Com. S. K. Vyas (Advisor),
Com. K. K. N. Kutty (President),
Com. M. S. Raja (Working President),
Com. M. Krishnan (Secretary General),
Com. K. P. Rajagopal (Secretary),
Com. Vrighu Bhattacharjee (Finance Secretary),
Tuesday, May 21, 2013
CONFEDERATION OF 24TH NATIONAL CONFERENCE, COM. M. KRISHNAN ELECTED AS NEW SECRETARY GENERAL
CONFEDERATION OF 24TH NATIONAL CONFERENCE, COM. M. KRISHNAN ELECTED AS NEW SECRETARY GENERAL
Com. S. K. Vyas (Advisor),
Com. K. K. N. Kutty (President),
Com. M. S. Raja (Working President),
Com. M. Krishnan (Secretary General),
Com. K. P. Rajagopal (Secretary),
Com. Vrighu Bhattacharjee (Finance Secretary),
Friday, May 17, 2013
No loan against Gold coins weighing above 50 grams, proposes RBI
NEW DELHI: The Reserve Bank of India (RBI) has proposed that banks restrict the facility of advancing loan against gold coins to a maximum weight of 50 grams. This move, implemented would imply that a customer cannot avail loans against gold coins that weigh more than 50 grams.
As per extant instructions, banks are currently permitted to grant advances against gold ornaments and other jewellery and against specially minted gold coins sold by banks. However, no advances can be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of goldexchange traded funds and units of gold mutual funds.
"While there may not be any objection to grant of advances against specially minted gold coins sold by banks, there is a risk that some of these coins would be weighing much more, thereby circumventing the Reserve Bank's guidelines regarding restrictions on grant of advance against gold bullion," the bank said.
Accordingly the bank has proposed to restrict the facility of advances against the security of gold coins per customer to gold coins weighing up to 50 grams.
The detailed guidelines for the same will be issued by end-May 2013.
Source : http://economictimes.indiatimes.com
No LPG to houses with multiple-connections from June 1
NEW DELHI: Cooking gas or LPG supplies to households having unverified multiple connections will stop from June 1, state-owned oil firms announced today.
The three state-owned fuel retailers have been "directed to stop supplies of LPG refills to households having multiple- connections for which no KYC (Know Your Customer) details have been received, with effect from June 1," a statement issued by Indian Oil Corp, the nation's largest oil firm, said.
No transactions, including delivery of non-subsidised cylinders, will be permitted in such cases once such connections have been blocked. IOCBSE 0.63 % said all multiple LPG connection holders have been identified and intimated. All three firms, IOC, Hindustan PetroleumBSE 1.96 % ( HPCLBSE 1.96 %) and Bharat Petroleum (BPCLBSE 1.41 %) are sharing data on LPG customers.
Customers whose name figure on the list of multiple connection holders need to submit their KYC details along with proof of identity and proof of address immediately to their LPG distributors to continue receiving uninterrupted quota of subsidised cylinders, IOC said.
Other customers whose names do not appear in the list need not submit their KYC details as of now.
"The oil companies are advising all multiple-connection holders to submit their KYC details, pertaining to the LPG connection they wish to retain, immediately to their LPG distributors," the statement said adding customers have been advised to surrender excess or multiple connections.
Though the deadline for submission of KYC was December 31, 2012, KYCs are being accepted and LPG connections are being regularised for supply of subsidised cylinders till date, it added.
Source : Economictimes.com
Five tips to ensure you buy the right insurance cover
Though saving tax is not the primary purpose of insurance, it is still bought for this benefit. Find out the questions you should ask in order to buy the appropriate cover.
1) Do you understand the plan?
Before you purchase an insurance plan, be very clear about the benefits it offers. Tax deduction under Section 80C should not be the only reason for buying it because you can achieve this through other tax-saving investments as well. Go for it only if you understand the features of the plan, including the tenure, payouts, premium amount and surrender rules, and how it fits in with your needs. Don't buy if the plan is too complicated for you.
Agents usually want to push you into buying the scheme at the first meeting. Take your time and compare the product with others in the market before buying it.
2) How much is the cover?
The premium paid for a life insurance policy is eligible for deduction under Section 80C and any income accruing from the scheme is tax-free under Section 10 (10D). However, last year's Budget altered the rules significantly.
To be eligible for these tax benefits, a life insurance policy must offer a cover of at least 10 times the annual premium. If the cover is not big enough, there will be no tax deduction under Section 80C and the maturity amount will also be taxable. There is no need to panic if your existing policy does not make the cut. This applies only to regular premium policies issued after 1 April 2012.
3) What is the tenure?
The tenure of the policy is almost as important as the cover. An insurance policy will not be able to generate meaningful returns if the tenure is less than 10 years. Even if the market does well, a Ulip will barely break even in 3-4 years.
In traditional policies, a 15-year term will hardly yield 4-5% returns. If you are looking for a higher return, buy for at least 20-25 years. This will also ensure that you have an insurance coverin your middle age, when the need for life cover is at its peak. However, keep in mind that traditional insurance plans don't give adequate cover. Ideally, one should have a cover that is at least 5-6 times one's annual income.
1) Do you understand the plan?
Before you purchase an insurance plan, be very clear about the benefits it offers. Tax deduction under Section 80C should not be the only reason for buying it because you can achieve this through other tax-saving investments as well. Go for it only if you understand the features of the plan, including the tenure, payouts, premium amount and surrender rules, and how it fits in with your needs. Don't buy if the plan is too complicated for you.
2) How much is the cover?
The premium paid for a life insurance policy is eligible for deduction under Section 80C and any income accruing from the scheme is tax-free under Section 10 (10D). However, last year's Budget altered the rules significantly.
To be eligible for these tax benefits, a life insurance policy must offer a cover of at least 10 times the annual premium. If the cover is not big enough, there will be no tax deduction under Section 80C and the maturity amount will also be taxable. There is no need to panic if your existing policy does not make the cut. This applies only to regular premium policies issued after 1 April 2012.
3) What is the tenure?
The tenure of the policy is almost as important as the cover. An insurance policy will not be able to generate meaningful returns if the tenure is less than 10 years. Even if the market does well, a Ulip will barely break even in 3-4 years.
In traditional policies, a 15-year term will hardly yield 4-5% returns. If you are looking for a higher return, buy for at least 20-25 years. This will also ensure that you have an insurance coverin your middle age, when the need for life cover is at its peak. However, keep in mind that traditional insurance plans don't give adequate cover. Ideally, one should have a cover that is at least 5-6 times one's annual income.
4) What are the risks?
A Ulip is a market-linked instrument and the equity option carries the same risk as any equity mutual fund. Investing a large amount at one go through a Ulip is risky, especially if you are buying a single premium policy.
It is best to invest through monthly or quarterly premium options, but this option may not be open if you are planning to invest before 31 March. What you can do is put your money in the debt option instead of the equity fund. You can then shift small amounts to the equity option every month or so. Most insurance firms allow 10-12 switches free of charge in a year. This strategy of gradually shifting to equity can also be used if you already have a Ulip.
5) Do benefits match needs?
Insurance plans offer a wide range of benefits. Some give periodic payouts, others give a lump sum on maturity; some allow equity exposure, while others give a dual insurance cover. Not all benefits are suitable for all investors. For instance, a young person with a steady job and rising income will not benefit much from a money-back plan that gives periodic payouts.
A child plan will not be of much help if your son is already in his teens and you need money for his college education 4-5 years later. Similarly, a low-yield endowment plan that offers minimal cover may not suit a person who needs to insure himself for a sizeable amount.
A Ulip is a market-linked instrument and the equity option carries the same risk as any equity mutual fund. Investing a large amount at one go through a Ulip is risky, especially if you are buying a single premium policy.
It is best to invest through monthly or quarterly premium options, but this option may not be open if you are planning to invest before 31 March. What you can do is put your money in the debt option instead of the equity fund. You can then shift small amounts to the equity option every month or so. Most insurance firms allow 10-12 switches free of charge in a year. This strategy of gradually shifting to equity can also be used if you already have a Ulip.
5) Do benefits match needs?
Insurance plans offer a wide range of benefits. Some give periodic payouts, others give a lump sum on maturity; some allow equity exposure, while others give a dual insurance cover. Not all benefits are suitable for all investors. For instance, a young person with a steady job and rising income will not benefit much from a money-back plan that gives periodic payouts.
A child plan will not be of much help if your son is already in his teens and you need money for his college education 4-5 years later. Similarly, a low-yield endowment plan that offers minimal cover may not suit a person who needs to insure himself for a sizeable amount.
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Income limit of 'Creamy Layer' for OBCs increased to Rs. 6 lakh
Union Cabinet yesterday approved to increase the limit of 'Creamy layer' bar for OBCs from Rs.4.50 lakh to Rs.6 lakh.
Revision of Income Criterion to exclude Socially Advanced Persons/ Sections (Creamy Layer) from list of other Backward Classes (OBCs)
The Union Cabinet today gave its approval for increase in the present income criterion of Rs. 4.5 lakh per annum for applying the Creamy Layer restriction throughout the country, for excluding Socially Advanced Persons/Sections (Creamy Layer) from the purview of reservation of Other Backward Classes (OBCs).
The new income criterion will be Rs. 6 lakh per annum. The increase in the income limit to exclude the Creamy Layer is in keeping with the increase in the Consumer Price Index and would enable more persons to take advantage of reservation benefits extended to OBCs in government services and admission to central educational institutions.
This would bring about equity and greater inclusiveness in society. The Department of Personnel and Training and the Ministry of Human Resource Development would issue necessary orders to this effect.
Source: PIB
Revision of Income Criterion to exclude Socially Advanced Persons/ Sections (Creamy Layer) from list of other Backward Classes (OBCs)
The Union Cabinet today gave its approval for increase in the present income criterion of Rs. 4.5 lakh per annum for applying the Creamy Layer restriction throughout the country, for excluding Socially Advanced Persons/Sections (Creamy Layer) from the purview of reservation of Other Backward Classes (OBCs).
The new income criterion will be Rs. 6 lakh per annum. The increase in the income limit to exclude the Creamy Layer is in keeping with the increase in the Consumer Price Index and would enable more persons to take advantage of reservation benefits extended to OBCs in government services and admission to central educational institutions.
This would bring about equity and greater inclusiveness in society. The Department of Personnel and Training and the Ministry of Human Resource Development would issue necessary orders to this effect.
Source: PIB
Tuesday, May 14, 2013
Guidelines for Expeditious disposal of Disciplinary Proceedings
Guidelines for Expeditious disposal of Disciplinary Proceedings
1. D.O. letter No. 134/2/83-AVD.I dated 2-4-1985 of Secretary,
Department of Personnel & Training Secretary (Personnel)
Delay in the disposal of disciplinary cases is neither in the interest of
the Government nor in that of the Government servant. Undue delay in the
disposal of the disciplinary cases also affects the morale of the Government
servant. In order to ensure that disciplinary cases are disposed of quickly,
it has been decided that the following measures should be adopted:-
(i) Wherever the allegations are investigated by the CBI and the CVC is
required to be consulted about the action to be taken on the
investigation report, the Department should furnish their comments
to the CVC within a month of the receipt of the investigation report.
In case of disagreement with the advice of the CVC, the matter should
be referred to the CVC for reconsideration of its advice only once.
(It has come to our notice that sometimes Departments make more
than one reference to CVC for reconsideration of its advice. There
should be only one such reference to CVC for reconsideration.
(ii) In cases investigated by the CBI as well as in other cases, the charge
sheet should be issued within 1 month of the receipt of the CVC’s
advice. If this time-limit and that in Item (i) are strictly adhered to, it
should be possible for the Department to issue the charge sheet
within 3 months of the receipt of an investigation report, including the
time taken in consulting the CVC.
(iii) Wherever the CVC is not required to be consulted, the charge sheet
should be issued within 2 months of the receipt of the investigation
report. Where there is no preliminary investigation report, a charge
sheet should be issued within 1 month of taking a decision in the
matter.
(iii) Whenever the CVC is not required to be consulted, the charge sheet
should be issued within 2 months of the receipt of the investigation
report. Where there is no preliminary investigation report, a charge
sheet should be issued within 1 month of taking a decision in the
matter.
(iv) A properly drafted charge sheet is the sheet – anchors of a disciplinary
case. Therefore, the charge sheet should be drafted with utmost
accuracy and precision based on the facts revealed during the
investigation or otherwise and the misconduct involved. It should be
ensured that no relevant material is left out and at the same time no
irrelevant material or witnesses are included.
(v) With a view to reducing the time taken by the Government servant
for inspection of documents before submission of his written
statement of defence in reply to the charge sheet, copies of all the
documents relied upon and the statements of witnesses cited on
behalf of the Disciplinary Authority should be supplied to the
Government servant along with the charge sheet, wherever possible.
(vi) In all cases which are presently pending for appointment of Inquiry
Officer and Presenting Officer, such appointment should be made
within 1 month. In all other cases, the Inquiry Officer and the
Presenting Officer should be appointed, wherever necessary,
immediately after the receipt of the Government servant’s written
statement of defence denying the charges.
(vii) Wherever a large number of oral inquiries are pending, the
Department should earmark some officers on a full time basis to
complete these inquiries within a specified time limit to be indicated
by the Disciplinary Authority. The time limit shall be indicated as
an administrative instructions, having regard to the nature of the
charges and the evidence involved. Similarly, where part time
inquiry officers are appointed, the Disciplinary Authority could,
having regard to the nature of the charges and the evidence involved,
specify time limits for the completion of the inquiry as an
administrative instructions.
(viii) The oral inquiry, including the submission of the Inquiry Officer’s
report, should normally be completed within a period of 6 months
from the date of appointment of the Inquiry officer. In the
preliminary inquiry, in the beginning, requiring the first appearance
of the charged Government servant and the Presenting Officer, the
Inquiry Officer should lay down a definite time bound programme for
inspection of the listed documents before the regular hearing is taken up. The regular hearing, once started, should be conducted on dayto-day basis until completed and adjournment should not be granted
on frivolous grounds.
(ix) After the receipt of the Inquiry Officer’s report and obtaining the
advice of the CVC wherever required, the final decision in the matter
should be taken by the Departments within a period of 2 months
except in cases where the UPSC is required to be consulted.
Wherever the reconsideration of the advice of the CVC is sought,
such reference should be once only at this stage. In cases in which
UPSC is to be consulted, the final decision in the matter should be
taken within 1 month of the receipt of their advice.
(x) The statutory rules lay down certain time limits or require the
Disciplinary Authority to specify time limits for some stages of the
disciplinary proceedings. These time limits should be adhered to
strictly. If ever some extension of time is granted, it should be done
keeping in view the need for expeditious conclusion of the
proceedings ann to discourage the dilatory tactics sometimes adopted
by Government servants.
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