Government to issue Sovereign Gold Bonds with effect from 26th November, 2015; Bonds to be sold through banks and designated post offices

Government to issue Sovereign Gold Bonds with effect from 26th November, 2015; Bonds to be sold through banks and designated post offices

Government of India, in consultation with Reserve Bank of India (RBI), has decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be sold through banks and designated post offices as may be notified. The borrowing through issuance of the Bond will form part of market borrowing programme of Government of India.

It may be recalled that the Finance Minister had announced in Union Budget 2015-16 about developing a financial asset, Sovereign Gold Bond, as an alternative to purchasing metal gold.

The major features of the Bond are given below:

Sl. No.	Item	Details
1	Product name	Sovereign Gold Bond
2	Issuance	To be issued by Reserve Bank India on behalf of the Government of India.
3	Eligibility	The Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, trusts, Universities, charitable institutions.
4	Denomination	The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
5	Tenor	The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates.
6	Minimum size	Minimum permissible investment will be 2 units (i.e. 2 grams of gold).
7	Maximum limit	The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be obtained.
8	Joint holder	In case of joint holding, the investment limit of 500 grams will be applied to the first applicant only.
9	Frequency	The Bonds will be issued in tranches. Each tranche will be kept open for a period to be notified. The issuance date will also be specified in the notification.
10	Issue price	Price of Bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday–Friday) simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Ltd. (IBJA).
11	Payment option	Payment for the Bonds will be through electronic funds transfer/cash payment/ cheque/ demand draft.
12	Issuance form	Government of India Stock under GS Act, 2006. The investors will be issued a Stock/Holding Certificate. The Bonds are eligible for conversion into demat form.
13	Redemption price	The redemption price will be in Indian Rupees based on previous week’s (Monday-Friday) simple average of closing price of gold of 999 purity published by IBJA.
14	Sales channel	Bonds will be sold through banks and designated Post Offices, as may be notified, either directly or through agents.
15	Interest rate	The investors will be compensated at a fixed rate of 2.75 per cent per annum payable semi-annually on the initial value of investment.
16	Collateral	Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
17	KYC Documentation	Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required.
18	Tax treatment	The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961) and the capital gains tax shall also remain same as in the case of physical gold.
19	Tradability	Bonds will be tradable on exchanges/NDS-OM from a date to be notified by RBI.
20	SLR eligibility	The Bonds will be eligible for Statutory Liquidity Ratio.
21	Commission	Commission for distribution shall be paid at the rate of 1% of the subscription amount.

Combined gradation list of inspector Posts and Assistant Superintendent Posts Karnataka Circle as on 01.07.2015

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Transfer and postings in Senior Administrative Grade (SAG) of Indian Postal Service, Group 'A' - order dated 30.10.2015

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7th CPC – Modifications in LTC – Expectations..

Everyone knows that Central Government Employees are entitled to avail Leave Travel Concession (LTC) once in two years to visit home town and once in four years to visit any places in India. The employees are reimbursed full expenses for transport from the work station to the place to be visited and back.
 
Before the sixth CPC was implemented, availing of LTC by the employees was less in number all over India. In order to encourage employees to avail LTC, the Central Government made some impressive modifications in the rules, which saw a huge increase in the percentage of employees going for it. The employees were allowed to travel by air to Jammu & Kashmir and North Eastern States and it continued till June 2015. The modification in the rules that was brought in was the travelling expenses were given in packages depending upon employee’s designation. These visits by the employees saw a huge growth in tourism in these states. It turned out to be a great opportunity for the employees to travel to these places, to know different people, their culture and so on. But for unknown reason, the central government did not extend the orders beyond June 2015.
 
Home Town LTC:
 
Is it possible to make changes in the Permanent Address of a Central Government Employee?   
 
Those Central Government Employees having their Hometown on the outskirts of their work places, are automatically ineligible for availing LTC Hometown. But they are eligible for the LTC for visiting any other places in India. For the benefit of those employees, in exceptional cases,  the CCS Rules (LTC) – Change of Hometown –  allows an employee to change the Permanent Address only once in their whole service. The employee can apply for this, through their respective head of sections with detailed documents. A male employee can choose the  native place of his wife or vice versa or any other closed relation’s address. Care should be taken while applying for the changes, as the rule allows only once in their whole service. After the changes in the permanent address, the employee can apply for the LTC showing the new address.
 
Expecting new changes in 7th CPC  for availing LTC…
 
Central Government Employees should be allowed to avail LTC Home Town once in a year and All India LTC  once in three years which can bring huge changes in the department of tourism in India. It can motivate the employees to travel, visit different places, to know different people and their working conditions etc. Air travelling should be allowed to all other places in India and can be extended to other neighbouring countries also.
 
Let us wait and see for the recommendations…!

Letter-Writing Competition winner honoured in Berne

Sara Jadid from Lebanon, the winner of the 44th UPU International Letter-Writing Competition, was in Berne on Wednesday at the Universal Postal Union to receive her prize from the Director General Bishar A. Husse

Sara Jadid on the UPU's terrace in Berne with her certificate (Photo: Marcel Bieri/keystone)

“'Jadid' means something new and bright, which Sara certainly is,” Hussein told an audience of international delegates and dignitaries.

For her part, Layla, Sara’s mother, who was also in Berne, praised the competition for encouraging literacy.

“In a world where children are glued to their devices, competitions like the UPU one play an important part in helping kids express them properly in writing,” the mother of eight said.

The Director General would agree. “We are likely to lose the passion for letter-writing if we do not keep these kinds of events and this spirit alive,” he said.

When Sara heard about the theme of the UPU’s 2015 Letter-Writing Competition – “Write a letter about the world you want to grow up in” – she was immediately inspired.

“I thought that it would be my opportunity to express myself,” she said as the world she wants to grow up in is not the world she sees around her.

Sara comes from a deprived area in the city of Tripoli in Lebanon and has been no stranger to war and conflict in her thirteen years.

Undeniable talent

Sara’s letter is a heartfelt appeal, “soaked with tears of despair”, to all those people working to destroy her dreams.

In moving language, the letter presents a detailed and poetic description of this dream world longed for by Sara.

With strong emotion, she condemns the hatred, war and sectarianism she has witnessed and imagines a new better world under “the moon of openness and the sun of freedom”.

“Beyond her undeniable talent, Sara represents the best that Lebanon has to offer, with her message of peace, hope and tolerance,” LibanPost CEO Khalil Daoud said at the ceremony. 

He spoke of the sacrifices Sara’s parents had made to provide a good environment for their children to grow and thrive.

LibanPost awarded Sara a cash prize, part of which will to contribute to her education over the next three years.

Giving thanks

Showing self-assurance and composure beyond her years, Sara addressed the Berne audience in French, Arabic and English.

She thanked her parents and teachers and spoke with great fondness of her five sisters and two brothers, paying tribute to their individual qualities.

Sara was accompanied on her trip to Switzerland by her mother, part of the UPU prize.

“I see you, my World, as a rainbow that appears after crises, in which no religion will conquer another and no skin colour will be superior to another. You are a world that transcends human conflict,” her letter reads.

In the future, Sara wishes for nothing more than to remain in her home country, complete her studies and work.

Inspiration

Her success has inspired many of her fellow citizens, according to Mansour Chaya, chargé des affaires ad interim from the Lebanese Embassy, Berne.

“Despite everything that is happening in Lebanon – two million refugees, and terrorists knocking at our door – we have this example of a young Lebanese sending a message of peace to the whole world,” Chaya told the gathering.

This year, 65 member countries submitted their winning letters from the national heats to the international round. Some 1.5 million children participated.

The international jury also awarded a silver medal to Miriam Campos Acin, an 11-year-old girl from Spain and the bronze to Silva Brito Leonardo, a 15-year-old boy from Brazil.

Seventh Pay Commission Likely To Allow Work From Home For Disabled, Women Employees

New Delhi: Seventh pay commission is likely to ask the government to consider allowing disabled and women central government employees to work from home.

The commission may recommend government to ask Information and Technology department, whether it is possible to have systems in place for monitoring and supervising work being done remotely by disabled and women central government employees .

“Allowing disabled and women central government employees a choice in where and how they work can increase employee loyalty and job satisfaction, and the government needs to apply it for a big win to boost their confidence, which will also give the productivity,” said a pay panel official.

The studies revealed those disabled and women employees who have the option of working outside of the office also reported somewhat lower levels of stress and exhaustion. And studies have suggested that employees tend to get higher performance evaluations.

Allowing employees to work away from a government office means increased opportunities for those women and those persons with disabilities. It can also help the environment, as the employees are able to eliminate lengthy commutes.

The work from home filtered into jobs that have little to no stress and minimal travel.

At present, the strength of disabled employees in the total workforce of the central government is 9,339, which constitutes 0.3 per cent of the total staff strength of 29.59 lakh, according to an RTI reply to The Indian Express from the Department of Personnel and Training (DoPT).

Women employment under central government has been estimated to the tune of 3.37 lakh, which is 10.93 percent of the total regular central government employment, according to census of central government employees as on March 31, 2011.

“We are looking at whether it is technologically possible to allow disabled and women employees for working from home,” said the official.

“A need was felt to provide work from home facility to persons with disabilities and women to enable them to effectively discharge their duties.,” he added.

The government constitutes the Pay Commission almost every 10 years to revise the pay scale of its employees and often states also implement the panel’s recommendations after some modifications.

Headed by Justice Ashok Kumar Mathur, the four-member Commission was appointed in February 2014 and the commission will hand over its recommendations to government within December 31, 2015.

As part of the exercise, the current Pay Commission holds discussions with various stakeholders, including organisations, federations, groups representing civil employees as well as defence services.

The Sixth Pay Commission was implemented with effect from January 1, 2006, the fifth from January 1, 1996 and the fourth from January 1, 1986. The Seventh Pay Commission will be implemented with effect from January 1, 2016.

source : http://www.tkbsen.in

Processing of files referred to DoPT for advice/clarification-procedure to be followed.

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Retirement in the month of October 2015

Following Member JTS Gr. A and PS Gr. B Officers are retiring from Govt. Service on superannuation on 31/10/2015

Sl. No.	Name of Officer	Designation	Circle
1	Shri P. Arunachalam Ganesan	SSP, Niligiri Division, Oody	Tamil Nadu
2	Shri yadunath Dwivedi	SSP, Azamgarh Division	Uttar Pradesh
3	Shri G. S. Hangund	SP, Chikodi Division	Karnataka
4	Shri P. K. Haridas	SSP, Ernakulam Div., Ernakulam	Kerala
5	Shri Alok Kumar Sanyal	SSP, East Kolkatta Division	West Bengal
6.	Shri Surinder Kumar Chowdri	APMG (QM) o/o CPMG, New Delhi	Delhi
7	Shri Rajbir	ADPS (PO), o/o CPMG, New Delhi	Delhi
8	Shri Siba Narayan Satpathy	ASP (OD) Dhankanal Division, Dhankanal	Odisha

CHQ wishes them a very happy, healthy and long retired life. In few circles, senior ASPs are working on adhoc basis in PS Gr. B cadre and retiring without getting regular PS Gr. B promotion, their names are not included in the list, the same may kindly be reported to GS by SMS.

Discontinuation of interview for Junior Level Posts in the Government

F. No.39020/09/2015-Estt(B)
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel & Training)

New Delhi, the 27th October, 2015

To
The Chief Secretaries of all the State Governments/Administrators of the Union Territories. (As per list attached).

Subject: One day workshop scheduled for 29.10.2015 at Civil Services Officers Institute (CSOI), New Delhi, to be conducted for the Principal Secretaries of GAD of States/UTs, in connection with discontinuation of interview for Junior Level Posts in the Government

Madam/Sir,

In continuation of this Department’s letters of even number dated 20.10.2015 and 23.10.2015 on the above subject, it is informed that due to unavoidable administrative reasons the One day workshop scheduled to be conducted on 29.10.2015 at Civil Services Officers Institute (CSOI),New Delhi, for the Principal Secretaries of GAD of States/UTs, in connection with discontinuation of interview for Junior Level Posts in the Government, has been postponed to 16.11.2015.

2. It is also informed that the venue for the Workshop i.e. CSOI, New Delhi, will remain same.

3. You are therefore requested to kindly depute the concerned officer to participate the Workshop. As requested earlier, the details of the Officer being deputed may be sent to this Department, on the following e-mail:

Jssv1-dopt@nic.in

4. Inconvenience caused is regretted.

Yours faithfully,

(Dr.Devesh Chaturvedi)
Joint Secretary to the Govt. of India

Authority: www.persmin.gov.in

Central Govt setup a committee to simplify the provisions of the Income Tax Rules

Government Sets-Up A Committee to Simplify The Provisions of The Income Tax Act, 1961

The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition:

(i) Justice R.V. Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT – Chairman

(ii) Shri V.K. Bhasin, former Law Secretary – Member

(iii) Shri Vinod Jain, Chartered Accountant – Member

(iv) Shri Rajiv Memani, Consultant – Member

(v) Shri Ravi Gupta, Sr. Advocate – Member

(vi) Shri Mukesh Patel, Tax-Advocate – Member

(vii) Shri Ajay Bahl, Consultant – Member

(viii) Shri Pradip P. Shah, Investment Adviser – Member

(ix) Shri Arvind Modi, IRS (IT:81009) – Member

(x) Dr. Vinay Kumar Singh, IRS (IT:95006) – Member

The Terms of Reference (ToR) of the Committee shall be as follows:

i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations;

ii) To study and identify the provisions which are impacting the ease of doing business;

iii) To study and identify the areas and provisions of the Act for simplification in the light of the existing jurisprudence;

iv) To suggest alternatives and modifications to the existing provisions and areas so identified to bring about predictability and certainty in tax laws without substantial impact on the tax base and revenue collection; and

The Committee shall set its own procedures for regulating its work. The Committee can also work in Sub-Groups and the draft prepared by the Sub-Groups can then be approved by the whole Committee. The Committee will put its draft recommendations in the public domain. After stakeholder consultations, the Committee will formalise its recommendations. The Committee can give its recommendations in batches. The First Batch containing as many recommendations as possible shall be submitted by 31st January, 2016.

The Term of the Committee shall be for a period of one year from the date of its constitution.

Source: PIB News