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

Click to view the order
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

Death Claims to be Processed within 07 Days and Retirement Claims to be Settled on the Day of Retirement

Death Claims to be Processed within 07 Days and Retirement Claims to be Settled on the Day of Retirement

Payment of Statutory Contributions Henceforth only through Internet Banking

The Prime Minister of India during the PRAGATI review meeting held on 26th October desired that claims related to death cases be prioritized and expedited and retirement claims may be settled on the day of retirement. In accordance, the processes have been reviewed and instructions have been issued to field offices to settle death claims within a period of 07 days from the date of receipt of proposal and retirement claims on the day of retirement. The officials in the facilitation centre of field offices have been instructed to scrutinize the claims and guide the claimant regarding submission of required documents in appropriate shape. An official has been posted in the facilitation centers of EPFO this category of claims.

Employers are now increasingly using internet banking to deposit statutory EPF dues since EPFO made it mandatory to use internet banking as the mode of receipt of EPF dues. 96.03% contributions in October 2016 were received online.

In an important judgment delivered by the High Court of Madras in the matter of writ petition filed by Builders Association of India, Madurai, the High Court dismissed the petition praying non enforcement of EPF & MP Act, 1952 every employee employed in or in connection with the work or that factory or establishment, other than an excluded employee, who has not become a member already shall also be entitled and required to become a member of the Fund from the date of joining the factory or establishment.

To expand the reach of convenience offered to EPF members, EPFO has joined the network of Common Services Centers (CSC). A Memorandum of understanding (MoU) has been signed between EPFO and CSC e-Governance Services India Limited (CSC SPV) on 25th October 2016. The MoU is initially for a period of five years. Every year on 14st November, pensioners were required to submit their life certificates. From this year onward, pensioners can submit digital life certificates via Jeevan Pramaan Patra programme through a large number of points of Presence (PoP) of CSC network in addition to those available at EPFO offices. The pensioners living in remote areas can avoid cost and inconvenience of travelling down to the EPF offices or their banks for filing paper based life certificate through this arrangement.

PIB

Implementation of 7th CPC recommendations especially from the Armed Forces and Nurses

Implementation of 7th CPC recommendations especially from the Armed Forces and Nurses

Representations have been received from various quarters some of which pertain to Armed Forces and Nurses. While approving the recommendations of the 7th Central Pay Commission on pay, pension and other related issues, the Government has set up various Committees to examine and address some of the issues arising out of implementation of Commission’s recommendations. Based on the recommendations of these Committees on these issues, appropriate decisions will be taken by the Government.

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

Banks to not exchange Rs. 2000 notes tomorrow, exception for senior citizens only

Banks to not exchange Rs. 2000 notes tomorrow, exception for senior citizens only

Mumbai: Keeping in view that all banks have been working on overdrive since the Centre announced demonetisation, the Indian Bank Association (IBA) on Friday announced that all banks across the nation will not exchange over the counter the new 2000 rupee notes on Saturday in order to update their pending works and tend to their respective customers.

Speaking to ANI here, IBA Chairman Rajeev Rishi stated that ever since demonetisation was announced, all banks have been working for extended hours including holidays to ensure the public at large was not inconvenienced.

“In fact, we have diverted all human resource to make sure that all those who stood in queues got their money exchanged, deposited and withdrawn. In the process what we have felt is that in the last one week our own customers have actually suffered. Routine works are not done and routine works are pending in banking activities,” he said.

However, senior citizens are exempted from the directive and banks will be accepting all their requests.

“We have taken a view that on Saturday, the banks shall not be doing exchange over the counter of 2000 rupees. We will make an exception for senior citizens. But tomorrow we will spend trying to update our works and do the works in relation to our own customers,” Rishi added.

Asserting that the time tomorrow will be used for meeting the needs of their own customers, the chairman further said that all banks will be observing their normal hours and will ensure their patrons get the full service and undivided attention in other matters.

ANI

Income Tax Department lists Transactions where PAN will be Mandatory

Income Tax Department lists Transactions where PAN will be Mandatory

The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The list under Rule 114B (read the rule here -  as on date requiring PAN to be quoted includes the following banking transactions :

• Deposit with a banking company or a co-operative bank in cash exceeding fifty thousand rupees during any one day.
• Purchase of bank drafts or pay orders or banker's cheques from a banking company or a co-operative bank in cash for an amount exceeding fifty thousand rupees during any one day.
• A time deposit with a banking company or a co-operative bank or a Post Office
• Opening an account [other than a time-deposit referred to above or a Jandhan / Basic Bank Deposit Account] with a banking company or a co-operative bank.

In addition to the existing requirement of quoting of PAN in respect of cash deposits in excess of Rupees fifty thousand in a day, quoting of PAN will now also be mandatory in respect of cash deposits aggregating to Rupees two lakh fifty thousand or more during the period 09th November, 2016 to 30th December, 2016 as per an amendment notified by CBDT on 15-11-2016. 

The Department has already issued close to 25 crore PAN till date. The persons requiring a PAN for complying with the above requirement may do so by applying to the NSDL in a prescribed format with the necessary documentary proof. The link to the NSDL site  and the instructions for making the application are available on the official website of the Income-tax Department  www.incometaxindia.gov.in  under the ‘Important Links’ head  in  the lower left hand corner of the homepage.

Open Income Tax Rules 114B here

Petrol Bunks started dispensing cash from today against swiping of debit cards

Petrol Bunks started dispensing cash from today against swiping of debit cards

686 petrol pumps had started dispensing cash by 4 p.m today against swiping of debit cards

Cash dispensing facility had become operational at 686 retail outlets by 4 p.m today, of which 350 belonged to IOCL, 266 to BPCL and 70 to HPCL. The Public Sector Oil Companies namely Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, in association with State Bank of India, have come forward to ease out some of the challenges being faced by the common public regarding availability of currencies for day to day transactions, post demonetization of Rs. 500 and Rs. 1000 currency notes.

Senior officials of IOCL, BPCL and HPCL, had a meeting with Ms. Arundhati Bhattacharya, Chairman, State Bank of India, yesterday and it was decided that an amount up to Rs. 2000/- per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where POS machines of SBI are already available. POS machines are the machines which are generally used for debit or credit card transactions. It has been decided to start this facility at around 2500 petrol pumps spread across the country including rural areas, where SBI POS machines are provided. The Oil Industry is also in further discussions with SBI and other Banks to extend this facility to over 20,000 petrol pumps gradually.

This facility will be available even after November 24, 2016. It may be noted that petrol pumps have been accepting currency notes of Rs. 500 and Rs. 1000 denominations and will continue to do so till November 24, 2016. There is no shortage of petroleum products at the petrol pumps and consumers can purchase them as per their needs.

Consumers are also advised to use cashless transactions - credit/debit cards, mobile wallets, loyalty programmes etc. for purchase of fuel so that there is no difficulty to consumers which is mainly associated with cash transactions. In this regard, such facilities for cashless transactions are already available with all the Oil Companies to which substantial number of people have already subscribed.

Source: PIB

Resolve the 7th CPC related issues: Charter of demands - Deferment of Strike Action on Government's assurance

Charter of demands - Deferment of "Strike Action" on Government's assurance.  Resolve the 7th CPC related issues - mainly improvement of Minimum Wage and Multiplying Factor: NFIR writes to RM

NFIR
National Federation of Indian Railwaymen
3, CHELMSFORD ROAD, NEW DELHI - 110 055

No. IV/NFIR/7CPC(IMP)/2016/R.B.

Dated: 16/11/2016

Shri Suresh Prabhu,
Hon'ble Minister for Railways,
Rail Mantralaya,
New Delhi


Respected Sir,

Sub: Charter of demands - Deferment of "Strike Action" on Government's assurance-reg.


At the outset, NFIR conveys its thanks to the Hon'ble Railway Minister for his initiative which had culminated into a meeting with the Group of Ministers (Hon'ble Finance Minister, Home Minister, Railway Minister and the Minister of State for Railways) on 30th June 2016 and also a separate meeting with the Hon'ble Home Minister on 06th July 2016. Pursuant to the discussions in those meetings held between the NC/JCM (Staff Side) Leaders and the Hon'ble Ministers, an assurance was given by the Government on 6th July, 2016 that High Level Committee would consider 7th CPC issues - Minimum Wage and Multiplying Factor etc., for satisfactory settlement through discussions.

Federation is disappointed to mention that although a Committee headed by Addl. Secretary (Exp), Ministry of Finance, was constituted and a few meetings were held with us, there has been no satisfactory progress. The main issues - Minimum Wage and Multiplying Factors are continued unresolved. Due to procrastination of the matters, the Central Government employees in general and Railway employees in particular are seriously disappointed as they feel that the Government is not sincere to fulfill its assurances. The National Convention of NFIR held at Guwahati from 9th to 11th November, 2016 has expressed grave concern over non- fulfillment of assurance and decided to mobilize railway employees for sustained struggle.

NFIR, therefore, requests the Hon'ble MR to kindly apprise the disappointed feelings of the employees to the Hon'ble Prime Minister for his intervention to resolve the 7th CPC related issues - mainly improvement of Minimum Wage and Multiplying Factor through discussions with the Staff Side Federations very soon in order to preserve the healthy industrial relations in Railways.

Yours Sincerely,

sd/-
(Dr. M. Raghavaiah)
General Secretary

Source : NFIR