Deposits more than Rs 5,000 in old notes allowed just once per account until December 30, 2016

To check the laundering of unaccounted for cash through bank accounts, the RBI on Monday said that deposits totaling more than Rs 5,000 in old Rs 500 and Rs 1,000 notes can be made only once per account until December 30.

However, there is no limit on the value of deposits of new bank notes — also called specified bank notes — under the Taxation & Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016.

If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier.

In the event that someone tries to make multiple deposits in amounts smaller than Rs 5,000 - to try and circumvent the system - they can't, as they will be held up to the same scrutiny as if they went just once with more than Rs 5,000.

While deposits more than Rs 5,000 in new notes will be allowed, they will be credited only to KYC-compliant accounts, the RBI said. If accounts are not KYC compliant, these deposits may be restricted up to Rs 50,000. These restrictions, however, won't apply to deposits of new notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.

Source:-http://timesofindia.indiatimes.com/

Change of date of holiday on account of Milad-Un-Nabi or Id-E-Milad

MOST IMMEDIATE

F.NO.12/18/2016-JCA2

Government of India

Ministry of Personnel Public'Grievances and Pensions

Department of Personnel and Training

JCA Section

North Block, New Delhi                                                                                    Dated the 7 December, 2016

Sub: Change of date of holiday on account of Milad-Un-Nabi or Id-E-Milad during 2016 for all Central Government administrative offices located at Delhi / New Delhi.

As per list of holidays circulated vide this Ministry’s O.M.No.l2 / 7 / 2015-JCA-2 dated the 11th June, 2015, the holiday on account of Milad-Un-Nabi or Id-E-Milad falls on Tuesday the 13th December, 2016. It has been brought to notice of this Ministry that in Delhi Milad-Un-Nabi or Id-E-Milad will be celebrated on 12th December, 2016. Accordingly, it has been decided to shift the Milad-Un-Nabi or Id-E-Milad holiday to 12th December, 2016 in place of 13th December, 2016 as notified earlier, for all Central Government administrative offices at Delhi / New Delhi.

2. For Offices outside Delhi / New Delhi the Employees Coordination Committees or Head of Offices (where such Committees are not functioning) can decide the date depending upon the decision of the concerned State Government.

Hindi version will follow.

(DK. Sengupta)

Deputy Secretary JCA)

Source:http://document.ccis.nic.in/WriteReadData/CircularPortal/D2/D02est/12_18_2016-JCA2-07122016.pdf

IBPS RRB V Office Assistants Main Exam Call Letters out

Institute of Banking Personnel Selection (IBPS) has released the Call Letters for IBPS RRB V Office Assistants Main Online Exam. As you know, the organisation has conducted Preliminary Online Exam for the recruitment of Office Assistants in various Regional Rural Banks (RRBs) during the month of November 2016 and announced the results of the same on 28th  November 2016.

IBPS RRB V Office Assistants Main Exam Call Letters : CLICK HERE 

Important Dates

Commencement of Call letter Download : 05-12-2016

Closure of Call letter Download : 18-12-2016

India Post Payments Bank Scale II, Scale III & Scale V Online Exam Call Letters out

India Post Payments Bank Ltd (IPPB) has released the Call Letters for IPPB Scale II, III and V Recruitment Online Exam 2016. The online examination for the above mentioned posts is scheduled to be held on 17th December 2016. Check below for more details. 

Call Letters : Click Here

Information Handbook : Click Here

Important Dates

Commencement of Call letter Download : 01-12-2016

Closure of Call letter Download : 17-12-2016

SB Order No. 13/2016 dated 23.11.2016 regarding acceptance of WOS currency notes in Post Office Saving Bank Account only and not in other accounts like RD, TD, MIS, SSA, SCSS, PPF, KVP, NSC etc.

Exchange limit increase from Rs 4000 to Rs 4500; ATM withdrawal limit raised to Rs 2,500

The government on Sunday lifted several restrictions imposed on withdrawing money from automated teller machines (ATMs) and banks and exchange of old notes as it moved to ease the pain and frustration of people reeling under a cash crunch after the scrapping of some high value currencies last week.

Banks have been advised to raise the exchange limit over the counter from 4,000 to 4,500 while the cash withdrawal limit at ATMs will be increased from 2,000 to 2,500 per day in the recalibrated cash vending machines, the finance ministry said after it reviewed the situation. The weekly limit of 20,000 for withdrawing from bank accounts has been increased to 24,000 and the limit of 10,000 per day has been removed.

The finance ministry is coordinating with RBI, banks and post offices to make notes of all denominations available at all locations. The government also issued instructions to banks and post offices to ensure proper distribution of all notes of all denominations. "Banks have also been specially advised to ensure availability and distribution of small denomination notes," a finance ministry statement said.

"Coordination is being continuously done by the ministry of finance with RBI, banks and post offices to make all denomination notes available at all locations," it said. In a major relief to pensioners, the government extended the last date for submitting the annual life certificate to January 15, 2017.

Every year in November, government pensioners are expected to submit a certificate stating that they are alive. Banks were flooded with old 500 and 1,000 notes. About 3 lakh crore worth of such notes have been deposited in the banking system and about 50,000 crore has been dispensed to customers through withdrawal from their accounts or from ATM's or exchange at the counters. Within three four days, the banking system has handled about 18 crore transactions

SOURCE:- http://timesofindia.indiatimes.com/india/Banks-asked-to-increase-exchange-limit-from-Rs-4000-to-Rs-4500-ATM-withdrawal-limit-raised-to-Rs-2500/articleshow/55406872.cms

R B I Guidelines : Limit of Cash withdrawal (Rs.10000/- per day / Rs.20000/- per week) not applicable to Post Office

Post Offices will remain open upto 8pm every day including Sunday - Official Notification and Banner for public display

PRODUCTIVE LINKED BONUS FOR THE ACCOUNTING YEAR 2015 -2016

Revision of interest rates for Small Saving Schemes

DoP plans to recruit around 55,000 GDSs through online mode in November: Sri B.V Sudhakar, Secretary DoP

The Department of Posts plans to recruit around 55,000 Grameen Dak Sevaks through online mode in November,  Sri B.V Sudhakar, Secretary, Department of Posts, said.

Addressing a Press Conference at Circle office, Hyderabd on Friday, Sri Sudhakar informed that the software required for online recruitment is at the testing stage and the online method will ensure transparency in this recruitment.

In order to address the grievances of the postal customers, the National Service Call Centre - 1924 - was launched on September 12, 2016. Customers can call from any network to this number and they will be given a unique 11-digit ticket ID to check the status of their complaint. Nearly 98 per cent grievances and complaints were resolved, he said in a statement.

LOTs And Consolidation Of SB,RD,TD And PPF Have Been Changed in DoP Finacle

LOTs and Consolidation of SB,RD,TD and PPF have been changed. A new selection criteria "Delivery Channel ID" has been added with default value as "BRN". 

 In BRN, all counter/system transactions done for a SOL will be shown. In BWY, all transactions done through Internet/Mobile Banking by Savings Account holders of a SOL will be shown. In SWT, all transactions done through ATM attached with the SOL will be shown. By default, BRN will be displayed in these LOTs and consolidation. Any CBS SO/HO should not account for transactions listed in BWY and SWT channel IDs. These offices can only see these reports in case of any complaint/grievance/inquiry.

Revised vacancies of Postmen/mailguard in Odisha circle for the year 2016-17

Change of Holiday on account of Id-Ul-Zuha (Bakrid) to 13.09.2016 instead of 12.09.2016 (ODISHA POSTAL CIRCLE)

Massive postal transaction fraud detected in Cuttack (Odisha)

Police unearthed a big postal transaction fraud where cash to the tune of Rs 42.05 lakh were siphoned off from Cuttack's Chandini Chowk post office between December 2014 and December 2015.Police arrested six persons in this connection, including four senior postal officials.

A brother-sister duo of the city in connivance with the postal officials embezzled the public money by using the postal cheques issued to them fraudulently , said the Mangalabag Police Station inspector Arun Kumar Swain.Describing the modus operandi, Swain said one Parthasarathi Behera, a former temporary employee of posts and his sister Bishnupriya were issued two cheque books separately against their saving accounts in the post office.Despite insufficient balances in their accounts, Parthasarathi and Bishnupriya continuously issued cheques at regular intervals in favour of their two relatives, who had accounts in a private bank and a nationalised bank in the city.

When the banks submit these cheques at the post office for clearance, the dishonest postal officials clear them without any hesitation notwithstanding insufficient balances in the accounts of Parthasarathi and Bishnupriya , the police inspector said adding that a lion's share of this money go to the pockets of the postal officials.

Besides the brother-sister duo, the police have arrested senior Post master Ratikanta Swain, Deputy Post master Pravakar Pati, Assistant Superintendent of Post Jyotiraj Das and another senior post master Ramachandra Behera in this connection.

Source:- Times of India 

http://timesofindia.indiatimes.com/city/cuttack/Massive-postal-transaction-fraud-detected-in-Cuttack/articleshow/53066172.cms

PMO likely to review India Post's progress on April 14

The Prime Minister's Office (PMO) is likely to undertake a review ofIndia Post on April 14 regarding action taken by the department for setting up its payments bank.

According to sources, PMO will also take stock of progress made by Department of Post (DoP) to improve functioning through initiatives like e-commerce and IT modernisastion.

The Public Investment Board (PIB) has already approved the Rs 800-crore proposal from India Post for setting up a payments bank and after the PMO review, it will be sent to the Cabinet for final approval.

"Top officials of DoP will brief PMO about the progress made so far by the department in improving efficiency and what is the latest update regarding the payments bank," a source said.

The meeting with PMO is likely to take place on April 14, the source added.

The PMO is monitoring the progress made by DoP to improve its functioning and utilising the vast network of post offices across the country for financial inclusion.

Earlier this year also, PMO had taken a review of DoP with special focus on the implementation of proposals submitted by a task force on leveraging the department's post office network.

India Post has selected Deloitte to advise it on setting up a payments bank.

The India Post payments bank will primarily target unbanked and under-banked customers in rural, semi-rural and remote areas, with a focus on providing simple deposit products and money remittance services.

The pilot for the payments bank is set to start from January 2017 and the full-fledged operations may start by March.

As many as 40 international financial conglomerates including World Bank and Barclayshave shown interest to partner the postal department for setting up the bank.

For strengthening the e-commerce infrastructure, DoP has set up 57 new state-of-the-art parcel centres across the country through which more than 400 e-commerce companies are being serviced.

Source:- The Economic Times

Declaration of Holiday on 14th April, 2016 – Birthday of Dr. B. R. Ambedkar

Resume the sale of pre-printed NSC and KVP by post offices​

Ministry of Finance, Department of Economic Affairs, vide its OM Dated 8.4.2016 has now allowed sale of physical pre-printed NSC and KVP  by post offices​.

However, post offices either CBS or non CBS should place rubber stamps on NSC & KVP before handing over to the customer/Agent. Sample of rubber stamp is given below

Payment of Dearness Allowance to Central Government employees - Revised Rates effective from 1.1.2016.

No. 111/2016-E-ll (B)

Government of India

Ministry of Finance

Department of Expenditure

North Block, New Delhi

Dated the 7th 'April, 2016.

OFFICE MEMORANDUM

Subject: Payment of Dearness Allowance to Central Government employees - Revised Rates effective from 1.1.2016.

The undersigned is directed to refer to this Ministry‘s Office Memorandum No. 1/3/2015-E-ll (B) dated 23rd September, 2015 on the subject mentioned above and to say that the President is pleased to decide that the Dearness Allowance payable to Central Government employees shall be enhanced from the existing rate of 119% to 125% with effect from 1st January, 2016.

2. The provisions containedin paras 3, 4 and 5 of this Ministry’s OM. No. 1-(3)/2008-E-II(B) dated 29th August, 2008 shall continue to be applicable while regulating Dearness Allowance under these orders.

3. The additional installment of Dearness Allowance payable under these orders shall be paid in cash to all Central-Government employees.

4. These orders shall also apply to the civilian employees paid from the Defence Services Estimates and the expenditure will be chargeable to the relevant head of the Defence Services Estimates. in regard to Armed Forces personnel and Railway employees, separate orders will be issued by the Ministry of Defence and Ministry of Railways, respectively.

5. ln so far as the employees working in the Indian Audit and Accounts Department are concerned, these orders are issued with the concurrence of the Comptroller and Auditor General of India.

(Nirmala Dev)

Deputy Secretary to the Government of India