Today's Cancelled Trains
Sports Person
22:26
Showing posts with label funds. Show all posts
Showing posts with label funds. Show all posts
Thursday, 19 July 2018
Wednesday, 8 March 2017
No Tax for Transfer of Funds from PF to NPS
No Tax for Transfer of Funds from PF to NPS
Clarification by Pension Fund Regulatory and Development Authority (PFRDA) on transfer of amount from Recognized Provident Fund & Superannuation Fund to National Pension Scheme (NPS)
In the budget of 2016-17, the Government had announced that the subscribers from recognised Provident Funds and Superannuation Funds would be able to transfer their corpus from these funds to National Pension System (NPS) without any tax implication.
With the NPS gaining momentum vis-Ã -vis other retirement products and a number of queries being raised on the transfer of amounts from recognised Provident/Superannuation Funds to NPS, Pension Fund Regulatory and Development Authority (PFRDA) has clarified the process through a circular dated 06.03.2017.
Accordingly, in case the subscriber is interested to get his/her recognised Provident Fund/Superannuation Fund transferred to NPS, he/she needs to follow the below mentioned process:
The subscriber should have an active NPS Tier I account which can be opened either through the employer (where NPS is implemented) or through the Points-of-Presence (POPs) or online through eNPS on the NPS Trust website www.npstrust.org.in
The subscriber presently under Government/Private Sector employment should approach the recognised Provident Fund/Superannuation Fund Trust through the current employer by giving request for transfer to his/her NPS account.
The Recognised Provident Fund/Superannuation Fund Trust may initiate transfer of the Fund as per the provisions of the Trust Deed read with the provisions of the Income Tax Act, 1961.
The Recognised Provident fund/Superannuation Fund may issue the cheque/draft in the name of:
a) In case of Government employee: Nodal Office Name (PAO or CDDO Name) <> Employee Name<> PRAN (12 Digit No.)
b) In case of subscriber presently under Private Sector including All Citizen Model: POP (Name of the POP) Collection Account-NPS Trust<>Subscriber Name<>PRAN (12 Digit No.)
In case of Government or Private Sector employee, the employee should request the recognised Provident Fund/Superannuation Fund to issue a letter to his present employer mentioning that the amount is being transferred from the recognised Provident Fund/Superannuation Fund to be credited in the NPS Tier I account of the employee which would be recorded by the present employer or POP as the case may be, while uploading the amount.
It may be noted here that as per the provisions of the Income Tax Act, 1961 the amount so transferred from recognised Provident Fund/Superannuation Fund to NPS is not treated as income of the current year and hence not taxable. Further, the transferred recognised Provident Fund/Superannuation Fund will not be treated as contribution of the current year by employee/employer and accordingly the subscriber would not make Income Tax claim of contribution for this transferred amount.
Source:PIBNEWS
Saturday, 21 May 2016
suresh prabhu
22:35
Funding no more a constraint for Indian Railways
Funding no more a constraint for Indian Railways
Indian Railways has moved out of a phase of fund constraint to a state where funds are available and a shelf of projects ready to be financed.
While the national transporter has a funding window open from the Life Insurance Corporation, it is finalising a structure of funds to be floated jointly with the World Bank.
Rail Minister Suresh Prabhu told that Indian Railways was constrained last year by the lack of detailed project reports, which could be taken up for construction.
“Some Rs 5.6 lakh crore (Rs 5.6 trillion) worth of projects are ready with us now… Funding is no more a constraint for us,” he said.
LIC has agreed to provide Rs 1.5 lakh crore (Rs 1.5 trillion) over five years starting 2015-15.
The first tranche of Rs 30,000 crore (Rs 300 billion) was to come in the last financial year, but only Rs 2,000 crore (Rs 20 billion) was disbursed because of lack of project preparedness.
“There are no commitment charges on funds with LIC, so we can draw anytime,” Prabhu said.
With the World Bank, the Railways plans to float an independent fund that would provide both equity and debt finance to “all railway projects and not just the Indian Railways”.
Source:RailNews
Source:RailNews
Tuesday, 22 December 2015
Pensionscheme
23:27
Minimum Pensions for retired Central Government employees
Minimum Pensions
The minimum pension fixed for retired Central Government employees is Rs. 3,500/- per month with effect from 01.01.2006. For pensioners, including those retired from public sector corporations and other establishments, to whom the Employees’ Pension Scheme (EPS), 1995 framed under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 applies, provision of a minimum pension of Rs. 1,000/- per month has made with effect from 01.09.2014.
The Sixth Central Pay Commission had recommended pension of Rs. 3,330/- per month in respect of employees retired from the Central Government. The minimum pension of Rs. 1,000/- per month under the EPS, 1995 implemented by the Central Government was one of the recommendations of the Expert Committee constituted by the Government. Apart from this, the Committee on Petitions of the Rajya Sabha under the chairmanship of Shri Bhagat Singh Koshiyari in its 147th Report had recommended to increase Government share of contribution under EPS, 1995 from 1.16 per cent to 8.33 per cent to support the minimum pension level of Rs. 3000/- per month. However, it was not found feasible for implementation.
No complaints regarding anomalies in minimum pension in respect of Central Government employees have been received by the Government.
However, representations, grievances and complaints have been received from various quarters that the monthly pension to pensioners under EPS, 1995 have not increased to Rs. 1,000/- per month even after the notification in respect of pensioners who had taken short service pension, commutations or return of capital. Some grievances also relate to the fact that pension has not increased for those drawing more than Rs. 1,000/- per month.
Consequent upon implementation of the minimum pension to pensioners under EPS, 1995 vide notification number GSR 593(E) dated 19.08.2014, the pension of all member/widow(er)/disabled/ nominee/dependent parent pensioners whose original pension was less than Rs. 1,000/- per month had been fixed at the minimum of Rs. 1,000/- per month. In cases where members had preferred option for Commutation, Return of Capital and Short Service Pension and have already availed these benefits as per choice exercised by them at the time of making pension claim, the deductions on account of these options would continue to apply on the minimum pension of Rs. 1,000/- per month that has now been fixed. In such cases, the pension amount would be less than Rs. 1,000/- per month even after implementation of the said notification.
This information was given by Shri Bandaru Dattatreya, Minister of State (IC) for Ministry Labour and Employment, in reply to a question in Lok Sabha.
Source :PIBNEWS
Source :PIBNEWS
Wednesday, 25 November 2015
Safety and security
23:17
1.1 Lakh Crore Corpus Fund by name Rashtriya Rail Sanraksha Kosh for Infra, Safety -Indian Railways
1.1 Lakh Crore Corpus Fund by name Rashtriya Rail Sanraksha Kosh for Infra, Safety -Indian Railways
Indian Railway to create Rs 1.1 Lakh Crore Corpus Fund by name Rashtriya Rail Sanraksha Kosh for Infra, Safety
New Delhi: Indian Railways is working on a proposal to create a mega fund by the name Rashtriya Rail Sanraksha Kosh (RRSK) with a corpus of more than Rs 1.1 lakh crore that will be used to implement its drive to upgrade the creaking rail infrastructure.
The rail ministry has set up a six-member committee headed by the Executive Director of the planning directorate to prepare a blueprint for the scheme, including sources of the fund and areas in which it will be utilised.
“The idea is to seek a bulk of this fund from the finance ministry which will be channelized for multiple projects. This includes around Rs 40,000 crore for elimination of unmanned level crossings and replacing the old signalling and telecom infrastructure which are responsible for more than a half of train accidents,” a senior railway board official told Business Standard, on condition of anonymity.
The committee has sought inputs on fund requirements from different directorates – mechanical, electrical and civil engineering etc – which will come by the end of next week. The committee will then create a consolidated proposal within a month that will be put up to the finance ministry. “The initial estimate works out to Rs 1,10,239 crore but it is likely to be expanded further,” the official said.
Another senior Railway Board official said discussions on the source of the fund are still at a preliminary stage. “It is still not clear whether a separate cess would have to be levied to create the fund like it was done in 2001. But the fund would be used largely for addressing safety related issues,” he said.
A similar fund to bolster safety infrastructure was introduced during the tenure of former railway minister Nitish Kumar in 2001 to wipe out the accumulated arrears of renewal of over-aged assets including tracks, bridged, signalling gears and rolling stock.
It was created with an initial corpus of Rs 17,000 crore of which Rs 12,000 crore had come from the finance ministry as dividend-free capital. The fund was closed in 2008 with its balance of Rs 597 crore merged into the Depreciation Reserve Fund.
Rail minister Suresh Prabhu had earlier this month held a meeting with Finance Minister Arun Jaitley seeking assistance for creation of a special fund for safety upgradation. Officials said the fund will be channelised for elimination of level crossings, of Train Collision Avoidance System (TCAS), track renewals and signal upgradation.
Following the recent spate of train accidents, Prabhu has announced a zero accidents mission. Officials said the RRSK fund is part of that initiative to address the causes of accidents. The year 2015 has seen eight train accidents because of derailments. Two trains had derailed within minutes at the same spot near Harda in Madhya Pradesh in August claiming 29 lives, forcing Prabhu to tell zonal General Managers to pull up their socks.
Tuesday, 25 August 2015
Uttarpradesh
22:31
Centre allocates Rs.4185 Crore for railway infrastructure in UP
Centre allocates Rs.4185 Crore for railway infrastructure in UP
New Delhi: Uttar Pradesh seems to be on the Modi government’s development radar with the railways allocating Rs 4,185 crore in 2015-16 for various projects, including construction of new lines and doubling of tracks in the politically crucial state.
Though assembly elections are due only in 2017, the focus on upgrading rail infrastructure reflects the BJP’s keenness to wrest power in the sprawling state. The BJP has not only been out of power in the state for more than a decade but has been relegated to third or fourth position. However, UP was crucial in BJP’s impressive show in Lok Sabha polls in 2014 as the saffron party managed to win 72 seats.
Minister of state for railways Manoj Sinha, who hails from UP, said, “The current allocation is 454% more than budget outlay for the last year.” The allocation is also the highest in the last 10 years.
More than 15 new projects related to doubling of rail tracks were sanctioned this year as against six projects in 2013-14. The state saw an increase of 65% in fund allocation (Rs 576.51 crore) for upgrading passenger amenities over last year’s outlay.
The state-run transporter has sanctioned construction of 123 road over-bridges and road under-bridges during the current fiscal as against just nine in 2014-15.
The state has got the lion’s share as far as electrification works are concerned with Rs 806 crore being allocated for the purpose compared to Rs 280 crore last year.
The allocation for works related to traffic facilities has been increased by 106.83% to Rs 249.83 crore compared to 2014-15. These works will increase the speed of trains and will make it possible to run more trains.
Thursday, 6 August 2015
railway projects
04:50
Construction of Railway Lines in North Eastern Region
Construction of Railway Lines in North Eastern Region
Funds allocated and spent for the projects of new lines, gauge conversion and doubling in North Eastern Region during the last three years are as under:
2012-13 Rs.2279 crore
2013-14 Rs.3392 crore
2014-15 Rs. 5200 crore
Against a national average of 20 km/1000 sq. km. railway network density, North Eastern States have an average railway network density of 10.1 km/1000 sq. km. 12 new line works have been taken up in North Eastern Region having a total length of 1248 km at a total cost of Rs. 38416 crore. An increased outlay of Rs.5338 crore has been provided in 2015-16 for speedier execution of projects in North Eastern Region.
This information was given by the Minister of State for Railways Shri Manoj Sinha in written reply to a question in Lok Sabha.
Source :PIBNEWS.
Wednesday, 29 July 2015
Lucknow Metro Rail
09:54
Lucknow Metro ambitious Project in Uttar Pradesh
Lucknow (LKO): The chief secretary of Uttar Pradesh, Alok Ranjan has said that Lucknow Metro rail is an ambitious project of the state government and any delinquency in its implementation would not be pardoned. He directed the department of housing and urban planning to take immediate action on proposals received from different government and semi-government departments for providing the land to LMRC for metro construction.
He asked the LMRC (Lucknow Metro Rail Corporation) officials about the requirement of funds and said that lack of funds should not impede construction of Lucknow Metro rail project. He directed the Housing Development Board, Lucknow Development Authority and UP State Industrial Development Corporation to immediately provide the remaining amount of FY 2014-15 for development of metro rail to LMRC along with contribution specified for FY 2015-16. The state government has recently sanctioned around Rs 100 crore to the project.
He directed that in view of problems being faced by metro officials while purchasing of private land through negotiations for stations and other purposes for Lucknow Metro Rail project, the committee formed under divisional commissioner, Lucknow should meet immediately to resolve the issues and take effective action to make the land available to Lucknow Metro Rail Corporation. The chief secretary was reviewing the progress of Lucknow Metro Rail project on July 27.
Managing Director, LMRC Kumar Keshav informed the chief secretary that the progress on primary section of metro rail from Charbagh to Transport Nagar (about 8km) has been satisfactory and according to the key dates fixed for completion of works by December 2016. The meeting was attended by secretary, Housing and Urban Planning, Pandhari Yadav, Managing Director, LMRC Kumar Keshav along with other senior officials.
