Monetisation of units lying in the subscribers’ account who have not withdrawn their benefits from NPS

PFRDA has issued Circular dated 90.06.2016 regarding Monetisation of units lying in the subscribers’ account who have not withdrawn their benefits from NPS under NPS Withrawal/Exit Scheme.  It is also clarified by another circular dated 14.06.2016 that the scheme will be effective from 01st Aug, 2016

PENSION FUND REGULATORY

AND DEVELOPMENT AUTHORITY

B-14/A, Chhatrapati Shivaji Bhawan

Qutab Institutional Area,

Katwaria Sarai, New Delhi-110016

CIRCULAR

PFRDA/2016/11/Exit/03

09.06.2016

To,
NPS Trust, CRA, Pension Funds, Trustee Bank, Govt Nodal Offices, Annuity Service Providers
and other stakeholders

Monetisation of units lying in the subscribers’ account who have not withdrawn their benefits from NPS

The monetisation policy is deliberated in the circular divided into the following two sections for the purpose of ease of understanding and implementation:

A. Subscribers who have superannuated or attained 60 years of age, but not lodged their withdrawal claims.

B. Those subscribers who have deferred the withdrawal of lump sum and/or purchase of an annuity and who have not claimed these amounts after the completion of such term of deferment OR those who have withdrawn the lump sum amount (60/20) after following the due process but have not purchased the required annuity.

A. Subscribers who have superannuated or attained 60 years of age but not yet lodged their withdrawal claims

a) CRA will initiate the withdrawal process 6 months prior to his/ her attaining age of 60 years or on attaining normal age of superannuation by suo motto registration of the claim and allotment of a specific system generated claim number which would act as a Claim Ack ID for all future references and tracking. Additionally, CRA would send communications on a quarterly basis to all the PAO/DDO/DTO’S seeking information on the impending superannuation cases due in next 6 months to take care of those cases where the age of normal superannuation is below 60 years and register the claim and generate the Ack ID. The CRA would send a reminder after 3 months through a system generated auto communication followed by monthly reminder till the application form is submitted by the subscriber. Also, pop-up windows would be generated on the PAO/DDO/DTO’s/POP-SP/Aggregator system, the moment they log on to the CRA system for any activity informing them the details of pending withdrawal applications and the requirements thereof.

b) If despite the above efforts, the withdrawal application is not received from the subscriber within 1 month from the date of normal superannuation or from date of attainment of 60 years, CRA system would automatically initiate a process of monetization of units held in accounts of such NPS subscribers on the last business day of the month. The business day may be taken as the last working day of the CRA at its headquarters. This involves instructions from CRA to PFM on monetizing the entire accumulated pension wealth of the subscriber and moving into a separate WITHDRAWALS bank account held with Trustee Bank by NPS Trust. By this the NAV is safeguarded to the extent possible. Post this activity, the concerned nodal office and the subscriber would be informed of the monetisation and once again asking him to withdraw the amounts in terms of the process prescribed for withdrawals.

c) Such monetised withdrawals would be kept in a separate withdrawals account with the Trustee bank (preferably with an auto-sweep facility) and the interest accrued on such accounts/amounts would be credited to subscribers account on annual basis.

B. Those subscribers who have deferred the withdrawal of lump sum and/or purchase of an annuity and who have not claimed these amounts after the completion of such term of deferment OR those who have withdrawn the lump sum amount (60/20) after following the due process but have not purchased the required annuity.

a. In case the withdrawal is deferred by the subscriber in terms of the regulations as is indicated in the withdrawal application form and received before attaining the age of 60 years or normal age of superannuation, the component pertaining to monetization of the lump sum withdrawal or the component pertaining to purchase of annuity or both would not happen and it stays invested in the NPS under the same PFM and investment choice, unless specifically requested for a change by the subscriber. However, accumulated corpus, if any in the Tier ll account of the subscriber would be monetized. The subject monetisation policy would not be applicable in case if the subscribers choose to contribute beyond the age of 60 years as is allowed under the regulations provided.

b. CRA will intimate the subscriber and the concerned nodal office of the impending due date of such withdrawal 6 months prior to such date of vesting opted by the subscriber. The CRA would send a reminder after 3 months through a system generated auto communication followed by monthly reminder till the application form is submitted by the subscriber. Also, pop-up windows would be generated on the PAO/DDO/DTO’s/POP-SP/Aggregator system, the moment they log on to the CRA system for any activity informing them the details of pending withdrawal applications and the requirements thereof.

d) If despite the above, the withdrawal application is not received from the subscriber within 1 month from the date of vesting as desired by the subscriber, CRA system would automatically initiate a process of monetization of units held in accounts of such NPS subscribers on the last business day of the month. The business day shall be taken as the last working day of the CRA at its headquarters. This involves instructions from CRA to PFM on monetizing the entire accumulated pension wealth of the subscriber and moving into a separate WITHDRAWALS bank account held with Trustee Bank by NPS Trust. By this the NAV is safeguarded to the extent possible. Post this activity, the concerned nodal office and the subscriber would be informed of the monetisation and once again asking him to withdraw the amounts in terms of the process prescribed for withdrawals.

e) Such monetised withdrawals would be kept in a separate withdrawals account with the Trustee bank (preferably with an auto-sweep facility) and the interest accrued on such accounts/amounts would be credited to subscriber account on annual basis.

Yours faithfully

(Venkateswarlu Peri)

General Manager

Click here to Download above Circular fom PFRDA Site 

Clarification: Monetisation of units lying in the subscribers’ account who have not withdrawn their benefits from NPS

PENSION FUND REGULATORY

AND DEVELOPMENT AUTHORITY

B-14/A, Chhatrapati Shivaji Bhawan

Qutab Institutional Area

Katwaria Sarai, New Delhi-110016

CLARIFICATION

PFRDA/Exit/1 

14.06.2016

To,

NPS Trust, CRA, Pension Funds, Trustee Bank, Govt Nodal Offices, Annuity Service

Providers and other stakeholders

Sub: Monetisation of units lying in the subscribers’ account who have not withdrawn their benefits from NPS

This is reference to PFRDA circular no. PFRDA/2016/11/Exit/03 dated 09.06.2016 on the subject matter. This is to clarify that the provision of the circular will be effective from 01.08.2016.

Yours faithfully

(Venkateswarlu Peri)

General Manager

Click here to Download above Clarification fom PFRDA Website

source: SA Post Blog

Rashtrapati Bhavan museum ready to welcome visitors: 10 key attractions

A view of the Rashtrapati Bhavan museum.(Raj K Raj/ HT Photo)

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The much-awaited second phase of a museum at the Rashtrapati Bhavan is ready to welcome visitors. Now, the legacy of Indian Presidents and chapters of the freedom struggle can be seen under one roof. What’s more? There will be a glimpse of how the planet’s second-largest presidential estate works.

Built at a cost of Rs 80 crore and in 19 months, it will be the country’s only underground museum, and boast of state-of-the-art virtual reality exhibitions. A small section of the museum was opened a year ago. The completed museum will open to visitors on October 2.

“We tried to re-create the history and capture some of the important events. We showcase the gifts received by Presidents over the years and also the daily life in (the) Rashtrapati Bhavan, among other things,” said Omita Paul, the President’s secretary.

Rashtrapati Bhavan’s story-telling museum in pictures

The new museum, built under the supervision of museologist Saroj Ghose, will showcase more than 2,000 artifacts in a sprawling 1.30 lakh sq.ft space. It will also exhibit, for the first time, rare paintings of the British era.

President Pranab Mukherjee and Prime Minister Narendra Modi will inaugurate the museum on Monday, as Mukherjee completes four years in office.

“Unlike other Indian museums, where unconnected artifacts are displayed, this will be an event-based storytelling museum,” said Ghose.

Visitors can book a tour through the Rashtrapati Bhavan website.

Here are the 10 key things to know about the new jewel in Delhi’s crown:

The replica of a horse-drawn carriage at the Rashtrapati Bhavan museum. (Raj K Raj / HT Photo)

1. Gandhi walk: Stand in a room and see Mahatma Gandhi talking to Lord Irwin on screen. And then, when he walks out of the Rashtrapati Bhavan — then Viceroy’s House — you can join him in virtual reality. Feel free to click pictures, wave hands and do a namaskar.

2. Hand shadow show: If you want to know how a President is elected, all you need to do is watch this hand shadow show with a running commentary. It will tell you about the election process, the Parliament building, the Rashtrapati Bhavan, Indian villages and the Pillars of Ashoka only through the movement of hands.

3. The Study of the President: A replica of the room where the President meets the visitors in his office.

4. Privalite projection: It appears to be a simple, see-through glass. But when the projector beams a live video, it becomes a TV telecasting daily news. Viewers can go behind the screen and continue to watch the show.

5. Meet the President: Never met the country’s first citizen? No worries. Go to this small cubicle and press a button. On the large screen, a photo will appear where the visitor and the President will be talking to each other.

A view of the Rashtrapati Bhavan museum. (Raj K Raj/ HT Photo )

6. Personal belongings: The museum showcases, in separate windows, personal belongings of all 13 Presidents, giving a glimpse of their choice of clothes, habits and lifestyle.

7. Live speech in 3d holographic projection: A special square-shaped box beams 3D holographic images to accompany, one after another, speeches of Indian Presidents. Stand anywhere and see them delivering their speeches, as if in real life.

8.Gifts counter: A floor full of exotic gifts that Presidents received from different parts of the world is a key attraction.

9.Interactive digital platform: See rare photographs of the President’s house and the freedom movement. The pieces of history will be lying on a table. Twist them, turn them and visit the past.

10. President’s vehicles: An old presidential buggy drawn by a life-size horse. Near it, one can find a merc gifted to late prime minister the Rajiv Gandhi by King of Jordan. Gandhi handed over the car to the Rashtrapati Bhavan toshakhana.

• Saubhadra Chatterji, Hindustan Times, New Delhi|

30th All India Postal Athletics & Cycling Tournament ( 2015-16 ) - Circulation of final result

30th All India Postal Athletics & Cycling Tournament ( 2015-16 ) - Circulation of final result

To view please Click Here.

Source: PO Tools blog

IPPB's First CEO May Be from SBI

India Post Payments Bank, which is in a hurry to appoint a head, could get its first chief executive officer from the country’s largest lender State Bank of India (SBI).

The bank’s board comprising the CEO, chairperson, besides government nominees and five independent directors is expected to be in place by September.

India Post had written to top five government banks including SBI, Punjab National Bank and Bank of Baroda among others in identifying the chief.

Sources said that SBI chairman Arundhati Bhattacharya has already responded and proposed a name. However, at a later stage, the payments bank is likely to have a search and select committee in place for the appointment of a CEO.

“We are in a hurry to put everything in place as soon as possible, we sought suggestions from the top public sector banks to help us in finding a CEO,” SK Sinha, secretary, department of post, told HT.

The government set aside an initial corpus of ₹ 800 crore for the bank. While the bank will roll out 650 bank branches by September 2017, it will also use the 154,000 existing post offices to sell a host of its products and the new bank could hire about 2,000 people .

Source : Hindustan Times

India Post plans 50 payments bank branches by May

India Post expects to start the first 50 branches of its payments bank by May 2017, seeking to widen financial inclusion in the country.

As per the current plan, India Post Payments Bank (IPPB) - as it has been termed will eventually have 650 branches across the country.

While the first set of branches will open by May, the remaining will start operations by September 2017, a top official of the Department of Posts said.

The department hopes to submit a final proposal to the Reserve Bank of India by February, ahead of the March 2017 deadline, after it has the required management and technology in place, SK Sinha, secretary, Department of Posts, told ET.

The RBI gave in-principle approval to 11 applicants in August last year, including the Department of Posts, Aditya Birla Nuvo, Airtel M Commerce Services, Fino PayTech, National Securities Depository, Reliance Industries, Tech Mahindra and Vodafone m-pesa, for setting up payments banks. Three of the 11 entities have decided to back out, citing unreliability.

India Post, with a network of about 155,000 post offices, will hire almost 2,000 people for the payments bank operations.

"There will be nine board members, five from outside and four internal people from the department, including the CEO," said Sinha.

The department is contemplating whether it can form its own search and selection committee to appoint a CEO or rely on the standard procedure followed by public sector banks for top-level appointments.

The department has written to state-owned banks seeking nominations. Sinha said the State Bank of India has responded with some names.

"For the next rung of leadership such as the chief financial officer, chief operating officer and chief technology officer, we are forming an internal committee," he said. The government has approved Rs 400 crore equity and Rs 400 crore grant for IPPB.

Alibaba-backed Paytm is the other or payments frontrunner for payments banks in India and has drawn up a largely branchless model.

Sinha said that India Post is looking at catering to the unbanked population of the country with the idea of opening one branch in almost every district of the country.

"Most of the other players may not be even thin king of the areas that we want to service," said Sinha. The plan is to have most of the banking features such as money transfer and internet banking, apart from offering credit (in partnership with other banks or institutions), along with financial products such as mutual funds.

Sinha is betting big on the government's direct benefits transfer scheme to drive transactions, with welfare payments being deposited in the bank accounts of consumers.

Source : Economic Times

Day-8 - IPO Exam - CCS (Conduct) Rules, 1964

1. Short title, Commencement and application

2. Definitions

3. General

3-A. Promptness and Courtesy

3-B. Observance of Government’s Policies

3-C. Prohibition of sexual harassment of working women

4. Employment of near relatives of Government Servant in companies or firms.

5. Taking part in the politics and elections.

6. Joining of Associations by Government Servants

7. Demonstration and Strikes.

8. Connection with Press or other media

9. Criticism of Government

10. Evidence before committee or any other authority

11. Communication of official information

12. Subscriptions

13. Gifts

13-A. Dowry

14. Public demonstration in honor of Government Servants.

15. Private trade or employment

15-A. Subletting and vacation of Government accommodation

16. Investments, lending and borrowing

17. Insolvency and habitual indebtedness

18. Movable, immovable and valuable property

18-A. Restrictions in relationto acquisition and disposal of immovable property outside india and transactions with foreigners.

19. Vindication of Acts and character of Government Servant

20. Canvassing of non-official or other outside influence

21. Restriction regarding marriage.

22. Consumption of intoxicating drinks and drugs.

22-A. Prohibition regarding employment of children below 14 years of age

23. Interpretations

24. Delegation of Powers

25. Repeal and Savings

Source: SA Post

Clarification on the Definition of "Members of Family" in the context of Rule 4 of CCS (Conduct) Rules-1964

 The DoPT OM dated 20.07.2016 on the above subject matter.

Source :SA Post

One day paid weekly off for casual workers-implementation of the Order of Hon ble CAT, Ahmedabad bench in the OA No. 214 of 2003 filed by Smt. Bhikaben Pratapbhai Prajapati

It has been decided that casual workers working in offices having a five day week may be allowed one day paid weekly off provided they have worked for a minimum of 40 hours during the said week. The relevant provisions of the Department of Personnel and Training OM No.49014/2/86-Estt (C) 7th June, 1988 are amended to this extent.

Source: SA Post

- IPO Exam - CCS (CCA) Rules, 1965

1. Is there any provision for withholding of appeal?

There is no provision for withholding of appeal. All appeals are now to be addressed direct to the appellate authority with a copy forwarded the authority which made the orders appealed against.

2. Describe ‘de novo’ proceedings’.

The appellate authority has powers, after due consideration of the appeal to set aside the punishment order and to remit the case for de novo trail to the authority which imposed the penalty with directions as he may deem fit. Such an order can specify the particular stage from which the re-trail should be conducted. This is called as ‘de novo’ proceedings.

3. What is a revision?

1) A revision is the process in which the president, the member (Personnel), Postal Service Board, a head of the Department directly under the Central Government, an appellate authority or any other authority specified in the behalf of President may at any time, of its own motion or otherwise call for records of an inquiry in a disciplinary and pass appropriate orders as it may deem fit.

2) Such revision may be conducted only when appeal submitted is disposed of. If no appeal has been preferred, revision should be made only after the expiry of the period of limitation of an appeal.

3) In case of revision, by the appellate authority, it should be conducted within six months of the date of the order proposed to be revised.

4) If, after revision, it is proposed to impose any penalty of enhance the penalty already awarded by the Disciplinary Authority, no order is passed without giving a reasonable opportunity to the Government Servant concerned of making representation against the penalty proposed.

5) If it is proposed to impose any one of the major penalties or enhance the penalty to any one of the major penalties, an inquiry in the matter laid down in Rule 14 of CCS CCA Rules, 1965 should be conducted. (Rule 29 of CCS CCA 1965)

4. What is a review?

The President may, at any time, either on his own motion or otherwise review any order passed under these rules, when any new material or evidence which could not be produced or was not available at the time of passing the order under review and which has the effect of changing the nature of the case, has come, or has been brought to his notice (Rule 29-A)

It may be noted that while the President and other authorities enumerated in Rule 29, exercise the power of revision under that rule, the power of review under Rule 29-A, is vested the President only and not in any other authority.

5. Who the competent authority to issue punishment oreder?

1) Power to impose is a statutory power.

2) It cannot be delegated.

3) It cannot be taken over by the supervisor.

4) Punishment should be communicated by the competent authorities under their own names. It should be communicated by the lower authority.

Source : https://finaclesolution.blogspot.com/