Friday, April 17, 2015

Summary of Post Offices



Thursday, April 16, 2015

Sad demise of Shri T. M. Krishnaswamy, ASP (Vig.) o/o the PMG, Calicut.

Shri T. M. Krishnaswamy is at CENTRE

Shri T. M. Krishnaswamy, ASP (Vig.) o/o the PMG, Calicut (Kerala) (Fourth from left) reported expired today at about 7.45 hours due to heart attack at Jipmer Hospital, Pondichery. 

Shri T. M. Krishnaswamy was closely associated with the Association. Presently he was unanimously elected as Vice President-II in CHQ and earlier he hold Assistant General Secretary Posts and Organising General Secretary twice. 

He has also worked as Circle Secretary and President to All India Association of Inspectors and Assistant Superintendents Posts Kerala circle Branch for years together. We know that the officer is not only very sincere and hard worker in his work but on many occasions he helped a lot to CHQ. CHQ will always remember him for his co-operation and valuable guidance extended to CHQ from time to time.  

All the General Secretaries during All India Conference permitted Shri T. M. Krishnaswamy to read out our Associations Annual Report in the August house in his sweet voice. 

AP Circle express all pray to the almighty to give his soul rest in peace. 

Judgement of CAT Hyderabad on counting of RTP service.


The Hon'ble CAT Hyderabad in OA No. 779/2013 and OA No. 780/2013 filed by erstwhile RTPs has delivered orders directing the department to regularize and count the service rendered as RTP by the applicants from the date of their initial appointment with all consequential benefits and also for the purpose of granting of up gradations.

This judgement  will benefit thousands of PAs/SAs who worked as RTPs. 

Tuesday, April 14, 2015

How to reap big benefits from small saving schemes



The interest rates of small saving schemes are linked to the yield of government bonds and revised every year. ET gives a ready reckoner of the current rates and features of these schemes.

POST OFFICE MONTHLY INCOME SCHEME

Interest rate offered: 8.4%

Lock-in period: Five years. Premature encashment allowed after one year, with deductions.

Tax benefits: None

Investment limit: Rs 1,500 to Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account.

Pros: Suitable for those looking for a secure monthly income. Senior citizens can park a portion of their investments in this scheme.

Cons: Long lock-in period. Unlike bank FDs, this does not offer senior citizens a preferential rate of interest.


KISAN VIKAS PATRA*

Interest rate offered: 8.7%

Lock-in period: 100 months. Premature withdrawal two and a half years.

Tax benefits: None

Investment limit: Minimim Rs 1,000 and no maximum cap. Investments have to be made in denominations of Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000.

Pros: An attractive and secure interest rate. Can be encashed after two and a half years. Transfer of instrument is permitted.

Cons: Interest earned is taxable, eating into post-tax returns. Other more remunerative instruments have an upper hand.


PUBLIC PROVIDENT FUND*

Interest rate offered: 8.7%

Lock-in period: 15 years. Partial withdrawals allowed from the seventh financial year. Loans can be sought from the third financial year.

Tax benefits: Deductions under Sec 80C for investments up to Rs 1.5 lakh.

Investment limit : Rs 500 to Rs 1.5 lakh.

Pros: Attractive, guaranteed and taxfree returns. The instrument is exempt from tax at investment, accumulation and maturity stages (EEE).

Cons: Largely illiquid due to the long lock-in tenure. Will not help meet short-term needs.

10-YEAR NATIONAL SAVINGS CERTIFICATE


Interest rate offered: 8.8%

Lock-in period: 10 years

Tax benefits: Deductions up to Rs 1.5 lakh under Section 80C.

Investment limit: Minimum Rs 100. No maximum limit. Investments have to be made in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000.

Pros: Easy to purchase and understand. Offers assured returns with tax benefits.

Cons: Interest earned is subject to tax on maturity. For senior citizens, not as lucrative as taxsaver bank fixed deposits.


SENIOR CITIZENS SAVINGS SCHEME*

Interest rate offered: 9.3%

Lock-in period: Five years. Premature closure allowed after one year and two years on deduction of 1.5% and 1% respectively of the deposit. Interest is paid out every quarter, offering liquidity during the lock-in period.

Tax benefits: Deduction under Section 80C for investments up to Rs 1.5 lakh.

Investment limit : Rs 1,000 to Rs 15 lakh.

Pros: High, secure returns, with partial liquidity.

Cons: Locking away huge amounts could deprive senior citizens of funds for medical and other emergencies in the interim.


5 YEAR NATIONAL SAVINGS CERTIFICATE

Interest rate offered: 8.5%

Lock-in period: Five years

Tax benefits: Deductions up to Rs 1.5 lakh under Sec 80C.

Investment limit: Minimum Rs 100. No maximum limit. Investments have to be made in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000.

Pros: Easy to purchase and understand. Offers assured returns with tax benefits.

Cons: Interest earned is subject to tax on maturity. For senior citizens, not as lucrative as tax-saver fixed deposits from banks.


SUKANYA SAMRIDDHI YOJANA*

Interest rate offered: 9.2%

Lock-in period: Till the girl child turns 21. Partial withdrawal of up to 50% of the balance (as on last date of the preceding financial year) allowed after the girl turns 18 years old. Premature withdrawal of the entire balance permitted upon marriage of the girl after she turns 18.

Tax benefits: Deduction under Section 80C for investment up to Rs 1.5 lakh.

Investment limit : Rs 1,000 to Rs 1.5 lakh.

Pros: Offers high, tax-free and guaranteed returns. Ideal scheme for parents looking to build a corpus for the education of their girl child under 10.

Cons: Lengthy lock-in period. More illiquid than PPF.


FIVE-YEAR POST OFFICE TIME DEPOSITS#

Interest rate offered: 8.5%

Lock-in period: Five years

Tax benefits: Deduction up to Rs 1.5 lakh under Section 80C.

Investment limit : Minimum Rs 200. No maximum limit. Further investments have to be made in multiples of Rs 200.

Pros: Easy to understand, operate and invest in. Tax concessions.

Cons: Returns earned are taxable. Senior citizens can earn higher returns (9-9.25%) by investing in tax-saver FDs


*Apart from post offices, some banks also facilitate investments in these instruments

# You can also invest in five-year recurring deposits (8.4%) or fixed deposits with shorter tenures of between one to four years (8.4%). However, deposits with these tenures won't entitle you to tax benefits


Source :The Economic Times

Hyderabad CAT Grade Pay Case.


OA No. 296/2014: Grant of grade pay of Rs. 5400- to those ASPs  who have four years regular service in the grade pay of Rs.4800-  has been posted to 10.05.2015 again by the CAT Hyderabad.  The Department has not filed reply statement.

DoP to seek Cabinet nod for 240 cr to set up Post Bank



The DoP has plans to set up Post Bank of India under payments bank licence. The Reserve Bank of India has already issued licensing norms for niche banks -- payments banks and small banks.

The DoP, which has applied for a payments bank licence, has a hybrid model in mind to operate Post Bank of India. Reserve Bank Governor Raghuram Rajan yesterday had said while the banking sector is set to undergo changes in the next few years, "we are going to possibly have postal bank".

"The Department is in the process of seeking approval for about Rs 240 crore from Expenditure Finance Committee which will then need nod from Cabinet," an official source told PTI.

As per RBI guidelines, payments banks would offer a limited range of products such as demand deposits and remittances. They will not be allowed to undertake lending activities and will be initially be restricted to holding a maximum balance of Rs 1 lakh per individual customer.

They will be allowed to issue ATM or debit cards as also other prepaid payment instruments, but not credit cards.

According to a source, Communications and IT Minister Ravi Shankar Prasad has approved hybrid model suggested by Ernst & Young which prepared detailed project report on Post Bank of India (PBI).

"E&Y has come out with three models but suggested preference to a hybrid model. Under which about 600 branches will directly operated by PBI staff in post office premises and transactions in other parts of the country will be supported by India post staff," the official said.

Post Bank of India is proposed to have its own employees and IT infrastructure. The transaction handled by India Post , employees will be entered in to computer server of PBI.

The Department expects revenue of over Rs 550 crore from PBI in first 5 years.

"India Post will earn from every transaction it will carry out for PBI and rents that it will get from its branches. India Post financial services like saving account, postal life insurance will continue as it is," the official said.

The DoP will evaluate its five year performance as payments bank and then it will take call of setting up full fledged banking service.

Source : http://www.business-standard.com/article/pti-stories/dop-to-seek-cabinet-nod-for-240-cr-to-set-up-post-bank-115041200142_1.html

Saturday, April 11, 2015

Payment of Dearness Allowance to Central Government employees - Revised Rates effective from 01.01.2015


  Vide Ministry of Finance, Department of Expenditure OM No. 1/2/2015-E-II (B) dated 10th April 2015 Dearness allowances @ Rs.6% from 01.01.2015 has been issued.  Now the total DA comes to 113%. 


Friday, April 10, 2015

VERIFICATION OF MEMBERSHIP



VERIFICATION OF MEMBERSHIP FOR RECOGNITION OF SERVICE ASSOCIATION UNDER CCS (RSA) RULES, 1993-CALLING OF APPLICATIONS-REGARDING.


Our Association has already submitted the requisite information to Directorate by speed post under letter No. CHQ / AIAIPASP/Verifcation/2015 dated 24/3/2015. The copy of the said letter is already published on the blog for the information to members.