No Cash Transaction above Rs 3 lakh – FM

 

Press Information Bureau

Government of India

Ministry of Finance

01-February-2017 13:57 IST

Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh

Government to launch schemes to promote BHIM app, Aadhar Enabled Payment System

Mission to be set-up to achieve a target of 2500 Cr digital transactions in 2017-18

Series of measures proposed to strengthen and regulate digital economy

In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a suggestion by Special Investigation Team on Black Money to ban cash transactions above Rs 3 lakhs, the Finance Minister has proposed an amendment to the Income-tax Act in the Finance Bill.

Presenting the General Budget 2017-18 in the Parliament, the Finance Minister said that the Government will launch two new Schemes to promote the usage of BHIM App i.e, Referral Bonus Scheme for individuals and a Cashback Scheme for merchants. BHIM App was launched to promote digital transactions and will unleash the power of mobile phones for digital payments and financial inclusion, The Finance Minister Shri Jaitley informed the House that 125 lakh people have adopted the BHIM app so far.

The Finance Minister Shri Jaitley also announced that Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly. This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile phones. A Mission will be set-up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards. Banks have targeted to introduce additional 10 lakh new PoS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based PoS by September 2017.

Highlighting the Government’s strategy to clean the system through digital economy, Shri Jaitley said that it has a transformative impact in terms of greater formalisation of the economy and mainstreaming of financial savings into the banking system. This, in turn, is expected to energise private investment in the country through lower cost of credit. India is now on the cusp of a massive digital revolution, he added. The Finance Minister said that a shift to digital payments has huge benefits for the common man. The earlier initiative of the Government to promote financial inclusion and the JAM trinity were important precursors to the current push for digital transactions, the Finance Minister added.

In a bid to incentivize the digital transactions, the Finance Minister Shri Jaitley proposed that the presumptive income tax for small and medium tax payers whose turn-over is up to Rs 2 crore will be reduced from the present 8% of their turnover which is counted as presumptive income to 6% in respect of turnover which is received by non-cash means. This benefit will be applicable for transactions undertaken in the current year also, he added.

The Finance Minister also proposed to limit the cash expenditure allowable as deduction, both for revenue as well as capital expenditure, up to Rs 10,000. Similarly, the limit of cash donation which can be received by a Charitable Trust is being reduced from Rs 10,000/- to Rs 2000/-.

To promote cashless transactions, the Finance Minister in the Budget has proposed to exempt BCD, Excise/CV duty and SAD on miniaturised POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers/Scanners and Iris Scanners. He also proposed to exempt parts and components for manufacture of such devices, so as to encourage domestic manufacturing of these devices.

To strengthen and regulate the digital economy, the Finance Minister has proposed to create a Payments Regulatory Board in the Reserve Bank of India(RBI) by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems. The Committee on Digital Payments constituted by the Department of Economic Affairs has recommended structural reforms in the payment eco system, including amendments to the Payment and Settlement Systems Act, 2007. The Government will undertake a comprehensive review of this Act and bring about appropriate amendments, Finance Minister added.

To strengthen the digital payment infrastructure and grievance handling mechanisms, the Finance Minister said in his Budget Speech that the focus would be on rural and semi urban areas through Post Offices, Fair Price Shops and Banking Correspondents. He added that steps would be taken to promote and possibly mandate petrol pumps, fertilizer depots, municipalities, Block offices, road transport offices, universities, colleges, hospitals and other institutions to have facilities for digital payments, including BHIM App. A proposal to mandate all the Government receipts through digital means, beyond a prescribed limit, is under consideration. The Government will strengthen the Financial Inclusion Fund to augment resources for taking up these initiatives, the Finance Minister added.

In his Budget Speech, the Finance Minister informed that increased digital transactions will enable small and micro enterprises to access formal credit. He said that the Government will encourage

SIDBI to refinance credit institutions which provide unsecured loans, at reasonable interest rates, to borrowers based on their transaction history.

The Finance Minister assured the House that the Government will consider and work with various stakeholders for early implementation of the interim recommendations of the Committee of Chief Ministers on digital transactions.

Shri Jaitley said that the Government is considering the option of amending the Negotiable Instruments Act to ensure that the payees of dishonoured cheques are able to realise the payments.

 

Expected DA From January 2017 Only 2%

December ’16 AICPN ( 275 ) has been released yesterday (31st Jan 2017) with that DA is almost fixed @ 2% ( total 4%). Though this is not the final figure because the Union are protesting against the DA %. If there are any changes to DA%, we will update you at the earliest.

 

We did expect this DA% due to 261.4 Average base and in future if this figures get altered, then we can expect a DA% change too.

As we have written before, this was expected due to demonetisation of 500 & 1000 rupees’ currencies. The dip of 2 points in AICPN value compared to Nov’16, Demonetization is also one of the reason.

 

 

 

Union Budget 2017: Key highlights

 

Union Budget 2017: Key highlights

Finance minister delivering the budget speech in the Parliament on Wednesday. Photo: PTI

Finance minister Arun Jaitley presented the Union Budget 2017 in Parliament on Wednesday. Here are the key highlights of his budget speech:

Union Budget 2017:

Jaitley divided his budget proposal into 10 distinct themes: Farmers; rural population; energizing youth; poor and underprivileged; infrastructure; financial sector; digital economy; public service; prudent fiscal management; and tax administration.

OPENING REMARKS:

• Our government was elected amidst huge expectations; the underlying theme was good governance: Arun Jaitley
• Massive war against black money has been launched
• Government now seen as a trusted custodian of public money: FM
• We will focus on energizing youth to reap benefits of growth
• World economy faces considerable uncertainty: FM
• Three major challenges for emerging economies: US Federal Reserve’s stance, uncertainty over commodity prices, especially crude prices and signs of increasing retreat from globalization as protectionist fears build up
• ndia stands out as a bright spot
• Govt has continued with steady path of fiscal consolidation: FM
• We are seen as an engine of global growth: FM
•  There are two tectonic policy initiatives: GST implementation and demonetization
• Demonetization was the continuation of series of measures taken in last two years and was a bold and decisive measure
• Demonetization seeks to create a new normal where GDP would be cleaner and bigger
• Drop in economic activity due to remonetization is expected to have only a transient effect
• Demonetization has strong potential to generate long-term benefits
• Demonetization helps to transfer resources from tax evaders to govt
• Firmly believe demonetization and GST will have epoch-making impact
• Pace of remonetization will soon reach comfortable levels; effect of demonetization not expected to spill over into next year
• Surplus liquidity in banking system will raise access to credit, leading to multiplier effect on economic activity: FM
• Overall approach in budget to spend more in rural areas
• Budget 2017-18 contains 3 major reforms: advancement of date of presentation, merger of railway budget with general budget, abolition of Plan and non-Plan expenditure

• What has the budget done to revive investments?

  FARMERS:
• Farmer credit fixed at record level of Rs10 trillion; will ensure adequate flow to underserved areas
• Soil health cards: Govt to set up mini-labs in Krishi Vigyan Kendras
• Long-term irrigation fund in Nabard—corpus at Rs40,000 crore
• Model law on contract farming to be circulated
• Dairy processing infra fund with corpus of Rs8,000 crore
• Dedicated micro-irrigation fund with Rs5,000 crore corpus
• RURAL POPULATION:
• Mission Antyodaya to bring 1 crore households of poverty
• MGNREGA: Rs48,000 crore has been allocated; participation of women now at 55%; using space technology in a big way
• Prime Minister Gram Sadak Yojana: Rs19,000 crore allocated; along with states, Rs27,000 crore will be spent in FY18
• Pradhan Mantri Awas Yojana: Rs23,000 crore allocated
• 100% village electrification by May 2018
• Rural livelihood mission: Rs4,500 crore allocated
• Mason training to be provided for 5 lakh people
• Panchayat Raj: Human resource reform programme to be launched
• Rs1,87,223 crore allocated for rural programmes
• YOUTH:
• Education: System of measuring annual learning outcomes, emphasis on science
• Innovation fund for secondary education
• Reforms in UGC: Colleges to be identified based on ranking and given more autonomy
• Propose to leverage information technology with launch of SWAYAM platform for virtual learning
• National testing agency to be established for all entrance exams, freeing up CBSE, AICTE and other bodies
• 100 Indian international skill centres to be established with courses in foreign languages
• Rs4,000 crore allocated to launch skill acquisition and knowledge awareness
• Special scheme for creating employment in leather/footwear sector
• Tourism: Five special zones to be set up

• Budget 2017: Jaitley reduces income tax rates for individuals, companies

  POOR AND UNPRIVILEGED:
  • Women: Mahila Shakti Kendras with Rs500 crore corpus
  • Stepped up allocation to Rs1.84 trillion for various schemes for women and children
  • Affordable housing to be given infrastructure status
  • Action plan to eliminate leprosy by 2018, TB by 2025, reduce IMR to 29 in 2019
  • To create additional PG medical seats per annum
  • Two new AIIMS in Jharkhand and Gujarat
  • New rules to be introduced for medical devices
  • Labour rights: Legislative reforms to simplify and amalgamate existing labour laws
  • Allocation to SCs increased to Rs52,393 crore; STs given Rs31,920 crore, minority affairs allocated Rs4,195 crore
  • Senior citizens: Aadhaar-based smart cards with health details to be provided
  • INFRASTRUCTURE:
    • Total capex and development expenditure of railways pegged at Rs1.31 trillion
    • Railways: Passenger safety—Safety fund corpus set up; unmanned level crossings to be eliminated by 2020
    • Railway lines of 3,500km to be commissioned
    • To launch dedicated tourism/pilgrimage trains
    • 500 stations to be made differently-abled friendly
    • Cleanliness in railways: To introduce Coach Mitra facility; By 2019, biotoilets for all coaches
    • Railways to offer competitive ticket-booking facility; service charge withdrawn for tickets booked on IRCTC
    • New metro rail policy to be announced
    • Roads sector: Allocation for national highways at Rs64,000 crore
    • Airports Authority of India Act to be amended to enable monetization of land resources
    • Total allocation to transport sector at Rs2 trillion
    • Telecom sector: Allocation to Bharat Net programme at Rs10,000 crore
    • Digi-gau initiative to be launched
    • To make India global hub for electronics manufacture
    • Export infra: New restructured central scheme to be launched
    • Total allocation for infrastructure: Rs3.96 trillion

    FINANCIAL SECTOR:

    • Foreign Investment Promotion Board (FIPB) to be abolished
    • Commodities market: panel to study legal framework for spot and derivative markets
    • Resolution mechanism for financial firms
    • Cyber-security: Computer emergency response team to be set up
    •  Listing of PSEs will foster public accountability; revised mechanism for time-bound listing
    • To create integrated public sector oil major
    • New ETF to be launched
    • Pradhan Mantri Mudra Yojana: Lending target at Rs2.44 trillion
    • Stand-up India scheme: over 16,000 new enterprises have been set up

    DIGITAL ECONOMY:

    • India at cusp of massive digital revolution
    • Govt to launch two new schemes to promote BHIM app, including cashback scheme for merchants
    • Aadhaar Pay to be launched for people who don’t have mobile phones
    • Focus on rural and semi-urban areas
    • To strengthen financial inclusion fund
    • Panel on digital payments has recommended structural reforms
    • To create payment regulatory board at RBI

    PUBLIC SERVICES:

    • To use head post-office for passport services
    • Defence: centralized defence travel system developed
    • Defence: Centralized pension distribution system to be established
    • Govt recruitment: To introduce two-tier exam system
    • Govt looks to introduce laws to confiscate assets of economic defaulters
    • High-level panel chaired by PM to commemorate Mahatma Gandhi’s 150th birth anniversary

    • FISCAL MANAGEMENT:

      • Total budget expenditure: Rs21 trillion
      • Rs3,000 crore to implement various budget announcements
      • Defence expenditure excluding pensions: Rs2.74 trillion
      • Consolidated outcome budget for all ministries being created
      • Fiscal deficit for FY18 pegged at 3.2% of GDP
      • Revenue deficit for FY18 at 1.9%

      TAX ADMINISTRATION:

      • Direct tax collection not commensurate with income/expenditure pattern of India
      • We are largely a tax non-compliant society; predominance of cash in society enables tax evasion
      • After demonetization, data received will increase tax net
      • Black money: No cash transactions above Rs3 lakh
      • Transparency in political funding: Parties continue to receive anonymous donations; propose system of cleaning up
      • Political funding: Maximum amount of cash donation that can be received is Rs2,000; political parties can receive donations by cheques or digitally; amendment proposed to RBI Act to issue electoral bonds; every party has to file returns within specified time
      • Personal income tax: Rate reduced to 5% for income bracket of Rs2.5-5 lakh; All other categories to get uniform benefit of Rs12,500 per person; to levy surcharge on income bracket Rs50 lakh-Rs1 crore
      • Personal income tax: To have simple one-page form for taxable income up to Rs5 lakh
      • GST: preparedness of IT system on schedule
      • Not many changes to excise duties since GST will be implemented soon
      • FPI category 1 and 2 investors exempted from indirect transfer provisions
      • Time period of revising tax returns reduced to 12 months
      • Real estate: to make changes in capital gains tax
      • Concessional withholding rate will be extended to 30 June 2020, rupee-denominated masala bonds to be included
      • MAT not to be abolished at present; to allow carry-forward for 15 years
      • Corporate tax rate: MSMEs’ rate (annual turnover less than Rs50crore) reduced to 25%

      • LNG: Reduce customs duty to 2.5%
      • Limit of cash donation for charitable trusts cut to Rs2,000.

      CLOSING REMARKS:

      It is said when my goal is in sight, the winds favour me and I fly. There is no other day more appropriate than this: FM Jaitley

       

       

      Budget 2017: Tax rate reduced to 5% on income Rs 2.5L-5L

       

      NEW DELHI: Stating that India is "largely a non-tax compliant society," finance minister Arun Jaitley today said the government is putting a Rs 3 lakh limit on cash transactions.
       
      
      

      In addition, the minister gave asignificant tax break to those earning between Rs 2.5-5 lakhs+ , cutting their tax rates to as low as 5 percent from the earlier 10%.

      

      The minister imposed a surcharge of 10 percent for those whose annual income is Rs 50 lakh to Rs 1 crore. The 15% surcharge on incomes above Rs 1 crore will continue.

      Stating that political parties continue to receive most funds through anonymous donation, Jaitley announced that the maximum amount of cash donation a political party can receive is Rs 2000 from any one source.

      The minister also said the government plans to extend the basket of financial instruments to which the capital gains can be invested without the payment of tax.

      There is also a proposal to allow a carry forward of Minimum Alternative Tax for a period of 15 years up from the current 10 years now.

       

      ATTENTION TAX PAYERS!

      As you are aware, a tax deduction is a reduction in tax obligation from a taxpayer's gross income and it can be the result of a variety of events that the taxpayer experiences over the course of the year, which lowers the taxpayer's overall tax liability. 

      At present different tax codes allow taxpayers to deduct a variety of expenses from taxable income. Taxation authorities in both the Central and State governments set the tax code standards at different intervals. It is an un- disputed fact that the tax deductions set by government authorities are often used to entice taxpayers to participate in community service programs for the betterment of society. Thus the taxpayers who are aware or unaware of eligible central and state tax deductions greatly benefit through both tax deduction and service-oriented activities annually. 

      We have been paying a huge amount of tax daily, monthly, quarterly half yearly or yearly towards different kinds of taxes to the Government, such as Service Tax, Building Tax, , Property tax, Gift Tax, Entertainment tax, Sales Tax, Excise tax/duty , Professional tax Income tax etc. In addition to that certain amount of cess is also levied along with taxes in some cases. Suppose the telephone bill for a particular month is Rs. 1000/-, we are paying an additional amount of Rs.150/- or more towards service tax and cess. Likewise if we recharge our mobile phone for Rs.100/- more than Rs.15 is immediately deducted and the remainder only is credited towards talk time. So also is the case of purchase for goods and availing of services. As such though aware or unaware of the fact, thousands of rupees are paid by us towards taxes including income tax every year. 

      
      
      

      
      

      Actually, the amount equal to the sum total of such taxes is a part of our income earmarked for government purpose. In short, the beneficiary of this part our hard earned money the Government as it is not utilized by personal or family purposes by the tax payer. Due to the very reason, we the individual tax payers including the salary class are entitled to get deduction from income tax equal to the sum total of different taxes paid especially income tax. But it is disheartening that only Professional Tax is being deducted from our income while computing income tax. As a result a huge amount of loss is being sustained by the tax payers every year,

      The following simple calculation would reveal this

      Suppose the Gross income of an individual tax payer is Rs.700000/- before deduction of Rs.150000 under section 80 (C ). He had paid total tax of Rs. 50000/-(including income tax of previous year) .

      Computation of income tax - present system(AY-2017-18)

      Gross Income	Rs .700000
      Deduction under Section 80 ( c)	Rs. 150000
      Net taxable income	Rs. 550000
      Income tax  payable (with out cess)	Rs.   35000

      Computation of income tax under proposed system

      Gross Income	Rs .700000
      Deduction of  Taxes paid	Rs.   50000
      Deduction under Section 80 ( c)	Rs. 150000
      Net taxable income	Rs. 500000
      Income tax  payable (with out cess)	Rs.   20000

      
      

      Hence it would be advantageous is the Income tax computation system is revamped in such a way that un- necessary burden is shouldered by the individual tax payers who may have to take initiative to bring the matter to the notice of the government so as to remove the anomaly. 

      Thanks to Shri. Sivasankaran Areapatta

       

       

      Income Tax Department (ITD) launches Operation Clean Money

      Press Information Bureau

      Government of India

      Ministry of Finance

      31-January-2017 16:31 IST

      Income Tax Department (ITD) launches Operation Clean Money 

      Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile. 

      ITD has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources. The information in respect of these cases is being made available in the e-filing window of the PAN holder (after log in) at the portal https://incometaxindiaefiling.gov.in. The PAN holder can view the information using the link “Cash Transactions 2016” under “Compliance” section of the portal. The taxpayer will be able to submit online explanation without any need to visit Income Tax office. 

      
      
      

      Email and SMS will also be sent to the taxpayers for submitting online response on the e-filing portal. Taxpayers who are not yet registered on the e-filing portal (at https://incometaxindiaefiling.gov.in) should register by clicking on the ‘Register Yourself’ link. Registered taxpayers should verify and update their email address and mobile number on the e-filing portal to receive electronic communication.

      A detailed user guide and quick reference guide is available on the portal to assist the taxpayer in submitting online response. In case of any difficulty in submitting on line response, help desk at 1800 4250 0025 may be contacted. 

      Data analytics will be used to select cases for verification, based on approved risk criteria. If the case is selected for verification, request for additional information and its response will also be communicated electronically . The information on the online portal will be dynamic getting updated on receipt of new information, response and data analytics. 

      The response of taxpayer will be assessed against available information. In case explanation of source of cash is found justified, the verification will be closed without any need to visit Income Tax Office. The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY). 

      The taxpayers covered in this phase should submit their response on the portal within 10 days in order to avoid any notice from the ITD and enforcement actions under the Income-tax Act as also other applicable laws

       

       

       

      Consolidated Transfer policy to the regular transfers of officers/officials of the DOP

      Consolidated Transfer policy to the regular transfers of officers/officials of the Department of Posts other than the Officers of Indian Postal Service, Group A

      Click below link to Download / View the Order Copy

       

      Download

      

      Krishaprasad S Thanks for Sharing 

       
      

       

       

       

          

       

       

       

       
     
   
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Re-allotment / Transfer / Postings of PS Gr. B officers in Andhra Pradesh Circle

GDS compassionate cases - CRC minutes

Click Here to view the CRC minutes dated 10.01.2017 and 11.01.2017 on GDS compassionate cases.

 

 

MINUTES OF THE MEETING HELD UNDER THE CHAIRMANSHIP OF SECRETARY, DOP&T ON 23.01.2017

MINUTES OF THE MEETING HELD UNDER THE CHAIRMANSHIP OF SECRETARY, DOP&T ON 23.01.2017 TO CONSIDER THE CASES OF INTER CADRE TRANSFER / DEPUTATION / EXTENSION OF INTER CADRE DEPUTATION REQUIRING RELAXATION OF PROVISION(S) OF THE GUIDELINES

A meeting was held on 23.01.2017 under the Chairmanship of Secretary(P) to consider the cases of inter cadre deputation/ inter cadre transfer requiring relaxation of provision(s) of the guidelines. The members of the committee EO&AS & AS(S&V) were present. Further, DS(AIS) & US(S-III) were also present to assist the Committee in the meeting.

The Committee took note of the Action Taken Report on the minutes of the previous meeting held on 19.12.2016. The Committee after detailed deliberations and careful consideration in each case took following decisions in the meeting:-

Case 1: Inter cadre deputation of Shri Siva Prasad Kakumanu, IAS (PB:93) from Punjab cadre to Andhra Pradesh cadre.

The Committee was informed that the officer has requested for inter cadre deputation to Andhra Pradesh cadre on personal hardship. The Committee after detailed deliberations decided to defer the proposal for the present.

Case 2: Inter cadre deputation of Smt. Pooja Pandey, IAS (AM:08) from Assam Meghalaya cadre to Uttar Pradesh cadre for a period of three years.

The Committee was informed that the proposal was earlier placed before the Committee in its meeting held on 31.03.2016 wherein the Committee decided that the proposal for inter cadre deputation of the officer may be processed only after receipt of no objection / consent from the Government of Meghalaya. Accordingly, after receipt of the consent from the Govt. of Meghalaya, the ACC note with the approval of MOS(PP) was forwarded to EO(SM.1) for onward submission to ACC. However, EO(SM.1) requested to clarify whether the due process of placing the subject proposal before the Committee has been followed or not after receipt of recommendation of Govt. of Meghalaya.

Having noted that all the concerned State Governments have conveyed consent for inter cadre deputation and the officer is clear from vigilance angle, the Committee after detailed deliberations recommended the proposal and directed to put up the same to EO(SM.1) for onward submission to ACC.

Case 3: Inter cadre deputation of Shri Ajay Katesaria, IAS (MP:2012) from Madhya Pradesh cadre to Jharkhand cadre for a period of three years.

The Committee was informed that the officer has requested to reconsider his proposal for inter cadre deputation on grounds of extreme hardship of medical nature of his mother. Further, both the States have conveyed their consent and the officer is presently clear from vigilance angle. The Committee after detailed deliberations recommended the proposal in relaxation of policy and directed to put up ACC note for the approval of ACC.

Case 4: Inter cadre deputation of Dr. Om Prakash, IAS (AM:2006) from Assam -Meghalaya cadre to Rajasthan cadre for a period of three years.

The Committee was informed that the officer has requested for inter cadre deputation to Rajasthan cadre. The officer has completed the required period of nine years. Further, consent from Govt. of Assam and Rajasthan has been received and the office is clear from vigilance angle. The Committee after detailed deliberations recommended the proposal and directed to put up ACC note for the approval of ACC after receipt of the consent from the Govt. of Meghalaya.

Case 5: Inter cadre deputation of Shri K. Thavaseelan, IAS (NL:12) from Nagaland cadre to Telangana cadre.

The Committee was informed that the officer has requested for inter cadre deputation on grounds of ill health of his father. The Committee observed that the officer has not completed the required period of nine years in his cadre. The Committee after detailed deliberations did not recommend the proposal of the officer as the same is not covered under the policy and directed to include it in the quarterly report to be submitted to ACC.

Case 6: Extension of inter-cadre deputation of Shri Pandurang Kondbarao Pole, IAS (JK:04) from Jammu & Kashmir cadre to Maharashtra cadre for a further period of two years beyond 02.02.2017.

The Committee was informed that officer has requested for extension of his deputation tenure. Further, both the state Governments have conveyed consent. The Committee after detailed deliberations recommended the proposal and directed to put up ACC note for the approval of ACC.

Case 7: Extension of Inter-Cadre Deputation (ICD) period of Shri Manish Kumar Verma, IAS (OR:2000) from Odisha cadre to Bihar cadre for a further period of two years beyond 22.03.2017 after completing a tenure of five years on inter cadre deputation.

The Committee was informed that the officer is working as Secretary to Hon’ble CM,Bihar and has requested for further extension of his inter cadre deputation tenure for a further period of two years beyond five years tenure. The Committee was also informed that in the past some officers have been granted extension of deputation beyond five years tenure to be posted as Secretary to the Chief Minister concerned. The Committee after detailed deliberations directed to place the proposal before the ACC for extension of deputation tenure for a further period of one year only, in relaxation of the extant policy. In case the proposal is considered favourably, it may be applicable for one year or till the officer is posted as Secretary to Hon’ble CM of Bihar, whichever is earlier. The tenure will be ended automatically if the officer is posted to any post other than Secretary to CM.

Meeting ended with thanks to the Chair.

 

 

 

INAUGURATION SNAPSHOT OF INDIA POST PAYMENTS BANK (IPPB) AT RAIPUR & RANCHI ON 30TH JANUARY 2017

INDIA POST PAYMENTS BANK WILL BE A GAME CHANGER FOR FINANCIAL INCLUSION-MANOJ SINHA

IPPB branches launched in Ranchi & Raipur

            Finance Minister, Shri Arun Jaitley and Minister of Communications Shri Manoj Sinha launched the operations of the India Post Payments Bank (IPPB) here today as two pilot branches at Raipur and Ranchi through video conferencing from Delhi.

            Speaking on the occasion, Shri Jaitley said that about 650 IPPB branches will be opened by September this year and that will have a multiplier impact as far as banking in India is concerned. He said with IPPB, banking at the doorstep will no longer remain a mere slogan, but will become a reality due to huge postal network in the country. He said that financial Inclusion is critical for the socio-economic development of the country, but there are significant gaps in this area and a large proportion of country’s population remain unbanked or underbanked. IPPB will effectively leverage the ubiquitous post office network with its pan-India physical presence, long experience in cash handling and savings mobilization, backed by the ongoing project of IT-enablement, to bridge this gap in Financial Inclusion.

            In his address, Minister of Communications Shri Manoj Sinha has commended the hard work done by the Department of Posts in setting up the India Post Payments Bank and hoped that both organizations will work in tandem to take the benefits of government schemes and financial services that are not easily available in rural areas to customers across the country and to the marginalized population in urban and rural areas alike. He said, the objective of IPPB will be public service rather than promoting commercial interests.

            Secretary, Department of Posts, Shri B.V.Sudhakar said that the IPPB is widely expected to be a game changer for financial inclusion in the country as the USP of this initiative is doorstep banking, particularly in the rural areas.

            As mandated by the RBI, the India Post Payments Bank (IPPB) would focus on providing basic financial services such as all kinds of payments; including social security payments, utility bill payments, person to person remittances (both domestic and cross-border), current and savings accounts up to a balance of Rs 1 lac, distribution of insurance, mutual funds, pension products and acting as business correspondent to other banks for credit products especially in rural areas and among the underserved segments of the society.

            Set up us a 100% Government of India owned Public Limited Company under the Department of Posts, it will open around 650 branches in district HQ locations. All 1.55 lacs post offices including the 1.39 lac of the rural post offices will be mapped to the IPPB branch at the district headquarter and function as access points for IPPB. IPPB will usher in state of the art internet and mobile banking platforms, digital wallets and use innovative and emerging technologies to catalyse the shift from a cash dominant to a less cash economy.

            While many other banks and financial institutions are working on the same theme, the USP of IPPB will be its ability to ease access and handhold the adoption of new age banking and payments instruments among citizen of all walks of life through the delivery by postmen and Grameen Dak sevaks, savings agents and other franchisees who will take banking to door steps. IPPB thus aspires to the most accessible, affordable and trusted bank for the common man with the motto - “No customer is too small, no transaction too insignificant, and no deposit too little”.

            Given ‘in principle’ approval by the RBI along with 10 other aspirants on 19th Aug 2015, IPPB received the cabinet’s approval on 1st June, 2016 and was incorporated as on 17th Sept, 2106. Today it became the second payments bank to launch its operations. Having got its final banking license from the RBI on the 20th Jan 2017 it has commenced operations in record time of 10 days in partnership with the Punjab National Bank, after obtaining all necessary approvals and registrations from the RBI, NPCI etc.

            A commemorative stamp and a logo of the new bank were also launched on the occasion.

   

India Post Payment Bank Account Opening Form - Download

 

 

 

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RICT DEVICE TRAINING MANUAL

OPERATIONS AND MAINTENANCE OF RICT DEVICE:

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The introduction of Hand-held Device viz., Main Computing Device (MCD) with all its peripherals going to be used in Branch Post Offices is well presented for the information of GDS and all others.

This gives us preliminary information along with some theoretical knowledge (for unaware GDS) & practical knowledge (for those who are in good practice in some Circles/Divisions) over the MCD (Hand-held Device) and its usage in BOs.