Management of Funds Under NPS.


   The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.

   The pension funds of the Government employees, who are covered by NPS, are managed by three pension fund managers, namely, SBI Pension Funds (Pvt.) Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited.

   The Pool account is proposed to be discontinued from 1st May, 2012. Thereafter, it would be possible for the individual subscribers to exercise their individual choices regarding investment pattern and the pension fund manager.

   NPS is a defined contribution based pension system where the actual returns would be determined by the market based returns.

   This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today.

PIB

Tax Concession on Education Loan.


   Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursing his higher education or for the purpose of higher education of his relative.

   Under the earlier provisions, the deduction was available only for pursuing full time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure sciences including mathematics and statistics.

   The provisions of the aforesaid section 80E were amended vide the Finance (No. 2) Act, 2009 by substitution clause ( c ) of sub-section (3) so as to extend its scope to cover all fields of studies (including vocational studies) pursued after passing the Senior Secondary Examination or its equivalent from any school, board or university recognized by the Central Government or State Government or local authority or by any other authority authorized by the Central Government or State Government or local authority to do so.

   The above-mentioned tax incentive can be claimed by an individual depending on the amount he/she spends by way of interest on loan for higher education. There is no fund earmarked for this purpose. The expense to the Government is in the form of revenue forgone on account of such claims during a financial year. The revenue forgone during the year 2010-11 on account of deduction under section 80E, as reported in the Receipts Budget 2012-13, is Rs. 138 crores.

   This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Rajya Sabha today.

PIB

Declaration of Holiday on 14th April, 2012 - Birthday of Dr.B.R. Ambedkar.

MOST IMMEDIATE

F. No.12/2/2012-JCA-2
Government of India
Ministry of Personnel, Public Grievances & Pensions
(Department of Personnel & Training)

North Block, New Delhi
Dated the 27th March, 2012.

OFFICE MEMORANDUM

Subject:- Declaration of Holiday on 14th April, 2012 - Birthday of Dr.B.R. Ambedkar.

   It has been decided to declare Saturday, the 14th April 2012, as a Closed Holiday on account of the birthday of Dr. B.R. Ambedkar, for all Central Government Offices including Industrial Establishments throughout India.

   2. The above holiday is also being notified in exercise of the powers conferred by Section 25 of the Negotiable Instruments Act, 1881(26 of 1881).

   3. All Ministries/Departments of Government of India may bring the above decision to the notice of all concerned.

sd/-
(Ashok Kumar)
Deputy Secretary to the Government of India

Source:http://circulars.nic.in/WriteReadData/CircularPortal/D2/D02est/12_2_2012-JCA-2-27032012.pdf

Extending the validity of full/half sets of Privilege Passes, Post Retirement Complimentary Passes, Widow Passes and Privilege Ticket Orders (PTOs).

R.B.E. No.41/2012

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BAORD)

No. E(W) 2007/PS 5-1/9

                                           New Delhi, dated 26 -03-2012

 

The General Managers (P)
All Indian Railways &
Production Units.

Sub:- Extending the validity of full/half sets of Privilege Passes, Post Retirement Complimentary Passes, Widow Passes and Privilege Ticket Orders (PTOs).

   Instructions were issued vide Board’s letter of even number dated 10-7-2008 raising the validity period of half set of Privilege/Post Retirement Complimentary /Widow Passes to four months from the date of issue as in the case of full set passes. Further, in terms of instructions issued vide Board’s letter No. E(W)2010/ PS 5-17/1 dated 3-6-2011, Privilege Pass/PTO/Post Retirement Complimentary Pass in the next year’s account should not be issued more than 100 days in advance of beginning of the next year.

   2. Consequent upon the decision of the Board to enhance the period of advance reservation from 90 days to 120 days vide Commercial Circular No. 12 of 2012 dated 6-02-2012, the issue regarding enhancing the validity period of passes and PTOs was under examination in Board’s Office with a view to facilitate securing confirmed reservations on such Passes and PTOs. After careful consideration by Board, it has been decided that the validity period of full/half sets of Privilege/Post Retirement Complimentary/Widow Passes and PTOs shall be one month more than the Advance Reservation Period, in general. Hence, the validity of such Passes/PTOs shall be Five months instead of Four months, at present. However, if advance reservation period is reduced in future, the validity of Pass/PTO will not be less than four months period. Accordingly item 3 (iv), (v) & ( xiv) of Schedule-II under heading "General Rules", item No. (i) under Column 4 of Schedule-IV and item Nos. 11 & 12 under Annexure’ C’ of Railway Servants (Pass) Rules, 1986 (Second Edition, 1993) should be revised as per Advance Correction Slip No.73.

   3 . This issues with the concurrence of the Finance Directorate of the Ministry of Railways.

sd/-
( Debasis Mazumdar )
Joint Director Estt. (Welfare)
Railway Board

Source:http://airfindia.com/Orders%202012/Extension%20of%20validity%20of%20Privilege%20Pass%20RBE%2041_26.03.2012.pdf