Friday, 11 December 2015
Thursday, 10 December 2015
All Departmental Exams will be conducted Online forthwith - Directorate clarification
All Departmental Exams will be conducted Online forthwith - Directorate clarification
It was clarified by Postal Directorate that hence forth, the Departmental Examinations will be conducted online and new calendar of Examinations will be issued after the engagement of new agency for conducting the exams online.Copy of the said Postal Directorate letter no A-34012/01/2015-DE dated 04.12.2015 is reproduced below.
CHANGES MADE BY INFOSYS IN DOP MCCAMISH W.E.F 08.12.2015
Infosys has furnished details of functionalities/ fixes deployed in production yesterday (08.12.2015) EOD through email is enclosed below.
It is requested that newly created approver queues should be assigned to the officers concerned only.
Below mentioned Major changes (new functionalities/changes in existing Functionalities) has been moved to production in 08th Dec Deployment.
- Change in Sum assured limits for PLI and RPLI
- Revised Approver Limits for financial transactions due to change in Sum assured limits of PLI & RPLI
- Customer Portal Day End Collection Report ( New Format )
- Changes in Meghdoot Upload/ Bulk Upload for Service Tax Changes
- Proposal Transfer Functionality
- Excess Refund Functionality
- Revised Loan Quote ( Loan Ledger )
- Extension of Withdrawal request for Revival and Surrender till Collection Stage, Disbursement Stage respectively
Expected Activities at User’s end :-
- Access for New Approver queues – Approver 3, Approver 4, Approver 5
- Usage of Meghdoot Upload/Bulk Upload for Service Tax changes
Wednesday, 9 December 2015
NJCA MEETING DECISION INDEFINTE STRIKE FROM 1ST WEEK OF MARCH 2016
NJCA MEETING DECISION
INDEFINTE STRIKE FROM 1ST WEEK OF MARCH 2016
Meeting of the National Joint Council of Action (Railways, Defence and Confederation) was held on 08.12.2015 at JCM National Council Staff Side office, New Delhi. Detailed deliberations on 7th CPC related issues (including Gramin Dak Sewaks and Casual, Contract and daily-rated workers) was held and a Common charter of demands was finalized. It is further decided that the NJCA shall go on indefinite strike from the 1st week of March 2016, if the Government fails to reach a negotiated settlement with the staff side before 1st week of February 2016. A letter intimating this decision will be given to the Government shortly along with the common charter of demands. Letter to Government and charter of demands will be published in the website within two days.
(M. Krishnan)
Secretary General
ConfederationFriday, 4 December 2015
GOVERNMENT WILL CUT RATES ON SMALL SAVINGS CAUTIOUSLY: FM ARUN JAITLEY
Government will cut interest rate on small savings "cautiously" so as to protect vulnerable sections like retired employees, Finance Minister Arun Jaitley said today while expressing confidence that 7th Pay Commission report will not upset the fiscal deficit targets.
He said the government is using more than three-fold increase in cess on petrol and diesel to fund infrastructure projects like highways, but it will be a challenge to fund higher social sector spending due to increased outgo on salary and pension.
Speaking at the Hindustan Times Leadership Summit, he cited the example of the girl child scheme launched last year to saying that "if after one year you immediately slash it (interest rate) down radically, (it) may not be very politically prudent and therefore you have to move in that direction but you have to move a little cautiously".
As a lot of people depend on small savings schemes, the Finance Minister said, "we as an elected government have to look at it in addition to the economic principles with a sense of political pragmatism".
Bankers have passed on as little as 20 per cent of the biggest rate cut effected by RBI since 2009 as they fear becoming uncompetitive to small savings like PPF and Post Office deposits.
Most small saving instruments pay an interest rate of 8.75 per cent, compared to 7.5 per cent on deposits at SBI.
Bank deposit rate has to be lowered if the lending rate is brought down to allow transmission of 1.25 per cent interest rate cut by RBI.
aitley said the impact of the 7th Pay Commission recommendations for higher salary and pension for central government employees, which will result in an additional annual burden of Rs 1.02 lakh crore on exchequer, would last for two to three years.
The recommendations are to be implemented from January 1.
"I am not particularly worried about the fiscal deficit target," he said.
The government, he said, was confident of keeping spending within the the targeted fiscal deficit of 3.9 per cent for the current fiscal year ending March 31, 2016. Besides meeting the target, the quality of fiscal deficit too will be improved, he added.
Source:-The Economic Times
7TH PAY COMMISSION: FRESH HOPE FOR REALTY DEMAND
After witnessing sliding profits over the past three years, the residential real estate market is in desperate need of a stimulus to revive the sector.
While the government’s decision to relax the foreign direct investment norms in real estate last month is expected to play a critical role in addressing the concerns on the supply side, the recommendations of the Seventh Central Pay Commission is being termed a potential game changer on the demand side. The pay panel proposes a hefty salary and pension hike for Central government employees and pensioners.
According to experts, with the real estate market burdened with a large volume unsold inventory, just removing the supply-side bottlenecks won’t help as the lack of demand will keep the markets under pressure. However, the demand might witness a surge as a higher disposable income in the hands of a substantial chunk of the population might just motivate investment in residential property.
A report prepared by Neelkanth Mishra, Prateek Singh and Ravi Shankar of Credit Suisse says that the Pay Commission recommendations will have a significant impact on the real estate cycle in small towns as more than 80 per cent of Central government employees reside in tier II, III cities.
The Pay Commission boost
The report analysing the impact of the recommendations point out that as state governments and Central PSUs follow through the CPC (recommended hike of 23.6 per cent) proposals, almost 3.4 crore individuals (employees and pensioners) will witness increase in their incomes. The housing and transportation sectors will be the biggest beneficiaries of the rise in income and spending capacity of government employees.
“Altogether around 80 per cent of the beneficiaries would see an increase of less than Rs10,000 per month and account for 50 per cent of the payout. The rest would get around Rs 24,000 more every month on an average,” said the report.
According to Credit Suisse, out of the total state and central employees, the 6O lakh, who will see around Rs 24,000 salary increase per month, are likely to be instrumental in lifting the housing sector demand.
The National Sample Survey Organisation (NSSO) classifies the country’s population into 12 classes (fractiles) demarcated by monthly per capita income.
The report states that while spending on food and transportation goes up the most when disposable incomes rise for those between the 10th and 11th fractiles, it also pointed to the fact that as households move from the 11th to the 12th fractile (8.3 per cent of households), the spend on rent rises 3.1 times and there is a similar impact on home ownership too.
“Most of this impact is likely in the smaller cities (only 20 per cent of central government employment is in the tier I cities). The Pay Commission recommendation, in our view, is an important milestone in the real-estate cycle in the smaller towns, recent weakness was likely the effect of the last pay commission fading,” said the Credit Suisse report.
While the Centre may take six months in implementing the recommendations, a 3-5 per cent higher increase than recommended would take the hike in the comprehensive wage bill to Rs 4.5-4.8 lakh crore which is expected to be spread over a period of two years starting from June 2016 as states and Central PSUs take their decisions. “We estimate 75 per cent of the increase should occur in FY17, and the rest in FY18,” said the report.
While the report says that impact on housing and real estate will be substantial and lift demand, there are some who feel that the benefits may not be huge.
“I think the Pay Commission recommendations will also be inflationary so the actual benefit that may come to employees may only be around 10 per cent as against a hike of 23.5 per cent. And if the developers decide to increase the price then it would be a dampener,” said Samantak Das, chief economist & national director, Knight Frank India.
The supply side effect
While the government had, in 2005, eased the foreign direct investment norms for real estate sector and allowed 100 per cent FDI in townships, housing and built-up infrastructure and construction developments, it had imposed certain conditions.
However, with ambitious targets like ‘Housing for All’ and Smart Cities in the pipeline, what the government needs is a thriving real estate market and thus, in November, the Centre decided to do away with some of the restrictive conditions.
While the earlier policy required a minimum of 20,000 square meters of development and a minimum capital of $5 million, the government has now removed those conditions and it is expected that these will result into higher investment flow into city-centric developments where the condition of 20,000 square metres was a dampener.
Along with this, the need to bring in investment within six months of commencement of the project has also been removed.
Das, however, said that FDI will not flow in till the time demand for residential housing picks up as investors will only come if the market is good.
“While the office market has picked up, residential market is expected to take at least 12 more months to pick up. The market is still full of unsold inventory and till the time it gets absorbed, the sector will remain weak,” said Das.
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