PM review of India Post regarding action taken by dept for setting up its Payment Bank

The Prime Minister's Office (PMO) is likely to undertake a review of India Post on April 14 regarding action taken by the department for setting up its payments bank.

According to sources, PMO will also take stock of progress made by Department of Post (DoP) to improve functioning through initiatives like e-commerce and IT modernisastion.

The Public Investment Board (PIB) has already approved the Rs 800-crore proposal from India Post for setting up a payments bank and after the PMO review, it will be sent to the Cabinet for final approval. "Top officials of DoP will brief PMO about the progress made so far by the department in improving efficiency and what is the latest update regarding the payments bank," a source said. The meeting with PMO is likely to take place on April 14, the source added.

The PMO is monitoring the progress made by DoP to improve its functioning and utilising the vast network of post offices across the country for financial inclusion.

Earlier this year also, PMO had taken a review of DoP with special focus on the implementation of proposals submitted by a task force on leveraging the department's post office network. India Post has selected Deloitte to advise it on setting up a payments bank.

The India Post payments bank will primarily target unbanked and under-banked customers in rural, semi-rural and remote areas, with a focus on providing simple deposit products and money remittance services.

The pilot for the payments bank is set to start from January 2017 and the full-fledged operations may start by March. 

As many as 40 international financial conglomerates including World Bank and Barclays have shown interest to partner the postal department for setting up the bank.

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இனிய தமிழ் புத்தாண்டு நல்வாழ்த்துக்கள்

இனிய தமிழ் புத்தாண்டு 14.04.2016 (துன்முகி வருடம் - சித்திரை 1 ) நல்வாழ்த்துக்கள்

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சொத்து கணக்குகளை சமர்பிக்க கால அவகாசம் மேலும் நீட்டிப்பு

மத்திய அரசு ஊழியர்கள் தங்கள் சொத்து கணக்குகளை சமர்பிக்க கால அவகாசம் 31.07.2016 வரை மேலும் நீட்டிப்பு 
முன்வந்த செய்தி  கீழே உள்ள பதிவில் காணலாம்

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LSG Promotions VI List released.

ஓராண்டிற்குள் தொடர்ச்சியாக ஆறாவது முறையாக LSG  பதவி உயர்வு பட்டியல் வெளியிடபட்டுள்ளது. இது  வரை சுமார் 525 பேர் இந்தாண்டில் பதவி உயர்வு பெற்றுள்ளனர். அவர்களுக்கு நமது தேசிய சங்கத்தின் மனமார்ந்த வாழ்த்துக்கள் .

 

 

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சொத்து கணக்கை சமர்பித்துவிட்டீர்களா ?

Declaration of Assets and Liabilities by Public Servants under section 44 of the Lokpal and Lokayuktas Act, 2013 - Filling of Returns by public servants on or before 15th April, 2016 - regarding.

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i.The first return as on 1st August, 2014 under the Lokpal and Lokayuktas Act, 2013 should be filed on or before the 15th April, 2016.
 

ii. The next return as on 31st March, 2015, under the Lokpal and Lokayuktas Act, 2013 should be filed on or before the 15th April, 2016.

iii. The annual return as on 31st March, 2016 under the Lokpal and Lokayuktas Act, 2013 should be filed on or before 31st July, 2016.

iv.The annual return for subsequent years as on 31st March every year should be filed on or before 31st July of that year.

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India Post to keep PM posted on bank plans Prime Minister Narendra Modi will hold a meeting with senior officials of the Department of Posts, or India Post, to take stock of its preparedness to roll out its payments bank.

“The Prime Minister has asked for a presentation on the payments bank before it is taken up in the Cabinet. The presentation is expected to be made on April 14,” a senior Telecom Ministry official said.

Mr. Modi will be updated on the other initiatives of the department, including digitisation and e-commerce services.

The meeting will be attended by India Post officials, including its Secretary, Kavery Banerjee.

The Public Investment Board has approved the Rs. 800-crore proposal of India Post, and it is expected to come up for Cabinet approval in the next 15 days.

India Post has selected Deloitte to advise it on setting up the payments bank, which is expected to be operational by March 2017.

License

India Post was among the 11 entities to have received licences for setting up the payments bank from the Reserve Bank of India last year.

As many as international financial conglomerates, including the World Bank and Barclays, have shown interest to partner the postal department for setting up the bank.

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50 % of 7th Pay Commission Arrears to be Invested in Bond

New Delhi: The central government is considering a proposal under which 50% of arrears of higher-income central government employees under the 7th Pay Commission will be compulsorily invested in bank capitalization bonds. The proceeds will be used to recapitalise banks without additional pressure on the fiscal.

While this will result in less cash in the hands of higher-income employees, as a sweetener they will get income tax rebate on the amount invested.

A finance ministry official confirmed that preliminary discussions around this proposal were held at a meeting on Thursday, but no decision on its implementation was taken. “The issue was discussed. We are looking at all options,” he said.

“The proposal entails that through a provision under Income Tax Act, tax rebate should be offered to all employees receiving extra salary income through pay commission in the year 2016-17 and 2017-18, provided the money is invested in the bond,” added the official.

The government will have to additionally shell out Rs 40,000-50,000 crore annually on account of implementation of the seventh pay commission recommendations with effect from January 1, 2016.

If this proposal is accepted, a portion of this money will be used to capitalize banks.

According to finance ministry estimates, state-run banks will require Rs 1.8 lakh crore of additional capital in the next four financial years, of which Rs 70,000 crore will be provided by the government.

The government has budgeted Rs 25,000 crore for bank capitalisation in the current fiscal. While the government has said it has made adequate provision in the Budget to cover the extra spending on account of the pay commission recommendations, analysts reckon it is not adequate and full implementation of award will make it difficult to achieve the fiscal deficit target of 3.5% of GDP.

“Increase in government employee wages and pension expenditure on account of seventh pay commission recommendations is not fully provided for in the Budget,” Morgan Stanley had said in a report.

The proposal currently under consideration gives the government the leeway to meet both its pay commission and bank capitalisation commitments without putting the fiscal deficit target under threat. Bonds will provide the exchequer some wriggle room. The payment will become due when bonds mature, leaving the government with only the interest payment liability in the current fiscal.

The flip side is that the proposed scheme could annoy government employees expecting a greater take-home pay. Hence the scheme has a tax exemption lollipop.

A second government official said this amount will be used to recapitalise banks through a special bank capitalisation fund that will invest in perpetual non-redeemable preference shares issued by banks. Banks will pay 5.1% dividend that is also proposed to be exempted from the dividend distribution tax. The fund will in turn pay 5% interest to government employees, retaining 0.1% as administrative charge.

“This interest income will also be tax free for government employees,” he said, which will increase the effective yield. The government will eventually pay back the amount in four equal investments after 8, 9, 10 and 11years, spreading the fiscal burden of repayment over that period. It will guarantee payment of 5% interest and repayment of deposits irrespective of whether the banks pay the dividend or not, the official added.

Source:https://www.tkbsen.in/2016/04/50-percent-of-7th-pay-commission-arrears-to-be-invested-in-bond/

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2006 முன்பு ஓய்வு பெற்ற ஓய்வுதியதாரர்களின் சட்ட போராட்டத்தின் இறுதி வெற்றி

Delinking of revised pension from qualifying service of 33 years for pre-2006 pensioners – Pension arrears from 1.1.2006

Revision of pension of pre-2006 pensioners - delinking of revised pension from qualifying service of 33 years

No.38/37/08-P&PW (A)

Government of India

Ministry of Personnel, PG & Pensions

Department of Pension & Pensioners’ Welfare

3rd Floor, Lok Nayak Bhawan

Khan Market, New Delhi-110 003

Dated the 06th April, 2016

OFFICE MEMORANDUM

Sub:- Revision of pension of pre-2006 pensioners — delinking of revised pension from qualifying service of 33 years.

The undersigned is directed to say that as per Para 4.2 of this Department’s OM of even number dated 1.9.2008 relating to revision of pension of pre-2006 pensioners w.e.f. 1.1.2006, the revised pension w.e.f. 1.1.2006, in no case, shall be lower than 50% of the sum of the minimum of pay in the pay band and the grade pay thereon corresponding to the pre-revised pay scale from which the pensioner had retired. A clarification was issued vide DoP&PW OM of even number dated 3.10.2008 that the pension calculated at 50% of the minimum of pay in the pay band plus grade pay would be calculated at the minimum of the pay in the pay band (irrespective of the pre-revised scale of pay) plus the grade pay corresponding to the pre-revised pay scale.

2. Several petitions were filed in the Central Administrative Tribunal, Principal Bench, New Delhi inter alia claiming that the revised pension of the pre-2006 pensioners should not be less than 50% of the minimum of the pay band + grade pay, corresponding to the pre-revised pay scale from which pensioner had retired, as arrived at with reference to the fitment tables annexed to Ministry of Finance, Department of Expenditure OM No. 1/1/2008-IC dated 30th August, 2008, Hon’ble CAT, Principal Bench, New Delhi vide its common order dated 1.11.2011 in OA No.655/2010 and three other connected DAs directed to re-fix the pension of all pre-2006 retirees w.e.f. 1.1.2006 based on the Resolution dated 29.8.2008 of the Department of Pension & Pensioners’ Welfare and in the light of the observations of Hon’ble CAT in that order.

3. Orders were issued vide this Department’s OM of even number dated 28.1.2013 for stepping up of pension of pre-2006 pensioners w.e.f. 24.9.2012 to 50% of the minimum of pay in the pay band and grade pay corresponding to pre-revised pay scale from which the pensioner retired. Para 5 of this OM provides that in case the consolidated pension/family pension calculated as per para 4.1 of O.M. No.38/37/08- P&PW (A) dated 1.9.2008 is higher than the pension/family pension calculated in the manner indicated in the O.M. dated 28.1.2013, the same (higher consolidated pension/family pension) will continue to be treated as basic pension/family pension.

4. Subsequently, in compliance of the order dated 1.11.2011 of the Hon’ble CAT, Principal Bench in OA No. 655/2010, order dated 29.4.2013 of Hon’ble High Court of Delhi in WP (C) No. 1535/2012 and order dated 17.3.2015 of Hon’ble Supreme Court in SLP (C) No. 36148/2013, order were issued vide this Department’s OM of even number dated 30.7.2015 that the pension/family pension of all pre — 2006 pensioners/family pensioners may be revised in accordance with this Department’s O.M. No.38/37/08-P&PW(A) dated 28.1.2013 with effect from 1.1.2006 instead of 24.9.2012.

5. In accordance with the order issued in implementation of the recommendation of the 6th CPC, the pension of Government servants retired/retiring on or after 1.1.2006 has been delinked from qualifying service of 33 years. In OA No. 715/2012 filed by Ski. M.O. Inasu, a pre-2006 pensioner, Hon’ble CAT, Ernakulam Bench, vide its order dated 16.8.2013 directed that the revised pension w.e.f. 1.1.2006 under para 4.2 of OM dated 1.9.2008 would not be reduced based on the qualifying service of less than 33 years. The appeals filed by Department of Revenue in the Hon’ble High Court of Kerala and in the Hon’ble Supreme Court have also been dismissed. Similar orders have been passed by Hon’ble CAT/High Court in several other cases also.

6. The matter has been examined in consultation with the Ministry of Finance (Department of Expenditure). It has-now been decided that the revised consolidated pension of pre-2006 pensioners shall not be lower than 50% of the minimum of the pay in the Pay Band and the grade pay (wherever applicable) corresponding to the pre-revised pay scale as per fitment table without pro-rata reduction of pension even if they had qualifying service of less than 33 years at the time of retirement. Accordingly, Para 5 of this Department’s OM of even number dated 28.1.2013 would stand deleted. The arrears of revised pension would be payable with effect from 1.1.2006.

7. Ministry of Agriculture, etc. are requested to bring the contents of these orders to the notice of Controller of Accounts/Pay and Accounts Officers and Attached and Subordinate Offices under them for revising the pension of all those pre -2006 pensioners who had rendered less than 33 years of qualifying service at the time of retirement in the manner as indicated above on top priority. Revised Pension Payment Orders in all these cases may also be issued immediately.

8. All pension disbursing offices/banks are also advised to prominently display these orders on their notice boards for the benefit of pensioners.

9. This issues with the approval of Ministry of Finance, Deptt. of Expenditure vide ID Note No. 2(9)/EV/2015, dated 15.3.2016.

10. Hindi version will follow.

sd/-

(Seema Gupta)

Deputy Secretary to the Government of India

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Authority: www.pensionersportal.gov.in

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