Friday, 29 April 2011

P F Deduction Makes You Rich when Retire

Provident Fund deduction may make you rich when you retire from service. The Cumulative power of 9.5% Tax free interest makes grow your money year after year. Provident Fund (P.F) or Employees Provident Fund is a compulsory deduction from your salary. 12% of your Basic Salary and D.A will be deducted from your salary every month. If you are a private employee the same amount will be invested by the employer to Employees Provident Fund Account. When it is deducting, you may feel that it reduces the take home salary. But this for a good cause and you will get 9.5% (as per the present rule) interest for your Provident Fund Balance and this interest is Tax free also. When the money deduct from your salary for Provident Fund you will get tax exemption under section 80C of the present Income Tax Rule. Then you are getting a tax free compound with for your tax saving investment.

As per the present Income Tax rule Provident fund is Exempt Exempt Exempt (EEE) investment. When the amount deducted from your salary that part is exempted from income tax and when you get interest the interest income of PF also exempted from income tax and when you get back the money from Provident Fund at retirement that portion is also exempted from income tax.

Recently a website reported that if you have a salary of Rs. 25000 (basic salary and Dearness allowance) and if the person has a service period of 35 years, he will get back around Rs. 2.4 crore when he retire (with a compound interest of 8.5%) and the provident fund can make you a crorepati at the time of retirement. Yes the statement is correct and the employee can retire as a crorepati with his provident fund account. It is the power of compound interest and regular investment.

But for attaining this goal you should not withdraw your provident fund before your retirement. So let the provident be untouched till your retirement unless otherwise any unavoidable circumstances. If you withdraw earlier the compounding will not work effectively. When you change your job form one employer to another you can transfer your provident fund account to your new provident fund account and now the EPFO is trying to make is easier through online. Just fill Form 13 for transfer your PF account form old PF account to New PF account.

You can invest additional amount in Provident Fund by depositing Voluntary Provident Fund (VPF) and can enjoy the same benefit of Provident fund deposit.

So never make any untimely withdrawal from provident fund account. Try to deposit additional amount as VPF (Voluntary Provident Fund) and Transfer your PF account when you change your job, Earlier you could get same interest for the discontinued PF account and now it is not allowed. We wish all employees a rich retirement.

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TDS from Premature Withdrawals of Provident Fund

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Thursday, 28 April 2011

Birla Sun Life Fixed Term Plan - Series CZ

Birla Sun Life Fixed Term Plan - Series CZ is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about Birla Sun Life Fixed Term Plan - Series CZ and Fund House to invest in the fund.



















Mutual FundBirla Sun Life Mutual Fund
Scheme TypeClose Ended
Scheme CategoryIncome
Launch Date26-Apr-2011

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Birla Sun Life Fixed Term Plan – Series CY



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BNP Paribas Fixed Term Fund – Series 21 J






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Tuesday, 26 April 2011

23 APRIL 2011-29 APRIL 2011Employment News Job Vacancy highlights

The famous weekly for government employment news for the week started from 23rd April, 2011 to 29th April, 2011 shows a lot of job vacancies. The important job highlights are shown below. Those who wish to apply for any of the following jobs please read the Employment News for further details.

Applications are invited by Union Public Service (UPSC) for the posts of Assistant Directors, Assistant Directors Grade-I & Deputy Directors.

Experienced Engineers, HR and Finance Professionals are required by NTPC-BHEL Power Project Private Limited.

Specialist Officers are required by Canara Bank.

UCO Bank requires IT Officers MMGS-II.

Officer Scale-III Group ‘A’ Officer Scale-II Group ‘A’, Officer Scale-I Group ‘A’ and Office Assistant required by Aryavart Gramin Bank, Lucknow .

Applications are invited from male candidates for recruitment as Havildar Education in Group ‘X’ and ‘Y’ in the Army Education Corps by The Indian Army.

Sri Venkateswara College, New Delhi requires Assistant Professors.

Applications are invited for various posts by Electronics Corporation of India Limited, Hyderabad invites.

Diesel Technicians and Electric Fitters required by IRCON International Limited.

Government Engineering College, Bharatpur needs Associate Professors and Assistant Professors.

Assistant Directors and Technical Officers required by Export Inspection Council of India.

Laboratory Assistants/Laboratory Demonst required by Southern Naval Command, Kochi.

Kindly read the Employment News for more details about the posts such as qualification, pay details, experience etc. We wish our readers a wonderful career.

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09 APRIL 2011-15 APRIL 2011Employment News Job Vacancy highlights






The current issue of employment news weekly posted a lot of job vacancies and for the convenience of our readers we publish the highlights of the vacancies advertised in employment news dated 09th April, 2011 to 15th April, 2011. Those … Continue reading ?

List of Allowances increase 25% when Dearness Allowance Reached 51%






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Monthly Provident Fund Statement to all PF Subscribers

Due to high defaults in depositing provident fund contribution from the side of employers, the EPFO (Employees’ Provident Fund Organisation of India) decided to give monthly statement to subscribers instead of issuing one annual summary.  The EPFO expected to make … Continue reading ?






 

Birla Sun Life Fixed Term Plan - Series CY

Birla Sun Life Fixed Term Plan - Series CY is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about Birla Sun Life Fixed Term Plan - Series CY and Fund House to invest in the fund.



















Mutual FundBirla Sun Life Mutual Fund
Scheme TypeClose Ended
Scheme CategoryIncome
Launch Date26-Apr-2011

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Sunday, 24 April 2011

Why Your Loan Application is Rejected

Some important financial decisions are connected with loans. Buying a new house or property, higher education of your children, starting a new business or improving your business etc., need additional money and most of the time you have to approach banks or other financial institutions to get a loan. But sometimes your loan applications may be rejected due to various reasons. Let us see what are those reasons and can try to avoid those reasons when you apply for a loan.

The residential address you provided is in the black list. You might be aware that all credit related information is recorded in Credit Information Bureau and can avail for verification whenever necessary by any financial institutions. Sometimes anybody who was in your address is a defaulter of  any payment of loan or credit card payment or any utility bill payment the residential address may be rejected when make a computer match and your loan application may be rejected.

Defaulter of any loan repayments or credit card payment. If you are continues defaulter of any loan repayment or credit card payment no doubt your loan application may be rejected. When the financial institution you applied for a loan tracks your name with Credit Information Bureau and the chances are high to reject your loan application. So be punctual in payment of your EMIs, credit card bills and utility bills.

Your income should be enough to compensate your expenditure and paying off all your loans. If you have a lot of loan and the financial institution feel that you are not able to pay off your loans or your income is not sufficient to pay off your loans after your expenditures, the chances of rejecting your loan application is very high.

If you are a loan guarantor and the loan is not paying off properly the chances of rejecting your own loan application is more than accepting your loan application. So when you sign as a loan guarantor is sure that the person you are signing for loan is able to pay off the loan timely.

If the Co-applicant of your loan has not paying off any loan or credit card payment. The track record of your co-applicant also may be affected your loan application. So be vigilant when you choose a co-applicant even if it is only for a formality.

The stability of your job. If you are not stable in your job and you have a nature of changing your job regularly, the chances of rejecting your loan application are high. Be stable with your job and increase your creditability. If You have an unstable job record you may not get a good loan deal.

If the co-applicant is your siblings or a friend, some banks may reject your loan application, but if you make your spouse or parents as co applicant, bank may accept your application.

If your loan application rejected any time before this application. You apply for loan only for a specific reason. Avoid taking loan always. Only if you could not avoid a loan go for it. If you apply regularly for loan the chances of rejecting your loan is high and if once your application is rejected the chances of rejection may happened again.

So be cautious when you apply for a loan and pay all your bills in time and get a good credit report before applying a loan.

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Favorable Credit Information Report is required for availing loan from any financial Institution




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Various methods to repay your loan amount


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Saturday, 23 April 2011

Happy Easter to all our readers and visitors

The death of Jesus Christ makes us remember the sacrifice of God himself for the mankind and the resurrection assures us the new life after all sufferings and sorrows. Easter brings us hope and expectation and when any problem arises in our life we got hope that once we can come out of this problem. The Happy of Easter is that the Lord has risen from death and he got victory over death.



We www.investmentsandmoney.com wish all our readers a happy and hopeful Easter and We also wish you to grow in the joy and grace of our Lord.



May the risen CHRIST bless you and yours this Easter day and always.



Happy Easter!


 

 

Thursday, 21 April 2011

BNP Paribas Fixed Term Fund - Series 21 J

BNP Paribas Fixed Term Fund - Series 21 J is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about BNP Paribas Fixed Term Fund - Series 21 J and Fund House to invest in the fund.



















Mutual FundBNP Paribas Mutual Fund
Scheme TypeClose Ended
Scheme CategoryIncome
Launch Date21-Apr-2011

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Wednesday, 20 April 2011

16 APRIL - 22 APRIL 2011-Employment News Job Highlights

Employment News 16th April to 22nd April 2011 published a lot of job vacancies and invited applications from suitable and qualified people for appointing in those posts. We are just inform our readers about some important highlights in the employment news and those who wish get a job can read more in the present issue of employment news and for further details.

Vacancy of Assistants, Audit Assistants, Hindi Translators, LDCs etc in Navodaya Vidyalaya Samiti requires

Applications are invited for various posts in All India Institute of Medical Sciences, New Delhi.

Company Secretary, Plant Manager, Seeds Officers and Machine Operators etc. are required by Rajasthan State Seeds Corporation Limited.

Dedicated Freight Corridor Corporation of India Limited requires Assistant Managers/Civil and Assistant Managers/Sig. & Tele.

Vacancy of Single Window Operators ‘A’ in Punjab National Bank.

Reserve Bank of India Services Board, Mumbai requires Assistant Managers and Research Officer in Grade ‘B’.

Applications are invited by Indian Army from Indian Citizens for Grant of Short Service Commission in the Army Medical Corps.

Applications are invited by Indian from unmarried Indian Citizens for Grant of Short Services Commission as Pilot/Observer in the Executive Branch.

Bhopal Vacancy of  Professors, Associate Professors and Assistant Professors in Maulana Azad National Institute of Technology

If you wish to apply for any of the above post, we advise you to visit the website of employment news or read the concerned edition of the wekly.

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Download DDA Housing Scheme 2010 Draw Result
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Tuesday, 19 April 2011

Download Option Form for Ninth Kerala Pay Revision

Each and every time when a pay revision is happened, a government employee should submit the option of their pay, mainly from which date they wish to choose the revised pay or they wish to continue in the pre revised pay etc. For submitting option the employee must be aware of the details of their pay, increment etc. and also should understand which option is better for him/her.

IF the government employee is not sure about their pay and the effect of the option he/she must ask any expert or any colleagues those who know well about the details of pay and allowances. Please keep in mind that this option may affect all the future pay and salary and even the pension also. So do it carefully.

When you have an option to select anything, you should think twice. So think and study well about the reactions of your option and submit the form accordingly.

Download Kerala Pay Revision Option Form

Download the details of Kerala Pay revision to learn more about the pay revision

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Ninth Pay Revision Calculator for Kerala Government Employees
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How to Fix Your Pay as on Ninth Kerala Pay Revision Commission
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New Expected Pay Scales as per Ninth Pay Revision Commission of Kerala
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Monday, 18 April 2011

Download DDA Housing Scheme 2010 Draw Result

Much awaited DDA Housing Scheme Draw result has beend uoloaded in DDA website yesterday evening. This is for 16000 DDA flat announced by DDA and those who win the lot can check their names and details from the newspapers and also from the DDA Website. For our readers we made it convenient for checking thier names. You can subscribe and download from this link DDA housing Scheme Draw result or those who have already subscribed can download from the following link

Draw 2010

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Muthoot Finance Issues IPO

Muthoot Finance, a Non Banking Finance Company (NBFC) issues it’s Initial Public Offering (IPO) which aims to accumulate around Rs. 900 crore through 5.15 crore equity shares with a face value of Rs. 10. This IPO is a book building IPO with a price band of Rs. 160-175 per share. The issue of IPO is already opened today and will be closed on 21st April, 2011.  The minimum bid size is 40 shares.

Out of 5.15 equity shares 2.575 crore equity shares are allocated to Qualified Institutional buyers (QIB), 1.8025 core equity share for retail investors and the remaining 0.7725 crore shares for non institutional investors.

The Book Running Lead Managers (BRLMs) are ICICI Securities Ltd, Kotak Mahindra Capital Company Ltd and HDFC Bank Ltd and the Registrar for the IPO is Link Intime India Private Ltd. The shares will be listed in BSE and NSE and the bankers to the issue are IDBI Bank Ltd, ICICI Bank Ltd, HDFC Bank Ltd, Axis Bank Ltd, Indusind Bank Ltd, Kotak Mahindra Bank Ltd and Yes Bank Ltd.

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Sunday, 17 April 2011

DDA Housing Scheme 2010 Draw result will be on 19th April, 2010

Much awaited DDA Housing Scheme 2010 draw result will be uploaded in DDA website and also will be published in newspapers on 19th April, 2011. This Draw is the biggest draw in the history of Delhi Development Authority and for 16000 DDA flats in Delhi for around 7.5 lakh applicants. The probability of getting a flat for each applicant is 0.002133. In 19th April, 2011, we could know that who will own a DDA flat in Delhi under the DDA Housing Scheme 2010.

These Flats are located in various places in Delhi such as Vasant Kunj, Mukherjee Nagar , Motia Khan , Jasola , Dwarka, Rohini, Narela, Jaffarabad, Kondli and Gharoli and these are one, two and three bedroom flats which costs from Rs 9 lakh to Rs Rs 1.12 crore.  The allotment of these flats to the winners is expected at the end of this year.

This time the applications are invited with so many restrictions for avoiding allegations and irregularities and the draw also will be more transparent with independent observers and will be held at Centre for Development of Advanced Computing (CDAC) in Noida. This is the first time a draw for housing scheme held outside DDA headquarters and it is due to a large number of applicants are there for this DDA housing Scheme 2010. check Your Draw Result for DDA Housing Scheme 2010

http://www.investmentsandmoney.com/DDA2010drawresult.pdf

or

download the PDF file from the following link


DDA housing schme 2010 draw result


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Saturday, 16 April 2011

Download New Income Tax Return Forms

The Income Tax Department allows you to download New Income Tax Return Forms for the Assessment Year 2011-12 (Financial Year 2010-11). You can down load these forms free of cost and can file your return with that forms. You must be aware that it is equally important to file the proper income tax return and pay your income tax properly.

Before download the form just see which form is suitable for you according to your income tax nature?

If you are a resident Indian and file the normal return you can file you income tax return with the form “ITR 1 SAHAJ” and the form is not available now. You can download it whenever it is available.

Individuals and HUF those who have no an income from business or profession, you can file your income tax return with “ITR 2

Individuals and HUFs those who are partners of any partnership firms and at the same time they have no any income from business or profession through any proprietorship business can use “ITR 3

The Form called “SUGAM (ITR 4S)” can use for submitting income tax return of Presumptive Business. This form is also not available at present and you can down load whenever it become available.

Individuals and HUF those who are  engaged in Proprietary business or profession can file their income tax return with “ITR 4

Association of Persons (AOP) and Body of Individuals (BOI) can use “ITR 5 “for filing Income Tax Return

ITR 6 can be used for Companies other than companies claiming exemption under section 11. This form is also not available to download at present

“ITR 7” Can be used for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D). ITR 7 is also not available at present.

The forms which are not available to download at present can be downloading soon after finalizing such form by Income Tax Department.

Kindly download the suitable income tax form and submit the Income tax return in time and be a proud citizen of the nation.

Download Income Tax Return Forms

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Thursday, 14 April 2011

Invest in Construction Linked House Property for a better return

What do you mean by an investment? An investment is meant for growing your money with the financial instrument or property we invested in or getting a regular income from the investment or both. Everybody can start investing according to their income and other circumstances. Normally people wish to invest in easy financial instruments such as fixed deposits, mutual funds, government securities, tax saving instruments etc. It is according to the risk appetite and financial goal of the investor. You can make more form investment, if you invest wisely and also with a little more effort.

Invest in real estate is a good method of investment and never become a failure, if you make a little bit care. Always buy property with good title and if you are not sure about the title of the property, seek a professional advice and do not consider the fee you give to the professional advocate is a loss. Unless buy property with a bank loan and the bank people will check the accuracy of the title and other documents to ensure that their money will get back.

If you wish to make a good profit from house property by resale the property, invest in construction linked property. For construction linked property you have to pay comparatively less value than a completed house or flat and you will get a chance to pay lot by lot instead of paying a lump sum amount at once. You can pay from your own money or form any bank loan. When the property is completed you will get almost double the cost, if it is situated in a suitable place. You can resale it at any time before or after the completion of the property with a premium. No doubt you will get a good profit.

You must take care that the builders are reputed and the property you are dealing is in a suitable place and have a good reputation. It is better to buy medium budget property than a big budget property. In case of medium budget property the resale is easy. Ensure the quality of construction and take all precautions just like you buy a residential property for yourself, because it is your money and it should not be a loss.

So take a good effort and invest properly and earn a great reward with your own money.

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Wednesday, 13 April 2011

New Biometric PAN Card to tax payers

The Finance Ministry is planning to introduce new biometric Pan (Permanent Account Number) Card to tax payers. This movement is for avoiding duplicate and fake cards and also to ensure that the single taxpayer is not issued multiple Pan Cards.

Permanent Account Number (PAN) is a unique 10 digit number which consist of alphabets and numerical digits for each income tax assessee and it is illegal that a person holds more than one PAN.

This biometric Pan will avoid such circumstances to hold more than one PAN and PAN Card. The new biometric pan card will have two finger prints from each hand and the face of the holder of the card.

It may not mandatory to have new biometric card for the existing PAN card holders. The new card will help to prevent the misuse of PAN Card.

This is a good movement and the tax payers can assure that their identity is not being misused and also good for the Income Tax Department to ensure that there is no duplication and fake use of PAN number and PAN Card.

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Tuesday, 12 April 2011

Investors can get more from Mutual Fund through Fixed Maturity Plan

Fixed Maturity Plans (FMP) is a type of Mutual Fund. But in Fixed Maturity Plans the pooled money of investors invest in debt products and most of the time the maturity of the debt product will be same as the maturity of fixed maturity plan. The Fixed Maturity Plan will be a closed ended mutual fund and the maturity of the mutual fund it predetermined at the time of New Fund Offering (NFO). These FMPs invest the money in Government securities and other company debt products and these investments are almost safe and risk factor is comparatively very low than other mutual funds.

Fixed Maturity Plans are considered as safe investment, but it is not much safe when compare with bank fixed deposits, because in Fixed Deposits the interest is guaranteed and in case of Fixed Maturity Plan the outcome is not guaranteed. There may be loss when the financial instruments in which the FMPs invested in become loss. In fixed maturity plan the tenure is fixed and after the stipulated period the FMP is closed and the NAV will be given to the investor.

But if the investor study the market well and invest in selected FMPs, he can earn a good income from FMP than Fixed Deposits. So always deposit in reputed FMPs.

Tax Planning Tips for Fixed Maturity Plans

There are two type of tax benefit for a FMP which a fixed deposit does not have. In Fixed deposit the interest is taxable, but in FMPs the dividend income is not taxable, all mutual fund dividends are not taxable for investors. (Actually there is a dividend distribution tax (@14.03% for retail investors and 22.44% for corporate investments) the company should pay, but it is a fixed rate of tax and the investors tax slab is not applicable) So for short term FMPs choose dividend option which is not taxable and you can get a tax free income from short term FMPs.

For long term FMPs (FMPs more than one year duration) you can apply the indexation benefit and taxable as long term capital gain. With indexation the tax is 20% and without indexation the tax is only 10%. You can calculate both the options (Indexation and non indexation) and can choose the method which gives more benefit.

Both the above cases the tax slab of the investor is not considered. Only a fixed rate of tax is applicable. But there is no such advantage in fixed deposits.

So if you invest wisely you can make a good income from the mutual fund with fixed maturity plans.

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Monday, 11 April 2011

09 APRIL 2011-15 APRIL 2011Employment News Job Vacancy highlights

The current issue of employment news weekly posted a lot of job vacancies and for the convenience of our readers we publish the highlights of the vacancies advertised in employment news dated 09th April, 2011 to 15th April, 2011. Those who are interested in any of the following vacancies, we highly recommend you to visit the website of employment news or read the weekly. Following are the job highlights in employment news.

Notification from Union Public Service Commission (UPSC) for National Defence Academy and Naval Academy Examination (II), 2011

Applications are invited for various posts by Union Public Service Commission

Notification from University Grants Commission (UGC) for UGC National Eligibility Test fir Junior Research Fellowship and Eligibility fir Lectureship June 2011.

Vacancy of Assistant Managers and Industrial Workman Grade-I (Trainee) in Bharatiya Reserve Bank Note Mudran Private Limited

Trainees required by Madras Fertilizers Limited

Applications are invited for various posts in Western Naval Command Mumba

Constables (Cook, Washerman, Barder, Water Carriers and Safaikaramchari)etc. are required by Indo-Tibetan Border Police Force

Shreyas Gramin Bank, Aligarh requires Officer Scale-I and Clerical Cadre Posts

Vacancy of Lecturers, Nurses, Pharmacist-cum-Dispensers etc in National Institute of Homoeopathy, Kolkata

Vacancy of Assistant Manager, Probationary Officers and Contract Engineers in Mazagon Dock Limited, Mumbai

National Buildings Construction Corporation Limited, New Delhi requires Project Executive (Civil) and Junior Engineer (Civil).

We hope that these job vacancies in employment news are useful to you. Wish you all success in finding a good job.

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Sunday, 10 April 2011

Canara HSBC Life Insurance Company acquired in the top ten list

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture of Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited and Oriental Bank of Commerce. The Company is launched around two years back and now it got a place in the top ten private insurers in India. The company acquired the trust of its customers within this short period of time.

In the words of the CEO of the company that the company gives its first preference to the customer satisfaction and it could acquire the trust of the customers. Two Unit linked Insurance plan (ULIP) named Canara HSBC Oriental Bank of Commerce Life Dream Smart Plan and Canara HSBC Oriental Bank of Commerce Life Grow Smart Plan and one endowment plan named Canara HSBC Oriental Bank of Commerce Life Secure Smart Plan are important products of the company.

The products of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited are available in all branches of Oriental Bank of Commerce, Canara Bank, Shreyas Gramin Bank, Pragathi Gramin Bank, South Malabar Gramin Bank, HSBC, and HSBC Invest Direct Securities (India) Limited.

We congratulate the Company for acquiring such a good position in a short period of time and hope that the company will continue the trustworthy relationship with its customers and will earn more good position in the insurance field.

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DDA Housing Scheme 2010 Application Status & Draw Result

The much awaited Draw result of DDA Housing Scheme 2010 is coming soon. The announcement of draw result can happen at any time between 15th April, 2011 and 20th April, 2011. Those who are submitted an eligible application can check their draw result directly from the Notice Board or Delhi Development Authority and New Delhi. (Vikas Sadan, Block- D, INA, New Delhi – 23). The result also will be published in news papers also. Those who have applied for DDA Housing Scheme 2010 can check the draw result from the official website of Delhi Development Authority. www.dda.org.in

You can check the status of your application also from the DDA Website. It will disclose that whether your application has been accepted or not.  You can check the status of your application form for DDA Housing Scheme 2010 dda scheme application status.

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Wednesday, 6 April 2011

Axis Dynamic Bond Fund

Axis Dynamic Bond Fund is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about Axis Dynamic Bond Fund and Fund House to invest in the fund.



















Mutual FundAxis Mutual Fund
Scheme TypeOpen Ended
Scheme CategoryIncome
Launch Date06-Apr-2011

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Monday, 4 April 2011

List of Allowances increase 25% when D. A is 51%

As per the recommendations and approval of 6th Central Pay Commission some allowances and advances increase by 25% when the Dearness allowance reached 50% or more. From this January, 2011 the Dearness allowance has been increased by 6% and the total D.A reached 51%. This increase of D.A brings up some allowances which has a daily allowance nature. Those allowances are shown below. The details are shown below are the name of such allowances and the existing amount and the amount which will be increased after 25% increase. The following allowances and advances are applicable to railway employees and most of these allowances are almost same to all other government employees.

1. Children Educational Allowance. The present rate of Children Education allowance is Rs. 1000 per month per child up to maximum two children will be increased to Rs. 1250 per month per child for two children.

2. Hostel Subsidy Allowance.  The present rate of Children Education allowance is Rs. 3000 per month per child up to maximum two children will be increased to Rs. 3750 per month per child for two children.

3. Child Care Allowance (for Disabled children) the existing rate is Rs. 1000 per month and the increased rate is Rs. 1250 per month.

4. Washing Allowance. The existing allowance is Rs. 60 and the revised allowance is Rs. 75.

5. Travelling Allowance (T.A) will be increased as per the following rates of various slabs.
Existing - 210.00            -           Revised - 263.00
Existing - 340.00            -           Revised - 425.00
Existing - 400.00            -           Revised - 500.00
Existing - 460.00            -           Revised - 575.00
Existing - 520.00            -           Revised - 650.00

6. National Holiday (NHA) is also under slab system and the allowance will be increased in the following rate.
Existing - 170.00 - Revised - 213.00
Existing - 212.00 - Revised - 265.00
Existing - 280.00 - Revised - 350.00

7. Break Down Allowance (BDA) is also under slab system and will be increased as per the following rates.
Existing - 80.00 - Revised - 100.00
Existing - 120.00- Revised - 150.00
Existing - 160.00 -Revised - 200.00
Existing - 200.00-Revised - 250.00

8. Special Allowance for Engineering Gateman. The existing rate is Rs.300.00 and will be revised to Rs.375.

9. Conveyance Allowance as per the following slabs
Existing - 370.00            -           Revised - 463.00
Existing - 480.00            -           Revised - 600.00
Existing - 640.00            -           Revised - 800.00
Existing - 750.00            -           Revised - 939.00
Existing - 850.00            -           Revised - 1063.00
Existing - 1120.00          -           Revised - 1400.00
Existing - 1680.00          -           Revised - 2100.00
Existing - 1270.00          -           Revised - 2525.00
Existing - 2430.00          -           Revised - 3038.00
Existing - 3000.00          -           Revised - 3750.00

10. Cycle Maintenance Allowance is the Existing rate is Rs. 60.00 and will be revised as Rs. 75.

11. Night Patrolling Allowance. The existing rate is Rs. 6 per night and will be increased to Rs. 8 per night.

12. Road Mileage Allowance. The existing and revised rates are show in slabs
Existing - 8.00 - Revised - 10.00
Existing - 16.00 -Revised - 20.00

13 Tribal Area Allowance. The existing rate is Rs. 240 and the revised will be Rs. 300

14 Hill Area Allowance. The allowance is in following slabs.
Existing - 480.00            -          Revised - 600.00
Existing - 600.00            -           Revised - 700.00

15. Bad Climate Allowance. The existing rate is Rs. 400 and the revised rate will be Rs. 500 per month.

16. Nursing Uniform Allowances. The present rate is Rs. 500 and the revised rate will be Rs. 625 per month

17.  Nursing Allowance. The present rate is Rs. 3200 and the revised rate will be Rs. 4000 per month.

18.  Washing Allowance (Nursing Staff) The present rate is Rs. 300 per month and the revised rate will be Rs. 375 per month.

19 Project Allowance (Construction/Survey) is as per the following slab
Existing - 1500.00          -           Revised - 1875.00
Existing - 1000.00          -           Revised - 1250.00

20 Project Allowance (Construction/Survey) will be increases as per the slabs
Existing - 1500.00          -           Revised - 1875.00
Existing - 1000.00          -          Revised - 1250.00

21. Composite Transfer Grant (CTG) will be increased as per the following rates.

Existing - 18.00             -           Revised - 22.50

Existing - 9.00                -           Revised - 11.25
Existing - 4.60                -           Revised - 5.75

22 Uniform Allowance Kit Maintenance Allowance & Washing Allowance (RPF/SRPF Group A Officers only)
Existing - 14000.00  -     Revised - 17500.00
Existing - 300.00     -      Revised - 375.00
Existing - 60.00       -      Revised - 75.00

23. PG Allowance & Annual Allowance (for Doctors alone) will be increase a per the following slabs.
Existing - 1000.00          -           Revised - 1250.00
Existing - 600.00            -            Revised - 750.00

24. Health & Malaria Inspectors (Additional Duty) will be increase a per the following rates.
Existing - 1000.00          -           Revised - 1250.00
Existing - 600.00            -           Revised - 750.00

25. Commercial Staff in charge of flag stations is Rs. 800 will be increased to Rs. 1000

26. Teachers Library work allowance will be increased as per the following slabs.
(i) ATP - Primary School
Existing - 200.00 - Revised - 250.00
(ii) Middle School
Existing - 300.00 - Revised - 375.00
(iii) High/Higher Secondary School
Existing - 400.00 - Revised - 00.00

27. Announcers ECRCs/Commercial Clerks/TCs is Rs. 120 will be increased as Rs. 150 per month.

28. Train Supdt./TS (Rajdhani Exp.) The existing rate is Rs. 600 and will be increased to Rs. 750.

29. Steward (Dy. TS) (Rajdhani Exp.) The existing allowance is Rs. 240 and will be increased to Rs. 300

30. CTIs/TTEs Flying Squad. The existing allowance is Rs. 200 and will be increased to Rs. 250.

31. Cook/Cook mate. The existing allowance is Rs. 80 and will be increased to Rs. 100.

32.  Senior Scale will increase as per the following rates for various grades.
Existing - 400.00 - Revised - 500.00
JA Grade
Existing - 600.00 - Revised - 750.00
SA Grade (Hindi Officers)
Existing - 600.00 - Revised - 750.00

33. Festival Advance is Rs. 3000 and will be increased to Rs. 3750

34 Bicycle Advance is Rs. 3000 and will be increased to Rs. 3750

35 Warm Clothing Advance is Rs. 3000 will be increased to Rs. 3750

36 Flood Advance is Rs. 3000 and will be increased to Rs. 3750

37 Natural Calamity Advance is Rs. 5000 and will be increased to Rs. 6250

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Sunday, 3 April 2011

Important clarifications regarding MACP Scheme published by DoP&T

Some important clarifications regarding MACP Scheme published by DoP&T today in its website. We have reproduced the contents of the order given below for your information.Highlights of the order:- There are 25 Questions and Answers, which are indicated as Points of Doubts and Clarifications in this order.

All the Central Government Employees Federations, confederations are demanding that Grade Pay of the next Promotional Post to be granted under the new MACP Scheme instead of granting next higher Grade Pay in the revised Grade Pay Hierarchy. It was insisted in the MACP Joint committee meeting, the career progression only means the promotion in the hierarchy and not to a Grade Pay which is not present in the hierarchy of the respective department. But Official side not accepted this demand, still it is pending...

In this order, the norms are required to be fulfilled while granting upgradation under MACPS...
Grade Pay 1800 - 2800 (PB-1) = "Fitness in the Hierarchy"
Grade Pay 4200 - 6600 (PB-2) = "Good"
Grade Pay 7600 and above = "Very Good"

FREQUENTLY ASKED QUESTIONS IFAQs) ON MODIFIED ASSURED CAREER PROGRESSION SCHEME

Point of doubt and Clarification...

1. What is Modified Assured Career Progression Scheme (MACPS)?

The MACP Scheme for Central Civilian Government Employees is in supersession of earlier ACP Scheme. Under the MACP Scheme three financial Up-gradations are allowed on completion of 10,20,30 years of regular service, counted from the direct entry grade. The MACPS envisages merely placement in the immediate next higher grade pay as given in Section I, Part-A of the first schedule of the CCS (Revised Pay) Rules 2008, in case no promotion has been earned by the employee during this period.

2. From which date the MACPS is effective?

The MACPS is effective w.e.f. 01.09.2008 or on completion of 10, 20 & 30 years of continuous regular service, whichever is later. Financial upgradation will also be admissible whenever a person has spent 10 years continuously in the same grade pay. (Para 9 of OM dated 19/5/2009)

3. Who are entitled for financial under the MACPS?

The MACPS is applicable to all Central Government Civilian Employees.

4. What norms are required to be fulfilled while granting the benefits under MACPS

The financial upgradation would be on non-functional basis subject to fitness in the hierarchy of pay band and grade pay within PB- 1. Thereafter, only the benchmark of 'Good' would be applicable till the grade pay of Rs.6600 In PB-3. The benchmark will be 'Very Good' for Financial upgradation to the grade pay of Rs.7600 and above. However, where the Financial upgradation under the MACPS also happen to be in the promotional grade and benchmark for promotion is lower than the benchmark for granting the benefits under MACPS as mentioned in para 17 of the Scheme, the benchmark for promotion shall apply to MACP also. O.M.N0.5034/3/2008-Estt(D) dated 01/11/2010

5. Whether Pay Band would be changed at the time of grant of financial upgradation under MACPS

Yes. OM.N0.35034/3/2008-Estt.(D) dated 09/09/2010

6. Whether the promotions in same grade would be counted for the purpose of MACPS?

The financial up-gradation under the MACPS is in the immediate next higher grade pay in the hierarchy of recommended revised pay bands and grade pay as given in CCS (Revised Pay) Rules, 2008. However if the promotional hierarchy as per recruitment rules is such that promotions are earned in the same grade pay, then the same shall be counted for the purpose of MACPS.

7. How will the benefits of ACP be granted if due between 01.01.2006 and 31.08.2008

The revised pay structure has been changed w.e.f. 01.01.2006 and the benefits of ACPS have been allowed till 31.08.2008. Hence, the benefits of revised pay structure would be allowed for the purpose of ACPS.

8. Whether adhoc appointment would be counted towards qualifying service for MACPS

No. Only continuous regular service is counted towards qualifying service for the purpose of MACPS. The regular service shall commence from the date of joining of a post in direct entry grade on a regular basis. (Para 9 of the MACPS)

9. Whether State Government service shall be reckoned for the purpose of MACPS

No. Only regular service rendered in the Central Government's Department/Office is to be counted for the purpose of MACPS, as the Scheme is applicable to the Central Government Civilian Employees only. ( MACPS , Para 10)

10. What are the periods included in the regular service?

All period spent on deputation/foreign service, study leave and all other kind of leave, duly sanctioned by the competent authority shall be included in the regular service. (Para 11. MACPS)

11.How is the MACPS to be extended to the employees of Autonomous and Statutory Bodies

Procedure prescribed in OM No.35034/3/2010- Estt(D),Dated 03/08/2010 would be followed by the administrative Ministries/Departments concerned for extension of the MACPS to the employees of Autonomous and Statutory Bodies under their control.

12. Whether the cases of grant of financial upgradation allowed under the ACPS between 01.09.2008 and 19.05.2009, the date of issue of the Scheme are be reviewed?

Yes. Since the benefits of ACPS have been discontinued w.e.f. 01.09.2008, the cases settled between 01.09.2008 and 19.05.2009, in terms of previous ACP Scheme shall be reviewed.

13. Whether the past continuous regular service in another Govt.Deptt. in a post carrying same grade pay prior to regular appointment in a new Deptt. without a break shall be counted towards qualifying regular service for the purpose of MACPS.

Yes. ( Para 9, MACPS)

14. Upto what grade pay the benefits under the / MACPS is allowed?

The benefits of MACPS are being up-to HAG scale of Rs. 67000 - 79000/- (DOPT's O.M.No.35034/3/2008-Estt.(D) dated 24.12.2010)

15. How the cases of pre-revised pay scales (Rs.5000-8000 & Rs.5500-9000 and Rs.6500-10500 & Rs.7450-11500) merged w.e.f. 01.01.2006 are to be decided under MACPS?

The cases would be regulated in accordance with para 5 of Annexure-I of MACPS. The Ministries/Departments are expected to re-organise cadres and frame common RRs for the post in merged scales.

16. Whether 'Non-functional Scale' of Rs.8000-13500 (revised to grade pay of Rs.5400 in PB-3) would be viewed as one financial upgradation for the purpose of MACPS.

Yes, in terms of para 8.1 of Annexure-I 01 MACPS dated 19.05.2009.

17. Whether time bound promotion' scheme including 'in-situ promotion' scheme can run concurrently with MACPS.

No. ( Para 13 of MACPS)

18. Whether Staff Car Drive Scheme can run concurrently with MACPS

DOPT vide O.M.No.35011/03/2008-Estt.(D),30/07/2010 has extended the benefits of MACPS to Staff Car Drivers as a fall back option

19. Whether the placement of erstwhile Gr. D employees as Staff Car Driver, ordinary grade would count as a promotion?

No. The model RRs for Staff Car Drivers provide deputation/absorption as a method of appointment for erstwhile Gr. D employees . The placement as staff Car Driver is not in the hierarchy hence the same would not be counted as promotion under MACPS. The regular service for the MACPS would be from the date of appointment as Staff Car Driver.

20. Whether designation classification or higher status would change on account of financial upgradation under MACPS

There shall be no change in the designation classification or higher status on grant of financial upgradation under MACPS, as the upgradation under the Scheme is purely personal and merely placement in the nexl higher grade pay. (Para 16 of Annexure-l of MACPS refers)

21. If a financial upgradation under the MACPS is deferred due to the reason of the employees being 'unfit' or due to departmental proceedings, etc, whether this would have consequential effect on the subsequent financial upgradation.

Yes, this would have consequential effect on the subsequent financial upgradation, which would also get deferred to the extent of delay in grant of financial upgradation. ( MACPS, Para 15)

22. Whether the stepping up of pay would be admissible if a junior is getting more pay than the senior on account of grant of financial upgradation under MACPS.

No stepping up of pay in the band or grade pay would be admissible with regard to junior getting more pay than the senior on account of pay fixation under MACPS. (Para 10 of OM dated 19/5/2009)

23. Whether the regular service rendered by an employee if declared surplus in his/her organisation and appointed in the same grade pay or lower grade pay shall be counted towards the regular service in a new organization for the purpose of MACPS

Yes. (refer para 23 of Annexure-l of MACPS)

24. In case of transfer including unilateral transfer own request, whether regular service rendered in previous organisation/office shall be counted alongwith the regular service in the new organization for the purpose of MACPS.

Yes. OM No.35034/3/2008-Estt(D) dated 01/11/2010

25. If a regular promotion has been offered but was refused by the employees before becoming entitled to a financial upgradation under the MACPS, whether financial upgradation shall be allowed to such a Government servant.

If a regular promotion has been offered but was refused by the Government employee before becoming entitled to a financial upgradation, no financial upgradation shall be allowed and as such an employee has not been stagnated due to lack of opportunities. If, however, financial upgradation has been allowed due to stagnation and the employees subsequently refuse the promotion, it shall not be a ground to withdraw the financial upgradation. He shall, however, not be eligible to be considered for further financial upgradation till he agrees to be considered for promotion again and the next financial upgradation shall also be deferred to the extent of period of debarment due to the refusal.( Para 25 of MACPS)

Original Post: Central Government Employees News


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Know Your Pay Fixation on Promotion and MACP
Pay fixation is done for an employee if he/she gets a promotion. There is a slight difference of Pay Fixation in Promotion and MACP upgradation… We are receiving a number of queries as comments regarding the Pay Fixation from the … Continue reading ?

The Second Meeting of MACP Committee
The report of the discussions on various issues related with MACPS for Government Employees by the Second meeting of MACP Committee. The Meeting was held on 15th September, 2010. 1.      Item No. 1, 9 and  29,46: The demand was to provide for … Continue reading ?

MACPS – Clarifications
Further Clarifications have been sought by various Ministries / Departments about certain issues in connection with implementation of the MACPS. The doubts raised by various quarters have been duly examined and point-wise clarifications have accordingly been indicated in the Annexure. … Continue reading ?

MACPS or Modified Assured Career Progression Scheme
After the implementation of 6th Central Pay Commission earlier ACP has been replaced by MACPS (Modified Assured Career Progression Scheme) with effect from 01.09.2008. The Old ACP would be granted only up to 31.08.2008. According to MACPS an employee would … Continue reading ?