Wednesday, 28 March 2012
Tuesday, 27 March 2012
Interest Rate on Small Saving Schemes increased upto 0.5 % w.e.f 01.04.2012
March 27, 2012
Kalaivaraikalai
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.
3. Necessary notifications, including those requiring amendments to rules of small savings schemes will be notified separately.
4. This has the approval of Finance Minister.
4. This has the approval of Finance Minister.
sd/-
(Shaktikanta Das)
Addl. Secretary to the Govt. of India
Scheme
|
Rate of interest
w.e.f 01.12.2011
|
Rate of interest
w.e.f 01.04.2012
|
Savings
|
4.0
|
4.0
|
1 Year TD
|
7.7
|
8.2
|
2 Year TD
|
7.8
|
8.3
|
3 year TD
|
8.0
|
8.4
|
5 year TD
|
8.3
|
8.5
|
5 Year RD
|
8.0
|
8.4
|
5 year SCSS
|
9.0
|
9.3
|
MIS
|
8.2
|
8.5
|
5 Year NSC
|
8.4
|
8.6
|
10 Year NSC
|
8.7
|
8.9
|
PPF
|
8.6
|
8.8
|
Monday, 26 March 2012
Cheques, drafts validity only for 3 months from April
March 26, 2012
Kalaivaraikalai
NEW DELHI, MAR 23: Come April 1 and cheques and bank drafts will be valid only for 3 months, a development that RBI thinks will help mitigate frauds related to such instruments.
The Reserve Bank of India (RBI) has directed that with effect from April 1, 2012, banks should not make payments against cheques, drafts, pay orders or banker’s cheques if they are presented after the period of three months from date of issue.
It has been brought to its notice by the government that some persons were taking undue advantage of the six month validity of cheques, drafts, pay orders, banker’s cheques by circulating them like cash for this period, RBI had said in a notification earlier.
According to a senior banker, the three-month validity period is a good enough time period for instrument conciliation.
“RBI is satisfied that in public interest and in the interest of the banking policy, it is necessary to reduce the period within which cheques/drafts/pay orders/banker’s cheques are presented for payment from six months to three months from the date of such instrument,” it had said.
Interest rates on small savings schemes may go up by 0.25%
March 26, 2012
Kalaivaraikalai
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.
The government had in December, 2011 hiked interest rates on post office savings accounts (POSA) to 4 per cent, from 3.5 per cent. Similarly, the interest rates on the MIS and PPF was fixed at 8.2 per cent and 8.6 per cent respectively.
The decision to hike interest rates in December was in line with the recommendations of the Shyamala Gopinath Committee which had suggested linking of interest rates on small savings with that of the market. The panel had also suggested that the interest rates on small savings schemes should be revised annually.
The revision in the interest rates is aimed at maintaining the attractiveness of the small savings schemes vis-a-vis fixed deposit schemes operated by banks.
The government, as part of economic liberalisation process, had freed the interest rates on banks deposits giving freedom to lenders to fix rates depending upon the asset-liability position, but continued to fix rates for small savings schemes.
Pursuant to the recommendations of the Gopinath Committee, the government had introduced the National Savings Scheme (NSC) with a 10-year maturity to attract long-term funds.
The annual investment ceiling in PPF savings was increased to Rs 1 lakh from Rs 70,000.
Source:- The Economic Times
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.
The government had in December, 2011 hiked interest rates on post office savings accounts (POSA) to 4 per cent, from 3.5 per cent. Similarly, the interest rates on the MIS and PPF was fixed at 8.2 per cent and 8.6 per cent respectively.
The decision to hike interest rates in December was in line with the recommendations of the Shyamala Gopinath Committee which had suggested linking of interest rates on small savings with that of the market. The panel had also suggested that the interest rates on small savings schemes should be revised annually.
The revision in the interest rates is aimed at maintaining the attractiveness of the small savings schemes vis-a-vis fixed deposit schemes operated by banks.
The government, as part of economic liberalisation process, had freed the interest rates on banks deposits giving freedom to lenders to fix rates depending upon the asset-liability position, but continued to fix rates for small savings schemes.
Pursuant to the recommendations of the Gopinath Committee, the government had introduced the National Savings Scheme (NSC) with a 10-year maturity to attract long-term funds.
The annual investment ceiling in PPF savings was increased to Rs 1 lakh from Rs 70,000.
Source:- The Economic Times
Saturday, 24 March 2012
FLASH NEWS
March 24, 2012
Kalaivaraikalai
THE GOVT ANNOUNCED SEVEN PERCENT DA TO CENTRAL GOVT EMPLOYEES AND PENSIONERS
orders will be published later
orders will be published later
விருதுநகர் கோட்டம் தேசிய அஞ்சல் ஊழியர் முச்சங்கங்களின் 30 வது கோட்ட மாநாடு சிறக்க வாழ்த்துகிறோம்
March 24, 2012
Kalaivaraikalai
நேரம் : 25.03.2012 காலை 0930 மணி
தலைமை திரு கே. அய்யன்கன்னு
கோட்ட மாநாட்டிற்கு வருகைதரும்
P3 மாநில செயலாளர் திரு முத்து கிருஷ்ணன் அவர்களையும்
P4 மாநில செயலாளர்திரு குண சேகரன் அவர்களையும்
GDS மாநில செயலாளர் திரு கோதண்ட ராமன் அவர்களையும்
மண்டல செயலாளர்கள் P3 திரு பாஸ்கரன் அவர்களையும்
P4 திரு பாண்டி அவர்களையும் வருக வருக என திருநெல்வேலி கோட்டத்தின் சார்பாக வரவேற்கிறோம் .
Friday, 23 March 2012
FLASH NEWS
March 23, 2012
Kalaivaraikalai
Click the below links to see the memorandum
- Issues arising out of implementation of L1, L2 concept in RMS – request for discussions
- Undue delay in settlement of agreed items on the Charter of Demands
- Issues arising out of implementation of L1, L2 concept in RMS: Secretary agreed to hold a meeting with Secretary general and General Secretaries of RMS union shortly.
- Undue delay In settlement of agreed items on charter of Demands: Secretary agreed to give a details of the follow up action on the charter of Demands
- Revision of wages to casual laborers and absorption: Secretary agreed to consider this issue as early as possible.
- A memorandum submitted to secretary on the above subjects by the federations will be posted in our web shortly.
Jayalalithaa sets ‘Vision 2023’ for Tamil Nadu
March 23, 2012
Kalaivaraikalai
கனவு மெய்ப்பட வேண்டும்
Tamil Nadu CM J Jayalalithaa on Thursday unveiled her Vision Tamil Nadu 2023 for the State, to make it numero uno and one among the top three investment destinations in Asia, with a target of 11 per cent growth in Gross State Domestic Product in11 years.
The document released by her outlines an economic strategy for a higher growth rate, higher per capital income of people, making the State abundantly power surplus, high industrial growth along with a matching growth of agriculture through a second green revolution. She envisaged at least 10 world class cities within the next 10 years in Tamil Nadu.
“The Vision 2023 envisages Tamil Nadu becoming one of the top three destinations for investment in Asia and also emerging as the most attractive state for investments in India…Good leaders create a Vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion. Vision gives you the impulse to make you own art work. Vision entrails a task to accomplish,” Jayalalithaa said.
பாரதி கண்ட புதுமை பெண்டிர் நீரே !
Click Here to see Vision 2023
March 23, 2012
Kalaivaraikalai
Results of IPO Examinations: Probably Department will declare the results on Monday Evening.
Source : www.fnpo.org
Source : www.fnpo.org
Tuesday, 20 March 2012
GPF Interest Rate – 8.6 % wef 1.12.2011
March 20, 2012
Kalaivaraikalai
Resolution – accumulations at the credit of subscribers to the GPF and other similar funds – 2011-2012
(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)
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.
The funds concerned are:—1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.
(Brajendra Navnit)
Deputy Secretary (Budget)
Deputy Secretary (Budget)
Original Copy
http://www.finmin.nic.in/the_ministry/dept_eco_affairs/budget/resolution11.pdf
Date of next increment in the Revised Pay Structure under Rule 10 of the CCS(RP) Rules, 2008.
March 20, 2012
Kalaivaraikalai
Central
Civil Services (Revised Pay) Rules, 2008 — Date of next increment in
the revised pay structure under Rule 10 of the CCS(RP) Rules, 2008.
MOST IMMEDIATE
No.10/02/2011-E.III/A
Government of India
Ministry of Finance
Department of Expenditure
New Delhi, the 19th March, 2012
OFFICE MEMORANDUM
Subject:— Central Civil Services (Revised Pay) Rules, 2008 — Date of next increment in the revised pay structure under Rule 10 of the CCS(RP) Rules, 2008.
In accordance with the provisions contained in Rule 10 of the CCS (RP) Rules, 2008, there will be a uniform date of annual increment, viz. 1st July of every year. Employees completing 6 months and above in the revised pay structure as on 1st of July will be eligible to be granted the increment. The first increment after fixation of pay on 1.1.2006 in the revised pay structure will be granted on 1.7.2006 for those employees for whom the date of next increment was between 1st July, 2006 to 1st January, 2007.
2.
The Staff Side has represented on this issue and has requested that
those employees who were due to get their annual increment between
February to June during 2006 may be granted one increment on 01.01.2006
in the pre-revised scale.
3. On further consideration and in exercise of the powers available under CCS(RP) Rules, 2008, the President is pleased to decide that in relaxation of stipulation under Rule 10 of these Rules, those central government employees who were due to get their annual increment between February to June during 2006 may be granted one increment on 1.1 .2006 in the pre-revised pay scale as a one time measure and there after will get the next increment in the revised pay structure on 1.7.2006 as per Rule 10 of CCS(RP) Rules, 2008. The pay of the eligible employees may be re-fixed accordingly.
4,
In so far as the persons serving in the Indian Audit and Account
Department are concerned, these orders are issued in consultation with
the Comptroller & Auditor General of India.
sd/-
(Renu Jani)
Source: www.finmin.nic.in/
[http://finmin.nic.in/the_ministry/dept_expenditure/notification/misc/DateofIncrement_RevPayRules2008.pdf]
Latest Developments in DOP :
March 20, 2012
Kalaivaraikalai
1. IPO Exam Results 2011: The file has been referred to Secretary(P)
to take a decision whether to include Post Master Grade I
candidates in the reults or not. Once the file is received from Secretary(P) the results will be Published.
2. Cadre restructuring: DDG(P) will conduct the meeting with the staff side shortly to decide the proposal.
Monday, 19 March 2012
March 19, 2012
Kalaivaraikalai
அம்பத்தூர் கோட்ட மாநாட்டில் தேர்தெடுக்கப்பட்டதலைவர் திரு சூரிய குமார், PA, Padi SO
செயலாளர் திரு ராஜேந்திரன், PA, Ambattur HO
பொருளாளர் திரு ஜெயராமன், PA, Ambattur HO
உதவி செயலாளர் திரு ராஜகோபாலன், PM Gr I, Kodungaiyur ஆகியோர்களுக்கு திருநெல்வேலி கோட்டத்தின் வாழ்த்துக்களை தெரிவித்து கொள்கின்றோம்
