Revision of interest rates for Small Savings Schemes – Fin Min Orders

Revision of interest rates for Small Savings Schemes – Fin Min Orders

F.No. 1/04/2016·NS.11
Government  of India
Ministry of Finance Department  of Economic Affairs (Budget  Division)

North Block,  New Delhi
Dated:  18th  March, 2016

OFFICE  MEMORANDUM

Subject:   Revision   of interest   rates  for  Small  Savings   Schemes.

The  undersigned   is directed  to  refer to this  Department’s   OM  of even  number  dated 16th   February,   2016,  vide  which  the  various  decisions  taken  by the  Government   regarding interest fixation  for small savings schemes  were communicated  to all concerned.

2.         On  the  basis  of  the  decisions   of  the  Government,   interest  rates  for  small  savings schemes  are to  be notified  on quarterly  basis.  Accordingly,   the  rates  of  interest  on various small  savings  schemes  for  the  first  quarter  of financial  year  2016-17,   on  the  basis  of the interest  compounding/payment   built-in in the schemes,  shall be as under:

Instrument	Rate of Interest W.E.F 01.04.2015 to 31.03.2016	Rate of Interest w.e.f 01.04.2016 to 30.06.2016
Savings Deposit	4.0	4.0
1 Year Time Deposit	8.4	7.1
2 Year Time Deposit	8.4	7.2
3 Year Time Deposit	8.4	7.4
5 Year Time Deposit	8.5	7.9
5 Year Recurring Deposit	8.4	7.4
5 Year Senior Citizens Savings Deposit	9.3	8.6
5 Year Monthly IncomeAccount scheme	8.4	7.8
5 Year National Savings Certificate	8.5	8.1
Public Provident Fund Scheme	8.7	8.1
Kisan Vikas Patra	8.7	7.8 (Will Mature in 110 Months)
Sukanya Samriddhi Account Scheme	9.2	8.6

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7th Pay Commission – NFIR Ultimatum to Jaitely – If grievance not met – Trains will be off the track from 11 July

7th Pay Commission – NFIR Ultimatum to Jaitely – If grievance not met – Trains will be off the track from 11 July

Western railways employees union General Secretary Mr. Mahurkar said in a press conference in Nagad, if the recommendations of the railway minister Mr. Prabhu are not met or not accepted, the rails will come to a crashing halt on July 11.

7th Pay Commission – NFIR Ultimatum to Jaitely – If grievance not met – Trains will be off the track from 11 July
7th Pay Commission – NFIR Ultimatum to Jaitely – Railways minister Suresh Prabhu has requested Union finance minister Arun Jaitley for a financial assistance of about Rs 32,000 crore to absorb impact of 7th Pay Commission recommendations.

Railways minister Suresh Prabhu has requested Union finance minister Arun Jaitley for a financial assistance of about Rs 32,000 crore to absorb impact of 7th Pay Commission recommendations.

“I would therefore earnestly request you to help the ministry of Railways and hand-hold it for implementation of 7th CPC recommendations,” Prabhu said in a letter addressed recently to Jaitley. “This may be done either through compensation of loss for coaching services (Rs 31,727 crore in 2013-14) or directly by virtue of a revenue grant matching the amount of the 7th CPC’s liability placed upon the Railways for the next three to four years.”

Western railways employees union General Secretary Mr. Mahurkar said in a press conference in Nagad, if the recommendations of the railway minister Mr. Prabhu are not met or not accepted, the rails will come to a crashing halt on July 11.

He added that about 1.5 lakhs of RPF jobs are vacant.

He further reiterated, the security forces of railways work 24 hours, they should be paid accordingly, based on their commitment, which is not happening, he said.

Railway Minister Mr. Prabhu has conveyed the grievances of railway staff to the finance minister Mr. Jitley, however it looks like he is in no mood to listen the plight of the railway staffs. so the employees are forced to take further devastative action, he added.

In the 6th CPC the increase in the wages was 54% but the 7th pay commission has recommended only 14.3% increase. Its a crime against employees, he added.

Mahurkar also objected to the implementation of new pension scheme for the employees from April 1 2014.

He added, on 9th June we will issue a notice for strike, if our demands are not met, from 11th July the railway employees will go on indefinite strike.

Source: Dainik Bhaskar

Recommendations of 7th Pay Commission – Rejoinder submitted by NCJCM staff side

Recommendations of 7th Pay Commission – Rejoinder submitted by NCJCM staff side

We have submitted a rejoinder on the report of VII CPC, seeking bilateral settlement on the issues related to VII CPC.

You are gracious enough to convene a meeting on 1st March, 2016, wherein members pf the Staff Side, National Councii(JCM) and Empowered Committee of Secretaries participated.

Subsequently, another truncated meeting was held on 30th March, 2016. In both the meetings Official Side heard our views, but no re.action of the Official Side was expressed except general remarks.

I have been directed to draw your kind attention towards minutes of the Standing Committee of National Councii(JCM) held on t h May, 2008 and our rejoinder submitted to government in the matter of report of VI CPC.
You will kindly find that, it was not only a general discussion, but also Official Side explained their views on each and every issue.

I would , therefore, request your goodself to kindly arrange for similar type meeting for bilateral settlement on each of the issues raised by the Staff Side, NC/JCM before Empowered Committee of Secretaries.

Source-http://ncjcmstaffside.com/

Grant of Dearness Relief to CPF beneficiaries in receipt of ex-gratia payment w.e.f 01.01.2016

Grant of Dearness Relief to CPF beneficiaries in receipt of ex-gratia payment w.e.f 01.01.2016.

F. No. 42/06/2016-P&PW(G)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Pension & Pensioners’ Welfare
****************

3rd Floor, Lok Nayak Bhavan
Khan Market, New Delhi – 110003
Date:- 03 May 2016

OFFICE MEMORANDUM

Subject: Grant of Dearness Relief to CPF beneficiaries in receipt of ex-gratia payment w.e.f 01.01.2016.

In continuation of this Department’s OM No. 42/10/2014-P&PW(G) dated 28th Oct, 2015, the President is pleased to grant the Dearness Relief at the rate of 5th CPC w.e.f. 1.1.2016 to the following :

The surviving CPF beneficiaries who have retired from service between the period 18.11.1960 to 31.12.1985 and are in receipt of ex-gratia @ Rs.600/-p.m. w.e.f. 01.11.1997 under this Department’s OM No. 45/52/97-P&PW(E) dated 16.12.1997 & revised to Rs.3000, Rs.1000, Rs.750 & Rs.650 for Group A, B, C & D respectively w.e.f 4th June,2013 vide OM No. 1/10/2012-P&PW(E) dtd. 27th June, 2013 are entitled to Dearness Relief @ 245% w.e.f. 01.01.2016.

(ii) The following categories of CPF beneficiaries who are in receipt of ex-gratia payment in terms of this Department’s OM No. 45/52/97-P&PW(E) dated 16.12.1997 are entitled to DR ©237 % w.e.f. 01.01.2016.

(a) The widows and dependent children of the deceased CPF beneficiary who had retired from service prior to 1.1.1986 or who had died while in service prior to 1.1.1986 and are in receipt of Ex-gratia payment of Rs. 605/- p.m. & revised to Rs 645/-p.m with effect from 04th June ,2013 vide OM No. 1/10/2012-P&PW(E) dated 27th June,2013.

(b) Central Government employees who had retired on CPF benefits before 18.11.1960 and are in receipt of Ex-gratia payment of Rs. 654/-, Rs. 659/-, Rs. 703/- and Rs. 965/-.

2. Payment of DR involving a fraction of a rupee shall be rounded off to the next higher rupee.

In their application to the Indian Audit and Accounts Department, these orders issue in consultation with the C&AG.

3. This issues as per Ministry of Finance, Department of Expenditure vide their OM No 1(4)/EV/2004 dated 25.05.2015 and OM No.1(3)/2008-E.II(B) dated 22.04.2016.

4. Hindi version will follow.

( Charanjit Taneja)
Under Secretary to the Government of India

Download signed  copy here- Grant of Dearness Relief to CPF beneficiaries in receipt of ex-gratia payment w.e.f 01.01.2016.