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Monday 29 February 2016

Highlights of Union Budget 2016-17

Affirming that the economy is right on track, Finance Minister Arun Jaitley presented the Union Budget for 2016-17. Citing that the CPI inflation has come down to 5.4% from 9 plus, he said it is huge relief for the public. 



Tax

Infrastructure and agriculture cess to be levied. 

Excise duty raised from 10 to 15 per cent on tobacco products other than beedis 

1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. 

SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs. 

Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge 

Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties 

Excise 1 per cent imposed on articles of jewellery, excluding silver. 

0.5 per cent Krishi Kalyan Cess to be levied on all services. 

Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models. 

Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent. 

Personal Finance

No changes have been made to existing income tax slabs 

Rs 1,000 crore allocated for new EPF (Employees' Provident Fund) scheme 

Govt. will pay EPF contribution of 8.33% for all new employees for first three years 

Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses. 

Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh. 

Service tax exempted for housing construction of houses less than 60 sq. m 

15 per cent surcharge on income above Rs. 1 crore 

Social

Rs. 38,500 crore for Mahtma Gandhi MGNREGA for 2016-17 

Swacch Bharat Abhiyan allocated Rs.9,500 crores. 

Hub to support SC/ST entrpreneurs 

Government is launching a new initiative to provide cooking gas to BPL families with state support. 

LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years for BPL families. 

2.87 lakh crore grants to gram panchayats and municipalities - a quantum jump of 228%. 

300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission 

Four schemes for animal welfare. 

Health

2.2 lakh renal patients added every year in India. Basic dialysis equipment gets some relief.
A new health protection scheme for health cover upto 1 lakh per family. 

National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district hospitals. 

Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme 

PM Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened 

Education 

Scheme to get Rs.500 cr for promoting entrepreneurship among SC/ST 

10 public and 10 private educational institutions to be made world-class. 

Digital repository for all school leaving certificates and diplomas. Rs. 1,000 crore for higher education financing. 

Rs. 1,700 crore for 1500 multi-skill development centres. 

62 new navodaya vidyalayas to provide quality education 

Digital literacy scheme to be launched to cover 6 crore additional rural households 

Entrepreneurship training to be provided across schools, colleges and massive online courses.
Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna-FM Jaitley
National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi-skill training institutes to be set up. 

Energy 

Rs. 3000 crore earmarked for nuclear power generation 

Govt drawing comprehensive plan to be implemented in next 15-20 years for exploiting nuclear energy 

Govt to provide incentive for deepwater gas exploration 

Deepwater gas new disc to get calibrated market freedom, pre-determined ceiling price based on landed price of alternate fuels. 

Investments and infrastructure

Rs. 27,000 crore to be spent on roadways 

65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is 100 kms/day 

Shops to be given option to remain open all seven days in a week across markets. 

Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, - Rs 97,000 crore 

India's highest-ever production of motor vehicles was recorded in 2015 

Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore 

New greenfield ports to be developed on east and west coasts 

Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity 

100 per cent FDI in marketing of food products produced and marketed in India 

Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management 

Govt will amend Motor Vehicle Act in passenger vehicle segment to allow innovation. 

MAT will be applicable for startups that qualify for 100 per cent tax exemption 

Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in gain of Rs.20,670 crore 

Agriculture 

Total allocation for agriculture and farmer welfare at Rs 35984 crores 

28.5 lakh heactares of land wil be brought under irrigation. 

5 lakh acres to be brought under organic farming over a three year period 

Rs 60,000 crore for recharging of ground water recharging as there is urgent need to focus on drought hit areas cluster development for water conservation. 

Dedicated irrigation fund in NABARD of Rs.20.000 cr 

Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojna. 

Banking

Banks get a big boost: Rs 25,000 crore towards recapitalisation of public sector banks. Jaitley says: Banking Board Bureau will be operationalised, we stand solidly behind public sector banks. 

Target of disbursement under MUDRA increased to 1,80,000 crore 

Process of transfer of government stake in IDBI Bank below 50% started 

General Insurance companies will be listed in the stock exchange 

Govt to increase ATMs, micro-ATMs in post offices in next three years


Source : thehindu.com

LETTER TO SSPOs,CHITTOOR DIVISION ON RT 2016

No.Union/ Misc             dated at Chittoor -517001 the                                             29.02.2016.

To,
The Sr.Supdt. of Post Offices,
Chittoor Division, Chittoor 517001

Respected Sir,
                       
Sub:- Rotational  transfers for the year 2016-reg

Ref:- SSPOs, Chittoor Memo.no.B2/RT/2015-16 dated 20.01.2016.

                                    ****
It is came to the notice of this union that the following posts are vacant
consequent on getting promotion to LSG cadre by the following officials.

1.      Sri D.Sudhakar Reddy, SPM, Prasanthnagar SO
2.      Sri V.Ramachandra, PA, Madanapalle HO

                        Posts fallen vacant:

1.      SPM, Prasanthnagar SO
2.      PA, Madanapalle HO

                       Hence it is requested that kindly include and notify the above said posts along with the vacant posts already notified vide SSPOs, Chittoor letter no.dated 20.01.2016

                        Thanking you sir,

                                                                                                Yours Sincerely,


                                                                        DIVISIONAL SECRETARY
                                                                              AIPEU CL III
                                                                        CHITTOOR DIVISION


Tuesday 23 February 2016

POST OFFICE ATM


In six months, those having accounts with post offices can use their postal debit cards to withdraw cash from Automated Teller Machines (ATM) operated by banks too.

With the inauguration of an ATM facility at the Park Town head post office on Monday, all the city’s nine head post offices, including the ones at Mylapore, Avadi and St.Thomas Mount, have ATMs now.

In the Park Town head post office, to start with, 250 customers will be provided with debit cards and more customers will get theirs soon. Charles Lobo, chief postmaster general, Tamil Nadu circle, inaugurated the ATM and distributed debit cards.

Once the facility of interoperable ATMs are in place, bank customers can withdraw cash from ATMs at post offices too, said Mervin Alexander, postmaster general (Chennai City Region) at the function.

At present, there are 52 lakh postal savings account holders in the Chennai city region. Of these, nearly 16,000 account holders have been provided with debit cards.

Officials of the postal department say that such cards were given to those who maintain a minimum balance of Rs. 500. Steps are being taken to create more awareness about postal ATMs among customers.


Customers are likely to soon enjoy the benefits of net banking with the department now operating it on a trial basis. Post offices in the Chennai north division are conducting a campaign to get residents, especially autorickshaw drivers and vendors in the Park Town area, to take up Pradhamar Natchathra Paadhukappu.

Tuesday 16 February 2016

Reply received from Circle office on CBS issues

In response to union's letter on CBS issues Circle Office has furnished
a reply and the same  is placed here for the information of the members.


Finance Ministry invites NJCA to discuss over 7th pay commission recommendation on 19.2.2016


The Official Sources Close to the Finance Ministry told that a Meeting with National Joint Council of Action to be held on 19th February 2016 on the issues of 7th Pay Commission and Charter of Demands of NJCA.
It is informed that Convener, 7th Pay Commission Implementation Cell has fixed Meeting with NJCA on 19th February 2016 at North Block to discuss about the matters pertaining to 7th CPC recommendations and Charter of Demands of NJCA. The timing of the meeting scheduled itself has reveals its importance.
It is expected that, since the Meeting is scheduled before the Budget Session, some news about implementation of 7th pay commission may be announced in Budget or at least we are able to know the latest development about 7th cpc implementation after the Meeting.
An internal meeting of NJCA will also be held on 18.2.2015 before they attend the meeting with Finance Ministry.

ORDERS ISSUED BY THE DIRECTORATE TO INCREASE THE BANDWIDTH IN THE REQUIRED OFFICES ; POWERS NOW VESTED WITH THE HEADS OF CIRCLES

TUESDAY, FEBRUARY 16, 2016


DUE TO THE CONTINUED EFFORTS OF OUR CIRCLE UNION BY TAKING UP THIS SUBJECT IN THE  RJCM MEETING  HELD ON 6.8.2015 AND BY TAKING FOLLOW UP ACTION WITH THE DIRECTORATE THROUGH OUR CHQ ; 

AND FURTHER TAKING UP THIS ISSUE WITH THE HONBLE MINISTER FOR COMMUNICATIONS THROUGH  OUR SECRETARY GENERAL  IN HIS LETER DT. 20.1.2016, WE GOT THIS REMARKABLE ORDER, THOUGH THERE IS  FINANCIAL IMPLICATION, SURPASSING THE AGREEMENT MADE BY THE DEPARTMENT WITH M/S SIFY. PL INFORM ALL. 

THIS ISSUE AS WELL AS THE THE FIXING OF BUSINESS HOURS ISSUE  WILL BE DEALT WITH THE  AUTHORITIES IN THE  ENSUING RJCM MEETING FOR IMPLEMENTATION.



DAILY ALLOWANCE



Daily allowance is meant to cover living expenses when employees travel out of their headquarters for work. Presently it is in the form of reimbursement of staying accommodation expenses, travelling charges (for travel within the city) and food bills, payable at the following rates:




For journeys on foot, undertaken in organizations like FSI, Survey of India, GSI, etc. for data collection purposes, an additional allowance of ₹7.5 per km travelled on foot shall be payable.

The existing dispensation is different for Railway employees who are paid a flat sum because they are currently not entitled to stay in any accommodation other than Railway rest houses. The lump-sum rates for Railway personnel are as follows:


Representations received regarding this allowance primarily deal with the reimbursement procedure, as it is claimed that getting hotel bills (in small towns) and food bills is not always practical. 

Analysis and Recommendations by 7th CPC
The Commission considered the present model of this allowance, followed both in Railways and in other ministries. It is proposed to adopt the best from both of them so that the administration of the allowance can be simplified. Accordingly the following is recommended: 

a) Reimbursement of staying accommodation charges


For levels 8 and below, the amount of claim (up to the ceiling) may be paid without production of vouchers against self-certified claim only. The self-certified claim should clearly indicate the period of stay, name of dwelling, etc. The ceiling for reimbursement will further rise by 25 percent whenever DA increases by 50 percent. Additionally, it is also provided that for stay in Class ‘X’ cities, the ceiling for all employees up to Level 8 would be ₹1,000 per day, but it will only be in the form of reimbursement upon production of relevant vouchers.

b) Reimbursement of travelling charges

Similar to Reimbursement of staying accommodation charges, for levels 8 and below, the claim (up to the ceiling) should be paid without production of vouchers against selfcertified claim only. The self-certified claim should clearly indicate the period of travel, vehicle number, etc. The ceiling for levels 11 and below will further rise by 25 percent whenever DA increases by 50 percent. The rate of allowance for foot journeys shall be enhanced from the current rate of ₹7.5 per km to ₹12 per km travelled on foot. This rate also shall further rise by 25 percent whenever DA increases by 50 percent.

 c) There will be no separate reimbursement of food bills. Instead, the lump sum amount payable will be as per Table 1 below and, depending on the length of absence from headquarters, would be regulated as per Table 2 below. Since the concept of reimbursement has been done away with, no vouchers will be required. This methodology is in line with that followed by Indian Railways at present (with suitable enhancement of rates)

  i. Lump sum amount payable


Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016



Press Information Bureau 
Government of India
Ministry of Finance

16-February-2016 19:10 IST

Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest rates with the market rates of the relevant Government securities;

Interest rate on savings schemes based on laudable Social Development or Social Security Goals including Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and the Monthly Income Scheme left untouched by the Government.
 
            The National Savings Schemes (NSSs) regulated by the Ministry of Finance offer complete security of investment combined with high attractive returns. These schemes also act as instruments of financial inclusion especially in the geographically inaccessible areas due to their implementation primarily through the Post Offices, which have reach far and wide. 
            The small savings interest rates are perceived to limit the banking sector’s ability to lower deposit rates in response to the monetary policy of the Reserve Bank of India.  In the context of easing the transmission of the lower interest rates in the economy, the Government also has to take a comprehensive view on the social goals of certain National Small Savings Schemes.  Accordingly, it has been decided that the following shall be implemented with effect from 1.4.2016 with regard to National Savings Schemes:
  1.  The Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and the Monthly Income Scheme are savings schemes based on laudable social development or social security goals.  Hence, the interest rate and spread that these schemes enjoy over the G-sec rate of comparable maturity viz., of 75 bps, 100 bps and 25 bps respectively have been left untouched by the Government. 
 2.  Similarly the spread of 25 bps that long term instruments, such as the 5 yr Term Deposit, 5 year National Saving Certificates and Public Provident Fund (PPF) currently enjoy over G-Sec of comparable maturity, have been left untouched as these schemes are particularly relevant to the self-employed professional and salaried classes.  This will encourage long term savings.
 3.  The 25 bps spread that 1 yr., 2yr. and 3 yr. term deposits, KVPs and 5 yr Recurring Deposits have over comparable tenure Government securities, shall stand removed w.e.f. April 1, 2016 to make them closer in interest rates to the similar instruments of the banking sector.  This is expected to help the economy move to a lower overall interest rate regime eventually and thereby help all, particularly low-income and salaried classes.
4.  The interest rates of all small saving schemes would be recalibrated w.e.f. 1.4.2016 on a quarterly basis as given under, to align the small saving interest rates with the market rates of the relevant Government securities;

Sr. No.
Quarter for which rate of interest would be effective
Date on which the revision would be notified
Rate of interest to be based on FIMMDA month end G-Sec. rate pertaining to
1.
April to June
15th March
Dec.-Jan.-Feb.
2.
July to September
15th June
Mar.-Apr.-May.
3.
October to December
15th September
Jun.-Jul.-Aug.
4.
January to March
15th December
Sep.-Oct.-Nov.

       5.   The compounding of interest which is biannual in the case of 10 yr National Saving Certificate (discontinued since 20-12-2015), 5 yr National Saving Certificate and Kisan Vikas Patra, shall be done on an annual basis from 1.4.16.
     6.        Premature closure of PPF accounts shall be permitted in genuine cases, such as cases of serious ailment, higher education of children etc,. This shall be permitted with a penalty of 1% reduction in interest payable on the whole deposit and only for the accounts having completed five years from the date of opening.
7.  In pursuance to the decision as mentioned in Para 4 above, the rates of interest applicable on various small savings schemes for the quarter from April to June 2016 effective from 1.4.2016 would be notified in March, 2016.
            The above changes have been brought with the objective of making the operation of National Saving Schemes market-oriented in the interest of overall economic growth of the country, even while protecting their social objectives and promoting long term savings.
**********


 Source : http://pib.nic.in/newsite/PrintRelease.aspx?relid=136468

Fixation of TRCA of GDS - Clarification


LETTER BY CHAIRMAN GDS COMMITTEE FOR SUBMISSION OF MEMORANDUM


Strike Ballot Result: More Than 95% Railwaymen Cast Their Votes In Favour Of Strike From 11.04.2015




Opposing the “retrograde” recommendations of the Seventh Central Pay Commission, railway unions will go on an indefinite strike from April 11.

The decision was taken after a strike ballot was held on February 11 and 12 in which “more than 95 per cent of railwaymen cast their votes in favour of strike,” said the All India Railwaymen’s Federation (IRF), the largest trade union in the Indian Railways, in a statement here.

The Indian Railways is the second highest employer in the country, after the Army, with 13.1 lakh members.

“There is serious resentment among the Central government employees in general and the railwaymen in particular against the retrograde recommendations of the VII CPC and non-settlement of their long-pending genuine demands,” said AIRF general secretary Shiva Gopal Mishra.

A notice for going on indefinite strike from 6 a.m. on April 11 will be served to all general managers of the Indian Railways on March 11 “in case the government does not resolve the genuine demands of the employees.”

The unions feel that recommendations of the 7th Pay Commission will reduce the “take home” salary of 90 per cent of the railway workers.

Among their other demands are: addressing the 11-point charter of demands of the Central government employees, settling issues it objected to in the Seventh Pay Commission report, scrapping the Bibek Debroy report on restructuring and the National Pension Scheme and filling up all vacant posts in railways, among others

Friday 12 February 2016

KNOW A LEAVE RULE TODAY...


Clarification regarding Issuance of India Post ATM Card


1. Whether ATM cards can be issued to Illiterate account holders.?

Yes. Just like how account opening is being and also with drawls by Illiterate people is done, the same procedure (witness) may be followed for giving ATM cards to illiterates. However do keep in mind and inform the customer that if any malpractices is being done in their ATM card by the person who is operating their card (if incase), we are not responsible. May be get a letter from the customer before issuing cards to them that they fully understand these conditions.

2. Whether ATM cards can be issued to account holders of other SOLs ?

( Including town sub offices) as the account holders of near by offices are requesting for issue of ATM cards. And detailed procedure is wanting for SOL change/transfer of account from one PO to other PO if specifically requested by the depositor by written letter or producing SB 10(b).
NO. ATM cards should be given to HO account holders only at present. Cards for SOs will be given in future.

3. Whether ATM cards can be issued to all joint holders(A, B, C) or only to first holder.?

ATM cards can be given for single account holder and Joint B(E OR S). For joint B, primary account holder to be given ATM card.