Wednesday, November 30, 2016

Salient features of 7th Assam Pay & Productivity Pay Commission:

Download the report
State Finance Minister Himanta Biswa Sarma has announced the recommendations made by the 7th Assam Pay & Productivity Pay Commission today on 28th November 2016. He said that the government will implement the recommendations of the 7th Assam Pay & Productivity Pay Commission from April next year. Earlier, the 7th Assam Pay Commission submitted its report to chief minister Sarbananda Sonowal on 18th November 2016.
He further added that the recommendations made by the State Pay Commission would be placed before the cabinet for approval in February following which it will be implemented from April, 2017. On the other hand, the dearness awareness (DA) will be increased with retrospective effect from January 1, 2016.
1.The minimum pay has been fixed at Rs 15,900 which is around 2.62 times the minimum pay recommended by the Assam Pay Commission 2008.

Saturday, November 26, 2016

WB Govt. will take strict action for absence on 28th and 29th Nov due to "Bandh"

"Now, the Governor has been pleased to decide that absence of employees on those dates will be treated as dies non and no salarywill be admissible unlesssuch absenceis covered by grounds as mentioned in Finance Department Memorandum No. 2013-F(P)dated 06.03.2012 which are reproduced below:
 a} Hospitalisation of the employee 
b) Bereavement in the family 
c} Severe illness and absencec ontinuing from before 
d) Employees who had been on Child Care Leave, Maternity Leave,Medical Leav eand Earned Leave Sanctioned and continuing prior to issue of this order 
e) Compelling reasons of similar nature, where the employees could not report for duty for circumstances beyond his/her control. (Specific reasons with documentary proof will haveto be furnished in each case). 
It is mentioned here that dislocation of traffic will not be a reason for granting leave"
Click here for full Circular

Wednesday, November 23, 2016

Central employees likely to get new allowances from January'17

It is reported from sources in the Ministry of Finance that centre likely to start disbursing allowances at higher rate in the next calendar year.
It is learnt that due to demonetization and cash crunch, the process is delayed. It is likely to be paid from January 2017. 
Regarding date of effect, though the decision is yet to be taken but it is widely anticipated that fatter allowances will be effected from August 2016 and arrears to be paid in one go in January 2017.
As far as rate of allowances, the source added that the committee will stick to the pay commission recommendation. So the possibility to get something higher looks remote.
It is also reported that Govt. may consider only against abolishing of a few allowances as a populist measure.

Income Tax warns account holders against depositing black money into their account

In a press statement Income Tax department cautioned account holders against depositing others money into their bank account and helping conversion of black money. It is reminded that there is no such immunity of depositing upto Rs 2.5 Lac and though within this threshold limit , it may be investigated if found suspicious.
"It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for Income Tax is Rs.2.5 lakh. Reports are being received of instances where people are using other persons’ bank accounts to convert their black money into new denomination notes for which reward is also being given to the account holders who agree to allow their accounts to be used. This activity has been reported in case of Jan-Dhan Accounts also. It is hereby clarified that such tax evasion activities can be made subject to Income Tax and penalty if it is established that the amount deposited in the account was not of the account holder but of somebody else. Also the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act. However, genuine persons depositing their own household savings in cash into their bank accounts would not be questioned. The people are requested not to get lured by black money converters and be a partner in this crime of converting black money into white through this method. Unless all citizens of the country help the Government in curbing black money, this mission of black money will not succeed. Also the people who are against the black money should give information of such illegal activities going on to the Income Tax department so that immediate action can be taken and such illegal transfer of cash can be stopped and seized. Black money is a crime against humanity. We urge every conscientious citizen to help join the Government in eradicating it."
Click here for the Press Release

Tuesday, November 22, 2016

West Bengal to disburse part salary in cash

West Bengal Govt., in line with their central counterpart extended the facility of cash advance to it's Group C, D employees, teaching and non teaching staff, staff of local bodies ,autonomous bodies etc.
Click here for details and the order

Saturday, November 19, 2016

West Bengal extends tenure of pay commission by one more year

"The Governor is pleased to extend the term of Office of the Chairman and other Members of the Sixth Pay Commission, West Bengal constituted vide Finance Department Resolution No. 8070-F(P), dated 27.11.2015 with subsequent amendments vide Resolution No. 1055-F(P), dated 24.02.2016, 1205-F(P), dated 01.03.2016, 1742- F(P), dated 29.03.2016 and 2762-F(P), dated 25.05.2016 for a further period of one year with effect from 27.11.2016."
Click here for the resolution

Thursday, November 17, 2016

Govt. allowed central staff to draw upto Rs 10 thousand in cash as advance salary

Employee to exercise option within 18th November to get this opportunity. If no option is exercised, it will be assumed that the employee is willing to draw the advance salary in cash.
The government has  allowed its Group C employees, including from PSUs, defence and railways, to get salaries up to Rs 10,000 in cash in advance which will be adjusted against their November salary. "It is expected that this will relief pressure on banks, - Economic Affairs Secretary Shaktikanta Das
A number of measures also announced such as, 
Farmers may withdraw cash upto Rs 50 thousand.

Click here for PTI News
Click here for PIB Press Release
Details of procedure to get Advance Salary in cash :
In terms of Rule 64 (2) of Central Government Account (Receipt & Payment) Rules, 1983, the President is pleased to release part salary, in advance, amounting to Rs. 10,000/- (Rupees ten thousand) by 23rd November 2016 from the salary for the month of November 2016 in the form of cash payout to all Non-Gazetted employees of Central Government.
 2. Employees, who do not wish to receive the cash pay-out of the part salary advance amounting to Rs.10,000/- (Rupees ten thousand) may give their option in the •••• enclosed proforma to their respective Drawing & Disbursing Officer by 18th November 2016. In that case, their salary will be credited to their account on the last working day of November 2016, as usual. In case no option is received by the said date, it will be presumed that the employee has opted for cash pay-out and the payment thereof will be disbursed in cash accordingly. Residual part of their salary payable for the month of November 2016 will be released as per the existing procedure. 
Click here for the O.M.

Monday, November 14, 2016

Press Statement of Finance Ministry regarding demonetisation

Finance Ministry reviews the position regarding availability and distribution of all denomination of bank notes in different parts and regions of the country; Issuance of the new series of Rs. 500/- notes commenced; Instructions issued to the Banks and Post Offices to ensure proper distribution of all denomination notes including small denominations up to the last mile including through mobile banking vans and Banking Correspondents (BCs).
The Union Finance Ministry today reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken are as follows:-

1. In the first four days ( from November 10th to 13th , upto 5 pm ) about Rs 3.0 lacs crores of old Rs.500/- and Rs.1000/- bank notes have been deposited in the banking system and about Rs.50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATM’s or by exchange at the counter. Within these four days, the banking system has handled about 18 crore transactions.

2. Coordination is being continuously done by Ministry of Finance with RBI, Banks and Post Offices to make all denomination notes available at all locations.

3. Instructions have been given to the Banks and Post Offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes.

4. Chief Secretaries of the States have been requested to identify the rural pockets, if any, where availability of cash has been a problem and provide all support to the Banks and Post Offices in order to ensure the last mile distribution of small denomination of notes is done through mobile banking vans and Banking Correspondents (BCs).

5. It has been reported that certain business houses viz. Hospitals , Caterers , Tent houses etc. are not accepting Cheques/Demand Drafts and online payment transfer from customers. It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments. 

Wednesday, November 9, 2016

No need to panic on cash deposit of old notes : I.T dept is not going to chase every deposit.

Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs.2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today.
Click here to view the replies from Revenue Secretary
After withdrawing Rs500 and Rs1,000 notes from circulation, the government allowed individuals to deposit the same in their bank accounts till 30 December and get smaller denomination ones or new Rs500 and Rs2,000 bank notes.
These deposits, however, will be scrutinised to catch tax evaders and black money holders. But those falling within the income tax exemption bracket Rs2.5 lakh need not worry regarding their cash deposits in banks except for suspicious cases, the official said.

Banks will remain open on weekend to exchange old notes

Banks will remain open on coming Saturday and Sunday to deal with the rush of people expected to queue up at branches to exchange now-invalid currency notes of Rs 500 and Rs 1,000.
For public convenience, banks will remain open on coming Saturday and Sunday, Economic Affairs Secretary Shaktikanta Das tweeted.
CLICK HERE FOR RBI NOTIFICATION
As per the normal schedule, the coming Saturday being the second would have been a holiday, but keeping in view the expected rush at the branches, it was decided otherwise.
There are about 149 scheduled commercial banks, including 56 regional rural banks, with branch network of about 1.30 lakh across the country. Besides, the co-operative banks have also been asked to take deposit and exchange the old with the new one.
It is, however, not clear whether post offices would be open or not on the weekend. There are about 1.25 lakh post offices across the country.

Tuesday, November 8, 2016

Rs 500 and 1000 denomination note is no longer valid.

Prime Minister right now announced that Rs 500 and Rs 1000 currency note is no longer valid from today midnight.
These currency notes may be changed from Bank and Post Office upto 30th December.
Click here for FAQs and answers
All Banks to remain closed for public dealings tomorrow for preparation for this change.
If not possible to change it by December2016, it may be change by 31st march 2017 by submitting ID proof.
Rs 2000 denomination note may be introduced.
Click here for details in RBI Website

Friday, November 4, 2016

Central D.A. from 01.07.16 : Order issued

“…the President is pleased to decide that Dearness Allowance (DA) payable to all categories of central government employees shall be admissible at the rate of 2 percent of basic pay per month w.e.f. 01.07.2016,” a finance ministry’s office order said.
According to the today’s Office Memorandum No.1/2/2016-E-II (B), the term ‘basic pay’ in the revised pay structure means the pay drawn in the prescribed Level in the Pay Matrix but does not include any other type of pay like special pay, etc.
Click here to download the order

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