Suraksha Bandhan Drive
Government Launches Suraksha Bandhan Drive in a Mission Mode Through Participating Banks and Insurance Companies to Facilitate Enrolment Under Pradhan Mantri Suraksha
In order to build on the very encouraging response to the two very affordable and convenient to subscribe insurance schemes, namely the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident and disability cover of up to Rs.2 Lakh at an annual premium ofRs.12 and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for a term life cover of Rs.2 Lakh at an annual premium ofRs.330, launched by the Prime Minister Shri Narendra Modi on 9th May 2015, a special enrolment drive is being launched by participating Banks and Insurance Companies in the months of August-September, in the backdrop of the forthcoming festival ofRaksha Bandhan. The drive will reach out to the pool of eligible Bank account holders who are yet to be enrolled under these schemes.
This “Suraksha Bandhan” drive aims to take forward the Government’s objective of creating a universal social security system in the country, targeted especially at the poor and the under-privileged. The envisaged social security initiative also includes the Atal Pension Yojana (APY), launched along with the above two insurance schemes, which addresses the issue of old age income security by facilitating regular contributions during the working life of the subscriber for a guaranteed pension at the age of 60, with certain Government contribution for eligible subscribers who enroll by 31st December, 2015.
Participating Banks supported by the participating Insurance Companies will work towards local outreach, awareness building and enrolment facilitation during this drive. All eligible citizens are requested to contact their Bank branches for enrolment.
Public service organizations supported by peoples representatives, field functionaries of Govt. Departments / Ministries working with the unorganized / informal sector and Banks / Insurance companies are expected to participate in these efforts through outreach drives, camps etc. in large numbers during this period.
The last date for enrolling under the PMSBY and PMJJBY schemes has been extended till 30th September, 2015, and persons enrolling within this period would not be required to submit a certificate of good health for PMJJBY. PMSBY enrolment does not in any event require any such certification.
The drive envisaged in the backdrop of Raksha Bandhan, will be supported through the Jeevan Suraksha Gift Cheques,which will be available for purchase for Rs.351 in Bank branches by persons wishing to gift them to facilitate one year payment of premium for PMJJBY and PMSBY by the recipient. The recipient of the gift cheque would deposit the instrument in his / her bank account for a realizable value of Rs.342 (Rs.12 + Rs.330) to cover one year subscription to PMJJBY and PMSBY. The balance of Rs.9 from the purchase price of Rs.351 would be retained by the issuing Bank as a service charge.
In addition Banks will make available a facility to account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme aimed at enabling them to deposit Rs.201 or Rs.5001, respectively in their accounts either on their own initiative by cash, regular cheque etc. or based on cash / regular cheques etc. received as gifts during the festive season of Raksha Bandhan for long term subscription to PMSBY or to both PMSBY and PMJJBY, respectively.
The Rs.201 deposit envisaged under Suraksha Deposit Scheme would be used by the individual through his / her Bank account to reserve Rs.24 for paying two annual payments of Rs.12 each for PMSBY, at the appropriate time, and the remaining Rs.177 would be in a Fixed Deposit (FD) for 5 to 10 years for payment of future PMSBY subscriptions from the interest accrued every year.
Similarly the Rs.5001 deposit under Jeevan Suraksha Deposit Scheme would be used to reserve Rs.684 for paying two annual payments of Rs.342 (Rs.12 + Rs.330) each for subscription to PMSBY and PMJJBY, at the appropriate time, and the remaining Rs.4317 would be kept in FD for 5 to 10 years for payment of future PMSBY and PMJJBY subscriptions from the interest accrued every year.
*****
Finance Minister Calls for Prudent Expenditure Management; Asks Officers of Indian Cost Accounts Service to Upgrade Their Professional Skills and Expertise in Order to Play a Proactive Role in Assisting the Government in Achieving the Highest Level of Cost Efficiency in Its Projects, Schemes and Operations; Inaugurates the First Indian Cost Accounts Service Day
The Union Finance Minister Shri Arun Jaitley said that in post liberalized era, competitiveness, cost and efficiency management have become the key words of survival and growth. He said that it is all the more important for the Government of a country to have an efficient expenditure management failing which it may face situation like Greece. He said that for a good governance, the Government has not only to augment its resources through better revenue collections but also to manage its expenditure well or even both. The Finance Minister Shri Jaitley was speaking after inaugurating the First Indian Cost Accounts Service Day here today. He asked the officers of the Cost Accounts Service to upgrade their professional skills and expertise in order to play a proactive role in assisting the Government in achieving the highest level of cost efficiency in its projects, schemes and operations.
Later, the Finance Minister also released a book on this occasion laying the future roadmap for Indian Cost Accounts Service. He also presented mementos to the former Chief Advisers Cost on this occasion.
Earlier speaking on the occasion, Shri Ratan P. Watal, Secretary (Expenditure), Government of India said that the Indian Cost Accounts Service (ICoAS) officers deal in quite varied and wide subject matters of contemporary significance, namely, pricing of industrial products and services, determination of various subsidies, petroleum under recoveries, and systems studies. He said that recently, Chief Adviser Cost has rendered important advice in new areas like assessment of Foreign Allowance payable to the Indian staff posted at various missions abroad, evaluation of the consortium credit funding in Khadi Industries, and review of Fees and User Charges charged by various public authorities. In their reports, Shri Watal said that the Chief Adviser Cost has, quite often, recommended significant suggestions for operational improvements including areas for cost reduction. It goes without saying that these recommendations have helped Government of India to effect substantive savings in the Government expenditure on many occasions. As members of many important committees, their analysis and findings are of immense help in decision making, Shri Watal added.
Shri Watal, Secretary (Expenditure) further said that the Government has managed to control expenditure through rationalization. The ongoing fiscal consolidation process has been successful in taming the fiscal deficit, he added. However, the public finance on revenue side requires attention particularly in view of the target set for the revenue deficit under the new Fiscal Responsibility and Budget Management regime. This necessitates structural changes in the Plan spending and definitive measures to contain Non-Plan spending within sustainable limits. Shri Watal said that in order to achieve the fiscal targets of fiscal consolidation, it is equally essential to follow the policy of progressively reducing expenditure on subsidies through improved targeting of beneficiaries. Major subsidies are extremely critical from the viewpoint of fiscal consolidation and are the most important factor in meeting its fiscal targets. The efforts of Government would be to address this issue with a two pronged strategy. Government is committed to progressively pursue subsidy reforms in a manner that will ensure efficient targeting of subsidies to the poor and needy, while also saving scarce financial resources for investment in infrastructure and pursuit of new development programmes announced by the Government from time to time. Keeping in view of the present and emerging scenario, he said that the ICoAS Officers, by virtue of possessing financial expertise, can play a significant role in expenditure management ensuring highest level of efficiency, rendering advice on rationalisation of subsidies and in enhancement of tax and non-tax revenues; thereby facilitating the overall fiscal consolidation process.
Earlier in his welcome address, Shri A.K. Singhal, Additioal Chief Adviser Cost said that office of the Chief Adviser Cost has emerged as a prime professional agency in dealing with matters relating to costing and pricing, studies on cost reduction, cost efficiency, industry level studies for determining fair prices, studies on user charges, Central Excise Abatement matters, Cost Benefit Analysis of Projects, Commercial Financial Management Analysis, appraisal of Capital Intensive Projects, Profitability Analysis and application of Modern Management Tools involving Cost and Commercial Financial Accounting etc. for the Government Ministries and Departments in respect of the matters referred to us. He said that ICoAS Officers are assisting different Central Government Ministries/Departments/Organizations in solving complex Price/Cost related issues, in fixing fair prices for various services/products and rendering advice to various Ministries/Departments in cost and financial matters. Examination and Verification of claims between Government Departments / Public Sector undertakings and suppliers arising out of purchase contracts, determining prices of products and services supplied to Government is also undertaken by this office
Shri J.K.Puri, former Chief Adviser Cost, Ms Aruna Sethi, Principal Adviser Cost, Senior officers of the Ministry of Finance and retired and serving Officers of the ICoAS were also present on the occasion.
********
Later, the Finance Minister also released a book on this occasion laying the future roadmap for Indian Cost Accounts Service. He also presented mementos to the former Chief Advisers Cost on this occasion.
Earlier speaking on the occasion, Shri Ratan P. Watal, Secretary (Expenditure), Government of India said that the Indian Cost Accounts Service (ICoAS) officers deal in quite varied and wide subject matters of contemporary significance, namely, pricing of industrial products and services, determination of various subsidies, petroleum under recoveries, and systems studies. He said that recently, Chief Adviser Cost has rendered important advice in new areas like assessment of Foreign Allowance payable to the Indian staff posted at various missions abroad, evaluation of the consortium credit funding in Khadi Industries, and review of Fees and User Charges charged by various public authorities. In their reports, Shri Watal said that the Chief Adviser Cost has, quite often, recommended significant suggestions for operational improvements including areas for cost reduction. It goes without saying that these recommendations have helped Government of India to effect substantive savings in the Government expenditure on many occasions. As members of many important committees, their analysis and findings are of immense help in decision making, Shri Watal added.
Shri Watal, Secretary (Expenditure) further said that the Government has managed to control expenditure through rationalization. The ongoing fiscal consolidation process has been successful in taming the fiscal deficit, he added. However, the public finance on revenue side requires attention particularly in view of the target set for the revenue deficit under the new Fiscal Responsibility and Budget Management regime. This necessitates structural changes in the Plan spending and definitive measures to contain Non-Plan spending within sustainable limits. Shri Watal said that in order to achieve the fiscal targets of fiscal consolidation, it is equally essential to follow the policy of progressively reducing expenditure on subsidies through improved targeting of beneficiaries. Major subsidies are extremely critical from the viewpoint of fiscal consolidation and are the most important factor in meeting its fiscal targets. The efforts of Government would be to address this issue with a two pronged strategy. Government is committed to progressively pursue subsidy reforms in a manner that will ensure efficient targeting of subsidies to the poor and needy, while also saving scarce financial resources for investment in infrastructure and pursuit of new development programmes announced by the Government from time to time. Keeping in view of the present and emerging scenario, he said that the ICoAS Officers, by virtue of possessing financial expertise, can play a significant role in expenditure management ensuring highest level of efficiency, rendering advice on rationalisation of subsidies and in enhancement of tax and non-tax revenues; thereby facilitating the overall fiscal consolidation process.
Earlier in his welcome address, Shri A.K. Singhal, Additioal Chief Adviser Cost said that office of the Chief Adviser Cost has emerged as a prime professional agency in dealing with matters relating to costing and pricing, studies on cost reduction, cost efficiency, industry level studies for determining fair prices, studies on user charges, Central Excise Abatement matters, Cost Benefit Analysis of Projects, Commercial Financial Management Analysis, appraisal of Capital Intensive Projects, Profitability Analysis and application of Modern Management Tools involving Cost and Commercial Financial Accounting etc. for the Government Ministries and Departments in respect of the matters referred to us. He said that ICoAS Officers are assisting different Central Government Ministries/Departments/Organizations in solving complex Price/Cost related issues, in fixing fair prices for various services/products and rendering advice to various Ministries/Departments in cost and financial matters. Examination and Verification of claims between Government Departments / Public Sector undertakings and suppliers arising out of purchase contracts, determining prices of products and services supplied to Government is also undertaken by this office
Shri J.K.Puri, former Chief Adviser Cost, Ms Aruna Sethi, Principal Adviser Cost, Senior officers of the Ministry of Finance and retired and serving Officers of the ICoAS were also present on the occasion.
Post a Comment