Government wants to encourage Bank Boards to restructure their business strategy…

Government wants to encourage Bank Boards to restructure their business strategy and also suggest way forward for their consolidation and merger with other banks if it is win-win for both.

Banking Reforms

Performance of Public Sector Banks has remained sub-optimal so far. The Government is taking various steps to improve the situation both on governance side and otherwise. The focus of these reforms is to improve the quality of deliberations in bank boards, leading to better asset quality and further resulting in better market valuations.

What has been done

(i) Separation of the post of Chairman and Managing Director.

(ii) Enabling provision for the appointment as MD & CEO in five major banks, so that wider choice is available. Both Public Sector and Private Sector bankers can apply. Higher salary can be given in appropriate cases.

(iii) Revamping of present selection system which inter-alia includes structured three separate interviews, allotment of banks on merit-cum-preference basis.

(iv) Blue print for road map for reforms on the basis of deliberations carried out in GyanSangam, a two days top level retreat organised by the department.

(v) Allocation of capital purely on the basis of efficiency parameters so that banks start focusing on these.

(vi) Clear instructions from the department regarding no interference whatsoever in any matter whether related to HR issues or credit decisions or even otherwise.

What Next

(i) In order to improve the Governance of Public Sector Banks, the Government intends to set up an autonomous Bank Board Bureau with professionals as its members. It would be responsible for search and selection of heads of PSBs, as also for Non-Official Directors on the Boards of Banks. This would be an interim step towards moving in the direction of having a Bank Investment Company.

(ii) Guidelines relating to appointment of non-official directors is being revisited to ensure that bank boards get people with relevant expertise. Anybody eligible would be able to apply through a website which will soon be available in the public domain.

(iii) Government’s role in relation to public sector banks is that of promoter. As a promoter, the banks have been entering into anMoU for achieving certain objectives known as Statement of Intent. The whole system of Statement of Intent is being revised with provision for higher cash incentives.

(iv) Government wants to encourage Bank Boards to restructure their business strategy and also suggest way forward for their consolidation and merger with other banks if it is win-win for both.

Source: PIB News

Pensioners Portal provides a platform for retiring Central Govt Employees to showcase commendable work done during service

Pensioners Portal provides a platform for retiring Central Govt Employees to showcase commendable work done during service

“Pensioners Portal is in the process to providing a platform for retiring Central Govt Employees to showcase commendable work done during serivce. It is envisaged that this would provide satisfaction to the retiring employee and also act as a motivator for serving employees. This would also be a wonderful opportunity to garner the resource of retiring employees for voluntary contribution to nation building post retirement. The retiring employee may submit a write-up, not more than 5000 words alongwith appropriate attachments where need be”.

‘Anubhav’ – showcasing outstanding work done during service – submission of details by a retiring Government employee – to be uploaded on Departmental website

No. 4/2/2013-P&PW (Coord.)

Government of India

Ministry of Personnel, Public Grievances and Pensions

Department of Pension and Pensioners’ Welfare

Lok Nayak Bhavan, Khan Market,

New Delhi, the 19 th February, 2015

Office Memorandum

Sub: ‘Anubhav’ – showcasing outstanding work done during service – submission of details by a retiring Government employee – to be uploaded on Departmental website – reg.

The Department of Pension & Pensioners’ Welfare is in the process of providing a platform for the retiring Central Government employees to showcase commendable work done during service. It is envisaged that this would provide satisfaction to the retiring employee and also act as a motivator for serving employees. This would also be a wonderful opportunity to garner the resource of retiring employees for voluntary contribution to nation building post retirement. The retiring employee may submit a write-up, not more than 5000 words alongwith appropriate attachments where need be.

2. All Ministries/Departments are requested to inform retiring employees that they may, voluntarily, submit the details in the enclosed Form alongwith Form 5 of CCS (Pension) Rules, 1972.

3. It may be noted that –

(a) Since most successful ventures would have contributions of the entire team, retiring persons may indicate names of other members of the team in the writeup.

(b) Any work that has contributed to the efficiency, economy and effectiveness in government functioning or / and any innovation which led to improved work culture or any other contribution considered significant by the retiring employee may be submitted.

(c) Comments which are religious or political in nature (or gender based or based on caste and creed) will not be permitted. The content should not be such as to disturb communal harmony or be against national interest. There should not be any sensitive or secret information in the write-up.

4.The Head of Office shall check the contents to ensure that the submission is as per format and submit to the administrative head/ authority designated for approval., This exercise would be completed at least one month before retirement and the result uploaded on the concerned departmental website on the facility to be provided by Department of Pension & P.W.

5. The Department of Pension and Pensioners’ Welfare would coordinate and collate the data and information received from various departments.

6. (a) For the employee not belonging to AIS , the write-up would be uploaded on the website of the Department from where he retires and the website of the cadre controlling authority.

b) For employee of AIS, the write-up would, in addition, be uploaded on the website of the cadre controlling authority and the State cadre to which he belongs.

7. While an online system is being designed for this purpose, for which separate set of instructions would be issued, it would be possible for employees to submit hardcopies instead of going online.

8. The Departmental website while displaying the write-up will have a disclaimer that the contents and suggestions are as provided by the retiring employee and the department is not responsible for factual inaccuracies and the veracity of the claims.

(Vandana Sharma)

Joint Secretary to the Government of India

Authority  : www.pensionersportal.gov.in

No Corporatization of Ordnance Factories assured by Defence Minister

No Corporatization of Ordnance Factories: Defence Minister Assured BPMS

D.O.No.737/vip/RM/2015

MINISTER OF DEFENCE INDIA

7th Feb, 2015

Dear Shri MP Singhji,

I am in receipt of your Letter dated 2nd January, 2015 expressing your apprehension about corporatisation of Ordnance Factories and purchase of Bullet Proof Jackets from the private sector.

I would like to inform you that at present there is no proposal from Ministry of Defence for corporatizing Ordnance Factories. However, it is imperative to strengthen the functioning of Ordnance Factory Board with greater autonomy in order that Ordnance Factories become more productive and efficient in their functioning.

As far as the news item about purchase of Bullet Proof Jackets from private sector is concerned, I am having the same looked into.

With regards,

Yours sincerely,

sd/-

(Manohar Parrikar)

Shri MP Singh
General Secretary
Bharatiya Pratiraksha Mazdoor Sangh

Source: BPMS

Sanction of Night Duty Allowance on the basis of actual salary of 6th CPC

Sanction of Night Duty Allowance on the basis of actual salary of 6th CPC

An All India Federation of Defence Workers, BPMS has published the message about the current status of Night Duty Allowance in Ordnance Factories.

Grant of Night Duty Allowance on the basis of actual salary of 6th CPC

Contempt Petition No. 200/2014 arising out of O.A. No. 2017/2014 Shri Arving Girija Sing & Ors Vs Union of India & Ors was heard by Hon’ble Mumbai Bench of CAT on 23.02.2015 and after hearing both sides Hon’ble CAT disposed of the Contempt Petition with an order to grant NDA as per revised rate within 03 months from the date of receiving the order. Further, CAT expressed that if required, a senior officer of O.F.Board should be

deputed to the Ministry of Defence and Representative/Officer of MOD alongwith officer of O.F.Board should liaise with Ministry of Finance, Department of Expenditure to expedite the matter.

Since the period granted by Hon’ble CAT would expire on 23.05.2015, Secretary MOD has approved the proposal and the same has been vetted by FA (Def Fin) and now file is being sent to Min of Fin for concurrence so that CAT order may be implemented.

It is the status of the NDA as on 26.02.2015.

MUKESH SINGH

Secretary

01.03.2015

Source: www.7thpaycommissionnews.in

PRESS STATEMENT of CITU on ANNUAL BUDGET 2015-16

PRESS STATEMENT of CITU on ANNUAL BUDGET 2015-16

ANNUAL BUDGET 2015·16 : DECEPTION AND LOOT ON COMMON PEOPLE

The Annual Budget presented today by Modi Govt is an articulation of anti-people and pro-corporate bias camouflaged by so called pro-people rhetoric. May be it is now the time for them to reciprocate for the total patronage, both in materials and otherwise, from the big-business lobby, both domestic and foreign at the time of last General Elections. But the Irony is that after assuming power at the centre, the NDA combine got more concemed about the donors not for those who voted them to power.

The blatant deception behind the high decibel sound-bite of “Daridranarayana” by the Finance Minister stands exposed by the fact that the Govt sacrificed Rs 8,325 crore on direct tax account by abolishing wealth Tax and reducing the corporate tax for their big-business/corporate bosses while imposing a burden of almost three times on the common people by hiking indirect tax to gain Rs.23,383 crore. Added to this is the huge concessions flowed to the big business lobby including the foreign speculators by absolving them from minimum altemative tax. In fact the total tax concessions given to the rich and big-business (around Rs 51akh crore plus), if not given, could fully wipe out the fiscal deficit of the Govt.

Moreover, the first full-fledged budget of the Modi Govt presented an exercise reflecting a visible contraction in expenditure almost in all fronts authoring a decline of Rs 17145 crore compared to 2014-15. And such decline is reflected in either drastic decline or stagnation of expenditure/allocation of central plan outlay in the sectors like Agriculture, Rural Development, social services, Health & family welfare, women & child development, education, minority affairs etc. And notable is that compared to last full-fledged UPA-II budget in 2013-14 (2014-15 budget was a product of both UPA and NDA) decline in budgetary allocation in all fronts, particularly involving welfare of common people is so drastic that the size of the entire budget gets pruned by around Rs 3 lakh crore. Can such contractionary budget create any momentum for growth?

The allocation for various central govt schemes like ICDS, Mid-day-meal, ASHA etc has been either reduced or kept at the same level. The allocation of only Rs 607 crore for the National Social Security Fund for the 90 crore unorganized sector workers is nothing but a mockery. On the other hand launching of so called Atal Pension Yojana is nothing but the deceptive repackaging of the swabalamban scheme already launched during the UPA regime.

That is why the budget speech remains reckless in painting a picture of growth and prosperity for all in future just to confuse and mislead the common people. Simultaneously fast-track reforms for the big coprorates are being pushed at the cost of common people. In the name of targeting on the needy and avoiding leakages, subsidies on food, fertilizers, fuel and social sector are being drastically cut putting mass of the people in more distress.

Budget speech was eloquent on pushing disinvestment of shares of public sector and this time the Finance Minister also mentioned about “strategic disinvestment” meaning total sell-out. As such target for disinvestment is kept at Rs 69,500 crores. The Minister also announced the decision to corporatize the major ports with the ulterior motive to put them in the track of disinvestment and privatization. Same bent of mind made the Minister to speak about setting up so called autonomous bureau to find professional heads of the public sector banks and also for raising funds through differentiated strategies-a clear blue-print for decontrol and privatization.

The Finance Minister, going beyond his brief has proposed to divert Rs 6000 crore from EPF fund for so called senior citizens’ welfare fund. EPF corpus including the unclaimed amount belongs to subscriber-workers and the Central Board of Trustees of EPF is the custodian of that fund which cannot be appropriated by the Govt for whatever purpose it may be. Similarly proposition to make EPFcontribution optional and aligning the ESI with IRDA schemes are totally retrograde much to the detriment of the interest of the working people and must be opposed and resisted by the working class movement.

A primary glance of voluminous budget papers clearly reveals the total deception being engineered on the people by Modi Govt, which actually initiated an exercise of transferring bonanzas to big-business corporate lobby sucking the common people and the working people in particular. This can no way bring either equitable growth in the economy nor even any relief, not to speak of benefit to the people who actually creates growth and generate flows to national exchequer. Such anti-people and deceptive exercise must be exposed before the common people and fought back resotutety by the united trade union movement.

Source: www.7thpaycommissionnews.in

PRESS STATEMENT of CCGEW on BUDGET 2015

PRESS STATEMENT of CCGEW on BUDGET 2015

CONFEDERATION OF CENTRAL GOVT. EMPLOYEES & WORKERS

1st Floor, North Avenue PO Building, New Delhi – 110001
Website: www.confederationhq.blogspot.com
Email: confederationhq@gmail.com

President

K. K. N. Kutty

09811048303

Secretary General

M. Krishnan

09447068125

Dated: 28th Feb. 2015.

PRESS STATEMENT – Budget 2015-16.

The Budget of Modi Government for the year 2015-16 presented today to the Parliament by the Finance Minister, Shri. Arun Jaitley belied all expectations of the poor people who placed their faith in the BJP in the last general elections. It is without doubt an anti-poor and pro-rich Budget. The Corporate Tax has been slashed to please the giant multinational Corporate houses, who really are the rulers in most of the Countries of the world, including ours. The Government has foregone about 8300 crores of direct tax revenue. The burden has been put on to the shoulders of the common working people in the form of indirect taxes to the extent of more than 23000 crores mostly coming from the increased service tax kitty.

Except raising the transport allowance exemption from Rs. 800 to Rs. 1600 p.m which only benefits the higher segment of tax payers among the salaried class, no concession or tax reduction has been given to the wage earners.

By not raising the non-taxable maximum which was needed in view of the high level of inflation, Modi Government has not only squeezed the middle class but also amassed more tax revenue from those class of wage earners, who get dearness compensation. In the process Government continue to ignore several judgements to exempt DA from taxation as DA is considered as a receipt, compensatory in nature. The salaried class of tax payers was constantly demanding the re- introduction of deduction under section 16(1) of the I.T. Act which was in vogue years back. While retaining such concessession and deduction to all other segment of tax payers, the Government continue to penalise wage earners who are really the honest tax payers.

Allocation for every social welfare schemes which targets the deprived section of the society has been reduced in percentage terms, the largest reduction being in the ICDS programme. The tax concessions to the rich and corporate houses are of the order of 5.89 lakh crores. This apart, the wealth tax has been fully abolished.

The Budget 2015-16 has unambiguously declared the intention of the Modi Government to pursue the neo- liberal economic policies vigorously.

K.K.N.Kutty

President.

Posted by Confederation Of Central Government Employees

New Recruitment Rules of various posts under each Ministry/Department

Uploading of Notified Recruitment Rules of various posts under each Ministry/Department

G.I., Dept. of Per. & Trg., O.M.No.AB-14017/61/2008-Estt.(RR), dated 27.2.2015

Subject : Uploading of Notified Recruitment Rules of various posts under each Ministry/Department.

It has come to the notice of this Department that Ministries/Departments are not uploading the notified Recruitment Rules of various posts in the Ministry Department on their official website. To bring greater transparency and to allow the prospective government employees to have an informed decision regarding their career prospects, all the Ministries/Departments are requested to upload the notified Recruitment Rules of various posts under their Ministry/Department by 15th March, 2015. They are also advised to issue suitable instructions to the Subordinate Offices and Attached Offices under their Administrative Control to upload the notified Recruitment Rules of various posts on their respective official websites.

2. All the Ministries/Departments are requested to send compliance of the aforesaid instructions before 31st March, 2015.

Source: www.7thpaycommissionnews.in

Employees Provident Fund(EPF) to be Provided two Options

Employees Under the Employees Provident Fund(EPF) to be Provided two Options

The Union Finance Minister Shri Arun Jaitley has announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting or reducing the employer’s contribution. He said, with respect to ESI, the employee should have the option of choosing either ESI or a Health Insurance product, recognized by the Insurance Regulatory Development Authority (IRDA).

The Finance Minister announced that he intends to bring amending legislation in this regard, after stakeholders’ consultation.

Source: www.7thpaycommissionnews.in

Postal Network Spread Across the Country to be Used for Increasing Access to Formal Financial System

Postal Network Spread Across the Country to be Used for Increasing Access to Formal Financial System

The Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16, here today, said that the government is committed to increasing access of the people to the formal financial system. In this context, Government proposes to utilize the vast Postal network with nearly 1,54,000 points of presence spread across the villages of the country . The Minister hoped that the Postal Department will make its proposed Payments Bank venture successful so that it contributes further to the Pradhan Mantri Jan Dhan Yojana.

Shri Jaitley said that to bring parity in regulation of Non-Banking Financial Companies (NBFCs) with other financial institutions in matters relating to recovery, it is proposed that NBFCs registered with RBI and having asset size of Rs. 500 crore and above will b considered for notifications as ‘Financial Institution’ In terms of the SARFAESI Act, 2002.

Source: www.7thpaycommissionnews.in

No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16

No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16

Surcharge @12% Levied on Individuals, HUFs, AOPs, BOIs, Artificial Juridical Persons, Firms, Cooperative Societies and Local Authorities Having

 Income Exceeding Rs 1 Crore

The Union Finance Minister Shri Arun Jaitley in his Budget Speech in Lok Sabha today proposed no change in the rate of personal Income-tax. He announced the tax proposals with no change in the rate of tax for companies in respect of the income earned in the financial year 2015-16, assessable in the assessment year 2016-17.

However, Finance Minister Shri Arun Jaitley proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding Rs 1 crore. Surcharge in the case of domestic companies having income exceeding Rs 1 crore and upto Rs 10 crore is proposed to be levied @ 7% and surcharge @ 12% is proposed to be levied on domestic companies having income exceeding Rs 10 crore.

Shri Jaitley further proposed that in the case of foreign companies the surcharge will continue to be levied @ 2% if the income exceeds Rs 1 crore and is upto Rs 10 crore, and @ 5% if the income exceeds Rs 10 crore.

It is also proposed to levy a surcharge @ 12% as against current rate of 10% on additional income-tax payable by companies on distribution of dividends and buyback of shares, or by mutual funds and securitization trusts on distribution of income.

The education cess on income-tax @ 2% for fulfillment of the commitment of the Government to provide and finance universalized quality based education and 1% of additional surcharge called ‘Secondary and Higher Education Cess’ on tax and surcharge is proposed to be continued for the financial year 2015-16 for all taxpayers.

Source: www.7thpaycommissionnews.in

Benefits to Middle Class Tax Payers in the Budget 2015-16

Benefits to Middle Class Tax Payers in the Budget 2015-16

Payments to the Beneficiaries Including Interest Payment on Deposit in Sukanya Samriddhi Scheme to be Fully Exempt

The Union Minister of Finance Shri Arun Jaitley in his Budget Speech in Lok Sabha today proposed rationalization of various tax exemptions and incentives to reduce tax disputes and improve tax administration. He said, with a view to encourage savings and to promote health care among individual tax payers, it is proposed to increase the limit of reduction of health insurance premium from Rs 15,000 to Rs 25,000 and for senior citizen this limit is increase from Rs 20,000 to Rs 30,000.

For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens.

Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.

The Finance Minister Shri Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.

Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.

Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.

Details of tax deductions proposed are as follows:

Deduction u/s 80C – Rs 1,50,000

Deduction u/s 80CCD – Rs 50,000

Deduction on account of interest on house property loan (Self occupied property) – Rs 2,00,000

Deduction u/s 80D on health insurance premium – Rs 25,000

Exemption of transport allowance – Rs 19,200

Total – Rs 4,44,200

Source: www.7thpaycommissionnews.in