Sovereign Gold Bonds scheme to be launched by PM Modi: Top 10 things to know

The Reserve Bank of India (RBI) has issued operational guidelines for Sovereign Gold Bonds scheme, 2015-16, to be launched by Prime Minister Narendra Modi on Thursday. (Reuters)

The Reserve Bank of India (RBI) has issued operational guidelines for Sovereign Gold Bonds scheme, 2015-16, to be launched by Prime Minister Narendra Modi on Thursday. Besides Sovereign Gold Bonds, Modi will also launch two other gold related schemes – Gold Monetisation Scheme (GMS) and the Gold Coin and Bullion Scheme. Here are 10 points to know about the Sovereign Gold Bonds scheme:

1. Issuing the operational guidelines on the gold bonds, RBI said application forms from investors will be received at branches during normal banking hours from November 5 to 20. “Relevant additional details may be obtained from the applicants, where necessary. Receiving offices need to ensure that the application is complete in all respects,” it said.

2. Investors will be compensated at a fixed rate of 2.75 per cent per annum payable semi-annually on the initial value of investment.

3. RBI said applicants will be paid interest on application money at prevailing savings bank rate from the date of realisation of payment to the settlement date (the period for which they are out of funds).

4. In case the applicant’s bank account is not with the receiving bank, the interest has to be credited by electronic fund transfer to the account details provided by the applicant, the guidelines said. It added that banks may engage NBFCs, NSC agents and others to collect application forms on their behalf. Banks may enter into arrangements or tie-ups with such entities.

5. Sovereign Gold Bonds will be available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e-kuber system. The e-kuber system can be accessed either through Infinet or Internet.

6. Cancellation of application is permitted till the closure of the issue (November 20). Part cancellation of submitted request for purchase of gold bonds is not permitted. No interest on application money needs to be paid if the application is cancelled.

7. Sovereign Gold Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor of the Sovereign Gold Bonds will be for a period of 8 years with exit option from 5th year.

8. The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them, the Finance Ministry said in a statement.

9. The Indian gold coin is a part of the Gold Monetisation Programme. The coin will be the first ever national gold coin and will have the National Emblem of Ashok Chakra engraved on one side.

10. The Sovereign Gold Bonds will be issued on November 26.

Source : http://www.financialexpress.com/

Courtesy SA Post Blog

Eligibility of widowed / divorced daughter for grant of family pension- clarification regarding

Government of India
Ministry of Defence
Department of Ex-servicemen Welfare
D(Pension/Policy)

Subject: Eligibility of widowed/ divorced daughter for grant of family pension- clarification regarding.

A copy of Department of Pension & Pensioners Welfare OM No. 1/13/09- P&PW(E) dated 28th April 2011 & 11th September 2013 on the above subject are forwarded herewith for your information and necessary action in the matter.

2. MoD (Fin/Pen) has been consulted

Click to view the order

Implement 7th CPC Report with retrospective effect, Grant Interim Relief - Confederation

Implement VII Pay Panel, Insist Staff: Indian Express

PUDUCHERRY: As many as two hundred members of the Confederation of Pondicherry State Government Employees Associations were arrested here, on Wednesday, for attempting to picket the Chief Secretariat demanding the implementation of the yet-to-be submitted seventh pay commission’s recommendations with retrospective effect.

In the meantime, the confederation leaders urged the Central government to announce an interim relief.

Apart from seeking the implementation of its recommendations from the date of the constitution of the commission, the agitators also put forth a 34-charter of demands that included the filling up of vacancies in all the departments, replacement of the new pension scheme with the old one, setting up of grievance cell in all departments and cadre restructuring to improve chances of promotion for employees.

The panel set up on January 1, 2014 by the previous UPA government will take at least 18 to 24 months to submit its final recommendations.

Puducherry government has 25,000 employees, who enjoy similar service conditions as that of their Central government counterparts.

Earlier, members of the confederation took out a rally. As the police did not allow them to proceed beyond the Head Post office, they began demonstrating then and there. After a while, all the agitators were arrested and removed.

The protest was led by Seetharaman. Office bearers of the association C H Balamohanan and Premadasan were among those, who  took part in the rally and the subsequent agitation.

Meanwhile, the joint action committee members of the municipality and commune panchayat workers associations, affiliated to the AITUC held a demonstration in front of the Local Administration Department demanding the regularisation of the part time and daily rated employees who are working for more than 15 years.

They also urged the administration to provide Deepavali bonus for part time employees, and make appointments on compassionate grounds to the relatives of those who died.

The joint action committee had planned three phased agitation to press these demands.

Wednesday’s first phase agitation was led by AITUC leader V S Abishegam. The second and third phase of the agitation would be held near Raj Nivas here on November 18 and 25 respectively.

Read at: The New Indian Express

Reimbursement of Children Education Allowance: PCDA (CC) circular

Reimbursement of Children Education Allowance: Instructions by PCDA (CC)

Office of the Principal Controller of Defence Accounts (Central Command)

Cariappa Road, Cantt., Lucknow - 226002

Circular

No.:-AN/IV/CEA/2015

Date: 02/11/2015

To
The Officer-In-charge,
1. All Sections of MO.
2. All Sub Offices
3. All PAOs

Sub: Payment on account of Children Education Allowances.

During Local Test Audit of vouchers of children education allowance, it is found that the name of child, for whom shoe, books and uniform purchased, were not mentioned in cash memo vouchers. Local Test Audit Team has pointed out the matter and emphasized for making suitable correction.

It is therefore, enjoined upon all concerned to intimate the name of child for whom shoe, books and uniform purchased, may be mentioned in cash memo vouchers.

All the officers/staff may be got aware of the fact for strict compliance.

sd/-

Sr. Accounts Officer (AN-IV)

Source: http://pcdacc.gov.in/download/circularsnew/payment_cea.pdf

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Mandatory use/opening of Savings Account in CBS Post Offices for maintaining/‘development of relationship of customers with Post Office Savings Bank (POSB)- further clarifications to SB Order No.12/2015

Mandatory use/opening of Savings Account in CBS Post Offices for maintaining/‘development of relationship of customers with Post Office Savings Bank (POSB)- further clarifications to SB Order No.12/2015 regarding ,

F.No.113-02/2015-SB

Government of India

Ministry of Communications & IT 

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date: 26 .10.2015

To

All Heads of Circles/ Regions
Addl. Director General, APS, New Delhi.

Subject:- Mandatory use/opening of Savings Account in CBS Post Offices for maintaining/‘development of relationship of customers with Post Office Savings Bank (POSB)- further clarifications to SB Order No.12/2015 regarding ,

Sir / Madam,

In continuation of SB Order No.12/2015 issued vide this office‘ letter of even number dated 05.10.2015 on the subject, the undersigned is directed to convey that a number of references from Public by mails, letters and phone calls have been received, mentioning that Opening of new Savings Account at CBS Post Office is taking too much time/ even days due to which maturity payments are getting delayed. Post Offices are not issuing cheques to the customers. The competent authority has reviewed the matter parti Culary in the backdrop of issues being reported in CIF Creation and Modification menus of' Finacle CBS Application and has decided to issue following clarifications:-

1. The objective of the letter dated 05.10.2015 was to'educate the‘customers for availing various. benefits of Post Office Savings Account in CBS Post Office and to develop/maintain relationship with the POSB customers through Savings Account. With this, a customer can ‘ also have a. holistic viewr of all transactions" happening in various accounts/certificates Standing at different post offices in "his/her name. Looking to the benefits of Savings Bank Account, field units may be asked 'to continue to persue the customers to open savings account for better and sustainable, relationship with POSB. However, in case of extreme exegencies like a Bank or any Institution presenting Certificates after forfeiting security, any depoistor becomes NRI after investment and now wants to take maturity value only, the claim case where there are multiple nominees/legal heirs or any other case where Postamster/Sub Postmaster is satified that depository is genuinely not in a position to open savings account immdietaly may issue cheque for the maturity/prematurity value. Depositors may be made aware that facility of transfer of funds through NEFT/RTGS and use of Post Office Savings Bank ATM cum Debit Card in other Bank's ATMs will also be provided shortly.

2. In case a depOSitor of RD or LPPF. is also genuinely unable to open Savings Account immediately, then may present cheqUe of other 'bank for deposit but for future deposits he/She may be requested to open savings account.

3. ‘ For all new investments in any scheme including through. agents, customer should open Savings Account mandatorily with proper KYC documents to start relationship with POSB and then invest in any-of Small Savings Scheme through the same Savings Account. In such cases, if customer wants to invest through Cheque of other. Bank, his/her cheque should be lodged only through his/her savings account and then new account/certificate should be funded, from that savings account by putting cheque credit date as Value Date.

4. . For subsequent deposits by‘ RD, PPF and SSA Accounts, Customers/MPKBY Agents should be suitably informed that from 151: Jan. 2016, all such customers should be asked ‘to submit POSB Cheque only for their subsequent deposit and if they, donot have savings account in any CBS Post Office, they may have to. open Savings Account with cheque Books.

5. All MIS/SCSS/TD Account Holders who open further new account or‘extend the existing accounts, should also be requested to open savings account mandatorily and give standing instruction for credit of interest so that they need not visit post office frequently and Stand in queue, instead they can be issued ATM/Debit Card to Withdraw from ATMS. Existing account holders should also be convinced to open Savings Account for getting monthly/quarterly/yearly interest.

6. It is further reiterated that for all the entries made in Clearing Inward/Outward, ECS Inward/Outward, BO Settlement and Postmaster Repayment Office Account (0340) by the User are to be verified by Supervisor. For these entries, it will be the personal responsibility of that User and Supervisor.

7. It is requested to circulate this order to all CBS Post Offices and non CBS Post Offices may start requesting customers to open Savings Accounts to avail all the benefits once office is migrated to CBS.

Yours faithfully,

(Kawal Jit Singh)

Assistant Directo (SB-II)

Source : http://www.indiapost.gov.in/dop/pdfbind.ashx?id=1677

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India Post collects Rs 800 cr from COD facility

Emerging as a leading distribution channel for the e-commerce sector, India Post collected over Rs 800 crore through cash-on-delivery (CoD) facility and is looking to further strengthen its position in the segment by starting a pilot service for same-day delivery. 

The postal department has also earned around Rs 70-80 crore through speed post in the year 2014-15 from e-commerce business. 

Since the introduction of CoD facility, the Department of Post has collected more than Rs 800 crore and remitted to customers," an official said.

 

In order to generate more business, the postal department is reviewing its service features to attract more number of e-commerce customers, the official further said. 

"As part of this exercise, the Department of Posts has started pilot for same/next day delivery in identified cities for identified PIN codes. A national account facility has also been introduced under Speed Post," he added. 

The CoD facility was launched in December 2013 to cater to the needs of customers and benefits from the growing e-commerce market. 

The CoD has emerged as one of the most sought after services for e-commerce entities. Customers in the country tend to prefer CoD as the online payment modes are yet to catch up in many parts of the country while many people are not comfortable with advance payments for products purchased online.

The initiatives taken by the department for parcel segment have resulted in revenue of Rs 105.51 crore in 2014-15. 

With dwindling letter or document traffic, the department is focusing on the fast-growing parcel segment and various measures have been taken to modernise the department under the Digital India initiative.

As part of initiatives to leverage the e-commerce sector, the department has forged tie-ups with leading online market places like Snapdeal, Amazon, Paytm and Yepme for parcel delivery and has also set up modernised 48 centres to handle the packages. 

The e-commerce sector in India is growing at 47 per cent CAGR and India Post is the only delivery agency with a pan-India reach, the official said. 

Communications and IT Minister Ravi Shankar Prasad had earlier said that India Post with the world's largest postal network was best suited to offer delivery services to e-commerce firms. 

The Minister had suggested that India Post should strive to become the largest player in the e-commerce segment. 

The Postal Department has 1,54,882 post offices, of which 1,39,182 are in rural areas. The department employs around 4,60,000 personnel and handles close to six billion mail pieces in a year.

Source:Business-standard.com

BULLZIP PDF PRINTER 10.9.0.2300 - VIRTUAL PRINTER

BullZip PDF Printer is a virtual printer driver that enables you to convert any printable document or image to PDF format. The Bullzip PDF Printer works by creating a virtual printer in the operating systems that prints to PDF files instead of paper. This practically allows any application to create PDF files from the print menu. Once installed, BullZip PDF Printer appears as a printer option in your printing properties. If you want to use BullZip PDF Printer as your default printer right-click on it and select it as your default printer. This program is FREEWARE.

Click Here to Download from Google Drive

Click Here to download the BullZip PDF printer from Official Site. 

Note: This virtual printer is useful for setting up virtual Mc-Camish printer, to save document and print later.

Thanks to ATPPost

Source: SA Post

Employment News : 31th October to 6 November 2015

NAVAL DOCKYARD, VISHAKHAPATNAM.  Name of Post – Tradesman (skilled)  No. of Vacancies – 161 Last Date –Within 30 days from publication of advertisement. INDIAN AIR FORCE Name of Posts –Group C. No. of Vacancies -39 Last Date – Within 30 days from publication of advertisement. NUCLEAR POWER CORPORATION OF INDIA LTD., RAWATBHATA Name of Posts – Assistant Grade 1, Nurse, Pharmacist/B etc. No. of Vacancies – 35 Date- 20.11.2015 RAIL LAND DEVELOPMENT AUTHORITY, NEW DELHI. Name of Posts – Joint General Manager (Civil, Real Esastate, Finance & Accounts), Secretary etc.  No. of Vacancies –16 Last Date – – Within 30 days from publication of advertisement SECURITY PRINTING AND MINTING COPRPORATION OF INDIA LTD. Name of Post –Additional General Manager (F&D), Chief Manager (R&D), Manager (Tech), Manager (Materials, Marketing). No. of Vacancies -8 Last Date: – Within 30 days from publication of advertisement.

Source : http://employmentnews.gov.in/

Designated Post offices to issue Sovereign Gold Bond 2015-16

In continuation of the Press Communiqué dated 30th October, 2015 on Sovereign Gold Bond 2015-16, the Government of India, in consultation with Department of Post, has decided to issue the list of designated Post Offices to issue Sovereign Gold Bond Scheme, 2015. The designated Post Offices are authorized to receive the applications either directly or through agents.

The other terms and conditions will remain same as in the press communiqué dated 30th October, 2015.

Source:http://7thpaycommissionnews.in/designated-post-offices-to-issue-sovereign-gold-bond-2015-16/

SPECIAL RECRUITMENT DRIVE FOR PERSONS WITH DISABILITIES

SPECIAL RECRUITMENT DRIVE FOR PERSONS WITH DISABILITIES

Advertisement issued by National Institute of Technology, Warangal in regard to Special Recruitment Drive for filling up of vacancies for Persons with Disabilities – reg.

NATIONAL INSTITUTE OF TECHNOLOGY

WARANGAL – 506 004 (T.S) INDIA

Advt. No. Admn. 02/2015

SPECIAL RECRUITMENT DRIVE FOR PERSONS WITH DISABILITIES

Special Recruitment Drive for filling up of vacancies for Persons with Disabilities (PwDs)



Applications are invited from Indian Nationals for the post of Assistant Professor (on Contract), Scientific / Technical, Officer, Laboratory Assistant / Work Assistant, Junior Assistant and Attendant.

Prescribed application form, Summary Sheet, Qualifications, Eligibility Criteria and Pay structure can be downloaded from the Institute website www.nitw.ac.in

The filled-in application form along with Summary Sheet, necessary enclosures should reach The Registrar, National Institute of Technology, Warangal – 506 004, on or before 06-11-2015.

Click here to detailed pdf

Clarification of deferred withdrawal of lump sum in New Pension Scheme: PFRDA

Clarification of deferred withdrawal of lump sum in New Pension Scheme: PFRDA Circular

PENSION FUND REGULATORY

AND DEVELOPMENT AUTHORITY

1st Floor, ICADR Building, Plot No. 6

Vasant Kunj Institutional Area,

Phase - II, New Delhi - 110070

CIRCULAR

PFRDA/2015/24/EXITS/1

October 29, 2015

To,
NPS Trust, All POP’s, Aggregators, CRA,CentraI, State Governments and All Subscribers

Dear Sir/Madam,

Sub: Clarification of Deferred withdrawal of lump sum

PFRDA (Exits and Withdrawals from Nation Pension System) Regulations 2015 provides option to subscriber to defer withdrawal of lump sum (60%) up to the age of 70 years.

Under the Deferred withdrawal facility, the subscribers at the time Of exit from National Pension System (NPS) can exercise an option to defer the withdrawal of eligible lump sum withdrawal and stay invested in the NPS. Subscriber has an option to withdraw the deferred lump sum amount in maximum ten annual installments up to the age of 70 years or withdraw the entire amount at once by giving 15 days advance notice during such a period of deferment. 

If no such notice is given, the accumulated pension wealth would be automatically monetized and credited to his bank account upon attaining the age of 70 years.

This is for the information of all concerned. The circular also is being placed on PFRDA website at http://www.pfrda.org.in, NPS Trust website www.npstrust.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours faithfully,

Subroto Das

Chief General Manager

Source: http://pfrda.org.in/WriteReadData/Links/Circular%20-%20Clarification%20of%20Deferred%20Withdrawal%20of%20lump%20sum7704d3cd-e78c-4b64-9355-ea676fe712b0.pdf

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Recovery of NPS subscription fee/charge: NC, Staff Side JCM writes to DoPT

Recovery of NPS subscription fee/charge: NC, Staff Side JCM writes to DoPT

Shiva Gopal Mishra
Secretary

National Council(Staff Side)

Joint Consultative Machinery

for Central Government Employees

13-C, Ferozshah Road, New Delhi - 110001

E Mail : nc.jcm.np@gmail.com

No.NC/JCM/2015

Dated: October 31, 2015

Shri Sanjay Kothari,
Secretary,
Ministry of Personnel, Public Grievances & Pensions,
Department of Pension & Pensioners' Welfare
(Government of India),
North Block,
New Delhi-110001

Dear Sir,

Sub: Recovery of NPS subscription fee/charge

Ref.: Dy. General Manager, NPS Trust, New Delhi’s notice dated 19.10.2015

It has come to our notice that, @ 0.01% of the AUM on daily accrual basis is proposed to be imposed on the NPS Subscribers. 

In this connection, it is worth-mentioning that, in the past, it was assured to the Central Government Employees that, no Administrative Charge/Fee would be imposed on any of the Government employees. 

Orders to this effect, if so issued, should immediately be withdrawn.

Comradely yours,

sd/-

(Shiva Gopal Mishra)
Secretary(Staff Side)
NC/JCM
&
Convener

Ms. Archana Varma, Jt. Secretary(AT&A), Department of Personnel & Training, Room No. 279-A, North Block, New Delhi-110001 - for necessary action please.

Smt. Annie G. Mathew, Jt. Secretary(Pers.), Deptt. of Exp.(Ministry of Finance), Room No.279-A, North Block, New Delhi-110001 - for necessary action please.

Shri G. Srinivasan, Director(JCA), Department of Personnel & Training, Ministry of Personnel, Public Grievances & Pensions(Government of India), North Block, New Delhi-110001 - for necessary action please.

Copy to: All Constituents of NC/JCM(Staff Side) - for information.

Source: NC JCM

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Removal of Grade Pay System in 7th Pay Commission – A detailed report

Will the removal of Grade Pay System by the 7th Pay Commission help Central Government employees? – This is the topic of this article.

“Unconfirmed reports say that the 7th Pay Commission is very likely to recommend the abolishing of the Grade Pay System introduced by the 6th Pay Commission.”

Not only the Government, but the Central Government employees too are hoping and wishing that the 7th Pay Commission functions independently, free from interventions. The report of the previous Pay Commissions will guide for determining the revision of pay scale and pay bands, allowances, retirement benefits and other facilities/benefits of more than 50 lakh employees. The Pay Commission also considers the recommendations, suggestions and inputs gathered from employees all over the country and presented as memorandums by federations like the NC JCM and the Confederation.

There is no rule that the new Pay Commission has to follow the same methodology and determination followed by the previous Pay Commissions. Therefore, one cannot state for sure that the 7th Pay Commission will tow the guidelines issued by the 6th or the 5th Pay Commission while deciding the new pay scale and pay bands.

One has to keep in mind the fact that the 6th Pay Commission was radically different from the recommendations and guidelines issued by the 5th Pay Commission. One has to also remember that a number of industry experts, who predicted the recommendations of the 6th Pay Commission based on the trends of the previous Pay Commission, were proved completely wrong.

If one Pay Commission has the right to recommend the splitting of the Pay Scale into two, the next Pay Commission has all the powers to completely abolish the system. But, this is not the issue!

Will the Central Government employees benefit by the removal of the Grade Pay system? This is the question now.

It will definitely be beneficial. Here are the reasons why.

It is unacceptable that a promotion, which comes after waiting for many years, brings with it an increment of just Rs.100.

None has until now accepted the splitting of the promotional hierarchy, which had been followed for years, into two.

The anomalies that prevailed due to the ‘Grade Pay Hierarchy’ which was introduced under the MACP promotional system, still remain unresolved.

When the discussions and debates on MACP system continued to grow unabated during the NC JCM Anomaly Committee meeting, it was decided that a separate meeting ought to be held to analyze this issue.

Most of the individual requests from the Central Government employees this time are about the MACP promotional system. The reason is the Grade Pay structure introduced by the 6th Pay Commission.

And also can list out many reasons to abolish the Grade Pay System

Source:http://90paisa.org/removal-of-grade-pay-system-in-7th-pay-commission-a-detailed-report/

Expected da from january 2016-Aicpin for the month of September 2015

No. 5/1/2015- CPI

GOVERNMENT OF INDIA

MINISTRY OF LABOUR & EMPLOYMENT

LABOUR BUREAU

CLEREMONV, SHIMLA-171004

DATED : 30th October, 2015

Press Release

Consumer Price Index for Industrial Workers (CPI-IW) – September, 2015

The All-India CPI-IW for September, 2015 increased by 2 points and pegged at 266 (two hundred and sixty six). On 1-month percentage change, it increased by (+) 0.76 per cent between August and September, 2015 which was static between the same two months a year ago.

The maximum upward pressure to the change in current index came from Food group contributing (+) 1.78 percentage points to the total change. At item level, Arhar Dal, Masur Dal, Moong Dal, Urd Dal, Mustard Oil, Onion, Cauliflower, Green Coriander Leaves, Potato, Tea (Readymade), Sugar, Electricity Charges, Private Tuition Fee, Flower/Flower Garlands, etc. are responsible for the increase in index. However, this increase was restricted by Wheat, Fish Fresh, Poultry (Chicken), Eggs (Hen), Apple, Coconut, Tomato, Petrol, Washing Soap, etc., putting downward pressure on the index.

The year-on-year inflation measured by monthly CPI-IW stood at 5.14 per cent for September, 2015 as compared to 4.35 per cent for the previous month and 6.30 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at 5.71 per cent against 3.55 per cent of the previous month and 6.46 per cent during the corresponding month of the previous year.

At centre level, Chhindwara reported the highest increase of 10 points followed by Varanasi (9 points), Pune, Tripura, Jalpaiguri and Bhilwara (6 points each). Among others, 5 points rise was observed in 5 centres, 4 points in 7 centres, 3 points in 8 centres, 2 points in 16 centres and 1.point in 19 centres. On the contrary, Goa recorded a maximum decrease of 4 points followed by Ernakulam 3 points. Among others, 2 points decrease was observed in 4 centres and 1 point in 2 centres. Rest of the 9 centres’ indices remained stationary.

The indices of 36 centres are above All India Index and other 42 centres’ indices are below national average.

The next issue of CPI-IW for the month of October, 2015 will be released on Monday, 30th November, 2015. The same will also be available on the office website www. labourbureau.gov. in.

(S. S. NEGI)

DEPUTY DIRECTOR GENERAL

Source:   http://labourbureau.nic.in/Press_Note_CPI_IW_Sep_2015_EH.pdf