The draft of the Indian Constitution..........

The draft of the Indian Constitution has been derived from constitutions of other countries. The constitution has also taken many parts from the Government of India Act, 1935. The different parts of Indian Constitution adopted from other countries’ constitution are mentioned below:

1.   British Constitution: Parliamentary form of government, introduction of Speaker and his role, the concept of single citizenship, the Rule of law, procedure of lawmaking, procedure established by Law u/a 13.

2.   Irish Constitution: Directive principles of state policy.

3.   United States Constitution: Federal structure of government, due process of law u/a 13, power of Judicial Review and independence of the judiciary, documentation of Fundamental Rights (similar to the United States Bill of Rights), President as supreme commander of armed forces u/a 52,

4.   Canadian Constitution: A quasi-federal form of government, where the central government plays prime role in governing the country, the idea of Residual Powers

5.   Australian Constitution: Freedom of trade and commerce between different states of the country, Power of the national legislature to make laws for implementing treaties

6.   French Constitution: Ideals of Liberty, Equality and Fraternity

7.   Japan Constitution: Fundamental Duties u/a 51-A

8.   Weimar Constitution: Emergency Provision u/a 356

9.   Malaysian Constitution: The concept of the Concurrent list

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NEW INTEREST CALCULATOR WITH CORRECT FIGURE 01-04-2012

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Process of Settlement of claims in postoffices......

Settlement of claims

With nomination

With legal evidence

Without nomination

Sanctioning power

Checking of application

Documents to be attached

SB Claims

3 WAYS

1. With Nomination

2. Without Nomination

3. With legal Evidence

With Nomination…

Application (Simple format)

Pass book

Death certificate

Powers:

SPM: Rs 1000

LSG SPM: Rs.2000

HSG SPM: Rs.5000

HSG PM:Rs. NO limit

Check the particulars in the claim form.

Satisfy yourself with the “Fact about the death”

Detailed verification only in case of doubt‐(113‐6/2003 dated 20.04.2004)

Balance, Nomination details & Free from court attachment to be got verified from HO

Action at SO on receipt of application

Examine the application

Satisfy about identity of the claimant

Attest the copy of death certificate

Impress date stamp on the application

Forward to HO for verification of balance and court attachment

On receipt after verification the SPM will issue sanction if it is within his limit

Action at HO

HO will‐

Verify the balance and nomination

Check whether there is any court attachment

See whether the account is pledged

See whether pledge is released if pledged

Forward the application to SO if it is within SPM limit

3 Legal Evidences…

Probate of Will

Succession Certificate

Letter of Administration

Legal Evidences…

When there is no Nomination + amount of claim exceeds Rs.1,00,000

Head Postmaster will sanction the claim

Fact of the death need not be verified

Genuineness of the legal evidence may be confirmed before making payment

Without Nomination…

Obtain SB 84 form, along with consent/ dissent statements

Death Certificate

Pass book

Get the attestation verified.

Claims are decided based on Discretionary powers.

Discretionary Powers:

T/S SPM                          Rs. 1000

LSG SPM                         Rs. 2000

HSG SPM, PM                  Rs. 5000

Gezetted PM, SPOs           Rs. 20,000

Gr. A‐SSP/ CPM                          Rs. 50,000

DPS                                 Rs. 75,000

PMG, CPMG                   Rs.1,00,000

Better and Easiest Way…

Get the Oath Administered in SB‐84 form

Claimant to produce all documents + SB 84

Should be known to SPMs/ can be identified by a person known to the Post Office

Claimant will sign before SPM

SPM signs immediately.

Oath…

No further verification is required (14‐71/80‐SS/SB dated 20.9.82 and 2.8.82)

Wait for 3 months from the date of death

Claimant is explained of Provision of Sec 193 of IPC

Department is free from any litigation vide Sec 5 of Govt SB Act 1873

Person giving false oath is punishable under law.

Oath

Verification of consent statements is not necessary

No notice to the near relatives is necessary

Declaration on oath/solemn affirmation can be made before any sanctioning authority irrespective of the amount of claim.

Verification of death certificate

G.I Dept of Posts Lr No 113‐b/2003‐SB dated at New Delhi the 20‐04‐2004

Verification of death certificate is necessary only when there is a doubtabout the genuineness of the certificate

S C Claims

The nominee can encash the certificate after maturity

Nominee can opt for fresh certificate issued in his name after settlement of claim

In case of two or more claimant,they may opt for fresh certificate in their name‐joint A or joint B

In case of two or more nominee,they have option to subdivide the certificate and have fresh certificates issued in their name

In case of two nominee, if one nomnee predeceased the investor, the surviving nominee will claim.

On the death of last surviving nominee claim will be settled in favor of legal heir of the nominee.

Sanctioning authority and power

Head Postmaster and Sub postmasters,

Selection grade and Time scale sub postmasters,

Settle irrespective of the amount

Head postmaster will not have jurisdiction in SO claims

With Legal Evidence

Succession certificate is necessary if the amount exceeds Rs 1,00,000/

Time scale SPM can sanction up to Rs 1000/

Divisional Head will sanction the claim relating to certificates registered at Time scale SO

LSG SPM and Head postmaster will settle claim of any amount

Without nomination and legal evidence

Divisional Head settle the claims of certificates of sub post offices exceeding the powers of SPMs

Settlement only after three months from the date of death of the investor

Gazetted Postmaster will not sanction the claims of certificates of the SOs under his jurisdiction which is beyond the powers of SPM

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Government expects to net Rs 1,100 cr from small savings in FY'13

NEW DELHI: The government is expecting a net inflow of Rs 1,100 crore in the current fiscal from small savings schemes like PPF and MIS which became more attractive after the Centre's decision to hike interest rates on them.

"The government is expecting Rs 1,100 crore inflow in the NSSF ( National Small Savings Fund) in the current fiscal," a senior Finance Ministry official told PTI.

In order to arrest outflow of investments on small savings schemes, the government had decided to increase interest rates on them by up to 0.5 per cent with effect from April 1, 2012.

There had a been a sharp decline in the investments into small savings like Public Provident Fund (PPF) and Monthly Income Scheme (MIS) last fiscal and it is estimated that there has been a outflow to the tune of Rs 12,000 crore from the NSSF.

For the current fiscal, the government has raised the interest rate on PPF to 8.8 per cent from 8.6 per cent, while MIS gives a return of 8.5 per cent as against 8.2 per cent earlier.

Post office term deposits of one and two years earn 8.2 per cent and 8.3 per cent interest, respectively, an increase of 0.50 per cent over last fiscal.

The government had in January linked the interest rates on small savings at par with other securities in the market and also raised the investment limit into PPF to Rs 1 lakh from Rs 70,000 earlier to attract more funds into the NSSF.

The decline in the inflow into NSSF last fiscal had necessitate the government to go for additional borrowing to the tune of Rs 92,000 crore.

With the increase in the interest rates for small savings, the government expects a decent inflow into NSSF, the official said, adding that "there is no need for additional borrowing in the current fiscal".

For the current fiscal the government has budgeted a gross borrowing of Rs 5.13 lakh crore, as against Rs 5.1 lakh crore last fiscal.

As per the new rates notified for current fiscal, the National Savings Certificates (NSC) having maturity of five and 10 years attract 8.6 per cent and 8.9 per cent interest, respectively, up 0.2 per cent each.

The interest rate on post office savings deposit now stands at 4 per cent.

Interest rate for three-year term deposits has been raised to 8.4 per cent from 8 per cent. Similarly, interest rate on five-year deposit has been raised from 8.3 per cent to 8.5 per cent.

The five-year recurring deposits will fetch an interest of 8.4 per cent, against 8 per cent at present.

The rate for senior citizens savings scheme (SCSS) has been hiked to 9.3 per cent from 9 per cent.

Source : The Economic Times

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GK for IPO Examination 2012 - Study Material

1  Which  country  in the world  holds  the record for the production   of grapes      India

2.  Name of   the smallest  colony  in the world Gibralter

3  The fastest moving island in the world  Pobeda in Antartica  which has moved

4  Which is  the largest Island   in the world  Green land

5  Which is the greatest desert in the world  Sahara -  ( 84 Lakhs Square   Kilometers in North Africa )

6 The world’s largest spoken language  Chinese

7  The headquarters of the world bank is located in   Geneva

8  What is  the difference  between IST and  GMT    Five and half Hours  (5 ½ )

9 The oldest port in the world    Damacus , (in Syria)

10  Where was the first oil drilled   Titusville ( 1859) in USA

11  Which continent  has no desert  Europe

12 The world ‘s Oldest  Zoo London Zoo (  (AD 1830)

13 The  Oldest Bank  in the world Swiss  Bank

14  The most dense forest  in the world  Selva , Amzon Basin

15  Which country  is known  cockpit of Europe Belgium

16   The republic in the world Nauru ( 22 SQ KM)

17 Which country has been named   “ The world’s  playground “ Switzerland

18  Where  is  “ Death Valley  “ North America

19 Name the world’s biggest salt mine  Khora , Pakistan

20 Name the city  which is known  as ‘  City  of seven Hills “  Rome , Italy

21 Which is  known  as  “ Queen of  Arabian  Sea” Kochi  , (Kerala – India )

22  Which country known as  “ Land of Kangaroo” Australia

23  Which country  is called the  “ Coffee  bowl of the world “    Brazil

24  Which city known as  “ Venice  of  the North “   Stockholm , Sweden

25 Which is  the highest capital of  the world    La Paz( (3632 m)

26 Which country is known as  “ Land  of  rising sun “ Japan

27  Which university  is considered  to be  the oldest in the world Al-Azhar university in cairo Egypt (AD 970)

28 Which  country’s capital is named  after a British  prime minister and a  soldier   New Zealand’s capital  Wellington

29  The least populated continent  Australia

30     The oldest Airport in the world  Mareyland (USA)

Prepared by  S Jayachandran  ,  SA , Mavelikara Division ,  690101 -  9961464279 http://nfpemavelikaradivision.blogspot.com

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