Interest rate on General Provident Fund lowered

From April 1, Government employees and defence personnel will earn less from the General Provident Fund (GPF), as the interest rate has been brought down to 8.7 per cent from 8.8 per cent last year.

“During the year 2013-14, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7 per cent per annum,” the Finance Ministry has said.

The revised rate will be applicable for 10 types of funds, which includes The General Provident Fund (Central Services), the Contributory Provident Fund (India), the All India Services Provident Fund, the State Railway Provident Fund, the General Provident Fund (Defence Services), the Indian Ordnance Department Provident Fund, the Indian Ordnance Factories Workmen’s Provident Fund, the Indian Naval Dockyard Workmen’s Provident Fund, the Defence Services Officers Provident Fund and the Armed Forces Personnel Provident Fund.

The interest rate on GPF is usually fixed on the basis of the average of yield on Government securities of similar maturity.

This rate was eight per cent till November 2011. It was then raised to 8.6 per cent for the period December 1, 2011 to March 31, 2012. It was hiked further to 8.8 per cent with effect from April 1, 2012.

The latest reduction of interest rate on GPF is in line with lowering of rates on small savings such as the National Saving Certificates and Public Provident Fund. 

Source :  http://www.thehindubusinessline.com

First Phase Direct Recruitment PA/SA Examination 2013 will be held on 21/4/2013.

As notified by Postal Directorate Aptitude Test (Paper I) for Andhra Pradesh, Gujarat, Karnataka, Maharashtra and Tamil Nadu circles is scheduled on 21st April 2013. 

CMC has started to dispatch Admit Cards to all eligible candidates of these circle by ordinary post. In case candidate is not received the Admit Card by 11/4/2013, then he can download the same online from www.indiapost.gov.in using Direct Recruitment PA/SA Examination link from 12th April 2013 onwards. Candidate can also report discrepancy in Admit Card data from 12th April 2013 using the link GENERATE ADMIT CARD on the same web site.

CMC has issued some Admit Cards without PHOTOGRAPH of the candidate. All such candidates may visit the departmental website www.indiapost.gov.in to reconfirm their eligibility. It was noticed during the course of checking the application forms that, candidates failed to paste photographs on their application form. Due to non receipt of photographs along with applications forms, such applications are said to be cancelled and candidates are not allowed to appear in Aptitude Test (Paper I).

To Take Print Out of ePOST messages

Steps should be ensured before taking print outs of ePOST messages

The following steps should be ensured before taking print outs of ePOST messages.Hence the below given instructions should be circulated to all ePOST enabled POs under your division.

1. Use Mozilla Firefox version 17.0 or above.(Avoid using Internet explorer).

2. Enable Java script from settings option.

3. All the Fonts provided by NIC should be installed in the system that is used for taking print outs.

4. Select the appropriate message type(Corporate bulk/PO PDF/PO Scan, etc) before click on check box for printing.

5. Select(Tick in check box) single message only for printing PO PDF type messages,else blank messages will be displayed.

6. After clicking on Print button(Red Color),a Print Menu and a dialogue box will be displayed simultaneously. The input(OK/Cancel) should be given to the status update dialogue box immediately after clicking on OK in Print menu.else the status will not be updated.

Download call letters for SBI Probationary Officers exam (28.04.2013)

SBI is going to organize written test on 28th April 2013 for recruitment of Probationary Officers throughout the country. Candidates have to download the call letter for the exam from SBI site.

Download the Call Letter.

(If the candidates face any problem to download the call letter, they can refer to the FAQs provided by SBI)

Download the Frequently Asked Questions

SAVINGS BANK INTEREST RATES AT A GLANCE

Name of scheme	Period	Up To 30/11/11	w.e.f 1/12/11	w.e.f 1/4/12	w.e.f 1/4/13
Savings Account	General	3.50%	4.00%	4.00%	4.00%
Time Deposit	I yr	6.25%	7.70%	8.20%	8.20%
	2 yr	6.50%	7.8%	8.30%	8.20%
	3 yr	7.25%	8.00%	8.40%	8.30%
	5 yr	7.50%	8.30%	8.50%	8.40%
R D Dn.Rs.10/-	5 yr	7.50% 728.90	8.00% 738.62	8.40% 746.51	8.30% 744.53
M I S	5 yr	8.00% (6 Yr)	8.20%	8.50%	8.40%
S C S S	5 yr	9%	9.00%	9.30%	9.20%
P P F	15 yr	8%	8.6%	8.80%	8.70%
NSC VIII Issue Dn. Rs.100/-	5 yr	160.10 (6 yr)	150.90 8.4%	152.35 8.6%	151.62 8.5%
NSC IX Issue Dn. Rs.100/-	10 yr	NIL	234.35 8.7%	238.87 8.9%	236.60 8.8%

Six things to know about tax deducted at source

1. TDS is the tax paid by individuals on certain types of incomes. The deductor, or the person paying the income, deducts the tax and pays the balance to the deductee, or the one receiving the income.

2. The types of income which invite TDS include salary paid to employees, interest on bank deposits and bonds, winnings from lotteries and horse races, etc.

3. TDS is deductible at various rates specified by the government. There may be a threshold listed for different types of incomes, and TDS may be levied only above this limit.

4. The deductor issues a TDS certificate to the deductee, giving details of the tax cut. It is treated as tax paid by the deductee on income earned, and adjusted against income taxpayable for the year while filing the return.

5. The responsibility of deducting tax at source and depositing it with the government lies with the deductor. The TDS should be deposited within a week of the end of the month in which the deduction is made.

6. The returns for the TDS must be filed by all deductors every quarter on the prescribed forms. The respective due dates for filing of returns are 15 July, 15 October, 15 January and 15 May.

Source : The Economic Times

Declaration of Holiday on 14th April, 2013 - Birthday of Dr. B.R. Ambedkar.

MOST IMMEDIATE

F. No.12/4/2013-JCA-2

Government of India

Ministry of Personnel, Public Grievances 86 Pensions

(Department of Personnel & Training)

North Block, New Delhi

Dated the 8th  April, 2013.

OFFICE MEMORANDUM

Subject: Declaration of Holiday on 14th  April, 2013— Birthday of Dr. B.R. Ambedkar.

It has been decided to declare Sunday, the 14th  April 2013, as a Closed Holiday on account of the birthday of Dr. B.R. Ambedkar, for all Central Government Offices including Industrial Establishments

throughout India.

2.         The above holiday is also being notified in exercise of the powers conferred by Section 25 of the Negotiable Instruments Act, 1881 (26 of 1881).

3.         All Ministries/Departments of Government of India may bring the above decision to the notice of all concerned.

Sd/-

(Ashok Kumar)

Deputy Secretary to the Government of India

2309 2589

To view please Click Here.

Dearness Allowance from January 2013 - 6th CPC Recommendations on merger of 50% Dearness Allowance...

"No any recommendation in 6th CPC Report on merger of 50% Dearness allowance with basic pay at any stage"...

Dearness Allowance from January 2013 - 6CPC Recommendation

As of now nobody knows the correct reason why the government is delaying the approval of DA hike from January 2013. Actually the delay in announcing the dearness allowance helps the people speculate more about the Governments Plan about whether the 50% DA will be merged or not. 

As per the 6CPC recommendation accepted by the government, the Dearness Allowance supposed to be enhanced from 1st January of every year has to be paid with salary of month of March. The 6 CPC was very much clear about two things; first one is the formula for calculating the quantum of DA to be paid to central government employees and its frequency. Second one is on Merger of 50% Dearness allowance with Basic pay by converting it as dearness Pay

Sixth Pay Commission recommendation on Merger of 50% Dearness Allowance and sanctioning of DA to central government employees

Correction in Clause l70 of Post Office Guide Part-I regarding amount of compensation payable in case of loss/damage of registered articles

To view Postal Directorate Memo No. 28-10/2013-PO dated 21-3-2013, please CLICK HERE.

Recruitment Rules for the post of Assistant Superintendent of Posts

To view please Click Here.