Monday, February 27, 2017

Sovereign Gold Bonds is Back.! Series-IV For Financial Year : 2016-17


Gold is likely to glitter again for retail investors this March.

Sovereign Gold Bonds Series-IV For Financial Year : 2016-17

The Government of India (GoI), in consultation with the Reserve Bank of India (RBI), has decided to issue sovereign gold bonds Series-IV for 2016-17. 

Applications for the bond issue will be accepted from Monday, February 27, till Friday, March 03, 2017.
The bonds will be issued on March 17, 2017. 


The gold monetisation scheme launched by Prime Minister Narendra Modi way back in November 2015 was aimed to lure tonnes of the precious metal from Indian households into the banking system. 

The scheme is aimed at unlocking 20,000 tonnes of the precious metal lying idle in households and temples, whose worth is estimated at around $800 billion. 

These bonds will carry sovereign guarantee, both on the capital invested and the interest and can be used as collateral for loans.

The sovereign gold bonds will be sold through banks, Stock Holding Corporation of India (SHCIL), designated post offices and the National Stock Exchange of India and the Bombay Stock Exchange, which would allow early exit. 

The issue price of the gold bonds will be Rs 50 per gram less than the nominal value. Global gold prices started 2017 on a positive note with prices rising around 5 per cent since the start of the year on concerns over President Donald Trump’s protectionist policies, rising global uncertainty and US Fed rate hike. 

“Sovereign gold bonds offer a good alternative to take exposure to gold as it offers additional interest. There are no annual recurring expenses compared with gold ETFs (expense ratio in ETF is 1%) and no storage hassles like those involved in physical gold holding,” ICICI Securities said in a note. 

What makes it attractive from a taxation point of view is the fact that in the Union Budget 2016-17, any capital gains arising out of redemption of sovereign gold bonds is tax exempt. 

“If these bonds are sold in the secondary market before maturity, capital gains arising out of such transactions will be taxed at 20% with indexation, if sold on or after three years, or would be subject to marginal tax rate if sold before three years,” said the ICICI Securities note. 
Source : economictimes.indiatimes.com


KAMALESH CHANDRA COMMITTEE A NOTABLE CHANGE


Gramin Dak Sevaks Committee chairman Sri Kamalesh Chandra has submitted its report to the Secretary, Postal Board on 24th November 2016. Due to the series of agitational programmes of AIGDSU like Dharna’s at all levels the department published the GDS committee report on 19thJanuary 2017. AIGDSU issued indefinite strike notice also demanding early publication of GDS Committee Report.
There is no exaggeration to say that more than 80% suggestions of AIGDSU memorandum has been taken into consideration. The committee has not attempted to analyse the justification of GDS demand for grant of Civil Servant Status of the GDS stating that the matter is presently subjudice and hence left to the out come of the court case.

The committee firmly noted that the future survival of the Postal Department will largely depend on the successful management of the GDS system. If the department neglects the GDS system, it would be difficult for the department to survive.

The main demand of AIGDSU grant of 8 hours work to GDS post offices is diluted. AIGDSU opined that nobody except AIGDSU demand 8 hours work is one of the reasons to dilute this demand. Grant of pension to GDS is also kept into dark. AIGDSU has written a letter to the Secretary, Department of posts on 7-02-2017 alongwith the principle CAT bench, New Delhi judgememt regarding grant of Pension to GDS.

AIGDSU is going to take chapter wise discussions of the recommendations at length in the CWC held at Karur. Tamil Nadu Circle from 26-02-2017 to 27-02-2017. AIGDSU wish to submit a detailed memorandum to the department demanding immediate implementation of the favourable recommendations. AIGDSU would like to suggest necessary modifications and changes.

In case the government refuse to implement or dilute the favouralbe recommendations, there is no doubt that AIGDSU will start serious trade union action including indefinite strike.

It is known fact that the favourable recommendations of the GDS committee is a product of AIGDSU uncompromised struggles. Let all the GDS irrespective of unions unitedly fight and shall not rest till civll servant status to GDS achieved.



7th CPC Allowance Committee Report Submitted to the Govt or not?

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Sunday, February 26, 2017

GDS Committee report Latest News

Latest News on GDS Committee report


DOP will call views of Federations/Union after March 15, 2017.


Sources Confirmed Allowance Committee Report Submitted


One of the NJCA leader, On Condition of Anonymity, told that the committee constituted to examine the allowance has finalized its reports and submitted it to the Government on 22nd February 2017.


On asking whether the NJCA knew the details of the committee report, he said that they were not provided with the committee report. But the committee has informed them that their demand on allowance would be considered favorably.

Hence it is expected the HRA will be retained in old rates (Sixth CPC rates) from the beginning itself and will be paid in 7th CPC Pay Scale when revised allowances come into effect. However, the news of revised allowances would be implemented with effect from 1.4.2017 is not reliable. NJCA will not accept this and clearly said that it should be implemented with effect from 1.1.2016 retrospectively.
X cities- 30%
Y cities- 20%
Z cities- 10%
Transport Allowance may be split into two elements as CCA and TA as it was paid in fifth CPC. The Rates will be delinked from DA and will Fixed in slab rates.

The Government will announce its decision over the committee report after the last phase of state elections ie after 8th March 2017.

India Post Bank is likely to tap World War-era tech to garner business


It is back to basics for India Post Payments Bank (IPPB). It is tapping into World War-era phone-based technology and its vast network of postman to target a customer base of around 850 million, which either have no access to telephony or still depend on feature phones. 

“Banks and payments banks are two different things.Over 90% households have access to bank accounts. So, we are targeting remittances and bill payments,“ said an officer at the bank, which launched operations a month ago, offering 5.5% interest on deposits. 

Unlike full-fledged banks, payments banks can accept deposits up to Rs 1lakh and have to mandatorily park 75% of funds in government bonds.They are not allowed to offer loans either. 

With its network of over 1.5 post offices, IPPB is seen to be a major competitor for banks, especially in rural areas and small towns. The bank, floated by India Post, is running behind schedule as it is yet to tie up with a technology vendor for its banking services. But it is still targeting 2 crore customers in the first year with business of around Rs 450 crore.By the fifth year, the bank hopes to have eight crore customers with a business of Rs 2,500 crore. 

A key focus area for IPPB is one billion bills that are paid every month, with the average ticket size being Rs 300. This is where Giro -an electronic fund transfer tool used in Europe and Japan -will come in handy . Apart from helping customers settle bills, a worker in a city can add his wife or mother as a beneficiary and transfer funds into their accounts by issuing instructions to a call centre. The wife or the mother will then use Aadhaar based authentication to withdraw funds either at a post office or ask a postman to deliver cash at home, for which a small fee may be levied. 

IPPB is also in talks with the rural development ministry for accessing details of NREGA beneficiaries and pensioners getting funds under the National Social Assistance Programme.Again, idea is to make the payments Aadhaar-based to minimise leakages.


Source:-The Economic Times


Central Government Issues Notification On Associate Banks and Merger With SBI - AIBEA

Government issues Gazette Notification On closure of Associate Banks and Merger with SBI w.e.f. 1st April, 2017.
CIRCULAR No. 28/5/2017/5 
23-2-2017
TO ALL UNITS AND MEMBERS:

Dear Comrades,
Government issues Gazette Notification
On closure of Associate Banks and
Merger with SBI w.e.f. 1st April, 2017.
Protecting our members in the Associate Banks – need of the hour
Clarion call from AIBEA’s All India SBI Emp. Association

Our units and members are aware of our prolonged and principled opposition to the process of consolidation and merger of Associate Banks with SBI. There have been innumerable struggles and strike actions on this issue in the last more than a decade. Especially, when there were attempts to close the remaining 5 Associate Banks for merger with SBI, there have been very intensified agitations and progrmames. Our units and members in the Associate Banks have also led many struggles including number of strike actions.

There have been nationwide campaign on this issue because the move to close down the Associate Banks was totally unwarranted, rather there was a genuine need to delink these Banks from SBI and make them autonomous. For a long time, these Banks have been subjugated to the total whims of SBI and hence the real growth of the Associate Banks was in fact thwarted. Many Banks which were smaller in size than these Associate Bank have grown much bigger now. But our demand for delinking Associate Banks from SBI was deliberately ignored and played down by the successive Governments.

However, in the name of Banking sector reforms, privatisation and consolidation have continued to be their agenda and as a part of it, the Associate Banks have been their target. Making SBI a global player has been their fanciful idea notwithstanding the fact that it is neither prudent nor required for Indian situation. Ignoring all our viewpoints, opposition of various political parties, etc. the Government has gone ahead with their decision and after giving final Cabinet clearance few days ago, have now notified the merger with SBI w.e.f. 1st April, 2017.

With this development and reality, the need has now arisen to take all efforts to protect the interests of our membership in the Associate Banks. AIBEA’s union in SBI: Our units are aware that already we have our union in SBI viz. ALL INDIA STATE BANK OF INDIA EMPLOYEES ASSOCIATION.

It has been decided that all our units and members in SBT, SBM, SBBJ, SBH and SBP will be affiliated to this union and thus we will have a stronger AISBIEA with nearly 50,000 members all over the country under the banner of AIBEA. It will be the biggest bankwise Union under the banner of AIBEA.

AISBIEA is shortly meeting to decide on all further steps to consolidate our organisation in the changed scenario after the merger with SBI and to take all steps to protect the interests of our members in the Associate Banks so that no injustice will be done to our members in any manner consequent to the merger.
With greetings,
Yours comradely,
C.H. VENKATACHALAM
GENERAL SECRETARY


Kind attention Chennai City Region PMs - Regional Meet

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