Sovereign Gold Bond Scheme 2018 -19

Ministry of Finance

Sovereign Gold Bond Scheme 2018 -19

08 OCT 2018

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds-2018-19. The Sovereign Gold Bonds will be issued every month from October 2018 to February 2019 as per the calendar specified below:

S. No.	Tranche	Period of Subscription	Date of Issuance
1	2018-19 Series II	October 15-19, 2018	October 23, 2018
2	2018-19 Series III	November 05-09, 2018	November 13, 2018
3	2018-19 Series IV	December 24-28, 2018	January 01, 2019
4	2018-19 Series V	January 14 - 18, 2019	January 22, 2019
5	2018-19 Series VI	February 04-08, 2019	February 12, 2019

The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The features of the Bond are given below:

Sl. No.	Item	Details
1	Product name	Sovereign Gold Bond 2018-19.
2	Issuance	To be issued by Reserve Bank India on behalf of the Government of India.
3	Eligibility	The Bonds will be restricted for sale to resident entities including individuals, HUFs, Trusts, Universities and Charitable Institutions.
4	Denomination	The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
5	Tenor	The tenor of the Bond will be for a period of 8 years with exit option in 5th, 6th year and 7th year to be exercised on the interest payment dates.
6	Minimum size	Minimum permissible investment will be 1 gram of gold.
7	Maximum limit	The maximum limit of subscribed shall be 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March) notified by the Government from time to time. A self-declaration to this effect will be obtained. The annual ceiling will include bonds subscribed under different tranches during initial issuance by Government and those purchased from the Secondary Market.
8	Joint holder	In case of joint holding, the investment limit of 4 KG will be applied to the first applicant only.
9	Issue price	Price of Bond will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last 3 working days of the week preceding the subscription period. The issue price of the Gold Bonds will be '50 per gram less for those who subscribe online and pay through digital mode.
10	Payment option	Payment for the Bonds will be through cash payment (up to a maximum of '20,000) or demand draft or cheque or electronic banking.
11	Issuance form	The Gold Bonds will be issued as Government of India Stock under GS Act, 2006. The investors will be issued a Holding Certificate for the same. The Bonds are eligible for conversion into demat form.
12	Redemption price	The redemption price will be in Indian Rupees based on previous 3 working days simple average of closing price of gold of 999 purity published by IBJA.
13	Sales channel	Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices (as may be notified) and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange, either directly or through agents.
14	Interest rate	The investors will be compensated at a fixed rate of 2.50 percent per annum payable semi-annually on the nominal value.
15	Collateral	Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time. The lien on the bonds shall be marked by the depositary by the authorized banks. The loan against SGBs would be subject to decision of the lending bank/institution and cannot be inferred as a matter of right by the SGB holder.
16	KYC documentation	Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required. Every application must be accompanied by the 'PAN Number' issued by the Income Tax Department to the investor(s).
17	Tax treatment	The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an indidual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond.
18	Tradability	Bonds will be tradable on stock exchanges within a fortnight of the issuance on a date, as notified by the RBI.
19	SLR eligibility	Bonds acquired by the banks through the process of invoking lien/hypothecation/pledge alone, shall be counted towards Statutory Liquidity Ratio.
20	Commission	Commission for distribution of the bond shall be paid at the rate Rupee one per hundred Rupees the total subscription received by the receiving offices and receiving offices shall share at least paise 50 per hundred Rupees of the commission so received with the agents or sub agents for the business procured through them.

ESIC wins ISSA GOOD Practice Award, Asia & the Pacific 2018

Ministry of Labour & Employment
ESIC wins 'ISSA GOOD Practice Award, Asia & the Pacific 2018'

08 OCT 2018

The Employees State Insurance Corporation (ESIC) has won the ISSA Good Practice Award’ for Administrative Solution for Coverage Extension at the "Regional Social Security Forum for Asia and the Pacific" held at Kuala Lumpur, Malaysia recently.

The award recognizes the measures taken by ESIC for extension of coverage-SPREE (Scheme for Promoting Registration of Employers and Employees), reduced rate of contribution rates for 24 months in newly implemented areas and raising the wage limit for coverage under the ESI Act, etc.

Shri Raj Kumar, IAS, Director General, ESIC represented Employees' State Insurance Corporation and received the Certificate of Merit on behalf of ESIC.

The Regional Social Security Forum for Asia and the Pacific is a triennial Forum, which is the most important social security event in the Region.  For the triennial Regional Forum, ISSA invites submissions for the ISSA Good Practices Award for Asia and the Pacific Regions. The Forum provides unique opportunities to CEOs and Managers of ISSA Member Institutions to discuss key social security challenges and share their experiences.

The ISSA (International Social Security Association) is the principal international organization for Social Security Organizations, Govts. and Departments of Social Security.  The ISSA, founded in 1927 under the auspices of the International Labour Organization (ILO), Geneva, promotes excellence in social security administration through professional guidelines, expert knowledge, services and support to enable its Members to develop dynamic social security systems.

The ESI Corporation hosts ISSA Liaison Office for South Asia at New Delhi. The Liasion Office coordinates with the Member countries and Social Security Institutions in Bhutan, Nepal, Bangladesh, Sri Lanka and Iran on activities of ISSA related to social security.

PIB

Payment of IDA at revised rates - Revision of scales of pay w.e.f. 01.01.1997(CPSEs)

Payment of IDA at revised rates - Revision of scales of pay w.e.f. 01.01.1997(CPSEs)

F. No. W-02/0004/2014-DPE (WC)-GL-XXV/18
Government of India
Ministry of Heavy Industries & Public Enterprises
Department of Public Enterprises

Public Enterprises Bhawan
Block 14, CGO Complex,
Lodi Road, New De1hi-110003
Dated: 3rd October, 2018

OFFICE MEMORANDUM

Subject:- Board level posts and below Board level posts including Non-unionised supervisors in Central Public Sector Enterprises (CPSEs) - Revision of scales of pay w.e.f. 01.01.1997 - Payment of IDA at revised rates regarding.

In modification of this Department's O.M. of even No. dated 04.072018, the rate of DA payable to the executives of CPSEs (1997 pay revision) is as follows:

a) Date from which payable: 01.10.2018
(b) Average AICPI (1960-100) for the quarter June, 2018 - Aug., 2018
June, 2018 - 6641
July, 2018 - 6872
Aug., 2018 - 6872
Average of the quarter - 6795
(c) Link Point : 1708 (as on 01.01.1997)
(d) Increase over link point: 5087 (6795-1708)
(e) Revised DA Rate w.e.f. 01.10.2018: 297.8% [(5087=1708) x 100]

2. These rates are applicable in the case of IDA employees, whose pay have been revised with effect from 01.01.1997 as per DPE O.M. dated 25.06.1 999.

3. All Administrative Ministries/Departments of the Government of India are requested to bring the foregoings to the notice of the CPSEs under their administrative control for necessary action at their end.

(Samsul Haque)

Under Secretary

Payment of DA to Board level/below Board level executives and non-unionized supervisors following IDA scales of pay in Central Public Sector Enterprises (CPSEs) on 1987 and 1992 basis

Payment of DA to Board level/below Board level executives and non-unionized supervisors following IDA scales of pay in Central Public Sector Enterprises (CPSEs) on 1987 and 1992 basis

F. No. W-02/0003/2014-DPE (WC)-GL-XX VI/18

Government of IndiaMinistry of Heavy Industries & Public EnterprisesDepartment of Public Enterprises

Public Enterprises Bhawan
Block 14, CGO Complex,
Lodi Road, New Delhi-110003
Dated: 3rd October, 2018

OFFICE MEMORANDUM

Subject:- Payment of DA to Board level/below Board level executives and non-unionized supervisors following IDA scales of pay in Central Public Sector Enterprises (CPSEs) on 1987 and 1992 basis.

The undersigned is directed to refer to para No. 4of this Department's O.M. No. 2(50)/86- DPE (WC) dated 19.07.1995 wherein the rates of DA payable to the executives holding Board level post have been indicated. In accordance with the DA scheme spelt out in Annexure-III of the said O.M, the installments of DA become payable from 1st January, 1st April, 1st July, 1st October, every year based on the price increase above quarterly Index average of 1099 (1960=100).

2. In continuation of this Department's O.M. of even No. dated 04.07.2018. the rates of DA payable to the executives of CPSEs holding Board level post, below Board level post and Non-Unionized Supervisors following IDA pattern of 1992 pay scales may be modified as follows:-

(a) Date from which payable: 01.10.2018
(b) AICPI (Linked to 1960=100) for the quarter June, 2018 - Aug., 2018

June, 2018	6641
July, 2018	6872
Aug., 2018	6872
Average of the quarter	6795

(c) Increase over link point : 5696 (6795-1099) (41) % increase over link point: 518.3% (5696/1099*100)
(d) % increase over link point: 518.3% (5696/1099*100)

DA Rates for various Pay Ranges

Basic Pay per Month	DA Rates
Upto Rs. 3500	518.3% of pay subject to minimum of Rs. 11392/-
Above Rs 3500 and Upto Rs. 6500	388.7% of pay subject to minimum of Rs. 18141/-
Above Rs 6500 and Upto Rs. 9500	311% of pay subject to minimum of Rs. 25266/-
Above Rs 9500	259.1% of pay subject to minimum of Rs. 29545/-

3. The payment on account of dearness allowance involving fractions of 50 paise and above may be rounded off to the next higher rupee and the fractions of less than 50 paise may be

4. The quantum of IDA payable from 01.10.2018 at the old system of neutralization @ 2.00 per point shift for increase of 222 points, may be Rs. 4441- and at AICPI 6795 DA payable may be Rs. 12179.75 to the executives holding Board level post, below Board Level post and non-unionised supervisors following IDA pattern in the CPSEs of 1987 pay scales.

5. All administrative Ministries/Department of Government of India are requested to bring the foregoings to the notice of the CPSEs under their administrative control for necessary action at their end'.

(Samsul Haque) Under Secretary

Important Bonus Clarifications 2018

Important Bonus Clarifications 2018
1. Whether the employees in the following categories are eligible for the benefit of ad-hoc bonus for an accounting year

Subject to completion of minimum six months continuous service and being in service as on 31st March, 2018.

(a) Employees appointed on purely temporary ad-hoc basis.

Yes, if there is no break in service.

(b)Employees who resigned, retired from service or expired before 31st March, 2018.

As a special case only those persons who superannuated or retired on invalidation on medical grounds or died before 31st′ March, 2018 but after completing at least six months regular service during the year will be eligible for the ad-hoc bonus on pro rata basis in terms of nearest number of months of service.

(c)Employees on deputation/foreign service terms to state governments, U.T.Governments, Public Sector Undertakings, etc., on 31st March, 2018.

Such employees are not eligible for the ad-hoc bonus to be paid by the lending departments. In such cases the liability to pay ad-hoc bonus lies with the borrowing organization depending upon the ad-hoc bonus/PLB/ex-gratiafincentive payment scheme, if any, in force in the borrowing organization.

(d) Employees who reverted during accounting year from deputation on foreign service with the organizations indicated in 'C' above.

The total amount of bonusiex-gratia received for the accounting year from foreign employer and the ad-hoc bonus, if any, due from a central government office for the period after reversion will be restricted to the amount due under ad-hoc bonus as per these orders.

(e) Employees from state Government/U.T. Admn./Public Sector Undertakings on reverse deputation with the Central Government.

Yes, they are eligible for ad-hoc bonus to be paid by the borrowing departments in terms of these orders provided no additional incentive as part of terms of deputation, other than Deputation Allowance, is paid and the lending authorities have no objection.

(f) Superannuated employees who were re-employed.

Re-employment being fresh employment eligibility period is to be worked out separately for re-employment period; the total amount admissible, if any. for prior to superannuation and that for re-employment period being restricted to the maximum admissible under ad-hoc bonus under these orders.

(g) Employees on half-Pay leave/E.O.L/Leave not due/study leave at any time during the accounting year.

Except in the case of leave without pay the period of leave of other kinds will be included for the purpose of working out eligibility period. The period of E.O.L./dies non will be excluded from eligibility period but will not count as break in service for the purpose of ad-hoc bonus.

(h) Contract employees.

Yes. if the employees are eligible for benefits like dearness allowance and interim relief. Categories not eligible for these benefits would be considered at par with casual labor in terms of ad-hoc bonus orders.

(i) Employees under suspension at any time during the accounting year.

Subsistence allowance given to an employee under suspension for a period in the accounting year cannot be treated as emoluments, Such an employee becomes eligible for the benefit of ad-hoc bonus if and when reinstated with benefit of emoluments for the period of suspension, and in other cases such period will be excluded for the purpose of eligibility as in the case of employees on leave without pay.

(j) Employees transferred from one Ministry./Department/Office covered by ad-hoc bonus orders to another within the Government of India or a Union Territory Government covered by ad-hoc bonus orders and vice versa.

Employees who are transferred from any of the Ministry/Department/Office covered by ad-hoc bonus orders to another such office without break in service will be eligible on the basis of combined period of service in the different organizations. Those who are nominated on the basis of a limited departmental or open competitive exam from one organization to a different organization will also be eligible for the ad-hoc bonus. The payment will be made only by the organization where he was employed as on 31st March,2018 and no adjustments with the previous employer will be necessary.

(k) Employees who are transferred from a Government Department/Organization covered by ad-hoc bonus orders to a Government Department/Organisation covered by productivity - Linked Bonus scheme or vice versa.

They may be paid what would have been paid on the basis of emoluments in ad-hoc bonus covered department for the entire year less the amount due as productivity-linked bonus. The amount so calculated may be paid by Department where he was working on 31s’ March, 2018 and/or at the time of payment.

(I) Part-time employees engaged on nominal fixed payment

Not eligible.

2. Whether ad-hoc bonus is payable to casual labour for an accounting year in the following cases:-

(a) Those who have put in specified number of days of work in different offices during each of the three years ending with the said accounting year.

The eligibility is to be worked out for three years from the said accounting year backwards. The period of 240 days of work in each of these years may be arrived at by combining the number of days worked in more than one offices of the government of India, for which bonus. ex-gratia or incentive payment has not been earned and received.

(b) Casual labour who were not in work on 31st March, 2018 .

The condition of being in on 31st March, 2018 employment as laid down in these orders is applicable to regular Government Employees and not to casual labour.

(c) Those who have put in at least specified number of days of work in each of two years preceding the accounting year but are short of this limit due to regularization in employment in the said accounting year.

If a casual labour, who has been regularized in the accounting year does not fulfill the minimum continuous service of six months as on 31st March, 2018 and therefore, cannot be granted benefit as a regular employee, he may be allowed the benefit as for a casual labour provided the period of regular service in the said year if added to the period of work as casual labour works out to at least specified number of days in that accounting year.

Review of guidelines for issue & review of Inspection Report

Review of guidelines for issue & review of Inspection Report - Department of Posts

F.No. 17-01/2018-Inspn.

Government of India

Ministry of Communications

Department of Posts

(Inspection Division)

Dak Bhawan, Sansad Marg
New Delhi, dated 05.10.2018

To
All Heads of Postal Circles
All Directors. Postal Twining Centres
Director, RAKNPA
Army Postal Service Directorate, New Delhi

Subject:  Review of guidelines for issue & review of Inspection Report.

In supersession of all previous orders on the subject issued from time to time, the following guidelines will be followed with immediate effect for issue and review of Inspection Reports :-
Inspection Reports of Post Offices/Mail Offices/other Offices should be issued by strictly observing the following periodicity :-

S.no	No. of days mandated for inspection/verification of an office	Period within which IR should be issued from the date of commencement of Inspection
1	1 day	15 days
2	2days & below 8 days	30 days
3	8 days and above	45 days

The inspections mandated for more than one day should be completed in one spell and should not be staggered over days.

S.No	Office inspected by	IR reviewed by	Period of review from the date of commencement of Inspection and intimation to the office reviewed	Period for initiation of compliance of in-charge/Head of the office inspected & reviewed from the date of intimation of review remarks by higher authority
1	IP	Next higher authority viz. Asstt. Suptd. (Dn.)/ Asstt. Suptd(HQ)/Dy.	60 days	(a) For HO/GPO - 45 days (b) For all other Offices - 30days
2	ASP	Next higher authority viz. Dy. Suptd. /Divisional Head	60 days
3	Divisional Head	Next higher authority viz. DPS/PMG/CPMG	90 days
4	DPS	Next higher authority viz. PMG/CPMG	90 days
5	PMG	Next higher authority viz. CPMG	90 days

i) The Reviewing Authorities of Inspection Report/Verification Report vis-a-vis the Inspecting Authority shall be:-

The previous IR shall be reviewed at the time of annual inspection by the immediate Inspecting Authority.

The IRS of Heads of Circles need not be sent to Dtte. for review. Compliance on these IRs will however be personally monitored by the Head of the concerned
The cycle of inspection of an office should be complete with action taken for compliance latest, by 4 1/2 months from the date of commencement of inspection of that office.

3. By 28th/29th of February of the year following the inspection calendar year, all Heads of Circles will furnish a certificate in the following format to Directorate:-

"This is to certify that all the inspections allotted for the year ______ have been completed by Inspecting Authorities of ____ Circle and Inspection Reports thereupon have also been issued by all Units in the Circle."

The above certificate will be taken as one of the targets for APAR writing.

4. Orders for submission of all other reports i.e. quarterly, half yearly, annually etc to the Directorate issued from time to time related to completion of inspections/IR issued is hereby discontinued. However, Circles may continue to monitor timely completion of inspections Si issuance of IRs of all the offices under its jurisdiction.

5. This issues with the approval of competent authority.

(SATISH KUMAR)
ADG (PG)