Grant of Flood Advances for areas affected by Natural calamity in Tamilnadu

17/02/2016

Grant of Flood Advances for areas affected by Natural calamity in Tamilnadu

LSG Promotion Vth list released in TN Circle - ( Released on 16.02.2016. )

Source : http://tamilnadupost.nic.in/rec/STA521022016.pdf

Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016

Press Information Bureau 
Government of India
Ministry of Finance

16-February-2016 19:10 IST

Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest rates with the market rates of the relevant Government securities;

Interest rate on savings schemes based on laudable Social Development or Social Security Goals including Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and the Monthly Income Scheme left untouched by the Government. 

            The National Savings Schemes (NSSs) regulated by the Ministry of Finance offer complete security of investment combined with high attractive returns. These schemes also act as instruments of financial inclusion especially in the geographically inaccessible areas due to their implementation primarily through the Post Offices, which have reach far and wide. 

            The small savings interest rates are perceived to limit the banking sector’s ability to lower deposit rates in response to the monetary policy of the Reserve Bank of India.  In the context of easing the transmission of the lower interest rates in the economy, the Government also has to take a comprehensive view on the social goals of certain National Small Savings Schemes.  Accordingly, it has been decided that the following shall be implemented with effect from 1.4.2016 with regard to National Savings Schemes:

  1.  The Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and the Monthly Income Scheme are savings schemes based on laudable social development or social security goals.  Hence, the interest rate and spread that these schemes enjoy over the G-sec rate of comparable maturity viz., of 75 bps, 100 bps and 25 bps respectively have been left untouched by the Government. 

 2.  Similarly the spread of 25 bps that long term instruments, such as the 5 yr Term Deposit, 5 year National Saving Certificates and Public Provident Fund (PPF) currently enjoy over G-Sec of comparable maturity, have been left untouched as these schemes are particularly relevant to the self-employed professional and salaried classes.  This will encourage long term savings.

 3.  The 25 bps spread that 1 yr., 2yr. and 3 yr. term deposits, KVPs and 5 yr Recurring Deposits have over comparable tenure Government securities, shall stand removed w.e.f. April 1, 2016 to make them closer in interest rates to the similar instruments of the banking sector.  This is expected to help the economy move to a lower overall interest rate regime eventually and thereby help all, particularly low-income and salaried classes.

4.  The interest rates of all small saving schemes would be recalibrated w.e.f. 1.4.2016 on a quarterly basis as given under, to align the small saving interest rates with the market rates of the relevant Government securities;

Sr. No.	Quarter for which rate of interest would be effective	Date on which the revision would be notified	Rate of interest to be based on FIMMDA month end G-Sec. rate pertaining to
1.	April to June	15th March	Dec.-Jan.-Feb.
2.	July to September	15th June	Mar.-Apr.-May.
3.	October to December	15th September	Jun.-Jul.-Aug.
4.	January to March	15th December	Sep.-Oct.-Nov.

       5.   The compounding of interest which is biannual in the case of 10 yr National Saving Certificate (discontinued since 20-12-2015), 5 yr National Saving Certificate and Kisan Vikas Patra, shall be done on an annual basis from 1.4.16.

     6.        Premature closure of PPF accounts shall be permitted in genuine cases, such as cases of serious ailment, higher education of children etc,. This shall be permitted with a penalty of 1% reduction in interest payable on the whole deposit and only for the accounts having completed five years from the date of opening.

7.  In pursuance to the decision as mentioned in Para 4 above, the rates of interest applicable on various small savings schemes for the quarter from April to June 2016 effective from 1.4.2016 would be notified in March, 2016.

            The above changes have been brought with the objective of making the operation of National Saving Schemes market-oriented in the interest of overall economic growth of the country, even while protecting their social objectives and promoting long term savings.

 Source : http://pib.nic.in/newsite/PrintRelease.aspx?relid=136468

Postal services to Nepal resume

Raxaul: Postal services resumed from India to Nepal through Raxaul, a key trade and entry point on Indo-Nepal border, on Monday after six months.

The service was disrupted following the Madhesi movement started by the United Democrat Madhes Front (UDMF), who enforced a blockade at entry points of southern border of Nepal for fulfilment of its 11-point demands.

Sources said letters, registered and other posts to Nepal from different countries reach Nepal via India since 1937. All postal bags for Nepal are first received at Raxaul post office from where the Nepal postal department collects them.

Raxaul postal inspector Mithlesh Kumar told TOI that 1200 bags meant to be delivered in Nepal were dumped at the Raxaul post office since July last following the blockade at Maitri bridge at Birgunj by Madhes protesters.

"From British time, all mail bags of Nepal go via Raxaul custom entry point as Kathmandu, the capital of Nepal is only 100 km away from here," said Kumar.

On Monday, the Nepal postal department collected 77 postal bags from Raxaul post office and the rest are to be transported on day-to- day basis.

After opening of Maitri bridge on February 5, situation fast returned to normal in Nepal and terai areas. Fuel and other essential commodities are also being supplied from India day through Raxaul customs check post.

Source: http://timesofindia.indiatimes.com/city/patna/Postal-services-to-Nepal-resume/articleshow/51015603.cms