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Thursday, February 15, 2018

PPF, NSC Act changes not to affect tax status; aimed at allowing early closure: Govt

The government, on Tuesday, clarified that no change in interest rate or tax policy on small savings schemes, which includes PPF and NSCs, is being made through the amendments proposed in Budget 2018. 

It has been proposed in the Budget to merge the Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873. 

With a single Act, relevant provisions of the Government Savings Certificates (NSC) Act, 1959 and the Public Provident Fund Act, 1968 would stand subsumed in the new amended Act without compromising on any of the functional provision of the existing Act, says a press note issued today. 

As per the note, these changes are proposed in order to allow the government to easily allow premature closure in the schemes and provide other procedural benefits to depositors by simply issuing a notification. 

A ministry of finance tweet also stated, "All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act. No existing benefits to depositors are proposed to be taken away through this process." 

The government through the press note also makes it clear that there is no proposal to withdraw the provision of protection against the attachment of Public Provident Fund Account under any decree or order of any court in respect of any debt or liability incurred by the depositors and the existing and future depositors will continue to enjoy protection from the attachment under the amended umbrella Act as well. 

Apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill. These provisions which are proposed to be incorporated in the amended Act will add to the flexibility in operation of the Account under Small Savings Schemes. These are: 

i. Premature closure 

Existing: As per PPF Act, the PPF account can't be closed prematurely before completion of five financial years. If depositor wants to close PPF account before five years in exigencies, he can't close the account. 

Proposed: To make provisions for premature closure easier in respect of all schemes, provisions could now be made through specific scheme notification. The benefits of premature closure of Small Savings Schemes may now be introduced to deal with medical emergencies, higher education needs, etc. 

ii. Investment by minors 

Existing : Investment in Small Savings Schemes can be made by Guardian on behalf of minor(s) under the provisions made in the proposed bill Guardian may also be given associated rights and responsibilities. 

Proposed : There was no clear provision earlier regarding deposit by minors in the existing Acts. The provision has been made now to promote culture of savings among children. 

iii. Proceeds to heirs 

Existing: As per existing provisions of the Acts, if depositor dies and nomination exists, the outstanding balances will be paid to nominee(s). 

Proposed: Whereas, Supreme Court in its judgement stated that nominee(s) is merely empowered to collect the amounts as Trustee for the benefit of legal heirs. It was creating disputes between the provisions of the Acts and verdict of Supreme Court. Hence, right of nominees have now been more clearly defined. 

iv. Nomination 

Existing: In the existing Acts, there is no provision for nomination with regard to account opened in the name of minor. Further, existing Acts say that if account holder dies and there is no nomination and amount is more than prescribed limit, the amount shall be paid to legal heirs. In this case, the guardian has to obtain succession certificate. 

Proposed To remove this inconvenience, provisions for nomination with regard to account opened in the name of minors have been incorporated. Further the provision has been made that if the minor dies and there is no nomination, the balances shall be paid to guardian. 

v. Grievance redressal 

Existing: The existing Acts are silent about grievance redressal. 

Proposed The amended Act allows the Government to put in place mechanism for redressal of grievances and for amicable and expeditious settlement of disputes relating to Small Savings. 

vi. Other changes 

There were no clear provisions in all the three Acts for the operation of accounts in the name of physically infirm and differently abled persons. Provisions in this regard have now been made. 

Source:-The Economic Times

Rlys announces mega recruitment drive, around 90K posts on offer

Railways has sought applications for around 90,000 posts for lower level staffers including loco pilots and technicians, a statement from the ministry said. The minimum educational qualification is class tenth and an Industrial Training Institute certificate (ITI). The posts include technicians like fitter, crane driver, blacksmith, and carpenter at Group C Level II and Group C Level I (Erstwhile Group D) posts like track maintainer, points man, helper, gateman. 

"Ministry of Railways has announced one of the world's largest recruitment processes for 89,409 posts in Group C Level I (Erstwhile Group D) & Level II Categories," the statement said. 

The applications have been sought through the railway recruitment board website. 


The Group C level II posts will be open for candidates in the age group of 18-28 years while Group C Level I (Erstwhile Group D) posts for candidates is open for those in the age group of 18-31 years. While the salary of the former along with allowances as per the Seventh Pay Commission (level 2) will be in the scale of Rs 19,900-63,200, for the latter it will be in the scale of Rs 18,000- 56,900, the statement said. 

Applications for Group C Level II posts will be accepted till March 5, 2018 and for Group C Level I (Erstwhile Group D) posts will be accepted till March 12, 2018. The statement also said that free sleeper class railway pass facility shall be available for SC/ST candidates for the computer based aptitude tests, physical efficiency tests, document verification during the recruitment stages. The computer based test is scheduled tentatively in April-May 2018. 

Source:-The Economic Times

Wednesday, February 14, 2018

PNB detects Rs 11,500 crore fraud: All you need to know

NEW DELHI: Punjab National Bank (PNB), the country's second-largest lender on Wednesday said that it has detected "fraudulent and unauthorised" transactions+ worth more than Rs 11,500 crore at one of its branches in Mumbai. Here is your cheatsheet on this latest banking fraud:

WHO CARRIED OUT THE FRAUD?

PNB has not revealed the names or other details of those involved in the scam. However, in a filing to the bourses the bank has said the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."


WHAT ACTION HAS PNB TAKEN?

In the stock exchange filing, PNB said that it has reported the fraud to law enforcement and investigative agencies.

IS THERE A BACKGROUND TO THE FRAUD?

Even though there is not much clarity on what lead to the scam, PNB has been grappling with fraud cases recently. Just last week, an investigation was launched over accusations that billionaire jeweller Nirav Modi -- one of the country's richest men -- defrauded PNB of Rs 282 crore. However, it could not be immediately ascertained if the two fraud cases have a link.

IS THERE A LARGER IMPACT?


An immediate fallout can be tracked to the equity markets where the PNB stock tanked 8 per cent during intra-day trading on Wednesday. The Nifty PSU Bank sub-index felt the pressure too, as it was trading almost 3 per cent below previous closing mark.



The bank, in its filing has not elaborated on what impact the fraud may have on its finances and it didn’t name the other lenders which could be hurt.



The case comes in the backdrop of state-run banks already reeling under massive bad loans which run into lakhs of crores of rupees. Most PSU banks have performed poorly in the third quarter (October-December) as a result of this.


Source:-The Times of India
(With inputs from agencies)

Calling for application of volunteers from Postal/Sorting Assistant cadre to work as office Assistant/System Admin in PTC-Mysuru and qualified Accountant's to work as Junior Accountant, PTC, Mysuru

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Central Civil Services (Leave Travel Concession) Rules, 1988 - Fulfilment of procedural requirements - Clarification

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Various circular issued from Central Vigilance Commission

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Monday, February 12, 2018

40th Biennial All India Conference held at Rajgir (Bihar) on 9th and 10th February 2018

Venue

First Day Cover Release

Address by General Secretary

All Circle Secretaries


Address by Hon'ble Minister Shri Giriraj Singh

Newly elected CHQ Office Bearers with outgoing GS and President

On Arrival at Gaya Railway Station

CHQ New team for the year 2018-20

LIST OF NEW OFFICE BEARERS OF CHQ FOR 2018-20

Sl. No.
CHQ Post
Name
Office address
Circle
1
President
Shri Manjunatha Hubballi
Offg. SPOs, Haveri Division
Karnataka
2
Vice President – I
Shri P. Ajit Kumar
ASP (PMU), Postal Directorate
Kerala
3
Vice President – II
Shri B. Srinivasu
ASP, Hyderabad City Division
Telangana
4
General Secretary
Shri Rajiv Kumar
ASP (HQ) Muzaffarpur Division
Bihar
5
AGS-I
Shri Arup Seal
ASP (Project) O/O CPMG, WB Circle Kolkatta
W.B.
6
AGS-II
Bibhudatta Behra
Dy. Postmaster, Bhubaneshwar GPO
Odisha
7
AGS-III
Shri Vikas Sharma
ASP, Roper Division
Punjab
8
AGS-IV
Shri Bhupender Parasar
ASP (HQ) Jaipur City Division
Rajasthan
9
OGS-I
Shri Parmanand
ASP (Vig.) Postal Directorate
Delhi
10
OGS-II
Shri C. Raja Sevaran
ASP Sub Div.-I Chennai City North
Tamil Nadu
11
OSG-III
Shri S. K. Dixit
ASP, Raisem Division
M.P.
12
OGS-IV
Shri A. K. Singh
ASP, Rajnandgaon
Chhattisgarh
13
OGS-V
Shri R. P. Srivastava
IP, Pratapgarh
UP
14
Treasurer
Shri Parveen Prasoon
ASP (Vig.) o/o PMG, East Region
Bihar
15
Asst. Treasurer
Ms Rainoka Bhat
OSD, O/O CPMG Delhi
Delhi

          Auditors :

16
Auditor
Shri Manoj M. Salve
ASP o/o PMG (MM) Mumbai
Maharashtra
17
Auditor-I
Shri Uday Bhan Singh
ASP, South Ranchi Sub Division
Jharkhand
18
Auditor-II
Shri K. S. Jhajholia
ASP, Sonipat Sub Division
Haryana
19
Auditor-III
Shri Subhodh Kumar Singh
IP, R K Pur
N.E.
20
Auditor-IV
Shri Dipak Vadher
IP, Bhachau Sub Division
Gujarat
21
Auditor-V
Shri Sandeep Dharmani
ASP, Bilaspur Division
H.P.

Official dealings between the Administration and Members of Parliament and State legislatures - Observance of proper procedure.

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Wednesday, February 7, 2018

UIDAI alerts against opting forplastic, laminated Aadhaar cards

The UIDAI on Tuesday cautioned people against going for plastic or laminated Aadhaar smart cards, saying their unauthorised printing could render the QR code dysfunctional or expose personal data without an individual's consent.

The Unique Identification Authority of India (UIDAI) asserted that the Aadhaar letter, its cutaway portion, downloaded versions of Aadhaar on ordinary paper or mAadhaar are "perfectly valid".

image (1)


A senior UIDAI official told TOI here that the plastic or laminated cards are not usable as the QR code commonly becomes dysfunctional during unauthorised printing by private vendors or at local shops. 

"There is also the possibility of giving away personal details to a vendor. This could be dangerous," he said.

The nodal body also cautioned the unauthorised agencies not to collect Aadhaar information from public for printing of the cards. Collecting such information or unauthorised printing of Aadhaar card is a criminal offence under the Indian Penal Code and Aadhaar Act, 2016 and can lead to imprisonment, it said.

Several citizens had reported receipt of mails and cellphone messages from vendors on making plastic or laminated Aadhaar "smart" cards. 

The authorities said the Aadhaar letter, slip or its downloaded versions on any ordinary "paper are perfectly valid" and people should not go for the so-called Aadhaar smart card. This may lead to falling to any ploy of some unscrupulous elements printing Aadhaar cards on plastic/PVC sheet and charging anywhere between Rs 50 and Rs 300, they said

In case a person loses an Aadhaar card, it can be downloaded free of cost from the website, https://eaadhaar.uidai.gov.in. The print out of the downloaded Aadhaar card, even in black and white form, is valid .


Activist Anupam Saraph said that wat illegal for the agencies to keep the data. "The UIDAI defines eKYC record as 'e-KYC data', which is the demographic information and photograph of an Aadhaar number holder. Aadhaar numbers are often submitted for various services. Such service providers keep the data with them, contrary to the Aadhaar Act that does not allow anyone to keep data beyond the purpose for which authentication is done." 


Incidentally, UIDAI had last month introduced a new concept of "virtual ID" which an Aadhaar card holder can generate from its website and give for various purposes, including SIM verification, instead of sharing the actual 12-digit biometric ID.


The aim was bid to address privacy concerns. The facility would give the users the option of not sharing their Aadhaar number at the time of authentication.

Source:-The Times of India