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Sunday, October 22, 2017

PMLA: Banks to now match original IDs with photocopies

The Government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the prescribed threshold, to weed out the use of forged or fake copies.

The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.

The new rule now requires the reporting entity to compare "the copy of officially valid (identification) document so produced by the client with the original and recording the same on the copy".

The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money.

The PMLA and its rules impose obligation on reporting entities like banks, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information to Financial Intelligence Unit of India (FIU-IND).

As per Rule 9, every reporting entity shall at the time of commencement of an account-based relationship, identify its clients, verify their identity and obtain information on the purpose and intended nature of the business relationship.

Intermediaries like stock broker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies are also classified as reporting entities.
Biometric identification number Aadhaar and other official documents are required to be obtained by the reporting entities from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above.

The same is also required for all cash dealing of more than Rs 10 lakh or its equivalent in foreign currency, cash transactions where forged or counterfeit currency notes have been used and all suspicious transactions.

All cross border wire transfers of more than Rs 5 lakh in foreign currency and purchase and sale of immovable property valued at Rs 50 lakh or more also fall under this category, according to the reporting rules.

The Gazette notification said in case the officially valid document furnished does not contain updated address, a utility bill like electricity, telephone, post-paid mobile phone, piped gas or water bill which is not more than two months old can be considered as a proof of address.

Also, property or municipal tax receipt, pension or family pension payment orders issued to retired employees by Government departments, or letter of allotment of accommodation from employer can be considered for the same purpose. 

Source:-The Economic Times

Recovery of wrongful/excess payment made to Government servants

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Thursday, October 12, 2017

Revision of Ceiling Rates for Knee and Hip Implants under CGHS and CS(MA) Rules ( Release Date :06/10/2017 )

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Reservation for OBCs in Civil posts and Services under the Government of India - Regarding.

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Manual entry not to be allowed in Post Office Passbooks of various POSB Schemes in CBS Post Offices where Passbook printers have been supplied

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7.5 lakh university and college teachers to receive benefits under 7th Pay Commission

The salaries of university and college teachers are set to increase in the range of Rs 10,400 to Rs 49,800.

A decision that is going to benefit nearly eight lakh teachers and other academic equivalent staff in higher educational institutions under the purview of the University Grants Commission and in centrally funded technical institutions, the Union Cabinet approved the revision of pay scales based on the recommendations of the Seventh Central Pay Commission for Central Government employees on Wednesday.

Post the Cabinet meeting, HRD minister Prakash Javadekar said that the government extended the benefits of the Seventh Pay Commission for the teaching faculty of central and state universities and aided colleges.

"The move will benefit 7.58 lakh professors, assistant professors and others," said Javadekar, adding that the hike would be anywhere between Rs 10,000 and Rs 50,000.
"This amounts to an increase of around 22-28 per cent," Javadekar said.
The approved pay scales will be applicable from January 1, 2016 and the revision will register an entry pay growth in the range of 22% to 28%. Javadekar said that the measured proposed in the revised pay structure are expected to improve quality of higher education and also attract and retain talent. The annual central financial liability on account of this measure would be about Rs 9,800 crore.

Teachers and equivalent academic staff in the 106 universities/ colleges which are funded by the UGC/ MHRD, 329 universities which are funded by state governments and 12,912 government and private aided colleges affiliated to public universities are set to benefit from this pay revision.

In addition, the revised pay package will cover teachers of 119 centrally funded technical institutions, viz., IITs, IISc, IIMs, IISERs, IIITs, NITIE, etc.

For the state government funded institutions, the revised pay scales will require adoption by the respective governments. The Central government will bear the additional burden of the states on account of revision of pay scales.

Source:-The Times of India

UPU News:- Guterres on World Post Day: Posts contribute to the SDGs

 The UN Secretary General’s remarks were read at a first of its kind ceremony organized by the UPU to celebrate the annual awareness day celebrated each 9 October.

The winners and high-level audience present at World Post Day Award Ceremony.
Held at the UPU’s headquarters in Berne, the event brought together guests from the postal sector, diplomatic corps and Swiss Confederation to honour both its 46th International Letter-Writing Competition gold medallist and top scorers in the UPU Integrated Index for Postal Development (2IPD).
For his part, UPU Director General Bishar A. Hussein emphasized the Post’s important role in global public infrastructure.
“Posts are not only about letters and stamps. They are enablers of inclusive development, constituting an essential component of the global economy,” said Hussein.
UN Secretary-General António Guterres echoed this sentiment in a special message sent to the UPU, adding that Posts play an important role in the everyday lives of people and businesses and are making welcome contributions to global efforts to achieve the Sustainable Development Goals.“
Letter-writing winner
The ceremony first honoured fourteen year old Eva Giordano Palacios, whose composition won Togo’s national letter-writing competition before being selected by a panel of judges in the UPU’s international round.
In 2017, children were asked to write a letter to the new UN Secretary-General advising him on an issue they would like to help him solve. Palacios brought the audience to tears with her poignant letter and accompanying song on child marriage.
“The solution, the only solution to child marriage, is education. Education allows the children of today, who will be the adults of tomorrow, to understand that age-old traditions which instruct them to marry off their daughters are unfair, and that poverty is no excuse, especially when the men are far too old for them,” she read.
Guterres praised the competition and the chosen theme in his World Post Day message, adding that “This year’s 1.2 million participants, in considering which global challenge they would want me to tackle first, displayed an encouraging concern for humankind and commitment to international cooperation.”
UPU Director General and Deputy Director General Pascal Clivaz then honoured the top three global and five regional top scorers in the UPU’s new 2IPD ranking.
2IPD is a is a composite index providing an overview of postal development around the world, with the results for 2016 covering over 170 countries. It uses UPU data to benchmark each country’s development across four dimensions: reliability, reach, relevance and resilience.
The top three countries in the ranking included Switzerland, France and Japan. The five regional champions included Poland for Europe and CIS, Singapore for Asia-Pacific, Mauritius for Africa, Brazil for Latin America and the Caribbean, and United Arab Emirates for the Arab region.
Swiss Post CEO Susanne Ruoff accepted the award on behalf of Switzerland, which received a perfect score according to the ranking.
“Swiss Post is playing a pioneer role in the development of new technology and this award serves to motivate us,” said Ruoff.
“This prize is for our people and our employees and I want to give this award to them for their hard work and for their trust in the Swiss Post,” she concluded.
To learn more about 2IPD, watch the informational video