Posts Tagged ‘MoU’

EPFO signs MoU with HUDCO under new Housing Scheme of EPF & MP Act-1952

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EPFO signs MoU with HUDCO under new Housing Scheme of EPF & MP Act-1952

Dr. V.P. Joy, Central Provident Fund Commissioner and Dr. M. Ravi Kanth, CMD HUDCO signed a Memorandum of Understanding (MoU) in the august presence of Union Minister of Urban Development, Housing & Urban Poverty Alleviation, Shri M. Venkaiah Naidu and the Minister of State (Independent Charge), Labour & Employment, Shri Bandaru Dattatreya for facilitating “Housing for All by 2022″ here today.

By taking one step forward to achieve Hon’ble Prime Minister Shri Narendra Modi’s vision of Housing for all by 2022, EPFO has amended EPF Scheme 1952 vide Gazette notification No. G.S.R. 351(E) dated 12th April, 2017 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from the provident fund to the extent of 90% of the total PF accumulation and also facilitating payment of installment of housing loan. The major objective of this scheme is to assist in building houses for workers integrating with housing programmes of the Central and State Governments.

The salient features of this scheme are:-

1. Bringing together all stake holders namely, workers, employers, financial institutions & housing agencies to provide workers’ need for Housing.

2. Forming Housing societies for collective action, ten or more members can register a society. Society will arrange housing units from public/private housing providers, apply to the concerned PF office through the society for getting Certificate of Fund & Contribution.

3. Channelizing the corpus of EPF savings to build affordable housing for the working class, withdrawal of up to 90% of accumulations in members Provident Fund Accounts is allowed.

4. Banks/Financing Agencies can make use of certificate issued by Commissioner to arrive EMI for withdrawal under Para 68 BD (3) of EPF Scheme.

5. Full/ Part repayment of loans out of monthly P.F. Contributions.

6. Eligibility condition relaxed for such withdrawal, now membership period of EPF reduced from 5 years to 3 years.

7. Members can avail interest subsidy up to 2.20 lakh in Credit Linked Subsidy Scheme (CLSS) through Ministry of Housing and Urban Poverty Alleviation through its Nodal Agency HUDCO and National Housing Bank for those members whose annual income is less that the amount specified in Pradhan Mantri Awas Yojna.

8. Individual housing loan repayment can be done by authorizing EPFO to pay installments directly to the lending agency.

PIB

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Be the first to comment - What do you think?  Posted by admin - June 24, 2017 at 1:53 pm

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MOU on Defence Salary Package Signed between Indian Army and Corporation Bank

MOU on Defence Salary Package Signed between Indian Army and Corporation Bank

Memorandum of Understanding (MoU) was signed between the Indian Army and Corporation Bank on the Defence Salary Package today. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, and was attended by top officials of Corporation Bank headed by Mr Gopal Murli Bhagat, Executive Director.

The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families and includes free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards, Unlimited transactions on all ATMs including that of other Banks. Some important features of the MoU include Personal Accident Insurance Cover of Rs 5 & 10 lacs, Air Insurance Cover of Rs 5 to 50 lacs and Term Life Insurance Cover of Rs 5 & 10 lacs. All the facilities are also extended to the pensioners except Term Life Insurance Cover.

PIB

Be the first to comment - What do you think?  Posted by admin - November 8, 2016 at 11:31 pm

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EPFO joins network of Common Services Centers

EPFO joins network of Common Services Centers

To expand the reach of convenience offered to EPF members, Employees Provident Fund Organisation (EPFO) has joined the network of Common Services Centers (CSC). A Memorandum of Understanding (MoU) has been signed between EPFO and CSC e-Governance Services India Limited (CSC SPV) on 25th October 2016. The MoU is initially for a period of five years.

To start with, the pensioners of Employees Pension Scheme of EPFO can submit their digital life certificates via Jeevan Pramaan Patra programme through a large number of points of Presence (PoP) of CSC networking in addition to those available at EPFO offices. The pensioners living in remote areas can avoid cost and inconvenience of travelling down to the EPF offices or their banks for filing paper based life certificate. In near future, it is also planned to enable various other online services namely aadhaar seeding with Universal Account Number (UAN), e KYC operated upload and update facility, UAN card related services and online claim related services.

Common Services Centers (CSC) network is one of the largest government approved online service delivery channel in the world. CSC are broadband enabled rural service delivery points established by District e Governance Societies (DeGSs), selected by the State Governments, for aggregating content and offering relevant Government to Customers (G2C), Business to Customers (B2C), Business to Business (B2B) and other services. More details about Common Services Centers (CSC) and its network can be accessed at csc.gov.in

EPF subscribers may access these services at their convenience from the nearest CSC network.

PIB

Be the first to comment - What do you think?  Posted by admin - October 27, 2016 at 2:46 pm

Categories: EPFO   Tags: , , ,

Two Years Achievements of Ministry of Railways (May 2014 to May 2016)

Two Years Achievements of Ministry of Railways (May 2014 to May 2016)

I.PASSENGER AMENITIES AND DIGITAL INDIA INITIAVES

  • Indian Railways launched three social media platforms on Facebook, Twitter and You Tube with the handle @railminindia.  Ministry of Railways employed first of its kind, a real time 24×7 public grievance system through Twitter and provided medical, security and other emergency assistance to travelling passengers
  • All India Security Helpline 182 set up to report any untoward incident and seek emergency help during travel
  • The All India Passenger Helpline ‘138’ provided for all other query/complaints during travel
  • A mobile based application viz. Complaint Management System (COMS) launched
  • E-catering facility launched at 100 stations. 408 railway    stations designated for providing E-catering
  • A massive scheme for providing Water Vending Machines (WVMs) to provide RO Water at affordableprices is under implementation by Railway PSU IRCTC
  • Reservation quota of two lower berths per coach in Sleeper class enhanced to four lower berths per coach for Senior Citizens and Women
  • Tatkal reservation timings have been staggered to serve dual purpose of providing convenience to the passengers and for staggering traffic on the e-ticket portal.All agents are debarred from booking tickets during first thirty minutes of opening of booking
  • Automatic refund of Confirmed /RAC e-tickets on cancellation of trains similar to waitlisted e-tickets is granted without filing of TDR
  • Time limit for booking reserved tickets was increased to 120 days w.e.f. 01.04.2015
  • Destination alert and wake up alarm services launched on 139
  • Automatic Destination Alerts to passengers through SMS for Rajdhani and Duronto trains.
  • E-ticketing facility launched for disabled persons and for accredited journalist on concession pass.
  • Mobile charging facilities in all new general class coaches initiated.
  • Out of 1252 Stations identified for upgradation to Adarsh Stations’, 986 stations have so far been developed. 160 developed in last two years
  • Scheme namely ‘SMS Gateway’ launched enabling passengers to get SMS alerts on the status of reserved tickets
  • New Generation system put in place which can book 7200 online tickets instead of 2000 tickets per minute and can attend 2,00,000 enquiries instead of 50000 per minute
  • Rationalization of Computerized Passenger Reservation System (PRS) done to enable passengers to buy tickets even after the preparation of reservation charts
  • Paperless unreserved ticketing including Paperless Platforms tickets through mobile phone introduced in suburban sections of Western Railway, Central Railway, South Central Railway, Southern Railway, Eastern Railway, South Eastern Railway
  • Pilot Project of hand Held Terminals for TTEs launched
  • E-booking of disposable linen started on trains at New Delhi Railway Station and Nizamuddin Railway Station, Mumbai Central (BCT), Chattarpati Shivaji Terminus (CSTM), Southern Railway
  • E-booking of Wheel chair launched
  • Currency Coin cum Card operated Automatic Ticket Vending Machines installed at select stations.
  • Initiated one of the largest free public wifi fi systems in the world. Launched at 26 stations with a plan to extend it to 100 Stations by December this year and to 400 stations by 2018.
  • The booking of retiring rooms at different railway stations made online making it convenient and transparent
  • E-Ticketing portal in Hindi launched
  • 60 lifts and 150 escalators provided in last 2 years at Railway stations
  • Model Rake (a passenger carrying train with 24 coaches) developedwith improved interiors, colour scheme, aesthetics and amenity fittings. This is running as a train between New Delhi and Varanasi.
  • Cancellation of confirmed, RAC and Waitlisted PRS counter tickets made easy using IRCTC website or phone No. 139.
  • Provision made for acceptance of international debit and credit cards for payment of E-ticket through IRCTC website
  • Yatri Ticket/Sewa Kendra (YTSK) Scheme launched to allow private agents to operate ticketing terminals for selling reserved as well as unreserved tickets
  • Indian Railways started six pilgrims’ special tourist trains. More such trains being planned in subsequent phases
  • Dustbins to be provided in non AC coaches also
  • NIFT, Delhi has been engaged for designing of bedroll etc.
  • A new ‘Rail Neer’ plant for package drinking water set up at Ambernath (Mumbai).
  • In order to increase availability of accommodation for general class passengers on long distance Mail/Express trains, GMs were delegated powers to de-reserve Sleeper Class (SL) coaches as General Coaches (GS) in identified trains & sectors
  • Suvidha Trains with graded pricing structure introduced with facility for booking on PRS in addition to e-tickets and facility of limited refund on cancellation of ticket
  • The Defense Travel System to eliminate exchange of defense warrants was rolled out on the NGeT platform. Till date about 2000 Defense units have started issuing tickets through this platform without exchange of warrants
  • Number of berths available for physically challenged has been increased from 2 to 4
  • ‘VIKALP’, Alternative Train Accommodation System (ATAS)  launchedwith a view to provide confirmed accommodation to waitlisted passengers and also to ensure optimal utilization of available accommodation. This facility is now available on New Delhi – Jammu, New Delhi – Lucknow, Delhi-Howrah, Delhi- Chennai, Delhi-Mumbai and Delhi-Secunderabad Circuits,
  • Launched pre-cooked (ready-to-eat) meals of reputed brands on some trains.
  • Commencement of provision of Braille signage on 3000 coaches has been given in order to facilitate travel to visually impaired passengers.
  • Provision of foldable ladder in First AC coaches launched

 

  • Provision of Bio degradable garbage bags to passengers started on pilot basis

 

  • Escorting ladies special trains and ladies compartment by security squad

 

  • Security helpline 182 activated and real time complaint resolution through Twitter employed with a high priority to women security issues

 

  • Fitment of CCTV surveillance cameras for women security in trains initiated with first such fitment undertaken in Amritsar-New Delhi-Shan-e Punjab Express
  • Development of security App over some of the Zonal Railways
  • Middle bay reserved for women
  • Pilot Project of Sale of Unreserved Tickets  through Hand Held Terminals initiated at Hazrat Nizammudin Railway Station of Northern Railway.

 

  1. INFRASTRUCTURECREATION AND SUPPORT TO MAKE IN INDIA INITIATIVE
  • Indian Railways has taken a giant leap forward in ‘Make in India’ drive by signing Agreement for setting up of Diesel Locomotive Factory (DLF) at Marhowra, Saran district, Bihar for procurement and maintenance of mainline most modern high power Diesel Electric Locomotives with M/s GE Diesel Locomotive Pvt. Ltd. A separate agreement signed with M/S ALSTOM for setting up of electric locomotive factory at Madhepura, Bihar for procurement and maintenance of most modern high power electric locomotives, both major PPP and FDI tenders of Indian Railways. This would be one of the highest FDI’s in India amounting to order book of almost Rs 40,000 Crore.

 

  • The Ministry has initiated process for procuring high speed train sets which will improve average speed of passenger carrying trains thereby reducing journey time.

 

  • MoU between India and Japan signed for Mumbai–Ahmedabad High Speed Rail Project using Shinkansen Technology covering a total of 508 kms. A new entity named National High Speed Ra Extension of newly introduced cancellation facility for PRS
  • il Corporation Limited has been set up in February, 2016 to implement the project

 

  • Further high speed studies are being conducted by Ministry of Railways on Diamond Quadrilateral High Speed Rail network. Feasibility studies of Delhi- Mumbai, Mumbai- Chennai and Delhi- Kolkata are underway.  The feasibility studies of Delhi-Nagpur and Mumbai –Nagpur corridors are being taken up through G2G cooperation with Chinese and Spanish governments respectively

 

  • Ministry of Railways launched Gatimaan Express, country’s first semi high speed train with a maximum speed of 160 kmph between Delhi and Agra heralding a new era of high speed rail travel in India

 

  • Redevelopment of 400 Stations to be developed on e-bidding on as is where is basis; 10 stations handed over to IRSDC

 

  • Indian Railways commissioned 2828 Km of Broad Gauge lines, highest ever in 2015-16 against an average of 1528 Km from 2009-14.

 

  • IR commissioned two mega bridges over river Ganga at Patna and Munger.With these, the Railway networks of North and South Bihar have been integrated.

 

  • The executions of the biggest infrastructural projects in the country, Eastern and Western DFCs have been fast-tracked.  Revised cost estimates have been approved by the Cabinet and funding has been tied up.  Rs.25,320 Cr worth of contracts have been awarded in the last two years, which is more than double of the total contracts of Rs.12,240 Cr awarded since commencement. The first ever section on DFC of 56 km between Durgawati-Sasaram has been commissioned. The project is progressing well for commissioning in phases by 2019

 

  • Rail Wheel Plant, Bela commissioned and regular production started

 

  • Diesel loco factory at Varanasi is being expanded

 

  • DEMU factory at Haldia was commissioned and Mid-life Rehabilitation Workshop for coaches at Jhansi completed.

 

  • One of the most challenging railway projects, conversion of 1500 V DC to 25000 V AC traction system has been successfully completed over the entire Mumbai division of Central Railway.

 

  • During 2014-16, 3105 route kilometres have been electrified, which is an average of 1552.5 RKM/ annum as against 1236 RKM/annum during previous five years.

 

  • Construction of Electric Lolo Assembly & Ancillary Unit of CLW at Dankuni in West Bengal completed

 

  • Modern LHB Coach manufacturing facility commissioned at ICF Chennai.

 

  • The Chhapra factory has started regular production of cast wheels for rolling stock. The installed capacity of the plant is 1Lac wheels per annum.

 

  • Foundation stone laid for setting up Traction Alternator Factory at Vidisha to manufacture 100 traction alternators per annum of high horse power diesel locomotives which are currently being imported

 

  • Significant boost in elimination of unmanned level crossing which has resulted in safe operations. In 2015-16, a total of 1253 unmanned level crossings were eliminated and 1024 Road over/ Road under bridges were constructed. This marks an improvement of 35% against the average number from 2009-2014

 

III.REFORMS

  • A Memorandum of Understanding with LIC of India for obtaining funds to the tune of Rs.1.5 lakh Cr signed.
  • MOF approved issue of tax free bonds by IRFC amounting to Rs.6,000 Cr
  • Discussions initiated with World Bank for setting up a Railway Infrastructure Development Fund of around USD 30 Bn
  • Powers delegated and decentralized for improving efficiency and transparency. Measures for E-tendering, E-auctioning, E-ticketing, E-Governance, E-Freight Demand, E-Catering, E-Wheel Chair, E-Concierge etc. takenfor efficiency and transparency
  • Ministry of Railways (MoR) signed Memorandum of Understanding (MoU) for formation of Joint Venture Companies with six State Governments viz. Odisha, Maharashtra, Andhra Pradesh, Kerala, Chhattisgarh and Telangana.JVs would undertake project development works for an identified basket of projects, which will inter-alia include surveys, preparation of Detailed Project Report (DPR) and getting requisite approvals, processing for sanctioning of identified projects and monitoring
  • Ministry of Railways conducted world’s largest online exam for recruitment for almost 90 lakh aspirants. With a view to increase transparency, a new system of handing over the Question Booklets to the candidates has been introduced.A pilot project of uploading of Answer Keys and Cut-off marks has also been initiated.
  • Deloitte, a consulting firm has been engaged for studying the manpower rationalization of the Group A services.  Report submitted and is under examination
  • Four Centres of Railways Research set up in premier educational institutions
  • Development of an online system initiated for grievance redressal of both serving as well as retired railwaymen
  • Railways signed MoU to set up its own Railway Design Centre in collaboration with  National Institute of Design (NID)
  • The process for putting in place a regulator “Rail Development Authority” has been initiated. A concept note was uploaded to receive feedback from all stakeholders. Process for drafting of a bill/executive order underway.
  • 100 % FDI allowed in identified areas of railway sector and sectoral guidelines on FDI formulated
  • Ministry of Railways implemented 100% E-procurement solution for all kinds of contracts – goods, works and services. It isIndia’s largest e-procurement system
  • A web-enabled IT-Application “Project Monitoring and Information System (PMIS)” launched which will be implemented in Udhampur-Srinagar-Baramullah Rail Link (USBRL) project, followed by other mega and complex projects of Indian Railways. This will increase transparency in project monitoring

 

  • “Technology Mission on Indian Railways (TMIR)” for Development/Research/Innovations in Railway Technologies in association with Department of Science & Technology, MoHRD and representatives of Industry has been set up
  • Creation of Mobility Directorate in Railway Board’s Office
  • Creation of Non-Fare Revenue Directorate in Railway Board’s Office
  • Release of Handout on ‘Railway initiatives for Ease of Doing Business’ and Nomination of ‘Key Customer Managers’

 

  1. GREEN INITIATIVES
  • Commissioned 26 MW wind mill power plant at Jaisalmer
  • 10MW Solar Plants installed in two years. Massive solarisation (1000 MW Solar Power Plants) planned in next Five years with an eye on making Railways, the largest solar power producer in the country
  • Railways provided27,000 bio-toilets in trains in the last two years.A target of 30000 bio-toilets setfor the next financial year
  • First ‘Green’ DEMU train introduced on Northern Railway to run between Rewari-Rohtak section
  • A hybrid toilet system, combining best features of a   vacuum toilet system and indigenous bio-toilet system has been installed for trial in a First Class air conditioned coach of Dibrugarh Rajdhani which is running wellsince September 2015. The system does not require any waste handling facilities for evacuation and processing of waste. This system uses significantly less quantity of water is used for flushing
  • A new separate Environment Management Directorate formed to address all environment related issues in a focused and integrated manner
  • M/s. RITES has been engaged for setting up of two pilot plants at NDLS and JP for disposal for Municipal Solid Waste (MSW) in an environment friendly manner including conversion of Waste to Energy (bio-methanation)
  • A major push was given to get additional sanction of more than 30 Water Recycling Plants during 2015-16. As against this, less than 30 WRPs have been functioning all these years
  • Setting up of Automatic Coach Washing Plants in major coach maintenance depots
  • After field trails, IR has now developed the environmental friendly composite sleepers made up of recycled plastic waste, which will be used over all girder bridges in future for improved maintainability and facilitating higher speeds and higher axle loads.
  • Indian Railways has started a massive exercise of planting trees alongside Railway Track with the signing agreement with Haryana & Punjab Government in the first phase.

V.CLEANLINESS

Indian Railways joined the Swacch Bharat Abhiyan in a big way. It formulated an integrated policy on cleanliness

 

  • 27 Charitable Institutions/Social Organizations invited to take part in ‘Swachh Rail, Swachh Bharat Abhiyan’ through Shramdaan campaign

 

  • Criterion for qualification of OBHS trains revised to include all importantmail &express trains. 7 more Clean Train Stations added and 240 new trains added on OBHS in last two years

 

  • “Clean My Coach” Servicelaunched for any cleaning requirement in the coach. A passenger can send an SMS on a mobile number 58888 or book through app and his request is attended to

 

  • 16 more mechanised laundries set up in the last two years. Now around 45 percent linen is cleanedthrough mechanised laundries

 

  • Intensive mechanised cleaning of coaching in coaching depots through professional agencies – 132 Coaching Depots in different Railways already have the system

 

  • Cleaning of 50 major stations has been outsourced to professional agencies

 

  • Cleanliness audit through 3rd party started for Railway stations institutionalised. Ranking of stations based on cleanliness would be generated periodically

 

  1. CONNECTIVITY IN NORTH EAST AND J&K
  • Indian Railways completed Udhampur-Katra Broad gauge line in the State of Jammu and Kashmir bringing Katra on Broad Gauge Railway map
  • Lumding-Silchar Broad gauge section inaugurated giving seamless BG connectivity to Barak Valley of Assam
  • Meghalaya came on the rail map with the flagging off the first ever train from Guwahati to Medipathar in Meghalaya
  • The Prime Minister laid the foundation for a new line to take rail connectivity to Mizoram’s capital Aizwal
  • The Tripura’s Capital Agartala came on the broad gauge rail map
  • Meter gauge will be fully eliminated in North-East in near future
  • IR commissioned 545 KM of Broad Gauge lines in North East in 2015-16 in comparison to 110 KM per year from 2009-2014

 

VII.PPP IN RAIL LINE PROJECTS

  • In 2015-16, Indian Railways generated an investment of Rs.15,000Cr through PPP. This is the highest achieved till now.
  • Partnership with State Governments, Industry is being encouraged to undertake coal and mining connectivity projects.
  • To encourage port connectivity projects, thrust has been given to implementation of projects under the participative model policy of 2012. Rail connectivity to Tuna Port at a cost of 142 Cr has been implemented in 2015. Also approvals under Joint Venture model have been granted to build rail connectivity to the ports of Jaigarh (Rs 771 Cr.), Rewas (Rs.349 Cr), and Dighi (Rs.724 Cr.)

 

  • Ministry of Railways for the first time has decided to launch three annuity projects Badrak- Nargundi 3rd line (900Cr.), Nagpur – Wardha 3rd line 550Cr. and Kazipet- Vijayawada 3rd line 1566 Cr in the current calendar year.

 

VIII. FREIGHT

  • Massive rationalization of freight policies initiated
  • Merry-Go-Round system introduced to capture short lead traffic near steel plants and thermal power house
  • Post congestion charges withdrawn which will help in increasing traffic from the Ports to hinterland
  • Two-Point/Multi Point/Mini Rake facility extended to maximize traffic.
  • Roll on – Roll off scheme launched on Digha Rail Bridge over River Ganges near Patna. Under this scheme loaded trucks would be moved on the flat wagons to avoid congested roads across Ganges
  • Busy season charge withdrawn.
  • Automatic Freight Rebate Scheme for traffic loaded in Traditional Empty Flow Direction introduced
  • Computerized system to register demands for wagons introduced. Electronic forwarding note and Electronic Railway Receipts introduced to enhance efficiency and transparency in freight operations
  • Liberalised Wagon Investment Scheme, Wagon Leasing Scheme, Special Freight Train Operator Scheme, Private Freight Terminals, Automobile Freight Train Operator Scheme, accelerated to improve freight
  • Auto hub at Walajabad in Chennai Division developed for automobiles moment
  • Flagging off of Roll-On-Roll-Off(Ro-Ro) train Ex.-Bihta to Turki in Bihar.

 

  1. SAFETY IN RAIL OPERATIONS

 

  • Working towards ‘Zero Accident’ Mission.
  • TPWS is a safety Automatic Train Protection (ATP) system conforming to European Train Control System (ETCS) Level-1.    TPWS trials at 160 Kmph were successfully conducted.
  • 282 Level Crossing Gates have been interlocked with Signals to enhance safety.
  • A cost effective indigenous safety system – Train Collision Avoidance System (TCAS) is being developed indigenously by RDSO and the trails are on.
  • Pilot Project initiated for Improving Safety at Unmanned Level Crossing which include automatic warning to road users through flasher light and Sensing of Obstruction on level crossing and visual warning to train drivers

 

  1. MISCELLANEOUS
  • In the last two years, 14 MoUs/MoCs/other agreements for cooperation in rail sector have signed with Railways/Governments of Czech Republic, China, South Korea, Canada, Kazakhstan, Slovak Republic, UK, Japan, Germany, France, Russia & Sweden.
  • Under Skill India Initiative, 53 locations across the country have been identified by setting up training centres
  • Indian Railways made successful arrangements to transport drinking water to drought-affected areas of Latur district in Maharashtra
  • Indian Railways lent helping hand during the Nepal earthquake tragedy by providing ‘Rail Neer’ bottles and by transporting Nepal evacuees
  • Railways also helped during the J&K floods
  • Railways were in the forefront in extending help to the Indian nationals returning from Yemen
  • Indian Railway weightlifters (5 Women & 1 Men) represented India in the Commonwealth Youth; Junior & Senior Weightlifting Championship held at Pune from 11th to 15th November, 201. All Railway players won medals in this Championship
  • Memorandum of Understanding (MoU) signed Ministry of Railways and PEC University of Technology for setting up of ‘Kalpana Chawla Chair’ on Geospatial Technology for Indian Railways at PEC University of Technology, Chandigarh.

Be the first to comment - What do you think?  Posted by admin - June 2, 2016 at 6:20 pm

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Memorandum of Understanding (MoU) signed between Ministry of Railways and Governments of Telangana for “Formation of Joint Venture Companies for Development of Railway Infrastructure in Telangana State.

Memorandum of Understanding (MoU) signed between Ministry of Railways and Governments of Telangana for “Formation of Joint Venture Companies for Development of Railway Infrastructure in Telangana State.

In the august presence of Chairman, Railway Board Shri A.K. Mital an Memorandum of Understanding (MoU) between Ministry of Railways and State Government of Telangana for “Formation of Joint Venture Companies for Development of Railway Infrastructure in the State of Telangana” was signed today i.e. on 11.02.2016.   On the event of Signing Ceremony, Chairman Railway Board Shri A. K. Mital, Member Engineering Shri V. K. Gupta, Member Staff Shri Pradip Kumar, Secretary Railway Board Shri R. K. Verma and other Board Members and Senior Officials were present. On behalf of the Railway Ministry Shri Ved Prakash Dudeja, Executive Director/Works signed the MoU whereas on behalf of Government of Telangana, Shri Sunil Sharma, Principal Secretary, Department of Transport, Roads & Buildings, Govt. of Telangana signed the MoU. Dr. Shashank Goel, Resident Commissioner, Govt. of Telangana was present among others. The MoU was signed in the backdrop of Railway Minister’s Budget announcement regarding setting up of Joint Ventures with States for focused project development, resource mobilization, land acquisition, project implementation and monitoring of critical rail projects.

 

Speaking on the occasion, Chairman Railway Board stated that Railways has a big shelf of projects valuing about 3.5 lakh crore. Last year, Railways had sanctioned additional lines of nine thousand kilometres. There have always been lot of expectations from various States for new railway lines/lands. Thus,  to meet the demands of the States, a Cabinet note was got approved for formation of JV Companies. He stated that 17 States have already consented for formation of JV Companies in their respective States and 5 States have already signed MoUs with Railway Ministry in this regard which are Andhra Pradesh, Kerala, Maharashtra, Chhattisgarh, Odisha. He stated that today’s MoU will help in putting the execution of railways projects on fast track.  He stated that this will also help to take into account the priorities of the States because these projects will be finalised in consultation with the States as there would be offices from State Governments as well as Railways in the new Company which will be formed.  He stated that this is very welcome step which takes the partnership of State and Centre together to take railway projects on very fast pace.

 

Salient Features of the MoU:-

  • In view of the growing demands for railway lines in various states and huge requirement of funds to execute them, Minister for Railways announced in his budget speech regarding setting up of Joint Ventures with states for focused project development, resource mobilization, land acquisition, project implementation and monitoring of critical rail projects.
  • 17 State Governments consented for formation of Joint Venture Companies in collaboration with the Ministry of Railways for development of rail infrastructure in their respective States. Draft MoU  were sent to these State Governments and discussions were also held with them to clarify various provisions of the MoU.
  • MoUs have already been signed by the Ministry of Railways with the State Governments of Odisha, Maharashtra, Andhra Pradesh, Kerala and Chhattisgarh.
  • Today, MoUs are being signed with the State Governments of Telangana. This signing of MOU is going to be a stepping stone for formation of JV companies.
  • The MoU envisages formation of a Joint Venture companies having 51% stakes of the respective State Government and 49% stakes of Ministry of Railways. Thus, the JV companies shall be fully owned by the Government. The companies will primarily identify projects and possible financing avenues in addition to Govt of India and the State Governments. After finances for a project are tied up, project specific SPVs or special purpose vehicles shall be formed. These SPVs can have other stake holders from Industries, Central PSUs, State PSUs etc. However, the JV companies shall be  mandatory stake holders with minimum 26% shares in the SPVs.
  • The ministry of Railways will sign a concession agreement of 30 years with the project SPV for safe and sound operation, revenue sharing and providing technical & marketing logistics to the SPV. The revenue sharing shall be based on already established formula being used for inter zonal apportionment of revenue.
  • The most important aspect of this MoU is that the ownership of the land shall vest with the SPVs which is a departure from previous practice. This will give financial leverage to the company to exploit commercial potential of the land. This is likely to result in making project viable which are otherwise not viable.
  • At the end of concession period, the railways will have option to take over the assets at a nominal price. This is largely in line with average codal life of the assets as most of the assets will need large scale replacement after 30 years.
  • Indian Railways has been playing a major role in national integration by connecting the remotest places and bringing people closer to each other. Railways receive a large number of demands for network expansion as a railway line acts as an engine of growth for the area it serves.
  • However, Railways have a large shelf of ongoing New Line, Gauge Conversion and Doubling projects needing about Rs 3.5 lakh crores to complete. We have been trying to meet the aspirations of public within limited availability of funds.
  • To expedite the projects, Railways have been trying to mobilize resources through other than Gross Budgetary Support. However, on the initiative of Minister for Railways Sh. Suresh Prabhu, Indian Railways have tied up funds for critical capacity enhancement project of doubling, third line , electrification etc. An MoU was signed with LIC of India and we have already taken first tranche of Rs 2000 Cr for these projects. This tied up loan will ensure dedicated and assured funding for such critical projects.
  • Indian Railways have targeted to commission 2000 Km New Lines, 4000 Km Gauge Conversion and 11000 Km Doubling/Tripling/ Quadrupling projects over 5 years i.e. from 2015-16 to 2019-20. In 2015-16, we had kept quite ambitious target of commissioning 2500 Km Broad Gauge track. It is a matter of great satisfaction that we are poised to not only achieve these targets but to surpass them. We have already commissioned about 1300 Km Broad Gauge track till December, 2015 against 800 Km track commissioned in the corresponding period of the previous year (Due to monsoons, major commissioning takes place in the last quarter of the financial year).
  • Formation of Joint Venture Companies with the State Governments will go a long way in faster commissioning of critical rail infrastructure projects as it will not only help in mobilization of funds but also in facilitating various clearances and land acquisition.

PIB

Be the first to comment - What do you think?  Posted by admin - February 12, 2016 at 4:59 pm

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Memorandum of Understanding (MoU) signed between Ministry of Railways and Governments of Chhattisgarh for “Formation of Joint Venture Companies for Development of Railway Infrastructure in Chhattisgarh State

Memorandum of Understanding (MoU) signed between Ministry of Railways and Governments of Chhattisgarh for “Formation of Joint Venture Companies for Development of Railway Infrastructure in Chhattisgarh State
Augmentation of New Railway Lines in Chhattisgarh State will help explore full potential of natural resources of Chhattisgarh : Suresh Prabhu

New Initiative To Help Improve Transportation System in Chhattisgarh : Raman Singh

In the august presence of Minister of Railways, Shri Suresh Prabhakar Prabhu and Chief Minister of Chhattisgarh Shri Raman Singh, Memorandum of Understanding (MoU) between Ministry of Railways and State Government of Chhattisgarh for “Formation of Joint Venture Companies for Development of Railway Infrastructure in the State of Chhattisgarh” was signed. On the event of Signing Ceremony, Chairman Railway Board Shri A. K. Mital, Member Engineering Shri V. K. Gupta, Member Staff Shri Pradip, Financial Commissioner Shri S. Mookerjee and other Board Members and other Senior Officials were present. On behalf of the Railway Ministry Shri Ved Prakash Dudeja, Executive Director/Works signed the MoUs whereas on behalf of Government of Chhattisgarh Shri Subodh Kumar Singh, Secretary, Department of Commerce & Industry, Govt. of Chhattisgarh signed the MoUs. The MoU was signed in the background of Railway Minister’s Budget announcement regarding setting up of Joint Ventures with States for focused project development, resource mobilization, land acquisition, project implementation and monitoring of critical rail projects.

Speaking on the occasion, Union Minister of Railways Shri Suresh Prabhakar Prabhu thanked the Govt. of Chhattisgarh for having agreed to set up JV Company in State of Chhattisgarh. He further said that the Indian Railways has been working vigorously to reach every corner of the Country through railway lines but people’s expectations are lot more with Railway Ministry. He said that to meet the demands of the country’s people, all State Governments will have to join hands with Railway Ministry and with their becoming partner with the Railway Ministry this will become possible.

Shri Suresh Prabhu further stated that the Chhattisgarh is a State which is full of natural resources such as coal etc. Chhattisgarh has lot of potential and the exploration and evacuation of its natural resources to other parts will help the whole country at national level. For this purpose, railway infrastructure needs to be developed in the State which will not only help the people of the State in availing better transport but will also bring huge freight to the Railways. He stated that working through JV Companies will bring Railways to Ground Zero for effective implementation. He hoped early completion of formation of JV Companies in the interest of the country.

In his address, Shri Raman Singh, Chief Minister of Chhattisgarh at the outset thanked Ministry of Railways for supporting the State of Chhattisgarh for development of New Railway Infrastructure. He said that Railway Ministry already did commendable work in Bastar and Saguja District of Chhattisgarh by developing new railway lines which helped Chhattisgarh State a lot. He stated that under the energetic leadership of Shri Suresh Prabhu Railways has been progressing day in and day out. He stated that 760 kilometers additional railway lines have been spread in the State of Chhattisgarh in a very short span of time which in itself is a record. He stated that this new initiative will not only improve transport system of Chhattisgarh State but also help the State in exploring its full potential in better perspective.

Salient Features of the MoU:-

  • In view of the growing demands for railway lines in various states and huge requirement of funds to execute them, Minister for Railways announced in his budget speech regarding setting up of Joint Ventures with states for focused project development, resource mobilization, land acquisition, project implementation and monitoring of critical rail projects.
  • 17 State Governments consented for formation of Joint Venture Companies in collaboration with the Ministry of Railways for development of rail infrastructure in their respective States. Draft MoUs were sent to these State Governments and discussions were also held with them to clarify various provisions of the MoU.
  • MoUs have already been signed by the Ministry of Railways with the State Governments of Odisha, Maharashtra, Kerala and Andhra Pradesh.
  • · Today, MoU has been signed with the State Governments of Chhattisgarh. This signing of MOU is going to be a stepping stone for formation of JV companies.
  • The MoU envisages formation of a Joint Venture companies having 51% stakes of the respective State Government and 49% stakes of Ministry of Railways. Thus, the JV companies shall be fully owned by the Government. The companies will primarily identify projects and possible financing avenues in addition to Govt of India and the State Government. After finances for a project are tied up, project specific SPVs or special purpose vehicles shall be formed. These SPVs can have other stake holders from Industries, Central PSUs, State PSUs etc. However, the JV companies shall be mandatory stake holders with minimum 26% shares in the SPVs.
  • The ministry of Railways will sign a concession agreement of 30 years with the project SPV for safe and sound operation, revenue sharing and providing technical & marketing logistics to the SPV. The revenue sharing shall be based on already established formula being used for inter zonal apportionment of revenue.
  • The most important aspect of this MoU is that the ownership of the land shall vest with the SPVs which is a departure from previous practice. This will give financial leverage to the company to exploit commercial potential of the land. This is likely to result in making project viable which are otherwise not viable.
  • At the end of concession period, the railways will have option to take over the assets at a nominal price. This is largely in line with average codal life of the assets as most of the assets will need large scale replacement after 30 years.
  • Indian Railways has been playing a major role in national integration by connecting the remotest places and bringing people closer to each other. Railways receive a large number of demands for network expansion as a railway line acts as an engine of growth for the area it serves.
  • However, Railways have a large shelf of ongoing New Line, Gauge Conversion and Doubling projects needing about Rs 3.5 lakh crores to complete. We have been trying to meet the aspirations of public within limited availability of funds.
  • To expedite the projects, Railways have been trying to mobilize resources through other than Gross Budgetary Support. However, on the initiative of Minister for Railways Sh. Suresh Prabhu, Indian Railways have tied up funds for critical capacity enhancement project of doubling, third line , electrification etc. An MoU was signed with LIC of India and we have already taken first tranche of Rs 2000 Cr for these projects. This tied up loan will ensure dedicated and assured funding for such critical projects.
  • Indian Railways have targeted to commission 2000 Km New Lines, 4000 Km Gauge Conversion and 11000 Km Doubling/Tripling/ Quadrupling projects over 5 years i.e. from 2015-16 to 2019-20. In 2015-16, we had kept quite ambitious target of commissioning 2500 Km Broad Gauge track. It is a matter of great satisfaction that we are poised to not only achieve these targets but to surpass them. We have already commissioned about 1300 Km Broad Gauge track till December, 2015 against 800 Km track commissioned in the corresponding period of the previous year (Due to monsoons, major commissioning takes place in the last quarter of the financial year).
  • Formation of Joint Venture Companies with the State Governments will go a long way in faster commissioning of critical rail infrastructure projects as it will not only help in mobilization of funds but also in facilitating various clearances and land acquisition.

PIB

Be the first to comment - What do you think?  Posted by admin - February 9, 2016 at 5:48 pm

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Railways – Highest Ever Funding of Rs. 1.5 Lakh Crore, MoU Signed with LIC

Highest Ever Funding of Rs. 1.5 Lakh Crore for Railways – MoU Signed with LIC

Ministry of Railways

11-March, 2015

A Big Step Forward to make Indian Economy more Robust: Suresh Prabhu

Just within fifteen days of presenting the Railway Budget 2015-16, the Minister of Railways Shri Suresh Prabhakar Prabhu fulfilled yet another commitment of his Budget announcement by achieving the highest ever funding of Rs. 1.5 lakh crore for Railways. In this historic landmark achievement, a Memorandum of Understanding (MoU) was signed between the Ministry of Railways and Life Insurance Corporation (LIC) in the presence of the Minister of Finance Shri Arun Jaitley and the Minister of Railways Shri Suresh Prabhakar Prabhu at a function here today. The signatories of MoU were Smt. Rajalakshmi Ravikumar, Financial Commissioner, Ministry of Railways and Shri S.K.Roy, Chairman, LIC.

Speaking on the occasion, the Railway Minister said that this is the first such step in its endeavour to make Indian Railways prosperous in the future. He said that with such encouraging initiatives, the Ministry of Railways will be able to augment its resources for speedier execution of projects. Shri Suresh Prabhu said that the resultant enhanced throughput of traffic is likely to further increase the capacity to carry more to meet with a growing transportation demand leading to a robust economy. He thanked the officials of the Finance Ministry, LIC and the Railway Ministry for working together as a team to make this deal a big success.

Under this MoU, LIC will make available to the Ministry of Railways/its entities a Financial Assistance with a limit of 1,50,000 crore over the next five years for implementing Railway projects. The Financial Assistance will be available from the Financial Year 2015-16. In his Budget Speech, Shri Suresh Prabhu had announced his intention of meeting a part of the total Plan Budget of Rs 1,00,011 crore for the financial year 2015-16, through extra budgetary resources, such as market borrowings by tapping low cost long term funds. The challenge has been successfully met in a substantial measure by the signing of this MoU for mobilising resources.

There would be a five-year moratorium on interest and loan repayment and the rest of the terms would be negotiated while signing the finance assistance agreement.

The Minister of State for Finance, Shri Jayant Sinha, the Minister of Railways, Shri Manoj Sinha were also present on the occasion. Also present on the occasion, among others, were Shri A.K.Mital, Chairman, Railway Board, Shri Hasmukh Adhia, Secretary (FS), Railway Board Members and senior officials from Ministry of Finance, Ministry of Railways and LIC.

Earlier, just a few days after the presentation of Railway Budget 2015-16, the Minister of Railways Shri Suresh Prabhakar Prabhu fulfilled commitment of his budget announcement by launching a ‘Customer Complaint Web Portal and Mobile Application’. This ‘Customer Complaint-cum-Suggestion’ portal and mobile App which can be freely downloaded, is very useful as one can track the status of the complaints which he or she registered on this portal with the help of mobile App. Soon after his taking over as the Minister of Railway,, Shri Suresh Prabhu started the process of welcoming suggestions from the people to further improve the passenger services and valuable suggestions on this newly launched portal can be incorporated in all possible ways, if found suitable.

PIB

Be the first to comment - What do you think?  Posted by admin - March 11, 2015 at 12:34 pm

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MoU Signed Between Indian Army and State Bank of India on the Defence Salary Package

MoU Signed Between Indian Army and State Bank of India on the Defence Salary Package

 

Press Information Bureau

Government of India

Ministry of Defence

23-February-2015

MoU Signed Between Indian Army and State Bank of India

A Memorandum of Understanding (MoU) was signed between the Indian Army and State Bank of India (SBI) on the Defence Salary Package on 23 Feb 2015. The signing in ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma and was attended by top dignitaries of SBI Bank, headed by Dr Vaidyan MG, Dy MD (Retail Strategy).

 

The first MoU between SBI and the Indian Army was signed in 2011 and was valid for a period of three years. The revised MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families. A number of additional facilities have been incorporated in the revised MoU after concerted efforts spanning over a year.

 

The basic features of the MoU include a number of free / concessional services like free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards etc. The provision also includes the Nepal Express Remittance Scheme which enables instant fund transfers to Nepal for the benefit of the Nepali Domicile Gorkha Soldiers serving in the Indian Army.

 

Additional improved features are linking of the Personal Accident Insurance (PAI) to the Savings account instead of the debit card, enhancement of the PAI amounts, enhancement of the exemption percentage of margin money for house and car loans and waiving off of the processing charges on the loans. The revised MoU will benefit almost 19.5 lakh pensioners and 10 lakh serving personnel who hold Pay or Pension accounts with SBI and also provide them an opportunity to access modern banking facilities.

 

Click here to see photos

 

Col Rohan Anand, SM

PRO (Army)

PIB

Be the first to comment - What do you think?  Posted by admin - February 24, 2015 at 2:51 am

Categories: Defence, Employees News, General news, Latest News, Pension   Tags: , , , , , ,