General news

Ministry of Health instructs all hospitals to buy only Khadi products

Ministry of Health instructs all hospitals to buy only Khadi products

New Delhi: Khadi and Village Industries Commission (KVIC) which has, in the last six months, bagged large orders from several public and private sector companies since the Narendra Modi government came to power, has bagged the largest ever order from the Ministry Of Health on February 16, 2017.

According to the order issued by the Ministry of Health, its 23 Central Government hospitals and Medical research institutions across the country, such as AIIMS, NIMHANS and others, will buy Khadi products only. The 46 Khadi products which are approved by the Ministry ranges from bed sheets, abdomen sheets , dressing towels, surgeon gown , surgical patient gown to soaps , Khadi phenyl and herbal shampoo. The total procurement cost of these items will be over Rs. 150 crore. The items will be supplied by KVIC over a period of seven to eight months times as per the individual requirements.

“Ministry of Health adopting Khadi for hospitals and staff is a significant symbol of Khadi being the most natural and organic skin friendly fabric. The Prime Minister’s vision and support in promoting Khadi on ever newer horizons is a matter of great pride to KVIC,” said KVIC Chairman, VK Saxena.

A list of 45 items has been circulated for the exclusive use of hospitals and autonomous institutes associated with the health ministry. The list was finalised based on the recommendation of a committee set up by the Ministry after Saxena met Health Minister J.P. Nadda in November 2016.

Last year, the sale of Khadi products was at Rs 1,510 crore and is projected to grow by 35 percent in the current financial year. Sales have boomed over the last few years as the government has pushed Khadi.

On October 2, 2016, KVIC launched ‘Khadi Institutions Registration and Certification Sewa’ (KIRCS), an online portal for registration of new Khadi institutions and for bringing more and more people to join Khadi activities in the rural areas. This has reduced time taken for registration of a new Khadi institution from three years to just 45 days.

ANI

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Be the first to comment - What do you think?  Posted by admin - February 18, 2017 at 6:36 pm

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Draft Recruitment Rules for the Post of Multi Tasking Staff in Staff Selection Commission

Draft Recruitment Rules for the Post of Multi Tasking Staff in Staff Selection Commission.

Draft Recruitment Rules for the post of Multi Tasking Staff in Staff
Selection Commission are attached herewith for perusal of all concerned.
Comments of stakeholders, if any, may please be sent to this Department on or
before 15.03.2017 at the address Section Officer, Estt.(B.I), Department of
Personnel & Training, Room No.215-C, North Block, New Delhi. A soft copy of
the comments may also be sent to this Department at selvakumar.m13nic.in .
[ TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART II, SECTION 3,
SUB-SECTION (i) ]

No.
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
New Delhi, the

NOTIFICATION

G. S .R In exercise of the powers conferred by the proviso to Article 309 of the Constitution and in accordance with DOPT O.M.No. AB.14017/6/2009- Estt.(RR) dated 30.4.2010 and in supersession of the Staff Selection Commission (Group ‘D’ posts) Recruitment Rules, 1978; Staff Selection Commission (Examination Work Attendant) Recruitment Rules, 1989 and Staff Selection Commission (Senior Gestetner Operator and Senior Peon) Recruitment Rules, 1996 notified on 31.05.1980, 09.10.1989 and 04.10.1996 respectively, the President hereby makes the following rules regulating the method of recruitment to the post of Multi Tasking Staff
(Group ‘C’) in the Staff Selection Commission, namely :-
1. Short title and commencement:-  These rules may be called the Staff Selection Commission Group ‘C’

“Multi Tasking Staff’ Recruitment Rules, 2017.

They shall come into force from the date of their publication in the Official
Gazette.

2. Number of Posts, Classification and Scale of pay :- The number of posts,
its classification and the Pay Level in Pay Matrix attached thereto shall be
as specified in Column 2 to 4 of the Schedule annexed to these rules.

3. Method of recruitment, age limit and other Qualifications, etc.:- The
method of recruitment to the said post, age limit, qualification and other
matters relating to thereto shall be as specified in column 5 to 13 of the
said Schedule;

4. Disqualification:- No person,
(a) Who has entered into or contracted a marriage with a person having
a spouse living, or
(b) Who, having a spouse living, has entered into or contracted a
marriage with any person,
shall be eligible for appointment to the said post.
Provided that the Central Government may, if satisfied, that such marriage
is permissible under the personal law applicable to such person and the
other party to the marriage and that there are other grounds for so doing,
exempts any person from the operation of this rule.
5. Power to relax :- Where the Central Government is of the opinion that it
is necessary or expedient to do so, it may, by order, and for reasons to be
recorded in writing, relax any of the provisions of these rules with respect
to any class or category of persons.
6. Saving:- Nothing in these rules shall affect reservations, relaxations of
age limit and other concessions required to be provided for the Scheduled
Castes, Scheduled Tribes, Other Backward Classes, Ex-Servicemen or any
other special category of persons in accordance with the orders issued by
the Central Government from time to time in this regard.
See More 

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Reserve Bank: Limit on Cash Withdrawals from SB Accounts raised to Rs.50, 000 per week

Reserve Bank: Limit on Cash Withdrawals from SB Accounts raised to Rs.50, 000 per week

Reserve Bank today announced that the cash withdrawal limits on savings bank account to be raised to Rs 50,000 per week from the existing limit of Rs.24,000 from Feb 20.

And also the limits on cash withdrawals from savings bank account would be removed from March 13.

Removal of limits on withdrawal of cash from Saving Bank Accounts

RBI/2016-17/224
DCM (Plg) 3107/10.27.00/2016-17

February 08, 2017

All Banks
Dear Madam / Sir,

Removal of limits on withdrawal of cash from Saving Bank Accounts
Please refer to our circular DCM (Plg) 2905/10.27.00/2016-17 dated January 30, 2017 on the captioned subject.

2. In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09, 2016 Reserve Bank had placed certain limits on cash withdrawals from Savings / Current / Cash credit /Overdraft accounts and withdrawals through ATMs. On a review of the pace of remonetisation, Reserve Bank partially restored status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017 respectively. However, the limits on cash withdrawal from Savings Bank accounts continued to be in place.

3. In line with the pace of remonetisation, it has now been decided to remove the restrictions on cash withdrawals from Saving Bank accounts (including accounts opened under PMJDY) in a two step process as under:

Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ? 50,000 per week (from the current limit of ? 24,000 per week); and

Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.

4. Please acknowledge receipt.

Yours faithfully,
(P Vijaya Kumar)
Chief General Manager

Authority: www.rbi.org.in

Be the first to comment - What do you think?  Posted by admin - February 9, 2017 at 6:34 am

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Upgradation of Employment Exchanges

Upgradation of Employment Exchanges

As per information received from the States, at present 978 employment exchanges are functioning in the country.

The Ministry is implementing the National Career Service (NCS) Project as a plan scheme for transformation of the National Employment Service to provide a variety of employment related services like job matching, career counselling, vocational guidance, information on skill development courses, etc. These services are available online on the National Career Service Portal (www.ncs.gov.in) and supported by Call Centre/Helpdesk. The services under NCS are accessible from multiple delivery channels like NCS Portal, Employment Exchanges (Career Centres), Common Service Centre etc.

The NCS Project envisages setting up of 100 Model Career Centres (MCCs) in collaboration with States and other institutions to deliver employment services during the 12th Five Year Plan. The Government provides financial assistance to these centres upto Rs 50 lakh per centre based on the proposals and scheme guidelines. These model centres can be replicated by the States from their own resources. In addition, the NCS project has a component of interlinking of employment exchanges and provides part funding of upto Rs 8 lakhs per exchange to States for their upgradation. Based on the scheme guidelines and proposals received from the States, approvals have been accorded for release of funds to Andhra Pradesh and Telangana.

This information was given by Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in written reply to a question in Rajya Sabha today.

Source: PIB

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Reserve Bank of India (RBI) is set to announce bi-monthly monetary policy review

Reserve Bank of India (RBI) is set to announce bi-monthly monetary policy review

The Reserve Bank of India (RBI) is set to announce bi-monthly monetary policy review on Wednesday.

A lot of predictions have been done by the analysts and experts on whether the central bank should maintain a status quo or cut the interest rates.

In the last monthly policy, held on December 7, the central bank had kept key rates unchanged amid the then on-going demonetisation exercise, which had led the whole country in cash crisis. That time, the analysts were expecting a rate cut, but the RBI Governor Urjit Patel gave ‘surprise’ buy not reducing the rates.

A Reuters poll last week, conducted before the government presented its annual budget, showed 28 of 46 participants expected the RBI on Wednesday to cut the repo rate by 25 basis points to 6.0%, its lowest since November 2010. Another two expected a 50 bps cut.

Here are the factors which will decide RBI’s decision

Inflation

Consumer Price Inflation fell to a two-year low of 3.41% in December, which is below the RBI’s end-March 2017 target of 5% and medium-term target of 4%.

The fall in inflation has given enough room for the RBI to cut the rates. Commenting on the expectation from the central bank, Rishi Mehra, Co-Founder and Director of Wishfin (earlier known as Deal4loans) said, “We are expecting a 25 basis points reduction in the key policy rate – the repo rate – to 6 % on February 8 when the Governor Urjit Patel will unveil his third policy review. Since the last RBI policy, the CPI inflation has been to the downside both in the month of November and December, giving possibilities of meeting the 5% March 2017 CPI target. Having said that, the RBI had made it quite clear that it will work towards the achievement of the consumer price index inflation.”

Having similar view, HSBC in its report said, “We hold on to our expectation of a 25 basis points rate cut in February, but caution that this would likely bring the easing cycle to an end, given the pressures in the horizon implementation of the goods and services tax (GST) bill, rising oil prices, implementation of government employees housing allowance, and the challenging 4% CPI target for the medium term.”

Moreover, Nomura in its report said, “On the monetary policy front, with the government sticking to fiscal consolidation and headline CPI likely to undershoot the RBI’s March 2017 target of 5%, we are pencilling in a final 25 bps repo rate cut to 6% on February 8.”

Raghu Kumar, Director, Upstox, said, “In our view, RBI is expected to cut repo rate by 0.25 per cent at its policy review on Wednesday. This rate cut would be supported by the modest CPI inflation, which is expected to undershoot the March 2017 target set by RBI and the continued fiscal consolidation attempted in the Union Budget for FY2018.”

Demonetisation

In the last policy meet, some experts were expecting RBI to look at the rate cut amid the demonetisation exercise to get a clear picture of the whole exercise.

Today, Bank of America Merill Lynch said to reverse the impact of the demonetisation drive to growth prospects, the Reserve Bank will cut rates tomorrow as well as in the April policy review.

“We continue to expect the RBI-MPC (monetary policy committee) to cut the rates by 0.25%t and in April with demonetisation hurting growth,” it said.

However, having the opposite view, Kavita Chacko, Senior Economist, said, “We do not expect a rate cut in this policy as the banks have already lowered interest rates following the inflow of deposits into the banking system following demonetisation.”

Fiscal Deficit

Finance Minister Arun Jaitley during his Union Budget 2017 speech stated that the fiscal deficit aim for the next fiscal would be 3.2% instead of 3.%. Analysts believe that disinvestment targets is key if the government has to achieve this fiscal deficit target.

“The better than feared deficit target and commitment to fiscal consolidation will keep hopes of a RBI rate cut alive,” the Citigroup report said adding “the Budget reinforces our view of another 25 bps cut in repo rate”.

In the very beginning of the year, the banks had slashed its marginal cost of funds based lending rate in the range of 90 basis points – 75 basis points across all maturities.

The banks’ decision came in after they were flooded with liquidity post demonetisation. According to a Bloomberg report, this behaviour of banks has made it clear that they respond to liquidity triggers far more quickly than policy rate triggers.

So, for tomorrow like the analysts say it will be a “close call” for RBI on whether to hold the rates or reduce them.

Be the first to comment - What do you think?  Posted by admin - February 8, 2017 at 1:54 pm

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Dr Jitendra Singh gives away awards to various Ministries/Departments for meritorious performance in handling Public Grievances on PG portal

Dr Jitendra Singh gives away awards to various Ministries/Departments for meritorious performance in handling Public Grievances on PG portal

Minister reviews the functioning of DARPGSEVA

The Union Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh gave away the award of certificates for meritorious performance by the Ministries/Departments for effective redress of public grievances received on CPGRAMS, here today. Under the scheme, the certificate of recognition is given to three Ministries/Departments who are found to have done outstanding work during a quarter as per the prescribed criteria.

On the occasion, Dr Jitendra Singh awarded the following Ministries/departments for the quarter July, 2016 to September, 2016 and October, 2016 to December, 2016:

Group (July-Sep, 2016) (Oct-Dec, 2016)
A
(Ministries/Deptts receiving upto 300 grievances during the quarter)
Ministry of Development of North Eastern Region Department of Scientific and Industrial Research
B
(Ministries/Deptts receiving upto 301-2000 grievances during the quarter)
Ministry of Women and Child Development Ministry of Housing and Poverty Alleviation
C
(Ministries/Deptts receiving upto above 2000 grievances during the quarter)
Central Board of Direct Taxes (Income Tax) Central Board of Direct Taxes (Income Tax)

Speaking on the occasion, Dr Jitendra Singh said that the awards will act as a motivator for the departments. He said that the number of grievances lodged has increased considerably in the recent years, which shows the increased faith of public in the government. He also said that the emphasis of the government has been on transparency and accountability. The Minister also said that the government has given importance to citizen-centric government with maximum governance and minimum government.

The Minister also reviewed the functioning of Twitter Seva started by the DARPG on February 1, 2017. The Twitter Seva will enable the DARPG to reach out to the common public and various stakeholders for facilitating redress of grievances and other issues of importance related to department.

The senior officers of the department were also present on the occasion.

PIB

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Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh

No Cash Transaction above Rs 3 lakh – FM

Press Information Bureau
Government of India
Ministry of Finance

01-February-2017 13:57 IST

Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh

Government to launch schemes to promote BHIM app, Aadhar Enabled Payment System

Mission to be set-up to achieve a target of 2500 Cr digital transactions in 2017-18

Series of measures proposed to strengthen and regulate digital economy

In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a suggestion by Special Investigation Team on Black Money to ban cash transactions above Rs 3 lakhs, the Finance Minister has proposed an amendment to the Income-tax Act in the Finance Bill.

Presenting the General Budget 2017-18 in the Parliament, the Finance Minister said that the Government will launch two new Schemes to promote the usage of BHIM App i.e, Referral Bonus Scheme for individuals and a Cashback Scheme for merchants. BHIM App was launched to promote digital transactions and will unleash the power of mobile phones for digital payments and financial inclusion, The Finance Minister Shri Jaitley informed the House that 125 lakh people have adopted the BHIM app so far.

The Finance Minister Shri Jaitley also announced that Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly. This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile phones. A Mission will be set-up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards. Banks have targeted to introduce additional 10 lakh new PoS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based PoS by September 2017.

Highlighting the Government’s strategy to clean the system through digital economy, Shri Jaitley said that it has a transformative impact in terms of greater formalisation of the economy and mainstreaming of financial savings into the banking system. This, in turn, is expected to energise private investment in the country through lower cost of credit. India is now on the cusp of a massive digital revolution, he added. The Finance Minister said that a shift to digital payments has huge benefits for the common man. The earlier initiative of the Government to promote financial inclusion and the JAM trinity were important precursors to the current push for digital transactions, the Finance Minister added.

In a bid to incentivize the digital transactions, the Finance Minister Shri Jaitley proposed that the presumptive income tax for small and medium tax payers whose turn-over is up to Rs 2 crore will be reduced from the present 8% of their turnover which is counted as presumptive income to 6% in respect of turnover which is received by non-cash means. This benefit will be applicable for transactions undertaken in the current year also, he added.

The Finance Minister also proposed to limit the cash expenditure allowable as deduction, both for revenue as well as capital expenditure, up to Rs 10,000. Similarly, the limit of cash donation which can be received by a Charitable Trust is being reduced from Rs 10,000/- to Rs 2000/-.

To promote cashless transactions, the Finance Minister in the Budget has proposed to exempt BCD, Excise/CV duty and SAD on miniaturised POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers/Scanners and Iris Scanners. He also proposed to exempt parts and components for manufacture of such devices, so as to encourage domestic manufacturing of these devices.

To strengthen and regulate the digital economy, the Finance Minister has proposed to create a Payments Regulatory Board in the Reserve Bank of India(RBI) by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems. The Committee on Digital Payments constituted by the Department of Economic Affairs has recommended structural reforms in the payment eco system, including amendments to the Payment and Settlement Systems Act, 2007. The Government will undertake a comprehensive review of this Act and bring about appropriate amendments, Finance Minister added.

To strengthen the digital payment infrastructure and grievance handling mechanisms, the Finance Minister said in his Budget Speech that the focus would be on rural and semi urban areas through Post Offices, Fair Price Shops and Banking Correspondents. He added that steps would be taken to promote and possibly mandate petrol pumps, fertilizer depots, municipalities, Block offices, road transport offices, universities, colleges, hospitals and other institutions to have facilities for digital payments, including BHIM App. A proposal to mandate all the Government receipts through digital means, beyond a prescribed limit, is under consideration. The Government will strengthen the Financial Inclusion Fund to augment resources for taking up these initiatives, the Finance Minister added.

In his Budget Speech, the Finance Minister informed that increased digital transactions will enable small and micro enterprises to access formal credit. He said that the Government will encourage

SIDBI to refinance credit institutions which provide unsecured loans, at reasonable interest rates, to borrowers based on their transaction history.

The Finance Minister assured the House that the Government will consider and work with various stakeholders for early implementation of the interim recommendations of the Committee of Chief Ministers on digital transactions.

Shri Jaitley said that the Government is considering the option of amending the Negotiable Instruments Act to ensure that the payees of dishonoured cheques are able to realise the payments.

Be the first to comment - What do you think?  Posted by admin - February 1, 2017 at 2:57 pm

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IRS officers meet Dr Jitendra Singh, seek DoPT intervention

IRS officers meet Dr Jitendra Singh, seek DoPT intervention

A delegation of the Indian Revenue Service (IRS) officers met the Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh here today and sought intervention by Department of Personnel & Training (DoPT) for the clearance of backlog in promotions.

In a memorandum submitted by the members of delegation, it was pointed out that around 450 posts of Joint Commissioner / JAG level are lying vacant, but there are no officers eligible to be promoted because Recruitment Rules prescribe minimum residency of 5 years at Deputy Secretary level as eligibility criteria. Officers up to 2007 batch have already been promoted and therefore, they requested for relaxation of 9 months for gaining eligibility for the officers of 2017 batch who have been left out. The members of delegation sought Dr Jitendra Singh’s intervention so that the DoPT could take a holistic view of circumstances and grant relaxation for promotion to JAG / JC-IT.

Prominent IRS officers who led the delegation included Shri Rajesh Menon from Mumbai, Shri Anantharaman Aiyer from Delhi, Shri C.K. Singh and Shri B.K. Singh.

Be the first to comment - What do you think?  Posted by admin - January 31, 2017 at 10:57 pm

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RBI Circular: No Limit for Cash Withdrawal from ATMs from February 1

RBI Circular: No Limit for Cash Withdrawal from ATMs from February 1

Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante

RESERVE BANK OF INDIA
www.rbi.org.in

RBI/2016-17/217

DCM (Plg) No. 2905/10.27.00/2016-17

January 30, 2017

The Chairman / Managing Director / Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks,
Regional Rural Banks / Urban Co-operative Banks,
State Co-operative Banks / District Central Co-operative Banks

 Dear Sir/Madam,

Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante

Please refer to our circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 placing limits on Cash withdrawals from bank accounts and ATMs in the wake of withdrawal of Legal Tender Character of Specified Bank Notes (SBN) and subsequent circulars DCM (Plg) Nos.1256, 1274, 1317, 1437, 2142 and 2559 dated November 11, 14, 21, 28, December 30, 2016 and January 16, 2017 respectively, providing for relief and relaxations therefrom.

2. On a review of the pace of remonitisation, it has been decided to partially restore status quo ante as under:

Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.

The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future.

Limits vide the circulars cited above placed on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to 2 (ii) above.

3. Further, banks are urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.

4. Please acknowledge receipt.

Yours faithfully,
(P Vijaya Kumar)
Chief General Manager

Authority: www.rbi.org.in

RBI Circulr 2017

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Government may make Aadhaar must for rail concession in Budget 2017

Government may make Aadhaar must for rail concession in Budget 2017

New Delhi: Government is contemplating to make Aadhaar or Unique Identification (UID) card mandatory to avail rail concession, and an announcement is likely to be made by Finance Minister Arun Jaitley while presenting the first combined General and Railway Budget on February 1.

The move will help the government in better targetting of benefits and check misuse of the facility, sources said.

The Railways provides concession on tickets to more than 50 categories of passengers which include senior citizens, students, research scholars, teacher, doctor, nurse, patients, sports people, unemployed youth, Arjun awardees among others.

At present, Railways is running a pilot project for senior citizens who are entitled for rail concessions.

The concessional tickets cost the Railways about Rs 1,600 crore in 2015-16, with the bulk being accounted for senior citizens.

As per the government data, over 100 crore Aadhaar cards have been issued so for covering bulk of India’s population.

The government has decided to end the 92-year-old practice of presenting a separate Railway budget and merged it with the General Budget.

Jaitley, according to sources, will contribute few pages of his Budget to programmes and schemes related to Indian Railways.

Although there will be a single budget, the Railways will continue to have autonomy as commercial undertaking and the existing financial arrangement will remain.

The Railways is expected to get exemption from payment of dividend to the Union government, a move which will help strengthening its finances.

The organisation will also get budget support to meet part of its capital expenditure and will be allowed to raise extra budgetary resources.

According to sources, Railways would continue to bear the expenditure on social and public service obligations.

It is also expected that Jaitley will present a separate statement of budget estimates and demand for grants for Railways in the General Budget.

There will also be a single Appropriation bill, including the estimates of Railways, to the Parliament.

PTI

Be the first to comment - What do you think?  Posted by admin - January 29, 2017 at 9:42 pm

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GST will not lead to job losses at central excise dept, assures Jaitley

GST will not lead to job losses at central excise dept, assures Jaitley

New Delhi: Ahead of the rollout of GST, Finance Minister Arun Jaitley today sought to address concerns of job loss from reduced work of central excise and service tax officials, saying they should have no insecurity as enough work and opportunities will be available to them in the new indirect tax regime.

“I see no reason really for disquiet for the simple reason (that) opportunities which are available to people in service and the matter of policy and constitutional guarantee are all protected,” he said at the Investiture Ceremony 2017 and International Customs Day 2017 organised by CBEC here.

Only the nature of activity will change because there will be one national sales tax replacing an array of central and state levies like excise duty, service tax and VAT.

“Important changes and evolutions which take place are never put on the back burner” just because the people who conduct the activity would now have to work in an altered form and environment, he said.

“The number of people required, the kind of opportunity will remain unchanged except that the nature of activity itself changes,” he said.

GST, he said, has for last several yeas been considered as a larger part of policy consensus in India and an important taxation reform that will lead to the economic integration of the country.

“Once it takes place you have a situation where taxes (that) are levied by the state (and) by Centre (will) all be integrated into one and therefore resulting in one assessment.

“Multiple systems on assessment which is there at present will evolve into a newer kind of system,” he said.

He was responding to Central Board of Excise and Customs (CBEC) Chairman Najib Shah’s remarks drawing his attention to “the rising disquiet in the cadre”, saying there were human resource issues in the service.

Jaitley said the revenue to be collected is going to expand and there will be expansion of economic activity as well.

“Therefore even though you have two parallel machineries which could now be converging into similar kind of activities and shared responsibility, I think the future will stand witness to the fact that there will be adequate amount of opportunities to be created and therefore the kind of disquiet in service, the kind of personal pressure I see on you should reduce as there is no real occasion for a fear of this kind or a sense of insecurity for anyone in this service,” he said.

The Finance Minister said change and evolution are an integral part of any economic order, and they are never held back because the nature of responsibility is going to change.

“This is an ongoing process it will continue and we will all have to adjust ourselves with this particular change. I can only assure you that there is no reason for disquiet, you can go and have a comfortable sleep tonight,” he told the revenue officials.

Revenue Secretary Hasmukh Adhia told the officers that they will have enough work to do under GST.

The Indian Revenue Service (Customs and Central Excise) Officers Association has asked the government to protect the sanctity of their service amid attempts by officers of state government VAT departments to equate themselves with IRS (Customs and Central Excise) officers.

PTI

Be the first to comment - What do you think?  Posted by admin - January 28, 2017 at 9:56 am

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Varishtha Pension Bima Yojana – 2017

Ministry of Finance
Press Information Bureau,
Government of India

24-January, 2017

Varishtha Pension Bima Yojana – 2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017). It is a part of Government’s commitment for financial inclusion and social security.

The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / halfyearly and annual basis. The differential return, i.e., the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.

Be the first to comment - What do you think?  Posted by admin - January 24, 2017 at 4:32 pm

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Cabinet approves a New Scheme for promotion of Rural Housing in the country

Cabinet approves a New Scheme for promotion of Rural Housing in the country

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a new scheme for promotion of Rural Housing in the country. The Government would provide interest subsidy under the scheme. Interest subsidy would be available to every rural household who is not covered under the Pradhan Mantri Aawas Yojana (Grameen), PMAY(G).

The scheme would enable people in rural areas to construct new houses or add to their existing pucca houses to improve their dwelling units. The beneficiary who takes a loan under the scheme would be provided interest subsidy for loan amount upto Rs. 2 Lakhs.

National Housing Bank would implement the scheme. The Government would provide net present value of the interest subsidy of 3 percent to the National Housing Bank upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.). As a result the equated monthly installment (EMI) for the beneficiary would be reduced.

Under the scheme, the Government would also take necessary steps for proper convergence with PMAY-G including technical support to beneficiary through existing arrangements. The new scheme is expected to improve housing stock in the rural areas, as well as create employment opportunities in rural housing sector.

PIB

Be the first to comment - What do you think?  Posted by admin - at 4:29 pm

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WE WANT POSITIVE ACTION AND NEGOTIATED SETTLEMENT – CONFEDERATION

WE WANT POSITIVE ACTION AND NEGOTIATED SETTLEMENT – CONFEDERATION

AGAIN ASSURANCES

WE DON’T WANT ANY MORE ASSURANCES – WE WANT POSITIVE ACTION AND NEGOTIATED SETTLEMENT – SEVEN MONTHS ARE OVER AFTER THE JUNE 30th ASSURANCES – AGAIN SWEET WORDS AND ASSURANCES BY HON’BLE HOME MINISTER AND CABINET SECRETARY – THIS TIME NO TIME FRAME – PENSION COMMITTEE REPORT UNILATERALLY SUBMITTED TO CABINET WITHOUT REACHING ANY NEGOTITED SETTLEMENT WITH STAFF SIDE – THE ONE AND THE ONLY POSITIVE RECOMMENDATION OPTION -1 FOR PENSIONERS IS GOING TO BE REJECTED – FATE OF OTHER COMMITTEES MAY NOT BE DIFFERENT IF THERE IS NO NEGOTIATED SETTLEMENT – ALLOWANCE COMMITTEE NOT YET CONCEDED THE DEMAND OF JCM STAFFSIDE SECRETARY FOR GIVING ANOTHER CHANCE FOR DISCUSSION – NO NEGOTIATED SETTLEMENT ON ANY ISSUES – GOVT MADE JCM FORUM ONLY A TALKING SHOP – NEIROS ARE FIDDELING WHEN ROME IS BURNING – CENTRAL GOVT. EMPLOYEES AND PENSIONERS CANNOT BE FOOLED ANY MORE – ENOUGH IS ENOUGH – MAKE THE 16th MARCH 2016 ONE DAY STRIKE A THUNDERING SUCCESS.

M. KRISHNAN
Secretary General
Confederation
Mob & WhatsApp: 09447068125.
Email : mkrishnan6854@gmail.com

Source: Confederation

Be the first to comment - What do you think?  Posted by admin - January 23, 2017 at 10:35 am

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GPF Resolution – accumulations at the credit of subscribers to the GPF and other similar funds 2017, w.e.f. 1st January, 2017

GPF Resolution – accumulations at the credit of subscribers to the GPF and other similar funds 2017, w.e.f. 1st January, 2017

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.NO. 5(1)-B(PD)/2016
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 18th January, 2017

RESOLUTION

It is announced for general information that during the year 2016-2017, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.0% (Eight per cent) w.e.f. 1st January, 2017 to 31st March, 2017. This rate will be in force w.e.f. 1st January, 2017.

The funds concerned are:

1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.

(Vyasan R.)
Deputy Secretary (Budget)

To,
The Manager, (Technical Branch)
Government of India Press, Faridabad.

Source: GPF Resolution

Be the first to comment - What do you think?  Posted by admin - January 21, 2017 at 1:48 pm

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Section of bank employees threaten nation-wide strike on Feb 7

Section of bank employees threaten nation-wide strike on Feb 7

New Delhi: A section of bank trade unions have threatened to go on a day-long nation-wide strike on February 7 to press various demands including complete removal of restrictions imposed during demonetisation period and safeguarding the autonomy of the Reserve Bank of India.

“It was expected that the government and the RBI would take necessary steps to mitigate the problems faced by the banks and the public but even now, we find that there is acute shortage of cash supply to the banks with the result that branches are not able to honour even the restricted payment of Rs 24,000/100,000 per week,” AIBEA General Secretary C H Venkatachalam said.

Apart from All India Bank Employees’ Association( AIBEA), other unions which will be part of the strike are All India Bank Officers’ Association (AIBOA) and Bank Employees Federation of India.

Unions are also demanding publishing names of individuals who have defaulted in paying loans of Rs 1 crore and above so that stringent measures could be taken to recover bad loans.

Other demands of banks include ensuring autonomy of RBI in cash management, compensation to family of general public, bank customers and bank staff who lost their lives in the demonetisation aftermath and payment of overtime to employees and officers for their additional effort during the 50-day demonetisation period.

He added that the government is interfering by appointing officials to monitor cash management which is affecting the autonomy of RBI. Cash management falls under the sole jurisdiction of RBI, he said.

“Humiliated” by the events since demonetisation, even RBI employees had written to Governor Urjit Patel protesting the operational “mismanagement” of the note ban exercise and the government impinging the apex bank’s autonomy.

In a letter, the employees said that the autonomy and image of RBI has been “dented beyond repair” due to mismanagement and termed the appointment of a senior Finance Ministry official for currency coordination as a “blatant encroachment” of the RBI’s exclusive turf.

PTI

Be the first to comment - What do you think?  Posted by admin - January 20, 2017 at 3:44 pm

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Digital payment promotion gets a boost

Digital payment promotion gets a boost
More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs.60.90 crore at Digi-Dhan Melas

The Government’s efforts to give a boost to the digital payment systems and the cashless economy, post-demonetization have generated enthusiastic response from the people. People from different age groups, occupations and different walks of life have taken part in a big way in the Lucky Grahak Yojana and Digi-dhan Vyapar Yojana giving a fillip to digital transactions.

More than 3.81 lakh consumers and 21,000 merchants have been declared the winners of prize money worth Rs.60.90 crore at 24 Digi-Dhan Melas across the country.   Giving the details, the Union Minister Law & Justice, Electronics and Information Technology Shri Ravi Shankar Prasad said that the Common Service Centres under the Deptt. of Electronics and Information Technology have trained 1.94 crore citizens and 5.93 lakh merchants so far for carrying out transactions through digital payment systems.

The prize money worth Rs. 60.90 crore to over 3.81 lakh winners of NITI Aayogs’s lucky draw schemes ‘Lucky Grahak Yojana, LGY’  for consumers and ‘Digi-Dhan Vyapar Yojana, DVY’ for merchants has been declared at 24 Digi-Dhan Melas across the country – daily as well as weekly.   The lucky winners include 24 year old Ashutosh Mishra, a mobile shop owner in Rampur, Odisha, 24 year old Jadhav Amit Anil from Ghatkopar, Mumbai, 27 year old Mangesh Anantrao Jadhav from Nasik, 42 year old Suman Sapra from Ulsoor, Bengaluru, Tripta Devi, a 54 year old housekeeper from Andhra Pradesh, among others.  The list includes winners from different walks of life including the small farmers, Anganwadi workers, housewives, labourers, etc.

Data analytics provided by the National Payments Corporation of India (NPCI) has highlighted a positive response among the people to adopt digital payments.  Maharashtra, Andhra Pradesh, Tamil Nadu, Uttar Pradesh and Karnataka have emerged as the top 5 states with maximum number of winners.  Active participation has been seen among men and women while most of the winners were in the age group of 21-30 years.

The two schemes were launched on December 25, 2016 and shall remain open till April 14, 2017.  The schemes are aimed at incentivizing the consumers and the merchants to promote digital payments.  15,000 daily winners vie for total prize money of Rs. 1.5 crore at the rate of Rs.1000 per person.  Besides, over 14,000 winners qualify for weekly draws with the total prize money of over Rs. 8.3 crore per week.

Customers and merchants using RuPay Card, BHIM, UPI (Bharat Interface for Money/Unified Payment Interface) USSD based *99# service and Aadhaar enabled Payment Service (AePS) are eligible for participating in the daily and weekly lucky draws.

These lucky draws are being held at Digi-Dhan Melas across the country.  Over 100 Digi-Dhan Melas will be held across the country to inculcate digital payment among the people.  Till date, 24 Digi-Dhan Melas have been held across the country since 25th December, 2016.  These include New Delhi, Gurugram, Ludhiana, Panaji, Dehradun, Lucknow, Ranchi, Raipur, Mumbai, Meerut, Haldwani, Amritsar, Pune, Patna, Vijayawada, Chandigarh, Guwahati, Kochi, Bilaspur, Bokaro, Dadra & Nagar Haveli, Bengaluru, Jammu and Hyderabad. The exercise has covered so far 12 states and 3 Union territories. By 1st February, the exercise will have covered the cities from 21 States and 4 UTs. The upcoming Digi-Dhan Melas are scheduled to be held as per the following schedule:-

Table – List of cities for Lucky Grahak Scheme draws till February 1, 2017.

 Digital-payment-promotion

 Background:

Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana awards were launched in New Delhi on December 25, 2016 by Union Minister of Finance and Corporate Affairs, Arun Jaitley and Union Minister of Electronics & Information Technology and Law & Justice, Ravi Shankar Prasad to incentivize digital payments. The lucky draws have been planned at over 100 Digidhan Melas spread across the country in 100 different cities till April 14, 2017. The highlights of the Schemes are as follows :

  •  All transactions done by consumers and merchants from November 9, 2016 till April 14, 2017 will be eligible for winning prize under the scheme.
  •  All such transactions irrespective of the fact whether it has won daily / weekly prize, will be eligible for Mega Draw to be conducted on April 14, 2017.
  • Three Mega prizes for consumers worth Rs. 1 crore, Rs 50 lakh and Rs 25 lakh.
  •  For merchants too, there would be three mega prizes worth Rs. 50 lakh, Rs. 25 lakh and Rs. 12 lakh.
  • The draw of winners are presented at different centres on each day by the senior officials of NPCI in the presence of senior minister from GoI, representatives of NITI Aayog and general public.
  • Schemes have total outlay of Rs. 340 crore of which – Rs. 300 crores would be spent on consumers and merchants while the remaining Rs. 40 crore on awareness and publicity.
  • Total winners under the scheme are expected to be over 18.75 lakh.

PIB

Be the first to comment - What do you think?  Posted by admin - January 19, 2017 at 10:54 pm

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Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1.4.2016

Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1.4.2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to exclude State Governments States/UTs (with Legislature) except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments from 01.04.2016. It also approved providing a one-time loan of Rs. 45,000 crore from NSSF to Food Corporation of India (FCI) to meet its food subsidy requirements.

The details are as under:-

a) Exclusion of States/UTs (with Legislature) excepting Arunachal Pradesh, Kerala, Madhya Pradesh and Delhi from NSSF Investments. Arunachal Pradesh shall be given loans to the tune of 100% of NSSF collections within its territory, whereas Delhi, Kerala and Madhya Pradesh shall be provided 50% of collections.

b) Servicing of interest and principal of debt extended to FCI through the budget line of Department of Food and Public Distribution. The repayment obligation of the FCI in respect of NSSF Loans would be treated as the first charge on the food subsidy released to the Food Corporation of India. In addition, FCI shall reduce the amount of its current Cash Credit Limit with the banking consortium to the extent of the NSSF loan amount.

c) NSSF in the future shall, with the approval of Finance Minister, invest on items the expenditure of which is ultimately borne by Government of India and the repayment of principal and interest thereto would be borne from the Union budget.

The States except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh shall be excluded from NSSF investments from 01.04.2016. A legally binding agreement will be signed between FCI, Department of Food and Public Distribution and Ministry of Finance on behalf of NSSF on the modalities for repayment of interest rate and principal and the restructuring of FCI debt will be made possible within 2-5 years.

Once states are excluded from NSSF investments, the investible funds of NSSF with Gol will increase. Increased availability of the NSSF loan to Gol may reduce the Gol’s market borrowings. The States will however, see an increase in market borrowings. Any increase in yields due to an increased demand for loanable funds in the market from Centre and States combined would be marginal. The reduction of FCI’s borrowing cost equivalent to the extent of the interest differential will be reflected in the Gol’s savings on the Food Subsidy Bill.

Implementing the decision to exclude states from NSSF investments and extending the loan will entail no additional cost. Instead a reduction in the food subsidy bill of the Gol is anticipated.

Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh will continue availing of NSSF loans, 26 other States and Puducherry who are eligible to borrow from the market have preferred to stop taking loans from the NSSF.

Background:

The Fourteenth Finance Commission (FFC) recommended that State Governments be excluded from the investment operations of the NSSF. The NSSF loans come at an extra cost to the State Government as the market rates are considerably lower. The Union Cabinet in its meeting held on 22nd February, 2015, accepted that this recommendation will be examined in due course in consultation with various stake holders. Barring Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh, the other State Governments/UTs expressed a desire to be excluded from NSSF investments. The involvement of States which are excluded from operations of National Small Savings Fund with effect from 1.4.2016 would be limited solely to discharging the outstanding NSSF debt obligations as on 31.3.2016 (FFC Recommendation). The loan contracted by States till 31.3.2016, from the National Small Savings Fund will stand completely repaid by the Financial Year 2038-39.

NSSF shall extend a part of its collections to Food Corporation of India (FCI) to meet its food subsidy requirement. This will help the FCI reduce its interest cost. FCI presently takes working capital loans through Cash Credit Limit (CCL) at an interest rate of 10.01% and Short Term Loan (STL) at a weighted average interest rate of 9.40%, whereas the NSSF currently charges 8.8% p.a interest on its loans. This savings on interest rate outgo will reduce the food subsidy burden of the Government of India.

Be the first to comment - What do you think?  Posted by admin - January 18, 2017 at 5:00 pm

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ATM Withdrawal increased to Rs.10000 per day per card – RBI Notification issued on 16.1.2017

ATM Withdrawal increased to Rs.10000 per day per card – RBI Notification issued on 16.1.2017

Enhancement of withdrawal limits from ATMs and Current Accounts

RBI/2016-17/213
DCM (Plg) No.2559/10.27.00/2016-17

January 16, 2017

The Chairman / Managing Director / Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks /
Regional Rural Banks / Urban Co-operative Banks /
State Co-operative Banks/District Central Co-operative Banks

Dear Sir,

Enhancement of withdrawal limits from ATMs and Current Accounts

Please refer to our circulars DCM (Plg) No. 1274, 1317, 1437 and 2142/10.27.00/2016-17 dated November 14, 21 and 28 and December 30, 2016, respectively, on the above subject.

2. On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under:

(i) The limit on withdrawals from ATMs has been enhanced from the current limit of Rs.4,500/- to  Rs.10,000/- per day per card (It will be operative within the existing overall weekly limit).

(ii) The limit on withdrawal from current accounts has been enhanced from the current limit of Rs. 50,000/- per week to Rs.1,00,000/- per week and it extends to overdraft and cash credit accounts also.

3. There are no changes in the other conditions. The relaxations as provided in our circular dated November 28, 2016 will continue.

4. Please acknowledge receipt.

Yours faithfully,

sd/-
(P Vijaya Kumar)
Chief General Manager

Authority: www.rbi.org.in

Be the first to comment - What do you think?  Posted by admin - January 17, 2017 at 8:01 am

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LPG customers to now get a discount for on-line payment of LPG refill

LPG customers to now get a discount for on-line payment of LPG refill

Oil Marketing Companies, viz IndianOil, BPCL & HPCL are now offering an upfront discount of Rs 5/- on every LPG refill to all LPG customers who will book and pay for their LPG cylinders online. Customers can make payment through existing online modes i.e net banking, credit & debit cards at the time of web-booking their refills.

Customers will get the discounted amount displayed on their screens – i.e. net amount i.e refill RSP minus (-) incentive amount of Rs.5/- which they need to pay for their refill transactions. The net discounted amount will also be shown on the cash memo accompanying the home-delivery of the LPG cylinder.

Under the aegis of Ministry of Petroleum & Natural Gas, it the endeavour of all Oil Marketing Companies aim to encourage consumers to increasingly shift to such payment modes through digital platforms to achieve the objective of no-cash or less-cash based transactions. The incentive will encourage more and more LPG consumers to go for cashless mode transactions.

PIB

Be the first to comment - What do you think?  Posted by admin - January 3, 2017 at 6:33 pm

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