This blog is meant for use by members of the Association for news and views. Send comments / suggestions / views to e-mail Id: aiaipasp.ors@gmail.com

Saturday, March 31, 2012

Retirement

Shri Alekha Ku. Mohanty, Offtg. Superintendent, Postal Stores Depot, Bhubaneswar retired on 31.03.2012 A/N on superannuation.

Odisha Circle Branch of the Association wishes him peace of mind and good-health in his post-retirement days.

Friday, March 30, 2012

CCS (Leave) (Second Amendment) Rules, 2012

To view the DOPT notification Click here.

CCS(Leave) (Amendment) Rules, 2012

To view the DOPT notification Click here.

Bi-Monthly meeting with the Postmaster General, Berhampur Region held on 22.03.2012


Present



Administrative Side
 


Staff Side
1.
Shri S.P. Rajalingam,
Postmaster General,
Berhampur Region
1.
Shri Gopesh Dash, Member, AIAIASP-cum- ASP(Vig), O/o the PMG, Berhampur Region
2.
Shri A.K. Dash,
Asst. Director (Staff)
R.O. , Berhampur
2.
Shri H. S. Mahapatra, Asst. Circle Secretary, AIAIASP-cum-ASP(HQ), Aska Division, Aska

  

New Items


01-03/2012.     Provision of standard accommodation for functioning of Sub-Divisional Offices

Brief: The Department has liberalized the provision of accommodation for functioning of Sub-Divisional Offices. The present provision allows even private buildings to be taken on rent for functioning of Sub-Divisional Offices (in the same manner as for post offices and other administrative offices) where standard departmental accommodation is not available. The standard of accommodation fixed for Sub-Divisional Offices is 180 square feet. But Sub-Divisional offices are made to function in sub-standard and unhealthy accommodation in departmental buildings. The instruction of the Directorate in this regard has been re-circulated to Divisional units vide CO, Bhubaneswar letter No.Bldg/5-4/2002 dated 13.12.2007 with suitable instruction. The Divisional units were supposed to take action to provide standard accommodation in departmental buildings wherever available or to arrange provision of standard accommodation in private rented buildings.  But in some cases, Sub-Divisional offices are still functioning in sub-standard accommodation. The followings are some examples of functioning sub-divisional offices in sub-standard accommodation in Berhampur Region:


Sl. No.
Name of the Division
Name of the Sub-Division
1
Aska
Aska East Sub-Division
2
Aska
Aska West Sub-Division
3
Berhampur
Berhampur South Sub-Division
4
Koraput
Malkanagiri Sub-Division
5
Phulbani
Boudhraj Sub-Division
6
Phulbani
G. Udaygiri Sub-Division

 The Association requests for providing standard accommodation to all Sub-Divisional offices in a time-bound manner.


Reply:-      

        SPOs, Aska will take immediate steps to shift the Divisional Office from HO premises to a suitable rented building. On shifting of the same, the offices of Aska (East) and Aska (West) Sub-Divisions can function in HO Building with adequate space. In case it is not feasible then functioning of both the Sub-Divisional Offices at Hinjlicut LSG Offices will be considered.

          As regards to provide good accommodation for IP, Berhampur South Sub-Division, SSPOs Berhampur will please find out suitable accommodation in HO Building.

           As regards to Malkanagiri Sub-Division, it is learnt that District Collector of Malkanagiri has agreed to provide one of the State Govt. owned building for functioning of SDI(P) Office, SSPOs, Koraput Division will please maintain liaison with the Dist. Administration of Malkanagiri District in this connection.

           As regards to Bodhraj Sub-Division, SPOs, Phulbani Division will please submit a proposal for required renovation of the present SDI(P) Office building. On receipt of the same the proposal will be examined at this end.  

          As regards to G.Udayagiri Sub-Division, the office is functioning in a suitable room of G.Udayagiri PO building. The Office room of G.Udaygiri Sub-Division has been recently renovated under Project Arrow Look and Feel.


(Action:-SSPOs, Berhampur & Koraput / SPOs, Aska & Phulbani and Sr. Postmaster, Berhampur HO)    


02-03/2012.     Request for payment of entire house rent by the Department for  Digapahandi Sub-Divisional Office .

 Brief: Presently, Digapahandi Sub-Divisional Office is functioning in a rented building at a monthly rent of Rs.1000/- per month. Out of Rs.1000/-, Rs.400/- is being paid by the Department and remaining Rs.600/- is being paid by the IP, Digapahandi Sub-Division. The practice followed in this case is not correct according to rules.

 The Association requests for payment of entire house rent by the Department for Digapahandi Sub-Divisional Office.

Reply:-

          SSPO, Berhampur will please examine the feasibility of functioning of SDI(P) Office from Digaahandi TC SO and submit report. (Action:-SSPOs, Berhampur)


03-03/2012.     Supply of furniture to Sub-Divisional Offices

Brief:  In most of the Sub-Divisional Offices the available furniture are either old ones and in damaged condition or there is no required furniture like Chair, Table, Almirahs, Racks etc. The Association requests for issue of suitable instruction to all the Divisional units under RO, Berhampur to supply required furniture like Chair, Table, Almirahs, Racks etc. 

 Reply:-

          In our Region there is no shortage of furniture like Chair, almirah, racks etc. in Sub-Divisional Offices. The Divisional Heads are directed to supply of 5’x 3’ table and one Executive Chair to all the Sub-Divisional Inspectors from the available fund. (Action:-All SSPOs/SPOs in Berhampur Region)

Transfer Policy of Indian Postal Service Officers(IPoS)

To view the order Click here.

Tuesday, March 27, 2012

Management of Funds Under NPS

The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.

The pension funds of the Government employees, who are covered by NPS, are managed by three pension fund managers, namely, SBI Pension Funds (Pvt.) Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited.

The Pool account is proposed to be discontinued from 1st May, 2012. Thereafter, it would be possible for the individual subscribers to exercise their individual choices regarding investment pattern and the pension fund manager.

NPS is a defined contribution based pension system where the actual returns would be determined by the market based returns.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today.

Sorce:-(Release ID :81802), PIB
           

Revision of Interest rates of Small Savings Schemes

To view the Ministry of Finance, Department of Economic Affairs(Budget Division) Office Memorandum Click here.

Monday, March 26, 2012

Budget impact: Earn less than Rs 8 lakh? Your tax will go up

There is more bad news for taxpayers disappointed by the budget. Not only has the finance minister kept the tax-saving limit under Section 80C unchanged, but the deduction under Section 80CCF for infrastructure bonds has been removed. This will reduce the total tax saving from the current Rs 1.2 lakh to Rs 1 lakh and push up the payable tax for individuals.

Introduced two years ago, the deduction has to be extended every year through an amendment. Tax experts had feared the worst when the finance minister did not mention it in his budget speech this year. Finance Ministry sources now confirm that the Rs 20,000 deduction has been allowed to lapse this year.

Admittedly, the change will not impact those with an income of less than Rs 5-6 lakh a year. The taxpayers in this segment usually did not invest in infrastructure bonds in a big way because the tax benefit is lower for this slab. In many cases, these taxpayers failed to exhaust even their Rs 1 lakh deduction limit under Section 80C.

However, for investors with an income of up to Rs 8 lakh, the scrapping of Section 80CCF means that they will have to pay up to Rs 2,060 more tax next year. It will be tougher for female taxpayers, but the most severe blow is reserved for senior citizens and very senior citizens. These taxpayers will end up paying almost Rs 4,120 more as tax. Add the impact of the hike in service tax and you will see a bigger slice of your income going as taxes next year.

Curiously, the removal of the deduction coincides with the government's proposal to increase the funds to be raised by infrastructure lenders in 2012-13. This limit has been doubled to Rs 60,000 crore. This is the reason experts believe that the deduction should have been allowed to continue. Besides, it comes at a time when the government needs to raise money for the cash-starved infrastructure sector. According to a statement by Assocham secretary-general DS Rawat, "It is a blow to individual investors as it will actually push up their tax burden. The deduction should be restored immediately."
Source:-The Economic Times

Circle Allotment of IPoS Group A of 2006 Batch

To view the order Click here.

Shri.S.Sarkar (IPoS-1978) posted as Member (PLI )

To view the order Click  here.

Sunday, March 25, 2012

Interest rates on small savings schemes may go up by 0.25%

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 

Saturday, March 24, 2012

Poste Italiane gives .post a boost

23.03.2012 - Poste Italiane and the UPU have signed an important cooperation agreement worth 500,000 EUR to cover the cost of setting up and launching the .post platform this year.
With this generous support, UPU Director General Edouard Dayan said “the UPU can confidently move towards launching .post by the 25th UPU Congress in Doha” in September/October 2012.
“Ours is a decisive contribution to successfully launch this initiative this year,” said Poste Italiane CEO Massimo Sarmi. “.post represents an undisputable benefit for customers increasingly using the Internet, as it will offer them the guarantee of a secure and trusted environment."
"This contribution is a very important step towards endorsing the efforts of our respective organizations, which have worked very hard on the project, especially in the last few months,” added Sarmi.
In addition to financing, the Italian Post has seconded various experts to work on the technical and marketing aspects of .post.

Future strategy

A major player in postal e-services, Poste Italiane believes the .post platform is an important element of the UPU’s future strategy and for the development of postal e-services globally, added Giovanni Brardinoni, chair of the UPU Postal Operations Council’s Standards and Technology Committee on behalf of Italy.
In a recent UPU study, Italy ranked third on a global index measuring countries’ development of postal e-services.
The .post top-level domain is slated to be a secure electronic platform on the Internet serving the needs of the global postal community.
In addition to supporting the integration of physical, electronic and financial services and the provision of innovative postal services, .post will expand the postal brand and business on the Internet, ensuring that mail received with the .post extension comes from a recognized postal-service provider.
The UPU was the first international organization to obtain a sponsored top-level domain name from the Internet Corporation for Assigned Names and Numbers in 2009.

Source:-UPU News

Cheques valid for 3 months from April 1

Bankers' cheques and other monetary instruments will have only a three-month validity beginning April 1, 2012, instead of the existing six months, a Reserve Bank of India (RBI) communique has said.

The change is a consequence of an RBI notification on November 4, 2011.

Cheques, drafts and pay orders will have a validity for three months from the date they've been drawn. Those having cheques and other monetary instruments with six-month validity before April 1 will have to remit them before this date, when the expiry of the validity will be reduced to three months.

After April 1, these instruments will be valid subject to their adherence to the new 3-month rule.

Source:-The Times of India

Friday, March 23, 2012

Govt raises DA by 7 percentage points

Giving relief to its employees and pensioners from inflation, the central government on 23.03.2012 (Friday) announced a seven percentage point increase in dearness allowance (DA).

The new DA rate of 65 per cent of basic pay against 58 per cent earlier will be applicable retrospectively from January 1, 2012.

The decision, was taken by the Union Cabinet. It will benefit about 50 lakh employees and 30 lakh pensioners.

The government periodically hikes the DA, which is linked to consumer price index for industrial workers. The CPI is hovering around 7 per cent.

Management Mythos: What Krishna tells us about not being wrong in breaking rules, if dharma is upheld

Narada had the power to travel through space and time. One day, he decided to pay a visit to Ayodhya , the city of the rule-following Ram and to Vrindavan, the village of the rule-breaking Krishna. At Ayodhya, he told the story of Krishna; the residents did not appreciate the rakish, mischievous cowherd at all.

He is not serious at all, they said. At Vrindavan, he told the story of Ram; the residents did not appreciate the upright and rather serious king at all. He is no fun, they said. Narada then went to Hanuman, the mighty monkey, and asked him who he preferred : Ram or Krishna? And Hanuman said, "What is the difference? Both are Vishnu to me; Lakshmi follows him, whether he is Ram or Krishna."

So what is the difference between Ram and Krishna? Both belong to two different contexts: Ram lives in Treta yuga and Krishna in Dvapara yuga. One context demands Vishnu to be the upright rule-following Ram and the other context demands Vishnu to be the lovable rule-breaking Krishna. Both are same, but different. Both are upholding social order, dharma; one by keeping the rules and the other by breaking them!

In corporations, we seek people who comply and frown upon people who do not. But people love breaking rules. Often being in a senior position is an excuse to break rules. Being in the creative profession is seen as a chance to be undisciplined. But being Ram or Krishna is not about whether rules are upheld or broken; it is about the reason why rules are upheld or broken. Few pay attention to that.

Ankita is the chief operating officer of a large design studio. She has a staff of designers , colourists, architects and painters. It annoys her a great deal that they never come to office on time, never keep deadlines , never stick to timelines, and plan things only when compelled to. How can she run the company like this? The staff argued , they are all creative artists who cannot function with rigid rules. It hampers their innovative spirit.

One day, the following month, salaries did not reach people on time. Ankita took a vacation that day and was not reachable on phone. When she returned to office on the following Monday, after a long weekend, she saw an angry mob of employees demanding an explanation . "Surely , I have the right to be creative too and not keep deadlines and commitments," she said. The staff was not amused, but the message was passed loud and clear. It was a risk Ankita took and it paid off.

We all want to be Krishnas and want others to be like Ram, without really understanding what it means to be either. To be Ram or Krishna, we have to be Vishnu and to be Vishnu, we have to ensure there is social order that brings Lakshmi our way.

The author is the Chief Belief Officer of the Future Group.

Letters from GS to Secretary (Posts)

1. Recruitment Rules for the post of Assistant Manager in MMS. To see details, CLICK HERE.

2. Quota of General Line in PS Group "B" Examination.
To see details, CLICK HERE.

3. Up-gradation of 141 posts of HSG-I IP Line as PS Group B cadre.
To see details, CLICK HERE.

4. LDCE for promotion to the cadre of Sr. Postmaster (Gzetted).
To see details, CLICK HERE.

5. Issue of combined All India Seniority List of Inspectors, Posts from the year 1999.
To see details, CLICK HERE.

6. Supply of Laptop to all IPs/ASPs.
To see details, CLICK HERE.

Source:-CHQ Blog

Finance Ministry ups GPF interest rate to 8.6%; move likely to boost EPF rate next year

For the first time since 2003, the finance ministry has hiked the interest rate on government employees' retirement savings parked in the General Provident Fund (GPF) from 8% to 8.6%.

A similar rate hike has also been effected in a special deposit scheme (SDS) where nongovernment retirement funds have invested over Rs1,10,000 crore. This could boost the Employees' Provident Fund (EPF) rate next year, which was slashed last week from 9.5% to 8.25% for 2011-12.

Around 1.5 crore government employees invest part of their salary into the General Provident Fund (GPF). The finance ministry notified the increased SDS interest rate on March 13 and the hike in the GPF rate on March 19.

Apart from the EPF, other major investors in the SDS are the Seamen's Provident Fund, Coal Miners' PF and other non-government superannuation pension and gratuity funds. These funds provide a social security net to around 6.5 crore organised sector employees and were mandatorily required to invest in the SDS from 1975 to 1997.

Both the interest rate hikes are effective from December 1, 2011 - the same day that returns on the Public Provident Fund and National Savings Certificates (NSCs) were raised to 8.6% and 8.7%, respectively. Traditionally, the interest rate on the GPF, the SDS and the PPF rate, have moved in tandem.

In November, the government had announced a hike in the return on PPF and NSCs. Tapan Sen, Rajya Sabha member from the Communist Party of India (Marxist), told ET that the rate hike has come too late. While the GPF interest is credited on March 31, the interest on SDS investments is paid out on January 1.

"Notifying the rate hikes now has created an anomaly as they have already cut the EPF rate to 8.25% without factoring in the additional income from SDS interest," Sen said. "We will take up the issue in Parliament, as this creates a disconnect between government employees' PF and non-government employees' PF," he told ET.

Retirement funds like the EPFO have already been credited interest at 8% under the SDS for 2011 this January. The retrospectively hiked rate of 8.6% for the month of December 2011 would now be credited to such provident funds on January 1, 2013 along with this calendar year's interest.

Government employees, on the other hand, will receive 8% interest on their GPF savings from April 2011 to November 2011 and 8.6% for the next four months of this financial year.

Source:-The Economic Times

E-Tickets through Mobile Phone

Indian Railways Catering and Tourism Corporation (IRCTC), a public sector undertaking under the Ministry of Railways, has launched the scheme for booking Railway e-tickets through mobile phone through its website i.e. irctc.co.in/mobile. The broad features of the schemes are as follow:-

o Users can use their existing IRCTC user ID and password.

o After booking tickets through the mobile phones, users receive a reservation message with the ticket details.

o The service charges of IRCTC are similar to e-tickets i.e. Rs.

10/- per ticket for second/sleeper class and Rs. 20/- per ticket for all other classes.

This information was given by the Minister of State for Railways Shri K. H. Muniyappa in written reply to a question in Lok Sabha today.

Source:-(Release ID :81516), PIB

GS visited Postal Directorate on 22/03/2012.

Today, I along with Shri Ajit Kumar, ASP (PMU) met with the various DDGs and other concerned officers in the Postal Directorate. The following issues were discussed with them. The present status in respect of the issues is furnished below for the information of all CHQ Office Bearers, Circle Secretaries and members.
1. Up-gradation of GP of IP from Rs. 4200/- to Rs. 4600/-.
File is still under process in the Postal Directorate in a positive manner and the same is likely to be sent to the MOF shortly.

2. Holding of supplementary DPC for promotion to PS Gr. B for the year 2011.
ACRs of few officers are required and result of supplementary DPC is likely to be completed within a couple of months.
3. Holding of DPC to PS Gr. B for the year 2012.
ACRs are yet to be called for from Circles. This will be done after issue of result of supplementary DPC to PS Gr. B for the year 2011.
4. Holding of DPC for the promotion to JTS, Group A.
The required information has already been provided to UPSC.
5. Declaration of result of IP examination 2011.
File is still with the Secretary (Posts) for decision in respect of PM Grade-I officials. After clearance of the file, result will be announced shortly.

Reminders in other pending issues were given to the Postal Directorate. Gist of these letters will also be published in CHQ blog shortly.
(Vilas Ingale)
General Secretary

Thursday, March 22, 2012

Daffodils : William Wordsworth


I wandered lonely as a cloud
That floats on high o'er vales and hills,
When all at once I saw a crowd,
A host, of golden daffodils;
Beside the lake, beneath the trees,
Fluttering and dancing in the breeze.

Continuous as the stars that shine
And twinkle on the milky way,
They stretched in never-ending line
Along the margin of a bay:
Ten thousand saw I at a glance,
Tossing their heads in sprightly dance.

The waves beside them danced; but they
Out-did the sparkling waves in glee:
A poet could not but be gay,
In such a jocund company:
I gazed--and gazed--but little thought
What wealth the show to me had brought:

For oft, when on my couch I lie
In vacant or in pensive mood,
They flash upon that inward eye
Which is the bliss of solitude;
And then my heart with pleasure fills,
And dances with the daffodils. 
William Wordsworth

Expansion of Postal Services

The Government has formulated comprehensive working plan for the development, expansion and modernization of postal services. Under this, major activities , as laid out in XII Five Year Plan, include opening of branch Post Offices, setting up of Automatic Mail Processing Centers, development and deployment of Rural ICT solution, deployment of Core Banking, increasing insurance cover, establishment of Parcel and Logistics Post Hubs, up gradation of Speed Post Centers, Human Resource Training to Personnel, construction of Post offices/administrative offices, installation of Solar Power Packs and setting up of Postal Training Centers.

The proposed financial allocation for the XII Five Year Plan, in this regard is Rs. 12,000 crore.

As for setting up of Speed Post Centres, the erstwhile Centres have been reconstructed in the form of Speed Post Sorting Hubs for operational purposes. Sorting hubs have been set up taking into account the following factors:-

(i) Speed Post Mail handled by a city/town

(ii) Connectivity of city/town in terms of air, rail and road.

(iii) Distance of a city proposed for sorting hub from post offices and other hubs; and

(iv) Mail generations potential of the city/town under consideration.
No new Speed Post Sorting Hubs are proposed for opening in the next two years.

The total number of complaints received for speed post articles in 2011 are 1,48,381 out of which 67,420 were for late delivery and 80,961 for non-delivery. A mechanism has been set up in the Department of Posts for prompt disposal of complaints through Customer Care Centre in all Postal Divisions. Instructions are issued to Divisions for cent-percent handling and settlement of web-based complaints. While specific instances are resolved individually, system defects that come to notice are rectified to avoid recurrence of such instances.

This information was given in Lok Sabha on 21/3/2012 by Shri Sachin Pilot, the Minister of State, Communication and Information Technology in response to a question.

Source:-Press Information Bureau

Wednesday, March 21, 2012

Expansion of Postal and Telecom Circles

There is no proposal for expansion of Postal Circles. However, modernization of Post Offices in all Postal Circles is underway.

The Government has initiated a project called “Project Arrow” for modernization of Postal Circles across the country. The project envisages upgradation of post offices in urban and rural areas both in terms of upgrading and enhancing the quality of service in ‘core areas’ and improving their ‘look and feel’. The project aims at creating a conducive and friendly work environment both for the staff and the customers visiting the Post Offices, providing connectivity, and improving the service quality levels in the core business areas.

The Government has also approved a proposal for IT modernization of all Post Offices of Department of Posts.

During 2011-12, for computerization of Post Offices, an amount of Rs.90.39 crores approximately was spent. For Project Arrow, during 2012-13, an outlay of Rs.84.00 crores has been earmarked to cover 500 post offices throughout the country.

The Government has approved the Modernization Project for a total plan out lay of Rs.1877.2 crores. The Modernization Project of the Department of Posts includes computerization of all the non-computerised Post Offices in the country including supply of Rural ICT Hardware devices and peripherals in the Branch Post Offices in the Rural Areas, development of scalable, integrated and modular software covering all the operations of Department of Posts and establishment of required IT infrastructure. The implementation of this Project has been proposed through eight RFPs. The functional RFPs are at various stages of finalization. The rollout of the Project is expected to be completed by 2014. Thereafter, Circle-wise allocation will be made.

As regards Telecom Circles, the information is being collected and will be presented immediately on being made available by Department of Telecommunications.

This information was given in Lok Sabha today by Shri Sachin Pilot, the Minister of State, Communication and Information Technology in response to a question.

Source:-Press Information Bureau

Transfer and Posting in ASP Cadre in Sambalpur Region

1.   The following Officers in ASP Cadre have been transferred and posted vide R.O. Sambalpur Memo No. ST/RO/150-6(A)/2011 dated 20th March, 2012  in the interest of service as mentioned against each below:-
Sl. No.
Name               

S/Shri
Present Place of Posting
Place of Posting
1.
C. B. Meher
Postmaster, Sambalpur HO
ASP(HQ), Smbalpur Divn
2.
Banamali Patra
ASP(I/C), Jagatsinghpur Sub-Division
Postmaster, Sambalpur HO
3.
J.K. Jena
ASP(I/C), Bhubaneswar North Sub-Division
ASP(HQ), Keonjhar Divn
2.   Earlier vide R.O. Sambalpur Memo No. ST/RO/150-6(A)/2011 dated 20th February, 2012 , Shri B.B. Negi, ASP(HQ), Balangir Division has been granted one year extension.  

Small savings set to fetch higher returns

There is finally some good news for individuals in a season of duty hikes and provident fund rate cut. The government is raising interest rate on small savings schemes such as National Savings Certificate (NSC) and post office deposits by 20-50 basis points.

The new rates will, however, be applicable on investments that you make from April 1 and not on those that you park over the next 10 days to meet your tax saving requirements.

As a result, NSC and public provident fund (PPF), which is a voluntary deposit as opposed to employee provident fund, will earn you 8.8-8.9% instead of 8.6% a year. The shorter tenure deposits, such as term deposits in post offices, are expected to fetch you more than the longer tenure products such as PPF or the 10-year NSC. Savings bank accounts in post offices will, however, not see any change as the 4% return is in line with what most banks pay at present.

The increase in small savings rates, which is expected to be notified by the finance ministry, is in sync with the new policy to link returns on the popular savings instruments with the interest rate on government bonds.

Bank deposits may, however, look more attractive to many as they offer 9% return. But a scheme like PPF, which has a minimum term of 15 years, comes with additional tax sops. Not only is it part of the 80C benefits which entitles tax payers to get a concession of up to Rs 1 lakh a year, but the interest earned on the deposits is also tax-free. So, at the revised rates, the actual return for someone in the 30% tax bracket will work out to 12%.

In addition, the rate of return on small savings schemes that will be notified will be for the full financial year, while bank deposit rates are expected to come down with the Reserve Bank of India widely predicted to begin the rate cut cycle. Even before lending rates come down, banks will start pruning returns on deposits to lower their cost of funds.

The move to raise small savings rates comes barely a fortnight after the Employees Provident Fund Organization (EPFO) slashed the annual return from 9.5% last year to 8.25% for the current financial year based on a decision taken by the finance ministry. In the budget, finance minister Pranab Mukherjee decided to increase the excise duty and service tax rates from 10% to 12% which will put a burden of Rs 35,000 crore on anyone buying a matchbox or a car. He, however, offered some concession by way of an increase in exemption limit for direct tax from Rs 1.8 lakh to Rs 2 lakh.

Source:-The Economic Times

Monday, March 19, 2012

FAQs on the Policy of Reservation

1.To view the FAQs on the Policy of Reservation to SCs, STs and OBCs Click here.

2.To view the FAQs on the Policy of Reservation to Ex. Servicemen Click here

3.To view the FAQs on the Policy of Reservation to Persons with Disabilities Click here

Assumption of Charge

Shri Bijay Ku. Patra, Superintendent, CSD, Bhubaneswar  who was earlier transferred and posted as Asst. Director(Bldg/MM), Circle Office, Bhubaneswar against the vacant post vide CO Memo No.ST/2-4(3)/2011/Ch.II dated 14.03.2012 has assumed the charge of Asst. Director(Bldg/MM), Circle Office, Bhubaneswar on 19.03.2012(F/N).

Saturday, March 17, 2012

Times guide to income tax

Proposal: The basic threshold limit for income-tax has been revised upwards marginally for individual taxpayers (except senior citizens) from Rs 1,80,000 to Rs 2,00,000.

Impact: This will result in a tax savings for Rs 2,060 (Rs 1,030 for women) across the board. Those having taxable income up to Rs 2,00,000 are out of income-tax ambit.

Proposal: While the tax slab rates (10% /20%/ 30%) remain the same, the trigger for the top tax slab (30%) has been raised from Rs 8,00,000 to Rs 10,00,000.

Impact: This will result in a tax saving of upto Rs 20,600 (in addition to Rs 1,030/ Rs 2,030) for persons having income above Rs 8,00,000.

Proposal: Senior citizens are no longer required to pay advance tax, if they are not running any business/ profession.

Impact: This will help reduce the compliance burden for senior citizens. However, they will need to pay their taxes before filing the annual return of income.

Proposal: A deduction of upto Rs 10,000 for interest from savings bank accounts is proposed while computing taxable income.

Impact: This will save tax of upto Rs 3,090 on savings bank interest income. If taxable salary income is up to Rs 5,00,000 and interest from savings bank accounts is up to Rs 10,000, no tax return is to be filed.

Proposal: An additional avenue of Rs 5,000 is also available to cover expenses for preventive health check-ups for self and family members within the overall limit of Rs 15,000 for Mediclaim insurance premium.

Impact: This will allow taxpayers to recover some part of such expenses and encourage them to keep a tab on their health.

Proposal: Capital gains from sale of house property will not be taxable, if invested in equity shares of eligible companies (typically SMEs).

Impact: An additional avenue is now available to save tax on capital gains. This will also channelize funds to the small and medium enterprise (SME) sector.

Proposal: Additional deduction for infrastructure bonds of Rs 20,000 has not been extended beyond assessment year 2012-13 .

Impact: Such bonds will lose their attractiveness.

Proposal: Securities Transaction Tax (' STT' ) reduced on delivery based equity transactions by 20% from 0.125% to 0.1%.

Impact: This will reduce the transaction cost of purchasing/ selling shares in the secondary market/ stock exchanges and give a fillip to the capital market.

Proposal: Tax benefits (deduction for premium or exemption for maturity proceeds) are no longer available to new life insurance policies having annual premiums of more than 10% of sum assured (this does not take into account the loyalty bonus component).

Impact: New life insurance policies will not carry tax benefits any longer if premiums are more than 10% (presently 20%) of actual assured amount. The present life insurance policies thankfully will not be impacted by this change.

Proposal: Seller of immovable property with value exceeding Rs 5,000,000 for urban areas (Rs 2,000,000 for rural areas) will need to deduct tax at source @ 1% of the sale value, and pay it to the government treasury.

Impact: While this will help in tracking/ bringing to tax the transactions in real estate sector generally, there would be an additional compliance burden to be undertaken by the seller.

Proposal: Additional tax of 1% will be collected at source from the buyer on cash purchases of jewellery, bullion, etc, if value exceeds Rs 2,00,000.

Impact: While this is intended to track the cash transactions in the jewellery/ bullion market, additional tax levy would increase the cost of the purchase and create an administrative burden for the seller.

Source:-The Times of India

Friday, March 16, 2012

Tax exemption limit raised to Rs 2 lakh

The Finance Minister Pranab Mukherjee announced raising the tax exemption limit from the curent level of Rs 1.8 lakh to Rs 2 lakh. For income upto Rs 2 lakh, the tax deduction will now be nill. For those with an income between Rs 2-5 lakh the tax deduction would be 10%. For income between Rs 5-10 lakh the tax bracket will be 20%. Income above Rs 10 lakh will now come under the 30% tax bracket.

 The Finance Minister also announced the introduction of DTC tax rates. Corporate tax rates were left unchanged. Savings accounts will now get Rs 10,000 tax deduction for interest earned.

The Parliamentary standing committee on finance had recommended an increase in basic tax exemption limit to Rs 3 lakh and another Rs 3.20 lakh rebate for eligible investments and spending in its report on the direct taxes code, or DTC. The Direct Taxes Code Bill had proposed the basic exemption limit of Rs 2 lakh. 

Source:-The Economic Times
 

Thursday, March 15, 2012

Regular Promotion to ASP Cadre / Transfer and Posting in ASP Cadre in Odisha Circle


1.   The following Inspector of Posts promoted to ASP Cadre on regular basis vide C.O. Memo No. ST/24-15(1)/2004 dated 15th March, 2012 and allotted/posted as mentioned against each below:-

Sl. No.
Name               

S/Shri
Present Place of Posting
Region/Unit to which allotted
Place of Posting
1.
Gangadhar Mohanty
Offtg. ASP(OD), Puri
Head Quarter Region
ASP(OD), Puri
2.
Khageswar Mallick
Offtg. ASP(Bag), PSD, BBSR
Head Quarter Region
ASP(Bag), PSD, BBSR attached to CO as ASP(TO)
3.
Dillip Ku. Behera
APS
APS
---
4.
Tapas Ku. Dash
Offtg. ASP(PG), C.O, BBSR
Head Quarter Region
ASP(PG), C.O, BBSR
5.
Ms. Arunabala Mohanty
IP(PG), Bhubaneswar
Head Quarter Region
ASP(HQ), RMS ‘N’ Division, Cuttack Vice Shri Krupasindhu Panda transferred
6.
B.P.Padhi
Berhampur Region
Berhampur Region
-----
7.
G.B. Behera
APS
APS

8.
Jagadish Dash
IP, Kujang Sub-Division
Head Quarter Region
ASP(I/C), Jagatsingpur  Vice Shri Banamali Patra transferred on administrative ground



2.   The following Officers in ASP Cadre have been transferred and posted vide C.O. Memo No. ST/24-15(1)/2004 dated 15th March, 2012  in the interest of service as mentioned against each below:-

Sl. No.
Name               

S/Shri
Present Place of Posting
Place of Posting
1.
D.K.Samal
DPM, BBSR GPO
PI, RMS ‘N’ Divn attached to CO as ASP(Staff) vice Shri P.K. Nanda given adhoc promotion to PS Gr.B cadre
2.
Susen Peda
ASP(OD), Balasore
ASP(OD), RMS N Divn, Cuttack against the vacant post.
3.
B.M. Dasmohapatra
ASP(HQ), Puri Division
DPM, Bhubaneswar GPO vice Shri D.K. Samal transferred.
4.
Krupasindhu Panda
ASP(HQ), RMS N Dn, Cuttack
ASP(OD), Mayuarbhanj  Divn, Baripada against the vacant post.



3.   The following Officers in ASP Cadre have been transferred vide C.O. Memo No. ST/24-15(1)/2004 dated 15th March, 2012  in the interest of service as mentioned against each below:-

Sl. No.
Name               

S/Shri
Present Place of Posting
Region to which allotted on transfer
1.
Banamali Patra
ASP(I/C), Jagatsinghpur Sub-Division
Sambalpur  Region
2.
J.K. Jena
ASP(I/C), Bhubaneswar North Sub-Division
Sambalpur  Region

 4.   The following Inspector of Posts promoted to ASP Cadre on purely temporary and adhoc basis vide C.O. Memo No. ST/24-15(1)/2004 dated 15th March, 2012 and allotted/posted as mentioned against each below:-

Sl. No.
Name               

S/Shri
Present Place of Posting
Region/Unit to which allotted
Place of Posting
1.
Bijay Ku. Mishra
IP, Bhadrak East Sub-Division
Head Quarter Region
ASP(OD), Balasore Divn vice Shri Susen Peda transferred
2.
Nakula Behera
Berhampur Region
Berhampur Region
-----