Today's Cancelled Trains
TamilNadu
07:46
General Provident Funds Carry 8 % Interest from 1st October to 31st December 2018
General Provident Funds Carry 8 % Interest from 1st October to 31st December 2018
Source:Finance -TN Depart
Showing posts with label General Provident Fund. Show all posts
Showing posts with label General Provident Fund. Show all posts
Saturday, 27 October 2018
Monday, 20 March 2017
Ministry of personnel
22:10
Several relaxations brought in GP Fund rules
Several relaxations brought in GP Fund rules
In a major relief for government employees, Ministry of Personnel, Public Grievances and Pensions has announced several relaxations in General Provident Fund Rules, with liberalization and simplification, particularly relating to advances and withdrawals by the subscriber/ employee.
According to the Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh, the existing GP Fund (Central Service) Rules came into force way back in 1960 and even though certain amendments have been made from time to time to address the concerns raised, it was felt to be the need of the hour to bring in some more changes for the convenience of the Government employees. The liberalization in the provisions was essentially meant to bring in ease of procedures, especially for activities like house building, education of children etc., thus making the rules more employee-friendly.
Elaborating further, Dr Jitendra Singh stated that the requirement of documentary proof for withdrawing GP Fund has been done away with. As a result, a simple declaration by the subscriber / employee would suffice henceforth, he added. Similarly, the minimum time limit for sanction and payment of GP Fund withdrawal would not be more than 15 days and in case of an emergency like illness, etc., it could only be 7 days. At the same time, the limit of withdrawal also has been increased following which, now the withdrawal for housing can be up to 90% of the balance at credit and withdrawal for purchase of vehicle / car can be up to 3/4th of the balance at credit.
Considering the importance of education, the definition of education for the purpose of withdrawal of GP Fund has now been widened to include primary, secondary and higher education covering all streams and institutions. Not only this, GP Fund advance can now also be applied for travel and tourism related activities, he said.
Dr Jitendra Singh said, the Government expects its employees to work with full dedication, sincerity and diligence, but at the same time, it is also always seriously considering various means and provisions to provide them with a work-friendly environment and socio-economic stability, so that they may put in their best without any unnecessary distraction.
Source:PIBNEWS
Monday, 30 January 2017
Retirement Benefits
07:11
CLARIFICATION REGARDING TIMELY PAYMENT OF GPF FINAL PAYMENT TO THE RETIRING GOVERNMENT SERVANT – DOPT ORDERC.
CLARIFICATION REGARDING TIMELY PAYMENT OF GPF FINAL PAYMENT TO THE RETIRING GOVERNMENT SERVANT – DOPT ORDERC.
No.3/3/2016-P&PW (F)
Ministry of Personnel, PG & Pensions
Department of Pension & Pensioners’ Welfare
Desk-F
3rd Floor, Lok Nayak Bhavan,
Khan Market, New Delhi-110003
Dated 16th January 2017.
OFFICE MEMORANDUM
Subject: Clarification regarding timely payment of GPF final payment to the retiring Government servant – regarding
During review meetings held to evaluate the status of implementation of Bhavishya with Ministries/Departments, it was observed that GPF final payment in many cases is not being paid to the retiring Government servants immediately on retirement from service leading to payment of interest for the delayed period.
2. Rule 34 of General Provident Fund (Central Service) Rules clearly provides that when the amount standing at the credit of a subscriber in the General Provident Fund becomes payable, it shall be the duty of the Accounts Officer to make payment. The authority for the amount payable is to be issued at least a month before the date of superannuation, but payable on the date of superannuation. It may be noted that the requirement of submitting a written application by the retiring Govt. servant for GPF final payment has been dispensed with vide this Department’s Notification No.20(12)/94-P&PW (E) dated 15.11.1996 and notified under S.O NO.3228 dated 23.11.19963. As per Rule 11(4) of GPF Rules, in case the GPF balance is not paid on retirement, interest on the GPF balance is required to be paid for the period beyond the date of retirement also. While interest for the first six months beyond retirement can be allowed by the PAO in the normal course, approval of Head of the accounts office is required for payment of interest beyond six months and that of Controller of Account/Financial Adviser beyond a period of one year.
4. To ensure timely final payment of GPF, and to avoid unnecessary financial burden on account of interest beyond retirement, it has now been decided that every case, in which payment of interest on General Provident Fund becomes necessary in terms of Rules 11(4) of GPF Rules, 1960, shall be put up for consideration to the Secretary of the Administrative Ministry/Department. In all such cases the Secretary of the Administrative Ministry/Department will fix responsibility at all levels to take appropriate action against the Government servant or servants who are found responsible for the delay in the payment of General Provident Fund.
5. This issues with the concurrence of the Ministry of Finance, Department of Expenditure, vide their 10 NO.187/EV/2016 dated 2th September 2016.
6. Hindi version will follow.
(Seema Gupta)
Director
Source:http://aiamshq.blogspot.in/
Sunday, 12 June 2016
INTEREST RATE FOR GENERAL PROVIDENT FUND – FINMIN ORDERS
INTEREST RATE FOR GENERAL PROVIDENT FUND – FINMIN ORDERS
(PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA)
F.No.5(1)-B(PD)/2016
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
New Delhi, Dated the 2nd June, 2016
RESOLUTION
It is announced for general information that during the year 2016-2017, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.1% (Eight point one per cent) w.e.f. 1st April, 2016 to 30th June, 2016. This rate will be in force w.e.f. 1st April, 2016. The funds concerned are:-
1. The General Provident Fund (Central Services)
2. The Contributory Provident Fund (India)
3. The All India Services Provident Fund
4. The State Railway Provident Fund
5. The General Provident Fund (Defence Services)
6. The Indian Ordnance Department Provident Fund
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund
9. The Defence Services Officers Provident Fund
10. The Armed Forces Personnel Provident Fund.
2.Ordered that the Resolution be published in Gazette of India.
Source:http://aiamshq.blogspot.in/
Monday, 3 August 2015
public provident Fund
07:49
Bankers see higher PPF rate limiting more deposit rate cuts
Bankers see higher PPF rate limiting more deposit rate cuts
Bankers have said there is more room to cut deposit rates which can help bring down lending rates, but fear that competing savings instruments like PPF and tax-free bonds will limit their ability.
"We think deposit rates are dropping. However, there is a stickiness to the levels to which they can drop. The main reasons being competition from small savings rates," Uday Kotak, vice-chairman and managing director of Kotak Mahindra Bank, said.
He cited that investments in the public provident fund (PPF) earn an interest of 8.7 per cent while tax-free bonds also give good yields.
"These two are competing with our ability to drop deposit rates beyond a point, but they are still coming down," he said.
At present, his bank, the fourth largest private sector lender, offers the highest rate of interest at 8.25 per cent. It can be noted that interest earned on fixed deposits is not tax-free.
ICICI Bank managing director and chief executive Chanda Kochhar said deposit rates have been declining since last November and are clearly on a declining trend.
All the major banks have effected deposit rate cuts in the past 8-10 months and in some cases, there have been multiple instances of cuts.
This has helped them cut the base rates or the minimum lending rates. The degree of lending rate cuts depends on a bank's composition of deposit base and how long it takes for the repricing.
HDFC Bank deputy managing director Paresh Sukthankar said one of the biggest cases for a deposit rate cut comes from the very sluggish growth in credit, which stood at under 10 per cent.
He said deposit growth has been "modest", but still credit
growth has been trailing which keeps off banks, adding more deposits and hence, effect deposit rate cuts.
"It is true that deposit growth has been muted. There has been a slight pick-up and more importantly deposit growth is outpacing loan growth. So, when you look at it in relation to each other, there is probably some room for deposit rates to come down and I think that would be the case in some months," he said.
Source: SmartInvestor
Source: SmartInvestor
Thursday, 30 April 2015
Provrident Fund Rules
16:27
Centre Govt Allows 5% of PF Funds to be Invested in Share Market
Centre Govt Allows 5% of PF Funds to be Invested in Share Market
The Central Government has allowed investing up to 5% of the Provident Fund capital in the stock market. As a result, Rs.5000 crore is expected to be released for investment this financial year. A circular from the Ministry of Labour has confirmed that 5% of the PF amount has been sanctioned for investing in the stock market.
The money will be invested in stock market based EDFs. Mr. Shankar Agarwal, the Secretary of Departmetn of Labour, said that announcements to this regard were made about two or three days ago. Rs.80,000 Crore was the total amount collected in the EPF in the financial year 2014-15. The amount is expected to cross Rs.1 lakh crore before the end of the current Financial Year. The number of persons qualified for EPF, and the amount raised, have increased after the salary limit was raised from Rs.6500 to Rs.15,000.
Agarwal has said that initially only 1% of the EPF reserve was going to be used for investments. This is going to be raised to 5% before the end of the financial year. The Ministry of Finance has suggested that between 5 to 15% of the funds can be invested in the markets. Agarwal added that since it was the first time, they are going to be very cautious and invest only 1% of the funds.
“The money is the sweat and blood of workers. We don’t want to carelessly invest it in the stock market. Hence, we have planned to invest only 5% of the money in the first stage,” he clarified.
He said that the plans are to invest only in EDFs. He added that no decision has been made about percentage of investment aimed at public sector companies. In the past, EPF, which has about 6 crore members, has been investing only in Central Government bonds.
Source: CG Staff News
