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Proposals for relaxation

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No. AB.14017/48/2010-Estt. (RR)
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel and Training

New Delhi, the 2nd June, 2011

Office Memorandum

Subject: Proposals for relaxation

          This Department has been receiving a number of proposals seeking relaxation in Recruitment Rules. It has been noticed that in a number of cases the proposals are not referred through a self-contained note leading to confusion/ ambiguity.

2.       It is requested that the proposal for relaxation should consist of a self contained note indicating the name of officers, batch, period of relaxation1 shortfall, and justification for the same duly approved by competent authority. Reference to DOPT should be made at the level of Joint Secretary. The signed and issued copy of Seniority List of the grades and dully filled in Annexure IV in prescribe proforma may also be furnished with the proposal.

3.         It is also requested that in addition to sending the hard copy of proposals. the proposals of relaxation may also be sent by email at usrr@.nic.in for the level of Senior Administrative Grade and above.

4. Hindi version will follow.


Source:  www.persmin.nic.in

Payment of interest in respect of PPF (HUF) accounts

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F.No.7/4/2008-NS II
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 1st June, 2011.

   The CGM (DGBA),
   Reserve Bank of India,
   Department of Government & Bank Accounts,
   Central Office, Byculla Office Building,
   4th Floor, Opp. Mumbai Central Railway Station,
   Byculla, Mumbai-400008.

Sub:- Payment of interest in respect of PPF (HUF) accounts.


   I am directed to say that as per the provisions contained in Public Provident Fund (PPF) Scheme, 1968, prior to 13th May, 2005 accounts could be opened by individuals and on behalf of HUFs. With effect from 13th May, 2005 opening of PPF accounts has been restricted to “individuals” only. In this regard, a clarification was issued by Finance Ministry vide letter No. F.2/8/2005-NS II dated 20.5.2005 intimating that PPF accounts of HUFs shall continue till maturity and deposits/withdrawals in/from these accounts shall be allowed to be made in accordance with the rules of the scheme. However, any extension of existing accounts shall be subject to the amendment dated 13th May, 2005.

   2. As per Paragraph 9(3) of PPF Scheme, 1968 a subscriber to the account, any time after the expiry of 15 years from the end of the year in which the initial subscription was made, if he so desires, can apply for withdrawal of the entire balance standing to his credit. Further, as per proviso below Paragraph 9(3), the subscriber may, if he so desires, make withdrawal of the amount standing to his credit from time to time in installments not exceeding one in a year.

   3. An amendment has been made to PPF Scheme, 1968 vide this Ministry’s Notification No. G.S.R. 956(E) dated 7th December, 2010. A new Proviso below Sub Paragraph 3 of Paragraph 9 of PPF Scheme, 1968 has been inserted, according to which PPF accounts opened On behalf of HUFs prior to 13th May, 2005 shall be closed after expiry of 15 years from the end of the year in which initial subscription was made. In respect of those HUF accounts where the initial period of 15 years had already been completed prior to the issue of Notification dated 7.12.2010, such accounts were to be closed on 31st March 2011.

   4. Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on the deposits retained beyond the maturity period (without further subscriptions). Those subscribers had been representing that interest at PPF rate may also be paid to them on the deposits that were retained in PPF accounts beyond maturity period. The matter has been examined in this Ministry and it has been decided that interest at PPF rate would be paid on those PPF (HUF) accounts, which had attained the maturity after 13.5.2005 but closed by the subscribers before 7.12.2010,subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions.

   5. The above decision may be circulated to all concerned for compliance.

   6. This issues with the approval of Secretary (EA).

Yours faithfully,

(M.A. Khan)
Under Secretary the Govt. of India

Source: www.finmin.nic.in

PFRDA: NPS equity investment cap to remain at 50%

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PFRDA: NPS equity investment cap to remain at 50%

The Pension Fund Regulatory and Development Authority (PFRDA) today said it favoured retaining the cap on investment in equities by the New Pension Scheme at 50 per cent, irrespective of the recommendations of the Bajpai committee.

The NPS comprises three investment categories —- G (ultra safe), C (safe) and E (medium). Of these, the E category investments are invested in equity-related products, the cap for which is 50 per cent.

“We think at the current stage of the pension market in the country, investing more than 50 per cent in equities is not going to be fair to investors, in terms of the risk. Therefore, we would retain the cap at 50 per cent,” PFRDA Chairman Yogesh Agarwal told reporters on the sidelines of the 26th Skoch Summit.

Headed by former Securities and Exchange Board of India chairman G N Bajpai, the Bajpai committee is working on NPS’ fee structure and would suggest changes to the scheme. The report is expected by the third week of this month, Agarwal said.

NPS was initially launched for central government employees, but later extended to all citizens from May 1, 2009. Currently, seven pension fund managers account for assets of about Rs 9,000 crore. Of this, about Rs 100 crore is contributed by pension schemes for people other than government employees. These fund managers include LIC Pension Fund Ltd, SBI Pension Funds Ltd, UTI Retirement Solutions, IDFC Pension Fund Management, ICICI Prudential Pension Funds Management, Kotak Mahindra Pension Fund and Reliance Capital Pension Fund.

Source : Business standard

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