VISITOR FROM WORLD
Saturday, December 31, 2022
Friday, December 30, 2022
Expected DA from February 2023 for Banker -though All-India CPI-IW for November 2022 remains unchanged at 132.5
AICPIN for November 2022: Expected DA from Jan 2023
All-India CPI-IW for November 2022 remains unchanged at 132.5 (one hundred thirty two point five) when compared to October 2022
The Labour Bureau, an attached office of the Ministry Labour and Employment, has been compiling Consumer Price Index for Industrial Workers every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country. The index is compiled for 88 centres and All-India and is released on the last working day of succeeding month.
The All-India CPI-IW for November, 2022 remained stationary at 132.5 (one hundred thirty two point five). On 1-month percentage change, it remained static between October, 2022 and November, 2022 when compared to an increase of 0.64 per cent recorded between corresponding months a year ago
- On assumptions if there is an increase of 0.90 points in the month of Dec'22. However, there is on going regular rise in prices of commonly required daily needs items / commodities which is making month over month difficult to manage family budget. Accordingly, on above conservative assumption, we may expect there would be an increase of 38 slabs and the total tentatively revised DA slabs would be 594 i.e. 441.58% from Feb'23 in terms of 11th BPS.
- On assumptions if there is an increase of 0.50 point of CPI in the month of Dec'22. On the basis of these assumption, we may expect there would be an increase of 36 slabs and the total tentatively revised DA slabs would be 592 i.e. 41.44% from Feb'23 in terms of 11th BPS.
- On assumptions if there is an increase of 0.0 point in the month of Dec'22 also i.e same as in this month. On the basis of this assumption, we may expect there would be an increase of 33 slabs and the total tentatively revised DA slabs would be 589 i.e. 41.23% from Feb'23 in terms of 11th BPS
Wednesday, December 28, 2022
Department of Posts launches an ‘Online request Transfer Portal’ for Gramin Dak Sevaks
Department of Posts launches an ‘Online request Transfer Portal’ for Gramin Dak Sevaks
The Department of Posts under Ministry of Communications has launched an ‘Online request Transfer Portal’ for Gramin Dak Sevaks (GDS), today. Shri Alok Sharma, Director General Postal Services launched the portal through Video Conference in the virtual presence of Chief Postmaster Generals of 23 Postal Circles and Senior Officers of the Department. While launching the portal he informed that the entire transfer process, from the stage of seeking applications from GDS to the stage of approval and issuing transfer orders, has now been made paperless and simple through the above portal.
The Department of Posts has the largest network of Post Offices in the world consisting of more than 1,56,000 Post Offices across India, out of which more than 1,31,000 Branch Post Offices (BOs) are in rural areas, where the Postal facilities are rendered through Gramin Dak Sevaks (GDS).
The launch of online request transfer portal is a huge step in bringing transparency and accountability in the governance processes by leveraging technology. The online process would also result in saving of the time and resources. Transfer of more than 5000 GDS has been approved through the online portal in one go on the day of launch.
Will there ever change our system of promoting big economic criminals?
After all Chanda Kochar and her husband Deepak were arrested !!
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Chanda Kochar is the symbol of the top bulk corruption and our helpless judicial system!
*****
Former Managing Director of ICICI Bank Chanda Kochar and her husband Deepak Kochar Antatogatwa arrested though this auspicious work should have been done long ago but our system is such that police and govt are not easily handed over big economic criminals Addiction.
This is not my personal resentment or craziness. Actually Chanda Kochar is the symbol of that system, in which crores of people do not get food for two times, while other people sitting on the top like Chanda Kochhar with salary and facilities of crores of rupees are not satisfied!
Chanda Kochar received billions of rupees from salaries, allowances, facilities and shares, despite his stomach was so big that he was not filling.
When these 'big people' fall in the clutches of law, the law is generous to them. While these economic criminals who scam billions of rupees are not ordinary criminals but economic terrorists.
Millions of criminals who cut pockets and small thefts in Hindustan jails have been living hellless for many months and even years but on the other hand criminals like Chanda Kochar do not have to stay in jail for a day.
Her husband Deepak Kochar is allegedly in jail these days. In the name of jail he is enjoying in a five star hospital like Lalu Yadav.
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Serious economic offenders like this should not be bailed and prosecuted in a fast track court and sent to jail but it is happening that their bail is at the fasttrack within minutes. Now after this the lawsuit goes on with the tortoise trick. It is possible that the lawsuit does not reach a rational end for the next 30-40 years and the accused departs the world before.
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Took unfair advantage of the post through husband
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According to the order of special court of money laundering, Judge AA Nandgaonkar said, considering the material provided under PMLA, written complaints and statements registered, it is known that Chanda Kochar misusing his post, the accused Dhoot and/V Group of the videocon Gave loans to the companies. The judge said, it turns out she took bribe/inappropriate advantage through her husband.
The ED had said that the committee led by Chanda Kochar had approved a loan of Rs 1730 crore to Videocon International Electronics Limited. The next day Chanda's husband's company Newpower Renewables Pvt. Ltd (NRPL) was transferred Rs. 64 crore from Videocon Industries Limited.
Chanda Kochar bought a flat in Mumbai from a part of this amount. Only 11 lakh ₹ registration was done to save registration fee in this flat worth crores.
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In our country, the smaller the criminal (pocket) the bigger the punishment, the bigger the criminal, the more fun
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The fun of the big criminal, the younger one is like this. First the public beats the pocket, then the police, the judge also decides quickly, the jailer and the companions kill the prisoners, the big criminals have to massage and have to press the feet. From Vijay Mallya to Salman, everyone is saved, you get bail in minutes. In jail too like home ash. Just need to do a big lawyer like Harish Salve, Jethmalani, Jaitley, Manu Singhvi or Kapil Sibal. By doing scam of billions of trillions only 30 to 50 lakh rupees per day lawyer has to be done.
In Bengaluru, Vijay Mallya hired all big lawyers to fight his case in Debt Recovery Authority (DRT). The result was that when State Bank of India went out to find a good lawyer, there was not a single big lawyer because all Vijay Mallya had already taken.
Common bankers have suffered the most loss of trillions of rupees in banks due to our helpless judicial system because when it comes to hike in their salaries the management asks to give to banks Not enough money for.
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It can't be that Chanda Kochar just took bribe from Videocon. It's natural that a inspector who takes a bribe from a criminal would take bribe from almost all the criminals.
Not the same group of banks or consonsiums led by ICICI banks, many banks together give loan of thousands of crores to one industrialist. In such cases, many government banks would have given loans of crores of rupees to many industrialists on the request of Chanda Kochar for the purpose of making a business and Chanda Kochhar ji would have cleared their hands.
If a white paper is issued on loans given by Chanda Kochar through ICICI Bank and other banks and fair investigation is done then it will be known that Chanda Kocher took so much bribe that it might become a world record. (I guess they would have taken a bribe of at least 20 thousand crore rupees (after sharing the share) )
Corrupt people like Chanda Kochar are not alone in this system. There are dozens of people sitting at the top of the banks who have been bribed and having fun.
The question arises, do people like Chanda Kochar clean goods alone or do they include big leaders, bureaucrats, power brokers and lawyers? The question is also that how do people like Chanda Kochar get Padma Bhushan?
Will there ever change our system of promoting big economic criminals?
******
Read --
Bank of Polampur
Satire novel
Bank of Polampur
A Satire
In Hindi and English
Available online
Whatsapp 8800445333
See original
Monday, December 26, 2022
CBI arrests Videocon Chairman Venugopal Dhoot in ICICI Bank loan fraud case
The Central Bureau of Investigation (CBI) on Monday arrested Videocon chairman Venugopal Dhoot from Mumbai more than three years after booking him in an FIR for his alleged involvement in an ICICI bank fraud case. Dhoot was remanded to three days of CBI custody by a special court in Mumbai, said sources.
The business tycoon’s arrest came days after the agency picked up former ICICI bank MD & CEO Chanda Kochhar and her husband Deepak Kochhar. The CBI charged that the bank, with Kochhar at the helm, sanctioned ₹1,875 crore loan to the Videocon Group in violation of the lending policies. This was allegedly in lieu of ₹64 crore bribe Dhoot paid but shown as an investment by the group owner in a business headed by Kochhar’s husband Deepak.
The CBI had also charged that Deepak Kochhar was assisted by a co-accused to acquire ownership of NuPower Renewables Ltd (NRL). In early 2019, the agency registered a case against the Kochhar couple and Venugopal, and also made companies such as NuPower Supreme Energy, Videocon International Electronics and Videocon Industries party to the crime committed to launder bank loan money.
In the preliminary enquiry (PE), which is a prelude to the lodging of FIR, registered in March 2018, the agency said it was probing irregularities in the disbursement of a ₹40,000 crore loan by a consortium of lenders to Videocon Group. The CBI discovered that six loans worth ₹1,875 crore were sanctioned to Videocon Group and its associated companies between June 2009 to October 2011 in violation of ICICI Bank’s lending policies.
The loans were later declared non-performing assets in 2012 leading to a loss of ₹1,730 crore to the ICICI Bank, said the CBI.
See the position of ex ICICI CMD
*ex-ICICI CMD, Mrs.Chanda Kochar receiving in 2011, the very coveted _Padma Bhushan_ from HH Pratibha Patil, the then President of nation.*
- She is possibly the first woman to be the CEO of an Private Indian Bank and strange enough,
- She will possibly be the first person to be stripped off from her Padma Bhushan award soon. 😥😥
- Besides, ICICI Bank has decided to call back all the ESOPs and bonuses given to Chanda Kochhar during April 2009–March 2018. This totals to a whopping Rs 350 crore.
*She has been:*
- A member of the Prime Minister’s Council on Trade & Industry, the Board of Trade, and the High-Level Committee on Financing Infrastructure.
- Co-chairperson of the World Economic Forum’s Annual Meeting in 2011.
*Having been accused of criminal conspiracy in loans to Videocon group, she has now been arrested.*
*No one knows when the tide of time slaps so vigorously that one is pulled down from _zenith to nadir_ (अर्श से फर्श पर). But quite often, it's due to one's own misdeeds.* 😥😥😥😥😥
Sunday, December 25, 2022
Disbursement of Railway Pension through Private Sector Banks
Disbursement of Railway Pension through Private Sector Banks
Government of India
Ministry of Railways
Railway Board
Non RBA Letter
No. 2018/AC-I1/21/2/ARPAN
New Delhi, dated 21.12.2022
Pr.Financial Advisors,
All Zonal Railways & PUS
Pr. Chief Personnel Officers,
All Zonal Railways & PUs
Sub :- Disbursement of Railway Pension through Private Sector Banks.
Ref: Board’s Letter No. 2021/AC-I1/9/2/e dated 18.02.2022(RBA No. 12/2022) and No. 2010 /AC-II/21/12(pt) dated 23.02.2022 (RBA no. 14/2022), Letter No. 2018/AC-II/21/2/ARPAN dated 12.05.2022 (RBA No. 29/2022)
Please connect Board’s letter of even no. dated 12.05.2022 conveying the preparedness of Axis Bank for processing of e-PPOs received from Zonal Railways and Production Units. Now, HDFC Bank has also confirmed that the bank has completed all technical modalities in this regard. Railway Pensioners can now opt for drawal of pension from HDFC Bank.
This is for kind information.
(Ajay Bartwal)
Joint Director Finance/CCA
Railway Board
Saturday, December 24, 2022
Former ICICI Bank CEO Chanda Kochhar, Husband Deepak Arrested By CBI In Loan Fraud Case
Chanda Kochhar Arrest News Today: In a major development, former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar were on Friday arrested by the CBI. The arrest has been done as part of its investigation into a money laundering case involving the bank and the Videocon Group
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Chanda Kochhar, her husband along with Venugopal Dhoot of the Videocon group were booked by the CBI in a case related to criminal conspiracy. It was alleged that Venugopal Dhoot had invested crores of rupees in Nupower Renewables, after receiving the loan from the ICICI bank.
In October 2018, Chanda Kochhar resigned as CEO and managing director of ICICI Bank after allegations that she favoured Videocon Group, a consumer electronics and oil and gas exploration company, in the bank’s lending practices.
Later, Chanda Kochhar was accused of criminal conspiracy and cheating by the CBI for alleged irregularities in a loan of Rs 3,250 crore in 2012 to the Videocon Group. Later, the Videocon Group became a non-performing asset for the ICICI Bank.
The matter came to limelight after a whistleblower alleged that Chanda Kochhar’s husband Deepak Kochhar and her family members benefited from the dealings.
Alleging that she violated the bank’s code of conduct and internal policies, the ICICI Bank in 2019 said it would treat Kochhar’s exit as “termination for cause”.
It was also alleged that Chanda Kochhar had granted certain loans to private companies in a criminal conspiracy with others to cheat ICICI Bank, the CBI had said in a statement after filing
Friday, December 23, 2022
Everyone is advised to wear a mask because the new variant of the COVID-Omicron XBB coronavirus is different, deadly and not easy to detect correctly.
XBB variant
Let's pay attention to the following information:
Everyone is advised to wear a mask because the new variant of the COVID-Omicron XBB coronavirus is different, deadly and not easy to detect correctly.
The symptoms of the new virus COVID-Omicron XBB are the following:
1. There is no cough.
2. There is no fever.
There will only be a limited number of these others:
3. Joint pain.
4. Headache.
5. Pain in the neck.
6. Upper back pain.
7. Pneumonia.
8. There is usually no appetite.
COVID-Omicron XBB is 5 times more virulent than the Delta variant and has a higher mortality rate than it.
It takes less time for the condition to reach extreme severity and sometimes there are no obvious symptoms.
Let's be more careful!
This strain of the virus is not found in the nasopharyngeal region and directly affects the lungs for a relatively short period of time.
Several patients diagnosed with Covid-Omicron XBB were classified as afebrile and pain free, but x-rays showed mild chest pneumonia.
Nasal swab tests are often negative for Covid-Omicron XBB, and cases of false negative nasopharyngeal tests are increasing.
This means that the virus can spread in the community and directly infect the lungs, causing viral pneumonia, which in turn causes acute respiratory distress.
This explains why the Covid-Omicron XBB has become something very contagious, highly virulent and lethal.
Caution, avoid crowded places, keep a distance of 1.5 m even in open spaces, wear a double-layer mask, wear a suitable mask, wash hands frequently, even if everyone is asymptomatic (no coughing or sneezing).
This wave of Covid-Omicron XBB is deadlier than the first wave of Covid-19. So we have to be very careful and take several reinforced precautions against the coronavirus.
Maintain vigilant communication with your friends and family.
Do not keep this information to yourself, share it with other family members and friends.
Thursday, December 22, 2022
Tuesday, December 20, 2022
SUBSCRIPTION FOR SOVEREIGN GOLD BONDS OPENS FROM DECEMBER 19 TO 27
he issue of the 2022-23 Series III of the Sovereign Gold Bonds (SGBs) scheme 2022-23 is open for subscription from December 19, 2022– to December 27, 2022. The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the period specified above.
The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three working days of the week preceding the subscription period, i.e. December 14, December 15, and December 16, 2022, works out to ₹5,409/- (Rupees Five thousand four hundred and nine only) per gram of gold.
The government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of ₹50/- per gram less than the nominal value to those investors applying online, and the payment against the application is made through digital mode. For such investors, the issue price of Gold Bond will be ₹5,359/- (Rupees Five thousand three hundred and fifty-nine only) per gram of gold.
The bonds issued will be denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond will be for 8 years with an exit option after the 5th year to be exercised on the next interest payment dates. The minimum permissible investment is 1 gram of gold. The maximum limit of subscription is 4 kilograms for individuals, 4 kilograms for HUF, and 20 kilograms for trusts and similar entities per fiscal (April-March).
The bonds will be sold through banks (except small finance banks and payment banks), Stock Holding Corporation of India Ltd (SHCIL), designated post offices, and the National Stock Exchange and BSE. To know how to subscribe to Sovereign Gold Bonds
List of Top-50 Wilful Bank Defaulters; Bad Debts of Rs10.09 Lakh Crore Written Off in Past 5 Years, Says Govt
During the past five financial years, scheduled commercial banks (SCBs) wrote off bad debts worth Rs10.09 lakh crore. As per data provided by the Reserve Bank of India (RBI), public sector banks (PSBs) have recovered Rs4.80 lakh crore, including recovery of Rs1.03 lakh crore from written-off loans during the same period, the Lok Sabha was informed. Further, information shared by the ministry of finance shows that Gitanjali Gems Ltd, owned by fugitive businessman Mehul Choksi, remains the top wilful defaulter with an outstanding of Rs7,848 crore as of 31 March 2022.
In a written reply Dr Bhagwat Karad, minister of state for finance, says, "In the last five financial years, the PSBs have made an aggregate recovery of Rs4,80,111 crore from non-performing asset (NPA) accounts and upgradation of NPAs of Rs1,45,356 crore. Further, slippages into NPAs have reduced from Rs3,38,710 crore for FY16-17 to Rs1,44,315 crore for FY21-22, all of which has resulted in decline of NPAs."
"The decline in NPAs can also be due to write-off, which is primarily an exercise undertaken for cleaning of balance-sheet, avail of tax benefit and optimise capital by PSBs, as per RBI guidelines and banks' board approved policies," he added.
Members of Parliament (MPs) Ravneet Singh Bittu and Pradyut Bordoloi have asked whether NPAs of the PSBs have been reduced primarily due to the writing off of loans from the account books of these PSBs. They also asked for details of top-50 loan write-offs and names of top-50 wilful defaulters over the past five years.
Dr Karad says, "With regard to the details of the top 50 loans that were written off, RBI has informed that account-wise information on written-off loan accounts is not maintained by it. Further, under the provisions of section 45E of the RBI Act, RBI is prohibited from disclosing borrower-wise credit information since the credit information submitted by a bank is treated as confidential and is not to be published or otherwise disclosed. However, scheduled commercial banks and all Indian financial institutions report certain credit information of all borrowers having aggregate credit exposure of Rs5 crore and above to RBI, under its Central Repository of Information on Large Credits (CRILC) database."
Topping the list is Mr Choksi's scam-hit company, Gitanjali Gems, which owed Rs7,848 crore, besides other group companies, Gili India Ltd and Nakshatra Brands Ltd, which had taken loans of Rs1,447 crore and Rs1,149 crore, respectively.
Mr Choksi is currently a citizen of Antigua & Barbados Isles. His nephew and another absconder, diamond trader Nirav Modi is in London, whose appeal against extradition was dismissed last month by the UK High Court (HC).
Currently, Mr Choksi is proclaimed an offender by the Indian government and several cases against him, by agencies like CBI (central bureau of investigation), enforcement directorate (ED) and the income-tax (I-T) department, are pending. Last month, Securities and Exchange Board of India (SEBI) banned him from trading in the markets for 10 years for using front entities to trade in the shares of the company to maintain its price from falling. Mr Choksi has also been fined Rs5 crore for the same SEBI rule violations that restrict promoters of a company from trading in the shares or derivatives contracts of the same company. Mr Choksi had been defrauded and, in January 2018, fled the country.
The second wilful defaulter on the list is Era Infra Engineering Ltd, which owes Rs5,879 crore to Indian lenders.
REI Agro Ltd, with an amount of Rs4,803 crore, is the third defaulter on the list. Its directors, Sandip Jhujhunwala and Sanjay Jhunjhunwala, have already been under the scanner of the ED and CBI for the past few years.
The next three on the list are Concast Steel and Power Ltd (Rs4,596 crore), ABG Shipyard Ltd (Rs3,708 crore) and Frost International Ltd (Rs3,311 crore).
It is followed by absconding diamantaire Jatin Mehta's Winsome Diamonds & Jewellery, owing Rs2,931 crore and probed by the CBI for various bank frauds. Winsome Diamonds and its founder Jatin Mehta, with his wife Sonia and two sons Vipul and Suraj, vanished from India and have never returned, leaving behind a loan default documented at Rs6,800 crore, but could be more.
Kanpur-based writing instruments giant Rotomac Global Pvt Ltd, part of the famed Kothari group, which owed Rs2,893 crore, is the next wilful defaulter.
Coastal Projects Ltd, with an outstanding of Rs2,311 crore and Gwalior-based Zoom Developers Pvt Ltd, with Rs2,147 crore, are also among the top 10 wilful defaulters, information shared by the government in the Lok Sabha shows.
According to data obtained under Right to Information (RTI) and analysis done by Pune-based Vivek Velankar, just 312 big defaulters owe more than 76% or Rs1,41,583.50 crore of the total bad loans. As of 31 December 2021, nearly 2,237 wilful defaulters have an outstanding of Rs1,84,863.32 crore. While RBI had shared a list of names of 2,278 wilful defaulters, there are 41 borrowers against whom there is zero outstanding.
Information provided by RBI shows that there are 26 big defaulters who have outstanding loans of Rs1,000 crore and above. These wilful defaulter groups, together, owe Rs60,425.71 crore to PSBs.
The next group on the list is wilful defaulters with an outstanding of Rs500 crore to Rs1,000 crore. There are 40 companies on this list with bad debts worth Rs28,297.99 crore.
There are 246 wilful defaulters who have an outstanding between Rs100 crore to Rs500 crore. This group of defaulters owes Rs52,859.80 crore to PSBs.
The highest number of wilful defaulters have an outstanding between Rs1 crore and Rs100 crore. This list has 1,914 companies who, together, have bad debt of Rs43,273.86 crore.
The list shared by RBI also has names of 11 wilful defaulters whose outstanding is less than Rs1 crore. Also, there are 41 wilful defaulters on the list, who have zero outstanding, but RBI has included their names in the list shared with Mr Velankar.
Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity
SB ORDER NO. 25/2022
F. No. FS-13/7/2020-FS-Part(1)
Government of India
Ministry of Communications
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001.
Date: 16.12.2022
To,
All Heads of Circles/Regions
Subject:– Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity reg.
Sir / Madam,
As part of continuous improvement in making the CBS system robust, incremental changes are implemented to ensure that the risk of misappropriation involved in CBS operations is minimized.
2. In view of the safety of depositors’ hard-earned money and ensuring effective KYC compliance, competent authority has decided to freeze those MIS/SCSS/TD/KVP/NSC/RD accounts which have been matured till 30.09.2019 but not closed.
3. The details of freeze code is as under: –
(i) Freeze reason code: INOP: – Inoperative more than 3 years.
(ii) Cutoff date: -30.09.2019 (i.e. account matured 3 years ago and remains live).
(iii) Schemes identified: – MIS/SCSS/TD/KVP/NSC/RD (matured but not extended)/PPF (matured but not extended)
4. A “Standard Operating Procedure for handling of accounts/certificates marked freeze under reason code “INOP: – Inoperative more than 3 years” to be followed in this regard is enclosed herewith.
5. It is requested to circulate it to all concerned for information, guidance and necessary action.
This issues with the approval of competent authority.
Enclosed: – As above (Annexure)
Yours Sincerely
(Devendra Sharma)
Asstt. Director (SB-II)
ANNEXURE
Standard Operating Procedure for handling of handling of accounts/certificates marked freeze under reason code “INOP: – Inoperative more than 3 years
The following accounts under various National Savings Schemes have been marked as freeze with freeze reason code “INOP: – Inoperative more than 3 years, which already have been matured but not closed within 3 years and cut-off date is taken as 30.09.2019.
2. The details of schemes are as under: –
(i) MIS/SCSS/TD/KVP/NSC/RD (matured but not extended)
(ii) PPF (matured but not extended)
3. As and when account holder approaches the post office concerned for closure of account identified under “INOP: – Inoperative more than 3 years”, the post office concerned shall follow the below mentioned procedure: –
(i) lf any account holder whose account/certificate is found to be Frozen with freeze code “INOP: – Inoperative more than 3 years” attends any Post Office with Certificate or Passbook for closure, the account/certificate holder should be requested to submit the following documents: –
a) Passbook/Certificate
b) KYC Documents (Mobile number, PAN card and Aadhaar or address proof as per rule 6 of Government Savings Promotion General Rules-2018)
c) Account Closure Form (SB-7A): – Account holder should also be requested to submit account closure form, passbook and details of PO Savings Account number or Bank account details along with a cancel cheque/copy of passbook for credit of maturity value into his/her savings account. Depositor(s) signature shall be obtained on acquittance portion of account closure form, so account holder(s) need not to visit post office again and maturity value get credited in his/her PO Savings Account or Bank Account.
(ii) The SPM/Counter PA will first check & confirm the details of depositor and tally signature with Finacle/SS Book/SB-3/AOF and ensure genuineness of the account holder with relevant records.
(iii) If the account stands in Sub Office/Branch Post Office the SPM concerned shall forward the passbook, account closure form, KYC document of account holder to Head Post office concerned for unfreezing and closure of account/certificate concerned.
Procedure at Head Post Office
Note: – For account standing in Head Post Office, similar documents shall be obtained from the account holder and follow the procedure prescribed below.
(iv) After receipt of a case for unfreezing and closure at Head Post Office, designated PA and APM (SB) shall verify the account details of documents received with Finacle. After verification of the genuineness of the case, the account/certificate concerned shall be unfreezed with two Supervisors of HO.
(v) After unfreezing of the account/certificate, Counter PA of Head Post Office, shall proceed for closure of account/certificate. The maturity value shall be credited either in PO Savings Account or Bank Account of the Account holder (Through ECS outward credit).
(vi) After closure of account by counter PA, APM (SB) shall verify closure of account.
(vii) In Head Post Office, a separate register will be maintained for ‘REGISTER FOR CLOSURE of account identified as INOP-Inoperative for more than 3 years. The register shall be maintained in Head Post Office in following proforma: –
| Date of receipt of case from Sub Office | Account No./ Certificate Registration number | Name of Account/ Certificate Holder | Name of SOL where Account/Certificate Stands | Date of opening | Date of maturity | Scheme |
| 1 | 2 | 3 | 4 | 4 | 5 | 6 |
| Date of closure | Principal Amount paid | Interest Amount paid | Maturity credit details (POSB Account No. or Bank Account No with MICR code) | Signature of Counter PA | Signature of Supervisor | Signature of Postmaster |
| 7 | 8 | 9 | 10 | 11 | 12 |
(viii) After entering closure details in the above register, APM (SB) shall put up a register to Head Postmaster for seen.
(ix) Thereafter, Passbook, Account closure form, KYC document and cancel cheque/copy of the passbook shall be forwarded to SBCO concerned along with other vouchers.
(x) SBCO PA and supervisor while checking vouchers of closed accounts which were identified as INOP-Inoperative for more than 3 years, will check account details with Account Closure Form and copies of KYC documents of Account holder are attached with the voucher. If any shortcoming is noticed, objection should be recorded as per laid down procedure.
(xi) All Visiting/Inspecting Officers, while visiting/inspecting Head Post Offices, should invariable check the prescribed register “REGISTER FOR CLOSURE OF account identified as INOP-Inoperative for more than 3 years” and see that procedure prescribed above is followed scrupulously.
(xii) CEPT shall share fortnightly report with circle CPC (CBS)on details of accounts unfreezed from “INOP-Inoperative for more than 3 years” reason code.
(xiii) Circle shall get the report verified within a week with reference to the “REGISTER FOR CLOSURE OF account identified as INOP-Inoperative for more than 3 years” maintained at the Head Post Office and take appropriate measures in case any discrepancy noticed.
Sunday, December 18, 2022
Saturday, December 17, 2022
Thursday, December 15, 2022
Fixed Medical Allowance to the retired Central Government employees: Rajya Sabha QA
Fixed Medical Allowance to the retired Central Government employees: Rajya Sabha QA
GOVERNMENT OF INDIA
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS
(DEPARTMENT OF PENSION & PENSIONERS’ WELFARE)
RAJYA SABHA
UNSTARRED QUESTION NO. 1086
(TO BE ANSWERED ON 15.12.2022)
FIXED MEDICAL ALLOWANCE FOR RETIRED EMPLOYEES
1086 # DR. RADHA MOHAN DAS AGRAWAL:
Will the PRIME MINISTER be pleased to state:
(a) the amount which is paid as Fixed Medical Allowance to the retired Central Government employees by Government;
(b) the year in which the said amount was decided and whether it has ever been increased; and
ANSWER
MINISTER OF STATE IN THE MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES
AND PENSIONS AND MINISTER OF STATE IN THE PRIME MINISTER’S OFFICE
(DR. JITENDRA SINGH)
(a) to (c): It is submitted that Central Government Civil Pensioners/Family Pensioners who are residing in areas not covered under Central Government Health Scheme administered by the Ministry of Health and Family Welfare and corresponding health schemes administered by other Ministries/Departments for their retired employees and who are not availing OPD facilities under that scheme, are entitled to receive a monthly Fixed Medical Allowance (FMA) of Rs.1000/- per month for meeting expenditure on their day-to-day medical expenses that do not require hospitalization. The amount of Fixed Medical Allowance (FMA), which was fixed at Rs. 100/- per month in the year 1997 has been revised from time to time. In 2008, FMA was revised to Rs. 300/- per month and in 2014, it was again increased to Rs. 500/- per month. Lastly, the amount of FMA from Rs. 500/- per month was increased to Rs.1000/- per month with effect from 01.07.2017.
Wednesday, December 14, 2022
Is Raghuram Rajan gunning to be the next Manmohan Singh of Congress party?
It is not every day one sees a central banker mark his presence at a national political rally. But Raghuram Rajan isn’t a typical central banker.
During his tenure as the Reserve Bank of India (RBI) governor, the economist has courted controversies with his blunt talk on issues that went far beyond his mandate criticising the government for undermining the central bank’s autonomy and warning against the growing intolerance in the country. Rajan has never shied away from criticism.
Hence, Rajan joining Congress leader Rahul Gandhi’s ‘Bharat Jodo’ yatra hasn’t come as a big surprise to many, including to Gandhi's political opponents. In fact, Rajan’s participation evoked quick political reactions.
BJP spokesperson Amit Malviya tweeted on Wednesday calling Rajan a Congress appointee and someone who "fancies" himself as the next Manmohan Singh referring to former Prime Minister and the RBI Governor.
"Just that his commentary on India's economy should be discarded with disdain. It is coloured and opportunistic," said Malavya.
Why did Rajan’s participation in Bharat Jodo Yatra attract the attention of Gandhi’s political opponents? Do the political rivals see Rajan as a threat in the enemy quarters particularly ahead of the 2024 Parliament polls?
Rajan the next MMS?
The more important question is does Rajan--the man credited with predicting the 2008 global financial crisis-aspire to be the next Manmohan Singh of the Congress party? We don't know yet; only time will tell. An email sent to Raghuram Rajan seeking his comments on joining the Bharat Jodo yatra and chances of him taking up a role in the Congress party remained unanswered till the time of filing this piece.
Take a closer look, both Rajan and Manmohan Singh have striking similarities in their career paths. Both have served in key roles in the Indian government and the central bank. Both command respect internationally.
Rajan, like Singh, is well aware of the nuances of the Indian economy and has stuck his neck out on a number of occasions during his stint at the RBI to speak on socio-political issues. He has commanded a degree of stardom among the informed middle class and even the laymen on the street.
The Timing
Singh handheld the Indian economy when it was on a roller coaster ride in the liberalisation era and also played an instrumental role in boosting the intellectual core of Congress in the subsequent decades.
There is a view that getting Rajan back to India and to the centre of political opposition can work even better both for the economy and the party, when the country is, yet again, facing a bout of economic crisis characterised by a weak rupee, agrarian crisis, and rising unemployment.
If one measures both Rajan and Manmohan on a popularity meter at this point in their career, Rajan would stand a tad ahead of Manmohan, except for the fact that he hasn't had his stint in the Indian central ministry yet. However, Rajan carries a star image that can be easily converted to the UPA's political brownie points in the run-up to the 2024 polls.
Even six years after leaving India — he is currently a Professor of Finance at the University of Chicago's Booth School of Business — Rajan continues to hold his space in local media and political circles, a reputation that not many former central bank governors can claim.
In debates on black money and unemployment, Rajan's words will carry more weight than any other political leader, at any point.
In 1991, Manmohan's selection for the finance minister's portfolio surprised many as he, 59 then, was seen as an apolitical technocrat and someone who had spent his whole life practicing economics and academic interests. But the decision was a political necessity for Narasimha Rao and the Congress to convince Manmohan to have an able hand in the government to wade through the economic mess.
India was then going through a severe balance of payment crisis, and shoddy economics would have toppled even good politics severely if not approached with extreme caution.
In the years that followed, Manmohan Singh evolved beyond the persona of a typical technocrat. Although he never perfected as a politician, Singh gradually learned to walk and talk like one.
The Opposition called him a puppet dancing to the whims of the Gandhi family and ridiculed his silence on many critical occasions. But Manmohan donned the role of a pillar to give a credible prime ministerial face to the ever-divided UPA house and the unhappy Congress biological system, which developed a tendency to reject leadership elements beyond the Gandhis after the Nehru-Indira era.
In 2004 and in 2009, Manmohan continued to be the prime ministerial face of the Congress and was praised and criticised for his own share of contributions and political mistakes. But he remained in office for a decade, giving the party much-needed stability as one of UPA's central figures.
Rajan’s entry at this point could potentially add immense value to the fast-fading Congress party. At this point, the UPA has lost its direction politically. It doesn’t have strong national leaders and a face to showcase ahead of the 2024 polls.
The leadership vacuum is visible in the outcomes of recent state elections when Congress seats have further shrunk nationally.
It's high time the coalition went back to its drawing board and revisited the 1991 Narasimha Rao days to opt for a surprise pick that can offer the BJP-led NDA a serious challenge. Rajan, a familiar face to the informed Indian middle-class voters, can very well turn out to be that trump card. Maybe Rajan joining the Bharat Jodo yatra isn't a mere coincidence.
Achieving Old Pension Scheme: National Convention on 21st Jan, 2023 – NJCA
Achieving Old Pension Scheme: National Convention on 21st Jan, 2023 – NJCA
National Joint Council of Action
4, Stats Entry Road New Delhi – 110055
No.NJCA/2022
Dated: December 12, 2022
The Presidents/General Secretaries,
Ail Constituent Organizations and State Federations
Fighting Against the NPS
Dear Comrades,
Sub: Strategy to achieve Old Pension Scheme
We are very thankful to ail of you for making first meeting of the Joint Forum called by the NJCA on 17th November, 2022.
- Advertisement - As was decided in the aforementioned meeting of the NJCA, we will hold another meeting of the aforesaid forum in the first week of January 2023 we are calling a meeting on 7th January, 2023 at 10:30 hrs, at the same venue, i.e. JP. Chaubey Memorial Library, AIRF Office Premises, 4 State Entry Road, New Delhi. We are requesting ail of you to kindly make it convenient to attend the said meeting to discuss and decide future course of action.Since in the said meeting it was also decided to hold a National Convention, we will be holding a ‘‘National Convention” on Old Pension Scheme in Pearey Lal Bhawan, Bahadur Shah Zafar Marg, New Delhi, Delhi, on 21st January, 2023 to decide the plan of action and schedules for the future programmes.
We sincerely hope that, you will reserved the date for attending aforementioned National Convention.
Results of the recently held Himachal Pradesh Assembly have given lot of encouragement to the Government Employees and Teachers, therefore, this is the right time to bring all the forces at one platform fighting for achieving Old Pension Scheme.
Please contact them and invite them for the “National Convention”.
With Fraternal Greetings.
Comradely yours,
(Shiva Gopal Mishra)
Convener
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