After due consideration of all relevant aspects, the Central Government takes various decisions relating to certain operational aspects of the Scheme relating to cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes; No over the counter exchange of old Rs. 500 and Rs. 1000 notes after midnight of 24.11.2016;.Certain other exemptions continued till 15th December, 2016 with certain additions and modifications.
Thursday, November 24, 2016
Cabinet moves in to tax post demonetisation deposits
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Prime Minister Narendra Modi in the Rajya Sabha on Thursday. | Photo Credit: PTI |
Wednesday, November 23, 2016
7th Pay Commission: Higher allowances from January 2016
7th Pay Commission: Higher allowances from January
New Delhi: The central government employees to get their higher allowances under the 7th Pay Commission recommendations from January next, the top Finance Ministry sources told today.
When asked whether the arrears would be paid too, they said, “Higher allowances will be paid with retrospective effect from August 2016 but the central government employees unions demanded for implementation of the allowances with retrospective effect from January 2016.”
“The central government employees unions wanted that House Rent Allowance (HRA) be fixed at range 10, 20 and 30 per cent of the basic linked to the classification of the town of posting when the Pay commission recommended 24%, 16% and 8% respectively of new pay matrix, the union also asked to enhance children education allowance of Rs 3,000 and hostel subsidy of Rs 10,000 with tax exempt.” the sources said.
Government Committee for consideration of issues of 7th CPC recommendations
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
RAJYA SABHA
UNSTARRED QUESTION NO-713
ANSWERED ON-22.11.2016
Government Committee for consideration of issues of 7th CPC recommendations
713 . Shri Neeraj Shekhar
(a) whether Group of Ministers including Union Minister for Finance had assured the representatives of various trade unions/JCM to set up a Committee to consider the demand of revision of Minimum Wage and Fitment Formula under 7th CPC with a mandate to finalize its report within four months;
(b) if so, the present status of the Committee;
(c) the reasons for the delay in report by the said Committee even after elapsing of more than four months;
(d) whether the Committee on Allowances has finalized its report;
(e) if so, the details thereof along with the salient recommendations thereof; and
(f) if not, the reasons therefor?
Withholding Annual Increments of Non-performers after 20 Years
Press Information Bureau
Government of India
23-November-2016 17:04 IST
Pay Hike
The 7th Central Pay Commission in its Report contained in Para 5.1.46 titled 'Withholding Annual Increments of Non-performers after 20 Years' has inter-alia recommended for withholding of annual increments in the case of those employees who are not able to meet the benchmark either for Modified Assured Career Progression (MACP) or a regular promotion within the first 20 years of their service. The Government of India vide Resolution No.1-2/2016-IC dated 25.7.2016 has accepted this recommendation.
This was stated by the the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh in written reply to a question by Shri Ram Charitra Nishad in the Lok Sabha today.
Post Office SB accounts are excluded for deposit of SBN Notes clarification received from Finmin
( Deposits into Post Office Savings Accounts are excluded )
(Dated 23rd November, 2016)
![](https://2.bp.blogspot.com/-pFrmHh_tKwU/WDWFA8CXOkI/AAAAAAAACag/m8gpHO2VVQwAjqZwtG0YVE3SIEAcOffrgCLcB/s1600/SmallSaving_Notes23112016_001.png)
Source :http://finmin.nic.in/SmallSaving_Notes23112016.pdf
(Dated 23rd November, 2016)
![](https://2.bp.blogspot.com/-pFrmHh_tKwU/WDWFA8CXOkI/AAAAAAAACag/m8gpHO2VVQwAjqZwtG0YVE3SIEAcOffrgCLcB/s1600/SmallSaving_Notes23112016_001.png)
Source :http://finmin.nic.in/SmallSaving_Notes23112016.pdf
Tuesday, November 22, 2016
Monday, November 21, 2016
7th Pay Commission: Weekly work report to decide annual increment
New Delhi: The Department of Personnel and Training is going to soon bring out guidelines which will help in tracking performance of Central government employees in more transparent manner.
As per reports, Central government employees will need to give a weekly work report every Friday showing the task accomplished as well as the pending work.
The Seventh Pay Commission has recommended that Central government employees should be offered annual increments only if they meet certain performance criterion. The Pay Commission has also sought upgradation of performance benchmark to “very good” from “good” level and recommended introduction of the Performance Related Pay (PRP) for all categories of central government employees.
The 7th Pay Commission believes grant of Modified Assured Career Progression (MACP), although subject to the employee attaining the laid down threshold of performance, is taken for granted.”
It had siad in the report that "employees who do not meet the laid down performance criterion should not be allowed to earn future annual increments. The Commission is therefore proposing withholding of annual increments in the case of those employees who are not able to meet the benchmark either for MACP or a regular promotion within the first 20 years of their service. This will act as a deterrent for complacent and inefficient employees. However, since this is not a penalty, the norms for penal action in disciplinary cases involving withholding increments will not be applicable in such cases. This will be treated as an efficiency bar,”
Read at: Zee News
Friday, November 18, 2016
Grant of Dearness Relief to Central Government pensioners/family pensioners - Revised rate effective from 1.7.2016 on implementation of decision taken on recommendation of 7th Central Pay Commission
Dearness Relief to Central Government pensioners/family pensioners from 1.7.2016 - Orders issued
F.No.42/15/2016-P&PW(G)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Pension & Pensioners’ Welfare
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Pension & Pensioners’ Welfare
3rd Floor, Lok Nayak Bhavan,
Khan Market, New Delhi - 110003
Date: 16th Nov,2016
Khan Market, New Delhi - 110003
Date: 16th Nov,2016
OFFICE MEMORANDUM
Subject: Grant of Dearness Relief to Central Government pensioners/family pensioners - Revised rate effective from 1.7.2016 on implementation of decision taken on recommendation of 7th Central Pay Commission.
The undersigned is directed to say that subsequent to implementation of the decision taken by the Government on the recommendation of the 7th Central Pay Commission, the President is pleased to decide that the Dearness Relief admissible to Central Government pensioners/family pensioners shall be as follows:
Date from which payable | Rate of Dearness Relief per month |
From 01.01.2016 | No Dearness Relief |
From 01.07.2016 | 2% of Basic Pension/Family Pension |
Commemorative Postage Stamp released on Children's Day
Department has released two two beautiful commemorative postage stamps, miniature sheet and first day cover on the occasion of Children's Day on 14th November 2016. Stamps are selected from the best drawings prepared by children during the competition held in this year. The theme of the drawing was given 'PICNIC'.
Directorate Instructions on exchange of WOS Notes & Limited to Rs.2000/-
Changes in the limits for exchange of WOS Notes:-
At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports of organized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their accounts. However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in post offices from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from 18th November, 2016.
Rs.10000 Advance in the form of Cash Payout to Central Government employees on 23.11.2016
Rs.10000 Advance in the form of Cash Payout to Central Government employees on 23.11.2016
Central Government employees up to Group 'C' including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be given an option to draw salary advance up to Rs. 10,000/- in cash. This amount will be adjusted in their salary for November, 2016. It is expected that this decision will ease the pressure on the banks.
Press Information Bureau
Government of India
Ministry of Finance
17-November-2016 15:52 IST
Transactions in relation to which quoting PAN is Mandatory
Press Information Bureau
Government of India
Ministry of Finance
17-November-2016 19:17 IST
Transactions in relation to which quoting PAN is Mandatory
The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The list under Rule 114B as on date requiring PAN to be quoted includes the following banking transactions :
Thursday, November 10, 2016
Soon, more currency notes will have new design, features, says economic affairs secretary Shaktikanta Das
NEW DELHI: Even as banks opened around the country with reports of long lines and frayed tempers, Finance minister Arun Jaitley today assured people that demonetising high-denomination currency is beneficial to all in the long run, despite short-term problems. And there will be more currency notes - not just Rs 500 - that will be reintroduced with a new design and features, added economic affairs secretary Shaktikanta Das.
The economic affairs secretary didn't give a time-frame or details of which other notes will be redesigned, but he did say that in the coming months, the Rs 1,000 notes will also be brought in with a new design.
Minister Jaitley, Das and chief economic adviser Arvind Subramanian were all addressing an Economic Editors' conference in New Delhi today, where most, if not all, questions were about the scrapping of Rs 500 and Rs 1,000 notes.
About the sudden nature of the announcement to scrap these notes - a decision made to halt terror being funded by Pakistan, and to stem the rising tide of black money - Das said that the process had been under way for the last few months.
"Only 2-3 people in the RBI were involved in the designing of notes," said Das.
The demonetisation plan, the best kept secret in the power corridors of the national capital, was a tightly policed affair with only a handful of top officials privy to the move. Apart from ministers at the Cabinet meeting who had to remain in quarantine for a while, members of the Reserve Bank of India (RBI) board too left only after PM Narendra Modi's speech two days ago when he announced the ban.
Finance minister Jaitley also reiterated what Prime Minister Modi said two days ago about conspicuous consumption and how it relates to the scrapping of the 500 and 1,000 rupee notes.
"This decision will impact the spending habits of people," Jaitley said, likely referring to conspicuous consumption, as also to illegal, mostly-cash real estate deals.
Jaitley again assured the people that the RBI has taken all necessary steps to keep banks open to the extent necessary. It has already been decided to keep banks open on the weekend, he added.
""There will be an impact on small purchases for a few days, till there is adequacy of currency, but it is beneficial in long run," Jaitley said adding, "It is only those with large amounts of undisclosed money who will have to face the consequences under existing laws," Jaitley said
In fact, chief economic adviser Arvind Subramanian succinctly described the demonetization.
"Instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth...a transfer of this unaccounted wealth from the private sector to the government and public sectors, which will (then) boost the economy," Subramanian said.
Wednesday, November 9, 2016
Tuesday, November 8, 2016
Annexure 1, 2, 3 and 3A for Post Offices in connection with Exchange of Rs.500/- and Rs.1000/-
Annexure 1, 2, 3 and 3A for Post Offices in connection with Exchange of Rs.500/- and Rs.1000/-
Annexure-1
Report from BO to SO as on 8.11.2016 (only for this date)
Sl No
|
Name of the BO
|
Denomination received from BO, which were available at
the close of 8th November 2016 (D day)
|
Denomination at SO at the close of 8th November 2016 (D
day)
|
Total
| ||||
500
|
1000
|
Total
|
500
|
1000
|
Total
| |||
|
|
|
|
|
|
|
|
|
Name of SO
Dated
Sl No
|
No of notes received for exchange
|
No of notes deposited in one's own account
|
No of notes deposited in other account
|
Total (A+B+C)
| ||||||
500
|
1000
|
Total (A)
|
500
|
1000
|
Total (B)
|
500
|
1000
|
Total ©
| ||
|
|
|
|
|
|
|
|
|
|
|
Name of the SPM _________________________________
Signature of the SPM
____________________________
Date:___________________
Place:_____________________
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