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FAQ On Procurement Of High Value PLI Policies

Frequently Asked Questions on procuring High Value Policies in PLI issue by CPMG TN Circle

01.   What is High Value Policy in PLI?

If Sum assured is more than 20 Lakhs in PLI, It is called High value policy.

02.   Who is the accepting authority for High value policies?

For Single proposals more than 20 lakhs and up to 50 lakhs, the accepting authority would be the Chief Postmaster General.

New proposals of existing policy holders whose aggregate exceeds Rs 20 lakhs and up to 30 lakhs, the accepting authority would be DPS (HQ). 

New proposals exceeding Rs 20 lakhs  up to  50 lakhs and new proposals of existing  policy holders whose aggregate exceeds Rs  30 lakhs  and  up to  50 lakhs, the accepting authority would be the Chief Postmaster General.

Election Holidays 2016 – Grant of Paid Holiday for CG Employees

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Entering into any financial transaction – Are you required to disclose PAN?

By Shalini Jain 

One of the biggest agenda of the current Government is to curb black money menace in India and one of the step forward in this regard is the change made in the requirement of mandatory quoting of Permanent Account Number ('PAN") in designated financial transactions. 

The need for some pro-active measures to check the black money was highlighted by our Finance Minister in October 2015, wherein he had said "the bulk of black money is still within India. We thus need a change in national attitude where plastic currency becomes the norm and cash an exception". 

New Pension System Touches 1 Crore Membership

National Pension System (NPS) had 11,459,555 subscribers with a total corpus of Rs. 90, 327 crore as on 23rd January, 2016. The total Assets under Management are worth Rs. 109,140 crore while Assets under Management per subscriber is Rs. 95,000 on an average.

The number of NPS Subscribers of the Central Government are 1611,020 with a total corpus of Rs. 34,754 crore while subscribers from the different State Governments are 2,859,094 with a total corpus of Rs. 45,486 crore. The number of NPS subscribers in the Corporate Sector are 448,509 while in Unorganized Sector is 128,484, the total being 576,993. The number of subscribers under NPS Lite include 4,463,637 and under Atal Pension Yojana (APY) 1,948,811, with a total number of subscribers 6,412,448 in these two categories.

AIAPC writes to the Nodal Officer DOP Pay Commission Cell in connection with Para 4 of the Minutes of the Meeting of the Joint Secretary (IC) with Nodal Officers held on 02.02.2016

INDIA POST JOINS WITH THE FESTIVAL OF KUMBAKONAM MAHAMAHAM

AIAPC TAMILNADU CIRCLE CONGRATS SHRI.KRISHNAMOORTHY AVL - SUPDT OF KUMBAKONAM POSTAL DIVISION FOR THIS PROJECT AND WISHES A GRAND SUCCESS OF THIS INDIA POST INITIATIVE. GOD BLESS YOU ALL.

Flash news Minutes of the Meeting of Joint Secretary (IC) with Nodal officers dated 02.02.16 regarding 7th CPC Implementation.

MERGE DA WITH BASIC THIS YEAR AND DEFER INCREMENTS: PAY PANEL MEMBER

Member of the Seventh Central Pay Commission Rathin Roy has suggested that to meet its fiscal deficit target the Government should merge the basic pay and dearness allowance (DA) of central government employees in the current year and defer implementing any real increases in pay and pensions. This, the member has said, could be done by compensating those who would have to bear the burden of the deferred effect by giving them a “more generous award distributed over several years”.

“I am saying that the increment need not all be given at one go... It can be staggered and made more generous… So this could be done for pay and for pension,” Dr. Roy told The Hindu in an exclusive interview. “Now I am not competent to say whether this is politically feasible or not,” he, however, added.

Last month, the Union Cabinet set up an empowered committee of secretaries under the Cabinet Secretary for processing the recommendations of the Commission.

Sukanya Samriddhi Account ( SSA ) deposits eligible for deduction u/s 80C of Income Tax Act, 1961

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF DIRECT TAXES

NOTIFICATION NO. 09/2015

INCOME-TAX

21 st January, 2015

In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the “Sukanya Samriddhi Account” for the purposes of the said clause.

This notification shall come into force with effect from the date of its publication in the Official Gazette. [ F. NO. 178/3/2015-ITA-1 ]

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