Government may reward tax payers

Demonetisation windfall: Government may reward tax payers:

Sources hint at tax breaks in Budget 2017-18

With demonetisation raising revenues for the government, Budget for 2017-18 may see an increase in income tax exemption limit for individual tax payers. It may also see a reduction in income tax rates.

“The monetary gains will be utilised for infrastructure development, but a part of it will also be used to spur demand in the economy and one way will be to give tax breaks to bonafide tax payers,” a top official said.

It may even be a Rs 5 lakh flat tax exemption for individual tax payers, and not other income tax rebates. The other possibility is that the government will increase the exemption from the current Rs 2.5 lakh, to Rs 3.5 lakh, and let some of the deductions continue. At present, Rs 2.5-5 lakh income is taxed at 10%, Rs 5-10 lakh at 20%, and above Rs 10 lakh at 30%. The government is currently working on various possibilities, and it will take sometime to zero-in on one, according to different sources in the government.

In case, the exemption is Rs 5 lakh, the income tax rates applicable could be 10% between Rs 5 lakh and Rs 10 lakh annual income, 20% between Rs 10 lakh and Rs 20 lakh income, and 30% on income over Rs 20 lakh, according to an official, who did not wish to be identified.

The industry too has demanded a cut in income tax rates, and a steep increase in exemptions in the wake of a windfall gain to the government after the demonetisation drive. Industry has also sought a cut in maximum tax rate of 30% on individual income to 25%.

Finance Minister Arun Jaitley had recently said that demonetisation will not only bring back the unaccounted wealth into the economic system, it will also pave way for tax relief to honest tax payers by bringing the rates down.

At present, there are various income tax exemptions for individual tax payers and the salaried class. These include house rent allowance exemption for the salaried class, income tax exemption on leave travel allowance, and exemption on encashment of leave. Transport allowance and children education allowance are also allowed income tax exemption for salaried employees up to a certain limit.

Goa will be First State to go Cashless from December 31, 2016

Goa will be First State to go Cashless from December 31, 2016

Highlights

• While cash transactions are not being banned, the move is to encourage a cashless society.
• People will be able to buy perishables such as fish, meat, vegetables or anything else at the press of a button on their mobile.

PANAJI: Goa is likely to become the first state in India to go cashless from December 31, as people will be able to buy perishables such as fish, meat, vegetables or anything else at the press of a button on their mobile. 

There will be no need to carry your purse for purchases and the profession of pickpocketers may become extinct soon, as all transactions will be done on the mobile. "The money on purchases will be debited to the person's bank account," chief secretary R K Srivastava told STOI. 

One has to dial *99# from their mobile phone, not necessarily a smart phone, and follow the instructions to complete the transcation. This system is being introduced to transfer money to small vendors who do not have swipe machines. Swiping of ATM and credit cards at shops and establishments will also continue. 

A drive to create awareness on how to operate the cashless transaction for vendors and small shops and the public will commence on Monday at Mapusa and Panaji, in Goa. 

While cash transactions are not being banned, the move is to encourage a cashless society. Also, there will be no minimum limit on the cashless transfer of money. Chief minister Laxmikant Parsekar said no fees will be charged for any of these transactions over the mobile. 

Defence minister Manohar Parrikar on Saturday held a meeting with government officials and all the major nationalized and private banks. During the meeting, Parrikar discussed the modalities to implement the cashless scheme in the state. 

Parrikar said at the Vijay Sankalp Rally at Sankhali on Friday that PM Narendra Modi had a dream about a cashless society and "they told me that Goa can become the first state to go cashless".

"One thing we decided is that whenever India becomes a cashless society, Goa will become the first. We have to support the prime minister's dream," Parrikar added saying that your mobile can become your bank and one can do anything once he/she has registered her/his mobile number with the bank under the central government unified payment interference (UPI).

Srivastava said that Goa has an added advantage to be become the first cashless society because it is a small state with about 15 lakh population and 17 lakh mobile phone connections. "We have 22 lakh bank accounts, which means that one person has more than one account," he said. Most of the people in Goa use debit or credit cards while purchasing and hence it will not be a problem to go cashless, he added.

He also said that from Monday, people will be educated on the cashless transaction and the exact plan would be finalized on Sunday. Explaining how it works, Srivastava said that every vendor who registers with the bank would be given an MMID code.

Once a person purchases fish, vegetable etc. the customer just needs to dial the designated number (*99#) and punch in details of her/his account and the amount the customer needs to transfer to the vendor and then the customer has to enter the MI code of the vendor to transfer the funds. Within no time, the money would be transferred from the customer's account to the vendor's account.

"Everybody should have an account, card and the account should have money," Srivastava said.

   

Source : http://timesofindia.indiatimes.com/

Rs 32,631 cr deposited in Post offices since demonetisation just in 20 days

Rs 32,631 cr deposited in Post offices since demonetisation just in 20 days

New Delhi, Nov 27 (PTI) People have deposited a staggering Rs 32,631 crore in nearly 1.55 lakh post offices across the country following demonetisation of Rs 500/1000 currency notes.

The post offices have also exchanged about Rs 3,680 crore of old currency notes between November 10 and 24, Department of Posts Secretary B V Sudhakar told PTI.

"From November 10 to November 24, we have exchanged 578 lakh notes of value of about Rs 3,680 crore. If you look at the deposits, 43.48 crore old Rs 500 and Rs 1000 notes were accepted as deposits, and their value is about Rs 32,631 crore," he said.

As many as 1.55 lakh post offices -- about 1.30 lakh in rural areas and the rest 25,000 in urban and semi-urban areas -- are playing a "prominent role" in the entire exercise, he added.

During the same period, Rs 3,583 crore was withdrawn from post offices, Sudhakar said.

Following demonetisation of Rs 500 and Rs 1000 notes from midnight of November 8, people rushed to banks and post offices to deposit or exchange old currency notes. Serpentine queues were seen in front of banks, ATMs and post offices with people lining up to get valid currency notes.

Those without postal savings accounts were also permitted to exchange the old notes up to a certain limit in the post offices by producing their identity cards.

While the window of a fortnight to exchange these currency notes over-the-counter at banks and post offices ended on November 24, the old notes can be deposited in bank accounts until December 30.

Employment News dated 28-Nov-2016

Company Location Position Eligibility Last Date North Eastern Hill University, NEHU (01) Shillong Junior Research Fellow M.Sc, B.E./B.Tech., 28-11-2016 (Walk-in-interview) Kochi Metro Rail Limited, KMRL (05) Kochi AGM, Manager, GM and Legal Officer B.E./B.Tech., BL/LLB, Graduate, 07-12-2016 Union Bank of India (01) Mumbai Dy. General Manager (Law) L.L.M, 03-12-2016 Rajiv Gandhi Centre for Biotechnology (01) Thiruvananthapuram Postdoctoral Research Associate Ph.D, ME/M.Tech, Doctoral Degree, 05-12-2016 Telecommunications Consultants India Limited, TCIL (02) Across India and Abroad Group GM and GM (Finance) Chartered Accountant (CA), MBA, 14-12-2016 Rajiv Gandhi Centre for Biotechnology (-) Across India Project Fellow Post Graduate, 05-12-2016 RITES Limited (20) Gurgaon Technical Assistants (Civil) Diploma, 22-12-2016 Rajasthan Electronics and Instruments Limited, REIL (06) Jaipur Technical Asstt. and Technicians Diploma, 02-12-2016 Reserve Bank of India (04) Mumbai Research Positions Ph.D, 16-12-2016 SJVN Limited (201) Shimla Graduate/ Technician (Diploma)/ Technician (ITI) Apprentices B.E./B.Tech., 10th, ITI, 23-12-2016 RITES Limited (04) Gurgaon Asstt. Managers (Transport Planning/ Engg.) ME/M.Tech, 22-12-2016 Company Location Position Eligibility Last Date Telecom Regulatory Authority of India, TRAI (-) New Delhi Principal Advisor and Advisor (Legal) L.L.M, BL/LLB, 20-01-2017 Konkan Railway Corporation Limited, KRCL (17) Madgaon Project Engineers and Sr. Technical Assistants B.E./B.Tech., 07-12-2016 (Walk-in-interview) Haryana State Legal Services Authority, HSLSA (03) Panchkula Chairman - 12-12-2016 Central University Of Kashmir (-) Srinagar Assistant Professor Post Graduate, 03-12-2016 (Walk-in Interview) Punjab Agricultural University, PAU (-) Ludhiana Junior Research Fellow M.Sc, Post Graduate, Master of Arts (M.A), MBA, 01-12-2016 and 02-12-2016 (Interview) The National Small Industries Corporation Limited, NSIC (38) New Delhi Chief Managers and Deputy Managers MBA, B.E./B.Tech., Chartered Accountant (CA), PG Diploma, 12-12-2016 IDBI Bank (1000) Across India Assistant Manager Graduate, 09-12-2016 Insurance Regulatory and Development Authority of India, IRDAI (-) Hyderabad Consultant Graduate, 16-12-2016 Rajasthan Electronics and Instruments Limited (02) Jaipur Stenographer-cum-Personal Asstt. and Jr. Stenographer-cum-Jr. Personal Asstt. Graduate, 02-12-2016 North Eastern Hill University, NEHU (01) Shillong Junior Research Fellow M.Sc, B.E./B.Tech., 28-11-2016 (Walk-in-interview)

Employment News dated 25-Nov-2016

Company Location Position Eligibility Last Date Railway Recruitment Cell, Northern Railway (14) New Delhi Group C and D posts against Scouts and Guides quota 12th, 10th, ITI, 27-12-2016 Bank of Baroda (753) Across India Sweeper Cum Peons and Peons 10th, 13-12-2016 Bharat Electronics Limited, BEL(01) Bangalore Jr. Translator (Official Language) Post Graduate, 30-11-2016 Corporation Bank (-) Coimbatore Financial Inclusion Supervisors - 30-11-2016 GAIL (India) Limited (01) Sirohi General Physician (Allopathic) MBBS, within 15 days Central Railway (21) Across India Open Advertisement against Sports Quota Graduate, 12th, 10th, 06-12-2016 Power Finance Corporation Limited, PFC (11) New Delhi Dy. Manager, Asstt. Manager, Officers, Jr. Officers and Translators B.E./B.Tech., MBA, Post Graduate, PG Diploma, Chartered Accountant (CA), B.Com, 23-12-2016 NTPC Limited (-) New Delhi Head of Safety/ Advisor B.E./B.Tech., 06-12-2016 Hindustan Petroleum Corporation Limited, HPCL (-) Mumbai Project Assistants M.Sc, B.E./B.Tech., 06-12-2016

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000

                                                        Press Information Bureau 

Government of India

Prime Minister's Office

22-November-2016 13:33 IST 

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000

The Prime Minister, Shri Narendra Modi, has invited views from the people, on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000. 

People can submit their views through a survey consisting of 10 questions, which is available through the Narendra Modi App. Sharing the link to this survey, the Prime Minister tweeted today that he wants a first-hand view from the people, regarding this decision. 

The ten questions in the Survey are as follows: 

1. Do you think that black money exists in India? a. Yes b. No 

2. Do you think the evil of corruption and black money needs to be fought and eliminated? a. Yes b. No 

3. Overall, what do you think about the Government's moves to tackle black money? 

4. What do you think of the Modi Government's efforts against corruption so far? Scale of 1 to 5 - outstanding, very good, good, ok, useless 

5. What do you think of the Modi Government's move of banning old Rs 500 & Rs 1000 notes? a. Great move in the right direction b. Good move c. Will make no difference 

6. Do you think demonetisation will help in curbing black money, corruption & terrorism? a. It will have an immediate impact b. There will be impact in medium to long term c. Minimal impact d. Don't know 

7. Demonetisation will bring real estate, higher education, healthcare in the common man's reach a. Completely Agree b. Partially Agree c. Can’t say 

8. Did you mind the inconvenience faced in our fight to curb corruption, black money, terrorism and counterfeiting of currency? a. Not at all b. Somewhat, but it was worth it c. Yes 

9. Do you believe some anti-corruption activists are now actually fighting in support of black money, corruption & terrorism? a. Yes b. No 

10. Do you have any suggestions, ideas or insights you would like to share with PM Narendra Modi? 

This survey is in sync with the Prime Minister's vision of participative governance and directly seeking the views of the people of India on key policy and execution matters. 

The Prime Minister has sought answers on very pointed and direct aspects of the decision of 500 and 1000 rupee notes ceasing to be legal tender. He has also sought feedback from the people on how to make the implementation stronger. 

The Prime Minister's core beliefs of direct engagement with people are yet again on full display in the survey.

Small savings scheme may not be allowed to deposit old currency note of Rs.500/- and Rs 1000/-

Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme - Finmin Order 22.11.2016 

Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme - Finmin Order 22.11.2016

F.No.1/042016-NS

Ministry of Finance

Department of Economic Affairs

(Budget Divisional)

North Block, New Delhi

Dated 22nd November 2016

To

1. The Chief General Manager

Reserve Bank of India

Department of Government & Bank Accounts

Central Office, Byculla Office Accounts

4th floor, Opposite Mumbai Central Railway Station

Byculla, Mumbai - 400008

2. The Deputy Director General (FS)

Department of Posts

Dak Bhawan, Sansad Marg, New Delhi

3. The Joint Director & HOD

National Savings Institute

ICCW Building

4. Deen Dayal Upadhyay Marg

New Delhi-110003

Subject: Deposit of old demonetized notes of 500 and 1000 in Small Savings Scheme

Sir,

I am directed to state that Ministry of Finance has received references from Banks whether currency notes of Rs.500 and Rs.1000, discontinued w.e.f.9.11.2016, can be deposited in accounts opened under small savings schemes. The matter was examined in this Ministry and it has been decided that subscribers of Small Savings Scheme may not be allowed to deposit old currency note of Rs.500 and Rs.1000, in Small Savings Schemes.

2. This may be compiled strictly.

3. This has the approval of Secretary (Economic Affaris).

Yours faithfully,

sd/-

(Padam Singh)

Regional Director(Sr.)

Source : http://www.finmin.nic.in/SSS_22112016.pdf

Revision in Cash Withdrawal Limit - Current Account holder can withdraw upto ₹ 50000 in Cash

Revision in Cash Withdrawal Limit - Current Account holder can withdraw upto ₹ 50000 in Cash Withdrawal of Legal Tender Character of Specified Bank Notes – Cash Withdrawal Limit

RBI/2016-17/142 DCM (Plg) No.1317/10.27.00/2016-17 November 21, 2016 The Chairman / Managing Director/Chief Executive Officer Public Sector Banks / Private Sector Banks/ Foreign Banks Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of Legal Tender Character of Specified Bank Notes – Cash Withdrawal Limit Please refer to Para (i) – Additional Facilities of our Circular No. DCM (Plg) No.1274/10.27.00/2016-17 dated November 14, 2016 in terms of which current account holders (applicable to Current Accounts which are operational for last three months or more) were allowed to withdraw up to ₹ 50000 in cash, in a week. On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may now withdraw upto ₹ 50000 in cash, in a week. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. 2. Such withdrawals may be disbursed predominantly in ₹ 2000 denomination bank notes. Yours faithfully, (Suman Ray) General Manager

7th Pay Commission: Weekly work report to decide annual increment

7th Pay Commission: Weekly work report to decide annual increment

7th Pay Commission: Weekly work report to decide annual increment of Central government employees

New Delhi: The Department of Personnel and Training is going to soon bring out guidelines which will help in tracking performance of Central government employees in more transparent manner.

As per reports, Central government employees will need to give a weekly work report every Friday showing the task accomplished as well as the pending work.

The Seventh Pay Commission has recommended that Central government employees should be offered annual increments only if they meet certain performance criterion. The Pay Commission has also sought upgradation of performance benchmark to “very good” from “good” level and recommended introduction of the Performance Related Pay (PRP) for all categories of central government employees.

On the basis of the weekly report, the performance of central government employees will be assessed whether they meet the performance criteria or not, and graded for annual appraisal. The employees who will fail to meet the performance criteria on the basis or the weekly work report, are likely to be denied annual increment.

The 7th Pay Commission  believes grant of Modified Assured Career Progression (MACP), although subject to the employee attaining the laid down threshold of performance, is taken for granted.”

It had siad in the report that "employees who do not meet the laid down performance criterion should not be allowed to earn future annual increments. The Commission is therefore proposing withholding of annual increments in the case of those employees who are not able to meet the benchmark either for MACP or a regular promotion within the first 20 years of their service. This will act as a deterrent for complacent and inefficient employees. However, since this is not a penalty, the norms for penal action in disciplinary cases involving withholding increments will not be applicable in such cases. This will be treated as an efficiency bar,” 

Read at: Zee News

Employment News dated 22-Nov-2016

Company Location Position Eligibility Last Date Chennai Metro Rail Limited, CMRL (04) Chennai Safety Engineers and Engineers B.E./B.Tech., 29-11-2016 Broadcast Engineering Consultants India Limited, BECIL(-) Noida Consultant and Data Entry Operator Post Graduate, Graduate, 30-11-2016 Kamarajar Port Limited (02) Chennai CSR Cell Engineer and Executive B.E./B.Tech., Graduate, 30-11-2016 Hindustan Paper Corporation Limited, HPC (01) Guwahati Security Officers Graduate, 28-11-2016 (Walk-in-interview) Bank of India (03) Nagpur Channel Management Partner (CMP) - 05-12-2016 Hindustan Petroleum Corporation Limited, HPCL (-) Mumbai Research Associates B.E./B.Tech., Ph.D, 06-12-2016 Telecommunications Consultants India Limited, TCIL (-) New Delhi Consultant Graduate, 30-11-2016 Mumbai Metro Rail Corporation Limited, MMRCL (04) Mumbai GM (HR/Accounts/IA) and DGM (HR) Post Graduate, PG Diploma, Chartered Accountant (CA), 20-12-2016 Bank of India (01) Nagpur Counselors for FLCCs in Nagpur Zone Graduate, Post Graduate, 05-12-2016 Rajiv Gandhi Centre for Biotechnology (-) Across India Research Assistant - Animal Research Facility (ARF) Graduate, 05-12-2016 Telecommunication Consultants India Limited, TCIL (-) Jabalpur Supervisior, Helper, Auditor, Cashier, Electrician and Sweeper 12th, 10th, Graduate, B.Com, ITI, 5th_to_9th_jobs 25-11-2016 Indian Oil Corporation Limited, IOCL (07) Faridabad Jr. Engg Asstt. and Dy. Manager Research/ SRO Diploma, ME/M.Tech, 16-12-2016