Saturday, 1 October 2016

DA Calculation with AICPIN: Labour Bureau released Index for August 2016

DA Calculation with AICPIN: Labour Bureau released Index for August 2016

DA Calculation with AICPIN


Consumer Price Index Numbers for Industrial Workers on Base 2001=100

CPI(IW) Base 2001=100 Monthly Index Letter : August 2016

Month / Year CPI(IW)
JANUARY 2016 269
FEBRUARY 2016 267
MARCH 2016 268
APRIL 2016 271
MAY 2016 275
JUNE 2016 277
JULY 2016 280
AUGUST 2016 278

The All India CPI-IW for August, 2016 decreased by 2 points and pegged at 278 (two hundred and seventy eight). On 1 month percentage change, it decreased by (-) 0.71 per cent between July, 2016 and August, 2016 when compared with the increase of (+) 0.38 per cent between the same two months a year ago.

Authority: http://labourbureau.nic.in/

Revision of interest rates for Small Savings Scheme from 1st Oct, 2016 to 31st Dec, 2016

Revision of interest rates for Small Savings Scheme from 1st Oct, 2016 to 31st Dec, 2016

F.No. 1/04/2016-NS.II
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: September 29. 2016
OFFICE MEMORANDUM
Subject: Revision of interest rates for Small Savings Schemes.

The undersigned is directed to refer to this Department's OM of even number dated 16th February. 2016. vide which the various decisions taken by the Government regarding interest fixation for small savings schemes were communicated to all concerned.

2. On the basis of the decision of the Government. interest rates for small savings schemes are to be notified on quarterly basis. Accordingly. the rates of interest on various small savings schemes for the third quarter of financial year 2016-17 starting on 1st October, 2016 and ending on 31st December. 2016, on the basis of the interest compounding/payment built-in in the schemes. shall be as under:

InstrumentsRate of interest
w.e.f. 01.07.2016
to 30.09.2016
Rate of interest
w.e.f. 01.10.2016
to 31.12.2016
Compounding
frequency*
Saving Deposit4.04.0Annually
1 Year Time Deposit7.17.0Quarterly
2 Years Time Deposit7.27.1Quarterly
3 Years Time Deposit7.47.3Quarterly
5 Years Time Deposit7.97.8Quarterly
5 Years Recurring Deposit7.47.3Quarterly
5 Years Senior Citizens Savings Scheme8.68.5Quarterly and paid
5 Years Monthly Income Account Scheme7.87.7Monthly and paid
5 Years National Savings Certificate8.18.0Annually
Public Provident Fund Scheme8.18.0Annually
Kisan Vikas Patra7.8
(will mature in
110 months)
7.7
(will mature in
112 months)
Annually
Sukanya Samriddhi Account Scheme8.68.5Annually
*No change

3. This has the approval of Finance Minister.
(Vyasan R.)
Deputy Secretary to the Government of India
Source: http://finmin.nic.in

Rotational transfer of Under Secretaries of CSS : Relieving of officers

No. 5/7/2015-CS-I(U)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
CS-I(U) Section
3rd Floor, Lok Nayak Bhawan
Khan Market, New Delhi 11 0003
Dated 30th September, 2016·
OFFICE MEMORANDUM

Subject: Rotational transfer of Under Secretaries of CSS - Relieving of officers - regarding

The undersigned is directed to refer to this Department's Order of even number dated 09.09.2016 on the subject mentioned above, wherein the concerned Ministries/Departments were requested to relieve the officer(s) concerned immediately so that the officers could join the allocated Ministry/ Department. However, it has been observed that not all the officers have been relieved so far.

2. The concerned cadre units as well as the officers concerned are, therefore, once again requested to comply with the above referred order. If the Ministry/ Department concerned fail to issue relieving orders, the concerned officer(s) shall be deemed to have been relieved w.e.f. 30.09.2016(A/N). The onus to join the allocated Ministry/Department on the basis of the above order dated 09.09.2016 issued by this Department will be on the officer concerned and failure to do so may attract punitive action.

3. A copy of relieving/ joining order may also please be furnished to this Department for records.
(Chandra Shekhar)
Under Secretary to the Govt. of India
To
All the concerned Ministries/ Departments
(through website of DOPT)
Source: persmin

Centre to Raise EPF Equity Exposure to 10 Percent

Centre to Raise EPF Equity Exposure to 10 Percent : The proposal to hike the exposure to equities was discussed with the EPFO s central board of trustees twice in recent months.

One in every ten rupees parked in your provident fund would now be invested on Dalal Street, with the government deciding to double EPF savings’ exposure to equities from the present level of 5 per cent to 10 per cent of fresh accretions to the corpus, Union Labour and Employment Minister Bandaru Dattatreya said.
Riding over concerns expressed by employee representatives on the board of the Employees Provident Fund Organisation (EPFO), the Labour Ministry has issued instructions to its fund managers to tap the enhanced window for equity investments immediately. Officials said this is expected to translate into an additional investment of Rs.11,500 crore in stocks over the next six months of this financial year.

This will meet a long-standing demand of EPF members… EPFO is a social security organisation and a custodian of workers’ money, so it is our responsibility to keep the money safe and at the same time, give them good returns, Mr. Dattatreya said.

While the Finance Ministry had allowed equity investments between 5 per cent and 15 per cent of fresh accretions for non-government provident funds such as EPFO, the PF office had made a cautious start by allowing 5 per cent investments last August after years of resistance to a stock market foray. The Finance Ministry had first allowed equity investments of up to 5 per cent of corpus in 2005.

The proposal to hike the exposure to equities was discussed with the EPFOs central board of trustees twice in recent months and the improvements in returns were shared with them, the minister said. We have taken this decision after careful consideration. The world over, pension funds invest around 30 per cent in equities, Mr Dattatreya said.

Source: The Hindu

FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country.

FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country.

The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule. The Finance Minister Shri Jaitley was making his Opening Remarks at the Fourth Meeting of the Parliamentary Consultative Committee attached to the Ministry of Finance held here today. The subject of today's Meeting was the Goods and Services Tax (GST)

The Finance Minister Shri Jaitley further said that the First Meeting of the GST Council was held in a very cordial and constructive environment earlier this month and today, he will hold the Second Meeting of the GST Council. In the GST regime, the GST Council has been created under Article 279A of the Constitution. The GST Council is a joint forum of the Centre and the States. The Council will take decisions on important issues like tax rates, exemption list and threshold limits etc.

Thereafter, the Members of Consultative Committee who participated in today's Meeting sought various clarifications with regard to GST Law and gave suggestions for its better implementation. Some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime. The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale Awareness Campaign especially for the small traders as most of them are still unaware about the complex procedures and processes under GST regime including for registration and filing of returns etc. Some of the members suggested that availability of IT network in all parts of the country, especially in small towns and rural areas, must be ensured as GST system will work only online. Some of the members appreciated the initiative of the Government in getting the GST law passed by both the Houses of Parliament as well as its commitment to implement it in a time bound manner. The members hoped that this law will bring relief to the common man by exempting certain essential items from GST and moderate rate of taxation on other items which in turn will bring down the prices of common man consumption items as well as cost of living at large.

Along with the Union Finance Minister, Shri Arun Jaitley, Shri Santosh Kumar Gangwar, Minister of State for Finance, the Members of the Consultative Committee who participated in the today's Meeting include Shri Baijayanta Jai Panda, Shri Dilip Kumar Mansukhlal Gandhi, Shri Kailkesh Narayan Singh Deo, Shri Prabhatsinh Chauhan, Shri Ram Charitra Nishad, Shri Subhash Chandra Baheria and Shri Suresh Chanabassappa Angadi (all members of Lok Sabha); Shri Anil Desai, Shri Digvijaya Singh, Shri Rajkumar Doot and Shri Satish Chandra Misra (all members of Rajya Sabha) .

Among the officers who attended the Consultative Committee Meeting include Shri Ashok Lavasa, Finance Secretary, Shri Shaktikanta Das, Secretary, DEA, Dr. Hasmukh Adhia, Revenue Secretary, Ms. Anjuly Chib Dugal, Secretary, Financial Services, Shri Neeraj Kumar Gupta, Secretary, DIPAM, Dr. Arvind Subramanian, Chief Economic Adviser (CEA), Chairman, CBEC Shri Najib Shah and other senior officers of the Ministry of Finance.

PIB

7th Pay Commission Allowances: Atomic Energy Employees writes to Government

7th Pay Commission Allowances : Atomic Energy Employees writes to Government writes to Finance Ministry requesting a meeting to discuss about enhancing of Allowances.

Dept of Atomic Energy employees association writes to the Secretary, Dept of Expenditure regarding

NFAEE
DEPARTMENT OF ATOMIC ENERGY
NFAEE Office, Opp. NIYAMAK BHAVAN, Anusaktinagar, Mumbai 400 094
Ref. No: nfaee/sg/16/198
26.09.2016
To
The Secretary to the Government of India
Department of Expenditure
Ministry of Finance

Sub: Note on 7th CPC recommendations on Allowances. Reg

Sir,
It is understood that the Committee on Allowances constituted by the Government hold a preliminary meeting with National Council (JCM) Standing Committee on 1st September 2016. In the meeting the staff side representatives presented their views on various allowances and decided to submit a detailed note and to hold further meeting.

In this context, National Federation of Atomic Energy Employees (NFAEE) which represents the entire non gazetted employees under Department of Atomic Energy (DAE) would like to submit the note attached with this letter contains the views on various allowances.

The 7th Central Pay Commission, in its report referred about 196 Allowances and recommended to:
  • Abolish certain allowances
  • Subsume with certain allowances
  • Certain allowances are merged as single allowance)
  • While considering Department specific Allowances, some of them are considered and certain other allowances has not referred/mentioned
Under this circumstance we feel the Committee should review the every comments recorded by the Pay Commission on Allowances. Similarly the Committee on Allowance also should consider various allowance, especially Department specific which are not considered by the CPC and not recommended neither to abolish or subsume nor enhance.

However we prepared the note attached herewith is directly related to the employees of Department of Atomic Energy in which some allowances are common in nature and others are Department specific. Following Allowances are linked with various categories of DAE Employees.

A. COMMON ALLOWANCES:
a. House Rent Allowance
b. Transport Allowance
c. Dearness Allowance
d. Overtime Allowance
e. Night Duty Allowance
f. National Holiday Allowance
g. Dress Allowances
h. Nursing Allowance
i. Hospital Patient Care Allowance (HPCA) & Patient Care Allowance (PCA).
j. Children Education Allowance
k. Family Planning Allowance
l. Cash Handling And Treasury Allowance
m. Fixed Conveyance Allowance
n. Fixed Medical Allowance
o. Unreported Allowances
B. AREA SPECIFIC ALLOWANCES.
a. Special Compensatory (Hill Area) Allowance.
b. Special Duty Allowances
c. Tribal Area Allowance
C. DEPARTMENT SPECIFIC ALLOWANCES.
a. Update Allowance
b. Qualification Incentive Scheme (QIS)
c. Nuclear Research Plant Supporting Allowance (NRPSA)
d. Risk & Hardship Matrix
Further we request you to arrange a meeting with the office bearers of NFAEE to present our views in person, especially about the Allowances which are related to the employees of Department of Atomic Energy.
Thanking you
Yours faithfully,
(Jayaraj KV)
Secretary General
Click to view NFAEE Ref. No: nfaee/sg/16/198 dated 26.09.2016

Flash News

7th CPC Revised Civilian and Pay Matrix : Gazettee Notification

7th CPC Revised Civilian and Pay Matrix : Gazettee Notification MINISTRY OF FINANCE (Department of Expenditure) RESOLUTION Ne...