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Reconsider penalty for not keeping minimum
balance: Govt asks SBI
The government on Monday asked SBI to reconsider its decision to levy penalty on non-maintenance of minimum balance, which the bank plans to hike manifold from April 1 impacting over 31 crore savings bank account holders.
State Bank of India, according to a source, has also been asked to reconsider charges it proposes to levy on cash transactions and ATM withdrawals over specified limits.
The country’s largest lender has announced imposing penalty ranging from Rs 20-100 on non-maintenance of Minimum Average Balance (MAB) in savings bank accounts from April 1. The penalty is as high as Rs 500 in case of current accounts.
The penalty for breach of MAB is being reintroduced after a gap of five years.
The bank has also increased the minimum balance requirement by many times, which is as high as Rs 5,000 for account maintained with branches in six metro cities.
SBI has also imposed restrictions on withdrawals of cash from its branches as well as ATMs. These will attract charges after certain specified limits.
“Government has asked SBI to reconsider it’s decision to impose a penalty on non- maintenance of minimum balance in accounts from April 1 onwards,” the source said.
The government has also urged SBI and other lenders, including private sector banks to “reconsider the charges on cash transactions and ATM withdrawals above a certain limit”.
Some private banks, like HDFC Bank, ICICI Bank and Axis Bank, have started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
Source : http://www.hindustantimes.com/
Drop your letter in boxes on trains and it could reach the next morning
On its way:The postbox facility on the Thiruvananthapuram-Mumbai LTT Netravathi Express.H.S. MANJUNATH |
Enthused by the positive response to ‘letter boxes’ introduced on three Railway Mail Service (RMS) coaches, the Karnataka Circle of India Post is planning to introduce them in other trains in the State.
Letters and postcards posted in these boxes can be delivered the next morning at specified locations, which otherwise takes at least two days.
The letter boxes are being reintroduced after a gap of over three decades, when it was discontinued in 1984.
At present, the boxes have been put on Rani Chennamma (Bengaluru-Kolhapur), Chennai Mail (Bengaluru-Chennai), Hubballi-Vijayawada, and Netravathi (Thiruvananthapuram-Mumbai LTT) trains. It would be extended to at least four more trains, including the Udyan Express.
Chief Postmaster General (Karnataka Circle) Charles Lobo re-introduced letter boxes on Rani Chennamma on February 13, a day before Valentine’s Day.
Mr. Lobo said the step was taken to encourage the waning letter-writing habit and to ensure speedy delivery of articles such as invitation and greeting cards.
Mr. Lobo told The Hindu that the postboxes were part and parcel of mail trains since 1854 where RMS staff working on board the trains used to sort the letters and arrange delivery. After the practice was discontinued in1984, dedicated RMS coaches were withdrawn and in their places India Post got either half a coach or a quarter of the coach. Since the speed of trains too increased, it was difficult to sort letters on board.
Mr. Lobo said letters would be delivered at limited destinations where RMS facility is working in railway stations, including Bengaluru, Hubballi-Dharwad and Belagavi for Rani Chennamma; Bengaluru and Chennai for Chennai Mail; Mangaluru and Goa for Netravathi Express; Hubballi-Dharwad and Bagalkot for Vijayawada passenger train, among others.
The consigner has to visit the station to post the articles in the letter boxes on the specified trains and the system helps in cases of urgent deliveries, he said.
Extension of the facility to trains with non-RMS coaches would depend upon the response from the Railways.
Source : http://www.thehindu.com/
Implementation of 7th CPC Pay Matrics – Pay fixation to staff – Anomaly resulting less pay to senior in comparison with junior – reg.
NFIR
National Federation of Indian Railwaymen
3, Chelmsford Road, New Delhi-110 055
Affiliated to :
IndIan National Trade Union Congress (INTUC)
International Transport Workers’ Federation (ITF)
No.IV/NFIR/7 CPC (Imp)/2016/R.B./part I
Dated: 06/03/2017
The Secretary (E),
Railway Board,
New Delhi
Dear Sir,
Sub: Implementation of 7th CPC Pay Matrics – Pay fixation to staff – Anomaly resulting less pay to senior in comparison with junior – reg.
Ref: Notification issued by the Railway Ministry vide RBE No.90/2016 – Rule 10(2) therof.
NFIR desires to bring to the notice of the Railway Board, the anomalous situation arisen pursuant to sub-para (2) of Rule 10 of the Notification issued by the Railway Board vide RBE No.90/2016. A case on North Western Railway is cited below as example:-
- Mr.X and Y have been working as SSE in the Loco Workshop, Ajmer in GP 4600/- (Level 7). Mr. X is senior to Mr. Y.
- Both X & Y have been drawing pay equal to Rs.60,400/- on 1st July 2016. Both the employees are due for financial upgradation benefit under MACPS in the month of February 2017.
- Mr.X has been given financial upgradation under MACPS and his pay when fixed in Level 8 comes to Rs.62,200/-. His next increment is due on 1st January 2018 when his pay will raise to 64,100/-.
- Mr.Y has been denied financial upgradation due to ‘Good ACR’ for the year 2014. His pay on lst July 2017 will be Rs. 62,200/- in Level 7 which will be equal to Mr. Y’s pay as on 1st July 2017.
- When Mr.Y becomes fit for financial upgradation under MACPS sometime between July and December 2017, then his pay will be 64,100/- in Level 8 which will be equal to the pay of Mr.X in January 2018. Subsequently, when Mr.Y will be given next increment in January 2019 ultimately Mr. X will lag behind by six months despite being senior.
The position mentioned above clearly reveals that senior has been put to loss by way of drop in emoluments. This needs to be remedied to do justice to senior employees.
NFIR, therefore, requests the Railway Board to examine the case in the light of above illustration and take necessary action for rendering justice to senior staff in whose case, the drop in emoluments has taken place. Federation may also be apprised of Board’s response early.
Yours faithfully,
sd/-
(Dr.M.Raghavaiah)
General Secretary
Source: NFIR
What are the benefits available to a senior citizen and very senior citizen in respect of tax rates?
What are the benefits available to a senior citizen and very senior citizen in respect of tax rates?
Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax. The exemption limit granted to senior citizen and very senior citizen for the financial year 2016-17 is as follows :
Senior citizen
|
Very senior citizen
|
A senior citizen is granted a higher exemption limit compared to non-senior citizens. The exemption limit for the financial year 2016-17 available to a resident senior citizen is Rs. 3,00,000. In other words, a resident senior citizen is not liable to pay any tax up to income of Rs. 3,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to normal tax payers. | A very senior citizen is granted a higher exemption limit compared to others. The exemption limit for the financial year 2016-17 available to a resident very senior citizen is Rs. 5,00,000. In other words, a resident very senior citizen is not liable to pay any tax up to income of Rs. 5,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 2,50,000 in the form of higher exemption limit is available to a resident very senior citizen as compared to normal tax payers. |
At what age a person will qualify as a senior citizen and very senior citizen under the Income-tax Law?
Before understanding the age criteria, it is very important to know that the tax benefits offered under the Income-tax Law to a senior citizen/very senior citizen are available only to resident senior citizen and resident very senior citizens. In other words, these benefits are not available to a non-resident even though he may be of higher age. The age and other criteria to qualify as a senior citizen and very senior citizen under the Income-tax Law are as follows :
Is there any special benefit available under the Income-tax law to very high aged person, i.e., very senior citizens?
Criteria for senior citizen
|
Criteria for very senior citizen
|
Must be of the age of 60 years or above but less than 80 year at any time during the respective year. | Must be of the age of 80 years or above at any time during the respective year. |
Must be resident | Must be resident |
Illustration
|
Illustration
|
(1) Mr. Kumar (resident in India) attained the age of 60 years during the financial year 2016-17. Will he qualify as senior citizen under the Income-tax Law for the financial year 2016-17? ** Yes, since Mr. Kumar is a resident and he attained the age of 60 years during the year 2016-17, he will be treated as senior citizen under the Income-tax Law for the financial year 2016-17. (2) Mr. Kamal (non-resident) attained the age of 60 years during the financial year 2016-17. Will he qualify as senior citizen under the Income-tax Law for the financial year 2016-17? ** Mr. Kamal is a non-resident, the benefits of senior citizen under the Income-tax Law are available to a resident only, and hence, Mr. Kamal will not be treated as senior citizen under the Income-tax Law for the financial year 2016-17. | (1) Mr. Raja (resident in India) attained the age of 80 years during the financial year 2016-17. Will he qualify as very senior citizen under the Income-tax Law for the financial year 2016-17? ** Yes, since Mr. Raja is a resident and he attained the age of 80 years during the year 2016-17, he will be treated as a very senior citizen under the Income-tax Law for the financial year 2016-17. (2) Mr.Rajat (non-resident in India) attained the age of 80 years during the financial year 2016-17. Will he qualify as very senior citizen under the Income-tax Law for the financial year 2016-17? ** Mr.Rajat is a non-resident, the benefits of very senior citizen under the Income-tax Law are available to a resident only and, hence, Mr.Rajat will not be treated as very senior citizen under the Income-tax Law for the financial year 2016-17. |
Is there any special benefit available under the Income-tax law to very high aged person, i.e., very senior citizens?
Yes, the Income-tax Law very well takes care of very senior citizens of the nation by offering special tax benefits to high aged person (80 year or above).
Is there any special benefit available under the Income-tax law to senior citizens?
Yes, the Income-tax Law very well takes care of the senior citizens of the nation by offering them several tax benefits.In this part you can gain knowledge of various benefits offered by the Income-tax Law to senior citizens.
Is a very senior citizen granted exemption from e-filing of income tax return?
- From the assessment year 2015-16 onwards any taxpayer filing return of income in Form ITR 1/2/2A and having a refund claim in the return or having total income of more than Rs. 5,00,000 is required to furnish the return of income electronically with or without digital signature or by using electronic verification code. However, Income-tax Law grants relaxation from e-filing in above case to very senior citizen.
- In other words, a very senior citizen filing his return of income in Form ITR 1/2/2A and having total income of more than Rs. 5,00,000 or having a refund claim can file his return of income in paper mode, i.e., for him e filing of ITR 1/2/2A (as the case may be) is not mandatory. However, he may go for e-filing if he wishes.
Is a retired senior citizen granted exemption from payment of advance tax?
As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of "advance tax". However, section 208 gives relief from payment of advance tax to a retired senior citizen. As per section 208 a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession, is not liable to pay advance tax.
What are the benefits available in respect of expenditure incurred on account of medical treatment of specified diseases on treatment of a senior citizen or a very senior citizen?
section 80DDB of the Income-tax Law gives various provisions relating to tax benefits available on account of expenditure on medical treatment of specified diseases. Click the following link to know about details of section 80DDB which covers the details of special benefits under section 80DDB available to a senior citizen or very senior citizen. Check page 8 topic "Deduction in respect of expenditure on medical treatment of specified diseases [ section 80DDB]"
What are the benefits available in respect of expenditure incurred on account of medical insurance premium/ medical expenditure to a senior citizen/very senior citizen and on account of?
Section 80D of the Income-tax Law gives various provisions relating to tax benefits available on account of payment of medical insurance premium and other related items. Click the following link to know about details of section 80D which covers the details of special benefits under section 80D available to a senior citizen and very senior citizen.. Check page 5 topic "Deduction in respect of medical insurance premium [ Section 80D]"
List of HOs which can accept GDS online Selection Fee
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Finacle Module wise Menu List
CIF IDs Related menus for DOP Finacle
1. CDEDUP - To see whether the customer is already a existing customer
2. CCRC/CIFCR - For creation of CIF
3. CCRC/CIFCR - CIF creation needs a verification by Supervisor
4. CMRC/CIFMD - CIF Modification
5. CMRC/CIFMD - Suspension of CIF ID
6. HCCA - Merger of CIF ID
7. HCRV - Inquiring of CIF IDs(Customer Relationship View) SB ACCOUNT
1. CASBAO/QDESA - For opening a savings account
2. CASBAV/QDESAVF - For verification of an opened account
3. CASBAOM/QDEMSABV - For modification of an account BEFORE verification
4. CASBAM/QDEMSA - For modification of an account AFTER verification
5. CTM/CXFER - For cash and transfer transactions respectively
6. HPBP - Pass Book Printing
7. HCAAC - To close a savings account and for verification for closure
8. CNAC - Finding out the new account number from the Old account number
9. HCBM - Changing the status of the customer from Minor to Major
TD Account Related Menu for DOP finacle
1. CMISAO/ MISAOP` - To open an account
2. CMISAOPV/ MISAVF - Verification by Supervisor
3. CMISAOPM / MISAMBV - To modify an account before verification
4. CMISAM /MISAMAV - To modify an account after verification
5. TRCDP/ CTM - Fund an account by cash
6. TRTFR/HXFER/CXFER - Fund an account by through transfer
7. HTDTRAN - Transaction inquiry
8. TDRED/HTDREN - To renew a TD account
9. HCAACTD/TDACTCL - To close a TD account
10. HCAACVTD/TDACTCLV - Verification of closer
MIS ACCOUNT Related Menus
1. CMISAOP/MISAO - To open an account
2. CMISAOPV/MISAVF - Verify the account
3. CMISAOPM/MISAMBV - Modification Before Verification
4. CMISAM/MISAMAV - Modification After Verification
5. HCAACTD - For closure/ pre-closure of the account,
6. HCAACVTD - Verification
7. HTM - Interest to be paid by debiting SUNDARY DEPOSIT MIS
SCSS ACCOUNT Related Menus
1. CSCAOP/SCSSAO - For opening an SCSS deposit account
2. CSCAOPM/SCSSMBV - Modification BEFORE Verification
3. CSCAOPV/SCSSAV - The account opening verification
4. CSCAM/SCSSMAV - Account modification AFTER Verification
5. HCAACTD - Closure of an SCSS account
6. HCAACVTD - Closure verification
RD Account Related Menu in DOP Finacle
1. CRDOAAC/RDAOCM - For opening of recurring deposit account
2. CRDOAACV/RDAOVF - Verification of opening
3. CRDOAACM/RDMAO - Modification in the account before verification
4. CRDACM - Modification in the account After verification
5. RDAMT/CRDP - RD Account transaction maintenance
6. CRDCAAC/RDACLM - For closure of recurring deposit account
7. CRDCAACV/RDACLM - Verification of the closure account
PPF Account Related Menu in Finacle
1. CPPFAO/PPFAO - To open a PPF account
2. CPPFAV/PPFACVF - Verification
3. CPDTM - Funding and for all the future deposits in the PPF account
4. CPWTM - Part withdrawal
5. HAFSM - To unfreeze the account for
6. PPFAMBV/CPPFAOM - PPF A/c can be modified before verification
7. PPFAMAVF/CPPFAM - PPF A/c modification after verification
8. PPFAEXT/HCEXTN - PPF A/c Extension
9. HCAAC - To close a PPF account
NSC/KVP Account Related Menu
1. CSCOAAC/NSCAO - For Opening a NSC Account
2. CSCOAACV/NSCAOVF - Verification
3. HDRP - For printing NSC
4. CSCOAACM/NSCAMBV - Modification of an NSC account can be done BEFORE verification
5. CSCACM/NSCAM - Modification AFTER Verification can
6. CSCCAAC/NSCAC - For closing an account and this require verification
by the Supervisors by the same menu option
7. HPR - Report can be viewed
8. CSCACM/NSCAM - For modification of a KVP account
9. CSCCAAC/NSCAC - For premature closure/closure on maturity of a KVP
10. HCCA - Transfer of KVP Account from one customer to another customer 11. HACLITD - For balance inquiry in a KVP account.
LOAN AGAINST RD ACCOUNT
1. CAOLARD/RDHWAO - To open a loan account against RD
2. CAOMLARD/RDHWAMBV - For Modification Before Verification
3. CACMLARD/RDHWAMAV - For Modification After Verification
4. CAOVLARD/RDHWAVF - Verification
5. LARDD/RDHWDP - For disbursement of the sanctioned amount
6. HLAUPAY - For making unscheduled payments (for both bullet and monthly installment loans)
7. HLASPAY - For making scheduled payments ( for monthly installment loans)
8. HPAYOFF/CAACLA - For closure of the account
9. HPAYOFF/CAACLA - Verification of closer
LOAN ACCOUNT AGAINST A PPF ACCOUNT
1. CLPPFAO/PPFLAO - To open a loan account against PPF
2. CLPPFAOV/PPFLAVF - Verification
3. CLPPFAOM/PPFLAMBV - Modification before verification
4. CLPPFAM/PPFLAMAV - Modification after verification
5. CPWTM/PPFWLINT - For PPF Withdrawal, Loan Disbursement and Interest Recovery
6. Invoke the menu option CLPR and HACINT before proceeding with account closure
7. CPDTM/ PPFDPLR - For the repayment of the loan and closing the loan account
8. CPDTM/PPFDPLR - Verification
OFFICE ACCOUNTS AND REPORTS
1. HIOT - Inquire on transaction
2. HIOGLT - Inquiry on GL transaction
3. HACLINQ - Office Account Ledger Inquiry
4. HACLPOA - Office A/c. Ledgers Print
INTEREST INQUIRIES AND REPORTS
1. HAITINQ - Account Interest Inquiry
2. HCUIR - Customer Interest Inquiry
3. HAINTRPT - Account Interest report
4. HINTTI - Interest Details Inquiry
5. HLINTI - Inquiry on Interest
6. HIARM - Interest Adjustment
CHARGES INQUIRY AND REPORTS
- HCCI - Customer wise charges Inquiry
- IFD - Inquire Fee details
- CCCSA - Closed Charges For Silent Account
- HGCHRG - General Fees
CLEARING INQUIRIES AND REPORTS
- HPICSL - Print inward clearing statement
- HMICZ - Print inward clearing validation report
- HREJREP - Clearing rejection report
- HINWREMI - Inward Remittance Details Report
- HOUTREMI - Outward Remittance Details Report
- HOIQ - Outward Clearing Instrument Inquiry
- HTRFTOPC - Transfer File to PC
LOAN ACCOUNTS INQUIRY AND REPORTS
- HCULA - Loan accounts of customer report
- HLNGI - Loan General Details
- HLACLI - Ledger Inquiry
CUSTOMER INQUIRIES AND REPORTS
- HACS - Account Selection
- HACSP - Account selection and Print
- HACCBAL - Components of account balance
- HACCBALI - Account balance inquiry
- HACLI - Account Ledger inquiry
- HABMR - Account below minimum balance report
- HACLPCA - Account ledger print
- HCUACC - Account of customer
- HCRV - Customer Search
- HCUDET - Inquire on General Details of Customer
- HACI - Signature Verification
- VSPH - View Signature and Photograph List
CHEQUE BOOKS AND REPORTS
- HCHBI - Cheques book issue inquiry
- HISAI - Inventory Split and Inquiry
- HIIA - Inventory Inquiry All
- HIMI - Inquire on Inventory Movement
- HISI - Inquiring on the inventory
OTHER INQUIRY AND REPORTS
- HBR - Balancing report
- HQBR - Quick balancing report
- HPR - Print report
- HISTR - Inter sol transaction report
- HISAR - Inter sol audit report
- HEXCPRPT - Exceptions Report
- HFINRPT - FINRPT Report Generation
- HGR - General Report
- HPDB - Day Book printing
- HSPRG - Generate Stop Payment Register Report
- HSCWRPT - Shroff Cash Report
- CATREP - Accounts Transfer Report
- HMR - Monthly/Yearly Statistical report
- CSCB - Scheme Balances
- CNSR - HNSR (Monthly/Yearly Nomination Statistical Reports)
- HMEMOPAD - Memo pad Maintenance
DEPOSITS INQUIRY AND REPORTS
- HACDET ` - Account details
- HGDET - General details
- HRELACI - Renewed account inquiry
- HPLIST - Pending installment List (Recurring Deposit)
- HCUMAT - Customer accounts maturities
- HCUTD - Term Deposit of the customer
- HDTRS - Deposit Transactions Report Summary
- HRENHIST - Term Deposit Renewal History Details of Account
- HTDSIP - Tax Report Options
- HTDSREP - Customer Wise TDS Report
TRANSACTIONS INQUIRY AND REPORTS
- HFTI - Financial Transaction Inquiry
- HFTR - Financial Transaction Report
- HTCPIAE - Teller cash position Inquiry - employee
- HTCPIAC - Teller cash position Inquiry- currency
- HOCI - Outward cheques Inquiry
- HABI - Balance Inquiry
- HACSBIO - A/c. Shadow Balance Inquiry
- CNSTRP - Transactions Report
SAVINGS ACCOUNT INQUIRY AND REPORTS
- CATREP - Accounts transfer Report
- CCHQREP - Cheques Report Generation
- CMITMA - Minor to Major Report
- CRVACC - Dormant Accounts revived Report
- CSIREP - Silent account Report
- CAFUREP - Account Freeze and Unfreeze Report
- CWAREP - Welcome Kit Account Report
- CWDREP - Report of SB Withdrawals above Rs.10000
- HACDET - A/c. Balance Details
- CNAC - Old Accounts Details Look Up
- HACCDET - Inquire on General Details of Account
- HAFSM - Account freeze/Unfreeze
- HSSII - Inquire on standing instructions maintenance
- HSIREPTS - Standing Instructions Reports
DAY END
- HFTI - Financial Transaction Inquiry
- HSVALRPT - SOL VAL Reports
- HSCOD - To Change Date (Day End)
- HSOLCOP - SOL Closure
- HSCOLD - SOL Closure for Last Day
- HSSI - Inquire on SOL status
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