Tuesday, March 28, 2017
Press Information Bureau
Government of India
Ministry of Communications & Information Technology
27-March-2017 12:45 IST
Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. Replying to a question in the Rajya Sabha, the Minister of Communications Shri Manoj Sinha said that while the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.
Shri Sinha also said that the Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:
(i) Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.
(ii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.
(iii) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.
A list of companies interested in partnering with India Post Payments Bank is attached at Annexure
List companies keen to partner with India Post Payments Bank.
Punjab National Bank
IDBI Bank (Industrial Development Bank of India)
SBI (State Bank of India)
Bank of Baroda
IDFC Bank (Industrial development finance company)
NABARD (National Bank For Agriculture & Rural Development)
HSBC (Hongkong and Shanghai Banking Corporation)
Indian Overseas Bank
FIA (Financial Inclusion)
Kotak Mahindra Bank
United Bank of India
HDFC Life (Housing Development Finance Corporation)
PNB Metlife (Punjab National Bank)
ICICI Lombard ( Industrial Credit and Investment Corporation of India Bank)
ICICI Prudential ( Industrial Credit and Investment Corporation of India Bank)
Bajaj Allianz Life
Monday, March 27, 2017
NEW DELHI: Aadhaar cannot be mandatory for central welfare schemes, the Supreme Court said today, but added that it cannot stop the government from linking the 12-digit identification number to the opening of bank accounts or filing of tax returns.
The government recently made it mandatory for citizens to produce the 12-digit Aadhaar number for benefits under nearly three dozen central schemes including free mid-day meals for schoolchildren. Aadhaar was also made compulsory for scholarships and other schemes for backward castes and the disabled. Aadhaar cards are mandatory for subsidized cooking gas and foodgrains.
The government has said it will enable people to get their biometric identity documents by June 30.
Aadhaar cards will also be needed for filing tax returns - a move that Finance Minister Arun Jaitley says will check tax evasion.
The Supreme Court today said it cannot stop the government from doing so but reiterated its earlier order that Aadhaar cannot be mandatory for people to benefits under official welfare schemes.
Last week, responding to opposition criticism in parliament, Finance Minister Arun Jaitley had said that Aadhaar may soon become the only card required to identify a person, replacing Voter IDs and PAN or Permanent Account Number. He said as many as 98 per cent or 108 crore people have Aadhaar numbers.
The government has said that until all beneficiaries are assigned Aadhaar cards, subsidized foodgrain will be provided on ration cards and Aadhaar enrolment slips or a copy of an applicant's request for Aadhaar enrolment.
The centre has asked states to link Aadhaar numbers with the ration card or with bank accounts for cash transfer of food subsidy.
The use of Aadhaar as the identity document for benefits or subsidies simplifies delivery and helps make the system more transparent and efficient, the government says.
Source : http://www.ndtv.com/
Saturday, March 25, 2017
With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month:
1. With a decrease in tax rate from 10 per cent to 5 per cent for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year and Rs 14,806 (including surcharge and cess) for those with income above Rs 1 crore.
2. Tax rebate is reduced to Rs 2,500 from Rs 5,000 per year for taxpayers with income up to Rs 3.5 lakh (earlier Rs 5 lakh). Due to the combined effect of change in tax rate and rebate, an individual with taxable income of Rs 3.5 lakh will now pay tax of 2,575 instead of 5,150 earlier.
3. Surcharge at 10 per cent of tax levied on rich taxpayers, with income between Rs 50 lakh and Rs 1 crore. The rate of surcharge for the super rich, with income above Rs 1 crore, will remain 15 per cent.
4. Holding period for immovable property to be considered "long term" reduced to 2 years from 3. This will ensure immovable property held beyond 2 years is taxed at reduced rate of 20 per cent and eligible for various exemptions on reinvestment.
5. Long term capital gains tax will result in a lower payout owing to beneficial amendments. The base year for indexation of cost (adjustment of inflation) has been shifted to April 1, 2001 from April 1, 1981. This means lower profits on sale.
6. Further, tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (in addition to investment in NHAI and REC bonds).
7. A simple one-page tax return form is to be introduced for individuals with taxable income up to Rs 5 lakh (excluding business income). Those filing returns for the first time in this category will generally not be subject to scrutiny.
8. Delay in filing tax return for 2017-18 will attract penalty of Rs 5,000 if filed by Dec 31, 2018 and Rs 10,000 if filed later. Such fee will be restricted to Rs 1,000 for small taxpayers with income up to Rs 5 lakh.
9. Deduction for first-time investors in listed equity shares or listed units of equity oriented fund under the Rajiv Gandhi Equity Savings Scheme is withdrawn from 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, he/she shall be allowed to avail a deduction for the next two years.
10. Time period for revision of tax return cut to one year (from 2 years) from the end of the relevant FY or before completion of assessment, whichever is earlier.
Friday, March 24, 2017
Press Information Bureau
Government of India
Ministry of Personnel, Public Grievances & Pensions
23-March-2017 16:20 IST
Implementation of creamy layer criteria
In case of recommendation of name of a candidate by Union Public Service Commission (UPSC) for service allocation, the candidate is considered for allocation to one of those services by the Government for which he has indicated his preference subject to fulfilment of other conditions like Medical fitness, eligibility for availing reservation as per Civil Services Examination Rules and extant instructions on the subject. Further, vacancies reserved for Other Backward Classes (OBC) candidates are filled by the candidates eligible for availing OBC (Non Creamy Layer) reservation.
The Supreme Court of India in the Indra Sawhney judgement referred to ‘creamy’ layer as those sections or identified groups among the backward classes who are excluded from the purview of reservation. Further, the criterion for determining creamy layer amongst OBCs is provided in the Schedule to the OM dated 08.09.1993. For Category VI of the aforesaid Schedule, wherein Income/Wealth Test for determination of creamy layer has been prescribed, the income ceiling is revised from time to time. The current income ceiling for that purpose is Rs 6 Lakh per annum, as stipulated in DoPT OM dated 27.05.2013.
This was stated by the Minister of State in the Ministry of Personnel, Public Grievances and Pensions and Minister of State in the Prime Minister’s Office, Dr. Jitendra Singh in a written reply to a question by Shri Devender Goud T. in the Rajya Sabha today.
Thursday, March 23, 2017
Central Government Employees travelling on LTC will have to purchase only Air India Tickets under LTC 80 Fare
Instructions issued by Govt from time to time envisages that Central Government Employees will have to travel only by Air India by purchasing LTC 80 tickets, when they availAir under Leave Travel concession.
Govt has also issued instructions regarding eligibility for reimbursement of Private Air tickets fare other than Air India LTC 80 Tickets, in certain circumstances such as non-availablity of Air India flights, tickets etc.
The Latest Air India LTC 80 Fare with effect from March 2017 along with Air India’s conditions for booking air tickets under LTC concession.
|Air India offers LTC in Economy and Business class Indians and their family members traveling on leave.For the purpose of concession, the family includes Spouse, dependent children 12Yrs and above and dependent Parents. They must be employed in the following institutions where leave facility is available:|
– Central & State Government.
– Public Sector Organizations.
– Educational Institute recognized / aided by Central / State Governments and / or officiated to any of the Universities / Education Boards.
|Required Documents:||Official ID card. Family members to carry the copy of the same.|
|Discount:||Specific HLTC fare in Economy and DLTC in Business class.|
|Travel:||Any sector within India.|
|1 Year from date of issue|
|Not required. Ticket can be purchased any time|
|Normal discount on the class of travel. No additional discount applies.|
(Under 2 years) 1st accompanying Infant – Rs.1000 per coupon, Plus applicable taxes. 2nd and more Infants, no discount permissible.
Date/Flight change, Cancellation & Refund:
|Permitted – Fee applies|
TABLE – IV : LTC Fares
|SECTOR & V.V||HLTC (Economy Class)||DLTC (Executive Class)|
|Base Fare||Base Fare|