Facility of Income Tax Payment Through ATMS by Union Bank of India Launched

Facility of Income Tax Payment Through ATMS by Union Bank of India Launched

The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi Shekhar Sharma, Secretary, Financial Services, Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes (CBDT) and Chairman and Managing Director of Union Bank of India, Shri M.V.Nair were present among others on the occasion.

Launching the facility, the Minister of State for Finance Shri Namo Narain Meena said that coming together of CBDT and Union Bank in providing ATM based payment of income tax is an excellent convenience for people to pay tax. He said that technology has revolutionized the way we conduct many of our financial and other transactions. Shri Meena said that the Government is committed to leverage on the technology to bring greater transparency and accountability in handling of financial resources. With Core Banking Technology enabling anywhere branch banking across the country, it has become possible to ensure real time transfer of funds and monitor its utilization on an ongoing basis, the Minister added. He said that the large amount of resources we have committed for uplifting the socio-economic status of our rural and urban poor through schemes like Mahatma Gandhi National Rural Employment Guarantee Scheme, Sarva Shiksha Abhyan, National Rural Health Mission and such other flagship program. He said that it will need similar involvement from banks, to ensure timely and transparent transmission of funds and monitoring facility. Only then the objective of ensuring the socio-economic transformation will truly take place, the Minister added. The Minister of State Shri Meena said that income tax constitutes nearly 22% of the revenue to the Government and hence forms a significant part of our resources in ensuring sustainable growth. He said that greater compliance can be achieved if we give greater convenience and speed in handling of tax payment. The Minister of State for Finance Shri Namo Narain Meena said that today’s initiative is a step in that direction which together with internet payment facility already receiving popular support, will make tax payment and tax compliance a matter of great convenience to our people. He said that implementation of income tax payment on ATMs is expected to go a long way in providing easier tax administration for both government and tax payers.

Speaking on the occasion, Chairman cum Managing Director, Union Bank of India Shri M.V.Nair said that payment of income tax through ATM is yet another fulfillment of the brand promise of the Bank to provide choice of channel to customers for undertaking various transactions. He said that Customers of Bank, after one time registration at bank’s portal, will be able to make their income tax payments on ATMs. He said that they will be able to generate their challan on Bank’s portal. Registration for Income tax payment will also be extended through Bank’s branches, Shri Nair added.

Union Bank of India has a network of 2600 ATMs and a Card base of 6.5 million. Bank offers value added services like bill payment, mobile recharge etc. through its ATMs. Bank also has implemented solar powered Biometric ATMs for rural segments. Bank has planned to take its ATM numbers to 5,000 by end of March’12. Bank has the distinction of being the only Bank to offer nine regional language screens on its ATMs

Bank is extending a variety of online tax payment to its customers. These include direct taxes, central excise, service tax, customs, DGFT and commercial tax services to State government like U.P., M.P., Rajasthan, Chattisgarh, A.P., Karnataka, Orissa etc. Bank will also actively promote the usage of electronic mode for Customs, Port charges and Railway freight payments. During the financial year, Bank customers made over 3.39 lac Income Tax payment transactions aggregating to a value of Rs.5115.20 crores through online payment from our bank. This has shown a quantum jump from 2.44 lakh payments aggregating to Rs.3846 crores last year. With the addition of ATM, the online payment facility and their numbers are expected to go up substantially.

Customers with Union Bank debit card desirous of availing the facility have to register once their details on the bank’s web portal. The PAN/TAN number is validated by the website using the NSDL site. Customer when they log in to the ATM and selects the Income Tax menu, it will display the PAN number and will ask them to input the Income tax amount with Education Cess, item wise details of any other amount they want to include in the tax payment. On confirmation the tax amount will be debited to their account and customer will be issued receipt containing CIN number. Customers on the next day can log in to the web portal of the bank and by giving their CIN number can print the challan for their records.

Bank has one focal point branch for all electronic Direct tax payments. Funds towards payment of Income Tax are pooled at focal point branch and remitted to Nodal Government treasury branch on T+1 basis. The Nodal Branch remits the funds on T+1 basis to RBI and the tax payment electronic data to NSDL and CBDT on T+1.

Source: PIB

Grant of Dearness Relief to Central Government pensioners/family pensioners – Revised rate effective from 1-1-2011

F.No. 42/15/2011-P&PW(G)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Pension & Pensioners' Welfare

3^rd Floor, Lok Nayak Bhavan,
Khan Market, New Delhi - 110003
Date : 29^th March 2011

OFFICE MEMORANDUM

Subject :-       Grant of Dearness Relief to Central Government pensioners/family pensioners – Revised rate effective from 1-1-2011

      The undersigned is directed to refer to this Department’s OM No. 42/18/2010-P&PW(G) dated 27^th September, 2010 on the subject mentioned above and to state that the President is pleased to decide that the Dearness Relief (DR) payable to Central Government pensioners/ family pensioners shall be enhanced from the existing rate of 45% to 51% w.e.f. 1st January, 2011.

2.       These orders apply to (i) All Civilian Central Government Pensioners/Family Pensioners (ii) The Armed Forces Pensioners, Civilian Pensioners paid out of the Defence Service Estimates, (iii) All India Service Pensioners (iv) Railway Pensioners and (v) The Burma Civilian pensioners/family pensioners and pensioners/families of displaced Government pensioners from Pakistan, who are Indian Nationals but receiving pension on behalf of Government of Pakistan and are in receipt of ad-hoc ex-gratia allowance of Rs. 3500/- p.m. in terms of this Department’s OM No. 23-1-97-P&PW(B) dated 23-2-1998 read with this Department’s OM No. 23-3-2008-P&PW(B) dated 15-9-2008.

3.       Central Government Employees who had drawn lumpsum amount on absorption in a PSU/Autonomous body and have become eligible to restoration of 1/3rd commuted portion of pension as well as revision of the restored amount in terms of this Department’s OM No. 4/59/97-P&PW (D) dated 14-07-1998 will also be entitled to the payment of DR @ 51% w.e.f. 1-1-2011 on full pension i.e. the revised pension which the absorbed employee would have received on the date of restoration had he not drawn lumpsum payment on absorption and Dearness Pension subject to fulfillment of the conditions laid down in para 5 of the O.M. dated 14-07-98. In this connection, instructions contained in this Department’s OM No.4/29/99-P&PW (D) dated. 12-7-2000 refer.

4.       Payment of DR involving a fraction of a rupee shall be rounded off to the next higher rupee.

5.       Other provisions governing grant of DR in respect of employed family pensioners and re-employed Central Government Pensioners will be regulated in accordance with the provisions contained in this Department’s OM No. 45/73/97-P&PW (G) dated 2-7-1999 as amended vide this Department’s OM No. F. No. 38/88/2008-P&PW(G) dated 9th July, 2009. The provisions relating to regulation of DR where a pensioner is in receipt of more than one pension, will remain unchanged.

6.       In the case of retired Judges of the Supreme Court and High Courts, necessary orders will be issued by the Department of Justice separately.

7.       It will be the responsibility of the pension disbursing authorities, including the nationalized banks, etc. to calculate the quantum of DR payable in each individual case.

8.       The offices of Accountant General and Authorised Public Sector Banks are requested to arrange payment of relief to pensioners etc. on the basis of these instructions without waiting for any further instructions from the Comptroller and Auditor General of India and the Reserve Bank of India in view of letter No. 528-TA, II/34-80-II dated 23/04/1981 of the Comptroller and Auditor General of India addressed to all Accountant Generals and Reserve Bank of India Circular No. GANB No. 2958/GA-64 (ii) (CGL)/81 dated the 21st May, 1981 addressed to State Bank of India and its subsidiaries and all Nationalised Banks.

9.       In their application to the pensioners/family pensioners belonging to Indian Audit and Accounts Department, these orders issue after consultation with the C&AG.

10.       This issues with the concurrence of Ministry of Finance, Department of Expenditure conveyed vide their OM No. 1(4)/EV/2004 dated 28^rd March, 2011.

11.       Hindi version will follow.

s/d
(S.P.Kakkar)
Under Secretary to the Government of India

Source :www.persmin.gov.in

AICPIN released for the month of Feb, 2011

AICPIN released for the month of Feb, 2011

All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of February, 2011 decreased by 3 points and stood at 185 (one hundred and eighty five).

During February, 2011, the index recorded decrease of 9 points in Bangalore centre, 8 points in Warrangal centre, 7 points in Coimbatore centre, 6 points in 4 centres, 5 points in 12 centres, 4 points in 8 centres, 3 points in 13 centres, 2 points in 19 centres and 1 point in 9 centres. The index increased by 2 points each in Quilon, Jalandhar and Munger Jamalpur centres, 1 point each in Darjeeling and Sholapur centres, while in the remaining 5 centres the index remained stationary.

The maximum decrease of 9 points in Bangalore centre is mainly on account of decrease in the prices of Rice, Wheat, Onion, Vegetable & Fruit items, Flower/Flower Garlands, etc. The decrease of 8 points in Warrangal centre is due to decrease in the prices of Rice, Eggs (Hen), Onion, Vegetable & Fruit items, etc. The decrease of 7 points in Coimbatore centre is due to decrease in the prices of Rice, Eggs (Hen), Onion, Vegetable & Fruit items, Flower/Flower Garlands, etc. The increase of 2 points in Quilon, Jalandhar and Munger Jamalpur centres is the outcome of increase in the prices of Rice, Wheat, Wheat Atta, Firewood, Washing Soap, Electricity Charges, etc. whereas, the increase of 1 point in Darjeeling and Sholapur centres is due to increase in the prices of Rice, Wheat, Wheat Atta, Mustard Oil, Repair Charges, etc.

The indices in respect of the six major centres are as follows :

1 Ahmedabad 177
2 Bangalore 187
3 Chennai 167
4 Delhi 170
5 Kolkata 178
6 Mumbai 183

The All-India (General) point to point rate of inflation for the month of February, 2011 is 8.82% as compared to 9.30% in January, 2011. Inflation based on Food Index is 7.65% in February, 2011 as compared to 10.22% in January, 2011.

Source: PIB

DEFEAT THE NEW PENSION BILL - NFPE

DEFEAT THE NEW PENSION BILL

The UPA-II Government has presented the New Pension Bill in the Parliament. CPI (M) Lok Sabha Leader, Com. Basudev Acharya, MP demanded voting. Both UPA and NDA MPs Voted in favour of introduction of the bill in Parliament. Only left party MPs opposed. Thus it is once again made clear that when it comes to economic policies there is no difference between NDA and UPA.

Even before passing the bill in Parliament the New Pension Scheme called "Contributory Pension Scheme" has already been made applicable to those employees who joined Central Govt. Services on or after 01.01.2004, through an executive order by the NDA Government. 10% of the pay and DA is being recovered from every employee who joined service on or after 01.01.2004, in each month towards Contributory Pension Scheme. On passing the bill by Parliament Pension Fund Managers will be appointed. Multi –national Corporate houses are waiting for their chance to become Fund Managers so that the accumulated huge amount in the Pension Scheme is share market oriented the Pension Fund will flow to the share market. If share market booms, the Pension Fund Managers can accumulate huge profit. If share market crashes, the Pension Fund will collapsed and the entire savings of the employees will be lost. The recent world economic crises has witnessed many such Pension Fund collapses and lacs and lacs of workers are deprived of their Social Security at old age.

The New Pension Scheme is a product of the globalization policy pursued by both NDA and UPA Government. UPA-I Government could not pass the bill as the Supporting left parties had made it clear that they will withdraw support to the Government and vote against the bill. Government tried to make consensus by convening a meeting of all Chief Ministers. Out of 22 Chief Ministers only three Left Front Chief Ministers viz. West Bengal, Kerala and Tripura, opposed the New Pension Scheme. Now as UPA and NDA have joined together, the bill is likely to be passed in this Session of the Parliament. The New Pension Scheme can be made applicable to all including public and private sector employees.

There is a perception that the New Pension Scheme can be made applicable to the new entrants only. This is not correct. The Work Study Group appointed by Sixth Central Pay Commission has been asked to examine and submit report on the following terms of reference:

(i) to workout the existing and future pension liability of the Central Govt. Employees who are in service prior to 1.1.2004. (ii) to work out the pension liability of those Central Government Employees appointed prior 1.1.2004 and whose age profile is between 30 years and 40 years.

(iii) to examine the feasibility of establishing a self –reliant Pension Fund with initial corpus fund provided by Government for the employees who are in service prior to 1.1.2004 and thus reduce the expenditure on pension.

The Sixth CPC has already made some observations regarding introduction of Contributory Pension Scheme to the employees who are in service prior to 1.1.2004.

Thus a serious threat looms large over the head of the entire Central and State Government Employees and section of the workers. Nationwide sustained campaign and united action by the entire working class is the need of the hour. The Confederation of Central Government Employees & Workers and the All India State Government Employees Federations has already given a call for nationwide campaign and protest demonstration. The question of organizing higher forum of trade union action including strike in under serious considerations.

NFPE calls upon the entirety of the Postal and RMS Employeesto organize effective campaign against the ill effects of the New Pension Bill and be ready for direct action if situation warrants.

--

M.Krishnan
Secretary General NFPE

Courtesy : NFPE

Rate of Dearness Allowance applicable to the employees of Central Government and Central Autonomous Bodies continuing to draw their pay as per 5th CPC

No.1(3)/2008-EII(B)
Government of India
Ministry of Finance
Department of Expenditure
*****

New Delhi, 31^st March, 2011

OFFICE MEMORANDUM

Subject:       Rate of Dearness Allowance applicable w.e.f. 01.01.2011 to the employees of Central Government and Central Autonomous Bodies continuing to draw their pay in the pre-revised scale as per 5th CPC.

The undersigned is directed to refer to this Ministry’s Office Memorandumof even No. dated 11th September, 2010 revising the Dearness Allowance w.e.f. 1.7.2010 in respect of employees of Central Government and Autonomous Bodies who continue to draw their pay and allowances in the pre-revised scale of pay as per 5th Central Pay Commission.

2. The rates of Dearness Allowance admissible to the above categories of employees of Central Government and Central Autonomous bodies shall be enhanced from the existing rate of 103% to 115% w.e.f. 01.01.2011. All other conditions as laid down in the O.M. dated 3rd October, 2008 will continue to apply.

3. The contents of this Office Memorandum may also be brought to the notice of the organizations under the administrative control of the Ministries/Departments which have adopted the Central Government scales of pay.

s/d
(Anil Sharma)
Under Secretary to the Government of India

Source: www.persmin.nic.in

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