Tuesday, May 31, 2011

Job Highlights in Employment News From 28th May 2011 to 03 June 2011


   1. Union Public Service Commission invites applications for various posts.

  2. Staff Selection Commission notifies Sub-Inspectors in CPOs, Assistant Sub-Inspectors in CISF and Intelligence Officers in NCB Examination, 2011.

   3. Bank of Maharashtra requires Specialist Officers in various grades.

   4. Reserve Bank of India Services Board, Mumbai requires Research Officers in Grade-‘B’.

   5. State Bank of India requires Probationary Officers.

  6. Guru Govind Singh Indraprastha University, New Delhi requires Professors, Associate Professors and Assistant Professors.

   7. Coal India Limited, Kolkata requires Management Trainees.

   8. Indo-Tibetan Border Police Force requires Constables (Animal Transport)

  9. Central Salt and Marine Chemicals research Institute invites applications for the post of Data Entry Operators.

  10.Assam Rifles requires Barbers, Cooks, Painters Safaiwalas etc.

  11.Employees’ State Insurance Corporation, New Delhi requires Insurance Medical Officers (IMO) Grade-II.

Source; www.employmentnews.gov.in
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Extension of scope of Family Pension to widowed/divorced/ unmarried daughter and dependent disabled siblings of Central Government servants/pensioners — clarification regarding.

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

No.F(E)III/2007/PN1/5

New Delhi, dated : 20.05.2011.

The GMs/FA&CAOS,
All Zonal Railways & Production Units,
(As per mailing list).

Subject: Extension of scope of Family Pension to widowed/divorced/unmarried daughter and dependent disabled siblings of Central Government servants/pensioners — clarification regarding.

   A copy of Department of Pension and Pensioners’ Welfare (DOP&PW)’s O.M.No.1/13/09-P&PW(E) dated 28th April, 2011 on the above subject is enclosed for information and compliance. As advised by DOP&PW in para 6 of the enclosed O.M., the family pension claims of widowed/divorced/unmarried
daughters and dependent disabled siblings may be settled on priority.

   2. A concordance of DOP&PW's instructions referred to in the enclosed O.M. and Railway Board’s corresponding instructions is given below.

S.No DOP&PW's instruction Railway Board's corresponding instruction
1.

OM. No. 45/86/97-P&PW(A) dated 27.10.1997

Letter No.F(E)lll/97/PN1/22 dated 05.11.1997

2.

O.M.No. 1/19/03-P&PW(E)
dated 30.08.2004 (actually it is dated 25.08.2004)

Letter No. F(E)111/2007/PN1/5 dated
16.03.2005

3.

OM. No. 1/19/03-P&PW(E)
dated 11.10.2006

Letter No.F(E)lll/2007/PN1/5 dated 13.10.2006

4.

O.M.No. 1/19/03-P&PW(E)
dated 06.09.2007

Letter No.F(E)lll/2007/PNl/5 dated 18.09.2007

5.

O.M.No.1/l5/2008-P&PW(E) dated 17.08.2009

Letter No.F(E)lll/2007/PNl/5 dated 02.09.2009

3. Please acknowledge receipt.

sd/-
(SUNIL BHARDWAJ)
Deputy Director Finance(Estt.)lll,
Railway Board.

Source;AIRF

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Dearness Allowance from July, 2011


   After the implementation of Dearness allowance w.e.f January, 2011, all are looking for the next Dearness allowance which should be implemented from July, 2011. As per the 6th Central Pay Commission, all Central Government Employees get Increment from the month of July every year. But D.A is much emphasized than increment. The increment gives only 3% of Basic Pay, but D.A may be more than that and gives more monetary benefit than increment. So people awaiting the declaration of D.A than increment

   The financial website comes with the expectations and calculations of new Dearness Allowance, which would be implemented w.e.f July, 2011. This time The Government tried maximum to catch hold the inflation and the rate of inflation came down on February from the month of January, 2011 (188 to 185) and remain constant in March, 2011. The Consumer price index number of April, 2011 will be published on the end of May, 2011 and there may not be much increase. As per the present scenario the Dearness Allowance may be 55% and may be increased a little bit more.

   But due to the recent increase of the price of petrol and the expected increase of the price of other petroleum products, the cost of almost all essential commodities may go up and the All India Consumer Price Index also may go up simultaneously. Then the possibility of Dearness allowance also may go up to 59% or may touch 60% which is very difficult predict right now.

   We hope that the Government will try maximum to bring down the cost of living and consumer price index. The increase of cost of living gives a hard time for the people

Source;www.investmentsandmoney.com
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Promotion of Private Secretary (PS) of CSSS to Principal Private Secretary (PPS) of CSSS on ad-hoc basis.


No.3/1/2011-CS-ll(A) (Pt.)
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel and Training)

3rd Floor, Lok Nayak Bhawan, Khan Market,
New Delhi — 110 003.
Dated the 30th May 2011

ORDER

Subject: - Promotion of Private Secretary (PS) of CSSS to Principal Private Secretary (PPS) of CSSS on ad-hoc basis.

   The sanction of the President is hereby accorded to the appointment of 47 regular PSs of CSSS whose names are given in the annexure to this O.M. to the post of PPS of CSSS in the scale of Rs. 15600-39100 + Grade Pay Rs. 6600 on ad hoc basis for a period upto 30.09.2011 or till the posts are filled up on regular basis or until further orders, whichever is earlier and to nominate them to the cadre units shown against their names for appointment as PPS.

   2. The ad hoc appointment of these officers shall take effect from the date they assume charge of the post of PPS. The cadre units where the above mentioned officers are presently working are requested to relieve them immediately under intimation to this Department after ensuring that no vigilance case is either pending or being contemplated against them.

   3. Posting/transfers of PSs, on their ad hoc promotions, are made in accordance with the Rotation Transfer Policy for CSSS personnel. The PS who have served for more than 7 years in a Ministry/Department, have been transferred, however officers who have less than 2 years’ of service for superannuation, have been retained in their exiting Cadre Units.

   4. The appointment of these officers to the grade of PPS is purely on ad hoc basis and shall not confer on them any right to continue in the grade indefinitely or claim seniority in the grade of PPS.

sd/-
(Rajiv Manjhi)
Deputy Secretary to the Govt. of India

Pls Click here to view the ORDER and Annexure to OM No. 3/1/2011-CS.II (A) (Pt) dt.30.05.2011
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All India Consumer Price Index Numbers for Industrial Workers on base 2001=100 for the Month of April, 2011

   All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of April, 2011 increased by 1 point and stood at 186 (one hundred & eighty six) .

   During April, 2011, the index recorded increase of 6 points in Chhindwara centre, 5 points in Jharia centre, 4 points each in Nagpur, Kodarma, Ajmer,  Giridih, Angul Talcher and Belgaum centres, 3 points in 8 centres, 2 points in 13 centres and 1 point in 21 centres. The index decreased by 4 points in Tiruchirapally centre, 3 points in Darjeeling centre, 2 points each in Salem and Hubli Dharwar  centres, 1 point in 6 centres, while in the remaining 18 centres the index remained stationary.

   The maximum increase of 6 points  in  Chhindwara centre is mainly on account of increase in the prices of Goat Meat, Country Liquor, Refined Liquor, Firewood, Doctors’ Fee, etc. The increase of 5 points in Jharia centre is due to increase in the prices of Rice, Milk, Vegetable & Fruit items, Soft Coke, Clothing items, etc. The increase of 4 points each in Nagpur, Kodarma, Ajmer,  Giridih, Angul Talcher and Belgaum centres is due to increase in the prices of Rice, Jowar, Milk, Chillies Dry, Vegetable & Fruit items, Firewood, Ornament Glass, etc. The decrease of 4 points in Tiruchirapally centre is the outcome of decrease in the prices of Rice, Onion, Vegetable & Fruit items, Flower/Flower Garlands, etc. The decrease of 3 points in Darjeeling centre is due to decrease in the prices of Wheat Atta, Mustard Oil, Turmeric Powder, Onion, Vegetable & Fruit items, etc.


   The indices in respect of the six major centres are as follows :

1.

Ahmedabad

180
2. Bangalore 190
3. Chennai 164
4. Delhi 172
5. Kolkata 180
6. Mumbai 184

   The All-India (General) point to point rate of inflation for the month of April, 2011 is 9.41% as compared to 8.82% in March, 2010. Inflation based on Food Index is 8.24% in April, 2011 as compared to 8.29% in March, 2011.

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Saturday, May 28, 2011

New CGHS clinic in Sec 55


   There is some good news for thousands of beneficiaries of the Central Government Health Scheme (CGHS) staying in New Gurgaon. Haryana has recently given permission to the Central government to run a dispensary in Sector 55. In a series of reports, HT has highlighted the hardships faced by residents due to the existence of only one CGHS dispensary which caters to more than 50,000 patients in the city.

   In a written order to the director general of health services on May 20, the Haryana financial commissioner and principal secretary have allotted the dispensary building for a period of two years.

   They have also suggested constitution of a committee of civil surgeon and estate officer to negotiate terms and conditions with CGHS for handing over the building.

   The building was occupied by a private city hospital but was vacated more than a year ago.

   The move has been welcomed by the Gurgaon District CGHS Beneficiary Association as most of its members stay far from Jacobpura, where the sole dispensary is located, and have to travel quite a distance for medical attention.

   “We will be spared of travelling long distances to visit the dispensary,” said GL Saxena, retired SDE and executive member of the association.

Courtesy; www.hindustantimes.com
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Strengthening Implementation of the Right to Information Act, 2005.


N0.4/10/2011-IR
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training

North Block, New Delhi
Dated; 18th May, 2011

OFFICE MEMORANDUM

Subject: Strengthening Implementation of the Right to Information Act, 2005.

   Central Chief Information Commissioner has made a reference to the Cabinet Secretary making several suggestions for effective implementation of the Right to Information Act, 2005. It has been decided in consultation with the Cabinet Secretariat that following actions shall be undertaken by all Ministries / Departments/Attached Offices, PSUs of Central Government to Strengthen the implementation of the RTI Act:

     a) In the Annual reports of the Central Ministries / Departments and other attached/subordinate offices PSUs, a separate chapter shall be included regarding implementation of the RTI Act in their respective offices. This chapter should detail the number of RTI applications received and disposed off during the year, including number of cases in which the information was denied. In addition to the above, efforts made to improve the implementation of the Act in their respective offices, including any innovative measures that have been undertaken, should also be listed. This is to be ensured for Annual reports for the year 201 1-12 onwards.

     b) Each Ministry/Department should organize atleast a half day training programme for all CPIOs/Appellate Authorities (AAs) every year to sensitize them about their role in implementation of the RTI Act. The concerned Ministries/Deuartrnents shall ensure that similar programmes are organized for all CPIOs/AAs of all attached/subordinate offices and PSUs under their control as well.

     c) All public authorities who have a web site shall publish the details of monthly receipts and disposal of RTI applications on the websites. This should be implemented within 10 days of the close of the month. Ministries/Departments would ensure that these instructions are communicated to their attached/subordinate offices as well as PSUs immediately. Monthly reporting on the above pattern should begin latest by 10th July, 2011 for the month of June, 2011 and thereafter continue on a regular basis.

   2. All the Ministries/Departments are requested to take action as above and also to ensure that these instructions are communicated to their attached and subordinate offices PSUs for compliance.

sd/-
(K.G.Verma)
Director

Click here to view the Order
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Harmonization of fee payable under the Right to Information Act, 2005.


No.F.1/5/2011-IR
Government of India
Ministry of Personnel. PG & Pension
Department of Personnel & Training

North Block, New Delhi
Dated April 26, 2011

To
1. The Chief Secretaries of all States/UTs (except J&K)
2. The Registrars of oil High Courts
3. The Registrar of the Supreme Court

Subject:- Harmonization of fee payable under the Right to Information Act, 2005.

Sir,
   Sections 27 and 28 of the Right to Information Act, 2005 empower the appropriate Governments and the Competent Authorities to make rules to prescribe,inter-alia, the fees payable under the Act, In exercise of the powers, the Central Government, State Governments, High Courts etc, have notified rules. It has been observed that the fee prescribed by different appropriate Governments/Competent Authorities is at great variance.

   2. The 2nd Administrative Reforms Commission has, in this regard recommended that the States should frame Rules regarding application fee in harmony with the Central Rules and ensure that the fee should not become a disincentive for using the right to information.

   3. All the States/Competent Authorities ore, therefore, requested to kindly review their Fee Rules and to prescribe fee in consonance with the fee prescribed by the Government of India. A copy of the Right to information (Regulation of Fee and Cost) Rules, 2005 notified by the Government of India is enclosed for ready reference.

   4. Kindly inform us of the action taken in this regard.

Yours faithfully,

sd/-
(K.G. Verma)
Director

More Details Click Here...
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Friday, May 27, 2011

NDA & Naval Academy Exam (II), 2010 Result Announced


   The Union Public Service Commission (UPSC) has announced the final results of National Defence Academy & Naval Academy Exam (II) 2010 on the basis of the results of written examination held by UPSC in August 2010 and the interviews held by the Services Selection Board of the Ministry of Defence. The examination was held for admission to the Army, Navy and Air Force Wings of National Defence Academy for the 126th Course and Naval Academy for the 88th Indian Naval Academy Course (INAC) commencing from June 30, 2011.

   The list contains names of 742 candidates. There are some common candidates in the three lists for Army/Navy, Air Force and Naval Academy. The number of vacancies as intimated by the Government of India is 335 (195 for the Army, 039 for the Navy, 066 for the Air Force and 035 for the Naval Academy for the 88th (INAC).

   The result of Medical Examination of candidates has not been taken into account in preparing the merit list. The candidature of all the candidates is provisional.

   Candidates may obtain any information/clarification during working hours in person or over telephone No.011-23385271, 011-23381125 and 011-23098543. The result is available on PIB website i.e www.pib.nic.in and also on the UPSC website i.e. www.upsc.gov.in. However, marks of the candidates will be available on the website after 30 days from the date of declaration of final results.

***

Click here to see details:-
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Model ESI hospital inaugurated in Noida


   Shri Prabhat C. Chaturvedi, Secretary, Ministry of Labour & Employment, Govt. of India inaugurated the 300 bedded State-of-the-art New Building Wing of ESIC Model Hospital at Noida (U.P.) today. The ESI Corporation is committed to work for the welfare of workers and improvement in their quality of life and for providing all possible social security to them. Under the purview of ESI Scheme at Noida, there are about 13,553 employers covered and the Scheme provides benefits to about 5.40 lakh employees and 20.95 lakhs beneficiaries in Noida. The ESI Corporation inaugurated this important project at Noida, Uttar Pradesh for providing the best medical services to the workers of this area.

   While inaugurating the first phase of ESIC Model Hospital, Noida, Shri Prabhat C. Chaturvedi, Secretary, Ministry of Labour & Employment, said that ESIC have the statutory responsibility to provide the best medical treatment to the Insured Persons and their beneficiaries. For this, ESIC has opened highly modernized Hospitals in Rajajinagar (Karnataka), Sanathnagar (Andhra Pradesh), Gurgaon & Manesar (Haryana), Bhiwadi (Rajasthan), Baddi (Himachal Pradesh) in last two months and is going to start ESIC Model Hospital in Bapunagar (Gujarat). Shri Chaturvedi also informed the Employers of Noida area that providing of Social Security Cover to their workers is not an expenditure for them but a good investment for their business because a healthy workforce gives maximum yield.

   This 300 bedded ESIC Model Hospital at Noida is situated at Sector-24, Noida. It is built on 9.95 acres of land with an estimated cost of Rs. 160.00 crores. This Model Hospital will have sate of the art 09 operation theatres, 02 ICUs, 1 CCU and 1 NICU. This building has modular furniture, modern Labour Room, centrally air conditioning. It will have the state-of-art design and medical facilities comparable to any other private corporate Hospital in the country. With the establishment of this ESIC Model Hospital, best medical care of the Insured Persons and their beneficiaries of the Noida area will be taken care of.

   ESI Corporation of late has started providing services to the insured persons through its upgraded and modified hospitals and is also adopting policy for providing medical benefits as per the need and choice of insured persons anywhere in India. The Corporation is also entering into tie-up arrangements with other hospitals on cashless basis. With the passage of time, Corporation has added huge infrastructure and provides benefit through 148 Hospitals, 42 Hospitals Annexes, 1402 ESI Dispensaries, 1540 Panel Clinics, 797 Branch/Pay Offices and 58 Regional/Sub-Regional/Divisional Offices.

   The inaugural ceremony had the august presence of Members of the ESI Corporation along with Dr. C.S. Kedar, Director General, ESI Corporation, Shri Rajiv Datt, Financial Commissioner, ESIC, Shri T.K. Bhattacharyya, Addl. Commissioner (P&A), ESIC, Dr. B.J.S. Sarang, Director (Medical), Noida, and Shri Sanjay Sinha, Director (Incharge), Sub-Regional Office, ESIC, Noida.

Source;PIB
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Conclusion of Special Recruitment Drive launched for filling up the backlog reserved vacancies of Persons with Disabilities.


No. 36038/2/2008-Estt, (Res)
Government of India
Ministry of Personnel, PG & Pensions
Department of Personnel & Training

Dated 26.5.2011
North Block, New Delhi

CORRIGENDUM

Subject:- Conclusion of Special Recruitment Drive launched for filling up the backlog reserved vacancies of Persons with Disabilities.

   The first sentence of this Department’s OM of even no. dated 19.5.2011 may be replaced by the followmg;

   "The undersigned is directed to refer to this Department’s OM of even number dated 27 11.2009 whereby a Special Recruitment Drive for filling up the backlog reserved vacancies of Persons with Disabilities was launched”.

sd/-
(K.G.Verma)
Directior (Res)

Source;www.persmin.gov.in
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Give gift and save tax.


   Everybody loves a gift. Gifts are always welcome, especially on occasions like marriage, birthday or anniversary. But did you know that you can help your close relatives save tax by giving a gift in the form of movable or immovable property? Gifting is increasingly being considered as an effective instrument to pass on a property to relatives . "A gift is some property that you give to somebody without consideration – that is without money," says Sandeep Nerlekar, CEO & MD, Warmond Executors and Trustees. "It is an off-market transaction." "The instrument of gift is an effective means to transfer property in cases where the donor and donee are relatives," says Shaunak Dalal, partner, MZS & Associates . "The donor is the one who gifts the property, while the recipient is the donee." But, if the parties involved are not relatives, it may not be a good idea to transfer a property as a gift, since they would not be entitled to tax benefits. The procedure for making a gift is not complicated, but it varies for movable and immovable properties.

IMMOVABLE PROPERTY

   To gift an immovable property, all you have to do is to get your gift deed registered and stamped. "The transfer has to be effected through a registered instrument, signed by or on behalf of the donor , and attested by at least two witnesses," says Dalal. A gift in the form of an immovable property needs to be registered . "If the gift is an immovable property, the registration procedure is similar to the registration of a sale deed for an immovable property with the subregistrar ," says Suresh Surana, founder, RSM Astute Consulting Group. Your gift transaction will attract stamp duty. "As per the Bombay Stamp Act, 1958, stamp duty is generally about 5% of the value of the immovable property in Mumbai and some other areas; in some rural areas, it is less than 5%," says Surana. The stamp duty will, however, be lower if the beneficiary is a relative. "In such cases (when the property is gifted to a relative ), the stamp duty is 2% on the market value of the property," says Dalal. This is one of the biggest advantages of using the instrument of gift to transfer property to your relatives, points out Surana.

JEWELLERY

   Grandmas can legally pass on their antique jewellery as gifts to grand-daughters . This would not attract tax at the hands of the receiver. Also, registration is optional when movable properties like jewellery are transferred as gifts. "In the case of gifts in the form of a movable property, the registration procedure is not necessary as per the Indian Registration Act," says Surana. "Movable properties, like jewellery , when physically transferred , can be backed by a gift deed," says Dalal. "When the property gifted is movable, it must actually be transferred and handed over to the donee; a mere entry in a register or account book is not sufficient ," points out Nerlekar of Warmond. "Stamp duty is applicable even if the transfer of jewellery to relatives through a gift deed is not registered," says Nerlekar. "Stamp duty rates are different in each state," says Rajesh Gupta, partner, SN Gupta & Co. "In Mumbai, if you execute a gift deed, you have to pay 2% of the market value of the jewellery as stamp duty if it is transferred to people who are immediate relatives . For transfer to third parties , the gift deed is to be stamped at 3% of the market value of the jewellery. Usually, after transferring the asset to relatives, people just write the fact about such a transfer in an affidavit."

SHARES & SECURITIES

   The process is a little different for transferring shares. "For transferring shares, the share transfer form needs to be submitted to the company or registrar and the transfer agent of the company," says Dalal. "Also, under Section 18 of the Indian Registration Act, 1908, it is optional to register a gift deed purporting to a share transfer." The stamp duty rules are also different. "While gifting shares/ securities held in a demat format, there shall be no stamp duty applicable . Under the Indian Stamp Act, 1899, the stamp duty payable on shares transferred in the physical form would be . 0.25 for every . 100 (0.25%) of the value of shares being transferred," says Surana.

TAX IMPLICATIONS

   "There is no tax implication in the hands of either parties in respect of transfer (by way of gift) of property (other than specifically exempt property) where the donor and donee are relatives," says Dalal. "However, gifts received during a marriage or from parents and grandparents, and gifts received by a daughter-in-law from her parents-in-law or by way of a will or inheritance, are exempt from tax at the hands of the recipient," says Surana. "The income arising from the property shall not be clubbed with the donor in many instances . In such cases, if the recipient of the gift does not have taxable income or has taxable income liable to tax at lower rates, it may reduce the overall tax incidence. This in turn results in widening of the assets, income and wealth base resulting in tax efficiency under the Income Tax Act and the Wealth Tax Act," says Surana. But if you are gifting property to people who are not your relatives, then you will not be entitled to these benefits. "An individual receiving property from an unrelated party through an instrument of gift is liable to pay tax at the applicable rates on the fair market value/stamp duty value of the property, or the cost to the donor, whichever is higher," says Dalal.

Source: Economic Times
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Act now to save tax.


   Did you know your investment in the Public Provident Fund (PPF) will fetch you a return of 8% only if you deposit the money before the 6th of every month? In case of cheque payments, ensure your cheque gets cleared by this date. Hold on for a second. Why are we boring you with tax-saving tips in April, after all, you have the luxury of another seven to nine months for tax planning?

   Well, if you want to make every penny count, capitalise on your PPF investment or avoid buying last-minute expensive insurance, start investing now. You have to follow a systematic approach to tax planning if you want to make gains from these investments than merely save on taxes.

   "The best thing for an investor to follow is to invest in tax-saving instruments from April itself. The salaries shrink in the months of January and February. Investing the balance funds for savings taxes will tighten cash flows," says Suresh Sadagopan, a certified financial planner, Ladder 7 Financial Advisories.

ALIGN PLANNING WITH GOALS

   Investors should link their tax saving with their investment objective. "For instance, they should not buy an insurance policy to save tax. But if they need insurance, then they should definitely consider that as it will also save tax," says Pankaj Mathpal, CFP & MD, Optima Money Managers.

USE THE BEST PPF & NSC COMBO

   The most attractive feature of PPF is a tax-free return of 8%, which is compounded on an annual basis. For example, if you invest Rs 10,000 every year for 15 years your corpus adds up to Rs 2.93 lakh at maturity. This entire sum is tax-free in the investors' hands as per Section 80C of the Income Tax Act. Apart from a post office, a PPF account can also be opened in State Bank of India ( SBI) and its associates and other select nationalised banks.

   The minimum and the maximum amount are capped at Rs 500 and Rs 70,000 respectively. The rate of interest for an NSC is 8% (compounded half-yearly). If you invest Rs 1,000, the amount grows to Rs 1,601 in six years. You can opt for a judicious mix of NSC and PPF so as to benefit from the interest rate movements in either direction.

   The interest rate is revised at regular intervals on PPF, whereas an individual can lock in his money at a single rate for six years in an NSC. For example, in a falling interest-rate scenario, you may end up pocketing a better rate on PPF than an NSC. However, if the interest rates were to move upward, NSC would be a more rewarding. However, do remember that interest earned from NSC is taxable even though there is no TDS.

HIGH SALARIED SHOULD AVOID NSC

   "The net return earned from NSC becomes less attractive for individuals who fall in the high tax bracket. If an individual falls in the 30% tax bracket, he earns only 5.6% return as against 8%. Even as we are inching towards 0% inflation, retail inflation is still at around 9-10%." says Sadagopan.

ELSS COMES WITH A RISK FACTOR

   While PPF and ELSS are two good choices when it comes to saving tax, the former has poor liquidity and investment in the latter involves higher risk. "Investors should understand the product, and set their goals first and invest in available tax-saving instruments based on their risk appetite," Mathpal adds. If the new DTC (Direct Taxes Code) is implemented, as proposed, then ELSS will no more be eligible for deduction under Section 80C. Those investing through SIP should mention the end date March 2012 in their application form. Do not extend the ELSS beyond March 2012 unless there is some changes in DTC. Also, opt for the growth option in ELSS.

GO FOR JOINT HOME OWNERSHIP

   There is no choice when it comes to buying a house in the city. Rising real estate prices have pushed couples to apply for joint home loans. But even if you are not looking to own a house in the city, you can invest in a house in some other city and gain from tax-saving on joint loans. Just taking a join loan (co-borrower in banker's parlance) won't make you eligible for tax breaks.

   Both of you can avail tax benefits on the home loan only if both of you are the coowners of the property. You have to consider the repayment capacity of each spouse while deciding the share of the loan. So, a couple can be equal owners but if their share of the loan is in the ratio of 60:40 or 70:30, the tax benefits would be shared in that proportion. Ideally, an individual in the higher tax bracket should opt for a higher ratio of the loan to save on more taxes.

   "You have to get a break-up of share of the loan on a stamp paper at the beginning itself," says Vaibhav Sankla, executive direct, Adroit. Co-borrowers should enter into a simple agreement with the spouse on Rs 100 stamp paper. This agreement should basically contain the share of the ownership along with that of the home loan availed of by the couple. You need two copies of the certificate from the housing finance company (HFC) and each of you can submit copies of the certificates along with a copy of the agreement signed between the two of you.

   The maximum tax deduction available for a single borrower is Rs 1.5 lakh. This deduction would apply to each borrower, hence the total possible deduction adds to Rs 3 lakh. Each borrower has to provide a copy of the borrower certificate to claim his or her respective tax relief. However, there are no clear guidelines on this matter. So, it is possible for either of the borrower to miss out on the tax rebate. In such cases, they can claim it as a refund while filing tax returns.

   The idea is not to treat tax savings in isolation. It should be in line with you financial goals. Buy a PPF only if you have some goal to be fulfilled after 15 years. Buy a house only of you want to stay in it or invest in real estate and look at insurance only for protecting your family.

Source: Economic Times
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Ministry of Railways Issues Notification for Extending Concession to Orthopaedically Handicapped / Paraplegic Persons in Rajdhani and Shatabdi Trains


The New Facility to be Effective from 1st June, 2011

   Ministry of Railways has issued a notification for extending the concession in Rail fares admissible to Orthopaedically/paraplegic persons in Rajdhani/Shatadbi trains also. This comes as a follow up to the announcement made in Railways Minister’s Budget speech for 2011-12 on 25th February, 2011.

   Accordingly, Orthopaedically handicapped/paraplegic persons who cannot travel without the assistance of escort are eligible for 25 per cent concession in 3-AC & AC Chair Car in all inclusive fares of Rajdhani and Shatabdi trains. The same concession will also be admissible to one escort accompanying the concerned handicapped person.

   There is no change in other terms and conditions.

   The concession will be effective on tickets purchased on or after 01.06.2011. In case of tickets already issued for travel on & after 01.06.2011 refund or difference of fares will not be admissible.

Source;PIB
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Central Sector Scholarship Scheme for College and University


   To provide financial assistance to meritorious students from weaker section for pursing higher studies and professional courses, the Ministry of Human Resource Development has started Central Sector Scholarship Scheme for college and University Students. From the academic year 2010-11, the eligibility criteria has been revised from 80 percent to 80th percentile in the relevant stream for a particular Board of Examination, in class XII of 10+2 or equivalent. Students, whose parent’s income is less than Rs.4.50 lakh per annum, pursuing higher studies or professional courses from recognized institutions as regular candidates, are eligible under this scheme. There will also be reservation as per Reservation Policy of the Government, subject to internal earmarking. At present, reservations for the various categories are as follows: SCs-15%, STs-71/2%, OBCs-27% and horizontally 3% for physically Handicapped in all the categories. The income-ceiling is Rs.4.5 lakh per annum.

Source;PIB
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Thursday, May 26, 2011

House Building Advance Scheme to State Government Employees Extension of date for submission of HBA Application 2011-12.

GOVERNMENT OF KERALA
FINANCE (HBA) DEPARTMENT

CIRCULAR

No.27/2011/Fin.           

Dated, Thiruvananthapuram, 12/05/2011

Sub: - House Building Advance Scheme to State Government Employees Extension of date for submission of HBA application 2011-12 -Instructions issued - reg

Ref: - 1) G.O(P) No. 505/2009/Fin. dated 12.11.2009

   The Government are pleased to extend the time for submission of HBA application 2011-12. The revised time frame for applying the House Building Advance is as follows:

Time for submission of application in respective offices by Government
Employees/ Teachers.

May 1 to June 15

Time for furnishing application to the  Head of the Department

June 1 to 30

Time for furnishing of the Department wise Eligibility List by Head of the Department to Finance Department.

July 1to 31

   2) All the Heads of Departments and Sanctioning Authorities are therefore instructed to follow the above time frame in processing the HBA application for 2011-12 as per the other instructions in the G,O. cited above.


K.BABU
Additional Secretary (Finance)

Click here to get Circular Copy...

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Amendment of provisions relating to Railway Staff Benefit Fund


GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)


No. E(W) 2010/FU-1/4             New Delhi, dated 23.05.2011

The General Managers,
All Zonal Railways and
Production units etc.

Sub: Amendment of provisions relating to Railway Staff Benefit Fund — Chapter 8 of the Indian Raway Establishment Code Volume I, 1985 Editon (Second Reprint Edition — 2003).

   In exercise of the powers conferred by the proviso to Article 309 of the  Constitution, the President is pleased to direct that Rules 805 (1) and 805 (2) of the Indian Railway Establishment Code, Volume-I 1985 Edition be amended as per enclosed Advance Correction Slip No. 117.

   2. This issues with the concurrence of the Finance Directorate of the Ministry of Railways.

   3. Hindi version is enclosed.

   4. Please acknowledge receipt.

   End: Advance Correction Slip.

sd/-
(Debasis Mazumdar)
Joint Director Establishment (Welfare)
Railway Board.

More details click here...
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Wednesday, May 25, 2011

Track your PF account on web in 3 months


   A circular was issued on May 24, asking all regional offices to complete updating of 2008-09 accounts by May 31, and that of 2009-10 by June 30, say reports.

   There is some good news for more than 47mn subscribers to the Central Government's Employee Provident Fund scheme. You will soon be able to keep a close tab on your PF account on the Internet, according to reports.

   The Employees' Provident Fund Organization (EPFO) has reportedly posted the details of the accounts' status of all its 120 offices on its website.

   A circular was issued on May 24, asking all regional offices to complete updating of 2008-09 accounts by May 31, and that of 2009-10 by June 30, say reports.

   The EPFO's move to put in place a software for updating accounts annually across its 120 offices will help it meet the Finance Ministry's goal of updating all pending accounts by September.

   In March this year, the Finance Ministry had approved the 9.5% interest rate announced by the EPFO for its 47.2mn subscribers for FY 2010-11 on the condition that it would update the pending accounts within six months.

   The EPFO has updated 28.7mn accounts since then, according to reports.

   The EPFO handles a corpus of about Rs. 3.5 lakh crore annually.

Courtesy;www.indiainfoline.com
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Encashment of Leave to be granted to Government Servants on their appointment in Central Public Enterprises


NO. 14028/3/2011 -Estt(L)
Government of India
Ministry of Personnel, P.G. and Pensions
(Department of Personnel & Training)


New Delhi, the 24th May, 2011 .

Office Memorandum

Subject : Encashment of Leave to be granted to Government Servants on their appointment in Central Public Enterprises

   The undersigned is directed to state that this Department has been receiving references from various Ministries/Departments seeking clarification regarding the entitlement to leave encashment on appointment of Government Servants in Central Public Enterprises.

   2. As per DoPT OM No. 28016/5/85-Estt.(C) dated 3 1/1/1986, appointment of an officer in a Central Public Enterprise after acceptance of his technical resignation from Government is treated as immediate absorption. As per the terms and conditions contained in this OM, a Central Government Servant taking appointment in the Central Public Enterprises on Immediate Absorption basis was entitled to encashment of Earned Leave to his credit at the time of acceptance of his resignation from Government Service, subject to a limit of 180 days. Half Pay Leave stood forfeited. (The limit of Earned Leave which could be thus encashed was later raised to 300 days).

   3. It i s clarified that as per rule 39-D of the CCS (Leave) Rules,1972, the calculation of leave encashment in case of permanent absorption in Public Sector Undertaking/Autonomous Body wholly or substantially owned or controlled by the Central/State Government will be as per rule 39(2)(b) which has been amended vide Notification GSR 170 dated 1/12/2009 to read as under:-

The cash equivalent of leave salary under Clause (a) shall be calculated as follows and shall be payable in one lumpsum as a one time settlement -


(i)Cash equivalent for
earned leave

=

Pay admissible on
the date of
retirement plus
Dearness Allowance
admissible on that
date/


3 0

*

Number of days of
unutilized earned leave at 
credit subiect to the total of 
earned leave and Half Pay Leave at credit not
exceeding 300 days.

(ii)cash payment in lieu
of Half Pay
Leave
component

=

Half Pay Leave
salary admissible
on the date of
retirement plus
Dearness
Allowance
admissible on that date/30

*

Number of days of
Half Pay Leave at credit 
subject to the total of Earned 
Leave and Half Pay
Leave at credit not
exceeding 300 days

   No commutation of Half Pay Leave shall be permissible to make up the shortfall in Earned Leave.

   4. All Ministries/Departments may note for further action accordingly.

   5. Hindi version will follow.

sd/-
(Zoya C.B.)
Under Secretary to the Government o f India

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Periodic Medical examination relaxation for Loco Pilots declared with type II Diabetes - Amendment to Annexure-III


GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

N0.2008/H/5/18         New Delhi, dated20.5.2011

The General Managers,
All Indian Railways,
(Including PUs).

CORRIGENDUM

Sub:- Periodic Medical examination relaxation for Loco Pilots declared with type II Diabetes - Amendment to Annexure-III (Para 509, 512) — 12.7.2 of IRMM- 2000.

   Pursuant to the demand raised by Staff Side as DC/JCM item, the issue of relaxing the medical standards of Loco Pilots suffering from Diabetes Mellitus have been considered by the Board and the following has been decided

   Employees in A-one category who are suffering from Diabetes Mellitus can be declared fit for the respective categories if Diabetes is controlled on diet aud/or on Tab. Metformin (oral hypoglycemic drug) upto 2gm/day only.

   Periodic medical examination of such cmployee is to be conducted every year in addition to regular follow up as per the advice of the treating physician.

   The in-service employee of A-one category who had been declared unfit due to Diabetes Mellitus prior to issue of this Board’s letter will not be considered for re-medical examination.

   This issues in consultation with Safety, Mechanical, Electrical & Establishment Dtes. of Board’s office

   Accordingly an ACS to Annex III (Para 509, 512)- 12.7.2 of IRMM-2000 is enclosed

   Hindi version will follow.

   This supersedes the instructions contained in Board’s letter of even number dated 03.05.11.

sd/-
(Dr. D.P. Pande)
Executivc Director Health(Plg.)
Railway Board

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Various Jobs Highlights in Employment News (21 MAY 11 - 27 MAY 11)


   1. National Project Implementation Unit, Noida by hiring consultants and Support staff.

   2. Indian Ordnance Factories, Nagpur invites applications for recruitment by various semi-skilled positions.

   3. Indo Tibetan Border Police Force by the head Kanstabls (Telecommunications) and Kanstabls (Telecom) to recruit.

   4. Heavy Alloy Cathartic project, Semi-skilled positions in Tiruchirappalli established by the Industrial Recruitment.

   5. Orissa Central University, Koraput Deputy registrar, Assistant registrar, Private Secretary, Assistant Public Relations Officer should etc.

   6. Staff Selection Commission (Eastern Region) invites applications for recruitment to the various vacant positions.

   7. United Bank of India by the Deputy General Manager / Risk / Marketing and Innovation / Foreign Exchange / Treasury Manager and Security Officers Recruitment.

   8. Andhra Bank Technical Officer, Legal Officer, Security Officer, IT Officer, Chartered Accountants etc., invites applications for recruitment to posts.

   9. HPCL Bayofyuls Ltd. General Manager, Plant Manager, Manager, Chief Engineer etc. required.

   10.Agricultural scientists selected by the Board of Assistants Recruitment.

More details click here...
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Tuesday, May 24, 2011

Conclusion of Special Recruitment Drive launched for filling up the backlog reserved vacancies of Persons with Disabilities.


No.36038/2/2008-Estt.(Res.)
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel and Training

* * * * * *

North Block, New Delhi ,
Dated : 19th May 2011.

OFFICE MEMORANDUM

Subject: Conclusion of Special Recruitment Drive launched for filling up the backlog reserved vacancies of Persons with Disabilities.

   The undersigned is directed to refer to this Department's OM of even number dated 27.11.2009 whereby a Special Recruitment Drive for filling up the backlog reserved vacancies of SCs, STs and OBCs was launched. It was stipulated that all the backlog vacancies existing in the Ministries/Departments and its Attached Offices/Subordinate Offices/Public Sector Undertakings/Autonomous Bodies etc. as on 15.11.2009 shall be
filled up by 15.7.2010. It could, however, not happen. The Drive was, therefore, extended upto 30th June 2011 vide OM of even no. dated 04.01.2011 and all t h e Ministries/Departments were requested to make concerted efforts to fill up the backlog reserved vacancies which had remained unfilled till then during the extended period of the Drive.

   2. In view of the fact that the drive would conclude on 30.06.2011, it is requested that earnest efforts be made to fill up all the identified backlog vacancies by the said date.

   3 . All Ministries/Departments are requested to submit the progress of the drive to this Department, in proformae already prescribed earlier, in respect of the Ministry/Department and all its attached/ subordinate offices and autonomous/public sector undertakings by 20.07.2011 .

   4 . It may be noted that progress of the drive is to be submitted to the Cabinet immediately on completion of the drive and as such it would be important that complete and up to date information is sent to this Department by the above date so that correct progress may be reported to the Cabinet, for which Ministry/Department would be responsible.

sd/-
(K.G.Verma)
Director

Source;www.persmin.gov.in
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Grant of Overtime Allowance to Railway employees consequent upon revision of pay scales and allowance - date of effect


GOVERNMENT OF INDIA
MINISTRY OF RAILWAY
(Railway Board)

S.No. PC-VI/260                                  RBE No.72/2011
No.PC-V/2008/A/0/3(OTA)          New Delhi,Dated 20-05-2011

The General Managers
All Indian Railway and Production Units
(As per mailing list)

Sub:- Grant of Overtime Allowance to Railway employees consequent upon revision of pay scales and allowance - date of effect

   The issue of revising the date of effect of OTA. w.e.f. 01-01-2006 instead of 01-9-2008 (as communicated vide para 3 of Board's letter of even number dated 17-2-2010), as demanded vide item no. 24/2010 in DC/JCM, has been considered by the Board. It has now been decided to revise the date of effect of OTA as 01-01-2006. It is however clarified that basic pay and DA element for the purpose of OTA shall be revised w.e.f. 01-01-2006 and other elements constituting emolument for the purpose of OTA viz, HRA and Transport Allowance etc, shall be taken into account at revised rates w.e.f. 01-9-2008 as per the Sixth CPC recommendations.

   2. This has the approval of Finance Directorate of Ministry of Railways.

   3. Hindi version will follow.

sd/-
(N.P. Singh)
Deputy Director Pay Commission- V
Railway Board.

Click here to view the Order...
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Govt trashes proposal to increase babus’ retirement age


   A government committee has rejected a proposal to increase the retirement age of government servants from 60 to 62. The decision is likely to impact over one lakh central government employees and 50,000 defence personnel on the verge of retirement. The proposal — which could have meant saving Rs4,000 crore in this fiscal — was rejected as the government wants a younger bureaucracy.

The fraud complaint

  The HRD ministry and sections of the academic community were temporarily preoccupied with a complaint the government received from a body claiming to represent SC/ST employees at the University Grants Commission (UGC) , alleging discrimination by Commission chairman Ved Prakash. But the complaint, it has now been discovered, was fake. The body that sent it doesn’t exist, the UGC’s SC/ST employees’ association has certified. The sender also refused to divulge his identity to the government. A case of attempted malice against the Chairman?

Academics compete with netas for that ‘one more chance’

   Politicians, it appears, aren’t alone in keeping their ambitions intact with age. IIT Directors, too, love second terms — even though some believe that a proper reading of the IIT Act — that governs the Institutes — does not allow repeats. After MS Ananth (second term at IIT Madras), Sanjay Dhande (second term at IIT Kanpur) and Gautam Barua (second term at IIT Guwahati), it is the turn of IIT Delhi Director Surendra Prasad to pitch for a second term. The qualification requirements for the post state that applicants should preferably be aged below 60. Prasad — caretaker director at present — is over 60. But that has not stopped him from applying for a second term.

The case of the missing file

   After a file on the Cabinet decision of 1991 — regarding government accounts — went missing, neither the Cabinet Secretariat nor the Finance Ministry — which mooted the proposal — had any clue. Eventually, the Central Information Commission had to intervene and ask the government to locate the file and provide the requisite information to the RTI applicant.


Source;www.hindustantimes.com
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Monday, May 23, 2011

Grant of Extension of service of Scientists beyond the age of superannuation - Issue of instructions regarding.


No.26012/8/2011-Estt. (A)
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel and Training)

North Block, New Delhi,
Dated the 16th May, 2011

OFFICE MEMORANDUM

Subject: Grant of Extension of service of Scientists beyond the age of superannuation - Issue of instructions regarding.

   The undersigned is directed to refer to Department of Personnel & Training O.M. No.26012/6/2002-Estt.(A) dated 9.12.2002 (copy enclosed) on the subject mentioned above laying down the criteria for considering cases of extension of service of Scientists in terms of proviso to FR 56(d) and to state that the guidelines for extension of service of eminent scientists of international stature beyond 62 years have been further reviewed as a need has been felt for a rigorous Peer gruop screening by an inter disciplinary Committee of experts.

   2. Departmental Peer Review Committee (DPRCs) headed by the Secretary of the Scientific Departments are constituted by the DOP&T with the approval of Prime Minister for a term of 2 years to consider the cases of extenstion of service of scientists beyond 60 years and upto 62 years.

   3. It has now been decided with the approval of Prime Minister that the existing/reconstituted Departmental Peer Review Committee shall also do the first stage secreening of Scientists for their entension beyond 62 years of age and thereafter the DPRCs' recommendations will be placed before the Committee under the Cabinet Secretary provided that the DPRCs' have atleast two outside experts aprt from Secretary(Personnel & Training). The DPRCs must give detailed justification for such extension based on merits of the case, the international stature of the person recommended and also indicate whether this will block promotion opportunities of others in the Department. Such recommendations of the DPRCs for extension of service of Scientists beyond 62 years will be sent ot the Establishment Division of the Department of Personnel & Training for placing the cases before the Committee under Cabinet Secretary. Only such cases recommended by the Committee under Cabinet Secretary will be processed further for approval of ACC through the office of the Establishment Officer. Cases of extension of service of Scientists beyond 60 years and up to 62 years recommended by DPRC will continue to be sent directly to the office of Establishment Officer in DOP&T as at present.

   4. All proposals for extension of service of Scientists beyond 62 years in terms of the 3rd proviso to FR 56(d) may, therefore, be processed keeping in view the above guidelines in addition to the cretieria stipulated in the OM dated 9.12.1220.

sd/-
(P.Prabhakaran)
Director (E)

Source;www.persmin.gov.in
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Should you invest in the NPS or NOT?


   Anniversaries are usually a time to celebrate and the New Pension Scheme, which completed two years on 1 May, has several reasons to do so. The NPS Lite scheme, which aims to provide pension to the economically weaker sections, has received a thunderous response, with almost 6 lakh accounts opened since its launch.

   Many of the funds managed by the six fund managers have outperformed their benchmarks (see table), which means higher returns for investors.

   However, the second anniversary of the government-promoted NPS is also a time to introspect and do some course correction. The runaway success of NPS Lite is mainly due to the Swavalamban scheme, under which the government will contribute Rs 1,000 every year in all NPS Lite accounts if certain conditions are met. This subsidy will be doled out for three years, so there's a beeline for opening NPS Lite accounts for availing the Rs 3,000 benefit.

   The success of NPS Lite is in stark contrast to the sleepy growth of the Tier I accounts. While the NPS is managing assets worth over Rs 8,000 crore, almost 99% of this is the Central and state government pension accounts. The total assets of the 47,000-odd voluntary investors amount to less than Rs 80 crore. Serious investors are still not interested in the NPS. The scheme has not managed to rope in even 0.1% of the 50 million voluntary investors it was expected to attract.

   So, should you invest in the NPS? ET Wealth looks at three factors that make the NPS an attractive option for you and five reasons why we think you should avoid it.

LOW ON COSTS

   The NPS is arguably the cheapest investment option in the market. The scheme charges Rs 9 a year for managing a corpus of Rs 1 lakh. Yes, there is also a Rs 350 charged every year for the Permanent Retirement Account Number but the total cost is still lower than the Rs 1,500-2,250 charged by mutual funds and Rs 1,500 charged by Ulips. Over the long term, this difference in the recurring charge can lead to a huge difference in the returns for the investor.

THE ENTRY COSTS OF THE NPS ARE ALSO VERY LOW

   You can open an account by paying a one-time fee of Rs 100-120. In Ulips and pension products from insurance companies, the charges in the initial years are very high. There are also other administrative charges that one doesn't pay in case of NPS. "The low cost determines the uniqueness of NPS," says Amar Ranu, senior manager, Wealth Management, Motilal Oswal Securities.

CHOICE OF FUNDS

   There are six fund managers handling the investments in NPS. Unlike a mutual fund or a Ulip, the NPS offers the investor to switch from one fund manager to another if he is not satisfied with the performance of a certain fund. Withdrawing from one fund and investing in another will not have any tax implication because the money remains invested.

MORE TAX BENEFITS

   This year's Budget has made the NPS more beneficial from the tax angle. From the next financial year, contributions by employers to the NPS accounts of their employees can be deducted as a business expense. Currently, the contribution made by an employer to the NPS is not allowed as a deduction.

   Also, such contributions will not be part of the Rs 1 lakh tax deduction limit under Section 80C. Since contributions to NPS are not taxable, your employer's contribution on your behalf will be a tax free benefit for you. Experts advise that one should request one's employer to rejig the compensation structure by replacing taxable components like special allowance with the tax-friendly NPS.

NO ONE'S SELLING

   Opening an NPS account is like a cross country hurdle race. The low distribution and expense structure means nobody is interested in selling the scheme to the investor. In an earlier interview, PFRDA Chairman Yogesh Agarwal told us that the 0.0009% annual fund management charge is very low and hardly gives the fund manager any incentive to sell. It's ironical that the most attractive aspect of the scheme has become its worst disadvantage.

   One way out is to raise the fund management charge, but NPS officials say that is not possible because charging a higher fee out of the AUM now would be unfair to investors who are already in. The G.N. Bajpai committee is looking into the reasons that are stifling growth for the NPS. "The committee must address the cost incentive issue," says Gautam Bhardwaj, director of the Invest India Economic Foundation, a Noida-based think tank working in the areas of financial policy and public awareness.

YOU CAN'T CHERRY PICK


   The six fund houses handling the NPS investments and their fund managers have expertise in different areas. Some fund manager may be adept at stock picking while another may be good at spotting opportunities in the debt market. That is why the returns of the funds also differ. Unfortunately, though the NPS architecture had originally proposed that NPS investors can spread their investments across several funds, back office bottlenecks have restricted the choice to only one fund house. So, you can't choose SBI Fund to manage your debt portion and IDFC Fund to dabble with the equity part. The entire corpus must be handled by the same fund. "The original PFRDA architecture had allowed investors to cherry pick according to the performance but this is yet to be implemented. The Central Recordkeeping Agency has to make the necessary back-office changes to allow this facility," says N.R. Rayalu, CEO of the NPS Trust.

VIOLATION OF MANDATE

   Pension funds are known to be very conservative and steer clear of risky investments. That's why, the maximum exposure to equities is limited to 50% and that too in Nifty-based stocks in the same proportion. The funds are also supposed not to invest in bonds below the AA rating. But some funds are apparently breaking the rules and investing in riskier BBB-rated paper to boost returns. Earlier this year, the PFRDA pulled up SBI Fund for investing nearly 50% in low-rated bonds that offered higher interest.

   The C class fund of SBI has been the top performer with 12.2% annualised returns since launch but this spectacular growth has come by taking more risk than they are supposed to. Kotak Mahindra Pension Fund, UTI Retirement Solutions and the LIC Retirement Solutions (which manages only the government pension funds) were also found to have a significantly high exposure to risky assets.

   Another problem is that some funds keep a large portion in cash, which pares the returns. Since all of them invest in the same stocks and in the same ratio, there should not be too much of a difference in the returns. Yet, the E class fund of SBI has managed an annualised return of 8.68% compared to the 13.69% growth clocked by the Nifty during the same period. "We have asked all funds not to sit on cash," Rayalu told ET Wealth.

NO TRANSPARENCY

   Which NPS fund should you invest in? Nobody can tell you because there is just no way to assess the performance. The CRA gives out only the previous day's NAV but the historical data is not there. We have analysed the performance of the Tier I funds since launch in May 2009 because that's when the NAV was Rs 10. Some funds have separately provided the information of the funds they manage on their website but there is no way to get a comparative view of all the funds. "Tracking the performance of NPS funds is not easy," says Lovaii Navlakhi, Managing Director and Chief Financial Planner of the Bangalore-based International Money Matters. A few clicks of the mouse can give you the returns of any mutual fund scheme between any two days. Why the CRA cannot provide such a facility to check the historical performance of the funds is inexplicable.

COMPULSORY WITHDRAWAL

   Indians are living longer than before. From about 55 years in 1980, the life expectancy has gone up to 67 years now. By 2020, it is expected to go up further to 72 years. In urban areas, where the access to health care is better, people will live even longer. Also, many will be working even after they turn 60.

   But the NPS has closed its eyes to these realities. Contributions stop and withdrawals begin at 60 and you have to compulsorily withdraw the entire amount by the time you are 70. Such a straitjacket can pose a problem to a person who plans to stop working at age 65 and expects to live till 75-80 years. What will he do with the money if he is forced to withdraw his entire corpus at the age of 70?

Source: Economic Times

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Friday, May 20, 2011

Sixth Central Pay Commission relating to re-classification of cities/towns for grant of House Rent Allowance (HRA) to Railway employees.


GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
RAILWAY_BOARD)


S.NO.PC-Vl/258                                         RBE No.66/2011

No.E(P&A)ll-2008/HRA.10          New Delhi, dated 16-5-2011.

The General Managers/CAOs,
All Indian Railways & Prod.Units etc.
(as per mailing lists No.1 & II).

Subject: Decision of the Government on the recommendations of the Sixth Central Pay Commission relating to re-classification of cities/towns for grant of House Rent Allowance (HRA) to Railway employees.

   Attention is invited to para 6 of Board's letter of even number dated 12.9.2008 on the above mentioned subject, vide which the special dispensation for grant of HRA has been allowed to continue to (i) Faridabad, Ghaziabad, Noida & Gurgaon at "X” class city rates and (ii) Jalandhar Cantt. Shillong, Goa & Port Blair at "Y" class city rates and to state that the special dispensation allowed to Panchkula for grant of HRA at par with Chandigarh vide Board's letter No. E(P&A)ll-2003/HRA-6 dated 19.8.2003, shall also continue.

   2. In this context, it is also clarified that any other similar special dispensation allowed by the Railway Board in the past in respect of other cities or grant of HRA at higher rates and not specifically mentioned in Board's letter of even no. dated 12.9.2008. shall continue to apply, if the same has not been superceded/dispensed with or the existing classification of such city has not been revised to higher classification on account of the population criteria, vide Board’s letter of even no.dated 12.9.2008.

   3. These orders shall be effective from lst.September, 2008.

   4. All other conditions governing grant of HRA under existing orders shall continue to apply.

   5. This issues with the concurrence of the Finance Directorate of the Ministry of Raiways

sd/-
(Salim Md. Ahmed)
Deputy Director/E(P&A)lll,
Railway Board.

Source;AIRF
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Rates of Night Duty Allowance w.e.f. 1-1-2011.


GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
( RAILWAY BOARD)

No.E(P&A)II-2011/HW-2                    

RBE No.67/2011

New Delhi, dated 16/5/2011.

The General Managers/CAOs,
All Indian Railways & Prod. Units etc,
(As per mailing lists No.1 & 11).

Subject: Rates of Night Duty Allowance w.e.f. 1-1-2011.

*****


   Consequent to sanction of an additional instalment of Dearnes Allowance vide this Ministry’s letter No.PC-Vl/2008/1/7/2/1 dated 25.03.2011, the President is pleased to decide that the rates of Night Duty Allowance, as notified vide Annexures ‘A’ and ‘B’ of Board’s letter No.E(P&A)II-2010/HW-4 dated 27-10-2010 stand revised with effect fron 01-01-2011 as indicated at Annexure ‘A’ in respect of Continuous’. ‘Intensive’,‘Excluded categories and workshop employees, and as indicated at Annexure ‘B’ in respect of Essentially intermittent’ categories.

   2. This issues with the concurrence of the Finance Directorate of the Ministry of Railways.

sd/-
(Salim Md. Ahmed)
Deputy Director/E(P&A)III,
Railway Board.

 

Click here to view  the ANNEXURE “A” & ANNEXURE “B”

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Recognition of Sayali Nursing Home, Pune (Maharashtra) for treatment of Central Government employees under CS(MA) Rules, 1944.

No. S. 14021/6/2008-MS
Government of India
Ministry of Health & Family Welfare

Nirman Bhavan, New Delhi
Dated 2nd May, 2011.

OFFICE MEMORANDUM

Subject: Recognition of Sayali Nursing Home, Pune (Maharashtra) for treatment of Central Government employees under CS(MA) Rules, 1944.

   The undersigned is directed to say that a number of representations from various hospitals, Central Government Employees Welfare Coordinaition Committees were received in the Ministry of Health & Family Welfare for recognition of Private Hospitals at Pune (Maharashtra) for treatment of Central Government Employees and their family members under CS(MA) Rules, 1944.

   2. In view of the hardships faced by CS(MA) beneficiaries for their own treatment and the treatment of their family members at Pune (Maharashtra), the matter has been examined in the Ministry and it has been decided to empanel the Sayali Nursing Home, Pune (Maharashtra) under Central Services (Medical Attendance) Rules, 1944

   3. The Schedule of charges for the treatment of Central Government Employees and the member of their family under the CS(MA) Rules, 1944, will be the rates fixed for CGHS, Pune. The approved rates are available on the website of CGHS (www.mohfw.nic.in//cghs.html) and may be downloaded /printed.

   4. The undersigned is further directed to clarify as under:-

   a) “Package Rate” shall mean and include lump sum cost of in-patient treatment/day care/diagnostic procedure for which a CGHS beneficiary has been permitted by the competent authority or for treatment under emergency from the time of admission to the time of discharge, including (but not limited to)-(i) Registration charges, (ii) Admission charges, (iii) Accommodation charges including patient’s diet, (iv) Operation charges, (v) Injection charges, (vi) Dressing charges, (vii) Doctor/consultant visit charges, (viii) ICU/ICCU charges, (ix) Monitoring charges, (x) Transfusion charges, (xi) Anesthesia charges. (xii) Operation theatre charges, (xiii) Procedural charges / Surgeon’s fee, (xiv) Cost of surgical disposables and all sundries used during hospitalization, (xv) Cost of medicines, (xvi) Related routine and essential investigations, (xvii) Physiotherapy charges etc. (xviii) Nursing care and charges for its services.

   (b) Cost of lmplants/stents/grafts is reimbursable in addition to package rates as per CGHS ceiling rates for implants/stents/grafts or as per actual, in case there is no CGHS prescribed ceiling rates.

   (c) Treatment charges for new born baby are separately reimbursable in addition to delivery charges for mother.

   (d) Hospitals / diagnostic centers empanelled under CS(MA) Rules, 1944 shall not charge more than the package rates.

   (e) Expenses on toiletries, cosmetics, telephone bills etc. are not reimbursable and are not included in package rates.

   5. Package rates envisage duration of indoor treatment as follows:

Upto 12 days: for Specialized (Super Specialities) treatment
Upto 7 days: for other Major Surgeries
Upto 3 days: for Laparoscopic surgeries/normal Deliveries
1 day: for day care/Minor (OPD) surgeries.

   No additional charge on account of extended period of stay shall be allowed if that extension is due to infection on the consequences of surgical procedure or due to any improper procedure and is not justified.

   In case, there are no CGHS prescribed rates for any test/procedure, then AIIMS rates are applicable. If there are no AIIMS rates, then reimbursement is to be arrived at by calculating admissible amount itern-wise(e.g. room rent, investigations, cost of medicines, procedure charges etc) as per approved rates/actually, in case of investigations.

   6. (a) CS(MA) beneficiaries are entitled to facilities of private, semi-private or general ward depending on their basic pay. The entitlement is as follows:-

S.No. Pay drawn in pay band Ward Entitlement
1. Upto Rs. 13,950/-  General Ward
2. Rs. 13,960/- to 19,530/- Semi-Private Ward
3. Rs. 19,540/- and above Private Ward

   (b) The package rates given in rate list are for semi-private ward.

   (c) The package rates prescribed are for semi-private ward. If the beneficiary is entitled for general ward there will be a decrease of 10% in the rates; for private ward entitlement there will be an increase of 15%. However, the rates shall be same for investigation irrespective of entitlement, whether the patient is admitted or not and the test, per-se, does not require admission.

   7. A hospital/diagnostic centre empanelled under CS(MA) Rules, 1944, whose rates for treatment procedure/test are lower than the CGHS prescribed rates shall charge as per actual.

   8. (a) The maximum room rent for different categories would be:

General ward ` 1000/- per day
Semi-private ward ` 2000/- per day
Private ward ` 3000/- per day
Day care (6 to 8 Hrs.) ` 500/- (same for all categories)


   (b) Room rent mentioned above at (a) above is applicable only for treatment procedures for which there is no CCHS prescribed package rate. Room rent will include charges for occupation of Bed, diet for the patient, charges for water and electricity supply, linen charges, nursing charges and routine up keeping.

   (c) During the treatment in ICCU/ICU, no separate room rent will be admissible.

   (d) Private ward is defined as a hospital room where single patient is accommodated and which has an attached toilet (lavatory and bath). The room should have furnishings like wardrobe, dressing table, bed-side table, sofa set, etc. as well as a bed for attendant. The room has to be air-conditioned.

   (e) Semi Private ward is defined as a hospital room where two to three patients are accommodated and which has attached toilet facilities and necessary furnishings.

   (f) General ward is defined as halls that accommodate four to ten patients.

   (g) Normally the treatment in higher category of accommodation than the entitled category is not permissible. However, in case of an emergency when the entitled category accommodation is not available, admission in the immediate higher category may be allowed till the entitled category accommodation becomes available. However, if a particular hospital does not have the ward as per entitlement of beneficiary, then the hospital can only bill as per entitlement of the beneficiary even though the treatment was given in higher type of ward.

   If, on the request of the beneficiary, treatment is provided in a higher category of ward, then the expenditure over and above entitlement will have to be borne by the beneficiary.

   9. In case of non-emergencies, the beneficiary shall have the option of availing specific treatment/investigation from any of the above mentioned hospitals of his/her choice (provided the hospital is recognised for that treatment procedure/test), after the specific treatment/investigation has been advised by Authorised Medical Attendant and on production of valid ID card and permission letter from his/her concerned Ministry/Department.

   10. The recognised hospitals shall honour permission letter issued by competent authority and provide treatment/investigation facilities as specified in the permission letter.

   11. In case of emergencies, the beneficiary shall have the option of’ availing specific treatment/investigation from any of the above mentioned hospitals of his/her choice (provided the hospital is recognised for that treatment procedure/test), on production of valid ID card, issued by competent authority.

   12. During the in-patient treatment of the CS(MA) beneficiary, the hospital will not ask the beneficiary or this attendant to purchase separately the medicines/sundries/equipment or accessories from outside and will provide the treatment within the package rate, fixed by the CGHS which includes the cost of’ all the items.

   13. In case of treatment taken in emergency in any non-recognised private hospitals, reimbursement shall he considered by competent authority at CGHS prescribed Package/rates only.

   14. If one or more minor procedures form part of a major treatment procedure, then package charges would be permissible for major procedure and only 50% of charges for minor procedure.

   15. Any legal liability arising out of such services shall be the sole responsibility and shall be dealt with by the concerned empanelled hospital. Services will be provided by the Hospitals as per the terms given above.

   16. Ministry of Health & Family Welfare reserves the right to withdraw/cancel the above O.M. without assigning any reason.

   17. The order takes effect from the date of issue of the O.M.

   18. The authorities of Sayali Nursing Home, Pune (Maharashtra) will have to enter into an agreement with the Government of India to the effect that the Hospital will charge from the Central Government employees at the rates fixed by the Government and they will have to sign a Memorandum of Understanding (MOU) (2 copies enclosed only for Hospital) within a period of 3 months from the date of issue of the above mentioned OM failing which the Hospital will be derecognized. Subject to above, the Hospital can start treating Central Government employees covered under CS(MA) Rules, 1944.

   19. This issues with the concurrence of the Finance Division vide their Dy.No. C-1620/2011-IFD dated 18.4.2011.

sd/-
(Sanjay Pant)
Under Secretary to the Government of India

Source;www.mohfw.nic.in

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