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Tuesday 31 January 2017

Chip Based ATM cum Debit Card

Chip Based ATM cum Debit Card from IPPB (India Post Payments Bank)


The India Post Payment Bank will issue chip-based ATM cum debit card to its customers in lieu of conventional magnetic tape based cards. A microchip is embedded on the card and contains all information in an encrypted format. It also comes with a personal identification number (PIN). 

When a chip-based card is used at the point of sale (POS) terminal, the terminal reads the encrypted format on the card and asks for a PIN and only then is the transaction processed. A chip-based card cannot be read unless you punch in the PIN.

Following is the first look of Rupay Debit of IPPB to be supplied to its account holders.


So far, only Axis Bank Ltd, HDFC Bank Ltd, State Bank of India (SBI), ICICI Bank Ltd and Kotak Mahindra Bank Ltd have launched chip-based cards in India. Some banks offer chip-based cards without a PIN; they use your signature for authentication.

The pilot branches of IPPB will be inaugurated at Raipur and Ranchi through video conferencing by Arun Jaitely and Manoj Sinha on 30th January 2017, at 5PM.

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cash withdrawal limits

Reserve Bank of India has lifted the per day cash withdrawal limits from current accounts, cash credit accounts and overdraft accounts with immediate effect on Monday. 

"Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect." a RBI release issued on Monday said.

In the same order, the RBI said that the limits placed on cash withdrawals from ATMs would be lifted from February 1. 

This means the saving accounts holders would be able to withdraw Rs. 24,000 at one go using ATMs on a single day. But the weekly withdrawal limit from savings accounts remain Rs. 24,000. 
//DD News//
(AKS-30/01) 

Relaxation in the norms of promotions from LSG

IPPB launched

IPPB launched on January 30th, 2017 in Ranchi and Raipur

At India Post Payments Bank, we believe that a nation can only grow when every citizen gets an opportunity to prosper, regardless of their way of life. With simple, diverse and growth oriented offerings, IPPB aims to give every Indian access to efficient banking services.
Incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year.
For now, IPPB is offering Savings account upto a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals. In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex, and more..
IPPB’s PHILOSOPHY:
Here are the 3 features central to IPPB’s operating philoso​phy:
Convenience at your fingertips: We promise to make banking a simple, affordable and convenient experience for Indians across the nation. That’s why we make sure that citizens across the nation get seamless access to government benefits directly from their respective IPPB bank accounts and make the most of the financial opportunities available to them.
Pioneer in inclusive bankingAt IPPB, we encourage smart saving and investment habits with our easily accessible banking services. Our vision is to extend banking facilities to the remotest corner of the nation. Our services transcend geographical borders. That’s how we aim to simplify banking and bring prosperity to every doorstep.
Efficiency of banking networkIPPB provides the most effective, accessible and readily available banking network across the nation. IPPB will soon offer banking services through digital channels like mobile, UPI, debit cards which can be used at ATMs, PoS and mobile-PoS. This facilitates all-round connectivity with your bank and helps you access your account details instantly.

IPPB - Schedule of Charges

IPPB - Schedule of Charges (Tariffs are excluding applicable taxes) Savings account charges and features


IPPB - Schedule of Charges
(Tariffs are excluding applicable taxes)
Savings account charges and features






Notes:
  1. The above charges are in addition to the transaction charges (e.g. charges for AEPS are not included above). Please refer to the respective sections for transaction charges
  2. The higher of financial and non-financial transaction charges for doorstep banking will be levied in case a customer avails both the facilities in a single visit (e.g. If a customer avails cash deposit of INR 10,000 and balance enquiry in a single doorstep visit, the customer will be charged INR 20 for that visit)
  3. Only three transactions are allowed per visit. Fourth transaction would be treated as another visit, and charges would apply accordingly
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16th March Strike Importance




Dear Comrades,
                            The main demands of the Staff Side (JCM) which led to declaration of the 11th July strike is the revision of the NPS, minimum wage, fitment formula, allowances and pension cases etc. this is due to lowest wage hike of just 14%  recommended by the 7thCPC.


Under the 7th Pay Commission slab – which was implemented ten years after the previous pay commission the salaries of the government employees saw a marginal rise of just 14% . The basic pay under the 7th CPC the minimum wage  was increased to Rs 18,000 from Rs 7,000 (2.57 times) while the salary of the senior government officials has gone up to Rs 2.50 lakh from Rs 90,000(2.77 times).

The minimum wage was increased by 2.57 times but in actual terms this increase is of just Rs 2250/- in 7th CPC, while taking into account of 125% DA was merged this due to rising inflation and price rise already the CG employees wage factor was 2.25 time, that is basic of Rs 7000/- plus DA of 125% of Rs 8750 works out to Rs 15750/- , staff side had already demanded for a hike of more than three times which is Rs 26,000 per month.
Comparison of earlier wage hike we can observe that the fitment factor of 2.57 times   is the lowest comparing to other pay commissions. If we make a study of earlier pay commission.
Pay commission
Year
Minimum wage old
Minimum wage revised
Increase
2nd CPC
1959
Rs 55/-
Rs 80/-
1.45 times
3rd CPC
1973
Rs 80/-
Rs 196/-
2.45 times
4th CPC
1986
Rs 196/-
Rs 750/-
3.82 times
5th CPC
1996
Rs 750/-
Rs 2550/-
3.40 times
6th CPC*
2006
Rs 2550/-
Rs 7000/-
2.74 times
7th CPC *
2016
Rs 7000/-
Rs 18000/-
2.57 times

* The minimum qualification required at lower level appointments from the year 2008 has been revised from 8th pass to 10th pass (SSLC) as per the 6th CPC recommendations, hence the minimum wage should increase by 25% compared to earlier pay commissions.     
        The minimum wage has increased considerably due to price inflation from 4th CPC (1986) onwards the average wage hike is 3.32 times.  During the period 1946 to 1972, the financial position of the Central Government was not that good. The financial position of the Central Government has been improving from the 4th CPC onwards that is from 1986 onwards, the pay fixation depends on the paying capacity of the Central Government.  The revenue collection of the Central Government has increased especially from last few years.  The revenue expenditure in respect of salaries of Central Government employees is just under 10% of the Central Government revenue.  In respect of the many State Governments the revenue expenditure towards salaries is around 20%. Whereas the Central Government is spending just 10% of the revenue collection on salary head. 
The wages of CG employees are determined based Dr. Aykroyd formula, the  Staff Side (JCM) has calculated minimum wage as on 1st Jan 2014 as per the Dr. Aykroyd formula as Rs 26,000/- taking into market prices. Even if we adopt the retail prices of The Directorate of Economics & Statistics Department of Agriculture & Cooperation Ministry of Agriculture Government Of India New Delhi   of the month of July 2016 the minimum wage works out to Rs 24,000/ which is 3.42 times increase. The 7th CPC has also  adopted Dr. Aykroyd formula for the computation of the minimum wage and fixed at Rs 18000/- and thereafter the fitment formula is calculated.
CLICK HERE FOR MINIMUM WAGE DETAILS 

Fitment formula = Minimum wage Rs 18000 / Rs 7000  =  2.57  

THE STAFF SIDE (JCM) HAD DEMANDED THE FITMENT FORMULA OF 3.72  THAT IS  RS 26000/ RS 7000 AS ON 1ST JAN 2014. WHATEVER ANGLE WE LOOK THE 7TH CPC HAS CHEATED US ON THE MINIMUM WAGE AND FITMENT FORMULA COMPARED TO THE EARLIER PAY COMMISSION THIS PAY COMMISSION HAS GIVEN US THE LOWEST WAGE HIKE OF JUST 14% COMPARED TO LAST 40 YEARS.


Meanwhile, some reports suggest that the employees who have been eagerly waiting for higher allowances under the 7CPC will have to bear three more months of delay to get their allowances revised . Due to early Budget which is followed by Assembly Elections in five states, due to which model code of conduct has been imposed, the government is likely to delay the payment of the higher allowances. The polling in five states – Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur – will begin on February 4 and the results will be declared on March 11, after that only our allowances will be decided.

THE FINANCIAL POSITION OF THE CENTRAL GOVERNMENT IS VERY GOOD. EVEN THE GDP (GROSS DOMESTIC PRODUCT) HAS SHOWN INCREASE IN LAST FEW YEARS WHICH IS AROUND 7% ,  THE INDIAN ECONOMY IS FASTEST GROWING AND PLACED 7TH IN THE WORLD  ( WHICH IS AT2,250.987  BILLIONS OF $ ), COMPARING TO WAGES PAID IN  THE WORLD OUR WAGES ARE AT LOWER  LEVEL. THE GOVERNMENT FISCAL BUDGET DEFICIT EQUAL TO 3.50 PERCENT OF THE COUNTRY'S GROSS DOMESTIC PRODUCT IN 2016. COMPARED TO 2008 WHERE THE FISCAL DEFICIT WAS AT 7.8 %,  BUT TODAY THE FISCAL DEFICIT IS CONTAINED AT 3.5%. THIS IS ALSO A HEALTHY SIGN OF THE ECONOMIC STATUS OF THE CENTRAL GOVERNMENT FINANCIAL STATUS, THE BUDGET FISCAL DEFICIT IS ALWAYS BELOW 4%.  


The Central Government financial position is very good even after demonetization, only a political decision the Central Government on our demands.    Comrades the Hon’ble Finance Minister has given a given a press statement in media channel’s that the effect of demonetisation has not taken place on the revenue collection of the union government, in fact that the revenue collection has increased, even the revenue of the State Governments has increased considerably, the press release of the Ministry of Finance on 9/1/2017 has endorsed the Hon’ble Finance Minister statement.

To avert the 11th July CG employees strike the Hon’ble Prime Minster had instructed the group of ministers including Shri Rajnath Singh, Hon’ble Home Minister, Shri Suresh Prabhu , Hon’ble Railway Minister    and Shri Arun  Jaitely , Hon’ble  Finance Minister to hold discussions with the Staff Side (JCM) on 30th June 2016 and the Shri Arun  Jaitely , Hon’ble  Finance Minister had published a written assurances in the Government  website on 6thJuly 2016 leading to deferment  of the strike .
 Now comrades seven months has passed the assurances given by the group of ministers has not been fulfilled so far, in this connection the NJCA met on 17th January 2017 at New Delhi. The Confederation was represented by Comrades KKN Kutty, M Krishnan and MS Raja. Comrades RN Parashar and Giriraj Singh represented NFPE (constituent of Confederation).

 Com. Shiva Gopal Mishra Staff Side Secretary (JCM) and Com M. Raghavaiah, Chairman Staff Side (JCM)   had a meeting’s with the  Cabinet Secretary and Shri Rajnath Singh, Hon’ble Home Minister on 18th Jan 2017 regarding the demands of the CG employees as assured by the group of ministers on 30th June 2016.

 Shri Rajnath Singh, Hon’ble Home Minister had once again assured that the issues of CG employees will be resolved, but no time frame has been fixed for resolving the issues or any concrete assurances are given on our demands .   
  
The strike is the last resort for achieving our demands, but we are forced to undertake the strike action due to following events.
1)    The 7th CPC has erred in fixation of the minimum wage by adopting the wrong prices, and methodology. Thereby the minimum wage and fixation formula has to be corrected.

2)      The Government has assured our staff side leaders that they will settle the demands of CG employees in four months’ time, but seven months has lapsed till now the demands of CG employees are not settled even allowances issue is also not settled so far.  


3)     Comrades, now the revenue collections of the Central Government has increased, the Central Government has financially capable to accept our demands of revision of allowance, minimum wage, fitment formula etc., revision of tax slabs should also take place , the Central Government employees should benefit as we were  serving with dedication the Central Government and Central Government is a model employer.

 Comrades Central Government has now take a political decision on our demands of revision of allowance, minimum wage, fitment formula and revision of tax slabs.

For this we have to struggle and put pressure on the Central Government to accept our demands.  In this circumstance, it should be our endeavour to campaign more vigorously for the successful strike on 16th March 2017                                                                             

                                                                            Comradely yours

                                                                                (P.S.Prasad)
                                                                            General Secretary

Saturday 28 January 2017

Ministry of External Affairs (MEA) planning to open 650 post office PSKs





The Ministry of External Affairs (MEA) has drawn up ambitious plans of opening post office Passport Seva Kendras (PSKs) in 650 districts across the country soon.

Disclosing this during the inauguration of a post office PSK here on Wednesday, MEA Secretary D.M. Mulay said the MEA was planning to collaborate with the Department of Posts by opening PSKs at district level across the country to meet the growing demand for passports. The demand for passports in India, which is around 2 crore a year, was the third highest in the world after China and the U.S. A total of 60,000 passports are issued every day in the country, he added.

While there are a total of 89 PSKs in the country, the first two post office PSKs were opened at the Metagalli Post office in Mysuru and the Head Post office at Dahod in Gujarat in pilot mode on Wednesday.

Usha Chandrashekar, member, Postal Services Board, who was also present at the inauguration, said the postal officials will be processing the applications for verification of documents and obtaining the photographs and biometrics of the applicants at the post office PSKs.

The Department of Posts, which was earlier only handling posts, has also been handling a variety of other services, including delivering e-commerce parcels, insurance, social security products, and agricultural seeds. Now, it will be handling delivery of passport-related services in an IT-enabled manner, she added.

Union Minister Ananth Kumar, who inaugurated the post office PSK in Mysuru, hoped that all the districts of the country will have a PSK in one year’s time and appreciated Minister for External Affairs Sushma Swaraj’s initiative in the regard.

Pratap Simha, MP, recalled that the demand for a PSK for Mysuru was the first issue on which he had spoken in the Parliament after his election. He revealed that the decision to start a post office PSK in Mysuru from Wednesday was taken only last Friday and appreciated the officials of the Regional Passport Office, Bengaluru, led by RPO P.S. Karthigeyan for making the necessary arrangements in quick time.

Income Tax Rates FY 2016-17 (AY 2017-18) - Finmin Orders

CIRCULAR NO : 01/2017
F.No.275/192/2016-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi
Dated the 2nd January, 2017

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No.20/2015 dated 02.12.2015 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2015-16, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2016-17 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2016:
As per the Finance Act, 2016, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2016-17 (i.e. Assessment Year 2017-18) at the following rates:

2.1 Rates of tax
A. Normal Rates of tax:



 B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:


C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

 

Representation of Defence Civilian Employees’ Federations regarding misinterpretation of Revised Pay Rules 2016 leading to incorrect pay fixation of employees

Immediate
Government of India
Ministry of Defence
Department of Defence
D(civ-I)

Subject: Representation of Defence Civilian Employees’ Federations regarding misinterpretation of Revised Pay Rules 2016 leading to incorrect pay fixation of employees – reg.

The Defence Civilian Employees’ Federation have reported that the Accounting Authorities in the Defence Estts. are misinterpreting the provisions of CCS(RP) Rules, 2016 leading to anomalies pay fixation of the defence employees. The Federations have demanded that clarification may be issued to the Defence Estts. to enable them to issue correct pay fixation orders of the employees, on the basis of the options exercised by them.

2. Taking into account these reports, MoD has sent a proposal to MoD(Finance) to seek clarification about the manner of fixation of pay through illustations prepared by this office. The said proposal for seeking clarification has been sent to MoD(Fiance) on 5.12.2016. A copy of this proposal is enclosed for information. In view of the complaints of incorrect pay fixation in defence establishments, it is requested that the clarification on this subject from Ministry of Finance/MoD(Finance) may please be awaited so that the pay fixation of the employees could be issued on the basis of right position. This position may please be communicated to various Accounting Authorities under the Contral of CGDA to avoid any inconsistencies in the matter of pay fixation.

sd/-
(Pawan Kumar)
Under Secretary