Friday 7 October 2016
Diwali stamp released by US Postal Service
NEW YORK: A Diwali stamp was launched here by the US postal service, capping seven-year-long efforts by Indian-Americans and influential American lawmakers to commemorate the festival of lights.
The US Postal Service (USPS) commemorated the Hindu festival of Diwali by dedicating the Diwali Forever stamp.
The US Postal Service (USPS) commemorated the Hindu festival of Diwali by dedicating the Diwali Forever stamp.
The stamp shows a photo of a traditional 'diya' lit against a sparkling gold background and the words 'Forever USA 2016' written below.
The ceremony was attended by Consul General Ambassador Riva Ganguly Das, Congresswoman Carolyn Maloney, Diwali Stamp Project Chair Ranju Batra, USPS Vice President for Mail Entry and Payment Technology Pritha Mehra, India's former Permanent Representative to the United Nations Ambassador Hardeep Singh Puri and eminent Indian-American attorney Ravi Batra.
"It has taken many years of hard work and advocacy but light has finally triumphed. Today, Diwali has received its long awaited commemorative stamp and rightfully joins the ranks of other major religious and cultural holidays such as Christmas, Kwanzaa, Hanukkah and Eid," Maloney said.
Mehra said the postal service is "honoured" to issue the Forever stamp that celebrates the Festival of Diwali.
"We hope these stamps will light up millions of cards and letters as they make their journey through the mailstream," she said.
Das said she was "honoured" to be part of history as the USPS releases the Diwali Forever stamp.
"Now for the first time there is a stamp that celebrates Hindus, Sikhs, Jains and Buddhists as Americans forever. The Diwali stamp will be a matter of pride for generations to come," Ranju Batra said.
Ravi Batra said since the start of the American Revolution, "destiny has beckoned the US and India to be the closest allies" and the Diwali stamp "represents nothing short of respectful inclusive indivisibility within America and between two sovereigns."
Sally Andersen-Bruce of Connecticut photographed the diya and Greg Breeding of Virginia designed the stamp, with William Gicker of Washington serving as the project's art director.
Maloney said getting the Diwali stamp involved years of hard work and advocacy, including thousands of petition signatures, multiple meetings with Prime Minister Modi, personal appeals to President Barack Obama, and multiple Congressional Resolutions.
She said the Diwali stamp would not have become a reality without the "tireless efforts" of thousands of grassroots supporters across the country who wrote letters and signed petitions.
"This stamp represents the triumph of knowledge over ignorance, lightness over dark and good over evil. These values, these virtues, are more important and relevant than ever before and I am thrilled that after many years of fighting for this stamp it has finally become a reality," she said.
Source:-The Economic Times
OPERATING GUIDELINES FOR PAYMENT BANK
ON 06 OCTOBER 2016 RBI ISSUED OPERATING GUIDELINES FOR PAYMENT BANK ( IPPB IS ALSO A PAYMENT BANK )
RBI/2016-17/80
DBR.NBD.No.25/16.13.218/2016-17
October 6, 2016
Chief Executive Officers of Payments Banks
Madam / Dear Sir,
Operating Guidelines for Payments Banks
Please refer to the Guidelines for Licensing of Payments Banks (‘Licensing Guidelines’) dated November 27, 2014, under which in-principle approvals/ licences were issued to the applicants for setting up of the payments banks.
2. The need for separate Operating Guidelines for payments banks was examined, considering the differentiated nature of business and financial inclusion focus of these banks. Accordingly, the Operating Guidelines for payments banks are given in the Annex.
3. The prudential frameworks for market risk and operational risk are being examined and the instructions in this regard will be issued separately.
4. These Operating Guidelines are supplementary to the Licensing Guidelines and take immediate effect.
Yours faithfully,
(S S Barik)
Chief General Manager-in-Charge
Annexure
Operating Guidelines for Payments Banks
1. Prudential regulation
The prudential regulatory framework for payments banks (PBs) will largely be drawn from the Basel standards. However, given the financial inclusion focus of these banks, it will be suitably calibrated.
1.1. Capital adequacy framework
Minimum Capital Requirement 15%
Common Equity Tier 1 6%
Additional Tier I 1.5%
Minimum Tier I capital 7.5%
Tier 2 capital 7.5%
Capital Conservation Buffer Not Applicable
Counter-cyclical capital buffer Not applicable
Pre-specified Trigger for conversion of AT1 CET1 at 6% up to March 31, 2019, and 7% thereafter
1.2 Large exposures limits (for investments in deposits of scheduled commercial banks)
The exposure in this regard to an individual scheduled commercial bank shall not be more than five per cent of the total outside liabilities of the PB.
1.3 Capital measurement approaches
Credit Risk Basel II Standardized Approach for credit risk
1.4 Inter-bank borrowings
PBs will be permitted to participate in the call money and CBLO market as both borrowers and lenders. These borrowings would, however, be subject to the limit on call money borrowings as applicable to scheduled commercial banks.
1.5 Investment classification and valuation norms
i. PBs shall, on any given day, maintain a minimum investment to the extent of not less than 75 per cent of ‘demand deposit balances’ – DDB (including the earnest money deposits of BCs) as on three working days prior to that day, in Government securities/Treasury Bills with maturity up to one year that are recognized by RBI as eligible securities for maintenance of Statutory Liquidity Ratio (SLR).
ii. Further, PBs shall, on any given day, maintain balances in demand and time deposits with other scheduled commercial banks, which shall not be more than 25 per cent of its DDB (including the earnest money deposits of BCs) as on three working days prior to that day.
iii. The investments and deposits made according to (i) and (ii) above, together shall not be less than 100 per cent of the DDB (including the earnest money deposits of BCs) of the PB unless it is less to the extent of balances kept with RBI.
Note:Balances with other scheduled commercial banks in excess of 25 per cent of DDB (including the earnest money deposits of BCs), is permissible to the extent the excess amount is sourced from funds other than DDB (including the earnest money deposits of BCs).
iv. PBs will not be allowed to classify any investment, other than those made out of their own funds, as HTM category. The investments made out of their own funds shall not, in any case be, in assets or investments in respect of which the promoter / a promoter group entity is a direct or indirect obligor.
v. PBs will not be allowed to participate in ‘when issued’ and ‘short sale’ transactions.
vi. PBs will be permitted to invest in bank CDs within the limit applicable to bank deposits.
vii. The other directions on the subject as applicable to scheduled commercial banks (see theMaster Circular RBI/2015-16/97 DBR No BP.BC.6/21.04.141/2015-16 dated July 1, 2015 and the circulars issued thereafter).
1.6 Restrictions on loans and advances (including lending to NBFCs) including regulatory limits
PBs will not be permitted to lend to any person including their directors. However, PBs may lend to their own employees out of the bank’s own funds, as per a Board approved policy outlining the caps on such loans.
1.7 Para-banking activities
PBs will not be permitted to undertake any para-banking activity except those allowed as per the Licensing Guidelines and the related FAQs issued.
1.8 Product approval
i. At the time of submitting application for licence, the PBs should submit to RBI a list of financial products they intend to offer with a clear description.
ii. Any new products proposed to be introduced thereafter should be intimated to RBI for information. If required, RBI may place suitable restrictions on the design, functioning, or other features of the product including discontinuing the product.
2. Risk management
2.1 Credit risk management including credit concentration risk
Not applicable, except as indicated in para. 1.3.
2.2 Market risk management
The provisions regarding market risk management for PBs will be as applicable to commercial banks. PBs will be permitted to use derivatives only for the purpose of hedging their foreign currency positions arising out of the activities conducted under the AD Category II authorization.
2.3 Operational risk management
Payment Banks should implement the operational risk management requirements, issued by RBI for scheduled commercial banks for operational risk, including collection of operational loss data.
2.4 Liquidity risk management
The provisions regarding liquidity risk management shall be as applicable to scheduled commercial banks, with suitable enhancements to take into account the liquidity risk profile of PBs.
2.5 Strategic and reputational risk management
The provisions regarding strategic and reputational risk management shall be as applicable to scheduled commercial banks, with suitable enhancements to take care of the reputational risk arising from use of agents.
2.6 Internal controls, audit and compliance
The provisions regarding internal controls, audit and compliance by the PBs shall be as applicable to scheduled commercial banks, with suitable enhancements to take care of the ICT related aspects and operations through agents.
3. CRR, SLR, disclosures and statutory/regulatory reports
Read Complete Guideline by clicking below link
Cases for consideration by the Anomaly committee -2 - regarding
Sub: Cases for consideration by the Anomaly committee - regarding
1. I take this opportunity for submission of the following case for consideration by the anomaly committee.
2. The case
This is regarding the option for pay fixation on promotion from the date of next increment. The promotion includes the promotion under MACPS.
3. The anamaly
Rule 13 of CCS (RP) Rules stipulates that only those officials who have got a promotion between the dates of implementation of the 7th CPC (1.1.2016) and date of notification (25.7.2016) are eligible for pay fixation on the date of promotion or date of next increment.
FR 22 provides for the option for fixation of pay either on the date of promotion or on the date of next increment. Moreover, every promotion order must contain a clause to this effect. This benefit is guaranteed by the statutory provisions of FR 22.
Prior to 6th CPC also, this provision was available, even though the date of next increment is personal to each officials. Even though the 6th CPC introduced a uniform date of increment on 1st July, this benefit under FR 22 has been made available in case of promotion.
Prior to 6th CPC, there were scales of pay for various cadres. For an official who opted for pay fixation on the date of next increment, the official was placed at the next higher stage of the promoted scale from the date of promotion to the date of next increment. On the date of next increment, his pay was fixed in the promoted scale at a stage which was next higher to the figure arrived at by adding one increment in the feeder scale, subject to a minimum of Rs. 100.
As per CCS (RP) Rules 2008, the scales were replaced by pay band and Grade pay. In this case also, for an official who opted for pay fixation on the date of next increment, the official was given the difference of grade pay for the period between the date of promotion and the date of increment. On the date of next increment, his pay was fixed as per RP (Rules) 2008.
As per CCS (RP) Rules 2016, such option is available only for those officials who have been promoted between 1.1.2016 and 25.7.2016. The officials who are promoted after 25.7.16 are denied this option, as they are put into loss. This forces those officials who are promoted after 25.7.2016 to opt for their pay fixation on the date of promotion itself. It is to be noted that as per CCS (RP) Rules 2016, there will be no benefit between the date of promotion and the date of next increment, even if the opts for his pay fixation on the date of next increment.
In such a situation those officials will be put into a great financial loss.
Consider the case of a government with following details.
A government servant drawing Rs. 44100 in level 5 is promoted to level 6 with effect from 1.3.2017 (MACP II). As per CCS (RP) Rules 2016, his pay would be fixed as follows.
Fixation on the date of promotion itself 1.3.2017
Pay in the present level 5 on the date of promotion 1.3.17
|
Rs. 44100
|
Next stage in level 5 on 1.3.17
|
Rs. 45400
|
Pay fixed in level 6 on 1.3.17
|
Rs. 46200
|
Pay on the date of next increment 1.1.18
|
Rs. 47600
|
Fixation on the date of next increment 1.7.2017
Pay in the present level 5 on the date of promotion 1.3.17
|
Rs. 44100
|
Pay in the present level 5 on the date of next increment 1.7.17, after normal increment in level 5
|
Rs. 45400
|
pay after adding one increment in level 5 for promotion on 1.7.17
|
Rs. 46800
|
Pay on the date of next increment 1.1.18
|
Rs. 47600
|
Benefit between 1.3.17 to 30.6.17
|
Nil
|
It can be observed that if the option for pay fixation on the date of next increment is available, the official will get Rs. 47600 on 1.7.17 itself instead of on 1.1.18. But, the official is not extended any financial benefit between 1.3.17 to 30.6.17, which is guaranteed under the statutory provisions of FR 22.
As per the provisions contained in the CCS (RP) Rules 2016 itself this is an anomaly since this benefit is extended to a section of employees who were promoted between 1.1.16 and 25.7.16 and the same benefit is denied to the rest of the employees who are promoted after 25.7.16, which is a violation of equality before law as guaranteed by Article 14 of the Constitution of India.
4. Remedy suggested:
In Rule 13 of CCS (RP) Rules 2016 the following modifications are to be given.
“In case of promotion, the official will have the option to have his pay fixed as on the date of promotion or on the date of next increment, as per the statutory provisions of FR 22.
For option for pay fixation on the date of promotion, the procedure prescribed under RP rules 2016 holds good.
For option for pay fixation on the date of next increment, for the period between the date of promotion and the date of next increment, the pay should be fixed at the cell in the promoted level which is just higher to the pay in the lower level. On the date of next increment, his pay should be brought back to his original level and the pay should be fixed as per RP rules 2016, after drawal of the periodical increment.
For example, consider the following case cited early.
A government servant drawing Rs. 44100 in level 5 is promoted to level 6 with effect from 1.3.2017 (MACP II). As per RP Rules (2016), his pay would be fixed as follows.
Fixation on the date of next increment 1.7.2017
Pay in the present level 5 on the date of promotion 1.3.17
|
Rs. 44100
|
Pay in the present level 5 on the date of next increment 1.7.17, after normal increment in level 5
|
Rs. 45400
|
pay after adding one increment in level 5 for promotion on 1.7.17
|
Rs. 46800
|
Pay on the date of next increment 1.1.18
|
Rs. 47600
|
Benefit between 1.3.17 to 30.6.17
|
Rs. 44900
|
The RP rules 2016 should be modified as above. Then only, all officials will get the same kind of benefit.
.
Thanking you.
From
Shri. R.Hariharakrishnan
Postmaster,
Srivaikuntam HO
Tamilnadu - 628601
Cases for consideration by the Anomaly committee -1 - regarding
Sub: Cases for consideration by the Anomaly committee - regarding
1. I take this opportunity for submission of the following cases for consideration by the anomaly committee.
2. The case
This is regarding the pay fixation on promotion from one level to higher level, which includes the promotion under MACPS.
3. The anomaly
Rule 13 of CCS (RP) Rules stipulates the method of fixation on promotion, which is reproduced below.
“ The fixation of pay in case of promotion from one level to another in the revised pay structure shall be made in the following manner, namely:-
(i) One increment shall be given in the level from which the employee is promoted and he shall be placed at a cell equal to the figure so arrived at in the level of the post to which promoted and if no such cell is available in the level to which promoted, he shall be placed at the next higher cell in that level.
Prior to 7th CPC, the fixation formula was to place at the next higher level in the promoted scale after giving one increment in the lower level. The word at a cell equal to and if not at the next higher cell is significant, especially in level 6 ,7 and 8. The relevant part of the pay matrix is reproduced below for ready reference.
Pay matrix
Index
|
GP 4200 Level 6
|
GP 4600 Level 7
|
GP 4800 Level 8
|
1
|
44900
|
47600
| |
2
|
46200
|
49000
| |
3
|
47600
|
50500
| |
4
|
49000
|
52000
| |
5
|
50500
|
53600
| |
6
|
52000
|
55200
| |
7
|
53600
|
56900
| |
8
|
55200
|
58600
| |
9
|
44900
|
56900
|
60400
|
10
|
46200
|
58600
|
62200
|
11
|
47600
|
60400
|
64100
|
12
|
49000
|
62200
|
66000
|
13
|
50500
|
64100
|
68000
|
14
|
52000
|
66000
|
70000
|
15
|
53600
|
68000
|
72100
|
16
|
55200
|
70000
|
74300
|
17
|
56900
|
72100
|
76500
|
18
|
58600
|
74300
|
78800
|
19
|
60400
|
76500
|
81200
|
20
|
62200
|
78800
|
83600
|
It can be seen from the above that the levels are the same in the feeder level and the promoted level. This patter is observed only in the above 3 levels. As a result, the officials who are promoted from level 6 to 7 and from 7 to 8 are the losers as their pay will be fixed in the cell which would be equal to the amount in the lower level after addition of one increment. For all other levels, the officials would be fixed in the next higher cell of the promoted level. As such a section of employees will be put into loss on promotion.
4. Remedy suggested:
In Rule 13 of CCS (RP) Rules 2016 the following words to be deleted “equal to the figure so arrived at in the level of the post to which promoted and if no such cell is available in the level to which promoted“. The rule should be as follows.
(ii) “One increment shall be given in the level from which the employee is promoted and he shall be placed at the next higher cell to the figure so arrived at in the level of the post to which promoted.”
A comparison of benefits.
For comparison, the pay at index 14 is taken under various levels.
Details
|
Level 1 to 2
|
Level 2 to 3
|
Level 3 to 4
|
Level 4 to 5
|
Level 5 to 6
|
Pay in lower level
|
26400
|
29300
|
32000
|
37500
|
42800
|
Pay after adding one increment in lower level
|
27200
|
30200
|
33000
|
38600
|
44100
|
Pay in the higher level
|
27600
|
30200
|
33300
|
39200
|
44900
|
Benefit over the pay in the lower level
|
1200
|
900
|
1300
|
1700
|
2100
|
Percentage of benefit over the pay in the lower level
|
4.54
|
3.07
|
4.06
|
4.53
|
4.9
|
Details
|
Level6 to 7
|
Level 7 to 8
|
Level 8 to 9
|
Level 9 to 10
|
Level 10 to 11
|
Pay in lower level
|
52000
|
66000
|
70000
|
77900
|
82400
|
Pay after adding one increment in lower level
|
53600
|
68000
|
72100
|
80200
|
84900
|
Pay in the higher level
|
53600
|
68000
|
73400
|
82400
|
85800
|
Benefit over the pay in the lower level
|
1600
|
2000
|
3400
|
4500
|
3400
|
Percentage of benefit over the pay in the lower level
|
3.07
|
3.03
|
4.85
|
5.77
|
4.12
|
Details
|
Level 11 to 12
|
Level 12 to 13
|
Level 13 to 13A
|
Level 13A to 14
| |
Pay in lower level
|
99500
|
115800
|
174100
|
192500
| |
Pay after adding one increment in lower level
|
102500
|
119300
|
179300
|
198300
| |
Pay in the higher level
|
102800
|
122100
|
181500
|
199600
| |
Benefit over the pay in the lower level
|
3300
|
6300
|
7400
|
7100
| |
Percentage of benefit over the pay in the lower level
|
3.31
|
5.44
|
4.25
|
3.68
|
Details
|
Level 4 to 5
|
Level 5 to 6
|
Level 6 to 7
|
Level 7 to 8
|
Level 8 to 9
|
Pay in lower level
|
37500
|
42800
|
52000
|
66000
|
70000
|
Pay after adding one increment in lower level
|
38600
|
44100
|
53600
|
68000
|
72100
|
Pay in the higher level
|
39200
|
44900
|
53600
|
68000
|
73400
|
Benefit over the pay in the lower level
|
1700
|
2100
|
1600
|
2000
|
3400
|
Percentage of benefit over the pay in the lower level
|
4.53
|
4.9
|
3.07
|
3.03
|
4.85
|
From the above it could be seen that the percentage increase for promotions from levels 2 to 3, 6 to 7 and 7 to 8 are the least.
Example:
A government servant has the pay of Rs. 56900 in level 6 is promoted to level 7. As per RP (Rules) 2016, his pay would be fixed as follows.
Pay in level 6 Rs. 56900
Pay In level 6 after adding one increment Rs. 58600
Pay in level 7 after his promotion: Rs. 58600, since there is equal stage in level 7.
In the modified form of the rule his pay would be fixed at Rs. 60400
This anomaly may be taken at appropriate level and revised orders may caused to be issued so that all officials are extended the same amount of benefit on promotion.
Thanking you.
From
Shri. R.Hariharakrishnan
Postmaster,
Srivaikuntam HO
Tamilnadu - 628601
Subscribe to:
Posts (Atom)