Wednesday, 30 December 2015

Cabinet approves Amended Technology Upgradation Fund Scheme for Textiles industry

Cabinet approved the introduction of "Amended  Technology Upgradation Fund Scheme (ATUFS)" in place of the existing Revised  Restructured   Technology   Upgradation   Fund   Scheme   (RR-TUFS).

The new scheme specifically targets:
a.       Employment generation and export by encouraging apparel and garment industry, which will provide employment to women in particular and increase India’s share inglobal exports.
b.      Promotion of Technical Textiles, a sunrise sector, for export and employment
c.       Promoting conversion of existing looms to better technology looms for improvement in quality and productivity
d.      Encouraging better quality in processing industry and checking need for import of fabrics by the garment sector.

The amended scheme would give a boost to “Make in India” in the textiles sector; it is expected to attract investment to the tune of one lakh crore rupees, and create over 30 lakh jobs.
A budget provision of Rs.17,822 crore has been approved, of which Rs. 12,671 crore is for committed liabilities under the ongoing scheme, and Rs. 5,151 crore is for new cases under ATUFS.

Under the new scheme, there will be two broad categories:
i.                    Apparel, Garment and Technical Textiles, where 15 percent subsidy would be provided on capital investment, subject to a ceiling of 30 crore rupees for entrepreneurs over a period of five years.
ii.                  Remaining sub-sectors would be eligible for subsidy at a rate of 10 percent, subject to a ceiling of Rs.20 crore on similar lines.


National Biotechnology Development Strategy 2015-2020.


-The Strategy aims to establish India as a world-class bio-manufacturing hub.  

- It intends to launch a major mission, backed with significant investments, for the creation of new biotech products, create a strong infrastructure for R&D and commercialization, and empower India’s human resources scientifically and technologically.
The envisaged mission is:
      Provide impetus to utilising the knowledge and tools to the advantage of Humanity
      Launch a major well directed mission backed with significant investment for generation of new Biotech Products
      Empower scientifically and technologically India’s incomparable Human Resource
      Create a strong Infrastructure for R&D and Commercialisation
      Establish India as a world class Bio-manufacturing Hub
The Key elements of the Strategy are:
      Building a Skilled Workforce and  Leadership
      Revitalizing the knowledge environment at par with the growing bio-economy
      Enhance Research opportunities in basic, disciplinary and inter-disciplinary sciences
      Encourage use-inspired discovery research
      Focus on biotechnology tools for inclusive development
      Nurturing innovation, translational capacity and entrepreneurship
      Ensuring a transparent,  efficient and globally best Regulatory system and communication strategy
      Biotechnology cooperation- Fostering global and national alliances
      Strengthen Institutional Capacity with redesigned governance models
      Create a matrix of measurement of processes as well as outcome
The key elements would be implemented in collaboration and partnership with Other Ministries, Departments, State Governments and international agencies towards achieving:
      Making India ready to meet the challenge of  achieving US$100bn by 2025
    Launching Four Major Missions – Healthcare, Food and Nutrition, Clean Energy and Education
      Creating a Technology Development and Translation  network across the country with global partnership-5 new clusters, 40 Biotech incubators, 150 TTOs, 20 Bio-connect centres
      Strategic and focussed investment in building the Human Capital by creating a Life Sciences and Biotechnology Education Council

Monday, 30 November 2015

Comprehensive Stats Punjab Census 2011

Comprehensive Stats Punjab Census 2011.

-Total Population 2,77,43,338 .
-The decadal change i.e. increase in population from 2001 to 2011 is 13.89%.
- The decadal growth rate is
lowest since 1961.
- 2001 Population Punjab  2,43,58,999.

2011 CENSUS
-Male population 1,46,34,819
-Female population is 1,30,69,417.
-male/female ratio  895 which is much lower than the national ratio of 940.

Literacy Rate of Punjab.

-literacy rate  75.84% which is better than the national average of 73.0%.
-The male literacy rate is
80.4% and female literacy rate is 70.7%.
-The male literacy rate is slightly less than national average of 80.9%.
- But the female literacy rate in Punjab is better than that of India.
-The female literacy rate in India is 64.6%.

Population Density Punjab.

-Punjab is one of the most densely populated states of India.
- The population density is 551, which is higher as compared to
all India average of 382.
-Amongst all the districts of Punjab:-
-Ludhiana has the highest population density of 978, followed by Amritsar with population density of 928.

Rural Vs Urban Population

-In Punjab, majority of people live in rural areas.
- Urban population  37.5%
- Rural population is 62.5%
- Total rural population 1.73 crore
- Total urban population 1.04 crore.
-The decadal change from 2001 figures for urban population is 25.9% whereas the rural population has increased only 7.8%.

Sex ratio in Punjab.

-The low sex ratio (number of females per 1000 males) in Punjab has always been a matter of concern.
- The total number of females per 1000 males is 895 in 2011.
-It is 907 is rural population and 875 in urban population.
- The corresponding figures in 2001 were - 876 (Total), 890 (Rural), 849 (Urban).
-Sex ratio in Punjab in the age group of 0 to 6 years is just
846, which will create a serious social problem in the coming times.
-The value is 844 is the rural people and 852 in the urban people.

Patiala

Patiala.

-Famous Princely state of erstwhile Punjab.
-neighborhood districts Sangrur, Fatehgarh Sahib and SAS Nagar.
-5 Tehsils Patiala, Samana, Nabha and Rajpura.
-Famous for Punjabi University, Rajiv Gandhi National University of Law, Thapar Institute of Engineering and Technology and Chitkara University.
-Famous for Rajpura Thermal Power plant.
-Famous for Qila Mubarak, Moti Bagh.
-National Institute of Sports.
-Abhinav Bindra (Shooter)
-Rakesh Sharma (1st Indian in space)
-Literacy 76.3 percent.
-Ghagghar River flows through it.
-

Ajit Garh District (Mohali)

Ajit Garh District (Mohali).

-Carved out of Ropar in 2006.
-Officially named after Eldest Son of Shri Guru Gobind Singh Ji, Sahibzada Ajit Singh.
-Located east of state capital Chandigarh.
-Shares border with Patiala, Fatehgarh Sahib and Ropar.
-Famous for International Cricket Stadium.
-3 Tehsils Mohali, Kharar and Dera Bassi.
-Emerging as Major IT hub of India.
-Big companies like TCS,Godrej, Phillips, Ranbaxy, Quarcks and Dell already in business.
-Literacy second highest.

Sangrur

Sangrur.

-Existence 1948.
-Bounded by Ludhiana, Barnala, Patiala,Mansa, Fatehgarh and Haryana
-Second largest area wise.
-6 Tehsils Sangrur, Sunam, Malerkotla, Lehra, Moonak and Dhuri.
-Famous University SLIET Sant Longowal of Engineering and Technology.
-Famous for Sheesh Mahal and Jama Masjid in Malerkotla.

Fatehgarh Sahib

Fatehgarh Sahib.

-Was made district at the formation of PEPSU in 1948 and in 1953 merged into Patiala district.
-Established 1992 named after the youngest son of Shri Guru Gobind Singh Ji.
-4 Tehsils Fatehgarh Sahib, Amlok, Khamanon and Barsi Pathaha.
-Four Major canals passing through district are:-
Srihand Canal,
Bhakra Canal,
Harwana Canal and
Sutlej Yamuna link Canal.

The Patiala and East Punjab States Union ( PEPSU ) was a state of India between 1948 and 1956.
- It was created by combining eight princely states: Patiala, Jind, Nabha, Kapurthala, Faridkot, Kalsia Malerkotla and Nalagarh. - The state was inaugurated on July 15, 1948 and Formally became a state of India in 1950.

Mansa

Mansa.

-Founded on 13th April 1992 from Bathinda.
-Founder Bhai Gurdas.
-Situated at cotton belt of Punjab hence called Area of White Gold.
-3 Tehsils Budhlada, Mansa and Sardulgarh.
-Ghagghar River flows through Sardulgarh Tehsil.
-Bounded by Haryana Bathinda and Sangrur.
-Least Literate.

Barnala

Barnala.

-Barnala was capital of Patiala Riyasat.
-Became district on 19th November 2006.
-Two subdivisions Barnala and Tapa.
-Famous for Trident Group of Industries at Dhaula.
-Previously Barnala was known as Anahadgarh.
-Earlier Part of Sangrur.
-Least Populous.
-Shares border with Sangrur, Mansa Moga and Ludhiana.

Ludhiana


Ludhiana.

-Founded in 1481 during Lodhi Emperors.
-Central Most district of Punjab.
-Largest Population.
-Largest Area.
-Highest Population Density.
-Known as Manchester Of North India.
-Financial capital of Punjab.
-Biggest city of the state.
-It has 7 Tehsils Ludhiana east,
Ludhiana west,
Samrala,
Khanna,
Payal,
Raikot and
Jagraon.
-Shares boundary Jalandhar, Rupnagar, Moga, Sangrur, Barnala, SBS Nagar and Fatehgarh.
-Famous for Punjab Agricultural University.
-Famous for Bicycle (Hero Cycles world's largest manufacturer) and Hosiery.
-Famous for Maharaja Ranjit Singh War Museum.
-Registered highest number of industries units in the Punjab.

Bathinda

Bathinda.

-Tabar-e-Hind or Tabarhindh meaning the Gateway to India.
-Bathinda is nicknamed as the 'City of Lakes', courtesy of the artificial lakes in the city.
-The first empress of India, Razia Sultan was imprisoned in the Qila Mubarak fort in Bathinda.
-Home of upcoming AIIMS.
- Also home to two modern thermal power plants,
1. Guru Nanak Dev Thermal Plant and
2. Guru Hargobind Thermal Plant at Lehra Mohabbat.
-The city has a National fertilizer Limited owned by GOI , a large oil refinery Guru Gobind Singh Refinery owned by HPCL Mittal Energy Limited HMEL.

-Bathinda is home of two cement plants, Ambuja Cements and UltraTech Cement Limited.
- A zoo and a historic Qila Mubarak fort.
- Bathinda is one of the largest food grain and cotton markets in northern India.
-Three NHs.
1. NH 15 (connecting Samakhiali in Gujarat with Pathankot in Punjab)

2. NH-7 (Fazilka - Badrinath National Highway) and

3. NH-54 (Jaipur - Pathankot National Highway) .

-According to Ibn Batuta Bathinda was known as Batrind.
-Shares border with Haryana, Rajasthan and Sangrur, Mansa, Moga and Barnala districts.
-

Central University of Punjab

-The Central University of Punjab Bathinda (Punjab) has been established through the Central Universities Act
2009 which received the assent of the President of India on 20 March 2009. Its territorial jurisdiction extends to the whole State of Punjab.

Damdama Sahib

-Damdama Sahib is one of the Five Takhts or Seat of Temporal Authority of Sikhism.
- It has been built at the
site where Guru Gobind Singh, the tenth Sikh Guru, prepared the full version of the Sikh Scriptures, called Sri Guru Granth Sahib, in 1705. Located in village of
Talwandi Sabo, 28 km to the southeast of Bathinda, the gurdwara was officially recognized as the Fifth Takht of Sikhism, on November 18, 1966.

Fazilka

Fazilka.

-Announced district of Punjab on 2011.
-Before partition, 50% of Fazilka population was Muslim. All of them left India for Pakistan in 1947. Most of the villages around Fazilka are dominated by Muslim families, mainly the Bodla, Watto, Sahoo Rajpoot,kalya Rajpoot and Chistis clans.
-Situated at NH 10 connects Delhi via Rohtak and Hisar.
-Fazilka is also known as Bangla - "Heart of Malwa."
-The first railway line through the town was set up in 1898 on the occasion of the Diamond Jubilee of the Accession of Queen Victoria. Fazilka was connected by railway to McLeodganj (now in Pakistan and renamed Mandi Sadiqganj) on the route to Bahawalnagar and then to Bahawalpur.
-Doesn't have bus transport system.
-Languages Spoken mainly Punjabi, Bagri Sahiwal, lehndi and Rajasthani.
-Literacy 68  percent.

Muktsar Sahib

Muktsar Sahib.

-Shri Guru Gobind Singh Ji fought his Last battle against Mughals in 1705 at Muktsar Sahib. During fighting 40 Disciples of Guru known as 40 Muktas sacrificed their lives.
-Bounded by Rajasthan and Bathinda, Fazilka, Faridkot districts of Punjab.
-Three Tehsils Shri Muktsar Sahib, Giddarbha and Malout.
-Birth place of Shri Guru Angad Dev Ji.
-Famous for Maghi Mela and Ghorian da Mela (Big horses' festival At Lambi village on Maghi Mela.
-Ancient name Khidrane di Dhaab.

Faridkot

Faridkot.

-Established in 1996.
-Shares border with Fazilka, Firozpur Moga Muktsar and Bathinda.
-It is one of the biggest cotton markets in South-East Asia.
-The name 'Faridkot' is derived from Baba Farid, a god-lover who wanted see the God.
-Two main blocks mainly Faridkot and Kotkapura.
-Kotkapura is the birthplace of world-renowned astrologer Late Sardar Ujjal Singh.
-Literacy 70.1 percent.

Moga

Moga.

-Founded in 1995. Before this Moga was sub division of Faridkot.
-Moga was founded by Moga Singh Gill a forefather of the Gill community.
-It shares boundary with Faridkot, Firozpur, Bathinda, Barnala, Ludhiana and Jalandhar.
-Consists of 3 Tehsils Moga, Bhagha Purana and Nihal Singhwala.
-Birth place of Lala Lajpat Rai.
-Religious and historical place Geeta Bhawan.
-Moga is among largest producer of Wheat and rice in Punjab.
-Situated on NH95 Firozpur Ludhiana Road.
-Industry Nestle, Moga Adani Agri Logistics Limited.
-68.1%Literacy rate.

Firozpur

Firozpur.

-Situated at India Pak border Fazilka, Moga, Tarn Taran Kapurthala and Jalandhar.
-3 Tehsils Firozpur, Zira and Guru Harshai.
-One of the oldest Cantonment in India.
-Second most rice mills in Punjab after Jalalabad west in Fazilka.
-69.8 percent Literacy rate.

Rupnagar

Rupnagar.

-Formally known as Ropar.
-4 Tehsils Rupnagar, Anandpur Sahib, Chamkaur Sahib and Nangal.
-Shares border with Ludhiana, Mohali, Fatehgarh Sahib and SBS Nagar.
-Evidence of Harappan Culture.
-Major Cities Morinda, Kurali, Anandpur Sahib. Morinda also known as Baghawala the city of Gardens, located at Chandigarh Ludhiana Highway.
-81.3% Literacy rate.

Nawanshahr

Nawanshahr/Shaheed Bhagat Singh Nagar.

-Carved out of Hoshiarpur and Jalandhar district on 7th November 1995.
-built by Afghan Military chief, Nausher Khan during Ala ud din Khilji.
-Situated on the right bank of mighty Sutlej river.
-Surrounded by Rupnagar, Jalandhar, Hoshiarpur And it touches the Ludhiana and the Kapurthala.
-2 Tehsils Nawanshahr and Balachaur & Banga.
-Famous for Khatkar Kalan village outside Banga Town ancestral place of freedom fighter Bhagat Singh.

Jalandhar

Jalandhar.

-Located on plain between Beas and Sutlej.
-surrounded by Ludhiana, Kapurthala, Firozpur, Hoshiarpur
And Nawanshahr/SBS Nagar.
-5 Tehsils Jalandha1, Jalandhar2, Shahkot, Nakodar and Phillaur.
-Education Institutes PTU, LPU,AND DAV University and Dr B R Ambedkar NIT JALANDHAR.
-82.48% Literacy rate.

-Industry in Jalandhar are sports goods industry, most of goods are exported to UK  USA GERMANY France and Australia.
-Place is known as Mecca Of Indian Hockey.

Kapurthala

Kapurthala.

-Smallest District in terms of Population.
-Divided into two non-contiguous parts the main Kapurthala - Sultanpur Lodhi portion and the Phagwara Tehsil.
-Lies on Beas and Sutlej river.
-Bounded by Hoshiarpur  Gurdaspur, Amritsar Jalandhar.
-Industries JCT, Jagjit Distillers, SSK, Agro Mills. - Major Institutions Rail coach Factory, Pushpa Gujral Science City, PTU.
-Kanjli Wetland situated in the Kapurthala district.
-80.1% Literacy.
-It is also known as city of Palaces & Gardens.

Hoshiarpur

Hoshiarpur.

-North Eastern part of Punjab in Bist doab, doaba region.
-Lies on Beas River.
-Located in the Shivalik Hills.
-Border with Himachal Pradesh and Jalandhar, Kapurthala and Gurdaspur districts.
-Four Tehsils Hoshiarpur, Dasliya, Mukeriyan and Garhshankar.
-Only district of Punjab which receives funds from Backward Region Grant Fund Programme BRGFP.
-Famous for musical instruments such as Tabla, Harmonium, Sitar etc
-Vedic Research Institute is located in the district.
-85.40% Literacy rate.
-Famous for wooden and ivory handicrafts.
-Famous Personalities.
Satinder Sartaj, Monica Bedi,Kulwinder Singh Dhillon, Soni Pabla, Yo Yo Honey Singh, Ambika Soni.

Tarn Taran Sahib

Tarn Taran Sahib.

-Formed in 2006 from Amritsar district.
-Bounded by Amritsar, Kapurthala and Firozpur and internationally as Pak in West.
-Three Tehsils Patti, Khadur Sahib and Tarn Taran sahib.
-Gurudwara Tarn Taran Sahib has the largest Sarovar of all Sikh Sarovars.
-Goindwal Sahib Power Plant.
-Least child sex ratio.
-Literacy 69.4 percent.
-It is the first place Where Mal Akhara for wrestling was established.
-Harike Pattan largest wetland in northern India in the border of Tarn Taran Sahib district and Ferozepur district (It is one of Ramsar Conventions of the India, Convention on Wetlands of International Importance, especially as Waterfowl Habitat, Rivers Beas and Sutlej )

Amritsar

Amritsar.

-Founded in 1577 by Ram Das , fourth Guru of the Sikhs, on a site granted by the Mughal Emperor Akbar .
-Ram Das ordered the excavation of the sacred tank, or pool, called the Amrita Saras (“Pool of Nectar”).
-Most Populous district of Punjab after Ludhiana.
-Earlier Part of Lahore division.
-Also Surrounded by Gurdaspur, Kapurthala and Tarn Tarn districts of Punjab.
-It is near Pakistan, with the Wagah Border being only 28 km (17.4 mi) away.
-Spiritual and Cultural center for the Sikh religion. This important Sikh shrine attracts more visitors than the Taj Mahal with more than 100,000 visitors on weekdays alone and is the most popular destination for non-resident Indians (NRI) in the whole of India.
-Known for for the Jallianwala Bagh massacre in 1919 under British Rule.
-Chosen as one of the heritage cities for HRIDAY - Heritage City Development and Augmentation Yojana scheme of Government of India.
-Tehsils Amritsar1, Amritsar2, Ajnala and Baba Bakala(Associated with Guru Tegh Bahadur Ji)
-Shri Guru Ram Das Ji International Airport.

-Education hub important Institutes as
1. Guru Nanak Dev University Indian Institute of Management, Amritsar
2. IIM-ASR, Classes for Session 2015 started.
3. Khalsa College, Amritsar
4. St. Francis School, Amritsar

Prominent Literary figures.

1.  Bhai Santokh Singh known poet and historian. 2. Guru Arjan Dev Ji (Founder of Taran Tarn)
3. Guru Tegh Bahadur Ji.

Gurdaspur

Gurdaspur.

-Founded by Guriya Mahant Ji in 17th Century.
-Sandwiched between Ravi and Beas.
-Shares border with Pak and other Punjab districts as Pathankot, Hoshiarpur, Kapurthala and Amritsar.
-Third most populous district of Punjab after Ludhiana and Amritsar.
-Mughal Emperor Akbar was enthroned at Kalanaur, important town in the district.
-It has 3 Tehsils Gurdaspur, Batala and Dera Baba.
-Famous town Hargobindpur founded by Shri Guru Arjan Dev Ji.
-81.1% Literacy.
-Dinanagar town, which was the capital of
the kingdom of Maharaja Ranjit Singh.

-Notable People
1. Premchand Degra, Mr. Universe, Mr. World, Mr. Asia(8 times), Mr. India(9 times in a row) Internationally famous body builder
2.  Sukhbans Kaur Bhinder, six times MP from Gurdaspur, was the only woman in the country to become MP six times.
3. Bhagat Namdev, also transliterated as Namdeo and Namadeva, (traditionally, c. 1270 – c. 1350 CE) was a poet-saint who is significant to the Varkari sect of Hinduism. He is also venerated in Sikhism. He spent his 25 years, in Punjabi village Guman( Gurdaspur).
4. Air Chief Marshal Dilbagh Singh, [5] former chief of Indian Airforce
5. Prabhjot Singh, Indian hockey player.
6. Alla Rakha, Tabla player.
7. Dev Anand Famous Indian actor.

Districts of Punjab . Pathankot

Covering Districts of Punjab.

Pathankot.

-Created on 27 July 2011.
-Carved out of Gurdaspur.
-Located in foothills of Shiwalik Hills.
-International border with Narowal District of Pak.
-Shares boundary with J and K, HP.
-Beas and Ravi passes through it.
-5th largest in terms of Population.
-Due to its strategic position it's also known as Cock Neck City and a gateway to Himachal stations of Dalhousie, Dharmshala, Kangra Valley, Jwala Ji, and Chintpurni.
-Two Tehsils as Pathankot and Dharkalan.
-Population approx 1.5 lac.
-88.60%  literacy.
-Major industries Stone crushing.

Tuesday, 10 November 2015

Payment of Pension to Government Pensioners. FAQs

Payment of Pension to Government Pensioners

Scheme for Payment of Pension to Government Pensioners by Authorised Banks
The Reserve Bank of India (the Reserve Bank) oversees disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. 

1. Can the pensioner draw his/ her pension through a bank branch?
Yes. Even the Government employees earlier drawing their pension from a treasury or from a post office have the option to draw their pension from the authorized bank’s branches.
2. Who is the pension sanctioning authority?
The Ministry/ Department /Office where the Government servant last served is the pension sanctioning authority. The pension fixation is made by such authority for the first time and thereafter the refixation of pay, if any, is done by the pension paying bank based on the instructions from the concerned Central/ State Government authority.
3. Is it necessary for the pensioner to open a separate pension account for the purpose of crediting his/ her pension in authorized bank?
The pensioner is not required to open a separate pension account. The pension can be credited to his/her existing savings/ current account maintained with the branch selected by the pensioner.
4. Can a pensioner open a Joint Account with his/ her spouse?
Yes. All pensioners of the Central Government Pensioners and those State Governments which have accepted such arrangement can open Joint Account with their spouses.
5. Whether Joint Account of the pensioner with spouse can be operated either by ''Former or Survivor" or "Either or Survivor".
The Joint Account of the pensioner with spouse can be operated either as ‘‘Former or Survivor" or “Either or Survivor".
6. Whether a Joint Account can be continued for family pension after death of a pensioner?
Yes, the banks should not insist on opening of a new account in case of Central Government pensioner if the spouse in whose favour an authorization for family pension exists in the Pension Payment Order (PPO) is the survivor and the family pension should be credited to the existing account without opening a new account by the family pensioner for this purpose.
7. What is the minimum balance required to be maintained in the pension account maintained with the banks?
RBI has not stipulated any minimum balance to be maintained in pension accounts by the pensioners. Individual banks have framed their own rules in this regard. However, some banks have also permitted zero balance in the pensioners’ accounts.
8. Who sends the Pension Payment Orders (PPOs) to the authorized bank branch?
The concerned pension sanctioning authorities in the Ministries /Departments/ State Governments forward the PPOs to bank branches wherefrom the pensioner desires to draw his/her pension. However, on implementation of CPPCs, pension sanctioning authorities have gradually started sending PPOs to the CPPC of the bank instead of bank branch.
9. When is the pension credited to the pensioner's account by the paying branch?
The disbursement of pension by the paying branch is spread over the last four working days of the month depending on the convenience of the pension paying branch except for the month of March when the pension is credited on or after the first working day of April.
10. Can a pensioner transfer his/ her pension account from one branch to another branch of the same bank or to the branch of another bank?
(a) Pensioner can transfer his/ her pension account from one branch to another branch of the same bank within the same centre or at a different centre;
(b) He/ She can transfer his/ her account from one authorized bank to another within the same centre (such transfers to be allowed only once in a year);
(c) He/ She can also transfer his/ her account from one authorized bank to another authorized bank at a different centre.
11. What is the procedure for payment of pension in the case of the transfer of PPO to another branch or bank, as the case may be?
Pension will be paid for three months on the basis of the photocopy of the pensioner’s PPO at the transferee (new) branch from the date of the last payment made at the transferor (old) branch. Both the branches (old and new) are required to ensure that all the required documents are received by the transferee branch within these three months.
12. Is it necessary for the pensioner to be present at the branch of the bank along with documents for the purpose of identification before commencement of pension?
Yes. Before the commencement of pension, a pensioner has to be present at the paying branch for the purpose of identification. The paying branch shall obtain the specimen signatures or the thumb/toe impression from the pensioner.
13. What is the procedure to be followed by the bank branch if the pensioner is handicapped /incapacitated and is not in a position to be present at the paying branch?
If the pensioner is physically handicapped/incapacitated and unable to be present at the branch, the requirement of personal appearance is waived. In such cases, the bank official visits the pensioner’s residence/hospital for the purpose of identification and obtaining specimen signature or thumb/toe impression.
14. Has the pensioner got right to retain half portion of the PPO for record and to get it updated from paying branch whenever there is a change in the quantum of pension due to revision in basic pension, dearness relief, etc.?
Yes. The pensioner has right to retain half portion of the PPO for record and whenever there is a revision in the basic pension/Dearness Relief (DR), etc. the paying branch has to call for the pensioner's half of the PPO and record thereon the changes according to government orders/notifications and return the same to the pensioner.
15. Whether the paying branch has to maintain a detailed record of pension payments made by it in the prescribed form?
Yes. The pension paying branch is required to maintain a detailed record of pension payments made by it from time to time in the prescribed form duly authenticated by the authorized officer.
16. Can the pension paying bank recover the excess amount credited to the pensioner’s account?
Yes. The paying branch before commencement of pension obtains an undertaking from the pensioner in the prescribed form for this purpose and, therefore, can recover the excess payment made to the pensioner's account due to delay in receipt of any material information or due to any bonafide error. The bank also has the right to recover the excess amount of pension credited to the deceased pensioner’s account from his/her legal heirs/nominees.
17. Question: Is it compulsory for a pensioner to furnish a Life Certificate/Non-Employment Certificate or Employment Certificate to the bank in the month of November? If so, how can this requirement be complied with?
Answer: Yes. The pensioner is required to furnish a Life Certificate / Non – Employment Certificate or Employment Certificate to the bank in the prescribed format in the month of November every year to ensure continued receipt of pension without interruption. The pensioner can also present himself / herself at any branch of the pension paying bank for being identified for issue of life certificate. In case a pensioner is unable to obtain a Life Certificate on account of serious illness / incapacitation, bank official will visit his / her residence / hospital for the purpose of obtaining the life certificate.
There have been complaints that life certificates submitted over the counter of pension paying branches are misplaced causing delay in payment of monthly pensions. In order to alleviate the hardships faced by pensioners, agency banks were instructed to mandatorily issue duly signed acknowledgements. They were also requested to consider entering the receipt of life certificates in their CBS and issue a system generated acknowledgement which would serve the twin purpose of acknowledgement as well as real time updation of records.
A pensioner having Aadhar number can alternatively submit Jeevan Pramaan, a digital life certificate introduced by the Government of India. For obtaining this, he / she will have to enrol and biometrically authenticate himself / herself by downloading the application generating digital life certificate from the website jeevanpramaan.gov.in or other means described on the website. Once digital life certificates in the form of Jeevan Pramaan are fully implemented, pension paying branches will be able to obtain information about the digital life certificate of their pensioner customers by logging on to the website of Jeevan Pramaan and searching for the certificate or by downloading through their Core Banking Systems. Pensioners will also be able to forward to their bank branches by email/sms the relative link to their digital life certificate.
18. Can a pensioner be allowed to operate his/ her account by the holder of Power of Attorney?
The account is not allowed to be operated by a holder of Power of Attorney. However, the cheque book facility and acceptance of standing instructions for transfer of funds from the account is permissible.
19. Who is responsible for deduction of Income Tax at source from pension payment?
The pension paying bank is responsible for deduction of Income Tax from pension amount in accordance with the rates prescribed by the Income Tax authorities from time to time. While deducting such tax from the pension amount, the paying bank will also allow deductions on account of relief to the pensioner available under the Income Tax Act. The paying branch, in April each year, will also issue to the pensioner a certificate of tax deduction as per the prescribed form. If the pensioner is not liable to pay Income Tax, he should furnish to the pension paying branch, a declaration to that effect in the prescribed form (15 H).
20. Can old, sick physically handicapped pensioner who is unable to sign, open pension account or withdraw his/ her pension from the pension account?
A pensioner, who is old, sick or lost both his/her hands and, therefore, cannot sign, can put any mark or thumb/ toe impression on the form for opening of pension account. While withdrawing the pension amount he/she can put thumb/toe impression on the cheque/withdrawal form and it should be identified by two independent witnesses known to the bank one of whom should be a bank official.
21. Can a pensioner withdraw pension from his/ her account when he/she is not able to sign or put thumb/toe impression or unable to be present in the bank?
In such cases, a pensioner can put any mark or impression on the cheque/ withdrawal form and may indicate to the bank as to who would withdraw pension amount from the bank on the basis of cheque/withdrawal form. Such a person should be identified by two independent witnesses. The person who is actually drawing the money from the bank should be asked to furnish his/her specimen signature to the bank.
22. When does the family pension commence?
The family pension commences after the death of the pensioner. The family pension is payable to the person indicated in the PPO on receipt of a death certificate and application from the nominee.
23. How the payment of Dearness Relief at revised rate is to be paid to the pensioners?
Whenever any additional relief on pension/family pension is sanctioned by the Government, the same is intimated to the agency banks for issuing suitable instructions to their pension paying branches for payment of relief at the revised rates to the pensioners without any delay. The orders issued by Government Departments are also hosted on their websites and banks have been advised to watch the latest instructions on the website and act accordingly without waiting for any further orders from RBI in this regard.
24. Can pensioners get pension slips?
Yes. As decided by the Central Government (Civil, Defence & Railways), pension paying banks have been advised to issue pension slips to the pensioners in prescribed form when the pension is paid for the first time and thereafter whenever there is a change in quantum of pension due to revision in basic pension or revision in Dearness Relief.
25. Which authority the pensioner should approach for redressal of his/ her grievances?
A pensioner can initially approach the concerned Branch Manager and, thereafter, the Head Office of the concerned bank for redressal of his/her complaint. They can also approach the Banking Ombudsman of the concerned State in terms of Banking Ombudsman Scheme 2006 of the Reserve Bank of India (details available at the Bank’s website www.rbi.org.in) This is applicable only in respect of complaints relating to services rendered by banks. For other issues, the complainant will have to approach the respective pension sanctioning authority.
26. Where can a pensioner get information about the changes in the pension/Dearness Relief or any pension related issue?
The pensioner can visit the Official Website of the concerned Government Department as also Reserve Bank of India Website (www.rbi.org.in) to get the information about pension related issues.
27. Whether a pensioner is entitled for any compensation from the agency banks for delayed credit of pension/ arrears of pension?
Yes. A Pensioner is entitled for compensation for delayed credit of pension/arrears thereof at the fixed rate 8% and the same would be credited to the pensioner's account automatically by the bank on the same day when the bank affords delayed credit of such pension / arrears etc without any claim from the pensioner.


Sovereign Gold Bond Scheme 2015.

Sovereign Gold Bond Scheme 2015
1. What is Sovereign Gold Bond (SGB)? Who is the issuer?
SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India.
2. Why should I buy SGB rather than physical gold? What are the benefits?
The quantity of gold for which the investor pays is protected, since he receives the ongoing market price at the time of redemption/ premature redemption. The SGB offers a superior alternative to holding gold in physical form. The risks and costs of storage are eliminated. Investors are assured of the market value of gold at the time of maturity and periodical interest. SGB is free from issues like making charges and purity in the case of gold in jewellery form. The bonds are held in the books of the RBI or in demat form eliminating risk of loss of scrip etc.
3. Are there any risks in investing in SGBs?
There may be a risk of capital loss if the market price of gold declines. However, the investor does not lose in terms of the units of gold which he has paid for.
4. Who is eligible to invest in the SGBs?
Persons resident in India as defined under Foreign Exchange Management Act, 1999 are eligible to invest in SGB. Eligible investors include individuals, HUFs, trusts, universities, charitable institutions, etc.
5. Whether joint holding will be allowed?
Yes, joint holding is allowed.
6. Can a Minor invest in SGB?
Yes. The application on behalf of the minor has to be made by his / her guardian.
7. Where can investors get the application form?
The application form will be provided by the issuing banks/designated Post Offices/agents. It can also be downloaded from the RBI’s website. Banks may also provide online application facility.
8. What are the Know-Your-Customer (KYC) norms?
Know-Your-Customer (KYC) norms will be the same as that for purchase of physical form of gold. Identification documents such as Aadhaar card/PAN or TAN /Passport / Voter ID card will be required. KYC will be done by the issuing banks/Post Offices/agents.
9. What is the minimum and maximum limit for investment?
The Bonds are issued in denominations of one gram of gold and in multiples thereof. Minimum investment in the Bond shall be two grams with a maximum buying limit of 500 grams per person per fiscal year (April – March). In case of joint holding, the limit applies to the first applicant.
10. Can I buy 500 grams in the name of each of my family members?
Yes, each family member can hold the bond if they satisfy the eligibility criteria as defined at Q No.4.
11. Can I buy 500 grams worth of SGB every year?
Yes. One can buy 500 grams worth of gold every year as the ceiling has been fixed on a fiscal year (April-March) basis.
12. Is the limit of 500 grams of gold applicable if I buy on the Exchanges?
The limit of 500 grams per financial year is applicable even if the bond is bought on the exchanges.
13 What is the rate of interest and how will the interest be paid?
The Bonds bear interest at the rate of 2.75 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.
14. Who are the authorized agencies selling the SGBs?
Bonds are sold through scheduled commercial banks and designated Post Offices either directly or through their agents like NBFCs, NSC agents, etc.
15 Is it necessary for me to apply through my bank?
It is not necessary for the customer to apply through the bank where he/she has his/ her account. A customer can apply through another bank or Post Office.
16. If I apply, am I assured of allotment?
If the customer meets the eligibility criteria, produces a valid identification document and remits the application money on time, he/she will receive the allotment.
17. When will the customers be issued Holding Certificate?
The customers will be issued Certificate of Holding on the date of issuance of the SGB. Certificate of Holding can be collected from the issuing banks/Post Offices/agents or obtained directly from RBI on email, if email address is provided in the application form.
18. Can I apply online?
Yes. A customer can apply online through the website of the listed scheduled commercial banks.
19. At what price the bonds are sold?
Price of bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average price for gold of 999 purity published by the India Bullion and Jewellers Association Ltd. (IBJA). The issue price will be disseminated by the Reserve Bank of India
20. Will RBI publish the rate of gold applicable every day?
The price of gold for the relevant tranche will be published on RBI website two days before the issue opens.
21. What will I get on redemption?
On maturity, the redemption proceeds will be equivalent to the prevailing market value of grams of gold originally invested in Indian Rupees. The redemption price will be based on simple average of previous week’s (Monday-Friday) price of closing gold price for 999 purity published by the IBJA.
22. How will I get the redemption amount?
Both interest and redemption proceeds will be credited to the bank account furnished by the customer at the time of buying the bond.
23. What are the procedures involved during redemption?
  • The investor will be advised one month before maturity regarding the ensuing maturity of the bond.
  • On the date of maturity, the maturity proceeds will be credited to the bank account as per the details on record.
  • In case there are changes in any details, such as, account number, email ids, then the investor must intimate the bank/PO promptly.
24. Can I encash the bond anytime I want? Is premature redemption allowed?
Though the tenor of the bond is 8 years, early encashment/redemption of the bond is allowed after fifth year from the date of issue on coupon payment dates. The bond will be tradable on Exchanges, if held in demat form. It can also be transferred to any other eligible investor.
25. What do I have to do if I want to exit my investment?
In case of premature redemption, investors can approach the concerned bank/Post Office/agent thirty days before the coupon payment date. Request for premature redemption can only be entertained if the investor approaches the concerned bank/post office at least one day before the coupon payment date. The proceeds will be credited to the customer’s bank account provided at the time of applying for the bond.
26. Can I gift the bonds to a relative or friend on some occasion?
The bond can be gifted/transferable to a relative/friend/anybody who fulfills the eligibility criteria (as mentioned at Q. no. 4). The Bonds shall be transferable in accordance with the provisions of the Government Securities Act 2006 and the Government Securities Regulations 2007 before maturity by execution of an instrument of transfer which is available with the issuing agents.
27. Can I use these securities as collateral for loans?
Yes, these securities are eligible to be used as collateral for loans from banks, financial Institutions and Non-Banking Financial Companies (NBFC). The Loan to Value ratio will be same as applicable to ordinary gold loan mandated by the RBI from time to time.
28. What are the tax implications on i) interest and ii) capital gain?
Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961(43 of 1961). Capital gains tax treatment will be the same as that for physical gold.
29. Is tax deducted at source (TDS) applicable on the bond?
TDS is not applicable on the bond. However, it is the responsibility of the bond holder to comply with the tax laws.
30. Who will provide other customer services to the investors after issuance of the bonds?
The issuing banks/Post Offices/agents through which these securities have been purchased will provide other customer services such as change of address, early redemption, nomination, etc.
31. What are the payment options for investing in the Sovereign Gold Bonds?
Payment can be made through cash/cheques/demand draft/electronic fund transfer.
32. Whether nomination facility is available for these investments?
Yes, nomination facility is available as per the provisions of the Government Securities Act 2006 and Government Securities Regulations, 2007. A nomination form is available along with Application form.
33. Is the maximum limit of 500 gms applicable in case of joint holding?
The maximum limit will be applicable for the first applicant in case of a joint holding for the specific application.
34. Are institutions like banks allowed to invest in Sovereign Gold Bonds?
There is no bar on investment by banks in Sovereign Gold Bonds. These will qualify for SLR.
35. Can I get the bonds in demat form?
The bonds can be held in demat account.
36. Can I trade these bonds?
The bonds are tradable on stock exchanges from the date to be notified by RBI. The bonds can also be sold and transferred as per provisions of Government Securities Act.
37. Can I get part repayment of these bonds at the time of exercising put option?
Yes, part holdings can be redeemed in multiples of one gm.

Gold Monetisation Scheme, 2015. FAQs

1. Query: Are banks required to obtain RBI approval to participate in the Gold Monetisation Scheme, 2015?
Response: No. However, banks should submit to RBI the implementation details including names of the CPTCs and refiners with whom they have entered into tripartite agreement and the branches operating the scheme. Banks should also report the amount of gold mobilised under the scheme by all branches in a consolidated manner on a monthly basis in the prescribed format.
2. Query: Can a deposit under the Scheme be made for 4 years or 8 years?
Response: No. However, a short term deposit initially made for 3 years could be rolled over for another year. The roll over facility is not available for medium and long term deposits.
3. Query: Is it mandatory to complete the KYC for potential customers of GMS prior to depositing gold?
Response: Yes, unless the potential depositor is already a bank’s KYC compliant customer.
4. Query: How will a Collection and Purity Testing Centre (CPTC) know that a depositor is already KYC compliant?
Response: Banks and the CPTCs may put in place a mutually acceptable procedure in this regard and notify that to the relevant CPTCs.
5. Query: Can a customer get back his jewellery if the purity determined by the CPTC is not acceptable to him/her and he/she does not want to invest in the GMS?
Response: The jewellery will be melted by the CPTC to conduct the fire assay and the customer can get back gold only in post-melted form. The jewellery can be taken back in original form before fire-assaying. Thus, the decision regarding taking back jewellery in original form has to be taken by the customer after XRF test and before giving consent for fire-assaying.
6. Query: Will the refined amount of gold deposited be credited only after receipt from the customer the Deposit Receipt issued by the CPTC? What if the customer produces the certificate at the bank but no intimation from the CPTC and Refinery has been received?
Response: No, regardless of the submission of the Deposit Receipt by the customer, the deposit taking bank will credit in the deposit account the amount of refined gold on receipt of intimation from the CPTC about the deposit, and from the Refiner regarding the refined gold being ready for use by the bank, but in any case not later than 30 days from the date of deposit at the CTPC. In cases where the Deposit Receipt is submitted by the customer before receipt of the relevant advice from the CPTC/Refinery, the bank should make enquiry with these entities and take further action based on the response.
7. Query: In what form will the depositor get back his gold at maturity?
Response: If the depositor opts for redemption in the form gold, he will get back physical gold at maturity in the form of bullion.
8. Query: Is the option of redeeming deposit in gold is available under both short term bank deposits and medium and long term bank deposits?
Response: No, the option of redemption of the deposit in the form of gold is available only under the Short Term Bank Deposits. The Medium and Long term deposits will be redeemed only in Indian Rupees (INR).
9. Query: Can a bank make repayment of the partial amount of gold (less than one gram) in INR in cases where the redemption is in gold?
Response: Yes. In case the maturity amount comes to, say 302.86 grams of gold, and the customer has to be paid in gold, a bank can repay 302 grams in gold and 0.86 grams in equivalent amount of INR.
10. Query: Who determines the rate of interest on the Medium and Long Term Deposits?
Response: It will be determined by the Central Government and advised to banks by RBI.
11. Query: Will a designated bank get any commission for servicing the MLTGD product?
Response: Yes.
12. Query: Is it compulsory for banks to participate in the auction of gold collected under the Medium and Long Term Deposit schemes?
Response: No.
13. Query: Can a designated bank purchase/borrow gold from local banks and refiners to replenish the GMS gold at maturity.
Response: Yes.
14. Query: Can banks hedge their gold exposures arising from operation of GMS?
Response: Yes, in international markets.

Monday, 9 November 2015

Indian Economics P5 - FinanciaL Inclusion.

FINANCIAL INCLUSION

It is the delivery of financial services at affordable costs to vast sections of disadvantaged and low income groups
Financial inclusion involves
1) Give formal banking services to poor people in urban & rural areas.
2) Promote habit of money-savings, insurance, pension-investment among poor-people.
3) Help them get loans at reasonable rates from normal banks. So they don’t become victims in the hands of local
 moneylender.


Some Important initiatives for financial inclusion:
1) Lead banking scheme (LBS).
2) No frills account.
3) BSBDA
4) Business Correspondents (BC) system.
5) Swabhiman Campaign
6) PMJDY

Lead Bank Scheme
The Lead Bank Scheme, introduced towards the end of 1969, envisages assignment of lead roles to individual
banks (both in public sector and private sector) for the districts allotted to them. A bank having a relatively large
network of branches in the rural areas of a given district and endowed with adequate financial and manpower
resources has generally been entrusted with the lead responsibility for that district. Accordingly, all the districts
 in the country have been allotted to various banks. The lead bank acts as a leader for coordinating the efforts
of all credit institutions in the allotted districts to increase the flow of credit to agriculture, small-scale industries
and other economic activities included in the priority sector in the rural and semi-urban areas, with the district
 being the basic unit in terms of geographical area.

No Frill Account
-'No Frills 'account is a basic banking account. Such account requires either nil minimum balance or very low
minimum balance. Charges applicable to such accounts are low. Services available to such account is limited.

-In what can be described as a watershed Annual Policy Statement, the RBI in 2005-06 called upon Indian
banks to design a ‘no frills account’ – a no precondition, low ‘minimum balance maintenance’ account with
simplified KYC (Know Your Customer) norms. But All the existing ‘No-frills’ accounts opened were converted
into BSBDA in compliance with the guidelines issued by RBI in 2012 .

BSBDA
RBI in 2012 came out with fresh guidelines and asked banks to offer a ‘Basic Savings Bank Deposit Account’
 which will offer following minimum common facilities to all their customers. These guidelines includes:-
(a) This account shall not have the requirement of any minimum balance.
(b) The services available in the account will include deposit and withdrawal of cash at bank branch as well as
ATMs; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques
drawn by Central/State Government agencies and departments;
(c ) While there will be no limit on the number of deposits that can be made in a month, account holders will be
allowed a maximum of four withdrawals in a month, including ATM withdrawals; and
(d) Facility of ATM card or ATM-cum-Debit Card.

Business Correspondent
Business correspondents are bank representatives. They personally goes to the area allotted to them and carry
out banking.
  • They help villagers to open bank accounts.
  • They help villagers in banking transactions. (deposit money, take money out of savings account, loans etc.)
  • The Business Correspondent carries a mobile device.
  • The villager gives his thumb impression or electronic signature, and get the money.
  • Business Correspondents get commission from bank for every new account opened, every transaction 
  • made via them, every loan-application processed etc.

Recently on Financial Inclusion
The Reserve Bank of India (RBI) has constituted a committee with the objective of working out a medium-term
(five-year) measurable action plan for financial inclusion. The terms of reference will include reviewing the existing
 policy of financial inclusion, including supportive payment system and customer protection framework, taking into
 account the recommendations made by various committees set up earlier.
It will also study the cross-country experience in financial inclusion to identify key learnings, particularly in the
suggest a monitorable medium-term plan for financial inclusion in terms of its various components like payments
,deposit, credit, social security transfers, pension and insurance.
Deepak Mohanty, RBI executive director, will chair the committee. 




Indian Economics P4 - Cheque and its types.

Cheque
It is an instrument in writing containing an unconditional order, addressed to a banker, sign by the person who has deposited money with the banker, requiring him to pay on demand a certain sum of money only to or to the order of certain person or to the bearer of instrument."

Types of Cheque

1. Bearer Cheque or open Cheque
When the words "or bearer" appearing on the face of the cheque are not cancelled, the cheque is called a bearer cheque. The bearer cheque is payable to the person specified therein or to any other else who presents it to the bank for payment. However, such cheques are risky, this is because if such cheques are lost, the finder of the cheque can collect payment from the bank.

2. Order Cheque
When the word "bearer" appearing on the face of a cheque is cancelled and when in its place the word "or order" is written on the face of the cheque, the cheque is called an order cheque. Such a cheque is payable to the person specified therein as the payee, or to any one else to whom it is endorsed (transferred).

3. Crossed Cheque
Crossing of cheque means drawing two parallel lines on the face of the cheque with or without additional words like "& CO." or "Account Payee" or "Not Negotiable". A crossed cheque cannot be encashed at the cash counter of a bank but it can only be credited to the payee's account.

4. Ante-Dated Cheque
If a cheque bears a date earlier than the date on which it is presented to the bank, it is called as "anti-dated cheque". Such a cheque is valid upto three months from the date of the cheque.

5. Post-Dated Cheque
If a cheque bears a date which is yet to come (future date) then it is known as post-dated cheque. A post dated cheque cannot be honoured earlier than the date on the cheque.

6. Stale Cheque
If a cheque is presented for payment after 3 months from the date of the cheque it is called stale cheque. A stale cheque is not honoured by the bank.

7. A self cheque
A self cheque is written by the account holder as pay self to receive the money in the physical form from the branch where he holds his account.