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.

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(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]

Purchase of Lap-Top Computer by Ministries/ Departments – Finance Ministry Orders

Finance Ministry issued revised guidelines regarding purchase of Note Book/Lap-Top, notepad, ultra pad, netbook or devices for higher officials…

F. No. 8(25)/2012-EII (A)
Government of India
Ministry of Finance
Department of Expenditure

New Delhi, the 19th September, 2014

OFFICE MEMORANDUM

Subiect: Purchase of Note Book, Lap-Top, etc., by Ministries/ Departments – revision of guidelines reg.

In supersession to this Ministry’s Office Memorandum bearing nos. 1(15)/E.II(A)/2009 dated 26th May 2009 and 14th May 2012 regarding purchase of Note Book/Lap-Top computers by Ministries/Departments and delegation of powers thereof. it has been decided that lap-top; tablet; notepad; ultra-book; notebook, net-book or devices of similar categories may be issued to officers of the rank of Deputy Secretary/equivalent and above for discharge of official work. These powers shall continue to be exercised by the Secretary of the Ministry/Department concerned in consultation with the Financial Adviser. It would be the prerogative of the Administrative Secretary to decide on the nature of gadget to be issued to the eligible officers.

2. This would, however. be subject to the following conditions:

i. Cost of the device, including standard software should not exceed Rs. 70,000/-

ii. Purchase procedures prescribed under GFRs/CVC guidelines may be followed.

iii. The officer who is given the device, shall be personally responsible for its safety and security, which shall continue to remain Government property. In case of its loss, cost will be recovered from the officer based on the book value of the device. The officer concerned will be at liberty to get the device insured at his personal cost.

iv. Only one device may be issued to an entitled officer. The officer will have the option to retain the device after four years by paying 10% of the original cost.

v. For the purpose of calculation of the book value, a depreciation of 25% per year, on reducing balance. be adopted.

vi. No new device may be sanctioned to an officer, who has already been allotted a device, in a Ministry/Department, up to four years or till the fitness of such device is certified by NIC of that Ministry/Department, whichever is later. Upon the transfer of the officer to another Ministry/Department of the Government of India, he may exercise the option of carrying this device to his new posting with the approval of the Administrative Secretary. No new device may be issued to a new incumbent if the device is returned by his predecessor upon his transfer from that Ministry/Department. except when such device has completed the stipulated period of four years or its useful lifespan, whichever is later.

vii. Disposal of the gadgets may be as per extant norms prescribed for e-waste disposal.

3. This issues with the approval of Secretary Expenditure

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(Anil Sharma)
Under Secretary to the Government of India

Source: www.finmin.nic.in

[http://finmin.nic.in/the_ministry/dept_expenditure/notification/misc/laptopnotebookpurchase19092014.pdf]

Setting up of a Committee to examine un-claimed amount remained in PPF, Post Office Savings Schemes etc.

A large amount of money is estimated to be lying as unclaimed amounts with PPF, Post Office, Savings Schemes etc. these are mostly out of investments belonging to the senior citizens and on their demise…

No.13/20/2014-NS.II
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

236, North Block, New Delhi-110001
Dated the 03rd September, 2014.

NOTIFICATION

Subject: Setting up of a Committee to examine un-claimed amount remained in PPF, Post Office Savings Schemes etc.

The Finance Minister, vide para 39 of his Budget Speech 2014-15, had announced that a large amount of money is estimated to be lying as unclaimed amounts with PPF, Post Office, Savings Schemes etc. these are mostly out of investments belonging to the senior citizens and on their demise, remain unclaimed for want of relevant payment instructions and has proposed to set up a Committee to examine and recommend how this amount can be used to protect and further financial interest of the senior citizens.

Accordingly, with the approval of Finance Minister, a Committee has been set up with the following composition;

1) Deputy Governor, RBI – Chairman

2) Secretary, Department of Posts – Member

3) Joint Secretary (Law), M/o Law and Justice – Member

4) Dy. Managing Director of S.B.I – Member

5) Executive Director, Punjab National Bank – Member

6) Joint Secretary (Budget), DEA – Member.
7) Joint Director, – Member-Secretary National Savings Institute

2. The Terms of Reference (TOR) of the committee would be:

Based on defined scope, by Reserve Bank of India, estimation of amount lying unclaimed under various scheme’s (Small Savings and other Savings Schemes of banks) with Post Office / Public Sector Banks;

Procedure for bringing such unclaimed deposits to a common pool to be suggested by the Committee. Changes, if any, required to be made in the legal framework may be suggested. Committee to also suggest if such a pool should be placed within Government account or outside it.

Committee to recommend how ths unclaimed amount can be used to protect and further financial interests of the senior citizens.

3. The Committee will submit its Report by 31st December, 2014.

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(RAJENDER KUMAR THAKUR)
Under Secretary to the Government of India

Source: www.finmin.nic.in

CLICK HERE TO VIEW THE PRESS RELEASE OF AICPIN FOR THE MONTH JULY 2014

New Picture (3)

What difference between FDI and FII

What difference between FDI and FII

While presenting the Union Budget for 2013-14, the Finance Minister announced as follows:
“In order to remove the ambiguity that prevails on what is Foreign Direct Investment (FDI) and what is Foreign Institutional Investment (FII), I propose to follow the international practice and lay down a broad principle that, where an investor has a stake of 10 percent or less in a company, it will be treated as FII and, where an investor has a stake of more than 10 percent, it will be treated as FDI. A committee will be constituted to examine the application of the principle and to work out the details expeditiously.”

Public Notice – Fake Emails attaching forged certificates issued by Ministry of Finance

Ministry of Finance
Department of Economic Affairs
Administration Division

North Block, New Delhi
Dated 18th July,2011

ADVISE

It has come to the notice of Department of Economic Affairs that some Organisations / People are sending e-mails attaching forged certificates issued by Ministry of Finance by using the names of the officers of this Department, to enable people claim awards / lotteries.

Be it known to all that the Department of Economic Affairs does not issue any certificate to enable people to claim any lottery or award; and therefore any e-mail or any other form of messages, in this regard, should be ignored.

 

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(Ashok Kumar)
Under Secretary to Govt. of India

 

Source: www.finmin.nic.in

[http://finmin.nic.in/forged_email.pdf]