Sunday, October 31, 2010
Friday, October 29, 2010
All India Consumer Price Index Numbers for Industrial Workers on Base 2001=100 for the Month of September, 2010
All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of September, 2010 increased by 1 point and stood at 179 (one hundred and seventynine).
During September, 2010, the index recorded an increase of 6 points each in Darjeeling, Durgapur and Jalpaiguri centres, 5 points each in Siliguri and Delhi centres, 4 points each in Angul Talcher, Rajkot and Belgaum centres, 3 points in 12 centres, 2 points in 13 centres and 1 point in 24 centres. The index decreased by 3 points in Bhopal centre, 2 points in 4 centres and 1 point in 4 centres, while in the remaining 12 centres the index remained stationary.
The maximum increase of 6 points in Darjeeling, Durgapur and Jalpaiguri centres is mainly on account of increase in the prices of Rice, Wheat Atta, Vegetable items, Electricity Charges, etc. The increaseof 5 points in Siliguri and Delhi centres is due to increase in the prices of Rice, Wheat, Wheat Atta, Onion, Vegetable items, etc. The increase of 4 points in Angul Talcher, Rajkot and Belgaum centres is due to increase in the prices of Rice, Wheat, Goat Meat, Onion, Vegetable items, Tea (Readymade), etc. However, the decrease of 3 points in Bhopal centre is due to decrease in the prices of Rice, Wheat, Goat Meat, Arhar Dal, Vegetable items, etc.
The indices in respect of the six major centres are as follows:
1. Ahmedabad – 176
2. Bangalore – 185
3. Chennai – 162
4. Delhi – 169
5. Kolkata – 176
6. Mumbai – 178
The point to point rate of inflation for the month of September, 2010 is 9.82% as compared to 9.88% in August, 2010.
Thursday, October 28, 2010
Tuesday, October 26, 2010
Here we have taken for reference the Office Order issued by Ministry of Labour & Employment, Labour Bureau dated on 23.09.2010.
In this order the department calculate the encashment of leave salary for 300 days earned leave for an employee, who retired on 31.08.2010. [As per the Rule 39(2) C.C.S. (Leave) Rules, 1972 - DOPT Office Memorandum No.14028-7-97-Estt(L) dated 7th October, 1997]
The Calculation of leave salary is as under :-
Earned leave standing at the credit on the date of retirement = 300 days.
Grade Pay 4800
DA @ 45% as on 1.7.2010 9491
Calculation for 300 days...
30581 X 300 / 30 = 305810
Monday, October 25, 2010
Saturday, October 23, 2010
Govt aided Educational Institutions
Universities established by Govt
Local Bodies- Muncipalities, ZPs
PLI- Plans available
1. Whole Life Assurance (SURAKSHA)
Payment only to nominee on death of insurant
Premium payable for selected period
2. Endowment Assurance (Santhosh)
Lump sum payment at desired age
Payment to nominee- on death
3. Convertible Whole Life Assurance (Suvidha)
Less premium for 1st 5 years
Conversion option with higher premium
4. Joint Life Insurance (Yugalasuraksha)
Payment at the end of term
Payment to either of two lives- on death
Spouse to be literate
Standard proof of birth
5. Anticipated Endowment Assurance (Sumangala)
Payment at periodical intervals
15 Yr AEA 20 Yr AEA
20% 6,9,12 Yrs 8, 12,16 Yrs
40% 15 Yrs 20 Yrs
Payment of bonus at the end
Payment to nominee on death
Full sum assured + Bonus
Parent’s and children’s risk covered
Parent should have a policy
Maximum- Rs.1 lac
Two children only
Premium calculated on the basis of
Age at entry
Maturing age/Premium ceasing age/term
Others: Each 20,000- Re.1/
Yugala Suraksha: First 40,000- Re.1/
& addl each 10,000 Re.1/
Whole Life As
Limit of Insurance
In multiple of Rs.10,000
WL, EA, CWL- 10 lacs
YS, AEA - 05 lacs
Children Poly- 01 lac
Non-Medical- 01 lac
PHP- 01 lac
Advance deposit adjusted as 1st premium
Subsequent installments to be paid on due date within in grace period of one month (end of the month).
Rebate for advance deposit
12 Months- 2%
6 Months- 1 %
12 M- 50% of single Premium
06 M- 10% ---------do---------
03 M- 02% ---------do---------
Type of Policy
Rate of Bonus per Rs.1000 of sum assd
Whole Life Assurance
Joint Life Insurance
PLI- Medical Report
Necessary for the following
Age at entry exceeds 35 years
Sum assured more than Rs.1 lac
Endowment Poly maturing at 35 years of age
Anticipated Endowment Policies
PLI-after sale service Payment of monthly premium
Deptl employees & GDS recovery from pay and remittance directly to PLI
Others Group Leader to make deposits as RD PRSS
Individuals can also deposit in POs
Monthly premium if not paid within the due month can be paid with DF at 12 %
Default fee at 12% collected for first 12 months
For defaults exceeding 12 months 12% compound interest to be collected (At RO/CO)
Formula for default fee calculation:
N(N+1) x Premium rate
N= Defaulted months
Friday, October 22, 2010
What is NPS
It is a system where individuals fund, during their work life, their financial security for old age when they no longer work. All those who join up would get a Permanent Retirement Account (PRA), which can be accessed online and through so-called points of presence (PoPs).
This is the lowest cost self financing Social Security tool. Annual record keeping as well as fund management charges are lowest than any other investment options.
This is the first time that govt has come up with any scheme where you have got the option to take benefit of equities investment which can increase your wealth like geometric progression though it might be risky
A central record keeping agency will maintain all the accounts, just like a depository maintains demat accounts for shares. Six different pension fund managers (PFMs) would share this common CRA infrastructure. The PFMs would invest the savings people put into their PRAs, investing them in three asset classes, equity (E), government securities (G)and debt instruments that entail credit risk (C), including corporate bonds and fixed deposits.
These contributions would grow and accumulate over the years, depending on the efficiency of the fund manager. The NPS in this form has been availed of by civil servants for the past one year. Subscribers can retain their PRAs when they change jobs or residence, and even change their fund managers and the allocation of investments among the different asset classes, although exposure to equity has been capped at 50%.
Where can people sign up for the NPS?
People can subscribe to the scheme from any of 285 PoPs across the country. These are run by 17 banks — SBI and its associates, ICICI, Axis, Kotak Mahindra, Allahabad Bank, Citibank, IDBI, Oriental Bank of Commerce, South Indian Bank, Union Bank of
Is the scheme open to all?
NPS is available for people aged between 18 years and 55 years.
How often should a subscriber contribute to NPS?
The minimum amount per contribution is Rs 500, to be paid at least four times in a year. The minimum amount to be contributed in a year is Rs 6,000.
How will the subscribers get the money back?
If the subscriber exits the scheme before the age of 60, s/he may keep one fifth of the accumulated saving and invest the rest in annuities offered by insurance companies. An annuity transforms a lump sum spent on buying the annuity into a steady stream of payments for the rest of the annuity holder’s life. Now, how long an annuity buyer would live is something that takes a life insurance company’s expertise to compute and that is how they come into the picture. Insurance companies offer flexible investment and payment options on annuities. A person who exits NPS when his age is between 60 and 70 has to use 40% of the corpus to buy an annuity and can take the rest of the money out in one go or in instalments. If a subscriber dies, the nominee has the option to receive the entire pension wealth as a lump sum.
Is the scheme tax free?
Long term savings have three stages: contribution, accumulation and withdrawal. The NPS was devised when the government was planning to move all long term savings to a tax regime called exempt-exempt-taxed (EET), standing for exempt at the time of contribution, exempt during the period when the investment accumulates and taxed at the time of withdrawal. So, NPS comes under the tax regime EET. However, the government could not muster the political courage to change the taxation regime of EET on several saving schemes. So, the pension fund regulator has taken up with the finance ministry the need to remove the asymmetry in tax treatment between the NPS and other schemes such as the PPF. In any case, the amount spent on buying an annuity would be exempt from tax.
What is the default allocation of savings towards different asset classes for those who do not make an active choice?
For a saver not yet 35 years of age, half the investments will go into asset class E, one-fifth into asset class G, and the rest into asset class C. Above the age of 35, the default proportion going to equities would come down and the proportion going to government securities, go up. By the age of 60, these investments will gradually be adjusted so that only one-tenth remains in equities, another one-tenth in corporate bonds and 80% in central and state government bonds.
How does the NPS compare with mutual funds?
Since the NPS is meant for post-retirement financial security, it does not permit flexible withdrawals as are possible in the case of mutual funds. Fund management charges are ridiculously low (0.0009% a year), as compared with mutual funds. The cost of opening and maintaining a permanent retirement account, and the transaction charge on changing address, pension fund manager, etc are around Rs 400 now.
What kind of returns would the NPS generate?
The NPS generated an average return in excess of 14% in the last financial year, the first one in which it operated, handling the corpus of civil service pensions.
Who shall be responsible for protecting my interests as a NPS subscriber?
A) The Pension Fund Regulatory and Development Authority, the regulator, will protect your interest.
What is the process for enrolling in NPS?
A) Eligibility: 18-55 years of age. Upon registration, you will receive a permanent retirement account number. Minimum annual contribution is Rs.6,000. The minimum number of instalments per year is four. There is no upper limit on the contribution per instalment or on the number of instalments.
Would my personal information be confidential?
Under what circumstances can my account be closed before attaining retirement age?
A) The account would be closed under following circumstances: death, account value reduces to zero and change in citizenship status.
Can I exit before attaining the age of 60 years?
A) Yes, provided you annuitise at least 80 percent of your pension corpus.
What if I do not exit the system at or before 70 years?
A) In that case, on attaining 70 years, your account would be closed with the benefits transferred to you.
Can someone else make contributions on my behalf?
What would be the penalty in case I am unable to contribute the minimum annual contribution?
A) You would have to bear a default penalty of Rs.100 per year of default and the account would become dormant. In order to re-activate the account, pay the minimum contributions, along with penalty due. A dormant account will be closed when the account value falls to zero.
Are there any investment returns guarantees?
A) No. NPS is a defined contribution scheme and the benefits would depend upon the amounts contributed and the investment growth up to the point of exit from NPS.
Will I be permitted to select more than one pension fund to manage my savings?
A) You have to select only one fund. However, the regulator may allow the subscribers to choose more than one fund in future.
What if I do not select any investment option?
A) All your contributions would be channeled into a life-cycle fund.
What are the risks of investing in NPS?
A) As with every investment, there is a degree of risk under NPS also. The value of your investment in NPS may rise or fall.
I am 30 years old and would like to retire at 60. I want a pension of Rs.2,000 per month at today's prices when I retire. How much do I need to contribute?
A) You would need a pension wealth of Rs.319,000 (at today's prices) at the age of 60 to get a pension of Rs.2,000 per month. To realise this, you would need to contribute approximately Rs.16,600 every year.
What will happen to my savings after I retire at 60?
A) You will have to compulsorily invest a minimum of 40 percent of your pension wealth to purchase a life annuity from an IRDA-regulated life insurer. The remaining pension can be withdrawn in lump sum or in a phased manner.
What will happen to my savings if I decide to exit NPS before the age of 60?
A) You would be required to invest at least 80 percent of your pension wealth to purchase a life annuity from any IRDA-regulated life insurer. The remaining 20 percent may be withdrawn as a lump sum.
Will the annuity also provide for a family (survivor) pension?
A) Yes, you will have an option of selecting an annuity which will pay a survivor pension to your spouse.
On my death, can my nominee continue to operate the account in my name?
A) No, the balance standing to the subscriber's account may be transferred to the nominee's account after following regulator KYC procedure.
Can I opt not to exit in case of disability?
Thursday, October 21, 2010
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THEN TYPE USERNAME
FOR RECORD THE DETAILS OF SUCESSFUL DELIVERY OF FOREIGN REGISTERED ARTICLE PLEASE CLICK LETTERS OPTION
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TYPE ARTICLE NO IN IDENTIFIER COLUMN
SELECT DATE OF DELIVERY OF FORIGEN REGD /PARCEL/SPEED ARTICLE
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THEN PLACE OF DELIVERY IN LOCATION
THEN CLICK ADD BUTTON
FINALLY PLEASE CLICK STORE BUTTON AND CHECK THE MESSAGE
Wednesday, October 20, 2010
Reserve Bank of India has given permission to the Department of Posts (DoP) to launch its prepaid debit card, in partnership with Master Card, which will allow customers to purchase products from all major retail outlets across the country.
.The prepaid debit card by India Post would have a minimum value of Rs 1,000 and a maximum of Rs 50,000, a senior official from the department told Business Standard. Subsequently, the cards will be topped up with the required value.
.The customers would also be able to withdraw money from ATMs using the new card from DoP. It could also be used for making online transactions, for mobile commerce and to facilitate electronic money transfer.
"The department has already received all the requisite approvals from RBI for the launch of the card and we expect to commercially announce it within a few months," the official said. DoP might also rope in a bank as partner in the venture, the official added, refusing to divulge further details.
The nature of the card would be in line with debit card offered by different banks. The software for the solution would be offered by one or more banks, while the required infrastructure and staff would be provided by the postal department.
.According to the request for proposal issued by the department earlier this year, "the card (magnetic stripe-based) could be operated at merchant establishments or ATMs, where Master Card is acceptable, and in various post offices. Up to four add-on cards are proposed to be issued to one customer, along with the primary card."
The debit card would be issued to customers by major post offices, after a payment of activation fees and the amount to be loaded on to the card.
The official said such cards could also be used by organisations for giving allowances and other benefits to their employees.
Monday, October 18, 2010
This opens a new distribution channel for insurers who have been desperately trying to poach bank distributors from rivals to increase their reach.
Insurers now expect a battle for prime circles, given that the Insurance Regulatory and Development Authority (IRDA) has limited the number of companies that each postal circle can tie up with.
The revised guidelines allow each of the 22 circles of Indiapost to act as a corporate agent of two non-life insurers, two life insurance companies, one agricultural insurance company and one stand alone health insurance company. The regulator has however barred IndiaPost from selling customer data to insurance companies under some referral arrangement.
In its revised guidelines released last week, IRDA said, “Each circle of India post should be treated as a separate unit in order to grant independent corporate agent licence with various insurers.
However the Head of ‘Circle’ may approach IRDA for prior approval of further division in the ‘Circle’ as separate units, in the case of metropolitan areas, to obtain licence to act as corporate agent, in view of the large population under the circle,” said IRDA in its circular.
IRDA has said that the head of the circle would be deemed to be the corporate insurance executive (CIE) — the key executive responsible for all insurance agency dealings.
“Also, all the permanent employees of the India Post having an educational qualification of 10+2 or equivalent shall be deemed to be complying with the relevant provisions regarding requirements of minimum educational qualification, training and examinations prescribed for ‘Specified Persons’.
In this regard, India Post shall take necessary steps to impart required training to its permanent employees to be designated as ‘Specified Persons’ within a period of one year from commencement of corporate agency, IRDA said.
Corporate agency guidelines prevent banks from selling products of two competing firms.
Given the limited number of banks, insurance companies have been struggling to find low-cost institutional distributors with a pan-India reach.
The dispensation will also give the department of posts a new revenue stream. The postal department which had ambitions of becoming major distributors of financial products stopped selling mutual funds of most companies after a ban on front-loads resulted in commissions disappearing
Sunday, October 17, 2010
NFPE , KERALA PUBLISHED GUIDE FOR POSTAL /SORTING ASSISTANTS EXAMINATION 2010
PRINTED AND PUBLISHED BY NFPE
Price : 35/-
FOR COPIES PLEASE CONTACT
MAVELIKARA NFPE DIVISIONAL SECRETARY---- 9497338736
Saturday, October 16, 2010
So far 624 post offices were selling the gold coins in the country. Now the number of post offices have been enhanced to 700 covering North East, Jammu &Kashmir, Himachal Pradesh, Orissa, Tamil Nadu, Andhra Pradesh and Gujarat. With this, the availability of gold coins through Post Offices has been ensured throughout the country.
India Posts has also soft launched the Print to Post Services in Delhi with state of art printing technology. On PPP model, three printing and two inserting machines have been installed. While printing machines will print, the UID letters, inserting machine will put them into envelops and then these will be posted to the concerned individuals.
Postal network of 1,55,333 Post Offices across the country is emerging as a very relevant institution at village level by offering a range of services through Post Offices. The Postal Week celebrations that began on 9th October.
Sunday, October 10, 2010
The DoP has sought the law ministry's opinion on whether the insurance schemes run by it could be brought under the regulatory ambit of the IRDA. It has also proposed to create a corporate entity to handle the schemes.
The decision to refer the matter to the law ministry was taken after the IRDA expressed its inability to regulate financial activities of the government (the DoP), which controls the insurance business of India Post, a government official told ET.
The finance ministry has favoured setting up of a corporate-like identity to handle India Post's insurance business that can be regulated under IRDA norms, said the official, requesting anonymity. While the IRDA is not opposed to the idea, it wants greater clarity on the matter as it will require changes to the legal framework that govern the insurance policies of the postal department.
The opinion of the law ministry could pave the way for bringing the insurance business of the postal department under the IRDA's jurisdiction. The department, which sells policies under the postal life insurance and rural postal life insurance schemes, acts within the framework of the Insurance Act. The IRDA has also pointed out that with the premium calculations of the postal department not on an actuarial basis, the postal life insurance schemes could be notching up serious deficits.
The postal department feels that an IRDA-regulated framework will allow it to make the scheme more flexible. The DoP, which acts as an agent of the finance ministry for its insurance schemes, lacks autonomy required to introduce new schemes or even providing attractive discounts to lure customers.
"The department is required to seek direction from the finance ministry for all policy matters like extension of scope to cover other clients and introduction of new products," said an official with the ministry of telecommunications and IT.
Even as the debate on regulatory control of postal life insurance goes on, the department has also requested for greater autonomy to its insurance schemes as it looks to expand its financial services business. "Corporatisation of the life insurance business will enable the postal department to compete with private insurance players on a level playing field," said the postal department official.
Private players have welcomed the move. "The move will help bring consistency in norms and activity pertaining to life insurance business," said Kapil Mehta, MD & CEO of DLF Pramerica Life Insurance Company of India. He added that the proposal, when implemented, will provide the postal department a level playing field as regards right products and schemes into the rural segment, which has been the primary focus for private players as well.
Friday, October 8, 2010
Download the pending eMO detail files
Check the date of payment with reference to delivery slip
If already paid, request data through Disaster Recovery option available in Supervisor option of eMO module
Once data is received, feed date of payment
Supervisor has to authorize the data of payment
In case of eMOs paid at attached SOs, if the operator has already made SO paid data entry, data will not be available in the Disaster data entry. In such cases, the data entry already done by the operator has to be deleted first (by selecting HO account date) and then disaster paid data entry has to be done and authorized by supervisor
In case of eMOs paid at local office, if submit account is not done after issue of MO to postman/Postman returns were not taken, data will not be made available for disaster paid data entry. Such cases have to take up the matter with PTC Mysore, by forwarding the eMO database backup and the list of PNR Numbers
If eMOs data is not at all received by the office of payment, Request resend option available in the eMO website has to be used by logging in as divisional administrator
.In case of eMOs booked with wrong date, Payment has to be made by issuing Duplicate MO. Once the DMO is paid, the paid date has to be given by the Divl. System Administrator in the eMO web site