were undertaken to ensure desired effect on the overall supply situation. Some of the important fiscal and administrative measures are given below:
1. Fiscal Measures:
  •  Reduced import duties to zero in respect of wheat, onion, pulses, crude palmolein etc.
  • Duty-free import of white/raw sugar upto June 30, 2012. Presently the import duty for sugar has been kept at 10 per cent.
2. Administrative measures:
  • Ban on export of onion from time to time depending on the domestic situation.
  • Suspended Futures trading in rice, urad, tur, guar gum and guar seed.
  • Banned export of edible oils (except coconut oil and forest based oil) and edible oils in blended consumer packs upto 5 kg with a capacity of 20,000 tons per annum and pulses (except Kabuli chana and organic pulses and lentils up to a maximum of 10,000 tonnes per annum).
  • Imposed stock limits from time to time in the case of select essential commodities such as pulses, edible oil, and edible oilseeds.
The Minister of State for Labour & Employment Minister Shri Kodikunnil Suresh  gave this information in a written reply  in  Lok Sabha today.
 
ANNEXURE
 
Statement showing Year-on-Year inflation rates during January, 2012 to January, 2013.
 
Sr. No. Month WPI with Base 2004-05 CPI(IW) with base 2001
1 Jan-12 7.23 5.32
2 Feb-12 7.56 7.57
3 Mar-12 7.69 8.65
4 Apr-12 7.5 10.22
5 May-12 7.55 10.16
6 Jun-12 7.58 10.05
7 Jul-12 7.52 9.84
8 Aug-12 8.01 10.31
9 Sep-12 8.07 9.14
10 Oct-12 7.32 9.6
11 Nov-12 7.24 9.55
12 Dec-12 7.18 (Provisional) 11.17
13 Jan-13 6.62 (Provisional) 11.62

PIB

Rate of Pension to Sports Persons under “Scheme of Pension to Meritorious Sports persons”

Rate of Pension to Sports Persons under “Scheme of Pension to Meritorious Sports persons”

Pension to Sports Persons

The Minister of State (Independent Charge) for Youth Affairs & Sports Shri Jitendra Singh has said that there is already a Scheme titled “Scheme of Pension to Meritorious Sportspersons” under which medal winners in  Olympic Games, Commonwealth Games, Asian Games and World Cups/World Championships (in Olympic and Asian Games disciplines) and Para-Olympic Games, after they attain the age of 30 years or retire from active sports, whichever is later, are eligible for monthly pension at following rates:

S.No Category of meritorious sportspersons Rate of Pension – (Rs/per month)



1 Medalists at the Olympic Games 10000
2 Gold medalists at the World Cup/World Championships in Olympic and Asian Games disciplines 8000
3 Silver and Bronze medalists at the World Cup/World Championships in Olympic and Asian Games disciplines 7000
4 Gold medalists of the Asian/Commonwealth Games 7000
5 Silver and Bronze medalists of the Asian/Commonwealth Games 6000
6 Gold Medalists of Para-Olympic Games 5000
7 Silver medalists of Para-Olympic Games 4000
8 Bronze Medalists of Para-Olympic Games 3000
 
In a written reply in the Lok Sabha today Shri Singh said, at present, 620 Sportspersons are getting pension under the “Scheme of Pension to Meritorious Sportspersons” on monthly basis.
 
The Minister said, the Ministry of Youth Affairs & Sports has a Scheme of National Welfare Fund for Sportspersons, which provides for ex-gratia financial assistance to outstanding sportspersons of yesteryears, now living in indigent circumstances, whose annual income is less than Rs. 2 lakh for medical treatment etc. The funds from the National Welfare Fund for Sportspersons can be utilized for following proposes:
  • to provide suitable assistance to outstanding sportspersons now living in indigent sportspersons;
  • to provide suitable assistance to outstanding sportspersons injured during the period of their training for competitions and also during the competitions, depending on the nature of the injury;
  • to provide suitable assistance to outstanding sportspersons who bring glory to the country in the international field and who are disabled as an after-effect of their strenuous training or otherwise and to provide them assistance for medical treatment;
  •  to administrator and apply the funds of the Fund to promote the welfare of the sportspersons generally in order to alleviate distress among them and their dependents in indigent circumstances;
  • to administer and apply the funds of the Fund for active sportspersons individually or collectively as a group;
  • to encourage and provide assistance in cash or kind (sports equipments, kit, etc) to budding sports persons, in their pursuit for achieving excellence in sports;
  •  to do all other things which are incidental to the above objectives.
  • Shri Jitendra Singh said, quantum of assistance admissible from the National Welfare Fund for Sportsperson is as follows:
(i) Assistance to sportsperson living in indigent circumstances: A lumpsum ex-gratia financial assistance may be granted to an outstanding sportsperson now living in indigent circumstances, subject to a maximum of Rs. 5 lakh.
 
 (ii) Assistance for injuries sustained during training for and participation in international competitions: A lumpsum financial assistance to an outstanding sportsperson or his/her family may be granted under the Scheme:
(a) in case of sustaining a fatal injury during training  for, or participation in, an international competition, subject  to a maximum of Rs. 5.00 lakh;
(b) in case of sustaining injury other than a fatal injury, subject to a maximum of Rs.2.00 lakh provided that the assistance shall in no case be less than Rs. 10,000/-.
(iii) Assistance to Families of Outstanding Sportspersons :  A lumpsum financial assistance, not exceeding Rs. 2.00 lakh in each case, may also be provided to the families of outstanding sportspersons in indigent circumstances.
 
(iv) Assistance for Medical Treatment:   Financial assistance not exceeding Rs. 2.00 lakh  may also be provided for medical treatment of an outstanding sportsperson in indigent circumstances.
 
(v) Assistance to Sports Promoters:  Lumpsum financial assistance, not exceeding Rs. 50,000/- may be provided to referees, coaches and umpires, who were eminent, but are not well off and are in indigent circumstances.
 
The Minister said, the Scheme of National Welfare Fund for Sportspersons also has a clause under which the Chairperson of the General Committee of National Welfare Fund for Sportspersons has the discretionary powers under which the Chairperson may sanction assistance in deserving cases even to those who, technically, are non-eligible, depending upon the facts and circumstances of each case. The Chairperson will have the discretion to decide the quantum of assistance.
 All schemes of the Ministry and the Sports Authority of India are inclusive schemes and are equally applicable to women sportspersons. Further, for encouraging sports among women, sports competitions are held at district, state and national levels under the scheme of National Championship for Women, presently merged with the scheme of Panchayat Yuva Krida aur Khel Abhiyan (PYKKA), the Minister added.

PFRDA Publishes Investment Guidelines for Private Sector NPS

PFRDA Publishes Investment Guidelines for Private Sector NPS

INVESTMENT GUIDELINES FOR PRIVATE SECTOR NPS
 
1. Guidelines
 
1.1 The PF will manage the following separate schemes, each investing in a different asset class, being:
 
1.1.1 Asset class E (equity market instruments) – (a)The investment by anNPS participant in this asset class would be subject to a cap of 50%. Thisasset class will be invested in shares of the companies which are listed in Bombay Stock Exchange or National Stock Exchange and on which derivatives are available or are part of BSE Sensex or Nifty Fifty Index.subject to restrictions outlined in Clause 2 below
(b)The permitted cap, as mentioned above, is expected to be maintained at that level at all points in time. However, the amount of funds invested in that asset class can differ from the specified cap by no more than 5% for purposes of portfolio balancing.
 
1.1.2 Asset class G (Government Securities) – This asset class will be invested in central government bonds and state government bonds subject to restrictions outlined in Clause 2 below.
 
1.1.3 Asset class C (credit risk bearing fixed income instruments) – This asset class contains bonds issued by any entity other than Central and State Government. This asset class will be invested in Fixed deposits and credit rated debt securities. This includes rated bonds/securities of Public Financial Institutions and Public sector companies, rated municipal bodies/infrastructure bonds and bonds of all firms (including PSU/PSE),subject to restrictions outlined in Clause 2 below.
 
1.1.4 Corporate CG – Presently applicable to only SBI Pension Funds Private Ltd, UTI Retirement Solutions Ltd & LIC Pension Fund Ltd. and replicates the scheme as applicable to Central Government employees and subject to instructions from PFRDA/NPS Trust in this regard from time to time.
 
1.1.5 NPS Lite – Investment pattern similar to that prescribed by the Central Government for its own employees as amended from time to time (charges applicable as per Schedule VII).
 
1.2 The PF must not leverage the portfolio. For the purpose of this Schedule, the PF shall be deemed to have leveraged the portfolio if it: 1.2.1 enters into borrowings or other financial arrangements or creates or purports or attempts to create any security, charge, mortgage, pledge, lien or encumbrance of any kind whatsoever on the assets of the portfolio or any part thereof;
 
1.2.2 undertakes any transaction the result of which would overdraw the account maintained by the Custodian on behalf of the PF for the purpose of settling transactions;
 
1.2.3 commits the Trustee to supplement the assets of the portfolio or the account maintained by the Custodian on behalf of the PF for the purpose of settling transactions without the prior written consent of the Trustee by a Proper Instruction, either by borrowing in the name of the PF or the Trustee or by committing the PF or the Trustee to a contract which may require the Trustee to supplement those assets; or
 
1.2.4 allows market movement to result in a leveraged position.
 
2. Investment Universe
 
2.1 Asset class E (equity market instruments)
 
2.1.1 Authorized Investments
Investment in shares of the companies which are listed in Bombay Stock Exchange or National Stock Exchange and on which derivatives are available or are part of BSE Sensex or Nifty Fifty Index.
 
2.1.2 Restrictions
a. the assets are not to be encumbered.
b. the PF shall buy and sell securities on the basis of deliveries and shall in all cases of purchases, take delivery of relative securities and in all cases of sale, deliver the securities and shall in no case put itself in a position whereby it has to make short sale or carry forward transaction or engage in badla finance (except
as permitted under the extant regulations, from time to time).
c. the investment exposure in an industry sector (classification as per NIC classification) shall be restricted to 15% of all NPS schemes portfolio of each PFM .
d. the investment in any equity stock of a sponsor group shall be restricted to 5% of the paid up equity capital of all the sponsor group companies or 5% of the AUM of the concerned NPS scheme (Tier I and II taken together) , whichever is lower. The investment in equity stock of the investee company of sponsor group shall be restricted to 5% of the paid up equity capital of the concerned investee company of the sponsor group or 5% of the AUM of the concerned NPS scheme (Tier I and II taken together) , whichever is lower e. the investment in any equity stock of a non-sponsor group shall be restricted to 10% of the paid up equity capital of the concerned group companies of a non-sponsor group or 10% of the AUM of the concerned NPS scheme (Tier I and II taken together) , whichever is lower. The investment in any equity stock of the concerned investee company of non-sponsor group shall be restricted to 10% of the paid up equity capital of the investee company of a non- sponsor group or 10% of the AUM of the concerned NPS schemes (Tier I and II taken together) , whichever is lower.
f. investment in IPOs/FPOs is not allowed
g. investment in unlisted equity shares or equity related instruments is not permitted except in derivatives for the purpose of hedging and portfolio balancing only in accordance with the guidelines issued by SEBI/RBI
h. no loans for any purpose can be advanced by the PF.
i. pending deployment of funds of a scheme in securities in terms of investment objectives of the scheme, funds may be invested in short-term deposits of schedule commercial banks or in call deposits or in short term money market instruments or other liquid instruments or liquid schemes of mutual funds not exceeding a limit of 10% of the scheme corpus on temporary basis only.
 
2.2 Asset class G (Government Securities)
 
2.2.1 Authorised Investments
1. Government of India Bonds
2. State Government Bonds restricted to 10% of the AUM of the Scheme and 5% toany individual state government
 
2.2.2 Restrictions
a) the assets are not to be encumbered
b) no loans for any purpose can be advanced by the PF.
c) pending deployment of funds of a scheme in securities in terms of investment objectives of the scheme, funds may be invested in short-term deposits of schedule commercial banks or in call deposits or in short term money market instruments or other liquid instruments or liquid schemes of mutual funds not exceeding a limit of 10% of the scheme corpus on temporary basis only.
 
2.3 Asset class C (credit risk bearing fixed income instruments)
2.3.1 Authorised Investments
(i) Fixed Deposits of not less than 365 days of scheduled commercial banks with following filters:
a) Net worth of at least Rs.500 crores and a track record of profitability in the last three years.
b) Capital adequacy ratio of not less than 9% in the last three years. Net NPA of under 5% as a percentage of net advances in the last year
c) List to be reviewed half-yearly
(ii) (a) Debt securities with maturity of not less than three years tenure issued by Bodies Corporate including scheduled commercial banks and public financial institutions [as defined in Section 4 (A) of the Companies Act]
(b) Provided that at least 75% of the investment in this category is made in instruments having an investment grade rating from at least two credit rating agency. Apart from the ratings by agencies, PFM shall undertake their own due diligence for assessment of risks associated with the securities before investments
(iii) Credit Rated Public Financial Institutions/PSU Bonds
(iv)Credit Rated Municipal Bonds/Infrastructure Bonds/Infrastructure Development Funds.
 
Investment Restrictions
1. The assets are not to be encumbered
 
2. The investment exposure in an industry sector (classification as per NIC classification) shall be restricted to 15% of all NPS schemes portfolio of each PFM.
 
3. The investment exposure in debt securities of a sponsor group shall be restricted to 5% of the net worth of all the sponsor group companies or 5% of the AUM of the concerned NPS scheme (Tier I and II taken together), whichever is lower. The investment exposure in debt securities of the investee company of sponsor group shall be restricted to 5% of the net-worth of the concerned investee company of sponsor or 5% of the AUM of the concerned NPS scheme (Tier I and II taken together), whichever is lower.
 
4. The investment in debt securities of a non-sponsor group shall be restricted to 10% of the net worth of all companies of a non- sponsor group or 10% of the AUM of the concerned NPS scheme (Tier I and II taken together), whichever is lower. The investment in debt securities of the investee company of non-sponsor group shall be restricted to 10% of the net worth of the concerned investee company of a nonsponsor group or 10% of the AUM of the concerned NPS scheme (Tier I and II taken together), whichever is lower.
 
5. Investment decisions should be taken by PF in the best interest of subscribers with emphasis on safety, prudence, optimum return, sound commercial judgement and avoiding funds to remain idle.
 
6. Any moneys received on the maturity of earlier investments reduced by obligatory outgoings shall be invested in accordance with the investment pattern.
 
7. In case of any instruments mentioned above, the PF should take all steps to ensure that the interests of the subscribers are not compromised towards this and amongst other steps the investment should be under continuous monitoring and be reviewed from time to time to detect any signal of impairment /downgrade in rating of the security and the PF should take immediate steps to ensure that the interest of the subscriber are protected.
 
8. The investment should be made by the PF through a Stock Exchange, or directly with other counterparties in respect of Government Securities and other debt instruments at the best possible rate available at the material time of transactions. The PF shall not purchase or sell securities through any broker (other than an
associate broker) which is an average of 5% or more of the aggregate purchases and sale of securities under all schemes, unless the PF has recorded in writing the justification for exceeding the limit of 5% and reports of all such investments are sent to the Trustees on a quarterly basis. Provided that the aforesaid limit of 5% shall apply for a block of three months. The PF shall not utilise the services of the sponsor or any of its associates, employees or their relatives, for the purpose of any securities transaction. A PF may utilise such services only after obtaining prior permission of the Trustees.
 
9. NPS Funds shall not be used by the PF to buy securities/bonds held in its own investment portfolio or any other portfolio held by it or in its subsidiary or in its Sponsor.
 
10. The PF shall buy and sell securities on the basis of deliveries and shall in all cases of purchase, take delivery of relative securities and in all cases of sale, deliver the securities and shall in no case put itself in a position whereby it has to make short sales or carry forward transactions or engage in badla finance (carry forward).
 
11. The PF may enter into derivatives transactions, if it is in the interest of the subscribers’, only for the purpose of hedging and portfolio balancing, in accordance with the guidelines issued by SEBI/RBI. These derivatives transactions should be entered into only in recognised stock exchange. Credit default Swap are also approved derivatives for the purpose.
 
12. The PF shall enter into transactions relating to Securities only in dematerialised form. The PF shall, for securities purchased in the non depository mode get the securities transferred in the name of the NPS Trust on account of the Scheme.
 
13. Transfer of investments from one Scheme to another Scheme in the same PF, shall be allowed only if :-

  • such transfers are made at the prevailing market price for quoted Securities on spot basis (Explanation: spot basis shall have the same meaning as specified by Stock Exchange for spot transactions)
  • the Securities so transferred shall be in conformity with the investment objective of the Scheme to which such transfer has been made.
 
14. Pending deployment of funds of a scheme in securities in terms of investment objectives of the scheme, funds may be invested in short-term deposits of schedule commercial banks or in call deposits or in short term money market instruments or other liquid instruments or liquid schemes of mutual funds not exceeding a limit of 10% of the scheme corpus on temporary basis only.
 
15. The PF may alter these above stated restrictions from time to time to the extent the PFRDA Regulations change, so as to permit the Schemes to achieve their investment objective.
 
3. Investment Objectives
The investment objectives for the three asset classes are outlined below:
 
3.1 Asset class E
 
3.1.1 Benchmark – the performance of the scheme will be measured by reference to the total performance (dividends reinvested) of the BSE Sensex and NSE Nifty 50 Index.
 
3.1.2 Performance objective – the investment objective is to optimise returns while
investing in the chosen index over a rolling annual basis.
 
3.2 Asset class G
 
3.2.1 Performance objective – the investment objective is to optimise returns. 3.2.2 Risk – It is expected that the PF will be able to identify and justify the additional risks relative to the return, while managing the portfolio on an absolute return basis.
 
3.3 Asset class C
 
3.3.1 Performance objective – the investment objective is to optimise returns.
 
3.3.2 Risk – It is expected that the PF will be able to identify and justify the additional risks relative to the return, while managing the portfolio on an absolute return basis.
 
4. Allocation of funds across asset class for “Auto choice”
 
The methodology for allocating funds in the three asset classes are outlined in the table below which illustrates the allocation of each asset class for “Auto Choice” option based on age of the investor:-
Age Asset Class E Asset Class C Asset Class G
 
Age Asset Class E Asset Class C Asset Class G
Up to 35 years 50% 30% 20%
36 years 48% 29% 23%
37 years 46% 28% 26%
38 years 44% 27% 29%
39 years 42% 26% 32%
40 years 40% 25% 35%
41 years 38% 24% 38%
42 years 36% 23% 41%
43 years 34% 22% 44%
44 years 32% 21% 47%
45 years 30% 20% 50%
46 years 28% 19% 53%
47 years 26% 18% 56%
48 years 24% 17% 59%
49 years 22% 16% 62%
50 years 20% 15% 65%
51 years 18% 14% 68%
52 years 16% 13% 71%
53 years 14% 12% 74%
54 years 12% 11% 77%
55 years 10% 10% 80%

Source: www.pfrda.org.in

[http://pfrda.org.in/writereaddata/linkimages/INVESTMENT%20GUIDELINES%20FOR%20PRIVATE%20SECTOR%20NPS147808164.pdf]

Home Loan Interest Rates : Different rate of interest on home loans charged by banks

Home Loan Interest Rates : Different rate of interest on home loans charged by banks.
 
Minister of State for Finance replied to a question in Lok Sabha on 22nd February 2013 regarding rate of interest on home loans being charged by various Scheduled Commercial Banks is given below:
 
Interest rates on advances have been de-regulated by the Reserve Bank of India (RBI). The banks determined their actual lending rates on loans and advances with reference to their Base Rate and by including such other customer specific changes as considered appropriate.
 
As per the guidelines of RBI, Base Rate system has been introduced in the banks with effect from 01.07.2010 and all loans sanctioned/ disbursed on or after 01.07.2010 are linked to the Base Rate. Since Base Rate arrived at by banks is based on cost of funds and various other factors of respective banks, the Base Rate of individual banks varies. Since interest rates of housing loans are linked to the Base Rate, there is variation in interest rates offered by various banks.
 
There is no such proposal to issue instructions to all the banks to offer home loans to the consumers at a uniform rate of interest.
 
The complete details of present rate of interest being charged on home loans by different banks is annexed below:

Sl. Name of the Bank As on January 10, 2013 (In %)
No
Minimum Maximum
1 Allahabad Bank 10.2 10.95*
2 Andhra Bank 10.5 11.75
3 Bank of Baroda 10.75 12.25
4 Bank of India 10.5 10.75
5 Bank of Maharashtra 10.5 12.25
6 Central Bank of India 10.25 10.5
7 Corporation Bank 10.5 11
8 Canara Bank 10.5 10.75
9 Dena Bank 10.45 11.75
10 Indian Bank 10.5 12
11 Oriental Bank of Commerce 10.4 11
12 Punjab National Bank 10.5 11.25
13 State Bank of India 10 10.15
14 Vijaya Bank 10.25 11.25*
15 Union Bank of India 10.5 13.25*
16 IDBI 10.25 11.50*
17 Indian Overseas Bank 10.25 11.25*
18 Punjab and Sindh Bank 10.5 11
19 State Bank of Bikaner & Jaipur 10.4 10.5
20 State Bank of Hyderabad 10.25 10.25
21 State Bank of Mysore 11 12
22 State Bank of Patiala 10.5 12.75
23 State Bank of Travancore 10.25 10.5
24 Syndicate Bank 10.5 12
25 UCO Bank 10.2 10.20*
26 United Bank of India 10.7 11
* as on 19.02.2013.

Income Tax Refund : Interest on Income Tax refund amount due to delay

Income Tax Refund : Interest on Income Tax refund amount due to delay
 
The below information was said in a written reply to a question about interest paid on income tax refund amount due to delay in Lok Sabha by the Minister of State for Finance Shri.S.S.Palanimanickam on 1st March, 2013 as follows:
 
The Income Tax Act 1961, stipulates that refund to a taxpayer shall include interest on excess collection of taxes, as under:
  1. In case of processing of the return of income: From 1st April of the Assessment Year to the date of processing of return, and
  2. In case of giving effect to appellate orders etc: From the date/s of payment of excess tax to the date of giving effect to the appellate order.
It is hence submitted that payment of interest on refund is not on account of delay in issuance of refunds but is a statutory obligation arising on account of provisions inbuilt in the law itself.
The amount of funds spent on payment of interest on excess tax in past three years is tabulated as under:

Financial Year Interest paid on refund (in Rs. Crores)
2009-10 6876
2010-11 10499
2011-12 6486
2012-13 Not Available

The outgo towards interest on refunds is treated as “reduction from gross tax collections” and is an integral part of “Deduct Refund”.
 
Following steps have been taken to ensure timely refunds:-
 
  • Promoting e-filing of the returns for speedy processing.
  • Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns of the entire country.
  • To expedite faster issue, dispatch and delivery of refunds, issuance of refunds through Refund Banker.
  • Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.
  • TDS detectors are required to compulsorily e-file their TDS returns on quarterly basis.
  • Quoting of PAN by detectors in their return has been made mandatory. For improved compliance, failure to provide PAN number to detector now results in higher rate of TDS.
  • Online viewing of the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the detector(s) to rectify mistakes, if any.

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