Tuesday, 21 August 2012

Utilization of Postal Network

Wage Disbursal Scheme under MGNREGS

Mahatma Gandhi National Rural Employment Guarantee Act was notified in the remaining 274 districts of India from 1st April, 2008. The Act is now effective in the entire rural areas of the country covering 638 districts and has been renamed “The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)”. The objective of the Act is to provide for the enhancement of livelihood security of the households in rural areas of the country by providing at least one hundred days of guaranteed wage employment in every financial year to every household whose adult members volunteer to do unskilled manual work.
            
The scheme of disbursement of NREGS wages through post offices is operational in 19 postal Circles of the country (except Delhi, J&K and Tamilnadu Circles). Till 31st March, 2012, 5.59 crore MGNREGS accounts have been opened in post offices and wages amounting to Rs. 7,860 crore have been disbursed to MGNREGS beneficiaries during 2011-12 through 98,491 post offices across the country.
Main Features of Payment of Wages through Post Offices
·         Payment to be made through Savings Bank accounts of post offices (zero balance workers wage account).
·         Disbursement of wages within the prescribed time frame.
·         Provision for advance deposit of one month’s wage in the Head Post office of the District Headquarter.
·         Co-ordination meetings between Department and State Government authorities.
Data Collection for Rural Consumer Price Index
            A mechanism has been worked out to calculate and disseminate the consumer price index with the help of data being collected for 1,181 villages through selected post offices throughout the country. The first set of consumer price indices was brought out in February 2011. India Post is thus playing a crucial role in providing Infrastructural support to enable the concerned government departments to design and implement policies to improve the well being of all the citizens of India.
Mail Network Optimization Project
            Department of Post had initiated Mail Network Optimization Project in March 2010 with a view to streamline mail operations and to improve the quality of mail related services offered to the people. It involved optimization of the erstwhile mail network, standardization of processes and development of an effective performance monitoring system. As part of this project, the operational network for Speed Post and other categories of mail has been restructured leading to optimized network and simplified operations.
            Speed Post is a premium product offered by the Department with time bound delivery and tracking facility.  As part of the project, a major emphasis has been laid on providing complete tracking information for Speed Post items on the website (www.indiapost.gov.in) for the benefit of the people using Speed Post. As a result, in the last two years, the number of items having complete tracking information on the website has gone up from 63 lakhs to 2.78 Crores per month.  Speed Post transit has improved by more than a day on an average across the network.
            A comprehensive online monitoring system for Speed Post operations has been developed and performance of operational units is monitored in terms of Key Performance Indicators (KPIs) on a day-to-day basis.
(PIB Features.)
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*Inputs from the Department of Posts.

5 PROMOTIONS in ones career: Let it be a reality

The NFPE raised in the National Secretariat of the Confederation of CG Employees demand for five promotions and the Confederation expanded its Charter of Demands into 15 Points by including the demand of Grant of 5 Promotions to all employees in their career on par with the Officers. This is a very important demand with far reaching implications in advancing the status of the Group C employees including the Postman and MTS. 

The demand attains much more importance in the background of cadre restructuring issues of lower cadres in the Department of Posts being relegated to back seat.  Some of the cadre restructuring proposals are under process since 1989.  As regards cadre restructuring of few other cadres, of late, only concept papers are circulated to invite opposition from one and all. 

Proper popularization of this new demand of 5 Promotions among all is absolutely essential to create necessary tempo. Postal Federations broke the stalemate in 1980s by strongly agitating for 2 Promotions. Let all those feeling the pinch embrace the demand of 5 Promotions and make it a reality soon. But everything depends on the rank and file organisation, which alone can succeed not only in popularising the new demand but also rousing the employees to agitate for the 15 Points charter of Confederation that focuses on 7th CPC, 50% merger of DA and grant of 5 Promotions etc. Time has come to end the discrimination between top officers and the bottom employees on number of promotions to advance the career prospects.

Post Office Time Deposit Scheme

Salient Features:

1 year, 2 year, 3 year and 5 year time deposits can be opened.
Interest payable annually but compounded quarterly:
PeriodRate of Interest
One Year8.2%
Two Years8.3%
Three Years8.4%
Five Years8.5%
Minimum amount of deposit is Rs 200/- and in multiples of Rs 200/- thereafter. No maximum limit.
Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
Interest income is taxable.
Facility of redeposit on maturity of an account.
In case of premature closure of 1 year, 2 Year, 3 Year or 5 Year account on or after 01.12.2011 between 6 months to one year from the date of deposit, simple interest at the rate applicable to from time to time to post office savings account shall be payable.
2 year, 3 year or 5 year accounts on or after 01.12.2011 if closed after one year, interest on such deposits shall be calculated at a discount of 1% on the rate specified for respective period as mentioned in the concerned table given under Rule 7 of Post office Time Deposit Rules.
Account can be pledged as security against a loan to banks/ Government institutions.
Any individual (a single adult or two adults jointly) can open an account.
Group Accounts, Institutional Accounts and Misc. account not permissible.
Trust, Regimental Fund or Welfare Fund not permissible to invest.

Senior Citizen's Savings Scheme (SCSS)

Salient Features:

Interest @ 9.3% per annum from the date of deposit on quarterly basis w.e.f. 01.04.2012
Minimum deposit is Rs 1000 and multiples thereof. Maximum limit of 15 lakhs.
Maturity period is 5 years and can be extended for a further period of 3 years.
Age should be 60 years or more, and 55 years or more but less than 60 years who has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.
The account may be opened in individual capacity or jointly with spouse.
TDS is deducted at source on interest if the interest amount is more than Rs 10,000/- per annum.
Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
Premature closure is allowed after one year on deduction of 1.5% of the deposit and after 2 years on deduction of 1%.
No withdrawal permitted before the expiry of a period of 5 years from the date of opening of the account.
Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.

Public Provident Fund (PPF)

Salient Features:

Interest rate of 8.8% per annum w.e.f. 01.04.2012.
Minimum deposit is 500/- per annum. Maximum deposit is Rs. 1,00,000/- per annum
The scheme is for 15 years.
Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
Interest is completely tax-free.
Deposits can be made in lumpsum or in 12 installments.
One deposit with a minimum amount of Rs 500/- is mandatory in each financial year.
Withdrawal is permissible from 6th financial year.
Loan facility available from 3rd financial year upto 5th financial year. The rate of interest charged on loan taken by the subscriber of a PPF account on or after 01.12.2011 shall be 2% p.a. However, the rate of interest of 1% p.a. shall continue to be charged on the loans already taken or taken up to 30.11.2011.
Free from court attachment.
Non-Resident Indians (NRIs) not eligible.
An individual cannot invest on behalf of HUF (Hindu Undivided Family) or Association of persons.
Ideal investment option for both salaried as well as self employed classes.

National Savings Certificate (NSC)

 Salient Features:

NSC VIII Issue (5 years) – Interest rate of 8.6% per annum w.e.f. 01.04.2012
NSC IX Issue (10 years) - Interest rate of 8.9% per annum w.e.f. 01.04.2012
Minimum investment Rs. 100/-. No maximum limit for investment.
No tax deduction at source.
Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under NSC - section 80C of IT Act.
Certificates can be kept as collateral security to get loan from banks.
Trust and HUF cannot invest.
A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor.
The interest accruing annually but deemed to be reinvested will also qualify for deduction under NSC - section 80C of IT Act.