30/11/2016

Withdrawal of cash from bank deposit accounts - Relaxation

RBI/2016-17/163

DCM.No.1437/10.27.00/2016-17

November 28, 2016

The Chairman / Managing Director/ Chief Executive Officer,

Public Sector Banks/ Private Sector Banks / Foreign Banks / 

Regional Rural Banks / Urban Cooperative Banks/

State Cooperative Banks/ District Central Cooperative Banks

Dear Sir,

Withdrawal of cash from bank deposit accounts - Relaxation

It has been reported that certain depositors are hesitating to deposit their money into bank accounts in view of the current limits on cash withdrawals from accounts.

2. As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denomination bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals.

Yours faithfully,

(P Vijaya Kumar)

Chief General Manager 

30/11/2016

PM Narendra Modi's cabinet charts out a roadmap for cashless payments

Monday’s meeting was preceded by a meeting last week, which was attended by power minister Goyal and IT minister Prasad to evolve a strategy to fast-track cashless transactions.

NEW DELHI: Top ministers of Prime Minister Narendra Modi’s Cabinet convened in the capital on Monday to chart out a roadmap for cashless payments, which is one of the government’s key agendas after the demonetisation exercise.

A plan has been chalked out in the meeting to promote tools such as Unified Payment Interface (UPI) and banking and digital wallet apps, as well as making government-owned touch points such as schools and post offices tech savvy for the disbursal of digital payments.

Also figured on top of the list was collaborating with state governments and authorities in the drive to convert the economy into a cashless one. The meeting was chaired by the minister for law, electronics and IT, Ravi Shankar Prasad. Power minister Piyush Goyal, petroleum minister Dharmendra Pradhan, health minister JP Nadda, HRD minister Prakash Javadekar, Panchayati Raj minister Narendra Singh Tomar and agriculture minister Radha Mohan Singh were the other participants.The chief executive of the NITI Aayog, Amitabh Kant, and about half a dozen secretaries were also present. In his monthly Mann Ki Baat address on Sunday, Modi said his government’s dream is to be make India a cashless society.

“This is correct that 100 per cent cashless society is never possible. But we can make a start with a less-cash society, then cashless society will not be a far-off destination,” he said, appealing to the youth to help in nation-building by teaching 10 families daily on how to conduct cashless transactions through mobile apps, mobile banking and debit or credit cards.

According to a government official, the agenda behind the meeting was to discuss the methodology for quicker adoption of applications available for cashless transactions. These include the UPI — the newly-launched bank account to bank account money transfer system that moves money instantaneously — SBI apps such as SBI Buddy, which is the lender’s mobile wallet application, along with private technology platforms such as wallets by Paytm or Mobikwik.



“It has also been decided that the Centre will request state governments and the authorities to support the initiatives towards converting the economy into a cashless one. In this content, the Centre will be shortly approaching states for support,” said the official, who was aware of the discussions. The meeting, held in the Parliament building, discussed how central ministries and departments can “best leverage” available interfaces for the popularisation of technology tools to aid digital payments.

“It has been decided that several interfaces should be made tech savvy. These include the common service centres (CSCs), schools, petroleum outlets, rural development ministry’s outlets and cooperative society outlets along with post offices which can play a role in not just disbursal of digital payments but also in training,” the official said.

There are around 2 lakh CSCs or Digital Seva Kendres and the ministry of IT plans to increase the number to 2.5 lakh. Monday’s meeting was preceded by a meeting last week, which was attended by power minister Goyal and IT minister Prasad to evolve a strategy to fast-track cashless transactions.

As part of Monday’s discussions, government’s policy think tank NITI Aayog has created a core team which will educate officials of central ministries on technology available for cashless transactions. The first set of presentations took place on Monday where officials of the ministries of law and justice, health and agriculture were trained.

“Pay Digitally! NITI Aayog drives the movement towards #digitalpayments in India!,” said NITI Aayog in a series of tweets. It also said a NITI Aayogled committee made a detailed presentation on easy digital payments to the chief secretaries of states on Monday.

It was attended by the CEOs of the Unique Identification Authority and NITI Aayog, and secretaries of finance and IT.

This will now be followed by meeting with district collectors and officials up to taluk levels to apprise everybody about the five modes of digital payments available to them to help the country move towards a cashless economy.

 Source:

retail.economictimes.indiatimes.com/

 

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 Newsletter

 

29/11/2016
Changes in the programme.
Observance of Protest week from 12th to 19th December 2016 by FNPO affiliates.
To
All Circle/Division/Branch Secretaries of FNPO affiliates.
Dear colleagues,
FNPO affiliated unions decided to observe protest week from 12th to 19th December 2016 on the 16 points Charter of Demands.
Program of the Protest week
13/12/2016 - Demonstration  at Divisional office.
15/12/2016- To submit a letter to the Prime Minister through the State Governors by the Circle Secretaries.
16/12/2016 Lunch hour Demonstration at Circle/Regional offices
19/12/2016 Lunch hour Demonstration at Directorate&submission of  letter to the Prime Minister.
Our Circle/Division/Branch Secretaries of FNPO affiliated unions are requested to observe the above program in their respective places in an energetic manner.
With regards,
SG FNPO.
Circle Secretaries are requested to organise March to Raj Bhavan preferably on 15/11/2016 at all State Capitals and submit the letter to the Prime Minister through State Governor.
 MODEL COPY OF LETTER TO THE GOVERNOR AND THE PRIME MINISTER.
 To His/Her Excellency……………………………………… Governor of…………………………………. State Capital 
Respected Sir/Madam,
Sub: Request to consider the issues of Postal employees related to 7th CPC & other related issues.
We, the Circle Secretaries of FNPO affiliated unions, submit to you the enclosed  letter addressed to the Honourable Prime Minister of India with our kind requests to forward the same to the Prime Minister. 
This  letter  to voice our grave concerns.
We also request that you may kindly use your good offices to impress upon the Central Government  by conveying our genuine feelings.
 We are highly thankful for your valuable time. Thanking you, Sir,
 Yours Sincerely,
(Circle Secretaries)
******************************************
LETTER  TO THE HONOURABLE PRIME MINISTER OF INDIA BY THE FEDERATION OF NATIONAL POSTAL ORGANIZATIONS AND ITS AFFILIATED UNIONS / ASSOCIATIONS.
To
Shri Narendra Modiji,
Hon’ble Prime Minister of India,
South Block,
Raisina Hill,
New Delhi-l10011
Respected Sir, 

Respected Sir,

We, the Federation of National Postal Organisation and its affiliated unions submit this letter to express our deep concern and request to honour the commitment given by the Group of Ministers in the meetings held with JCM (Staff Side) leaders on 30th June 2016 & 06th July 2016.
 Subsequently an assurance was given that a High-Level Committee will examine the 7th CPC issues, mainly the Minimum Wage and Multiplying Factor. Based  on the assurance, the JCM Constituent deferred the Strike action on 06th July 2016.

Though a Committee was constituted under the chairmanship of Addl. Secretary (Exp), Ministry of Finance and discussions held, the response has been disappointing.
 The employees of  the Postal and other Central Government employees are greatly disappointed over non-settlement of the main issues. More so, many of the recommendations of the 7th CPC  have created unrest in the minds of Central government employees in general and Postal employees in particular.
  The issues raised after the implementation of 7th CPC  & other long pending issues are enclosed.

We request  your kind attention to the issues listed in the enclosure and action thereof at the earliest.

Thanking you, Sir,
 Yours Sincerely, 

 
The above letters sent by our Federation to all FNPO affiliated unions Circle secretaries through Federal sentinel (November 2016). 


 

29/11/2016

Depositing Someone Else's Money In Your Bank Account? Beware Of New Law

This warning comes in the wake of reports that some people are "renting" someone else's bank accounts to deposit their banned notes for dodging tax authorities.

Are you depositing someone else's money in your bank account? Benami (proxy) transactions unaccounted transaction shall be punished with rigorous imprisonment from 1 year to 7 years and shall be liable to fine." This is the warning the Income Tax Department has come out with in newspaper advertisements to make the public aware of the consequences of making illegal deposits.
This warning comes in the wake of reports that some people are "renting" someone else's bank accounts to deposit their banned notes for dodging tax authorities.
The Reserve Bank of India has also warned people of "strict punitive action" for exchanging or dealing in specified bank notes in an unauthorised manner.
 

"It is reported that certain gullible persons are exchanging these notes on behalf of others; some are even helping them by depositing the hoarded cash into their own bank accounts," the RBI said in a statement. 

The Income Tax Department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to tender the now-defunct Rs 500 and Rs 1,000 notes. Previously, banks were required to report to the I-T department only when cash deposits in an account exceeded Rs 10 lakh in one full year.

The government has also clarified that deposits of banned notes will not enjoy immunity from tax and the law will apply on source of such money.

"The tax department can question cash deposits and depositors may have to explain and justify that cash deposits that have been made from disclosed income to avoid penal consequences," said Preeti Khurana, chief editor of ClearTax.com

The tax department has said that under the Benami Act, any person who deposits someone else's unaccounted money into their own bank account shall be treated as 'Benamidar'. The Prohibition of Benami Property Transactions Act, 1988 (the Benami Act) came into effect from November 1

The 'Benamidar', beneficial owner and any other person who abets or induces the Benami transaction, shall be punished with rigorous imprisonment from 1 year to 7 years and shall be liable to fine, the tax department said, warning that deposit in the bank account shall be liable for confiscation.

"It is noteworthy that under this law property means any property whether movable or immovable, or tangible or intangible. Hence it would cover cash as well within its ambit. Therefore, if any person deposits any cash on behalf any other person in his own account, such a transaction would be considered as a Benami transaction," said Sandeep Sehgal, director tax at Ashok Maheshwary & Associates LLP.

"The application of this Act could be a game changer in penalizing the people laundering money for other as the act is more stringent than the Income-tax Act, 1961," he added.

29/11/2016

We stand for a world free from fear. We reject the politics of hate and of division, of racism and of xenophobia-UNI General Secretary Philip Jennings told in W.E.B.

At the World Executive Board in Nyon, global union leaders issued a response to the xenophobic and divisive campaign rhetoric of President-elect Donald Trump. Leaders urged Trump not to continue on the hateful path established by his election trail and hoped that unions could work with Trump for the benefit of American workers. The consensus of the World Executive Board was that the work of unions striving for social justice, fair wages and decent work must continue with renewed urgency and vigour.

Unions are more relevant and significant than ever, with the ability to counter the potential extremism of a Trump government.

“Mr. Trump, our 2.2 million members hope that the disparaging rhetoric of the campaign trail is not a preview of your Presidency,” said Valarie Long, International Secretary of the SEIU. “We must continue to fight for decent jobs, fair working conditions and disenfranchised communities.”

“The Fight for 15 campaign has shown across the country that hundreds of thousands of Americans are politically engaged and that we can break through for workers’ rights.”

Chris Shelton of the Communications Workers of America said, “Trump has built his career on shafting workers, unions and small businesses and we must fight to ensure that this does not continue on an even larger scale.”

 “We must stand up and fight back in these trying times,” said Hee-Won Brindle Khym from RWDSU/ UFCW. “Together, we can resist and work to make America better.”

UNI General Secretary Philip Jennings said, “At UNI Global Union, we stand for a world free from fear. We reject the politics of hate and of division, of racism and of xenophobia. We are an organization that builds bridges in 150 nations and we hope that President-elect Trump will be a President for ALL Americans.”


Rationalisation of Labour Laws 

Press Information Bureau
Government of India
Ministry of Labour & Employment
28-November-2016 17:11 IST

Rationalisation of Labour Laws

Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in reply to a question in Lok Sabha today said that Reforms in Labour Laws are an ongoing process to update legislative system to address the need of the hour and to make them more effective and contemporary to the emerging economic and industrial scenario. The Second National Commission which submitted its Report in 2002 had recommended that the existing Labour Laws should be broadly grouped into four or five Labour Codes on functional basis. Accordingly, the Ministry has taken steps for drafting four Labour Codes on Wages; Industrial Relations; Social Security & Welfare; and Safety and Working Conditions, by simplifying, amalgamating and rationalizing the relevant provisions of the existing Central Labour Laws. These initiatives will reduce the complexity in compliance due to multiplicity of labour laws and facilitate setting up of enterprises and thus creating the environment for development of business and industry in the country and generating employment opportunities without diluting basic aspects of safety, security and health of workers.