Union Cabinet approves ordinance to impose penalty for holding old notes

Union Cabinet approves ordinance to impose penalty for holding old notes

NEW DELHI: The Union Cabinet on Wednesday approved promulgation of an ordinance to impose a penalty, including a jail term, for possession of the scrapped 500 and 1,000 rupee notes+ beyond a cut-off. 

The Cabinet headed by Prime Minister Narendra Modi also approved an ordinance to amend the RBI Act to extinguish the liability of the government and the central bank on the demonetised high-denomination notes to prevent future litigations.

Official sources said the ordinance has been cleared, but did not say if the penal provisions would apply for holding the junked currency after the 50-day window to deposit them in banks ends as of December 30 or after March 31, till which time deposit of old currency notes at specified branches of the Reserve Bank after submitting a declaration form is open. The ordinance on denotification of Rs 500 and Rs 1000 notes has been sent to President Pranab Mukherjee for his assent. The penalty for holding old currency in excess of 10 notes may include financial fines and a jail term of up to 4 years in certain cases.

After December 31, the government through a separate notification and clarification will specify cases eligible to get the banned currency deposited in specified branches of the RBI. 

While announcing the demonetisation of the old currency on November 8, the government had allowed holders to either exchange them or deposit in bank and post office accounts. While the facility to exchange the old notes has since been withdrawn, depositors have time till Friday to deposit the holding in their accounts.

The ordinance is expected to be replaced by a law in the Budget session of Parliament, likely to begin by the end of January.
Of the Rs 15.4 lakh crore worth of currency that was scrapped, Rs 14 lakh crore has been deposited in banks or exchanged. 

Source :  http://timesofindia.indiatimes.com

Amendment in RRs for revising the upper age limit as 30 years for the recruitment made under Combined Graduate Level Examination conducted by SSC for the post carrying Grade Pay of Rs. 4200, 4600 & 4800/-.

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Timely and advance action in filling up of the Direct Recruitment (DR) vacancies.

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Reivision of interest rates for small savings schemes from 01/01/2017 to 31/01/2017

Promotion and posting in the grade of Member, Postal Services Board' Indian Postal Service, Group'A'and transfer/ posting as Member, Postal Services Board'

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promotion to the grade of Director General Postal services in the Department of Posts

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Union Cabinet approves ordinance to impose penalty for holding old notes

NEW DELHI: The Union Cabinet on Wednesday approved promulgation of an ordinance to impose a penalty, including a jail term, for possession of the scrapped 500 and 1,000 rupee notes+ beyond a cut-off. 

The Cabinet headed by Prime Minister Narendra Modi also approved an ordinance to amend the RBI Act to extinguish the liability of the government and the central bank on the demonetised high-denomination notes to prevent future litigations.

Official sources said the ordinance has been cleared, but did not say if the penal provisions would apply for holding the junked currency after the 50-day window to deposit them in banks ends as of December 30 or after March 31, till which time deposit of old currency notes at specified branches of the Reserve Bank after submitting a declaration form is open. The ordinance on denotification of Rs 500 and Rs 1000 notes has been sent to President Pranab Mukherjee for his assent. The penalty for holding old currency in excess of 10 notes may include financial fines and a jail term of up to 4 years in certain cases.

After December 31, the government through a separate notification and clarification will specify cases eligible to get the banned currency deposited in specified branches of the RBI. 

While announcing the demonetisation of the old currency on November 8, the government had allowed holders to either exchange them or deposit in bank and post office accounts. While the facility to exchange the old notes has since been withdrawn, depositors have time till Friday to deposit the holding in their accounts.

The ordinance is expected to be replaced by a law in the Budget session of Parliament, likely to begin by the end of January.
Of the Rs 15.4 lakh crore worth of currency that was scrapped, Rs 14 lakh crore has been deposited in banks or exchanged. 

Source :  http://timesofindia.indiatimes.com

LDC Examination for promotion to the cadre oflnspector Posts (66.66' quota) for the year 2015-16 held on 22'd and 23'd October, 2016 - display of Provisional keys of Question Papers regarding

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Withdrawal of Legal Tender Character of existing Rs 500/- and Rs 1,000/- banknotes- SB Order No. 14/2016

Withdrawal of Legal Tender Character of existing Rs 500/- and Rs 1,000/- banknotes- SB Order No. 14/2016

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Applicabilify of provision below sR-147 to the family of deceased Gol't. servant, in special circumstances- clarification regarding.

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Pay PLI Premium through Debit / Credit Card without Service Charges & its activation procedure

Pay PLI Premium through Debit / Credit Card without Service Charges & its activation procedure

Please apply for online payment registration with aadhar, email and mobile number update in PLI records Today's Good News You can pay premium through Debit card ( ATM) / Credit card without any extra charge

How To Update Phone Number, Email Id For PLI Customers For Allowing Online Access 

To incorporate the mobile number and email address in the System the following procedures are to be followed by CPC.

1.  The policy holder is to submit an application to the CPC Head on person or through mail stating his/her policy number, Mobile number and email address ( Email address should be written on capital letters so that no mistake will occur by the CPC personnel while data entry is to be done) requesting incorporation of the same in the System. He/She is to enclose self attested photo copies of policy bond or first page of the P.R.Book and identity proof (photo copy Aadhar or Voter Card).

2.     He will submit these to the CPC and take receipt for submission of application, generated from the System.

3.     The CPC personnel will then follow the procedure as same as change of address done. i.e scan the documents, do ECMS and Data Entry and then Quality Check &.Finally Approval.

4.     After approval.

The CPC personnel will send him/her the reply to his/her Email address.to the effect that ' Your mobile number and email address has successfully been incorporated in the System. You may now feel free to register your policy online, set your password as per your choice and perform all sorts business relating to PLI/RPLI, as and when, required without visiting any Post Office or CPC.⁠⁠⁠⁠

What are the Products and Services of IPPB or India Post Payment Bank

IPPB is a public limited company under the Department of Posts with an independent Board of Directors. It will be headed by a Managing Director and CEO, and will set up a corporate head quarter and up to 650 branches to manage its functions on a day to day basis. 

IPPB will leverage the physical and IT infrastructure of the Post office and be set up on a lean operating model. It will focus on low-cost, low-risk, technology based solutions to extend access to formal banking.

Products and Services of IPPB

1. IPPB Payment Services

IPPB will provide the benefits of payments and remittances to the customers, by adopting newer, efficient processes and technologies such as mobile based payments, digital wallets and innovative payment and remittance products that are continuously emerging in the market today.

Combined with doorstep cash payment options like traditional money orders, IPPB will differentiate itself from the other players while comparing well with all other benefits offered by competitors.

IPPB will drive the benefits of financial inclusion by bringing a host of financial products to suit the needs of different strata of society with special focus on the marginalized sections and citizens in rural areas. In so doing it will also provide the following proposed services: 

• Direct Benefits transfer (DBT) of social security payments of various Ministries. 
• Utility bill payments for electricity, water, telephone, gas etc.
• Facilitate payments of various Central and State Govt& Municipal dues, taxes and fees/taxes of various Universities/ educational institution.
• Person to person remittances both domestic and cross-border. Special focus will be on providing, economical, safe and convenient money transfer facilities to migrant labourers, NRIs remitting money to relatives, institutions etc.
• Demand Deposits (Current account and Savings Account)- with special focus on MSMEs, small entrepreneurs, village panchayats & SHGs.
• Distribution of third party financial products such as Insurance (health & general), mutual funds and pension products.
• Access to formal credit products by acting as BCs of banks & MFIs.

Product innovation will be a continuous exercise to expand the bouquet of services adapting to the evolving needs of its customers and the rapid advancements in communication and payments technologies.

2. IPPB Banking Services

Apart from savings account with up to INR 1,00,000 in deposit, the products offered by IPPB are different from POSB products. POSB savings accounts do not have any limit unlike payments bank savings account. On the other hand, payments banks, can offer current accounts for use by businesses and institutions whereas POSB does not offer these accounts. Other kinds of deposits under POSB are unique to it and will not be on offer by the payments bank. The purpose of the savings accounts and current accounts of IPPB is to facilitate flow of money and payments of different kinds from Government to Citizen, Citizen to Government, Citizen to Citizen, Citizen to Businesses and Businesses to Citizens whereas the POSB accounts are mainly savings instruments.

Apart from the existing customers of the DoP, IPPB will focus on the underbanked and unbanked population in different parts of the country. It will also try to target services for MSMEs, senior citizens, students, migrant population, low income households, unorganized sector and other groups with special service requirements. In addition to its own products, the payments bank will partner with third parties to offer a wide range of financial and banking services to cater to the needs of its target segments.

The customers will have the choice of the amount they want to leave in their IPPB account at any point of time and they will earn interest on their money in these accounts also. They would be able to channel money from their IPPB accounts to any of the POSB schemes. For example, an IPPB customer will be able to use money in his account to open and service a RD/ TD/ SSY or any other POSB account. Thus, both IPPB and POSB can synergistically serve the customers.

Central Civil Services (Conduct) Rules 1961 — Guidelines regarding prevention of sexual harassment of women at the workplace- regarding.

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Commemorative Postage Stamp released on “Samrat Vikramadittya" on 22.12.2016

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Notification Calling for application of volunteers from Postal Assistant cadre to work in PTC - Mysuru as office Assistant regarding.

Notification Calling for application of volunteers from Postal Assistant cadre to work in PTC - Mysuru as office Assistant regarding.

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Unofficial Key for the Ps Group B exam for Paper-I held on 18.12.2016

Unofficial Key for the Ps Group B exam for Paper-I held on 18.12.2016

1. What is the minimum period prescribed period for the premature closure of the account opened under SCSS Rules,2004?

Ans: One year

2. What is the maximum number of days in which the CPIO is required to transfer application seeking information held by another public authority or the subject matter of which is more closely connected with the functions of another public authority from the date of receipt of application?

Ans: 5 days

3. The main components of Look and feel of Project Arrow are 

Ans: Infrastructure, Technology and Branding (Ans: D)

4. Who can open a PPF account?

Ans: Both A and B above

5. The minimum period of redeposit in case of a TD account if the period elapsed between the date of maturity and the date of re-deposit is more than 12 months and upto 18 months is

Ans: 3 Years

6. A silent account is one in which a deposit or withdrawal has not taken place for 

Ans: 3 complete financial years

7. For repayment of full maturity value on the death of the depositor in case of Protected Savings Scheme of RD accounts, the period from the date of opening the account to the date of death of the depositor should not be less than

Ans: 2 years

8. What is the percentage of deposit that is deducted in case of PMC of the MIS before expiry of three years from the date of deposit?

Ans: 2%

9. What is the number of years for which the depositor of an SCSS account may extend the account by making an application within a period of one year after the maturity period of five years?

Ans: 3 Years

10. The maturity period of KVP issued from 01.10.2016 to 31.12.2016 is:

Ans: 9 years 4 months

11. What is the maximum amount that can be sanctioned by a PS Gr-B officer on the death of the holder of the S.C without nomination or legal evidence?

Ans: Rs. 20,000/-

12. The maturity value of NSC VIII issue of Rs. 10000 denomination purchased on or after 01.10.2016 till 31.12.2016 is 

Ans: Rs. 14693/-

13. What is the maximum weight of the Blind Literature Packet?

Ans: 7 Kgs

14. What is the maximum limit of value for which a value payable Express Parcel may be booked by a bulk customer?

Ans: Rs. 50,000/-

15. What is the registration charge for a value payable book packet containing printed books, the value of which does not exceed Rs. 50-?

Ans: Rs. 2.50

16. Registration shall be obligatory in the case of :

Ans: All of the above

17. The postage payable for an Airmail Postcard addressed to all countries other than Pakistan, Bangladesh, Nepal and Bhutan is:

Ans: Rs. 12/-

18. The maximum sum assured of RPLI under non medical scheme is:

Ans: Rs. 25000/-

19. The maximum amount of a death claim under PLI that can be sanctioned by the Head of the Postal Division is:

Ans: Rs.10,00,000/-

20. The period of preservation of BO Account and BO Journal is:

Ans: 3 years

21. The form of receipt to be given to the sender of a n insured or VP article of the letter or parcel mail in the BPO is:

Ans: MS-87(a)

22. What is the period within which a GDS can petition under GDS(C&E) Rules, 2011?

Ans: 2 years

23. Which of the following is not a penalty under GDS (C&E) Rules, 2011?

Ans: Compulsory retirement

24. What is the rule under GDS(C&E) Rules, 2011 which mentions that a sevak shall avoid habitual indebtedness and insolvency?

Ans: Rule 27

25. Penalty for contravention of Section 4 of the IPO Act may extend upto

Ans: Rs. 50- for every such letter

26. Which section of the Government SB Act provides power to administer oath?

Ans: Section 9

27. What is the maximum limit of the value of the goods or service and the compensation, if any, claimed for the jurisdiction of the State Commission to entertain complaints?

Ans: One crore

28. Which one of the following is not a right under the Consumer Protection Act, 1986?

Ans: right to health environment

29. The procedure and powers of CAT include:

Ans: D: All of the above

30. Which section of the Prevention of Money Laundering Act, 2002 provides for punishment for money laundering?

Ans: Section 4

31. Which section of IT Act 2000 provides for the Publication of rule, regulation etc in Electronic Gazette?

Ans: Section 8

32. Right to information includes right to:

Ans: D: All of the above

33. As per Section 4 of the RTI Act every public authority shall not only maintain all its records but also publish the particulars of its organisation, functions and duties etc within a period of :

Ans: 120 days

34. The present rate of bonus for RPLI Children’s policies is:

Ans: Rs. 50/-

35. Complaints relating to loss or damage to a registered or insured article where a claim for compensation is made should be preferred within :

Ans: 3 months

36. The special rates of postage in respect of a book packet containing periodicals shall be applicable only if the following conditions are satisfied:

Ans: Both A and B above

37. The minimum number of copies to be posted under the scheme posting of news papers without prepayment of postage is:

Ans: 500 copies

38. Which of the following countries is not a member of the APPU?

Ans: Mauritius

39. The 26th Congress of the UPU was held in 2016 in:

Ans: Istanbul

40. The accounting of International Reply Coupons in India is done by Director of Accounts :

Ans: Kolkata

41. The tariff for small size Greeting Post Cards inclusive of postage of Rs. 5- is 

Ans: Rs. 14/-

42. The compensation to be paid in respect of International EMS articles for loss of contents / loss of article / damage is limited to:

Ans: 30 SDR

43. The present registration charges for letters, air letters, post cards and packets under foreign post is:

Ans: Rs. 70/- 

44. A transcription centre deals with:

Ans: articles with addresses written in regional languages

45. Which of the following work is carried out in a Sub Foreign Post Office:

Ans: Customs examination

46. Orders issued by the Divisional Supdt. RMS prescribing changes in Sorting Lists are called:

Ans: A orders

47. Machine Franked articles posted in letter boxes should be treated as:

Ans: unpaid articles

48. The preservation period for Post Master order book is:

Ans: 3 years

49. Where is the mail for BOs normally transferred for disposal?

Ans: Sub Accounts branch

50. The account bag for the Head Office from Sub Office should not contain:

Ans: Mail to be delivered by Sub Post Offices in account with the HO

51. As per the Savings Certificates Act, 1959 where the sum due on the Savings Certificate is payable to two or more nominees and either or any of them dies, the sum shall be paid to the :

Ans: Surviving nominee or nominees

52. As the IT Act, 2000, “licence” means a licence granted to:

Ans: A Certifying Authority under Section 24

53. As per the PPF Act, 1968, where there is no nomination in force at the time of the death of the subscriber, the amount standing to his credit in the fund shall be payable to his:

Ans: Legal heirs

54. As per the RTI Act, 2005, the CIC at the time of deciding any complaint or appeal may impose maximum penalty on the CPIO amounting to:

Ans: Rs. 25000/-

55. The period of preservation of speed post delivery lists is:

Ans: 6 months

56. Which of the following officer do not report directly to the Secretary (Posts):

Ans: Corporate Planning (?)

57. The life of computer and peripherals is now fixed as:

Ans: 5 years

58. The articles of stock such as plant and machinery, furniture and fixtures are classed as:

Ans: Dead stock

59. The period of preservation of work papers of RMS office and sections is:

Ans: Eighteen months

60. If an MO is lost after payment has been effected, a memo of admission of payment in form MO 10(a) shall be prepared by:

Ans: Office of issue

61. What is the ceiling per annum prescribed in case of write off value of spoiled/damaged postage /rectt fee stamps in respect of SPOs?

Ans: Rs. 50000-

62. What is the financial power of an RMS Divisional Head for sanction of annual or special repairs/maintenance expenses to departmental buildings ..... per annum per building?

Ans: Rs. 15000-

63. A PLI policy can be surrendered for an immediate payment in cash provided the policy is of not less than ... months duration and is in force on the date of application.

Ans: 36 months

64. As per the Speed Post discount structure and operational mechanism, what is the minimum business to be given in a calendar month for availing credit facility?

Ans: Rs. 10000-

65. Purchas of goods upto the value of Rs. 15000- only on each occasion can be made without inviting quotations or bids , but on the basis of certificate to be recorded by competent authority. Which rule prescribes this under GFR Rules, 2005?

Ans: Rule 145

66. Bids have to be obtained through Advertised Tender for disposing surplus or obsolete or unserviceable goods, whose residual value is above...

Ans: Rs. 2 lakhs

67. What is number of digits in the computer generated confidential printed receipt when we book an iMO?

Ans: 16

68. The maximum limit that can be sent at a time only for personal use under IMTS as per applicable RBI regulations is:

Ans: 2500USD

69. This form is normally used for issuing instructions meant for internal administration. What is this form of communication?

Ans: ...................

70. As per annual report of the year 2015-16, number of departmental Pos as on 31.03.2015 are:

Ans: 25560

71. The present definitive series of postage stamps depicts:

Ans: Makers of India

72. The DOP received in principle approval from RBI for setting up of PBI on 

Ans: 7th September’2015

73. CIS has been rolled out in.............Post offices as on 31.03.2016.

Ans: 25406

74. The LSM installed in New Delhi is having a sorting capacity of:

Ans: 30000 items per hour

75. E Post Office is an e-commerce portal of DOP through which customers can 

Ans: Both A and B above

76. DOP has launched the eIPO for:

Ans: Payment of RTI Fee

77. DOP is collecting scrutinising and uploading rural CPI data on behalf of MOS&PI in .........villages across the country.

Ans: 1181

78. In which of the following services the average cost is less than the average revenue?

Ans: Both A and B above

79. As per the Annual Report of the DOP for 2015-16 the number of heritage buildings in the Dept which have architectural value:

Ans: 38

80. The HQ of UPU is at:

Ans: Berne

81. MOF, DOE has introduced mandatory comprehensive end to end e-procurement in respect of all procurements with estimated value of Rs. 2 lakh and more w.e.f. 

Ans: 01.04.2016

82. As per recent guidelines on SB, closing of discontinued accounts and certificates like NSS 87 etc should be done only at:

Ans: Head Post Office

83. Withdrawal from SSY account is allowed in the following cases:

Ans: Both A and B above whichever is earlier

84. The PBs remaining undelivered for more than.........months in a HO will be transferred by HO for safe custody to SBCO once a month along with register of undeliverable PBs.

Ans: 3 months

85. What is the limit of verification of withdrawals from SA made at BOs and Single Handed Pos?

Ans: Rs.10,000-

86. Reconciliation certificate under Rule 87(15) of POSB Manual Vol. I and Rule 50(17) of POSB Manual Vol. II can be issued by:

Ans: Both B and C above

87. As per the MNOP, which of the following statement are correct in respect of first class mails:

Ans: D (?).

88. Select the incorrect statement in respect of Rosters:

Ans: 50% limit is applied to backlog vacancies.

89. As per the India Post Citizen Charter, maximum time line fixed for settlement of PLI/RPLI death claim which does not involve investigation is:

Ans: 30 days

90. Which project of DOP received the National e-governance award 2012-13 under the category “outstanding Performance in citizen-centric service delivery” by DARPG :

Ans: MNOP

91. In accordance with the provisions of Article 343 of the Constitution, Hindi became official language of the Union w.e.f:

Ans: 26.01.1965

92. A request for alteration of DOB of a GS can be considered subject to other conditions if the request is made within.........of his entry into govt service.

Ans: five years

93. As per the India Post Citizen Charter, maximum timelines fixed for settlement of SB death claim without nomination which is beyond the power of DH is:

Ans: 10 days

94. The APAR should be completed by the reporting officer and submitted to the Reviewing Officer by:

Ans: 30th June

95. The threshold for hard and deserving cases for compassionate appointment of dependents of GDS is now....points.

Ans; 36 

96. The minimum percentage of qualifying marks for OBC candidates in aggregate for promotion to the post of PM and MG from amongst GDS is:

Ans: 37

97. The business post rates for franking of regd articles has been revised from 01.04.2015 as:

Ans: 50 paisa

98. As per Directorate instructions dated 13.08.2013 the productivity for sorting of SP articles per hour is:

Ans: 1000 articles

99. Which section of IPO Act mentions about the “Exclusive privilege of conveying of letters reserved to the government”?

Ans: Section 4

100. Reservation in recruitment does not apply to:

Ans: All the three above

source IPASPKarntaka