Srirangam Anjal (NFPE): December 2011

Saturday, 31 December 2011

Wishing you all a very Happy and Prosperous New Year 2012

C. Sasikumar

Divisional Secretary

Srirangam Division

94422349328

Wishing you all a very Happy and Prosperous New Year 2012

C. Sasikumar

Divisional Secretary

Srirangam Division

94422349328

Wednesday, 28 December 2011

BI-MONTHLY MEETING WITH THE PMG, CR

Attending office bearers :-

1.Sri.A.Manoharan, Regional Secretary, Central Region.
2.Sri. N.Selvan, Circle Org. Secretary .

Subjects:- Reopening of item No. (2) of 17.10.2011 BMM , since not settled though assured.

Fresh subjects:-

1.Introduction of incentive to the new items of agency works introduced in Pos as per the instructions of Dte.
No.16-16/2007-08/BD & MD/PII and Circle Office No.SR/19-88/11 RJCM dt. 20.102011.

2.Normal Functioning of Dispensary to be restored in a war footing manner since patients facing undue hardship due to want of required staff as per norms. Outsourcing was also terminated abruptly- vacancies remain unfilled.

3.Request to Allow rule 38 transfer cases without restriction of minimum 5 years norms, since in TN Circle notification of resultant vacancies made in the respective Divisions and linked with Annual Direct Rectt. Also relief is made only on joining of new rectts. and will not affect the Divisions in any way

BI-MONTHLY MEETING WITH THE PMG, CR

Tuesday, 27 December 2011

Srirangam NFPE Divisional Conference Invitation

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M.Thirusangu C.SASIKUMAR

President                                           Divisional Secretary
Srirangam Division                            Srirangam Division
9790631099                                            9442234938

R.Varadharajan

Financial Secretary

Srirangam Division

9344903348

Srirangam NFPE Divisional Conference Invitation

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M.Thirusangu C.SASIKUMAR

R.Varadharajan

Financial Secretary

Srirangam Division

9344903348

Senior Postmaster Examination postponed

Directorate has informed that the limited Departmental Competitive Examination for Promtion to the cadre of Senior Postmaster scheduled to be held on 31.12.2011 is postponed indefinitely. Further date of conduction will be intimated later on.

Senior Postmaster Examination postponed

Directorate has informed that the limited Departmental Competitive Examination for Promtion to the cadre of Senior Postmaster scheduled to be held on 31.12.2011 is postponed indefinitely. Further date of conduction will be intimated later on.

Sunday, 25 December 2011

Public Provident Fund (PPF ) Account

Investment in Public Provident Fund (PPF) Accounts is a favorite tax saving option in view of the following :

· Deposits made in PPF accounts, Upto a maximum of Rs. 70,000/- (1,00,000/- w.e.f. 1st December 2011) per annum are eligible for relief under section 80C of Income Tax Act.

· Interest earned on deposits in PPF accounts is exempt from Income Tax.

· The entire balance in a PPF account is exempt from Weath Tax.

· The balance in a PPF cannot be attached under a court decree.

PPF accounts can be opened at designated branches of State Bank of India and its associate banks, all Head Post Offices and other designated Post Offices and at designated branches of other nationalized banks.

Changes in the scheme w.e.f. 1st December 2011

· The ceiling of deposit in the account increased from Rs. 70,000 per annum to Rs. 1 lac per annum.

· The rate of interest under the scheme increased from 8% per annum to 8.60% per annum.

· The interest on loan amount increased from 1% to 2% per annum.

Salient features of PPF accounts ....

Who can open?	Any adult on his / her name or on minor's name in the capacity of guardian of the minor.
Minimum amount	Rs. 500/- per annum is required to be deposited. The accounts in which deposits are not made for any reason are treated as discontinued accounts and such accounts cannot be closed before maturity. The discontinued account can be activated by payment of the minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.
Maximum amount	Rs. 70,000/- per annum. The ceiling has been enhanced to Rs. 1 lac w.e.f. 1st December 2011.) The depositor has flexibility and freedom for depositing any amount in a maximum 12 installments in a financial year.
Maturity period	15 years. An Account, on the expiry of fifteen years, can be extended for a further period of five years at a time.
Interest Rate	The interest is paid as per the rates declared by the Government from time to time. The current rate is 8% per annum. The interest rate increase to 8.6% per annum on balance to the credit of the account holder shall be 8.60% per annum. The interest is compounded annually. The interest for the month is calculated on the minimum balance available in the account from 5th of a month to the last date of the month.
Nomination facility	Available
Transferability	A PPF account can be transferred from a branch of State Bank of India or a nationalized bank to Post Office and vice versa and also from a branch of State Bank of India to a designated branch of Nationalized Bank. A PPF account cannot be transferred from one person to another. Even in the case of death of a depositor, the nominee cannot continue the account.
Loan facility	A depositor can avail of loan facility in the third financial year from the financial year in which the account was opened. Application in prescribed form is to be made for loan along with the pass book of the account. In case, the loan is sought from minor's Account, the guardian has to make a declaration that the money is required for the use/benefit of the minor. The loan can be taken up to 25% of the amount in the account at the end of the second year immediately preceding the year in which the loan is applied for. The loan is repayable in lump sum or convenient installments. Where loan is repaid within 36 months, interest is charged at 1% (2% w.e.f. 1st December 2011) and if it is not repaid within 36 months, the interest at the rate of 6% is charged on the outstanding balance. The interest is to be paid in not more than two installments after the loan amount is fully repaid. Once the first loan is repaid, second loan can be obtained on same terms. This facility is available till the end of 5th financial year from the end of the financial year in which initial subscription was made.
Withdrawal facility	A depositor can make partial withdrawals, once every year from his PPF account after expiry of five years, from the end of Financial Year, in which the initial deposit was made. Application in prescribed form is to be made for withdrawal along with the pass book of the account. In case, the withdrawal is sought from minor's Account, the guardian has to make a declaration that the money is required for the use/benefit of the minor. The amount of withdrawal is restricted to 50% of the credit balance at the end of the fourth year immediately preceding the year of withdrawal or the year immediately preceding the year of withdrawal, whichever is lower. In case of accounts extended beyond Maturity period partial withdrawals are allowed once in a year with the condition that the amount of withdrawal during a five year block period should not exceed 60% of the balance in the account at the commencement of the block period.
Premature Encashment	Premature closure of a PPF Account is not permissible except in the case of death of the depositor.
Deduction u/s 80C	Available
Interest Taxability	Interest income is totally tax free.
Other features	The benefits of exemption of interest from Income Tax is not available on deposits made in a PPF account after expiry of fifteen years without exercising option in writing for continuance of the account within one year. PPF accounts can be opened and operated through an authorized agent appointed by the National Savings Organisation. Only local cheques are accepted for deposit and the date of presentation of local cheque and demand draft is treated as date of deposit in the Account. Balance in PPF account cannot be attached under court decree. Entire deposit in a PPF account is exempt from the Wealth Tax. The deposit in a minor account is clubbed with the deposit of the account of the guardian for the limit of Rs.70,000/- (1,00,000/- w.e.f. 1st December 2011). On death of the account holder his nominee(s)/legal heir(s) cannot continue the account. The account has to be closed in such case. Deposits in excess of Rs.70,000/- (1,00,000/- w.e.f. 1st December 2011) in a financial year in a PPF account are refunded without interest and the excess amount is not considered for income tax rebate.
Agency Commission	Discontinued w.e.f. 1st December 2011.

Public Provident Fund (PPF ) Account

Investment in Public Provident Fund (PPF) Accounts is a favorite tax saving option in view of the following :

· Deposits made in PPF accounts, Upto a maximum of Rs. 70,000/- (1,00,000/- w.e.f. 1st December 2011) per annum are eligible for relief under section 80C of Income Tax Act.

· Interest earned on deposits in PPF accounts is exempt from Income Tax.

· The entire balance in a PPF account is exempt from Weath Tax.

· The balance in a PPF cannot be attached under a court decree.

Changes in the scheme w.e.f. 1st December 2011

· The ceiling of deposit in the account increased from Rs. 70,000 per annum to Rs. 1 lac per annum.

· The rate of interest under the scheme increased from 8% per annum to 8.60% per annum.

· The interest on loan amount increased from 1% to 2% per annum.

Salient features of PPF accounts ....

Who can open?	Any adult on his / her name or on minor's name in the capacity of guardian of the minor.
Minimum amount	Rs. 500/- per annum is required to be deposited. The accounts in which deposits are not made for any reason are treated as discontinued accounts and such accounts cannot be closed before maturity. The discontinued account can be activated by payment of the minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.
Maximum amount	Rs. 70,000/- per annum. The ceiling has been enhanced to Rs. 1 lac w.e.f. 1st December 2011.) The depositor has flexibility and freedom for depositing any amount in a maximum 12 installments in a financial year.
Maturity period	15 years. An Account, on the expiry of fifteen years, can be extended for a further period of five years at a time.
Interest Rate	The interest is paid as per the rates declared by the Government from time to time. The current rate is 8% per annum. The interest rate increase to 8.6% per annum on balance to the credit of the account holder shall be 8.60% per annum. The interest is compounded annually. The interest for the month is calculated on the minimum balance available in the account from 5th of a month to the last date of the month.
Nomination facility	Available
Transferability	A PPF account can be transferred from a branch of State Bank of India or a nationalized bank to Post Office and vice versa and also from a branch of State Bank of India to a designated branch of Nationalized Bank. A PPF account cannot be transferred from one person to another. Even in the case of death of a depositor, the nominee cannot continue the account.
Loan facility	A depositor can avail of loan facility in the third financial year from the financial year in which the account was opened. Application in prescribed form is to be made for loan along with the pass book of the account. In case, the loan is sought from minor's Account, the guardian has to make a declaration that the money is required for the use/benefit of the minor. The loan can be taken up to 25% of the amount in the account at the end of the second year immediately preceding the year in which the loan is applied for. The loan is repayable in lump sum or convenient installments. Where loan is repaid within 36 months, interest is charged at 1% (2% w.e.f. 1st December 2011) and if it is not repaid within 36 months, the interest at the rate of 6% is charged on the outstanding balance. The interest is to be paid in not more than two installments after the loan amount is fully repaid. Once the first loan is repaid, second loan can be obtained on same terms. This facility is available till the end of 5th financial year from the end of the financial year in which initial subscription was made.
Withdrawal facility	A depositor can make partial withdrawals, once every year from his PPF account after expiry of five years, from the end of Financial Year, in which the initial deposit was made. Application in prescribed form is to be made for withdrawal along with the pass book of the account. In case, the withdrawal is sought from minor's Account, the guardian has to make a declaration that the money is required for the use/benefit of the minor. The amount of withdrawal is restricted to 50% of the credit balance at the end of the fourth year immediately preceding the year of withdrawal or the year immediately preceding the year of withdrawal, whichever is lower. In case of accounts extended beyond Maturity period partial withdrawals are allowed once in a year with the condition that the amount of withdrawal during a five year block period should not exceed 60% of the balance in the account at the commencement of the block period.
Premature Encashment	Premature closure of a PPF Account is not permissible except in the case of death of the depositor.
Deduction u/s 80C	Available
Interest Taxability	Interest income is totally tax free.
Other features	The benefits of exemption of interest from Income Tax is not available on deposits made in a PPF account after expiry of fifteen years without exercising option in writing for continuance of the account within one year. PPF accounts can be opened and operated through an authorized agent appointed by the National Savings Organisation. Only local cheques are accepted for deposit and the date of presentation of local cheque and demand draft is treated as date of deposit in the Account. Balance in PPF account cannot be attached under court decree. Entire deposit in a PPF account is exempt from the Wealth Tax. The deposit in a minor account is clubbed with the deposit of the account of the guardian for the limit of Rs.70,000/- (1,00,000/- w.e.f. 1st December 2011). On death of the account holder his nominee(s)/legal heir(s) cannot continue the account. The account has to be closed in such case. Deposits in excess of Rs.70,000/- (1,00,000/- w.e.f. 1st December 2011) in a financial year in a PPF account are refunded without interest and the excess amount is not considered for income tax rebate.
Agency Commission	Discontinued w.e.f. 1st December 2011.

Changes in RD Deposit/closure and PMI rules from 01.01.2012

RD deposit last date will be 15th or Last Working day based upon 1st/2nd fortnight in which the account Opened.
Discontinued RD account after maturity will earn SB interest as PMI instead of present 9.25% p.a for completed years.
PMI will be calculated for NO OF DAYS from 'Date of Maturity' to 'Date of Payment' in all schemes instead of Completed months & also 24 months limit removed.

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SB ORDER NO. 31/2011

F.No.113-01/2011-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001, Dated: 13.12.2011

All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

Subject:- Modifications in PORD Rules 1981, Post Office Monthly Income Account Rules 1987, POTD Rules 1981, KVP Rules 1988, NSC (VIII-Issue) Rules 1989-regarding.

Sir / Madam,

The undersigned is directed to enclose copies of Min. of Finance (DEA) Notification No. GSR 740(E), GSR 741(E), GSR 742(E), GSR 743(E) and GSR 744(E) dated 04.10.2011 for information and necessary action. Changes made through these notifications are listed below:-

(1) In case of RD accounts opened between 1st Day and 15th Day of a calendar month, the each subsequent deposit in the account shall be made up to 15th day of the next month and incase of RD accounts opened between 16th day and last working day of the calendar month, the each subsequent deposit in the account shall be made up to the end of the next calendar month.

Procedure:- This change should be made applicable from 01.01.2012 to all old as well as new accounts. In the month of January 2012, as and when any depositor/MPKBY agent attends the post office for subsequent deposit, a rubber stamp should be fixed on the cover and first page of the Passbook informing the last date up to which the depositor can deposit his monthly installment in the next month.

Following is the sample of stamps:-

Sample-1	Sample-2
LAST DATE OF DEPOSIT IS 15th DAY OF NEXT MONTH	LAST DATE OF DEPOSIT IS LAST WORKING DAY OF NEXT MONTH

RD deposit last date will be 15th or Last Working day based upon 1st/2nd fortnight in which the account Opened.

Sample-1 is to be fixed on the passbooks of the accounts opened between 1st and 15th Day of a month and Sample-2 is to be fixed on the passbooks of the accounts opened between 16th day and the last day of a month. Till the software is amended, penalty should be charged as per old procedure i.e if the amount is not deposited up to the last working day of the month.

(2) In case maturity value of a discontinued RD account is retained after the date of maturity, the depositor shall be entitled to a simple interest at the rate applicable from time to time to post office savings account on the amount deposited from the date of maturity till date of payment.

Procedure:- At present, interest at the rate of 9.25% was being paid on such accounts. This amendment will be made applicable from 1.01.2012 to all old as well as new accounts. This calculation is to be made manually till the software is modified. Difference of interest calculated by the software and and interest calculated manually should be noted in the Register to be maintained in manuscript for future reference.

(3) In case of premature closure of RD accounts, simple interest at the rate applicable to post office savings account from time to time shall be payable.

Procedure:-Presently, interest is being calculated by the software by compounding the rate of savings account every year. This shall be applicable to the existing RD accounts also. This calculation shall be made manually from 1.01.2012 till the software is amended. Difference of interest calculated by the software and interest calculated manually should be noted in the Register to be maintained in manuscript for future reference.

(4) In case maturity value of RD Account is retained after 10 years, Post Maturity Interest shall be payable at simple rate of interest applicable from time to time to savings account from date of maturity to date of payment.

Procedure:-This is a new provision which does not exist in the software. This calculation shall be made manually from 1.01.2011 till the software is amended. This will be applicable for existing RD accounts also. Entry of such accounts in which PMI is paid should be made in a register to be maintained in manuscript for PMI for future reference.

(1) Maximum limit of 2 years fixed for admissibility of Post Maturity Interest has been removed.

Procedure:-Now PMI should be paid from the date of maturity to date of payment at the simple interest rate applicable to savings account from time to time. The rate of interest shall be equal to the rate applicable from the date of maturity to the date of payment at different times. For example, if an account was matured on 26.8.2010 and the depositor attends the post office on 15.12.2011, he will be paid PMI at the rate 3.5% from 26.8.2010 to 30.11.2011 and at the rate 4% from 1.12.2011 to 14.12.2011.
This shall be applicable to the existing as well as new investments in all schemes. Calculations are to be made manually till software is amended and recorded in the Register to be maintained in manuscript for future reference. Following formula should be adopted while calculating the Post Maturity Interest for the number of days:-

To calculate simple interest for number of days:- MV×R÷100×N÷365.

MV= Maturity Value

R= Rate of interest

N=Number of days the account stands

Note:- While calculating number of days, the day on which account matures shall be counted in number of days but the day on which payment is being taken shall not be counted.

This issues with the approval of DDG(FS)

Yours faithfully,

(Kawal Jit Singh)