aipeu puri
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Wednesday 30 November 2011
Thursday 1 December 2011
NOTIFICATION FOR LAUNCH OF 10-YEAR NATIONAL SAVINGS CERTIFICATE (IX-ISSUE), 2011 ISSUED.
In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on changes made in various small saving schemes except 10-Year National Savings Certificate, have already been issued on 25th November 2011.
The Notification for launch of new savings instrument, namely 10-Year National Savings Certificate (IX-Issue), 2011, has been issued today, the 29th November, 2011.
The major highlights of this scheme are as follows:
· Investments in Certificate will earn Interest at the rate of 8.7% p.a. compounded semi-annually.
· On investment of Rs. 100, the depositor will get Rs. 234.35 on maturity of the Certificate.
· This Certificate will be available in the denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000 and Rs. 10,000.
· There is no upper limit for investment in the Certificate.
· This Certificate can be transferred from a post office where it is registered to any other post office and it can be pledged as a security.
The scheme will come into effect from 1st December 2011. Details of the notification are attached herewith and can also be seen on the website of the Ministry of Finance i.e. http://www.finmin.nic.in.
Source : PIB Release, November 29, 2011
--
Monday 21 November 2011
News from CHQ : Meeting with CGM (PLI)
Sunday, November 20, 2011
Sunday, November 20, 2011
News from CHQ : Meeting with CGM (PLI)
Based on our request, the CGM (PLI) invited for a meeting on 21.11.2011 at 11.30 hours. Com. K. V. Sridharan, General Secretary & Com. Balwinder Singh Financial Secretary attended the meeting. The following are the outcome after discussion.
1. Decentralisation of PLI/RPLI at divisional level
At the outset we recorded our apprehension that the decentralization of PLI/RPLI should not result to the similar fate of RD/MIS decentralization now ended in chaos as the decentralization was made without providing proper infrastructure, staff etc. The following are further discussions and decisions on the subject.
All the divisional offices have been supplied with one computer one UPS and one Printer exclusively for the PLI/RPLI work from the PLI funds recently. The Staff side’s demand to provide minimum three computers exclusively for this purpose will be considered by consulting the technology division of the Directorate. Meantime, the requirement will be called for from the circles.
All the D.O staff and supervisory staff will be imparted adequate training on PLI functions as requested by the staff side.
The claim cases, discontinued policies etc will be dealt only at RO/Circle level. In respect of other regular sanctions on maturity and also for loan and revival cases necessary safety software have been provided.
All Circle heads will be addressed to provide adequate arrangements to keep the records intact either in the divisional office or any one of the departmental building in case if sufficient accommodation at D.O is not available. Our concern that what happened at the time RD/MIS decentralization in respect of SB3cards & other records should not be repeated was well taken note of.
2. Man Power & Compensation
Creation of adequate staff to deal the works will be considered. Diversion of surplus staff will also be considered.
The staff side demand to convert the present honorarium with annual ceiling of Rs. 4000/- as incentive without ceiling has been accepted. It was assured to cause orders at the earliest.
The staff earlier drafted from the divisions to manage the PLI/RPLI work to circle office will be returned back to their home divisions.
Incentive for the work performed by Accounts branch staff for PLI/RPLI schedule preparation will be decided shortly.
3. Honorarium/Incentives to Field staff and GDS
We explained the delay in payment of incentive bill to GDS for procurement of RPLI and lengthy procedure being adopted in each division on verification of bills. The CGM immediately pointed out that orders have already been issued for simplification of procedure for sanction of incentive to all including GDS.
1. All Staff including GDS will be allotted a specific code number to each category of PLI/RPLI. Required software is already dispatched and it should be maintained at divisional level.
2. The incentive amount has been enhanced for RPLI business procured on or after 1.10.2009 by the divisional head @ of 10% of first year premium income and 2.5% of premium income subsequently. The incentive shall be paid on monthly or quarterly basis. There is no need to prepare any bill. The payment shall be made automatically by the divisional head.
We reacted that in no circle, automatic payment of incentive is being made as per our notice. The CGM informed that 42008 departmental employees and 48621 GDS officials have registered under the system.
Finally it is agreed to issue reminders to all circle heads to first register the code and effect payment of incentive automatically to the concerned SPM/BPM. A time frame for the extension will be decided.
It is most pertinent to mention that the RPLI incentive has been raised to three folds and this is not being implemented in many circles.
All Branch/Divisional/Circle Secretaries are requested to ensure registration of code number and automatic payment of incentives to GDs brethrens and other comrades.
The CGM assured that he will immediately initiate action through Secretary’s video conferencing to complete the process at the quickest possible time.
We demanded that the enhancement of free business from 4 crores to 9 crores for D.O PLI be revised for which there is no agreement. The CGM replied that it is based on the inflation which is inevitable.
4. Other Issues
i) We brought the discrimination in the maximum limit of PLI policy to physically challenged officials. The CGM replied that has been clarified vide Gazette notification dt. 27.05.2011 and enhanced the limit to Rs. 10 lakhs. After hearing the practical problems, the CGM assured to send one clarification to all circle heads and give the address and e-mail address of the consulting Actuary, Delhi for deciding the premium for such cases.
ii) It is told that the demand of providing more bonus or lesser premium to staff for their own PLI policies could not be possible as per the existing scheme unless we launch a separate scheme with lesser bonus for lesser premium.
Iii) We pointed out about non receipt of circulars from PLI Directorates since 2008. It was instructed to note down all the recognized unions in the mailing list for supply of PLI/RPLI circulars.
We recorded our thanks to Sri. Shekar K. Sinha, Chief General Manager, PLI Directorate for arranging such a meeting and discussed all the issues put forth by us over two hours.
n Kayveeyes, General Secretary --
Posted by : RAJESH BOHIDAR
AIPEU, Group - C, PURI Division
Monday 21 November 2011
1ST ALL INDIA CONVENTION OF CASUAL , CONTINGENT, PART TIME & CONTRACT WORKERS AT TIRUPATHY FROM 13TH TO 14TH NOVEMBER A GRAND SUCCESS.
As notified by NFPE the 1st ALL INDIA CONVENTION OF CASUAL LABOURERS working in Department of Post was organized in befitting manner at TIRUPATHY the holy city from 13th to 14th November 2011 at com. K. Siddappa Nagar [rail kalyan auditorium.
On 13th morning registration of delegates was started and continued up to 13-00 hrs. The number of delegates registered is as follows.
1. ANDHRA PRADESH CIRCLE - 53
2. TAMILNADU CIRCLE - 47
3. WEST BENGAL CIRCLE - 30
4. KERALA CIRCLE - 15
5. KARNATAKA CIRCLE - 11
6. MAHARASTRA CIRCLE - 6
7. JARKHAND CIRCLE - 2
8. BIHAR CIRCLE - 2
__________
TOTAL 166
At 16-00 hrs MASS RALLY started from rail kalian and reached the venue of open session Com. N.appaswamy hall [TIRUPATHY HEAD POST OFFICE PREMISES] at 17-00 hrs passing through main streets of Tirupathy town in which hundreds of postal employees from various surrounding postal divisions participated. Leaders of postal and confederation Coms. M.KRISHNAN, C.C. PILLAI, K. RAGHAVENDRAN, M.S. RAJA, APPAN RAJ, T. SATYANARAYANA and CIRCLE SECRETARIES OF NFPE UNIONS participated.
OPEN SESSION
Afterwards open session was commenced which was presided by Com. Y.NAGABHUSHANAM, working chairman of Reception Committee. Com. C.Kumaraswamy Reddy general secretary reception committee invited the leaders to the dias.on behalf of reception committee chairman Sri. P. Ramachandra Reddy, former minister and MLA Punganur constituency his son Sri. MITHUN REDDY gave welcome address. Com. A.V. NAGESWARA RAO, SECRETARY, CITU AP STATE COMMITTEE ADDRESSED THE GATHERING AS CHIEF GUEST. MLC Sri. V. BALASUBRAMANYAM attended as chief guest and addressed the gathering. Com. V A N NAMBOODRI, the president BSNL CASUAL & CONTRACT WORKERS FEDERATION addressed the gathering as one of the chief guests.
Coms. C.C. PILLAI, EX SG NFPE, M.S. RAJA, SECRETARY, CCGEW, K. RAGHAVENDRAN, WORKING CHAIRMAN CCGEW&EX SG NFPE, M.KRISHNAN SG NFPE, T. SATYANARAYANA, and GS AIPAEA addressed the gathering. Coms. APPANRAJ, GS, AISBCOEU, GOPALAKRISHNAN, WORKING PRESIDENT PIII, RAGHUPATHY, ASST, SG NFPE and all CIRCLE SECRETARIES OF NFPE unions AP circle were present on the dais. Com. K. ramachandram, CS AIPAEU readout the message from Com. PRANAB BHATTACHARYA, GS Admn. Union. Session ended with vote of thanks by Com. N. Sridhar branch secretary RIII TIRUPATHY BRANCH and secretary reception committee.
14-11-2011
The historic convention commenced at 10-00 am sharp which was presided by com. Y.Nagabhushanam. Few minutes silence was observed by the house in memory of com. M.K.PANDHEY the veteran trade union leader who worked in various capacities in CITU and others who passed away recently.
The convention was inaugurated by Com. M. Krishnan Secretary General NFPE and addressed by Coms. APPANRAJ, GS,AIPSBCOEU, GOPALA KRISHNA,WORKING PRESIDENT PIII, SK. HUMAYUN, PRESIDENT P4,P.PANDU RANGARAO, AGS,AIPEDEU,R.SIVANNARAYANA,Dy.GS, PIII, DASV PRASAD ,CS PIII & CONVENER NFPE CIRCLE COORDINATION COMMITTEE& MNV RAO, LEADER, RJCM, AP CIRCLE addressed the convention.
Coms. CC PILLAI, K. RAGHAVENDRAN, T.SATYANARAYANA, RAGHUPATHI and CIRCLE SECRETARIES Coms. R.J. MADHUSUDAN RAO CS RIII & Y.BHOOMESWAR CS R4 WERE ALSO ADDRESSED THE SESSION.
Nearly 35 delegates participated in the discussions from all the states.
Afterwards the name of the union which was proposed as
"ALL INDIA POSTAL CASUAL,PARTTIME,CONTINGENT & CONTRACT WORKERS FEDERATION "
by Com. M.KRISNAN was unanimously approved by the house.
Along with that the following were approved by the house.
1. THE BYE LAW 2. THE FLAG OF THE UNION AS RED FLAG 3.RESOLUTION ON THE DEMANDS AND PROGRAMME OF ACTION.
PROPOSED PROGRAMME OF ACTION
1. HUNGER STRIKE BY ALL GENERAL SECRETARIES BEFORE DIRECTORATE
2. HUNGER STRIKE BY ALL CIRCLE SECRETARIES BEFORE CPMG OFFICES
3. DATES OF THE PROGRAMME WILL BE ANNOUCED LATER
OFFICE BEARERS WERE ELECTED UNANIMOUSLY BY THE HOUSE. [List enclosed]
It was also resolved to co opt some more office bearers from the circles as per the requirement later when ever needed.
The convention was concluded after vote of thanks by Com. T. ARMUGAM, D/S CASUAL UNION, TP DN& Dy.GENERAL SECRETARY RECEPTION COMMITTEE
LIST OF OFFICE BEARERS ELECTED IN ALL INDIA CONVENTION
President :
Com.C.C.PILLAI (Ex.SG, NFPE)
Working President :
Com.Y.NAGABHUSHANAM ( Circle Secretary - A.P)
Vice President :
- Com.Somnadh Mukherjee (W.B)
- Com.D.Sivagurunadham (TN)
-Jayanthilal (Kerala)
- Kotappa (Karnataka)
General Secretary :
Com.B.MOHAN (Gandhinagar PO, Secunderabad Dn, A.P)
Asst. Genl. Secy :
- Goutham (WB)
- A.S.Jatheendran (TN)
- Sri Rangam (Kerala)
Orgg. Genl. Secy :
-M.Suresh Kumar
- Gouse Basha (Karnataka)
- Umesh Bagath
- Ramamani (A.P)
- Ambikadevi (Kerala)
- Srikanth
- T.Armugam (Tirupati - A.P
POSTED BY RAJESH CH. BOHIDAR
RECRUITMENT RULES POSTAL ASSISTANTS/SORTING ASSISTANTS-2011
RECRUITMENT RULES POSTAL ASSISTANTS/SORTING ASSISTANTS-2011
CLICK HERE TO SEE THE DEPARTMENT LETTER ADDRESSED TO HEADS OF THE CIRCLE.
Posted by Rajesh Chandra Bohidar
Divisional Secy,Puri
DEPARTMENT OF POSTS HAS NOTIFIED RECRUITMENT RULES, 2011 FOR POSTAL ASSISTANTS AND SORTING ASSISTANTS, THESE HAVE BEEN PUBLISHED IN OFFICIAL GAZETTE ON 3.11.2011.
CLICK HERE TO SEE THE GAZETTE NOTIFICATION CLICK HERE TO SEE THE DEPARTMENT LETTER ADDRESSED TO HEADS OF THE CIRCLE.
Posted by Rajesh Chandra Bohidar
Divisional Secy,Puri
Friday 18 November 2011
CHESS MASTER MANTU DEAR MOVES TO LONDON,PRIDE OF PURI DIVISION
IT IS A GLORIOUS MOMENT FOR OUR DIVISION THAT CHESS MASTER MANOJ KUMAR PANIGRAHI, POPULARLY KNOWN AS MANTUDEAR, POSTAL ASSISTANT CHANDANPUR SO HAS BEEN APPOINTED AS THE COACH FOR YOUTH CHESS TEAM WHICH WILL TAKE PART IN HASTING CHESS TOURNAMENT TO BE HELD AT ENGLAND FROM 28TH DEC2011 TO 05TH JAN 2012.THE GOVERNMENT OF INDIA WILL TAKE CARE OF ALL EXPENSES CONNECTED WITH THE TRIP.REALLY IT IS A PRESTIGE FOR THE DEPARTMENT AS WELL AS THE DIVISION.
ALL INDIA POSTAL EMPLOYEES UNION PURI FEELS PROUD OF HIS ACHIEVEMENT TO THIS HORIZON WITH A NEW DIMENSION, WISH HIM ALL THE SUCCESS AND GLORY IN THE ENSUING EVENT.WE OFFER A RED SALUTE TO THIS COMRADE ON BEHALF OF OUR UNION.
POSTED BY;
RAJESH BOHIDAR
DIVN SECY AIPEU GR-C PURI
ALL INDIA POSTAL EMPLOYEES UNION PURI FEELS PROUD OF HIS ACHIEVEMENT TO THIS HORIZON WITH A NEW DIMENSION, WISH HIM ALL THE SUCCESS AND GLORY IN THE ENSUING EVENT.WE OFFER A RED SALUTE TO THIS COMRADE ON BEHALF OF OUR UNION.
POSTED BY;
RAJESH BOHIDAR
DIVN SECY AIPEU GR-C PURI
Friday, November 18, 2011
CHANGES IN PFDRA BILL
Central Government clears changes in PFRDA Bill, allows 26% FDI in pension
Govt clears changes in PFRDA Bill, allows 26% FDI in pension
The govt on Wednesday approved amendments to the PFRDA Bill 2011 while agreeing to the proposed 26 percent foreign investment in the pension sector but refrained from providing assured returns to subscribers in the proposed law.
The government had decided not to mention FDI cap in the legislation itself for retaining the flexibility of changing it through an executive order. The 26 per cent FDI cap is to be mentioned in the regulations to the legislation.
The changes to the PFRDA Bill were approved by the Union Cabinet at its meeting in New Delhi.
The Bill, which has already been scrutinised by the Parliamentary Standing Committee on Finance, is likely to be taken up for consideration and passage in the Winter Session beginning 22nd November.
"The government is of the view that FDI cap in the pension should be at 26 per cent at par with the insurance sector. However, it would like to retain the flexibility of changing the cap of FDI as and when required and that is why it has not been kept as part of the bill", an official spokesperson said.
The proposed legislation, the official said, will not provide assured returns to the subscribers of pension schemes.
The Committee, which is headed by senior BJP leader and former Finance Minister Yashwant Sinha, wanted the government to specify the FDI cap in the legislation itself and provide minimum guaranteed return to subscribers.
The government also turned down the Committee's recommendation for allowing greater flexibility to subscribers of pension schemes for pre-mature withdrawal of funds from their accounts.
"The flexibility of withdrawals from funds under the pension scheme, however, would be tightened. It would be allowed only in case of genuine needs...It would be considered when the need is critical. It will not be allowed for frivolous reasons," the official explained.
The government, however, upheld the panel's suggestion to provide greater participation of the employees and stakeholders in the Pension Advisory Committee, the official said.
The Bill, which was introduced in the Lok Sabha on March 2011, was referred to the Standing Committee for consideration.
Govt clears changes in PFRDA Bill, allows 26% FDI in pension
The govt on Wednesday approved amendments to the PFRDA Bill 2011 while agreeing to the proposed 26 percent foreign investment in the pension sector but refrained from providing assured returns to subscribers in the proposed law.
The government had decided not to mention FDI cap in the legislation itself for retaining the flexibility of changing it through an executive order. The 26 per cent FDI cap is to be mentioned in the regulations to the legislation.
The changes to the PFRDA Bill were approved by the Union Cabinet at its meeting in New Delhi.
The Bill, which has already been scrutinised by the Parliamentary Standing Committee on Finance, is likely to be taken up for consideration and passage in the Winter Session beginning 22nd November.
"The government is of the view that FDI cap in the pension should be at 26 per cent at par with the insurance sector. However, it would like to retain the flexibility of changing the cap of FDI as and when required and that is why it has not been kept as part of the bill", an official spokesperson said.
The proposed legislation, the official said, will not provide assured returns to the subscribers of pension schemes.
The Committee, which is headed by senior BJP leader and former Finance Minister Yashwant Sinha, wanted the government to specify the FDI cap in the legislation itself and provide minimum guaranteed return to subscribers.
The government also turned down the Committee's recommendation for allowing greater flexibility to subscribers of pension schemes for pre-mature withdrawal of funds from their accounts.
"The flexibility of withdrawals from funds under the pension scheme, however, would be tightened. It would be allowed only in case of genuine needs...It would be considered when the need is critical. It will not be allowed for frivolous reasons," the official explained.
The government, however, upheld the panel's suggestion to provide greater participation of the employees and stakeholders in the Pension Advisory Committee, the official said.
The Bill, which was introduced in the Lok Sabha on March 2011, was referred to the Standing Committee for consideration.
POSTED BY;
RAJESH BOHIDAR
DIVN SECY AIPEU GR-C,PURI
IMPORTANT EMAIL DTE. ON IMPLEMENTATION OF NEW INT. RATES
From: Program Office-Headquarters <arrow-hq@indiapost.gov.in>
To: pmg-dop@lsmgr.nic.in, CPMsG <cpmg-dop@lsmgr.nic.in>
Date: Wed, 16 Nov 2011 11:51:29 +0500
Subject: [cpmg-dop] Implementation of new Interest rates and other changes in PO Savings Schemes published in Newspapers
Respected Madam / Sir,
Kindly refer to the item published in the leading newspapers regarding revised rate of interest and new features of various small savings schemes which is also uploaded by Ministry of Finance on its website in the shape of Office Memorandum. Ministry of Finance has requested to issue instructions to all post offices that the new rates of interest and other decisions taken should not be implemented till notifications are issued by the Ministry.
Therefore, it is requested to issue instructions to all post offices to wait for receipt of notifications issued by Ministry of Finance and circulated by the Department with reference to the implementation of new rates and other features of the small savings schemes.
Regards
Directorate Programme Office- Project Arrow
O/o Secretary Posts
Dak Bhawan, New Delhi-110 001
Tel: 2303 6102, 6808, 23096155
Directorate Programme Office- Project Arrow
O/o Secretary Posts
Dak Bhawan, New Delhi-110 001
Tel: 2303 6102, 6808, 23096155
Thursday 17 November 2011
UNION CABINET APPROVES 26% FDI IN PENSION SECTOR
The union cabinet today approved 26 per cent foreign direct investment (FDI) in the pension sector, and cleared amendments to the Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011.
As reported by The Indian Express on Wednesday, the government has decided not to mention the FDI cap in the PFRDA bill. It will find mention in the regulations to the legislation.
The bill was introduced in the Lok Sabha in March, and was referred to the parliamentary standing committee on finance chaired by senior BJP leader and former finance minister Yashwant Sinha. The committee recommended the insertion in the law the 26 per cent FDI clause and the assured return clause in the New Pension Scheme.
The committee had sought a reply from the finance ministry on why the foreign investment ceiling for the pension sector was not prescribed in the bill, and left the decision on FDI to the executive.
The government is of the view that foreign investment in the pension sector may be capped at 26 per cent on par with that in the insurance sector under the general regulations framed under the Foreign Exchange Management Act (FEMA), 1999. No express provision has been made in the PFRDA Bill, 2011.
“This is in line with most legislations in the financial sector”, the Department of Financial Services had said in its written reply.
Yashwant Sinha told The Indian Express today that the BJP “will have to sit down and take a view” (on supporting the bill). “BJP’s support cannot be taken for granted.”
The bill is likely to be introduced in Parliament’s winter session. The BJP had rescued the government during its introduction, after the Left sought a division.
Sinha said he was “surprised” that the government had not accepted the “very important recommendations” of the standing committee. “We had arrived at these conclusions after a great deal of deliberations and after a great deal of consensus-building,” he said.
Sinha said the panel had wanted the “power of changing or increasing the (FDI) limit to be with Parliament rather than with the executive”.
“If it is in the regulations, the government can change it and then report to Parliament,” he pointed out.
The New Pension Scheme (NPS) was launched as a voluntary scheme for all citizens in May 2009. It is regulated by interim regulator PFRDA, and managed by seven pension fund management companies — LIC, SBI, IDFC, Kotak Mahindra, Reliance Capital, UTI Retirement Solutions and ICICI Bank. It has a corpus of over Rs 9,925 crore and a subscriber base of 24 lakh, mostly government employees.
“In India, pension fund industry is yet to grow. The sector has tremendous growth opportunities. FDI would prove to be a milestone in its growth,” said Balram Bhagat, CEO, UTI Retirement Solutions.
Source : http://www.indianexpress.com, November 16, 2011
Posted by : RAJESH BOHIDAR
DIVN SECY,AIPEU, Group - C, PURI DIVN
Monday 14 November 2011
National Postal Policy 2012
The Government has started the exercise to formulate the new National Postal Policy 2012, to rejuvenate and bring the postal sector to the centre-stage of economic development.
The Department of Posts (DoP) will organise a roundtable conference next month to discuss various dimensions of the policy with key stakeholders.
“DoP may complete this (discussion) exercise by April, 2012,” the Minister of Communications and Information Technology, Mr Kapil Sibal, said, adding that the agenda of the same should be submitted by November 20.
The Government said the National Postal Policy (NPP) would have clear goals, a defined role for various operators in the sector and a regulatory mechanism.
“The postal sector is a key information medium that contributes to both economic and social development. In recent years, the postal marketplace has grown increasingly competitive, complex and essential,” Mr Sibal added.
In line with market dynamics
The Minister, in his communication to the DoP, has indicated that the new policy should be in line with market dynamics and postal sector should contribute to social and economic development of the country.
The DoP had earlier come up with a National Postal Policy, which is viewed as ‘prototype' of the policy, a senior ministry official said.
The policy was written by couple of postal department officers without consultation with the industry, the official added. The new policy will be framed in consultation with various stakeholders of the Indian postal sector which will include various players in logistics, courier and e-commerce business.
Clear goals
“NPP'12 will have clear goals in terms of job creation, potential investment, guidelines for postal services and strategic focus area for the sector,” the official said.
With over 1.5 lakh post offices India's Department of Posts has the one of the largest postal network in the world.
To match the rapid growth of the country, the DoP is undergoing various radical changes, which include a proposal to convert over 1.5 lakh post-offices across the nation into full-fledged banks.
POSTED BY; RAJESH BOHIDAR
DIVN SECY AIPEU GR-C PURI
The Department of Posts (DoP) will organise a roundtable conference next month to discuss various dimensions of the policy with key stakeholders.
“DoP may complete this (discussion) exercise by April, 2012,” the Minister of Communications and Information Technology, Mr Kapil Sibal, said, adding that the agenda of the same should be submitted by November 20.
The Government said the National Postal Policy (NPP) would have clear goals, a defined role for various operators in the sector and a regulatory mechanism.
“The postal sector is a key information medium that contributes to both economic and social development. In recent years, the postal marketplace has grown increasingly competitive, complex and essential,” Mr Sibal added.
In line with market dynamics
The Minister, in his communication to the DoP, has indicated that the new policy should be in line with market dynamics and postal sector should contribute to social and economic development of the country.
The DoP had earlier come up with a National Postal Policy, which is viewed as ‘prototype' of the policy, a senior ministry official said.
The policy was written by couple of postal department officers without consultation with the industry, the official added. The new policy will be framed in consultation with various stakeholders of the Indian postal sector which will include various players in logistics, courier and e-commerce business.
Clear goals
“NPP'12 will have clear goals in terms of job creation, potential investment, guidelines for postal services and strategic focus area for the sector,” the official said.
With over 1.5 lakh post offices India's Department of Posts has the one of the largest postal network in the world.
To match the rapid growth of the country, the DoP is undergoing various radical changes, which include a proposal to convert over 1.5 lakh post-offices across the nation into full-fledged banks.
POSTED BY; RAJESH BOHIDAR
DIVN SECY AIPEU GR-C PURI
Saturday 12 November 2011
POST OFFICE INTEREST HIKE
Post office savings deposit interest hiked
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyTh28UNLi7dJQR2ry1opX03SF97UH7A18YnJfXJ3luX9rkKHJ7HY_7v1UOegag581oFWgyN2d4WriRH89mdUxU2XyaKwDsK76D6pVV76NzrNB1SGGtV3tYnUyh8bYzhCnSSaxrIlzuAy-/s320/post_office.jpg)
In a bid to lure millions of small savers who had exited the National Small Savings Fund (NSSF) schemes in pursuit of higher returns, the government on Friday raised the interest rates on post office savings account (POSA), time deposit schemes of various tenures, monthly income scheme (MIS) and Public Provident Fund (PPF).
According to a Finance Ministry statement here, while the interest rate on POSA stands increased to 4 per cent from 3.5 per cent for the current fiscal, deposits in schemes such as MIS and PPF will fetch attractive returns of 8.2 per cent and 8.6 per cent respectively, as compared to the existing interest rates of 8 per cent.
While all time maturities will fetch significantly better returns by way of higher interest rates than hitherto, the biggest gainer is set to be the one-year fixed deposit scheme with its interest rate pegged at 7.7 per cent as compared to the prevailing 6.25 per cent.
TO BE NOTIFIED SOON
As per the decision approved by Finance Minister Pranab Mukherjee, the new rates are to be made applicable from the date of notification to be announced soon.
The move to make the small savings schemes more attractive and align them with current market rates is in line with the recommendations of the Shyamala Gopinath Committee, which was set up to look into the matter, as was advised by the 13th Finance Commission.
NEW NSC INSTRUMENT
Alongside, however, the government has decided to discontinue the Kisan Vikas Patra (KVP) scheme. It has also reduced the maturity period for MIS and National Savings Certificate (NSC) schemes to five years from the existing six years and has introduced a new 10-year NSC instrument with its interest rate pegged at 8.7%.
LIMIT INCREASED
Another bonanza for small savers is that the annual investment ceiling in PPF savings accounts has been raised to Rs. 1 lakh from the current limit of Rs. 70,000.
At the same time, what may irk investors is that loans against such savings would be at a higher interest rate of 2 per cent as against 1 per cent at present.
BONUS SCRAPPED
The government has also scrapped the 5 per cent bonus on maturity of MIS schemes and abolished the commission for agents on PPF and Senior Citizens Savings Schemes.
Friday 11 November 2011
Post Office Savings Deposits to earn Higher Interest
Post office savings bank deposits without any fixed maturity will earn interest of 4 per cent up from 3.5 per cent now.
And interest rates on other small saving instruments, such as the National Savings Certificate, will be indirectly linked to the market. The new rates could be notified from July 1, 2011 for the current fiscal year.
High interest rates offered by the banks seem to be luring people to withdraw money from the small savings. The Government was expecting Rs 24,182 crore through small savings during this fiscal, but till date far from any fresh accretion, there has been a net outflow of approximately Rs 11,000 crore. This means people withdrew more money than making fresh deposits.
A senior Government official told Business Line, “The Finance Minister, Mr Pranab Mukherjee, has approved the proposals based on the Shyamala Gopinath Committee. Now, the new mechanism for the small saving instruments will be effective after the new system is notified.”
From the next financial year, the Government is likely to announce the new rates at the beginning of the financial year, to be effective from April 1.
The thinking in the Finance Ministry is that there is no need to deregulate postal deposit rates as has been done in the case of saving bank deposits in banks.
The calculation of the interest on savings deposits in post offices will be done on a daily product basis but only after the post offices are fully computerised. For this, “we will have to wait for the notification,” the official added.
The Government has also accepted the Committee's recommendation on reducing the tenure for NSC from six to five years. But there will be a special NSC with tenure of 10 years.
The interest rates on both will be benchmarked to the weighted average of the yield of the government bonds during previous years. At present a six-year NSC earns a fixed annual rate of 8 per cent.
The official said that the Government has also approved the formula for sharing the net collections of small savings between the Centre and the States. The Committee recommended that the mandatory component for States could be lowered to 50 per cent from 80 per cent at present.
State Governments could exercise the option of either 50 per cent or 100 per cent at the beginning of each fiscal for administrative convenience. The balance amount could either be taken by the Centre or on-lent to other States if they so desire, or could be on-lent for financing infrastructure.
Source :The Hindu Business lin
SRI GANGA DHAR MOHANTY POSTED AS ASP OD PURI
Wednesday, November 9, 2011
Ad hoc ASP
The following IPs have been given ad hoc promotion to ASP Grade and allotted to Region noted against each.
Sl. No. | Name of the IP | Region to which allotted /posted |
1 | Shri Gangadhar Mohanty | HQ Region and posted as ASP(OD), Puri Division |
2 | Smt. Arunabala Mohanty | Sambalpur Region |
3 | Shri Jagdish Dash | Sambalpur Region |
4 | Shri Bijay Kumar Mishra | Sambalpur Region |
posted by RAJESH BOHIDAR
DIVN SECY AIPEU GR-C PURI
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