Reserve Bank of India
21:27
Showing posts with label Central Government Employees News. Show all posts
Showing posts with label Central Government Employees News. Show all posts
Tuesday, 2 July 2019
Tuesday, 28 March 2017
Reserve Bank of India
07:42
Banks to remain open on March 25 and March 26, 2017 for Govt. Business
Banks to remain open on March 25 and March 26, 2017 for Govt. Business
Reserve Bank of India issued notification today that all Agency Banks to remain open for public on Saturday 25th March and Sunday 26th March 2017 too, for transacting Government Business.
The notification says The Government of India has advised that all Pay and Account Offices will remain open on all days up to April 1, 2017 to facilitate government receipt and payment functions. Accordingly, all Agency Banks are advised to keep all their branches dealing with government business open on all days in the current financial year and on April 1, 2017 (including Saturday, Sunday and all holidays).
Banks may give due publicity about availability of above banking services on these days.
A network comprising the Public Accounts Departments of RBI and branches of Agency Banks appointed under Section 45 of the RBI Act carry out the Govt. transactions.
At present all the public sector banks and three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. act as RBI’s agents. Only authorised branches of Agency banks can conduct Govt. business.
So all the authorised branches of all public sector banks, HDFC Bank, ICICI Bank and Axis Bank will remain open on 25th March and 26th March 2017 i.e., Saturday and Sunday and all holidays (if any in any states) till 1st April 2017 for tax collections and government receipts.
The facility might have been given by the RBI to give time to deposit the money under Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016.
Source:Bankersclub
Friday, 24 February 2017
Employees News
10:15
Disbursement of Salary for the month of February 2017 on 27.02.2017 on account of Nation-wide Bank strike on 28.02.2017
Disbursement of Salary for the month of February 2017 on 27.02.2017 on account of Nation-wide Bank strike on 28.02.2017
Thursday, 9 February 2017
seventh pay commission
08:37
Bank employees under the Central government payroll will get Dearness Allowance (DA) as per the recommendations of the Seventh Pay Commission.
Bank employees under the Central government payroll will get Dearness Allowance (DA) as per the recommendations of the Seventh Pay Commission.
The order to this effect was issued on February 1 which stated that employees will be paid the DA for the months of February, March and April 2017.
Bank employees under the Central government payroll will get Dearness Allowance (DA) as per the recommendations of the Seventh Pay Commission.
The order to this effect was issued on February 1 which stated that employees will be paid the DA for the months of February, March and April 2017.
The order brings much cheer to employees who were otherwise disappointed with Finance Minister Arun Jaitley for not saying a single word on the Seventh Pay Commission in his Budget speech.
- On the basis of the Consumer Price Index (CPI) announced by the government, the DA payable to bank employees for February-April will be 46.9 per cent of the pay.
- In another development, the government has started releasing the Seventh Pay Commission arrears to defence pensioners. The amount released and the number of pensioners to be benefitted from this are still being calculated.
- The information was shared by Union Minister of State for Defence Subhash Bhamre in a written reply to AIADMK MP M Vasanthi in Lok Sabha recently.
- Among autonomous bodies, the Bureau of Indian Standards (BIS) will start getting revised salary as per the Seventh Pay Commission's recommendations. BIS falls under the aegis of the Ministry of Consumer Affairs. Ram Vilas Paswan, who is in-charge of the ministry, approved the revised salary for BIS employees.
- Much to the disappointment of Central government employees, the Finance Minister did not mention them in his Budget speech on February 1. However, employees are hopeful that there will be some announcement at the start of the new financial year in April.
- Several state governments have made announcements on implementing the recommendations of the Seventh Pay Commission. Poll-bound Uttarakhand was among the first to implement the recommendations from January 1.
- The Seventh Pay Commission recommended a 14.27 per cent hike in basic pay--the lowest in 70 years. The previous Sixth Pay commission had recommended a 20 per cent hike, which the government doubled while implementing it in 2008.
- The National Joint Action Committee (NJAC) wants the minimum wage to be raised to Rs 26,000 as against the Rs 18,000 suggested by the commission.
- The Pay Commission also recommended doing away with 53 of the 196 allowances besides moderation in several others. The recommendations cover nearly 50 lakh central government employees and 58 lakh pensioners.
Source:IndiaToday
Monday, 24 October 2016
finance minister
23:15
SMS Alert:To Inform Central Government and Private Salaried Employees Tax Deduction
SMS Alert:To Inform Central Government and Private Salaried Employees Tax Deduction
FM: Better tax payer services key to direct tax reforms; Launches SMS Alert Service for about 2.5 crore private and Government salaried employees in order to directly inform them about the deposit of tax deducted at the end of every quarter.
The Union Finance Minister Shri Arun Jaitley said that better facilities and services to the taxpayers are the central to Direct Tax Reforms. He said that the tax payers have a right to know the deductions made from their salary/income on regular basis. He said that more and more tax payer services have to be provided in order to make the people tax complaint. He stressed on the Government’s commitment towards continuously upgrading tax payer services. The Finance Minister Shri Jaitley was speaking after launching the SMS Alert Service for direct taxes for about 2.5 crore private and Government salaried employees at a function in the national capital here today.
The new step is an effort by the Income Tax Department to directly communicate deposit of tax deducted, through SMS alerts to salaried taxpayers, at the end of every quarter. In case of a mismatch, they can contact their deductor for necessary correction. Simultaneously, SMS alerts will also be sent to deductors who have either failed to deposit taxes deducted or to e-file their TDS returns by the due date.
This initiative will initially benefit approximately 2.5 crore salaried cases. The CBDT will soon extend this facility to another 4.4 crore non-salaried taxpayers. The frequency of SMS alerts will be increased, once the process for filing TDS returns is streamlined to receive such information on a real-time basis.
All taxpayers who wish to receive such SMS alerts are advised to update their mobile numbers in their e-filing account.
The CBDT constantly endeavours to provide better taxpayer services and reduce taxpayer grievances. New schemes and e-initiatives to redress and reduce complaints of mismatches in tax deducted at source are key to this effort.
Source:PIBNEWS
Monday, 10 October 2016
withdrawal of amount
19:00
Withdrawing EPF? You don't need your employer's signature anymore
Withdrawing EPF? You don't need your employer's signature anymore
Most employees who have withdrawn their provident fund (PF) amount know what a painful exercise it is. The main reason being your previous employer is required to authenticate the transfer or withdrawal form by attesting it. The process is lengthy, tedious and not employee-friendly. Things, however, are about to change, thanks to the Employees' Provident Fund Organisation (EPFO), which has introduced a new form for all those who have a Universal Account Number (UAN).
To withdraw your money, you may now use 'UAN based Form 19' and in effect bypass the employer signature requirement. This facility will be available to all those subscribers whose UAN is activated and seeded with the KYC details like bank account and Aadhaar number. Currently, the form has to be submitted offline, but the EPFO is expected to extend this facility online too.
So make sure that as an employee, you meet these two conditions for any PF withdrawal in future. But before you withdraw the PF amount, let's look at the implications of withdrawal and the time limit set by the government.
When can an employee withdraw his PF
According to the EPF Act, for claiming final PF settlement, one has to retire from service after attaining 55 years of age. The total EPF balance includes the employee's contribution and that of the employer, along with the accrued interest.
There is, however, a window to partially withdraw the amount for those nearing retirement. Anyone over 54 can withdraw up to 90 per cent of the accumulated balance with interest. But what if someone decides to quit his job before reaching 55? Under the existing rule, the employees, in such cases, can withdraw the full PF balance if he is out of employment for 60 straight days.
There was a proposal which restricted employee access to a part of the funds, allowing for the withdrawal of the employer contribution only after attaining the age of 58 years, which stands in abeyance as of now.
The importance of five years of continuous service
Typically, in early and mid-years of their careers, employees tend to switch jobs. After leaving, they have two options with regard to their PF: they can either withdraw it after waiting for 60 days or transfer the balance to the new employer.
PF withdrawal is not taxable if one has completed at least five years of continuous service. If one has switched jobs in less than five years but transferred the PF to the new employer, it will be counted as continuous service. Someone, for instance, works for 1.5 years and then joins another organisation. He transfers his PF balance to the new employer where he continues to work for 3.5 years. Taken together, it will be five continuous years of service for the employee. It is, therefore, better to transfer your existing PF to your new employer.
Tax on early withdrawals
Withdrawing the PF balance without completing five continuous years of service has tax implications. The total employer's contribution amount along with the interest earned will get taxable in the year of withdrawal. Also, the amount of deduction claimed under Section 80C on one's own contribution will be added to one's income in the year of withdrawal. In addition, the interest earned on one's own contribution will also be subject to tax.
The government had introduced Tax Deducted at Source (TDS) on PF withdrawals to discourage premature withdrawals and promote long-term savings. No tax is deducted if the employee withdraws PF after five years. Also, TDS shall not be applicable in case of PF transfer from one account to another. From June 1, 2016, for TDS, the threshold limit of PF withdrawal has been raised from Rs 30,000 to Rs 50,000. TDS will be applicable at the rate of 10 per cent, provided PAN card is submitted.
However, if one submits Form 15G or 15H, then TDS is not applicable. These forms declare that their income would not be taxable after receiving payment of their PF accumulations from EPFO. While Form 15H is submitted by senior citizens (above 60 years of age), Form 15G is submitted by claimants below 60. However, if a member fails to submit PAN card or Form 15G or 15H, TDS is applicable at the maximum marginal rate of 34.608 per cent of the withdrawn PF amount.
Conclusion
Currently (2015-16), the EPF interest rate stands at 8.8 per cent, marginally up from last year's 8.75 per cent. In terms of returns from a debt instrument, EPF certainly stands tall. The money is sovereign-backed and the interest earned is tax-free. In fact, it enjoys the Exempt, Exempt, Exempt (EEE) status as contributions are deductible from income.
The effective pre-tax yield speaks for itself. For someone in the 10, 20 and 30 per cent tax slab, the effective pre-tax return comes to 9.8, 11.08 and 12.73 per cent respectively. Illustratively, for someone paying 30.9 per cent tax, investing in a 12.73 per cent taxable investment product has a post-tax return of 8.8 per cent per annum. There is hardly any debt product that gives such high return with safety and assurance. Therefore, it's better to transfer your PF amount when you switch jobs and avoid the temptation to withdraw the remaining balance.
Source:BankingUpdates
Monday, 3 October 2016
Narendra Modi
16:27
Bank Account for Army Welfare
Bank Account for Army Welfare
Doubts cleared, welfare scheme draws funds
Despite initial tepid response, the flow of funds to the Centre’s Army Welfare Fund Battle Casualties (AWFBC) scheme has picked up with over Rs.2 crore in the account.
The poor response to the scheme, launched on August 2, was blamed on the doubts over the genuineness of a WhatsApp message about the AWFBC. Many took the message as spam and ignored it. “The Modi government has started a new scheme exclusively for the Army battle casualties and weapon purchase. The government has opened a bank account where people can donate funds directly to the Army Welfare Account. People had suggested to the government to open a bank account to collect funds exclusively for battle casualties and purchasing weapons for the Army. The Modi government has accepted the suggestion and opened an account in Syndicate Bank, New Delhi, for the same. The most attractive feature of this scheme is that people can donate the smallest amount of one rupee. Our country’s population is 130 crore, even if 100 crore people (70 per cent) deposit one rupee each, the Ministry will get Rs.100 crore a day, Rs.3,000 crore a month, and Rs.36,000 crore a year,” the message reads.
Syndicate Bank Staff Association national vice-president K.S. Bhatt saidthe message was genuine and the bank had started receiving contributions from August 2. Replying to a question by Kirit Somaiya, MP, officer on special duty to the Minister of Defence, Upendra Joshi clarified the welfare fund account was genuine. “Army Welfare Fund Battle Casualties, Account No. 90552010165915, Bank & branch: Syndicate Bank, South Block, New Delhi-11, IFSC Code: SYNB0009055,” Mr. Joshi’s letter stated the account details.“The donations received to the fund will be utilised to pay financial assistance to widows of our battle casualties.”
Mr. Bhatt said the funds in the account crossed Rs. 2.5 crore on Wednesday.
Source:The Hindu
Thursday, 4 August 2016
Civil Examination News
22:27
OBC Candidates declared ineligible in UPSC Exam
OBC Candidates declared ineligible in UPSC Exam
The National Commission for Backward Classes has requested not to compare pay scales of posts held by the parents of candidates who are employed in PSUs, Banks, Insurance Organizations, Universities, Under etc., Subordinate Judiciary and under Private employment, State Governments Organizations etc. for determining the Non Creamy Layer Status of OBC candidates recommended by the UPSC on the basis of Civil Services Examination – 2015 as salary income cannot be clubbed with the income from other sources. In case of recommendation of name of a candidate by UPSC for service allocation, the candidate is considered for allocation to one of those services by the Government for which he has indicated his preference subject to fulfillment of other conditions like Medical fitness, eligibility for availing reservation etc. as per Civil Services Examination Rules and extant instructions on the subject. Keeping in view the extant instructions the claim of candidates as OBC (non creamy layer) to avail benefit of Reservation under OBC Category were considered by the Government and candidates found eligible have been allocated to various services.
This was stated by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh in a written reply to a question by Dr. T. Subbarami Reddy & Smt. Ambika Soni in the Rajya Sabha today.
Source:PIBNEWS
Tuesday, 2 August 2016
seventh pay commission
07:27
7th Pay Commission: SBI unveils cheaper home loans for beneficiaries
7th Pay Commission: SBI unveils cheaper home loans for beneficiaries
Under the new SBI scheme, individuals with pensionable service will be offered home loans tailored to their specific needs.
To attract the beneficiaries of 7th Pay Commission, SBI has launched cheaper home loan schemes for defence and other government employees with installment tenure extending up to 75 years of age. It will offer two new home loan products ‘SBI Privilege Home Loan’ for government employees and ‘SBI Shaurya Home Loan’ for defence personnel without any processing fee.
“Under the new schemes, employees of central/state governments, defense forces, public sector banks, public sector enterprises of central government and other individuals with pensionable service will be offered home loans tailored to their specific needs,” State Bank of India (SBI) said in a statement. The bank said the tailor-made products will help customers purchase a spacious or luxurious home without stretching their post-retirement finances.
The new product includes extending the repayment term till the borrower turns 75 years from the existing 70 years, and also a full waiver of processing fees, it said. There will be a lower EMI burden post retirement and 0.05 per cent concession over the home loan interest. “Benefit of lower interest rate as a concession of 5 bps (0.05 per cent) over the home loan card interest rate is available wherever check-off facility is extended by the government under tie-up arrangement with the bank,” SBI said.
Among others, customers of other banks or financial institutions will have an option to switch over their home loan outstanding balance to SBI. “The launch of ‘SBI Privilege Home Loan’ and ‘SBI Shaurya Home Loan’ products is timed with the notification of 7th Pay Commission recommendations. Surplus income can thus be utilised by government employees and defense personnel towards purchase of new/better house,” SBI said.
Source:Indian Express
