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Thursday, August 31, 2017

Agenda for the four-monthly meeting with Chief PMG

1.   Finalization of bunching cases of IPs/ASPs referred to Circle Office by various units. 

Brief:- As per recommendation of 7th Central Pay Commission, the pay of Government Servants drawing pay at two or more stages in pre-revised Pay Band and Grade Pay or scale, as the case may be,  get fixed at same Cell in applicable Level in the new Pay Matrix, one additional increment shall be given for every two stages bunched and the pay of the Government Servant drawing higher Pay in pre-revised structure shall be fixed at the next vertical Cell in the applicable Level. In this connection further clarification has also been issued vide Department of Expenditure OM No.1-6/2016-IC dated 03-08-2017.

Some of the IPs/ASPs have applied through their units to avail the benefit of the bunching recommended by the 7th Central Pay Commission. It is learnt that the cases have been forwarded by some units to Circle Office as the comparison is between the officers working under different units.

The Association urges for early finalization of the cases on the basis of merit.

2.   Filling up the vacant posts of Inspector Posts and Assistant Superintendent of Posts:- 

Brief:- As per understanding of this Association there are two clear vacancies in ASP for filling up by regular promotion of IPs. Secondly there are some vacant posts of IPs and ASPs in the Circle for which officiating arrangement required to be made immediately till the regular candidates become available.

This Association urges for an early action in the matter. 

3.   Arrangement of a short training programme as per Inspection Questionnaire for CBS HOs/SOs:- 

Brief:- Recently the Inspection Division of Directorate has modified the existing Inspection Questionnaire of CBS HOs/SOs and AOICO of HO/SBCO in consultation with FS Division. It has been circulated vide Department of Posts Letter No.16-1/2017-inspn dated 21-08-2017. The Inspecting authorities need to be trained properly as per Inspection Questionnaire for CBS HOs/SOs particularly on Technological Advancement. 

This Association, therefore, suggests for a short training Programme for IPs/ASPs preferably at WTC, Circle Office, Bhubaneswar.   

Circle Secretary   

Induction Training for Inspector Posts at PTC, Darbhanga from 04-09-2017 to 01-12-2017

To view the Inspector Posts to undergo Induction Training please Click Here.

Wish them a safe journey, happy stay and an effective learning. 

Govt rules out new window to deposit scrapped notes

New Delhi, Aug 31 (PTI) The finance ministry on Thursday ruled out opening another window for depositing the scrapped Rs 500 and Rs 1,000 notes, with the government now saying that it had expected all the annulled currency to be returned, in line with the latest RBI data.

While the Reserve Bank on Wednesday revealed that 99 per cent of the Rs 15.44 lakh crore currency junked on November 8 last year had come back, some had pleaded with the government for another window to deposit their small holding old Rs 500 and Rs 1,000.

"At this point... No way," Economic Affairs Secretary S C Garg said when asked if people can get second window for depositing specified bank notes (SBNs) they are left with.

After the RBI statement, the ministry had on Wednesday stated that "the government had expected all the SBNs to come back to the banking system to become effectively usable currency".

While the then Attorney General Mukul Rohatgi had in December last year told the Supreme Court that the government had expected only Rs 10-11 lakh crore to be returned, Revenue Secretary Hasmukh Adhia had on December 7 tweeted: "Did not make prediction that govt expects all demonetised money to come back to the system." 

Garg said most families had high value currency notes and they used it for making payments during the pre-demonetisation era.

"I think there was a clear expectation that much of it would come back. Whether all of it would come, people had different estimates and guesses. But the Centre never said that it expects any currency not to come back," he said.

He said the government had not made any statement on not expecting all of the money to return back.

"I don't think government ever made any statement in Parliament or other otherwise or as part of an affidavit" he added.

Asked about AG's statement in the Supreme Court, he said it was an opinion.

On the less than half dividend payout for 2016-17 by RBI, Garg said: "In the Budget we had estimated Rs 58,000 crore, RBI has calculated surplus of Rs 44,000 crore, RBI has transferred Rs 30,000 crore to the government. We are discussing with the RBI whether there is scope for more transfer as we have our budget estimate at Rs 58,000 crore." 

RBI had transferred Rs 30,659 crore as dividend for financial year 2016-17, half the amount it had transferred previous year. This raised worries whether the shortfall from the dividend would disturb government's fiscal math.

Chief Economic Adviser Arvind Subramanian had earlier told reporters that the shortfall in RBI dividend was in line with government's budgeted estimates.

Deadline for linking Aadhaar and PAN extended to December 31

There is good news for taxpayers as the income tax department has extended the deadline to link PAN with Aadhaar by 4 months to December 31. The department had earlier said that tax returns filed without linking of Aadhaar and PAN would not be taken up for processing unless the two were linked by August 31, 2017. 

This is a huge relief to those who had filed their income tax returns (ITR) by the due date of August 5, 2017, but were not able to link their PAN with Aadhaar by August 31, 2017. 

The revenue department will notify December 31 as the due date for linkage. This comes at a time when the government has granted a similar extension for the furnishing of Aadhaar for availing the benefits of various social welfare schemes. 

Also, the Supreme Court is hearing petitions challenging the government's decision on Aadhaar and has posted the matter for next hearing in November. 

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and is eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities. However, those categorised as non-resident Indians as per income tax laws, people who are not citizens of India, those above 80 years of age, and residents of Assam, Meghalaya and Jammu and Kashmir had been exempt from this requirement if they do not have Aadhaar or an Aadhaar enrolment ID. 

The tax department had on July 31 stated that "unless a finding is made that Aadhaar is constitutionally not valid, tax return filers will need to link their PAN with Aadhaar by August 31, 2017." 

Incidentally, December 31 is also the deadline for people to link their bank accounts with Aadhaar. 

The Central Board of Direct Taxes (CBDT) in a press release dated July 31, 2017, had extended the deadline to file ITR by 5 days to August 5. Additionally, taxpayers were allowed to link PAN with Aadhaar any time before August 31, 2017 in order for their ITRs to be taken up for processing by the department. 

 The deadline for filing ITR was extended because many taxpayers were unable to file their ITRs as they could not link Aadhaar with PAN. The tax department had received several complaints from taxpayers expressing their inability to link the two identification numbers as their names in the Aadhaar and PAN databases were different. 

The deadline to link PAN with Aadhaar by August 31, 2017 was meant for those who had filed their ITR by August 5, 2017 but had not linked PAN with Aadhaar. .. 

Source:-The Economic Times

Wednesday, August 30, 2017

Indian Army to undergo major reforms: Govt

New Delhi, Aug 30 (PTI) Major reforms will be carried out in the Indian Army to enhance its combat capability which will include redeployment of nearly 57,000 officers and other ranks as well as ensuring better utilisation of resources, the government announced today.

Defence Minister Arun Jaitley said perhaps for the first time after Independence, such a big and "far-reaching" reform process is being initiated in the Army.

Replying to a question on whether the exercise was undertaken keeping in view the Dokalam episode, Jaitley said, "This is not specific to any incident. It had been going on much prior to Dokalam." 

The reform initiatives were prescribed by a committee headed by Lt Gen DB Shekatkar (retd) which had a mandate to recommend measures for enhancing of combat capability and rebalancing defence expenditure of the armed forces to increase "teeth to tail ratio".

The 'tooth-to-tail' ratio refers to the amount of supply and support personnel (termed as tail) for each combat soldier (tooth).

The panel had suggested 99 recommendations for structural changes in the Army and out of which the defence ministry has accepted 65 after consultations with all the stakeholders, Jaitley said.

He said operationalisation of the reforms begins "now" while the defence ministry stated that the process will be completed by December 31, 2019.

The Army has a total strength of around 12 lakh personnel and is one of leading ground force globally.

"The net effect of this is, as to various, different functions in the Army, as per the changed environment of technology, economy, combat capability of the Army, how it is to be best utilised," Jaitley told reporters.

In a statement, the ministry said civilians will be redeployed in different wings of the armed forces for improving efficiency.

Army sources said around 31,000 civilian staff will be redeployed including in new formations, adding reform will be carried out in the Army's education corp as well.

Jaitley said the Union Cabinet was today apprised of the defence ministry's decision to carry out the reform process in the Army.

The Shekatkar committee was appointed in May last year and it had submitted its report in December.

"In a first ever exercise after Independence, the Ministry of Defence in consultation with the Indian Army has decided to reform the Indian Army in a planned manner. These decisions were approved by the Defence Minister," the ministry said in a statement.

In the first phase, it said the reforms will involve redeployment and restructuring of approximately 57,000 posts of officers, junior commissioned officers and other ranks and civilians.

It said optimisation of signals establishments, closure of military farms and army postal establishments in peace locations as well as restructuring of repair echelons in the army including base workshops will also be part of the extensive exercise.

The ministry said there will be redeployment of ordnance echelons to include vehicle depots, ordnance depots and central ordnance depots apart from streamlining inventory control mechanisms.

The reform will also be carried out to ensure better utilisation of supply and transport facilities and animal transport units.

There will be enhancement in standards for recruitment of clerical staff and drivers in the Army as also steps will be taken to improve the efficiency of the National Cadet Corps.

"Implementation has begun with the decision of the Cabinet Committee on Security to close 39 military farms in a time bound manner," the ministry said.

The Army's commanders in April had deliberated extensively on enhancing the force's overall strike capability.

"Restructuring by the Indian Army is aimed at enhancing combat capability in a manner that the officers/JCOs/ORs will be used for improving operational preparedness and civilians will be redeployed in different wings of the armed forces for improving efficiency," said the defence ministry.

It said optimisation of signals establishments will include radio monitoring companies, corps air support signal regiments, air formation signal regiments, composite signal regiments and merger of corps operating and engineering signal regiments.

Deadline to link Aadhaar, PAN may not be extended

The income tax department is unlikely to extend beyond August 31, the date for linking Permanent Account Number (PAN) and Aadhaar. Earlier this month, the tax department had extended the deadline till August 31, but cautioned that returns would not be processed until the “linkage of Aadhaar with PAN is done“. 

The deadline was extended as there were complaints that taxpayers were unable to link the Aadhaar number with PAN because of different names in the two databases. 

Sources in the tax department said there was no move to extend the date now as enough time had been provided to link PAN and Aadhaar. 

“Not to the best of my knowledge,“ said a senior tax official when asked whether the date for linking PAN and Aadhaar would be extended. 

The tax department had received several complaints from taxpayers expressing their inability to link the two identification numbers. 

The Supreme Court verdict on privacy as a fundamental right has triggered talk that it may have an implication on Aadhaar, and any adverse impact could impact the move to link PAN and Aadhaar. 

Ajay Bhushan Pandey , CEO of Unique Identification Authority of India, the entity that handles Aadhaar, has been quoted as saying that taxpayers will have to link PAN and Aadhaar by August 31 as the SC ruling is unlikely to have any impact on the process of linking the two databases as of now. 

The government views the linking of PAN and Aadhaar as an “effective anti-evasion measure“ and is part of its strategy to fight black money. 

Source:-The Economic Times

No change likely in Financial Year, date of Budget could be advanced further

The government is unlikely to change the financial year to January-December, though it is considering whether it could further advance the date of the presentation of the Budget by a fortnight or so. 

The government this year presented the Budget on February 1, departing from the British-era practice of announcing Budget proposals on February 28. 

India currently follows April-March financial year, again a 150-year-old tradition dating back to British rule. 

The government had been mulling a shift to January-December financial year and set up a committee to deliberate the issue. 

Finance minister Arun Jaitley had on July 21 in a written reply to a question in the Lok Sabha said, "the matter of changing financial year is under consideration of the government". 

"For now (2018-19), changing the financial year appears unlikely," a senior government official told ET, adding that switching this year would mean the budget would have to be presented by end of October or early November, which is unrealistic. 

In addition, there is a is thinking that as a big change in taxation — the GST — has been rolled out, it will take some time to settle down. The GST rollout was preceded by the demonetisation exercise. Change in financial year at this juncture will add to the disruption. 

As elections are scheduled to be held in 2019, experts believe that the government will not change the financial year then as well. 

There have been divergent views on aligning the financial year with the calendar year. 

A committee under former chief economic advisor Shankar Acharya was set up in July, 2016 to look at the feasibility of the idea. The panel, however, did not find much merit in the idea. 

A NITI Aayog discussion note, on the other hand, said a change in the financial year was required as the current system leads to sub-optimal utilisation of working season. The financial year is not aligned with international practices and it impacted data collection and dissemination from the perspective of national accounts. 

A parliamentary panel also recommended shifting the financial year to January-December. 

Prime Minister Narendra Modi, subsequently, at the NITI Aayog governing council meeting on April 23 this year asked the states to "take initiatives in regard of advancing the financial year from January to December", following which Madhya Pradesh announced its intent to change the financial year. 

While a change in the financial year period for now appears unlikely, advancing the date of the budget is a possibility. The government is happy with the outcome of an early budget this year. It enabled front loading of government spending and its capital spending went up by 58 % in the first two months of 2017-18 as compared to the corresponding period of the previous year. 

Source:-The Economic Times

Calling for application of volunteers from Postal Assistant having accounts qualification to work in PTC - Mysuru against the post of Junior Accountant

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Recommendations of the 7th Central Pay Commission (CPC) - bunching of stages in the revised pay structure under Central Civil Services (Revised Pay) Rules, 2016

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Recommendations of the Seventh Central Pay Commission - Implementation of decision relating to the grant of Children Education Allowance

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Recommendations of the Seventh Central Pay Commission - Implementation of decisions relating to Special Allowance for Child Care for Women with disabilities

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Implementation of the recommendations of Seventh Central Pay Commission - abolishment of Sumptuary Allowance

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Implementation of Governments decision on the recommendations of the Seventh Central Pay Commission - Abolishing Desk Allowance

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Inspection Questionnaire for CBS HOs/SOs and AOICO inspection on HO/SBCO

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Monday, August 28, 2017

Government announces email service for officials in English, Hindi

The government today announced email service for its 5 million personnels in English and Hindi in accordance with the email policy. 

The email policy bars the government employees from using private email services due to security reasons. 

"As part of the mandate under the Digital India program, Government will provide a secure eMail service to all its officials for secure communication. As of now the service will be offered to 5 million users. Currently, the user base is 1.6 million," a statement from Ministry of Electronics and IT said. 

The primary domain for English email id will (at)gov (dot)in and for Hindi email id it will be sarkar(dot)bharat in Hindi script. 

"The primary trigger behind the policy was government data which resides on servers outside India and on servers beyond the control of the government of India," the statement said. 

The email service will be largest service of its kind for the government with a user base of 5 million, the statement said. 

The announcement from MEITY comes about 10 days after Rajasthan government launched first email service for residents in the state. 

The email service of the Rajasthan government has been developed by Jaipur based Data Infosys. A Rajasthan government officer involved in the project said that the state government will be operating and maintaining the entire project because of security reasons. 

The new email service started under under Meity claims to provide rich user experience with a streamlined browser interface that gives natural conversation, enables drag and drop, easy-to customise filters, management and search of large in-boxes of email and voice-mail messages, multiple calendars, contacts and task lists etc. 

As per the statement, the new email service will have "enhanced security authentication mechanisms for users with geo-fencing and device mapping". 

Source:-The Economic Times

Exemption for travel in airlines other than Air India

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Saturday, August 26, 2017

You are required to link PAN with Aadhaar for now despite SC ruling on privacy: Experts

After the Supreme Court's landmark judgement making privacy an inalienable fundamental right, a question has cropped up as to whether Aadhaar is still required to be linked to PAN for acceptance and filing of income tax returns. 

However, the court is yet to make it clear as to how this verdict impacts making Aadhaar mandatory for various financial transactions and also for filing of tax returns. 

Experts say that the Supreme Court's 9 bench ruling has only clarified that 'privacy' is a fundamental right of every citizen of India. 

Sonu Iyer, Partner & National Leader, - People Advisory Services, EY says that "The ruling by Supreme Court of India does not deal with the validity of either the Aadhaar Act or Section 139AA of the Income-tax Act making Aadhaar mandatory for income-tax filing and PAN." 

A five member bench of the Supreme Court will now evaluate the validity of Aadhaar from the perspective of privacy as a fundamental right based on this judgement. 

Iyer adds, "Unless a finding is made that Aadhaar is constitutionally not valid, tax return filers will need to link their PAN with Aadhaar by August 31, 2017 as per CBDT Press Release dated July 31, 2017 so that the tax returns can be processed. Thus, unless Aadhaar and PAN are linked, Income-tax returns filed will not be processed." 

Chetan Chandak, Head of Tax Research, H&R Block, India, says that "Though this judgement has raised big questions on government's decision to make Aadhaar mandatory for various financial transactions, welfare schemes, PAN application, processing of tax returns, etc. But till the supreme court decides on the issues "whether Aadhaar violates the right to privacy of an individual" there is no change in the current situation. Therefore, the income tax department's decision mandating linking of their PAN with Aadhaar by August 31, 2017 still holds good and the returns will not be processed unless the PAN is linked with Aadhaar." 

Therefore, those taxpayers who wish to file the tax return immediately or have filed it but have not linked their PAN and Aadhaar as yet will have to quote either their Aadhaar or Enrollment ID in their tax return without which they will not be able to file the tax return and delaying the tax return further may lead to paying additional interest on any pending tax dues. 

Further as per the existing situation their return and consequent refunds will not be processed if they don't link their PAN and Aadhaar by 31st August. So it is in the interest of an honest taxpayer to be compliant with current law. 

"But if one has serious concerns on privacy related issue and if he doesn't wish to apply for Aadhaar or quote it in his tax return he can wait till the Supreme Court decides on the validity of Aadhaar. But one should carefully analyse the related tax consequences before he does so." says Chandak. 

Source:-The Economic Times

Friday, August 25, 2017

RBI to ramp up supply of Rs 200 notes

The Reserve Bank of India (RBI) said the supply of Rs 200 notes, brought into circulation on Friday, will soon be ramped up across the country through banking channels.

"The production of these notes is being ramped up by the currency printing presses and over time as more notes are printed, it will be distributed across the country through the banking channels and will be available for public in adequate quantity," the RBI said in a statement.

Currently, these notes are available only through select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually, it said.

Introduction of this denomination is expected to facilitate exchange transactions for the common man and provide complete series of denomination for transactions at the lower end.

The Rs 200 denomination bank note in the Mahatma Gandhi (New) series bears the signature of RBI Governor Urjit R. Patel.

It has the motif of the Sanchi Stupa on the reverse while its base colour is bright yellow.

The note has other designs and geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

Source:-The Times of India

Simplification of pension procedure - (i) Handing over of PPO to the retiring employee by the Head of Office before retirement and (ii) Submission of undertaking by retiring Government servant along with pension papers - reg.

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Implementation of Government decisions on the recommendations of the 7th Pay Commission - Revision of Pension of pre-2016 pensioners/family pensioners - Procedural actions for revision

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Special benefits cases of death and disability in service - regulation and payment of Disability Pension/Family pension under Central Civil Service (Extraordinary Pension) Rules in implementation of recommendations of the 7th Central Pay Commission - regarding.

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Implementation of Government decision on the recommendation of the VIIth Pay Commission on CCS (Extraordinary Pension ) Rules , 1939 Enhancement of Constant Attendant Allowance .

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Implementation of Governments decisions on the recommendations of the 7th Pay Commission-Revision of pension of pre-2016 pensioners/family pensioners etc - procedural actions for revision.

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RTI Week Celebration for the year 2017.

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Wednesday, August 23, 2017

Banks are cutting interest rate on savings account: What to do now

Knowing Minimum average balance requirement of your bank savings account is important because ideally you should only keep emergency funds in the savings account and move the rest to liquid debt mutual fund or other investments yielding higher returns. 

This has assumed greater importance in the wake of a large number of banks cutting interest rates on savings accounts which means that unused funds lying idle in these will earn even less than before. This move by banks has brought the need to optimise the amount of funds kept in bank savings accounts into sharper focus. 

Since October 2011, most banks barring few private banks were offering interest rate of 4 percent in these savings accounts. However, recently, banks have started reducing interest rate on savings account. 

The first salvo was fired by none other than the country's largest bank. On 31st July, 2017, State Bank of India slashed its interest rate on savings account deposits by 50 basis points to 3.5 per on balance of Rs 1 crore and below. Subsequently, eleven more banks have reduced the savings bank account interest rate and more could be expected to follow soon. 

Here are some of the banks that have reduced rates from the earlier rate of 4 percent for most deposits. 

Banks are cutting interest rate on savings account: What to do now 

Differentiating features in savings account  

According to RBI rules, interest on savings account (for resident rupee accounts) shall be calculated on a daily basis and will be a uniform interest rate on balance up to Rs 1 lakh, irrespective of the amount in the account within this limit. Also, banks may offer differential rates of interest on balance above Rs 1 lakh. 

Therefore, a bank may have a specific rate up to Rs 1 lakh, while a different rate for balance between Rs 1 lakh and Rs 50 lakh or Rs 1 crore. Some banks do not differentiate and may have a flat rate up to Rs 50 lakh or Rs 1 crore. Therefore, choose to go with a bank based on the average balance being maintained in your account. 

The interest in the savings account of scheduled commercial banks is calculated on daily basis and is credited to the account on quarterly basis. The banks are allowed to credit interest at shorter interval too. 

Banks may insist on maintenance of a monthly average balance (MAB). If the average is not maintained at the end of that period, there could be a penalty. As a savings bank account holder, one needs to keep an eye on the average balance limits as set by the bank. Some banks have a low limit of Rs 1,000 while some may have Rs 5,000. 

In addition there could be several other differentiating features like a higher limit for free usage of ATM etc. 

As the minimum balance requirement of bank savings account has to be met to avoid penalties therefore one should know how it is calculated in order to ensure that this requirement is met while optimising the amount of funds kept in a savings account. 

Monthly Average Balance: Calculation 

Here's how to calculate the monthly average balance for bank savings accounts: 

Say, a bank asks to maintain Rs 5,000 as monthly average balance. 

Let's say how MAB will be calculated for August. 

On 1st August, the balance in the account is Rs 4,000 
On 12th August, withdrawal of Rs 3,000 take place 
On 18th August, deposit of Rs 9,000 takes place 

From 1st August to 12th August i.e. 11 days, total balance will be Rs (4000*11) = Rs 44,000 

From 12th August to 18th August, total balance will be Rs (1000*6) = Rs 6,000 

From 18th August to 31st August, total balance will be Rs (10000*13) = Rs 1.3 lakh 

So, total balance comes to Rs 1.8 lakh and the average for 31 days will be Rs 5,806, which is above the required limit and hence no penalty will be levied. For calculating the number of days, it is based on day's closing balance. 


Keeping idle funds in the savings account should be to take care of emergency needs. Most financial planners suggest keeping at least 6 months of household expense as emergency funds. One may keep an amount equal to three months of such needs in savings account and the rest in short term or liquid funds. 

In order to reduce their cost of funds, banks have started offering lower interest rate in their savings account. As an account holder, it's time for you to take an equally informed decision to divert funds from savings account to high yield investments to make your liquid money earn more. 

Source:-The Economic Times

Not considering ban on Rs 2,000 notes: FM

Finance Minister Arun Jaitley today said the government is not considering banning Rs 2,000 notes, and the Reserve Bank will decide on the timing of issuing the new Rs 200 bill. 

The government has given the go-ahead to the RBI to issue Rs 200 notes, a move that is aimed at easing the pressure on the lower-denomination currency. 

"The whole process regarding by when the notes will be printed, RBI will take care of that issue. Thus, it would be appropriate for the RBI to announce about dates and related matters to the note printing," Jaitley told reporters here. 

When asked whether the government is considering to phase out Rs 2,000 notes, he said: "No, there was no such discussion". 

Following the demonetisation of old Rs 500 and Rs 1,000 notes on November 9 last year, the RBI had introduced Rs 2,000 notes and new Rs 500 notes with additional security features. 

Source:-The Economic Times

RBI gets directive from Finance Ministry to print Rs 200 notes

The government today gave its go-ahead to the Reserve Bank to issue Rs 200 notes that will ease pressure on lower-denomination currency bills. 

The finance ministry, in a notification, said that on the recommendations of the Central Board of Directors of the RBI, "the central government hereby specifies the denomination of banknotes of the value of two hundred rupees". 

The new Rs 200 notes are likely to be in circulation shortly. 

According to sources, the exercise of printing Rs 200 denomination notes is being undertaken to further improve the currency situation in the country. 

Following the demonetisation on November 9 last year, the Reserve Bank had introduced Rs 2,000 notes and also issued a new Rs 500 notes with additional security features. 

So with the introduction of Rs 200 notes, the problem people face due to high-value Rs 2,000 notes would be taken care of. 

The Reserve Bank has also introduced a new fluorescent blue Rs 50 banknotes bearing the motif of 'Hampi with Chariot' that depicts India's cultural heritage. 

In a surprise announcement, Prime Minister Narendra Modi had in November last year announced scrapping of old notes of Rs 1,000 and Rs 500 notes, wiping out over 86 per cent of the cash in circulation. 

The move was aimed at checking black money, counterfeit notes and terror financing. 

Source:-The Economic Times

Sub-categorisation of OBC in central list too

New Delhi, Aug 23 (PTI) The government today approved setting up of a commission to examine the sub categorisation of backward communities in the central list to ensure that the benefits extended to OBCs reach all the communities, Union Minister Arun Jaitley said here.

Briefing reporters on the decisions taken by the Union cabinet, the minister said as many as 11 states, including Andhra Pradesh, Telangana, Jharkhand, West Bengal and the Jammu region in Jammu and Kashmir already have such categorisation in state government jobs.

There is no sub categorisation in the central list. The proposed commission will examine the extent of inequitable distribution of benefits of reservation among caste and communities, including the broad categories of OBCs included in the central list.

It will submit its report in 12 weeks from the day it is set up.

Procedure for booking of air-tickets on LTC - clarification reg.

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Indefinite Strike from 16-08-2017of AIGDSU called off

Notified Indian Postal Service (Group 'A' posts) Recruitment Rules, 2017

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Monday, August 21, 2017

Banks stare at union strike on Tuesday, services may be hit

New Delhi, Aug 20 (PTI) Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government's proposed consolidation move besides raising a host of other demands.

Most banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off.

Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except delay in cheque clearances.

The United Forum of Bank Unions (UFBU) is an umbrella body of nine unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

"As the conciliation meeting before the Chief Labour Commissioner failed, unions are left with no other option but to go on strike. There was no assurance from the government and the management of banks," AIBOC General Secretary D T Franco said.

All attempts to hammer out solutions to the demands raised by the unions bore no fruit and hence, UFBU decided to proceed with the proposed strike on August 22, he said.

Other demands include no write-off policy for non- performing assets (NPAs) of corporate loans, declaring wilful default of loans as criminal offence and implementation of recommendations of Parliamentary Committee on recovery of NPAs, AIBEA General Secretary C H Venkatchalam said.

He also suggested that banks should not pass on the burden of corporate NPAs on bank customers by hiking charges.

Venkatchalam said the government should abolish the Banks Board Bureau and ensure stringent measures to recover bad loans and accountability of top executives.

UFBU, which claims membership of nearly 10 lakh across banks, also requested the government for cost reimbursement of demonetisation to banks.

As many as 21 public sector banks control 75 per cent of the total business.

Revision of rates of Allowances - extension of Government decision on the recommendations the 7th Central Pay Commission in respect of employees of Quasi - Government Organisation, Autonomous Organisations, Statutory Bodies set up by and funded/controlled by the Central Government

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Operational Guidelines for CBS Post Offices handling Post Office Savings Bank related work

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Implementation of recommendation of the Seventh Central Pay Commission Construction Projects - Grant of Project Allowance

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lmplementation of recommendation of the Seventh Central Pay Commission Construction Projects - Transport Allowance to Central Government Employees.

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