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Showing posts with label cash deposits. Show all posts
Showing posts with label cash deposits. Show all posts

Tuesday, 13 June 2017

08:13

Nomination Facility

Nomination Facility
Have you signed Nomination Forms for your Bank Deposits? If not, ask for Nomination Forms when you go back to your bank next. 
Why Nomination?
Banking Companies (Nomination) Rules 1985 permits banks to pay dues to nominees in the event of death of depositor(s) without asking for succession certificate or verifying claims of legal heirs. This simplifies settlement. Of course, as Trustee the nominee is accountable to legal heirs.
  • Nomination facility available for bank deposits, safe deposit lockers, safe custody articles.
  • There can be only one Nominee for a deposit account whether held singly or jointly.
  • There can be two nominees for a jointly held locker.
  • A person legally empowered to operate a minor's account can file a nomination on behalf of the minor. 

For more details approach your bank.

Source:IBA
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Monday, 15 May 2017

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Sunday, 14 May 2017

08:55

SBI to charge Rs 25 charge for every ATM withdrawal? No, that's not true

SBI to charge Rs 25 charge for every ATM withdrawal? No, that's not true

An SBI official has clarified that the bank will not charge Rs 25 per transaction on cash withdrawals contrary to a circular the bank had  earlier issued. The official has said that the notification was specifically for SBI mobile wallet (called Buddy) users.
The bank plans to issue a fresh circular soon making the clarification. "SBI will send a fresh notification by evening today to clarify the same. There will not be additional service charges, and existing rates will continue on withdrawals from ATM," the official told Business Today on condition of anonymity.
ATM charges, are set by the RBI, and uniform  for all banks. Rules mandate at least three fee transactions per month from ATMs of other banks and five from ATMs of own bank in metro cities. Banks charge Rs 20 per financial transaction and Rs.9.55, including tax, for every non-financial one beyond this limit.
Earlier today, in a vague circular,  the SBI announced a charge of Rs 25 per transaction on cash withdrawals. The circular titled 'revision in service charges additions/ modifications: wef 01/06/2017' said Rs 25 per transaction would apply on cash out through ATM.
The same circular went on to add that beyond four withdrawals, the bank would charge Rs 50 plus service tax at branch, Rs. 20 plus service tax at other bank ATMs and Rs 10 plus service tax at SBI Bank ATMs on Basic Savings Bank Deposit Accounts (BSBDA). 
Also, if a BSBDA customer  wanted to issue a cheque book, w.e.f June 1, he/she would have to pay Rs 30 plus service tax for a 10 leaf cheque book, Rs 75 with service tax for 25 leaf cheque book and Rs 150 plus service tax for a 50 leaf cheque book.
The order further stated that customers also have to pay charges over exchanging of old and sullied notes above Rs 5,000.
Cash deposit through banking correspondent of up to Rs 10,000 (in multiples of 100) would be charged at 0.25 per cent of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax.
Further, cash withdrawal through banking correspondent of up to Rs 2,000 (multiples of 100) would be charged at 2.50 per cent of the transaction value (minimum of Rs 6) plus service tax.
Also, if a customer wanted to issue a cheque book, w.e.f June 1, he/she would have to pay Rs 30 plus service tax for a 10 leaf cheque book, Rs 75 with service tax for 25 leaf cheque book and Rs 150 plus service tax for a 50 leaf cheque book.

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Wednesday, 10 May 2017

07:50

Central Government may soon allow 100% FDI in cash, ATM management companies

Central Government may soon allow 100% FDI in cash, ATM management companies

New Delhi: The Government of India is likely to allow 100 per cent foreign direct investment (FDI) in cash and ATM management companies, since they are not required to comply with the Private Securities Agencies Regulations Act (PSARA). This will be an advantage for cash management companies as well as for companies making currency authenticators and sorting devices and currency counting machines. In 2015, the government allowed 100 per cent FDI in white label ATM operations under the automatic route. Foreign investments help in improving balance of payments and strengthening of rupee against the dollar among other global currencies. FDI in India grew by 22 per cent to reach US$ 35.85 billion during April-December, 2016-17.

Source:IBEF


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Wednesday, 12 April 2017

18:22

Charges on digital transactions

Charges on digital transactions 
 Digital financial transactions are a part of the Government’s strategy to create histories of transactions, including the associated credit, and thereby enable small and micro enterprises to access formal credit, improve tax compliance, and mainstream financial savings into the banking system, which will help mobilise such savings for economic growth.

All payment systems including currency entail costs, which are borne among transacting parties and payment service providers, and the cost structures of various systems differ. Payment systems also differ in the advantages they offer to transacting parties. E.g., digital transactions can be made without having to access cash, and they offer an opportunity to make payments anytime and from anywhere, without loss of interest income. Transacting parties select a payment system not only on the basis of cost but keeping in mind such advantages as well.

State Bank of India has apprised that three cash deposit transactions at branches are available to savings bank accountholders free of charge.  Thereafter, a charge of Rs. 50 plus service tax per transaction is to be levied.  In addition to the free cash deposit transactions at branches, accountholders can also deposit cash using ATM/debit card, into the card-linked account, at cash points (Cash Deposit Machines / Cash Recyclers), any number of times, free of charge.
 This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha on 11.04.2017.

Source:PIBNEWS
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Monday, 3 April 2017

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Friday, 17 March 2017

07:29

‘Children Bank of India’ notes worth Rs 9.90L surface in Hyderabad, man held

‘Children Bank of India’ notes worth Rs 9.90L surface in Hyderabad, man held

The Hyderabad Police arrested on Tuesday a man who was allegedly trying to deposit Rs 9.90 lakh in fake currency notes bearing the name of the “Children’s Bank of India”.

Malkajgiri police arrested one Yousuf Shaik from Moula-Ali area of the city after he was caught by Allahabad Bank staff while allegedly trying to deposit fake currency in the denominations of Rs 2,000 and Rs 500.

This comes weeks after fake Rs 2000 banknotes bearing the imprint of the “Children Bank of India” were dispensed from ATMs in Delhi and Uttar Pradesh.

According to the police, Shaik allegedly came to the Allahabad Bank branch near Radhika Theatre at AS Rao Nagar soon after the bank opened at 10.30 am. He quietly handed over a few bundles of notes to the bank cashier to deposit the same in his savings bank account. There were in all 400 notes of Rs 2,000 denomination and 380 notes of Rs 500 denomination, amounting to a total of Rs 9.90 lakh, police said.

The cashier, initially, did not suspect anything as the notes were similar to the original ones. However, while counting he had a close look at the notes and was shocked to notice that they had the imprint of the “Children Bank of India” instead of the Reserve Bank of India, police said.

While holding the customer at the counter, he quietly informed the same to the branch manager, who in turn informed the authorities.

Within minutes, the police arrived on the scene and took Shaik into custody. During interrogation, Shaik, who runs a small stationery shop in Malkajgiri area, told police that he had got the money from some customers.

Malkajgiri inspector Janaki Reddy said after a lot of grilling, Shaik admitted that he had procured the notes from a wholesale dealer in Osmangunj area. “This dealer has several such bundles of counterfeit notes. In fact, they are paper notes used by children for playing,” Reddy said.

Rachakonda commissioner of police Mahesh Bhagawat told Hindustan Times the cops were on high alert since the fake notes used by Shaik were similar to those, which had surfaced in some ATMs in Delhi and UP. “But this person is a small stationery shop owner who tried to cheat the bank authorities with fake notes and is not part of any racket,” he said.

According to bank sources, Shaik opened his savings account only in June 2016 and had been making only smaller transactions. This was the first time that he tried to deposit such a huge amount. Recently, he had approached the bank authorities for some loan for his shop, but it was rejected as he did not meet the requirements, bank authorities said.

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Tuesday, 14 March 2017

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Monday, 13 March 2017

20:03

Reserve Bank Of India Lifted Cash withdrawals from Bank

Reserve Bank Of India Lifted Cash withdrawals from Bank

RBI removes limit on cash withdrawal, banks go back to pre-demonetisation era

The Reserve Bank of India on Monday lifted the limit on cash withdrawals from banks and ATMs.

The Reserve Bank of India on Monday lifted the limit on cash withdrawals from banks and ATMs. Earlier on November 8, last year, Prime Minister Narendra Modi had announced the much talked about demonetisation drive, banning the use of high denomination currencies i.e, Rs 500 and Rs 1000 notes. This a created a vacuum in the Indian economy as the replenishment could not be done immediately. The RBI had then issued a limit on the cash withdrawals from banks and ATMs to stabilise the flow of currencies. On February 20, the Reserve Bank on had said that the weekly limit on withdrawal of cash from savings bank accounts would be increased to Rs 50,000, from the current Rs 24,000.
“The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages,” said RBI Deputy Governor R Gandhi. He was speaking to the media, along with RBI Governor Urjit Patel, after the central bank announced the sixth bi-monthly monetary policy review. On the basis of remonetisation, RBI had earlier relaxed restrictions on cash withdrawal from current accounts, cash credit accounts and withdrawal through ATMs on 1 February. However, the weekly withdrawal limit of Rs 24,000 on savings bank accounts is continuing.

Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation. These limits, however, were being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000. To a question, if fake new currency notes of Rs 500 and Rs 2,000 have come into circulation, Gandhi had said the recent ones that have come to notice are photocopies of currency which can be easily identified by the common man. The deputy governor had said the new notes have enhanced security and design features, and are not easy to copy. “The recent one that we have seen is the pure photocopy, so it is not real counterfeiting. So, this photocopy is easy for even a common man to identify. It will be possible for them not to be easily duped,” he said.
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Thursday, 9 March 2017

13:55

Government requests SBI, other banks to roll back charges on withdrawal

Government requests SBI, other banks to roll back charges on withdrawal

The government also asked State Bank of India to roll back charges on minimum balance in the account.

New Delhi, March 6: Responding to the charges introduced by private banks and State Bank of India for withdrawing and depositing cash in home branches, the Central Government on Monday requested the banks to roll back charges levied on consumers. Following the path of Private banks, State-run State Bank too introduced charges for the customers for withdrawing and depositing cash in bank branches after three transactions. The move irked many customers who alleged that the move will only hamper government’s initiatives to make India a less cash-dominated economy.
The move irked many customers who alleged that the move will only hamper government’s initiatives to make India a less cash-dominated economy. The government also asked State Bank of India to roll back charges on minimum balance in the account.(HDFC, ICICI, Axis bank to charge Rs 150 after 4 cash transactions a month; public sector banks to follow suit)
In an earlier development, HDFC Bank, Axis Bank and ICICI Bank notified that after four transactions are completed, the customer will be charged Rs 150 per transaction if they are withdrawing or depositing money at the bank counter. The Rs 150 charged by the bank is exclusive of access and a tax will be charged separately, a report said. In a circular, HDFC Bank said that the charges will be levied on savings as well as salary accounts which and will be effective from March 1.
For the customers withdrawing money from the home branch, there is a limit of Rs 2 lakh per month per account, which is also known as an upper limit. Above that, the bank charges Rs 5 per thousand, subject to a minimum of Rs 150 (plus taxes and cess) will be applicable, HDFC Bank said in a statement.

Source:India.com
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13:51

IDFC Aadhaar Pay, the country’s first Aadhaar-linked cashless merchant solution

IDFC Aadhaar Pay, the country’s first Aadhaar-linked cashless merchant solution

IDFC Bank takes the lead, launches Aadhaar Pay

Dr Ajay Pandey, CEO,UIDAI, Dr. Rajiv Lall, Founder, MD & CEO, IDFC Bank, Amitabh Kant, CEO, NITI Aayog and Aruna Sundarajan, Secretary Electronics & IT (L to R ) during the launch of IDFC Aadhaar Pay , in New Delhi on Tuesday. - Photo by Kamal Narang | BusinessLine
IDFC Aadhaar Pay, the country’s first Aadhaar-linked cashless merchant solution, was officially launched on Tuesday, following successful pilots across 16 States.

Speaking at the launch event, Amitabh Kant, Chief Executive Officer, NITI Aayog, said IDFC Bank had set the trend and all other banks should now roll out a similar facility.

“You will not need micro-ATMs anymore in the country. Anybody with a mobile phone and small dongle can turn into a merchant for everyone else and start accepting payments,” he said.

Kant highlighted that the IDFC Aadhaar Pay was significant as it was not charging any merchant discount rate, which was a pain-point for merchants.

“IDFC Bank will have winner’s advantage. Other banks should follow IDFC in on-boarding merchants throughout the country. If they do not follow the lead that IDFC has set, technology will make them redundant,” Kant said.

He said the IDFC Aadhaar Pay launch was significant as it would “enable us to reach the bottom of the pyramid” where people do not have either GSM or mobile phone.

Given the slew of innovative measures taken in the last few months, India is poised to take a major leap towards financial inclusion and revolution in the coming days, Kant added.

Rajiv Lall, Founder Managing Director and CEO, IDFC Bank, said the launch (of IDFC Aadhaar Pay) was an important milestone in the journey to financial inclusion.

He pointed out that all the innovation that one had read about recently was focussed on that segment of population that had smart-phones. Only 350 million have smart-phones out of the total population have 1.2 billion. “The differentiating feature of the Aadhaar Pay technology that we are launching officially today is that it makes cashless transactions possible even to people who have no phones,” he said

Individuals with Aadhaar-seeded savings accounts in any bank can transact on IDFC Aadhaar Pay using fingerprint as digital identity to make cashless payments at merchant points.

Over the next 36 months, IDFC Bank will look to on-board as many as one lakh merchants across the country to its IDFC Aadhaar Pay solution, Lall said.

In the pilot phase spanning three months, over 1,500 merchants have enabled digital transactions for customers of all banks, using IDFC Aadhaar Pay on their smart-phones.

How it works?

IDFC Aadhaar Pay is an Aadhaar-linked interoperable banking software application developed by IDFC Bank. This app is made available on a merchant’s smart-phone. Customers can pay the merchant by selecting the bank’s name and filling only one field on the merchant’s phone — the Aadhaar number. The customer’s fingerprint is the password used to authenticate the transaction.

Customers need not use debit or credit cards, download mobile applications or even carry a mobile to make cashless transactions. This solution eliminates the hassles of remembering passwords, account numbers, setting up virtual payment addresses and using USSD codes to transfer money.

Aruna Sundararajan, Secretary, Ministry of Electronics & IT, lauded IDFC Bank for this pioneering initiative, stating that it signalled a paradigm change in the financial inclusion journey.

Describing the launch of IDFC Aadhaar Pay as “historic”, Sundararajan said this is equal liberation for the merchant. “We are truly hoping that hundreds of thousands of merchants will benefit and easily accept digital payments,” she added.

Srivats.Kr@thehindu.co.in

Source:BL



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Wednesday, 8 March 2017

07:11

Cash transactions: PNB not to levy charges for now

Cash transactions: PNB not to levy charges for now


To strengthen digital infrastructure
With the government asking SBI and other lenders to reconsider levying charges on cash transactions and ATM withdrawals above a certain limit, public sector lender PNB has adopted wait-and-watch policy. At the same time, the bank has said, it is strengthening its digital infrastructure and plans to launch digital bank within bank.
“Some of the banks have increased charges and fee on various services, but at the same time there is a request from the government to reconsider the decision. We don’t have any plan to introduce charges and fees on services as of now. However, I must say in order to move to digital channel, there is a cost attached to it,” said Usha Ananthasubramanian, MD & CEO, Punjab National Bank. She was in Panchkula today to distribute sewing machines to the SC women beneficiaries who were trained by Rural Self Employment Training Institute, Panchkula.
The government yesterday asked the SBI to reconsider its decision to levy penalty on non-maintenance of minimum balance. The bank has announced imposing a penalty ranging from Rs 20 to Rs 100 on non-maintenance of Minimum Average Balance (MAB) in savings bank accounts from April 1. Some private banks such as HDFC Bank, ICICI Bank and Axis Bank have already started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
On being asked about digital infrastructure the bank is planning to develop, she said, “Brick and mortar branch model can’t be eliminated. To promote digital adoption, we are planning to launch digital bank within bank. We are working on the modalities and it is likely to take a year.”
After the demonetisation, the bank has received deposits worth Rs 93,000 crore. She said out of this, Rs 14,000 crore was deposited in loan accounts and Rs 200 crore to settle NPA accounts.
When asked about the reasons for low credit offtake, she said, “There are three main reasons behind it. First, the economy is not picking up as anticipated. Second, no new projects are coming up and thirdly bond market is getting stronger. However, we will continue to focus on agriculture, MSE and retail sector which is perennial cluster to boost credit offtake.”
She said the bank has identified assets worth Rs 1,800 crore which will be sold by the month-end to recover bad loans.



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Monday, 6 March 2017

21:29

70% want charges imposed on cash transactions to be removed: Survey

70% want charges imposed on cash transactions to be removed: Survey 

NEW DELHI: The recent changes made by private banks around charges being imposed on cash transaction have been met with opposition from consumers, with 70 per cent saying that these levies should be removed, a survey said. 

While banks are posing this move as another step towards making India a cashless economy, consumers are calling it a bad decision, according to survey conducted by LocalCircles. 

Around 70 per cent respondents of the 11,081 citizens voted on this poll want charges imposed by private banks on cash dealings to be removed, while 14 per cent said they will be fine with such levies once cashless transaction cost reduces. 

Asked about the latest charges imposed by private banks on cash transactions, 56 per cent said that they did not support this move and want the RBI to make the banks withdraw these levies immediately, 26 per cent said these charges don't matter as four free transactions were enough for them, and 4 per cent said that they were anyways using cashless operations. 

The survey noted that the charges on cash transactions is likely to prompt people to withdraw more than their requirements in one go and may actually result in higher magnitude of withdrawals and increased volume of cash transactions.

Consumers are also concerned with the cost of digital transactions and many of them have reported that merchants are still charging 2 per cent additional for debit, credit or wallet transactions. 

In a separate LocalCircles survey, consumers had indicated that debit card charges must be brought to zero while credit card and wallet charges must be capped at 0.5 per cent. 

A submission has been made by LocalCircles to the Department of Consumer Affairs, requesting them to take the matter with Reserve Bank of India and Ministry of Finance, LocalCircles said. 




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Monday, 13 February 2017

07:39

How much amount can withdraw from an ATM?

How much amount can  withdraw from an ATM?

With effect from February 1, 2017 limits on cash withdrawals from ATMs have been removed. Banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to the overall cash withdrawal limit for an account.

9. What are the cash withdrawal limits  for  accounts?
It has been decided to remove the restrictions on cash withdrawals from Saving Bank accounts in a two step process as under:
Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and
Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.
Cash withdrawal limits for Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with effect from January 30, 2017.


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Friday, 3 February 2017

07:56

PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR

PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR

  • Between 8th November and 30th December 2016, deposits between 2 lakh Rupees and 80 lakh Rupees were made in about 1.09 crore accounts with an average deposit size of ` 5.03 lakh. Deposits of more than 80 lakh were made in 1.48 lakh accounts with average deposit size of ` 3.31 crores.
  • Under the scheme for profit-linked income tax deduction for promotion of affordable housing, carpet area instead of built up area of 30 and 60 Sq.mtr. will be counted.
  • The 30 Sq.mtr. limit will apply only in case of municipal limits of 4 metropolitan cities while for the rest of the country including in the peripheral areas of metros, limit of 60 Sq.mtr.will apply 
  • For builders for whom constructed buildings are stock-in-trade, tax on notional rental income will only apply after one year of the end of the year in which completion certificate is received
  • Reduction in the holding period for computing long term capital gains from transfer of immovable property from 3 years to 2 years. Also, the base year for indexation is proposed to be shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property
  • For Joint Development Agreement signed for development of property, the liability to pay capital gain tax will arise in the year the project is completed
  • Exemption from capital gain tax for persons holding land on 2.6.2014, the date on which the State of Andhra Pradesh was reorganised, and whose land is being pooled for creation of capital city of Andhra Pradesh under the Government scheme 

Source:Budget 2017
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Thursday, 26 January 2017

18:04

SBI installs ATM on board INS Vikramaditya

SBI installs ATM on board INS Vikramaditya

State Bank of India (SBI) has installed an ATM machine on board INS Vikramaditya, the largest warship and the latest aircraft carrier of the Indian Navy, which has a strength of over 1,500 personnel.
The ATM machine was inaugurated at the Naval Base Karwar by Rear Admiral KJ Kumar, Flag Officer Commanding, Karnataka Naval Area, and Rajnish Kumar, Managing Director and Group Executive (National Banking Group), State Bank of India.
Rajni Mishra, CGM (Bangalore Circle), S M Farooque Shahab, CGM Designate (Bangalore Circle) and R K Mishra, CGM (Personal Banking Unit) of the SBI were also present at the inauguration.
The ATM would service the requirements of Naval personnel on board the ship, which is a full-fledged township in itself. The facilities offered by the SBI include cash withdrawals, generation of mini-statements, access to bank balance details and change of PIN numbers. The facility would in future be upgraded to a recycler machine with cash deposit facility.
Additionally, facilities such as cash transfer, card-to-card transfer, credit card payment, mobile number registration and updation would also be available

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Monday, 16 January 2017

20:19

BIGGER CASH PROP FOR BANKS

BIGGER CASH PROP FOR BANKS

New Delhi, Jan. 15 (PTI): The finance ministry is likely to finalise a capital infusion plan for public sector banks this week based on the request of various lenders affected by demonetisation amid rising bad loans.

The final touches are being given based on the feedback from banks and the plan should be ready by this week, sources said.

The capital infusion will be more than Rs 25,000 crore announced in the earlier budget and the additional requirement will reflect in the final batch of the supplementary demand for grants to be presented in the upcoming budget, they said.

Saddled with rising bad loans, banks have made a case for a higher capital infusion that is reflected in their demands sent to the ministry, sources added. Besides, their normal business has been hit during demonetisation.

The government has announced a fund infusion of Rs 22,915 crore, of the Rs 25,000 crore earmarked for the 13 PSU banks for the current fiscal. Of this, 75 per cent have been released to them.

The first tranche was announced with an objective to enhance their lending operations and enable them to raise more money from the market.

The capital infusion for this fiscal is based on an assessment of the compounded annual growth rate of credit growth for the last five years, banks' own projections of credit growth and an objective assessment of the potential for growth of each banks, the ministry had said.

Under the Indradhanush road map announced last year, the government will infuse Rs 70,000 crore in state banks over four years, while they will have to raise a further Rs 1.1 lakh crore from the market to meet their capital requirements in line with global risk norms under Basel-III.

PSU banks are to get Rs 25,000 crore in each fiscal - 2015-16 and 2016-17. Besides, Rs 10,000 crore each would be infused in 2017-18 and 2018-19.

However, a month ago, finance minister Arun Jaitley had nudged banks to think "out-of-box" while doing business and dealing with challenges, even as state-owned banks sought a higher capital support and tax incentives for senior citizens parking money in fixed deposits.

"The current fiscal is not a conventional year as many major reformative decisions have been taken during the year. There is a need for out-of-box thinking as a series of steps are required about what the government can do and what the banks can do," Jaitley had said.

Stating that the banking sector is the backbone of our economy, Jaitley said he "did not see any serious challenges as far as structural changes were concerned".

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Saturday, 14 January 2017

19:00

Selected Post office will use POS machine soon

Selected Post office will use POS machine soon
In keeping with the times, the Department of Posts too will soon use PoS machines for cash transactions in select post offices across the State.

As of now, the Centre has sanctioned about 1,000 PoS machines to be distributed for post offices across the country. Of this, nearly 120 PoS machines for processing credit and debit cards payments will be provided to post offices across the State during first phase.

Several counter transactions, including booking of registered parcels, money orders and speed posts, are being carried out through cash. Last year, post offices made nearly 12,000 instant money order transactions in Tamil Nadu circle.

While States, including Gujarat and Kerala, are expected to begin using PoS machines in mid-January, measures are being taken to deliver equipment to other places. Officials of the postal department said that initially four post offices — Anna Road head office and General Post office, Rajaji Salai, Chennai and one each in Madurai and Tiruchi region — would be provided with PoS machines as a pilot project.

Postal customers welcomed the move as it would ease the burden of carrying cash after the demonetisation scheme.

Many customers like R. Meenakshi, a resident of Thiruvanmiyur, said booking parcels at post offices is often difficult as she has to pay cash.

“I sometimes even spend Rs.8,000 to send parcels abroad. If post offices can have swipe machines, I don’t have to wait at ATMs to withdraw cash,” she said.

The department has partnered with State Bank of India for operation of PoS machines. Customers who have postal saving banks accounts can also recharge and use SBI buddy, a mobile wallet application soon.

Source:DOP

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Wednesday, 28 December 2016

16:05

Law Ministry rejects Finance move to link small savings to Aadhaar

Law Ministry rejects Finance move to link small savings to Aadhaar
Ahead of launching the demonetisation drive, the Finance Ministry had sought Law Ministry’s opinion whether Aadhaar submission could be made compulsory for small savings scheme.
The Law Ministry has turned down Finance Ministry’s proposal that a person investing in small savings schemes — these attract gross deposits of over Rs 2 lakh crore each year — be made to link the accounts to his or her Aadhaar number.
Ahead of launching the demonetisation drive, the Finance Ministry had sought Law Ministry’s opinion whether Aadhaar submission could be made compulsory for small savings schemes like Kisan Vikas Patra, Public Provident Fund, National Savings Certificate, Senior Citizen Saving Scheme and Sukanya Samriddhi Yojana.
The rationale put forth by Finance Ministry’s Department of Economic Affairs (DEA) was that individuals evade scrutiny by parking cash below Rs 50,000 into multiple small savings accounts because such deposits (below Rs 50,000) do not seek permanent account number (PAN) details.
The Law Ministry turned down DEA’s proposal on October 4 saying such schemes cannot be notified as “service within the meaning of Section 7 of the Aadhaar Act” since small savings are serviced under the Public Account Fund of India and not the Consolidated Fund to which the Aadhaar Act applies.
Section 7 of the Act states that the government can ask an individual to furnish his Aadhaar number to establish his identity “as a condition for receipt of a subsidy, benefit or service for which the expenditure is incurred from, or the receipt therefrom forms part of, the Consolidated Fund of India”.
Not satisfied with the legal opinion, the DEA once again approached Law Ministry to reconsider the October 4 advice, saying that the fresh reasoning for bringing small savings under the Aadhaar ambit was that the “expenditure incurred to campaign for small savings scheme was derived from the Consolidated Fund”.
On December 14, Law Ministry reiterated its earlier opinion and directed that all transactions relating to these schemes should be accounted from the Public Account Fund as per the National Small Savings Fund (Custody & Investment) Rules.
Quoting a 2001 order of a Constitution Bench of the Supreme Court, the Law Ministry said “when a statute vests certain power in an authority to be exercised in a particular manner, the said authority has to exercise it only in the manner provided in the statute itself”.
In fiscal 2014-15, deposits in small savings schemes were Rs 289,080 crore while withdrawals were Rs 248,667 crore.

Source:FNPO


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Monday, 26 December 2016

08:42

PM Narendra Modi on Mann ki Baat: Go cashless, get cashback

PM Narendra Modi on Mann ki Baat: Go cashless, get cashback

PM Narendra Modi defends frequent changes in demonetisation rules, says these are being done to reduce people's problems.

In an effort to push consumers and traders towards embracing digital transactions, Prime Minister Narendra Modi Sunday announced the launch of two schemes — Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana. For the next 100 days, starting today, 15,000 people making digital payments will get Rs 1,000 cashback in a daily lucky draw, PM Modi said. He added that there will also be a weekly draw and the prize money will run into lakhs. “A bumper draw will be held on BR Ambedkar’s birthday,” PM Modi said. Under the two schemes, the lucky draw will take place in 100 cities across the country. Traders adopting digital payment methods will get a tax rebate under the Digi-Dhan Vyapar Yojana scheme.
The prime minister was speaking in his monthly radio address to the nation ‘Mann ki Baat’. The prime minister also elucidated why RBI has been frequently updating and issuing fresh guidelines. “Government is taking regular feedback from people and it is alright to make changes according to it ,” he said.
He also said that out of the 30 crore debit/credit cards in the country, 20 crore of these are held by those belonging to lower and middle-income background. “In last few days, cashless transactions have gone up by 200-300 per cent. To give it a push, government has taken a big step,” he said.
Exemplifying the benefits of cashless transactions, PM Modi asserted that they will help in ending the exploitation faced by workers in the informal sector. “In our country, the informal sector is quite big and most of the workers are paid their wages in form of cash. They also face exploitation because of this. Now digital transactions are helping these workers,” said PM Modi.
Speaking on why political parties will not come under the scrutiny of tax authorities for cash deposits in demonetised currency, PM Modi said that he wanted a discussion in Parliament regarding party funding, but the Opposition “did not let the Houses run”. “People are spreading rumours that political parties have free hand but this is not true,” PM Modi said.
The Prime Minister, however, lauded both Lok Sabha and Rajya Sabha for passage of the Disabilities Bill to secure the rights of disabled and also their honour and dignity. The new law, he said, is in consonance with the spirit expressed by the United Nations.
Terming this war against corruption as “an extraordinary one”, he said the forces involved in “this murky enterprise of perfidy and corruption” have to be defeated as they are devising new tactics to thwart government’s efforts every day. “To counter these new offensives, we too have to devise appropriate new responses and anti-dotes. When the opponents keep on trying out new tactics, we have to counteract decisively since we have resolved to eradicate the corrupt, shady businesses and black money,” he said.
Lauding the public for their support in exposing the wrong-doings of some, who are devising “newer wily ways and means” to counter the fight against corruption, the Prime Minister sought more public support. “Everyday many new people are being taken into custody, currency notes are being seized, raids are being carried out. Influential persons are being caught. The secret is that my sources of such information are people themselves.
“Information being received from common citizens is many times higher than that being obtained through government machinery,” he said, adding that people were taking risks to expose such elements. He asked them to share such information on e-mail address of the government as also on the MyGov App.
Modi also talked about the Benami Property law that came into being in 1988, but neither its rules were framed, nor was it notified and laid dormant for years. “We have retrieved it and turned it into an incisive law against ‘Benami Property’. In the coming days, this law will also become operational. For the benefit of the nation, for the benefit of the people, whatever needs to be done will be accorded our top priority,” he said.
He also wished the people on Christmas and remembered former Prime Minister Atal Behari Vajpayee on his birthday while wishing him good health and long life. Modi also congratulated the Indian Cricket team for its emphatic 4-0 victory over England, as also the performances of some young players like Karun Nair who scored a triple century, K L Rahul for scoring a brilliant 199, besides the leadership provided by Captain Virat Kohli and off-spin bowler R Ashwin. He also complimented the Junior Hockey Team for lifting the World Cup and the Indian Women’s Hockey Team that won the Asian Champions Trophy.



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