Monday 11 June 2012

INCREASE IN GPF INTEREST RATE - 8.6%

As per the resolution No.F 5(1)-B(PD)/2011 dated 19.3.2012 issued from Ministry of Finance (Department of Economic Affairs), new Delhi communicated vide RO, Kurnool  Endt. No.PMGK/AC/GPF/FP/Gen/2012-13 dated 8.6.2012, accumulation at the credit of subscribers to the GPF and other similar funds shall carry interest at the rate 8%(Eight Percent) for the period from 1.4.2011 to 30.11.2011 and 8.6%(Eight point six percent) with effect from 1.12.2011.

Wednesday 6 June 2012

Stop charging prepayment penalty on home loans: RBI to banks


In a relief to borrowers, the RBI on Tuesday  asked banks to immediately stop charging penalty on pre-payment of home loans taken on floating interest rates.

"It has...been decided that banks will not be permitted to charge foreclosure charges\pre-payment penalities on home loans on floating interest rate basis, with immediate effect," the Reserve Bank said in a communication to banks.

The RBI noted that the Damodaran Committee had observed that foreclosure charges levied by banks on prepayment of home loans were resented by home loan borrowers.

This is particularly so considering that banks were found to be hesitant in passing on the benefits of lower interest rates to the existing borrowers in a falling interest rate scenario, it added.

"As such, foreclosure charges are seen as a restrictive practice deterring the borrowers from switching over to cheaper available source," the RBI said.

The removal of the charges or penalty, the RBI said, will lead to reduction in the discrimination between existing and new borrowers and competition among banks will result in finer pricing of the floating rate home loans.

"Though many banks have in the recent past voluntarily abolished pre-payment penalties on floating rate home loans, there is a need to ensure uniformity across the banking system," it added.

Some banks were charging pre-payment penalty of 1-2 per cent of the outstanding loans.

With an aim to ensure uniformity across the banking system in home loan segment, the RBI in the annual monetary policy for 2012-13 had proposed "not to permit" banks to levy the charges.

It had said that detailed guidelines in this regard would be issued separately.

Last year, a consensus was reached at the Banking Ombudsmen Conference that banks should not impose pre-payment charges on loans with a floating rate of interest.

Earlier, housing finance regulator National Housing Bank (NHB) had directed all housing finance companies to desist from imposing a pre-payment penalty.

Source: DDI News

Saturday 2 June 2012

Latest Clarification on Children Education Allowance/Hostel Subsidy : Dopt issued orders on 31st May, 2012.




 The Department of Personnel and Training has issued the clarification orders regarding the above subject today. 

It has been clarified that the Government servant if he/she keeps his/her children in a hostel of a residential school/institution located beyond a distance of 50 kilometres from his/her residence shall be admissible and it is further clarified that grant of Hostel Subsidy is not related to transfer liability of the Government servant.

The order is reproduced and given below for your ready reference…


No.12011/07/2011-Estt.(AL)
Government of India
Ministry of Personnel, Public Grievances and Pension
Department of Personnel & Training

New Delhi, May 31, 2012

OFFICE MEMORANDUM

Subject: Children Education Allowance/Hostel Subsidy — Clarification

Subsequent to clarifications issued vide O.M.No.12011/3/2008-Estt.(Allowance) dated 11.11.2008 and O.M.No.12011/08/2010-Estt.(AL) dated 30.12.2010, on the captioned subject, references have been received on (i) definition of the term “station” and (ii) admissibility of Hostel Subsidy and Children Education Allowance in respect of children pursuing diploma / certificate courses from polytechnic / ITI / Engineering College, after passing 10th standard.

2. After due consideration of the references in consultation with the Department of Expenditure, the following has been decided:

a. The term Hostel Subsidy would mean expenses incurred by the Government servant if he/she keeps his/her children in a hostel of a residential school/institution located beyond a distance of 50 kilometres from his/her residence. The reimbursement would be subject to other conditions laid down in the O.M. dated 2.9.2008 and subsequent instructions issued from time to time. It is further clarified that grant of hostel subsidy is not related to transfer liability of the Government servant.

b. To allow reimbursement of Children Education Allowance/Hostel Subsidy for the initial two years of a diploma/certificate course from Polytechnic / ITI / Engineering College, if the child pursues the course after passing 10th standard and the Government servant has not been granted CEA/Hostel Subsidy in respect of the child for studies in 11th and 12th standards. This is further subject to fulfilment of other conditions laid down in the O.M. dated 2.9.2008 and subsequent instructions issued from time to time.

3. This comes into effect from the current academic year.

Hindi version will follow.

sd/-
(Vibha G.Mishra)
Director

how to monitor aadhar

1.go to indiapost.gov.in website
2.select employee corner from bottom of the web page
3. select UID
4. select grand summary under summary reports
5. select from date as  1/1/2010
6. select to date as latest date
7. click view report
8. u get regionwise info . from there u can go to deeper levels. and see the pendency position pertaining to ur offices
9. u can try other menu items also similarly
 
All the SAs, SDHs, PMs and SPMs of Kurnool DIivision are requested to monitor this aspect regularly to bring down the pendancy.