PUBLIC NOTICE FROM FINANCE MINISTRY – SUGGESTIONS / IDEAS ARE INVITED ON UNCLAIMED AMOUNT REMAINED IN PPF, POST OFFICE & BANKS DEPOSITS

Finance Ministry today published an important public notice on its portal that suggestions and ideas are invited on the proper utilization of the deposits remained unclaimed in various small Savings Schemes with Post Offices and Banks for welfare and protecting financial interest of Senior Citizens. Interested persons/organizations may submit their suggestions/ideas to the Joint Director National Savings Institute…

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
NATIONAL SAVINGS INSTITUTE

F.No 6504/94 (6)/2014/Comm

October 8, 2014

PUBLIC NOTICE

A committee has been constituted by Ministry of Finance, Govt. of India to examine the unclaimed amount remained In various small savings schemes viz. Public Provident Fund, Senior Citizen Saving Schemes etc. and also to recommend how this unclaimed amount can be used to protect and Further financial interest of the senior citizens, vide notification No. 13/20/2014-NS.II dated 03.09.2014. A copy of the notification is available on our website finmin.nic.in and http://www.nsiindia.gov.in.

Suggestions / ideas are invited on the proper utilization of the deposits remained unclaimed in various small Savings Schemes with Post Offices and Banks for welfare and protecting financial interest of Senior Citizens.

Interested persons/organizations may submit their suggestions/ideas to the Joint Director National Savings Institute, Govt. of India, Ministry of Finance, ‘A’ Block. 4th Floor, CGO Complex, Seminary Hills, Nagpur — 440006 or email : nsi@nsiindia.gov.in latest by 15t November 2014.

sd/-

(A.K.Chauhan)

Joint Director, NSI & Member – Secretar

Source: www.finmin.nic.in
[http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/Suggestion_unclaimedfund_PublicNotice08102014.pdf]

Upgradation of cities on the basis of latest figure of 2011 exhibited in the website for the purpose of grant of HRA/Transport Allowance – regarding.

Upgradation of cities on the basis of latest figure of 2011 exhibited in the website for the purpose of grant of HRA/Transport Allowance – regarding.

No.9(10)/2012-E-II(B)
Government of India
Ministry of Finance
Department of Expenditure

New Delhi : October, 2013

To
The Secretary General,
(Shri.M.Krishnan)
Confederation of Central Govt. Employees & Workers,
New Delhi- 110001

Subject: Upgradation of cities on the basis of latest figure of 2011 exhibited in the website for the purpose of grant of HRA/Transport Allowance – regarding.

Sir,
I am directed to refer to your letter Ref: No.Confen./GENL/2013 dated 26.09.2013, received through Deptt. of Pers. and Trg., on the above mentioned subject and to say that the final report of the Census-2011 has not yet been released by the Office of Registrar General & Census Commissioner of India.

As such, action for revision of classification of cities/towns can only be initiated on receipt of the final population figures of the Census-2011.

Yours faithfully,
sd/-
(Inder Jeet Tanwar)
Section Officer

Source: www.confederationhq.blogspot.in

Finmin issued orders on guidelines on Air Travel on Official Tours/Leave Travel Concession (LTC)

Finance Ministry issued orders on guidelines on Air Travel on Official Tours/Leave Travel Concession (LTC)

No. 19024/1/2012-E.IV
Government of India
Ministry of Finance
Department of Expenditure

North Block. New Delhi
Dated the 9th July, 2013

Office Memorandum

Subject: Guidelines on Air Travel on Official Tours/Leave Travel Concession (LTC) – reg.

Reference is invited to instructions issued by the Department of Expenditure, Ministry of Finance from time-to-time regarding the procedure for booking of air tickets on Government account. As per existing procedure Government officials/offices can book the air tickets directly from Airlines (at Booking counters / Website of Airlines) and if needed, by utilizing the services of authorized agents. viz. M/s Balmer Lawrie & Company Limited (BLCL) and M/s Ashok Travels & Tours (ATT) [Department of Expenditure OM No.19024/1/2009-E.IV dated 16/09/2010 refers]. Air tickets for travel on LTC, to a limited extent, can also be get booked through Indian Railway Catering & Tourism Corporation(IRCTC) [Department of Personnel & Training 0M No. 31011/6/2002-Estt.(A) dated 02.12.2009 refers].

2. It has now been decided to include IRCTC as an authorized for the purpose of booking air tickets on Government account. Accordingly, if the services of a travel agent for booking air tickets on Government account is to be availed of, in addition to BLCL and ATT, the services of IRCTC can also be availed of.

3. All Ministries/Departments of the Government of India. etc. may accordingly bring these instructions to the notice of all concerned for strict compliance.

sd/-
(Subhash Chand)
Deputy Secretary of Government of India

Source: www.finmin.nic.in
[http://finmin.nic.in/the_ministry/dept_expenditure/notification/air_travel/Guideline_airtravel_09072013.pdf]

Approval of loan agreements / long term infrastructure bonds and rate of interest for the purpose of Section 194LC of the Income-tax Act, 1961- regarding.

CIRCULAR No.07/2012

F.No.142/17/2012-SO(TPL)
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)

Dated: September 21, 2012

Subject: Approval of loan agreements / long term infrastructure bonds and rate of interest for the purpose of Section 194LC of the Income-tax Act, 1961- regarding.

The Finance Act, 2012 has introduced section 194LC in the Income Tax Act. This section provides for lower withholding tax at the rate of 5% on interest payments by Indian companies on borrowings made in foreign currency by such companies from a source outside India. There are principally two modes of borrowing (referred to as ‘monies borrowed” in the said section) which are covered, subject to approval of the Central Government:

a. Monies borrowed under a loan agreement

b. Long term Infrastructure Bonds

2. It is further provided that the rate of interest on such borrowings, for the purpose of eligibility under the section 194LC, shall be as approved by the Central Government.

3. The lower rate of withholding tax is for monies borrowed or bonds issued during the period from 1.7.2012 to 30.6.2015.

4. Therefore, the approval of the Central Government is required in respect of both the loan agreement or bond issue and the rate of interest to be paid on such borrowings.

5. Considering the fact that there would be a large number of cases of overseas borrowings or bond issues to be undertaken by Indian companies, providing a mechanism involving approval in each and every specific case would entail avoidable compliance burden on the borrower/issuer of bond. In order to mitigate the compliance burden and hardship, the Central Board of Direct Taxes [with the approval of Central Government] hereby conveys the approval of Central Government for the purposes of section 194LC in respect of the loan agreements and issue of long term infrastructure term bond by Indian companies which satisfy the conditions mentioned in paras A, B and C below:

In respect of agreements for loan

a. The borrowing of money should be under a loan agreement.

b. The monies borrowed under the loan agreement by the Indian company should comply with clause (d) of sub section (3) of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No.FEMA3/2000-RB viz. Foreign Exchange Management (Borrowing or Lending in Foreign exchange) Regulations 2000, dated May 3, 2000, as amended from time to time, (hereafter referred to as “ECB regulations”), either under the automatic route or under the approval route.

c. The borrowing company should have obtained a Loan Registration Number (LRN) issued by the Reserve Bank of India (RBI) in respect of the Agreement.

d. No part of the borrowing has taken place under the said agreement before 1st July, 2012.

e. The agreement should not be restructuring of an existing agreement for borrowing in foreign currency solely for taking benefit of reduced withholding tax rates.

f. The end use of the funds and other conditions as laid out by the RBI under ECB regulations should be followed during the entire term of the loan agreement under which the borrowing has been made.B. In respect of issue of Bonds

a. The bond issue by the Indian company should be authorized under ECB regulations either under the automatic route or under the approval route.

b. The bond issue should have a loan Registration Number issued by the RBI.

c. The term “long term” means that the bond to be issued should have original maturity term of three years or more.

d. The bond issue proceeds should be utilized in the “infrastructure sector” only.

e. The term “infrastructure sector” shall have same meaning as is assigned to it by RBI under the ECB regulations.

C. Rate of Interest Further, the Central Government has also approved the interest rate for the purpose of section 194LC as any rate of interest which is within the All-in-cost ceilings specified by the RBI under ECB regulations as is applicable to the borrowing by loan agreement or through a bond issue, as the case may be, having regard to the tenure thereof.

6. In view of the above, any loan agreement or bond issue, which satisfies the above conditions, would be treated as approved by the Central Government for the purposes of section 194LC.

7. In the case of other long-term Infrastructure Bonds where the Indian company receives subscription of such Bonds in foreign currency and such bond issue is not covered under ECB regulations, the approval, for purpose of section 194LC shall be on case to case basis.

8. The Indian company, for the purpose of obtaining the necessary approval u/s 194LC in respect of such long-term bond issue, may, therefore, apply in writing to Member (IT), Central Board of Direct Taxes with the relevant details of the purpose, period and rate of interest.

(Ashish Kumar)

Director (Tax Policy & Legislation)

Source: www.finmin.nic.in

Payment to Government servants other than salary etc. through e- Payment from 1st April 2012

F. No.1(1)/2011/TA/292
Ministry of Finance
Department of Expenditure
Controller General of Accounts

Dated 31th March 2012

Office Memorandum

Sub:- Payment to Government servants other than salary etc. through e- Payment from 1st April 2012

The Central Government Account (Receipts and Payments) Rules,1983 have been amended, inter alia, to provide for issue of Payment advices to the bank for direct credit by electronic transfer to the specified bank account of the payee. As per the amendments, the Government servants are, permitted to receive their salary by direct credit to their bank accounts through payment advices, at their option Further,
the amendment also provides that all payments to government servants other than salaries exceeding the limits as specified from time to time, shall be through payment advices.

2. In accordance to the above, with effect from 1st April 2012, all Ministries/Departments of the Government of India are directed to make all payments to government servants, other than salary, above Rs. 25,000. by issue of payment advices, including electronically signed payment advices.

3. Further in accordance to the amended rules, with effect from 1st April 2012, all Ministries/Departments of the Government of India are directed to make all payments towards settlement of retirement /terminal benefits such as gratuity, commuted value of pension, encashment of leave salary,CGEGIS, withdrawals from General Provident Fund, etc. by issue of payment advices, including electronically signed payment advices.

4. All Ministries! Departments and Heads of Accounting Organisations are requested to ensure the compliance of above instructions by Pay & Accounts Offices/ Accounts offices and other payment units under their control.

5. Separate orders have been issued in respect of payments to private parties such as Suppliers, contractors, grantee, loanee institutions etc,.

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(Soma Roy Burman)
Joint Controller General of Accounts

Source :www.cga.nic.in
[http://www.cga.nic.in/pdf/pmnttogovtservant.pdf]