Wednesday 30 November 2016
Tuesday 29 November 2016
Monday 28 November 2016
Withdrawal of cash per week - RBI Instructions on 25.11.2016
Withdrawal of cash – Weekly limit
RBI/2016-17/158
DCM (Plg) No.1424/10.27.00/2016-16
November 25, 2016
The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural
Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks
Dear Sir,
Withdrawal of cash – Weekly limit
Please refer to our circulars DCM (Plg) Nos. 1272/10.27.00/2016-17 and 1273/10.27.00/2016-17 dated November 13 and November 14, 2016, respectively.
The banks are, hereby, advised that they may continue to allow their existing customers to withdraw cash from their accounts upto ₹ 24,000/- per week, till further instructions.
The said limit include withdrawals from ATMs as stipulated in our circular DCM (Plg) No.1304/10.27.00/2016-17 dated November 20, 2016.
2. Please acknowledge receipt.
Yours faithfully,
(Suman Ray)
General Manager
Authority: www.rbi.org.in
Saturday 26 November 2016
Wedding Expenses Withdrawal - Instructions in DOP Finacle
Instructions regarding the wedding expenses withdrawal in DOP
Instructions to be communicated regarding the wedding expenses withdrawal are given below for circulation as directed:
For wedding expenses, the Government has allowed withdrawal limit as Rs.250000-. Patch for the same is being deployed in Finacle.
As per RBI guidelines / DoP rulings, the officials should check all the relevant documents and obtain the declarations from the customer requesting for withdrawal from their POSB account in connection with wedding expenses.
The following conditions are mandatory for withdrawal in respect of wedding expenses:
KYC documents should have been submitted for the account; PAN card should have been updated. These checks are done on the CIF of account holder.
The maximum withdrawal allowed is Rs.250000 or the closing balance of the account as on 08/11/2016, whichever is lesser and subject to the minimum balance limits applicable on the account. ( Rs.50 for non-cheque accounts and Rs.500 for cheque accounts)
User has to select / enter the report code as WEDLM against transaction report code field in CTM / HTM menu for such transactions.
SBCO is advised to monitor the high value withdrawals at all the POs under their control. Report on such transactions can be generated using HFTR / HFTI menu with the Report Code field filled as WEDLM, on daily basis.
With regards
Giriraj Ponnambalam
Deputy Manager (FSI)
Centre for Excellence in Postal Technology, Chennai 600002
044-28543481, +91 94441 08080
giriraj@indiapost.gov.in
//PO TOOLS//
Friday 25 November 2016
CHALO DELHI – CHALO PARLIAMENT
Thursday, November 24, 2016
Confederation Circular dated 24-11-2016
Ref: Condn/Genl/2016-19 Dated – 24.11.2016
CHALO DELHI – CHALO PARLIAMENT
MAKE THE 15TH DECEMBER 2016 PARLIAMENT MARCH
A HISTORIC SUCCESS
20000 CENTRAL GOVERNMENT EMPLOYEES WILL MARCH TO PARLIAMENT
To
1. All National Secretariat Members (office bearers)
2. Chief Executives of all affiliated organisations
3. General Secretaries of all C-O-Cs.
Dear Comrades,
Please refer to the previous circulars on the above subject. Reports so far received at CHQ shows that all affiliates and C-O-Cs are making intensive preparations for the Parliament March to ensure participation of employees as per the quota fixed by the National Secretariat meeting held on 30.09.2016.
AFFILIATES & C-O-CS IN DELHI AND NEAR BY STATES SHOULD ENSURE PARTICIAPTION OF HUNDREDS AND THOUSANDS OF EMPLOYEES.
All affiliated organisations and C-O-Cs in Delhi, Uttar Pradesh, Haryana, Punjab, Rajasthan, Himachal Pradesh, Uttarakhand, Madhya Pradesh, Chattisgarh, Bihar etc. are requested to mobilise hundreds and thousands of employees for the Parliament March.
CONDUCT CAMPAIGN PROGRAMMES
Please conduct serious campaign programmes. Print notices, posters, circulars etc. and circulate widely among employees and public. Book special conveyance. Bring maximum flags, banners and Placards. Convene your organization’s managing bodies and make effective planning for bringing maximum employees to Delhi.
ACCOMMODATION FOR PARTICIPANTS
The national Secretariat has decided that the accommodation for the participants from major organisations is to be arranged by the respective organization. For others, if accommodation is required, they are requested to contact the following CHQ office bearers (office bearers of Delhi COC).
1. Com. Vrigu Bhattacharjee 2. Com. Giriraj Singh
General Secretary, COC Delhi State President, COC Delhi State
& Financial Secretary, Confederation CHQ & Vice President Confederation CHQ
Mob: 09868520926 Mob: 09811213808
CLIMATE
Climate in Delhi in December will be cold (Sometimes severe cold). Participants may bring warm clothings.
FLAGS, BANNERS & PLACARDS
Participants are requested to bring flags, placards with slogans and banners in large number
PUBLICITY IN LOCAL MEDIA
Maximum effort may be made to give wide publicity for the Parliament March through local print & electronic media, social media etc.
NATIONAL EXECUTIVE MEETINGS OF CONFEDERATION
National Executive Meeting of the Confederation will be held on 16th December 2016 (next day of the Parliament March) at New Delhi at 10 AM. Venue: MP’s Club, OPP. NFPE office, North Avenue, New Delhi. All National Secretariat members, Chief Executives of all affiliated organisations (with minimum 500 membership) and General Secretaries of C-O-Cs are requested to attend the meeting without fail. Meeting will continue upto 5 PM. Please book your travel tickets accordingly.
1ST MEETING OF THE NEWLY ELECTED WOMEN’S COMMITTEE OF CONFEDERATION
1st Meeting of the newly elected Women’s Committee of the Confederation will be held on 15.12.2016 (Day of Parliament March) at 4 PM at New Delhi. Venue: NFPE office, 1st Floor, North Avenue Post office building. All affiliated organisations and C-O-Cs are requested to ensure participation of the women committee members nominated by them in the meeting on 15.12.2016 at 4 PM.
Fraternally yours,
(M. Krishnan)
Secretary General
mkrishnan6854@gmail.com
Mob: 09447068125
Wednesday 23 November 2016
Tuesday 22 November 2016
Friday 18 November 2016
PROMPT HOLDING OF DEPARTMENTAL COUNCIL MEETING – SECRETARY, DOP&T WRITES TO ALL DEPARTMENTAL HEADS AS ASSURED IN JCM STANDING COMMITTEE MEETING ON 25.10.2016.
PROMPT HOLDING OF DEPARTMENTAL COUNCIL MEETING – SECRETARY, DOP&T WRITES TO ALL DEPARTMENTAL HEADS AS ASSURED IN JCM STANDING COMMITTEE MEETING ON 25.10.2016.
All affiliated organisations of Confederation are requested to take up the case with their Departmental Heads & ensure holding of Departmental Council immediately.
Thursday 17 November 2016
DISBURSEMENT OF SALARY TO STAFF IN CASH FOR THE MONTH OF NOVEMBER - 2016
DISBURSEMENT OF SALARY TO STAFF IN CASH FOR THE MONTH OF NOVEMBER - 2016
National Federation of Postal Employees
1st Floor North Avenue Post Office Building, New Delhi-110 001
Phone: 011.23092771 e-mail: nfpehq@gmail.com
Mob: 9868819295/9810853981 website: http://www.nfpe.blogspot.com
No. PF-66 /2016 Dated : 15th November,2016
To
Shri B.V. Sudhakar,
Secretary,
Department of Posts,
Dak Bhawan,
New Delhi-110 001
Sub: Disbursement of Salary to Staff in Cash. Reg
Sir,
Due to monetization Scheme, there is huge rush in the Banks and Post Offices and the Cap of Rs.24000/- for withdrawal from the S.B. Account has been imposed by the Government of India. It will create more problems to the staff to withdraw the amount of salary from the SB Accounts from Banks and Post Offices and it will adversely affect the work also because everyone will have to stand in long ques to withdraw the amount.
Keeping in view the above facts, it is requested to kindly cause orders to disburse the salary of the staff in cash for the month of November,2016.
Hoping for a positive action.
With regards, Yours Sincerely,
(R.N. Parashar)
Secretary General
Dearness Relief to Central Government pensioners/family pensioners from 1.7.2016 - Orders issued
Dearness Relief to Central Government pensioners/family pensioners from 1.7.2016 - Orders issued
F.No.42/15/2016-P&PW(G)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Pension & Pensioners' Welfare
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Pension & Pensioners' Welfare
3rd Floor, Lok Nayak Bhavan,
Khan Market, New Delhi - 110003
Date: 16th Nov,2016
Khan Market, New Delhi - 110003
Date: 16th Nov,2016
OFFICE MEMORANDUM
Subject: Grant of Dearness Relief to Central Government pensioners/family pensioners - Revised rate effective from 1.7.2016 on implementation of decision taken on recommendation of 7th Central Pay Commission.
The undersigned is directed to say that subsequent to implementation of the decision taken by the Government on the recommendation of the 7th Central Pay Commission, the President is pleased to decide that the Dearness Relief admissible to Central Government pensioners/family pensioners shall be as follows:
| Date from which payable | Rate of Dearness Relief per month |
| From 01.01.2016 | No Dearness Relief |
| From 01.07.2016 | 2% of Basic Pension/Family Pension |
Note:- Dearness Relief at the rates indicated in the above table will also be admissible on the additional basic pension/additional family pension available to older pensioners/family pensioners based on their age as indicated in this Department's OMs 38/37/2016-P&PW(A)(i) dated 04.08.2016 and 38/37/20 16-P&PW(A)(ii) dated 04.08.2016.
2. These orders apply to (i) Civilian Central Government Pensioners/Family Pensioners (ii) The Armed Forces Pensioners, Civilian Pensioners paid out of the Defence Service Estimates, (iii) All India Service Pensioners (iv) Railway Pensioners/family pensioners.
3. These orders will not be applicable on following categories:-
(i) The Burma Civilian pensioners/family pensioners and pensioners/families of displaced Government Pensioners from Pakistan, who are Indian Nationals but receiving pension on behalf of Government of Pakistan and are in receipt of adhoc ex-gratia allowance.
(ii) Central Government Employees who had drawn lump sum amount on absorption in a PSU/Autonomous body and are in receipt of 1/3rd restored commuted portion of pension.
(iii) Pensioners who are in receipt of provisional pension in the pre-20 16 pay scales/pay.
(iv) CPF beneficiaries, their widows and eligible children who are in receipt of ex-gratia payment in terms of this Department's OM No. 45/52/97-P&PW(E) dated 16.12.1997 and revised vide this Department's OM 1/10/2012-P&PW(E) dated 27.06.2013.
Separate orders will be issued in respect of the above categories.
4. Payment of DR involving a fraction of a rupee shall be rounded off to the next higher rupee.
5. Other provisions governing grant of DR in respect of employed family pensioners and re-employed Central Government Pensioners will be regulated in accordance with the provisions contained in this Department's OM No. 45/73/97-P&PW (G) dated 2.7.1999 as amended vide this Department's OM No. F.No. 38/88/2008-P&PW(G) dated 9th July, 2009. The provisions relating to regulation of DR where a pensioner is in receipt of more than one pension will remain unchanged.
6. In the case of retired Judges of the Supreme Court and High Courts, necessary orders will be issued by the Department of Justice separately.
7. It will be the responsibility of the pension disbursing authorities, including the nationalized banks, etc. to calculate the quantum of DR payable in each individual case.
8. The offices of Accountant General and authorised Pension Disbursing Banks are requested to arrange payment of relief to pensioners etc. on the basis of these instructions without waiting for any further instructions from the Comptroller and Auditor General of India and the Reserve Bank of India in view of letter No. 528-TA, 1I/34-80-U dated 23/0411981 of the Comptroller and Auditor General of India addressed to all Accountant Generals and Reserve Bank of India Circular No. GANB No. 2958/GA-64 (ii) (CGL)/81 dated the 21st May, 1981 addressed to State Bank of India and its subsidiaries and all Nationalised Banks.
9. In their application to the pensioners/family pensioners belonging to Indian Audit and Accounts Department, these orders issue after consultation with the C&AG.
10. This issues in pursuance of instructions of Ministry of Finance, Department of Expenditure vide their OM No. 112/2016-E.II(B) dated 4th Nov, 2016.
sd/-
(Charanjit Taneja)
Under Secretary to the Government of India
Click to view the order(Charanjit Taneja)
Under Secretary to the Government of India
Authority: http://persmin.gov.in/dopt.asp
Wednesday 16 November 2016
Postal Life Insurance (PLI) Vs LIC - Which is best?
Postal Life Insurance (PLI) Vs LIC - Which is best?
Do you know your Post Office also offers Life Insurance? Even if you know then there is a huge confusion among buyers like whether to buy with the Post Office or with LIC, because the Government of India backs both. Hence, let us see which is best for whom.What is PLI (Postal Life Insurance)?
PLI (Postal Life Insurance) is exactly like any Life Insurance company, for example LIC or ICICI Pru Life Insurance. The only difference is, it is run and managed by Post Office. PLI currently offers only traditional plans. Therefore, no term insurance or ULIPs.
How many types of policies PLI (Postal Life Insurance) offers?
Currently PLI offers below mentioned traditional endowment products.
1) Whole Life Assurance Policy (Suraksha).
This is exactly like LIC's Whole Life Policy. The nominee will receive the accrued bonus and sum assured after the death of the policyholder. Minimum age at entry is 19 Yrs and maximum is 55 Yrs. Minimum Sum assured is Rs.20, 000 and maximum Sum Assured is Rs.10, 00,000.
2) Endowment Assurance (Santosh).
This is a typical endowment plan where a policyholder gets sum assured along with bonus if he survive until the maturity period. In case of his death during the policy period, then his nominee will receive the sum assured along with accrued bonus. Eligibility criteria are same as that of Whole Life Assurance Policy (Suraksha).
3) Convertible Whole Life Assurance (Suvidha).
This plan is exactly like Endowment Assurance. The only difference is, if you don't convert this policy to Endowment Assurance then it is treated as Whole Life Assurance plan.
4) Anticipated Endowment Assurance (Santosh).
This is typical money back endowment plan, where the maximum sum assured is restricted to Rs.5, 00,000. In this category, PLI offers two types of plans. One is 15 yrs and other is a 20 yr term.
5) Joint Life Assurance (Yugal Suraksha).
You can buy this policy with your spouse as co-insured. To avail this facility one the spouse must be eligible to buy PLI. Life Insurance coverage is for both husband and wife to the sum assured you bought. The maximum sum assured is Rs.1, 00,000.
6) Scheme for physically handicapped persons.
This plan is uniquely designed for handicapped persons. Based on the condition of handicap, premium raised or increased. Rest of plan features are exactly like the others.
7) Children Policy
PLI started to offer child policy from 2006. Few features are listed below.
- It mainly covers the life insurance of children.
- Maximum two children can be insured in a family.
- Children between 5 Yrs to 20 Yrs are eligible for this plan.
- Maximum Sum Assured is Rs.1,00,000.
- Premium waiver benefit in case of main policy holder dies.
- In case of death of children, then sum assured along with bonus be payable to main policy holder.
- Responsibility of premium payment rest with main policy holder.
So what is the difference between PLI and LIC?
- Eligibility-To buy PLI you must be employee of the Central and State Governments, Central and State Public Sector Undertakings, Universities, Government aided Educational institutions, Nationalized Banks, Local bodies, etc. PLI also extends the facility of insurance to the officers and staff of the Defense services and Para-Military forces. Where as LIC offers it's plans to all citizens of India. So when it comes to flexibility to buy then LIC holds edge than PLI.
- Plans offered-There is no such difference. Because LIC and PLI mostly dependent on traditional endowment type of Life Insurance Plans. But along with that LIC offers term insurance (recently LIC launched online term insurance), which is not at all touched by PLI.
- Premium Rate-When compare to LIC or any private insurers, PLI offers cheap premium. So this is a most advantage of buying endowment plans with PLI than with LIC.
- Bonus Rate-Bonus offered by PLI is in the range of 7% or more. Whereas currently LIC offers a bonus rate of around 4% to 5%.
- Where to buy-In case of PLI, you have to visit to the Post Office where these schemes are offered. Whereas in case of LIC, you will easily get agents. These agents can come to your doorstep and offer the service. Along with that recently LIC launched an online buying also (restricted to online term plan and pension plan). Therefore, in case of buying LIC offers more flexibility than PLI.
- Age Limit-PLI offers insurance to the age group of 19-55 yrs. Where as in LIC you can get the insurance coverage up to 75 yrs (not in all policies).
- Maximum Sum Assured-PLI offers you the maximum sum assured of Rs.50 Lakh. Whereas, LIC offers an unlimited maximum sum assured.
- Premium Payment-You need to visit the Post Office to pay the premium dues. However, in case of LIC, you can pay it in branch, collection points or through online.
- Tax benefits-Both PLI and LIC offer same tax benefit for deduction under Sec.80C.
Considering all these features and differentiation between PLI and LIC, I feel PLI is still in olden days. Because it offers less insurance coverage, entry is restricted to only few, service issues, no term insurance and age limit. Whereas only two positive points that attract you towards PLI are lesser premium and higher bonus.
Whether it is prudent to buy endowment plans from PLI?
Even though PLI offers you higher return and lower premium compare to LIC and other private insurers, the returns in the long run may erode drastically if you consider the inflation. Along with that, you will be under insured due to restricted maximum insurance limit. Post Offices still not customer friendly. So you may face service issues and claim settlement issues.(now improved)
Courtesy : http://www.basunivesh.com/
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