Archive for February 2012
NPS will be linked to Aadhar : Jairam Ramesh
The Rural Development Minister Shri
Jairam Ramesh today said that National Social Assisstance Programme,
NSAP will be completely restructured and all payments under the scheme
will be done through Aadhar-based payment system. Talking to a select
group of media persons here, he said, the restructured system will be in
place by 10th of March this year and it will ensure that each
beneficiary under old age, disabilities and widow pension schemes will
get one’s entitlement every month and there will be no delay in
payments. He said, the Central government spends nearly 8,000 crore
rupees under the NSAP scheme, but the devolvement of funds is being done
in a complicated process in a layered manner, which he said will be
rectified and only one State Agency will be identified for receipt of
funds for final disbursement to pass book holders through Aadhar-based
system.
The Minister informed that he
had already written to the Finance Ministry for relaxation of certain
norms like reducing the criteria for disability to 40% from the existing
80%, which leads to exclusion of a very large number of disabled
persons in rural areas. Moreover, they also face problem in getting a
medical certificate verifying 80% criteria. Shri Ramesh said, presently
the Indira Gandhi National Widow Pension Scheme gives assistance of
Rs-200 per month to BPL widows over the age of 40, which can be modified
to cover widows over the age of 18. There is also a demand to enhance
the amount under National Family Benefit Scheme from Rs-10,000 to
Rs-20,000, which is paid to a BPL family whose main bread-winner dies,
besides inclusion of children/youth in the 5 to 20 age group to get the
disability pension benefit, which is now restricted to those over the
age of 20.
Money Gram In Post Offices
- MoneyGram are located in over 256,000 agent locations in 192 countries and territories worldwide
- securely transfer up to £5,000
- monies typically arrive within 10 minutes
- competitive rates for MoneyGram® service
- available at your local identified Post Office®
HOW TO SEND MONEY
- visit your local Money gram centre, taking some personal identification with you
- complete a simple ‘send’ form and hand this in at the counter, along with the money you want to send and the transfer fee. You can include a short message with every money transfer.
- you will then be given a reference number
- contact the person to whom you’re sending the money, and give them the reference number
- in just 10 minutes the money will be ready to collect
HOW TO RECEIVE MONEY
- ask the person who is sending you money to give you your reference number – this will help speed up your collection
- visit your local identified Post Office® taking some identification2 and your reference number with you
- complete our simple ‘receive’ form and show your identification – you will then be given your money
Schedule of Fees of Savings Bank and Savings Certificate
Postal Life Insurance
Postal Life Insurance was started in 1884 as a
welfare measure for the employees of Posts & Telegraphs Department
under Government of India. Due to popularity of its schemes, various
departments of Central and State Governments were extended its benefits. Now Postal Life Insurance is open for employees of all Central and State Government Departments,
Nationalized Banks, Public Sector Undertakings, Financial Institutions,
Local Bodies like Municipalities and Zila Parisads, Educational
Institutions aided by the Government etc.
WHY CHOOSE PLI ?
“ High Bonus Low Premium ”
PLI offers bonus rates higher than all types of policies as compared to that of other insurance agencies.
SALIENT FEATURES
Salient Features of Postal Life Insurance:
Pass book Facility:
Premium can be remitted in any departmental Post Offices in India.
Recovery of premium from Pay:-Facility of recovery of premium from salary is available to some selected Departments.
Loan Facility:
Loan
can be obtained at the interest charge of 10% p .a Loan can be obtained
from other financial institutions like nationalised bank, HDFC etc on
the security of Policies.
Assurance upto 10 Lakhs:
PLI offers policies up to a maximum Sum Assured of Rs.10 lakh for Whole life and Endowment Assurance Policies.
Income Tax Savings:
PLI Premium paid is eligible for Income Tax Savings under section 80C of Income Tax Act.
Non Medical Scheme.
Scheme of Non Medical policies of Endowment Assurance available up to One Lakh Sum Assured ,subject to conditions.
BENEFITS
Benefits of Postal Life Insurance.
- 100% security by Government of India
- Income Tax Rebate under Sec. 88.
- Low Premium.
- High Bonus.
- Options for Loan, Assignment, Surrender, Conversion and Paid Up Value.
- Repayment of Loan is optional. However interest is payable every 6 months.
- Easy transfer to any place in India free of cost.
- Pass book facility for payment of premia & other payments like loan, interest through any Departmental Post Office.
- Pay recovery facility for Institutions and Organizations having more than 20 policies.
- Facility for payment of premia monthly, half yearly and annually on any working day of the month for which it is due.
- Rebate @ 1% for payment of 6 months premia in advance.
- Rebate @ 2% for payment of 12 months premia in advance.
- Nomination facility.
- Facility for revival of policies lapsed due to non-payment of premium.
- Payment of policy money through any Post Office, anywhere in India.
- Centralized accounting for quick and easy settlement of claims through fully computerized office management.
How Taxation Can Affect Your Returns?
Equity
markets have been highly volatile during the last few years. Still
recovering from the last fall, coupled with steep rise in interest
rates, most of the investors have since looked for safer avenues to
safeguard their investments. Although, among all debt instruments, Public Provident Fund (PPF) , National Savings Certificate (NSC), Post Office Monthly Income Schemes (POMIS) always
command high priority, Fixed Deposits(FDs) by banks have gained
popularity in recent times. The primary reason is the attractive
interest rates offered by the banks along with sovereign guarantee,
giving investors a sense of security.
However,
within this euphoria, most investors neglect taxation aspect while
investing in fixed deposits. What they failed to consider is that
taxation can significantly lower returns generated by this instrument.
How FD is taxed
The
interest income earned through fixed deposit is taxable, if the
interest amount exceeds Rs 10,000, in any financial year. This income is
added to your total income under header "Income from other sources" and
then taxed as per the income slab. A very important point to note is
that the interest income from fixed deposits are taxed on accrual basis
and not when actually received. This means that the tax on interest
income earned at the end of financial year have to be paid even if the
interest is credited at a later year. For e.g. if you are investing Rs
75000 in a fixed deposit for five years, you will have to pay tax on
liable interest for all financial years it spans, even though the
interest will be credited at the end of fifth year. Also, Tax Deducted
at Source (TDS) is deducted by the banks if the interest amount exceeds
Rs 10000 from one or through multiple investments. Even FDs in name of
the minor attract TDS, if the interest exceeds the limit.
What you earn?
In
a higher interest rate scenario, the going is good for investors in
lower tax bracket. The investments from fixed deposits yield them
returns that are worth talking about. But as your income go into the
higher slabs the taxation starts affecting the net earnings.
Consider
an interest rate of 9.25% p.a. on a 10 year fixed deposit of Rs 2 lakh.
Most of us will be lured by this fixed return which is very high if
compared with rates few years back. However, the real picture is very
different from what is presumed when taxation is considered.
|
Tax Slab (%)
|
Amount Invested (Rs)
|
Interest (Rs)
|
Tax (Rs)
|
Net Interest Earned (Rs)
|
Post Tax Return (%)
|
|
10
|
200000
|
18500
|
1905.5
|
16594.5
|
8.29
|
|
20
|
200000
|
18500
|
3811
|
14689
|
7.34
|
|
30
|
200000
|
18500
|
5716.5
|
12783.5
|
6.39
|
As
can be seen from the above illustration individuals in higher tax slab
of 30.9% tax, the post-tax returns are 6.3% from this fixed deposit. As
against this, an individual in the lowest tax slab will be able to fetch
8.3% return on the same investment post taxation. Surely, the benefit
accruing to lower tax category has lot to cheer.
Should you Invest?
All India Strike
Banking,
insurance, telecom, transport, Defence, mining, postal, and other
Central and State Government services could be hit on Tuesday owing to
the country-wide strike call by central trade unions.
This
is for the first time that trade unions of all hues — the Left, the
Congress, the BJP, the Shiv Sena, and the Muslim League — have joined
hands to protest against what they call violation of trade union rights,
growing contracterisation, disinvestment, privatisation and growing
price rise.
“Apart
from the 11 central trade unions, 40 federations and about 5,000 other
unions will be participating in the action,” said Mr A..K. Padmanabhan,
President, Centre for Indian Trade Unions.
Asked
why the unions were not heeding to appeals by the Prime Minister and
the Labour Minister, Mr Padmanabhan said: “They have still not called us
for talks. We were forced to give the strike notice only after repeated
attempts to reach out failed. Workers from organised and organised
sectors are expected to participate in the “mega” strike.
ATM in Indian Post Offices
The India Post (भारतीय डाक), one of the largest postal service
provider in the world with largest network of post offices, post boxes
and letter boxes. That too in most of the country, with this India Post
is going to expand its service in Banking sector too.
Everyone knows that we can deposit our money in Post offices through its special saving schemes we can get regular returns. Even post offices provide cheque book and many other facilities like Core Banking with computerized solution and opening of a savings bank account with India Post.
To enhance its banking sector and provide benefit to its customers India Post will employe Automatic Teller Machines (ATM’s) all over India at different different places. The Indian Post ATM’s will enable saving account holders of the post offices to withdraw money as they do in other bank ATM’s.
The India Post had filed a request regarding the same with Reserve Bank of India (RBI) and according to sources, the request will get approval in few months from now which will enable Indian Post offices to install ATM machines in cities and towns.
Being one of the largest networks, if India Post jumps in to Banking sector it will create a huge buzz around. It is available in even remote areas of our country and by providing services like ATM Cards and Cheque Books it will create a tough competition for other banks like Bank of Baroda and State Bank Of India.
Everyone knows that we can deposit our money in Post offices through its special saving schemes we can get regular returns. Even post offices provide cheque book and many other facilities like Core Banking with computerized solution and opening of a savings bank account with India Post.
To enhance its banking sector and provide benefit to its customers India Post will employe Automatic Teller Machines (ATM’s) all over India at different different places. The Indian Post ATM’s will enable saving account holders of the post offices to withdraw money as they do in other bank ATM’s.
The India Post had filed a request regarding the same with Reserve Bank of India (RBI) and according to sources, the request will get approval in few months from now which will enable Indian Post offices to install ATM machines in cities and towns.
Being one of the largest networks, if India Post jumps in to Banking sector it will create a huge buzz around. It is available in even remote areas of our country and by providing services like ATM Cards and Cheque Books it will create a tough competition for other banks like Bank of Baroda and State Bank Of India.
New SB Rates In Short
National Postal Policy to be announced in 2012: Kapil Sibal
NEW DELHI: A policy
targeting expansion and modernisation of the postal network would be
announced this year, said Communications Minister Kapil Sibal said on Wednesday and added that the postal department had applied to the Reserve Bank of India (RBI) for a banking licence.
"The nature of postal services has changed dramatically, to recognise this change there needs to be a new policy framework not only to participate in the change but to take the postal department to a new height," the minister told reporters after a round table with postal stakeholders.
He added that the policy would ensure that all courier service providers were registered with the government. It would also provide affordable services at all points in the country as part of its Universal Service Obligation.
The minister added that he had written to Finance Minister Pranab Mukherjee to expedite the granting of a banking licence. This would help in making financial inclusion a reality.
A sustainable tariff policy for providing basic postal services also has to be determined besides laying down standards with respect to size and preparation of packages, choosing a specific mail product or value addition to an existing product, the draft policy states.
Government officials, operators' representative associations, users of postal and communication services, banks, regulators, transports and corporate entities are asked to submit their suggestions on the draft policy to the government.
The policy is expected to adopt a two-pronged approach, firstly develop services that assist, enhance and quicken the process of development aimed at inclusive growth and secondly reposition India Post to become a self-sufficient and cost-effective provider of these services.
The department is also expecting large scale private sector participation in providing value added services and extending the department's product range beyond the current core functions.
"There are tremendous opportunities for the private corporate sector to use its ingenuity to create innovative products and delivery mechanisms through the Indian postal network," Sibal said.
India currently has 1.55 lakh post offices, 95 percent of which are located in rural areas.
"The nature of postal services has changed dramatically, to recognise this change there needs to be a new policy framework not only to participate in the change but to take the postal department to a new height," the minister told reporters after a round table with postal stakeholders.
He added that the policy would ensure that all courier service providers were registered with the government. It would also provide affordable services at all points in the country as part of its Universal Service Obligation.
The minister added that he had written to Finance Minister Pranab Mukherjee to expedite the granting of a banking licence. This would help in making financial inclusion a reality.
A sustainable tariff policy for providing basic postal services also has to be determined besides laying down standards with respect to size and preparation of packages, choosing a specific mail product or value addition to an existing product, the draft policy states.
Government officials, operators' representative associations, users of postal and communication services, banks, regulators, transports and corporate entities are asked to submit their suggestions on the draft policy to the government.
The policy is expected to adopt a two-pronged approach, firstly develop services that assist, enhance and quicken the process of development aimed at inclusive growth and secondly reposition India Post to become a self-sufficient and cost-effective provider of these services.
The department is also expecting large scale private sector participation in providing value added services and extending the department's product range beyond the current core functions.
"There are tremendous opportunities for the private corporate sector to use its ingenuity to create innovative products and delivery mechanisms through the Indian postal network," Sibal said.
India currently has 1.55 lakh post offices, 95 percent of which are located in rural areas.
India Post Launches Its New Mobile Money Order
India Post has decided to unveil its new mobile money order service with a pan-India launch.
Some months ago the news was out as India Post tied up with Bharat
Sanchar Nigam Linited (BSNL) to start the plan on the mobile money order
service. BSNL will be acting only as the technological partner and its not mandatory for users to be a user of BSNL.
The plan ensures that there will
selected post offices with mobile phones equipped with the application.
Once the sender comes to these post offices to deposit money, they will
need to give provider’s details. This in return they will get a 16 digit
transfer code on his or her mobile and can then send the recipient with
a SMS.
Right now the services are available in two states- Bihar and Punjab
given the fact that the number of immigrant workers are many. This
information was revealed by Manjula Prasher, secretary (Posts), chairman
of the postal services Board and director general of India Post while the National Postal Policy 2012 round-table was going on.
KERAPEX 2012 Concluded:4 Special Cover’s Released
12th Kerala State
Level Philatelic Exhibition – KERAPEX 2012, conducted at Calicut from
14th to 17th February 2012. Four Special Covers were released.
Edakkal Caves are two natural Caves located 1000 metres high on Ambukuthi Mala, 25 km from Kalpetta in the Wayanad District
of Kerala in the Western Ghats. They lie on an ancient route
connecting the high mountains of Mysore to the Malabar Coast. Inside
the caves are pictorial writings believed to be from the Neolithic
period which give evidence of the existence of a prehistoric
civilization in this region.
Revathy
Pattathanam is an annual festival held at the grounds of the Tali
Temple under the patronage of the Zamorins of Kozhikode, since the 14th Century,
to honour scholars. Traditionally the competitions were conducted for
seven days, beginning from the day of Revathy till Thiruvathira in the
month of Tulam(Malayam month), under the watchful eyes of judges chosen
from the recipients of the title in the previous years and Raja himself.
The Raja would honour the winner with the title “Bhatta” and a
“Panakishi” (bag of gold coins) and also distributed kizhis (purses0 to
101 scholars proficient in the smrithis.
This festival is now held only for a single day and its present aim is to conserve Sanskrit and the arts. The word ‘Pattathanam’ is derived from the phrase “Bhatta dhanam” which literally means “awarding Bhatta”.
Thalassery Fort was constructed in 1708 AD when the British East India Company established its settlement
on the Malabar Coast and built a sea port at Thalassery for exporting a
variety of spices such as ‘pepper and cardamom’. This Fort was built
by the British as a Military Centre to protect and control the spice trade through Thalassery port.
The square Fort,with its massive walls, war room, prison, secret tunnels to the sea, cannon holes, light house and intricately carved doors. is an imposing structure. Once the nucleus of Thalassery’s development, it is now a historical monument.
Black rocks
protect Muzhappilangad beach from the heavy breakers, creating a
tranquil area of shallow waters, which is ideal for swimming. The 4 km long beach is the only drive-in beach in Kerala, where one can drive its entire length. The beach is tranquil and rather unexplored.
