Management of funds under New Pension Scheme

  

The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.

Sanchay Post New O.T patches And Revised DB analyser released on 26.3.2012

Instructions for Interest Calculation & Posting 26/03/2012

Patches for Sanchay Post Version 6.6.1

DB analyser  ( dtd 26/03/2012)

RD Customer Package (dtd 26/03/2012)

Source :
Software Development Centre
O/o the Chief Postmaster General
Tamilnadu Postal Circle
Chennai - 600002
Phone: 044-65850861  

Problem with Sanchay post 6.6.1

(Q) Transactions in BPL accounts cannot be done in sb form no 1309 i.e sb deposit?

Solution: Use the form number 1310 ECS-Debits and Credits

(Q) While accepting RD bulk acceptance (i.e for opening new acccount) a error comes?

Solution: Use RD bulk setup (rd form no:1110), Add new accounts to the agent, after alloting the number of account to the agent the number will be correctly displayed for the new account


Note: Correct procedure is not yet all given by SDC Lan, while doing new accounts to the agent, the number of accounts alloted to agent will automatically taken from General account number, thus those account become unallocated and you have to change the run number  from supervisor>>intilisation>>rd a/c , nominee, AT (form no0453). This step has to done for all agents and have to do daily

source : satirur.blogspot.in

Revision of interest rates for small savings schemes

No.6-1.2011-NS.II(Pt.)

Ministry of Finance

Department of Economic Affairs

(Budget Division)

New Delhi, the 26th March, 2012

OFFICE MEMORANDUM

Sub: Revision of interest rates for small savings schemes.

The undersigned is directed to refer to Ministry of Finance's O.M. of even number dated 11th November, 2011, vide which the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned.

2. One of the decisions of the Government based on the recommendations of the Committee relates to revision of interest rates every financial year, to be notified before 1st April of that year. Accordingly, the rates of interest on various small savings schemes for the financial year 2012-13 effective from 1.4.2012, on the basis of the interest compounding/payment built-in the schemes, shall be as under:

Interest rates on small savings schemes may go up by 0.25%

     The government is likely to hike the interest rates on deposit schemes offered by post offices, like savings account, Monthly Income Scheme (MIS), Public Provident Fund (PPF), etc by about 0.25 per cent from April 1.


     A circular on revised interest rate on small savings scheme will be issued by March 28, official sources said, adding that there could be a 0.25 basis points hike in the rates.

     "We are in the process of calculating the rates. The new rates will be applicable from April 1," they added.

Validity of cheque came down to 3 months wef 1st April 2012

Validity Of Cheque/Draft/Pay Orders/Banker’s changed To 3 Months Instead Of 6 Months

 From April 1st 2012 onwards validity of Cheque /Draft/Pay orders/ Banker's Cheque will be three months instead of 6 months.A circular issued by the Reserve Bank of India has asked all banks to implement the new rule from April 1, 2012. It has asked banks to notify holders of such instruments of the change in practice by printing or stamping on the cheque leaves, drafts, pay orders and banker's cheques issued on or after April 1, 2012,

The new rule come into force because that some unscrupulous people were circulating the cheques as cash for close to six months, thereby creating a tradeable instrument which was never intended under the RBI rules.

 Banking circles said the move could lead to some practical problems for individuals, particularly if they were not aware of the new rule that would come into effect next year. “People should not only present their cheque in time, but also ensure that if they are receiving a cheque from a company for a service rendered, the date should be checked,” a banker said.

CABINET APPROVES 7% HIKE IN DEARNESS ALLOWANCE

CABINET APPROVES 7% HIKE IN DEARNESS ALLOWANCE             

UNION CABINET APPROVED A PROPOSAL TO HIKE ADDITIONAL DEARNESS ALLOWANCE BY 7% FOR CENTRAL STAFF AND CENTRAL PENSIONERS.

THE CENTRAL GOVERNMENT ON FRIDAY APPROVED A SEVEN PER CENT HIKE IN DEARNESS ALLOWANCE TO CENTRAL GOVERNMENT EMPLOYEES AND PENSIONERS, THIS HIKE IS TO BE EFFECTIVE RETROSPECTIVELY FROM JAN 2012.

THE DEARNESS ALLOWANCE AND DEARNESS RELIEF FOR CENTRAL GOVERNMENT SERVING EMPLOYEES AND PENSIONERS WILL INCREASE FROM 58% PER CENT OF BASIC EMOLUMENTS TO 65% PER CENT WITH EFFECT FROM 1.1.2012.

Railway minister Mukul Roy announces rollback in rail fare hike

Rollback in Rail fare

Roy announced rollback in Rail fare hike in Sleeper class, Chair car and 3rd AC while fares in 1st and 2nd AC will remain unchanged.
Earlier Ex-Railway Minister Dinesh Trivedi during his Rail budget speech had proposed to hike Rail fares by 2 paise per km in ordinary second class and suburban services; by 3 paise in mail/express second class; 5 paise per km in sleeper class; 10 paise per km in AC 3-tier, AC chair car, and non-AC First Class; 15 paise per km in AC two-tier; and 30 paise per km in AC first class.
This was supposed to be the first hike in passenger fares in 10 years.

GROUP - I EXAMINATION GENERAL KNOWLEDGE

Q.1) Bharat Nirman Scheme of the UPA Government does not include :
(A) Rural Water Supply Project
(B) Irrigation Benefit Programme
(C) Rural Electrification
(D) Sarva Shiksha Abhiyan
Ans: D
Q.2) Which one of the following committee recommended the abolition of reservation of items for the small scale sector in industry?
(A) Abid Hussain Committee
(B) Narasimhan Committee
(C) Nayak Committee
(D) Rakesh Mohan Committee
Ans:A
Q.3) In the last one decade which one among the following sectors has attracted the highest Foreign Direct Investment inflows into India?
(A) Chemicals other than fertilizers
(B) Services sector
(C) Food Processing
(D) Telecommunication
Ans:D
Q.4) Who formulates the monetary policy in India?
(A) SE BI (B) RBI (C) Finance Ministry (D) Planning Commission
Ans:B
Q.5) The population of UttarPradesh has been rapidly growing during the last two decades because of :
(A) Increased literacy rate (B) Improvement in health and control of diseases
(C) Improved agriculture (D) Rapid urbanization
Ans:D

Delivery Guidelines of Department of Posts, for UID Articles

Reasons	Explanation	Action	Uploaded info speednet
Addressee not available at time of delivery	Door locked/addressee not available at the time of delivery for addressee specific articles	Intimation server	Intimation served
Addressee moved	Address has moved from the address and has left instructions as to redirection of his communication	Article NOT TO BE REDIRECTED BUT RETURNED TO THE “RETURN” ADDRESS AS MENTIONED ON THE uid LETTER COVER ON THE SAME DAY	Return to thesender
Item refused by address	Addressee refused to accept the article	RETURNED TO THE “RETURN” ADDRESS AS MENTIONED ON THE uid LETTER COVER ON THE SAME DAY	Return to thesender
Deceased	In case of addressee specific article, if the addressee has deceased		Return to thesender
Insufficient address	The address given on the article is incorrect, however the addressee can still be located anddelivery can be made within the same office	Article NOT TO BE REDIRECTED BUT RETURNED TO THE “RETURN” ADDRESS AS MENTIONED ON THE uid LETTER COVER ON THE SAME DAY	Return to thesender
Insufficient address	Address given on the article is not complete-like name of street, house number, locality etc are not given	Article NOT TO BE REDIRECTED BUT RETURNED TO THE “RETURN” ADDRESS AS MENTIONED ON THE uid LETTER COVER ON THE SAME DAY	Return to thesender
Addressee cannot be located	There is no person of that name at the address or addressee ha gone away without leaving any instruction as to the disposal ofcorrespondence and no reliable information is available about his/her new address		Return to thesender
UNCLAIMED	Intimation was served but the article was not takendelivery of by the addressee or his/her representative till the dateof retention of the article in the office	Return of the “return” address as mentioned on the UID letters cover after the completion of period of retention (i.e 7 days following the day of receipt) at the post office	Return to thesender
Missent	The Address is correct  bu it fails in delivery area ofanother office	Article to be redirected to the address as mentioned on the UID letter on the same day	Return to thesender

COPY OF LETTER NO – BD & MD dated 06.06.2011

  

UID Time limit 

Delivery in Departmental offices :14 days

Delivery in Branch offices:17 days

Courtesy :  satirur 

Small Savings set to fetch higher returns

There is finally some good news for individuals in a season of duty hikes and provident fund rate cut. The government is raising interest rate on small savings schemes such as National Savings Certificate (NSC) and post office deposits by 20-50 basis points.

The new rates will, however, be applicable on investments that you make from April 1 and not on those that you park over the next 10 days to meet your tax saving requirements.

As a result, NSC and public provident fund (PPF), which is a voluntary deposit as opposed to employee provident fund, will earn you 8.8-8.9% instead of 8.6% a year.

Expansion of Postal Services

The Government has formulated comprehensive working plan for the development, expansion and modernization of postal services. Under this, major activities , as laid out in XII Five Year Plan, include opening of branch Post Offices, setting up of Automatic Mail Processing Centers, development and deployment of Rural ICT solution, deployment of Core Banking, increasing insurance cover, establishment of Parcel and Logistics Post Hubs, up gradation of Speed Post Centers, Human Resource Training to Personnel, construction of Post offices/administrative offices, installation of Solar Power Packs and setting up of Postal Training Centers.

Latest RD customer Package Version Released.

For RD bulk posting Latest RD Customer package version is released with Sanchay post 6.6.1 version release.


Click here to download the MPKBY/PRSS agent bulk posting RD customer package software


For guidelines please Click here to download the document file

Sanchay Post 6.6.1 version released from SDC Chennai

For Latest version download and upgradation guidelines Please visit http://tamilnadupost.nic.in/sdc/ Frequently Asked Questions - Sanchay Post Version 6.6.1

Negative List upto 29.02.2012 is released from PTC Mysore

The file 'NL_29.02.2012.exe'  needs to be copied to DBAnalyzer folder and executed. 

This will update the negative list upto 29/02/2012  (corrections received upto 19/03/2012) in Sanchay Post. 

Interest Rates On GPF - 8.6% (eight point six percent) with effect from 1.12.2011

Interest Rates On General Provident Fund (GPF) has been revised to 8.6% (eight point six percent) with effect from 1.12.2011...

Resolution - accumulations at the credit of subscribers to the GPF and other similar funds - 2011-2012(89 KB)  (Dated 19th March, 2012)

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)

F.NO. 5(1)-B(PD)/2011

Government of India

Ministry of Finance

(Department of Economic Affairs)

New Delhi, the 19th March, 2012

RESOLUTION


It is announced for general information that during the year 2011-2012, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight per cent) for the period from 1.4.2011 to 30.11.2011 and 8.6% (eight point six percent) with effect from 1.12.2011.

PS Group 'B' Exam Re-Scheduled

The Examination Scheduled to be held on 27.05.2012 as now been re-scheduled to 03.06.2012

(DG (P) No. A34012/01/2012-DE dated 09.03.2012)

Date of next increment in the revised pay structure under Rule 10 of CCS (RP) Rules 2008

Postal services including Speed Post will not attract service tax - Proposed in Union Budget 2012-13

While proposing  increase of  service tax from the present 10% to 12% in the Union Budget 2012-13, the Finance Minister has proposed exemption of some services from levying of service Tax. The details of such services exempted from levying of  12% increased service Tax are included in the Negative list of Services. At present, the service tax is levied on the basis of a positive list, meaning that the tax is levied on the specified services only.

According to the negative list, postal services, including Speed Post provided by the Department of Post, will not attract service tax.

Other important services, which will not attract the tax, include funeral, burial, mutate services and transport of deceased, Metered taxis, entry to amusement facilities, second-class rail travel,  betting, gambling, lottery, travel by radio taxis and auto rickshaw, Distribution of electricity, trading of goods, agriculture extension and support services, road tolls, renting of residential properties and services relating to bank deposits and sanction of loans.

As regards education, the service tax will not be levied on school, university education and approved vocational courses.The coaching classes and training institutions, however, will continue to be subject to the service tax.As regards sale and purchase of foreign currency, it has been clarified that such activity among the banks and dealers will be kept out of the service tax net. However, by implication, the sale of foreign currency by dealers to individuals will attract the levy.

In order to bring as many services as possible in the net, the government has come out with a wide definition of service. With some exception, it has been defined service as “any activity carried out by a person for consideration.''. In addition to the existing services, which are subject to the service tax, the negative list clarified that the tax will be levied on travel by first class and in air-conditioned rail coaches, transport of goods by a transportation and courier agencies.

The date for operation of the negative list, according to the budget papers, will be notified later.

CENTRAL D.A. TO BE ANNOUNCED ON 22ND MARCH

The Central government on Thursday i.e.22/03/2012 will announce to release of seven percent Dearness Allowance (DA) to its employees and pensioners.




“The Central cabinet, which will meet on Thursday i.e.22/03/2012 under the chairmanship of Prime Minister, Manmohan Singh will accord administrative approval to payment of DA to government employees and pensioners – revised rates effective from January 1, 2012,” Government reliable source indicated.
With the increase of seven percent, the rate of DA, it would go up from 58 to 65 percent.

courtesy pay commission