Payment of Honorarium to the official who have worked on 13 & 14/11/2016 during demonitization period - TN Circle Order
Payment of Honorarium to the official who have worked on 13 & 14/11/2016 during demonitization period - TN Circle Order
Articles by "Demonetization"
Showing posts with label Demonetization. Show all posts
Important : RBI Instructions to Post Office/Bank Branches on Deposit Old currency notes into banks on 31Dec2016
Closure of the scheme
of exchange of Specified Bank Notes(SBN) at banks on December 30th 2016 :
In
continuation of trailing mails, please find attached the RBI notification no.
DCM (Plg) No.2103/10.27.00/2016-17 dated December 30, 2016 regarding closure of
the scheme of exchange of Specified Bank Notes (SBNs) at banks on December 30th
2016. In this connection, following instructions are issued:
1.
All Circle/Regional Level control rooms to continue till further orders.
2.
With the closure of the facility of deposit of SBNs (WOS banknotes) as at the
close of business on December 30, 2016, all Circles should submit a
consolidated report (from 10.11.2016 to 30.12.206)in Annexure 3D in addition to
the daily reports of today (30.12.2016), to control Room Directorate.
3.
The Post Offices which are linked to the Bank Branches having currency chest
should deposit SBNs/WOS banknotes by December 31, 2016.
4.
SBNs (WOS banknotes) cannot form part of Post Offices cash balances from the
close of business as on December 31, 2016.
5.
Necessary action may be taken to deposit WOS banknotes today itself in linked
banks.
With
regards,
Sachin
Kishore
Director
(CBS)
Withdrawal of Legal Tender Character of existing Rs 500/- and Rs 1,000/- banknotes - SB Order No. 12/2016
Withdrawal
of Legal Tender Character of existing Rs 500/- and Rs 1,000/- banknotes - SB
Order No. 12/2016
Director
(CBS)
Thu
29-12-2016 18:33
To:
All
CPMG;CPMG Telangana Circle;
Cc:
All
Postal Divisions;pande.alok@nic.in;Director (Financial Services);ADG (FS
I);adsb1dakbhawan@gmail.com;ADG (CBS);
Respected
Sir/Madam,
Kindly
refer to SB order no. 12 dated 8.11.2016 and Gazette Notification No
10/3/2016-CY.1 dated 8th November 2016 issued by Government of India regarding
accepting of WOS banknotes till close of 30th of December 2016. In this
connection it is requested to kindly ensure that post offices will accept the
WOS banknotes only upto 30th of December 2016.
With regards,
Sachin Kishore
Director (CBS), Sansad Marg,, Dak Bhavan
7th Pay Commission: Demonetisation a blessing in disguise for central government employees
Central government employees, who have been waiting for higher allowances as the recommendations of the 7th Pay Commission, should not be worried as the government will be in a position to implement the 7th CPC recommendations, thanks to demonetisation. The demonetisation of old Rs 500 and Rs 1000 currency notes that caused cash shortage has made central government employees little anxious, but report by BofA Merrill Lynch Global Research and statement of Reserve Bank of India Governor Urjit Patel will bring smile on their faces.
“The
Government announced that the second income disclosure scheme (IDS II) will run
till March 31. We continue to estimate that it will net the fisc about
Rs1000bn/0.7% of GDP of additional taxes. This should allow Finance Minister
Jaitley to hold the FY18 fiscal deficit at 3.5% of GDP – same as FY17’s – and
at the same time fund the 7th Pay Commission and recapitalize PSU banks, without
cutting back on public capex,” BofA Merrill Lynch said in a note. Earlier, the
RBI had made clear that the implementation of the 7th Pay Commission
recommendations for central government employees won’t have an inflationary
impact.
Earlier
we reported that the central government employees will have to wait til March,
2017 to get their higher allowances under the 7th Pay Commission
recommendations. Centre is planning to pay higher allowances without arrears.
Sources in the Finance Ministry also said the Centre is considering to hike
higher allowances for its employees. However there is no report about when the
government will start paying higher allowances as recommended by the 7th
Central Pay Commission.
The
issue of higher allowances has been referred to the ‘Committee on Allowances’.
The committee is yet to submit its report. Until acceptance of higher
allowances, under 7th Pay Commission, the allowances are now paid according to
the 6th Pay Commission recommendations.
Source
: http://www.india.com/
Demonetisation: Narendra Modi govt makes cashless salary mandatory, amends 80-year-old law
In a further push to cashless economy, the Central cabinet has approved
the ordinance for paying wages via electronic means - which means that
the government has given its nod for cashless salary. Accordingly, the
government approved to amend Section 6 of the Payment Of Wages Act. The
new ordinance will be applicable to public sector, with the private
sector coming under the purview of the new move later, CNN News 18
reported.
"The Union Cabinet today approved the ordinance route to amend the
Payment of Wages Act, 1936, to allow employers of certain industries to
make payment through the electronic mode and cheques," a source said.
Employers will also have the option to pay wages in cash, the source
added.
As per practice, the government introduces ordinance to amend laws for
immediate implementation of new rules. An ordinance is valid for six
months only. The government is required to get it passed in Parliament
within that period.
According to CNN-News18, companies can pay their employees only through
cheque or through electronic means. All wage workers, who earn less than
Rs 18,000 will be come under the new ordinance. However, the specific
sectors where the rule will be applicable will be notified later.
The state government will additionally have the discretion whether to
pay employees via cheques or electronic transfer. According to reports,
the government aims to check under-reporting of salaries, bring
transparency in transactions and end exploitation of wage workers.
However, the Opposition lashed out at the government for the ordinance.
"Nothing can distract people from the fact that Prime Minister Narendra
Modi and his government have failed. Government should trust people and
they cannot move without proper infrastructure", the Congress party
said.
"It will create a problem for the employees as withdrawal from the banks
is difficult. Cashless society is not possible. We will move amendment
in the Parliament," Gurudas Dasgupta, CPM leader told CNN-News 18.
Wages, as opposed to salaries, have traditionally tended to be cash
payments. The Payment of Wages Act covers employees whose wage does not
exceed Rs 18,000 per month. The new procedure will serve the objective
of "digital and less-cash economy", the Bill stated. Introduced by
Bandaru Dattatreya in the Winter Session of Parliament, the passage of
the Bill was disrupted as the government and opposition clashed over
demonetisation.
It will also allow state governments to specify industrial or other
establishments that adopt cashless modes for salary payments. The new
procedure will serve the objective of "digital and less cash economy",
the bill states. Andhra Pradesh, Uttarakhand, Punjab, Kerala and Haryana
have already made provisions for payment of wages through cheque and
electronic transfers after making state-level amendments to the Act.
The original Act had come into force on 23 April 1936, providing for
payment of wages in coin or currency notes, or in both. At present, with
the written authorisation of an employee, wages can be given through
cheque or transferred to his or her bank account.
With inputs from agencies
Source :http://m.firstpost.com/
Rs.5000/- Deposit Order Amended, No questions for KYC Account
Kindly refer to the instructions issued on 19.12.16 in connection with deposit of SBN (WOS Notes) into the accounts (in excess of Rs. 5000/- only once till 30.12.2016). Now RBI has advised that the provisions of the RBI Circular No. DCM (Plg) No. 10.27.00/2016-17 dated 19.12.2016 at sub para (i) and (ii) will not apply to fully KYC compliant accounts. The copy of the RBI Circular No. DCM (Plg) No. 1911/10.27.00/2016-17 dated 21.12.2016 is attached herewith.
The above changes/modification may be communicated to all concerned.
With regards,
Sachin Kishore Director (CBS) Sansad Marg,Dak Bhavan
Register Should be Maintained for depositing current legal tender notes from 29.11.2016
The counter PA should maintain a separate register for entering details of such deposit transactions.The proforma of the register is as follows:-
S.No.
|
Date
|
Name of the Account Holder
|
SB Account Number
|
Amount Deposited through current legal tender notes
|
Deno. of legal tender notes
|
Counter PA Sign.
|
PM/SPM/ Counter Supervisor Signature
|
Date and amount of withdrawal, if any
|
The depositors who are depositing current legal tender notes on or after 29.11.2016 should write the denomination of currency notes on the pay in slip.
No Limit for Withdrawals in Post Offices as per RBI relaxation - DoP Guidelines
Respected Sir/Madam,
Please find attached the RBI Notification regarding relaxation in the limit of withdrawal of cash from bank deposit accounts. The instructions of RBI stipulates that withdrawals may be allowed for deposits made in current legal tender notes on or after 29.11.2016 beyond the current limits preferably,available higher denomination bank notes of Rs. 2000/- and 500/- are to be issued for such withdrawals.
This instructions of RBI is applicable only for those depositors who deposits valid legal tender notes and seeking withdrawal, for whom the current limit of (Rs. 24000/-) is relaxed.
The following are the procedure to be followed:-
1.The withdrawal exceeding the current limits may be allowed only in the home SOL of the account holder.
2.The Finacle application should validate the withdrawals exceeding the limit for those depositors who deposit the current legal tender notes on or after 29.11.2016. For this purpose a Patch needs to be deployed.
3.The counter PA should maintain a separate register for entering details of such deposit transactions.The proforma of the register is as follows:-
S.No.
Date
Name of the Account Holder
SB Account Number
Amount Deposited through current legal tender notes
Deno. of legal tender notes
Counter PA Sign.
PM/SPM/ Counter Supervisor SignatureDate and amount of withdrawal, if any
4. The depositors who are depositing current legal tender notes on or after 29.11.2016 should write the denomination of currency notes on the pay in slip.
5. After acceptance of deposit by post office, the concerned PA should acknowledge the tendering of currency notes on the back side of the counterfoil of the pay in slip and write the Sl. No. of the entry in above mentioned register.
6. While allowing withdrawal the Counter PA should consult the prescribed Register and make necessary entries for the cash withdrawal from the respective account.
7. Counter PA should maintain the details of cash received and remitted to Treasurer separately for WOS Notes and Current Legal Notes.
CEPT team/FSI vendor is requested to put in place necessary validation by deploying a Patch in Finacle application. Further detail will be intimated in due course.
In the meanwhile, necessary instructions may be issued to all concerned.
With regards,
Sachin Kishore
Director (CBS)
Sansad Marg,
Dak Bhavan
Subscribe to:
Posts (Atom)