Friday, 24 June 2016

SB Order 06/2016 : Change in procedure of issue of NSC and KVP from 01.07.2016

Thursday, 23 June 2016

SB Order No. 5/2016 : Steps to be taken for smooth functioning of POSB operations and prevention of frauds in CBS Offices

Written By Admin on Jun 23, 2016 | June 23, 2016

Steps to be taken for smooth functioning of POSB operations and prevention of frauds in CBS Offices

Tuesday, 21 June 2016

Centre allows premature closure of PPF account

Written By Admin on Jun 21, 2016 | June 21, 2016

Deposit scheme can be closed early for higher education, medical expense
In a significant move, the Finance Ministry has allowed subscribers of the Public Provident Fund (PPF) to prematurely close their accounts after a minimum of five years for reasons such as higher education or expenditure towards medical treatment.
The Finance Ministry has also retained the interest rates on all small saving products for the second quarter of the fiscal.
On PPF, the Ministry, in a notification, said, the subscribers can close the account if “the amount is required for serious ailments or life threatening diseases of the accountholder, spouse, dependent children or parents…or the amount is needed for higher education of the account holder or the minor account holder.” It further added that supporting documents and bills will have to be produced.
But such subscribers will get one per cent interest less than other accounts. For instance, instead of an interest of the current 8.1 per cent, a subscriber who chooses to prematurely close his PPF account would earn interest of 7.1 per cent on the deposit. At present, withdrawals from the PPF account are allowed after seven years of opening the account. But it is only up to 50 per cent of the total deposit till the end of the fourth year. The account matures after 15 years, when full withdrawal is permitted.
Interest rate

“On the basis of the decision of the government, interest rates for small savings schemes are to be notified on quarterly basis,” said the Ministry on Monday.

The return on PPF is maintained at 8.1 per cent in the July-September quarter, the same as that in the quarter ending June 30, 2016.
Similarly, the interest rate on the Kisan Vikas Patra has been maintained at 7.8 per cent for a maturity of 110 months, while the return on the five-year National Savings Certificate is 8.1 per cent. The government has moved to a quarterly reset of interest rates on small savings beginning this fiscal. Under the new mechanism, returns on these products are aligned with the market rates of the relevant Government securities, in order to improve the monetary transmission of interest rates by banks.

Sunday, 19 June 2016

General Body Meeting of NAPE C Jalandhar Division on 19.06.2016

General Body Meeting of National Association of Postal Employees Group C Jalandhar Division held on 19.06.2016 at Jalandhar City Head Post Office under the president ship of Sh.Chandan Kalra, Divisional President. Large no. of members attended the meeting. The main agenda of the meeting was to discuss the the problems being faced by the employees of the postal department regarding non working of UPS and Inverters due to faulty batteries, Shortage of staff in post offices having heavy work load, non availability of laser printers, slow network speed, pending promotion cases. Sh.Dharam Pal Singh Divisional Secretary of the Association assure the staff that their problems will be put forward to the administration about the adequate staff should be posted in the post offices as per the sanctioned strength.The meeting was addressed by Sh.Saurabh Mittal, Circle President Punjab Circle. He told that the problems of faulty UPS batteries and non availability of laser printers have already been taken up with the administration at Divisional Level, Circle Level and even upto the Directorate Level. He also told that their demand regarding availability of Genset in each post offices is under progress at Directorate Level New Delhi and hope that Gensets will be supply shortly after which the problems of UPS and Inverters will be sort out. He also told that the Reports of 7th Pay Commission is unnecessarily delayed by the Central Govt. which is due from 1ts January 2016 due to which all the Central Trade Unions of Central Govt Employees has served the notice to their respective departments on 9th June that if their demands will not be settle down in r/o 7th Pay Commission than all the  33 Lakh Central Govt employees from all departments will participate including the Railways, Post, Telecom, Defence and etc will go for indefinite strike w.e.f 11th July 2016.. On this occasion a resolution regarding all problems discussed during the meeting have been passed and Sh.Dharam Pal Singh Divisional Secretary assures the members that the resolution regarding problems will be submitted to the administration for an early solution. Sh.Anudeep Sharma System Manager RMS Division and Sh.Gurvinder Pal Singh Kundi, Divisional System Managers briefs the members about the methods to prevent frauds and other technical problems regarding the upcoming Core Banking and Technologies in the Department. Sh. Narinder Pal, Vice President  address the members regarding importance of unity. On this occasion Prem Chand, Raj Pal, Harvinder Sandhu, Hardeep Singh, Iqbal Singh, Rajinder Kumar, Hem Raj, Anil, Varun, Bharat, Ishaan, Maninder, Ram Avtar, Sandeep, Balbir were also present.