Instruction to Banks for Advance Salary to Central Government Employees

Instruction to Banks for Advance Salary to Central Government Employees

Government of India
Department of Expenditure
Office of Controller General of Accounts
Mahalekha Niyantrak Bhawan
Block-E, G.P.O. Complex, I.N.A., New Delhi-110023
Ph:No.011-24665337-40/Fax No.011-24627678

No.S-11012/1(6)/Banks/2016-17/RBD/1815-47

Dated: 18.11.2016

To
Shri P.Vijaya Kumar,
Chief General Manager,
Reserve Bank of India
Department of Currency Management,
Central Office, 4th Floor, Amar Building,
Sr.P.M.Road, P.B.No.1379,
MUMBAI - 400001

FAX NO:022-22662442

Sir,
This is with reference to Ministry of Finance, Department of Expenditure OM No.25(30)/E.Coord/2016, dated 17th November 2016 regarding release of Part Salary in advance amounting to Rs.10000/- form the salary for the month of November 2016 in the form of Cash Pay-out to all Non Gazetted Employees of Central Government. Also refer your office letter dated 11.11.2016 which mentions that Government Departments may be allowed to draw cash beyond the stipulated limit of Rs.10,000/- in exceptional cases only on production of evidence justifying their cash requirements in writing.

Necessary instructions may please be issued immediately to all the banks in view of the Ministry of Finance OM dated 17.11.2016 referred above to enable Govt. offices to release advance salary as per above mentioned OM.

Yours faithfully,
sd/-
(Dr.Shakuntla)
Joint Controller General of Accounts

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Authority: www.finmin.nic.in

Interest rate on the long term saving deposits in post offices

Interest rate on the long term saving deposits in post offices

Interest rates on bank deposits are not uniform and vary from bank to bank. Hence, a one-on-one comparison of interest rates may not be possible.

The interest rates on term deposits are deregulated and they are determined by the banks themselves as per their Board approved policies. In contrast interest rates on Small Savings Schemes are administered interest rates linked to G-Sec rate of comparable maturity.

The percentage of savings in the savings schemes in Post Office as on 31.03.2016 is 14.84% of the deposits in the savings schemes of PSBs.

The Government has taken various steps to popularise all the existing schemes by carrying out publicity through print and electronic/Audio Visual media on an all India basis. Jan Dhan Yojana is a scheme of the Government to encourage deposits in banks and promote savings.

This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

PIB

Fee for NPS Advisors

Press Information Bureau,
Government of India
Ministry of Finance

18-November, 2016

Fee for NPS Advisors

A Retirement Adviser can charge three types of fee from the subscribers to whom he/she has given retirement advice in accordance with the Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016, as per details given below:

i. A Retirement Adviser is entitled to charge On Boarding fees for facilitating on-boarding to National Pension System. The upper ceiling of such fees is Rupees One Hundred and Twenty.
ii. For any subsequent services, the individual Retirement Adviser is entitled to charge a minimum of Rupees Twenty per transaction and maximum of Rupees One Hundred per annum.
iii. The Retirement Adviser may also charge 0.02% advisory fee from any existing subscriber, on their assets under management (AUM) of National Pension System (NPS) or any other scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA), on the date of advice, subject to a minimum of Rs. 100/- and maximum Rs. 1000/- per annum, for providing advice to the subscribers.

Further, the advisory fee can be charged by Retirement Adviser only when the subscriber has signed an agreement with the Retirement Adviser for providing advice, wherein the lower and upper limits of advisory fee, as specified by the PFRDA is incorporated. No advisory fee shall be charged at the time of on boarding of the subscriber along with on boarding fee of Rs.120/-.

The fees are chargeable as per the written agreement between the prospect/subscriber and the Retirement Adviser under advisory fee head as prescribed by PFRDA. The Retirement Adviser has to issue a receipt for each type of fee separately and collect all charges upfront.

This was stated by Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

PIB

One Rank One Pension (OROP)

Press Information Bureau,
Government of India
Ministry of Defence

18-November, 2016

One Rank One Pension (OROP)

Government had appointed a Judicial Committee headed by Justice L. Narasimha Reddy, retired Chief Justice of Patna High Court on 14.12.2015, to look into anomalies, if any, arising out of implementation OROP.

The Terms of Reference for the Committee is as under:

To examine and make recommendations on references received from the Central Government on the following matters:

• Measures for the removal of anomalies that may arise in implementation of the OROP letter No. 12(1)/2014/D(Pen/Pol)/ Part-II dated 07.11.2015.
• Measures for the removal of anomalies that may arise out of inter-service issues of the three forces due to implementation of OROP order ibid.
• Implications on service matters.
• Any other matter referred by the Central Government on implementation of the OROP or related issues. In making its recommendations, the Committee shall take into account the financial impact of its recommendations.

The Committee has submitted its report on 26.10.2016 which is under examination. During the Financial year 2016-17, a sum of Rs. 12456 crore has been provided for expected expenditure on account of One Rank One Pension (OROP).

The status of payment to the Defence Pensioners/ Family Pensioners on account of implementation of OROP benefits, as on 03.11.2016 are as under:

Beneficial pensioners (pre-July 2014)	No. of cases paid (1st instalment and lump-sum payment	Amount disbursed (in crore)	No. of cases paid (2nd instalment)	Amount disbursed (in crore)
20,63,529	19,35,968	3927.86	12,37,511	1817.29

Out of 20,63,529 pensioner beneficiaries, 1,27,561 Defence Pensioners/Family Pensioners are yet to get the benefits of OROP. Public Grievance Cell in the Department is receiving grievances of the pensioners/family pensioners and taking up the matters with the concerned Department for redressal of their grievances. Disposal of grievances is monitored at the highest level in the Government.

This information was given by Minister of State for Defence Dr. Subhash Bhamre in a written reply to Shri Alok Sanjar and others in Lok Sabha today.

PIB