New Functionalities released under National Pension System (NPS)
New Functionalities released under National Pension System (NPS)
Pension Fund
Regulatory and Development Authority (PFRDA) has been established by the
Government of India for regulation and development of Pension Sector in order
to protect the old age income security of subscribers. PFRDA takes various
initiatives from time to time in order to simplify and improve the operational
issues in National Pension System (NPS) like new functionality development
under NPS architecture, simplification of account opening, withdrawal,
grievance management etc. In this regard, recently many new functionalities
have been released by the Central Recordkeeping Agency (CRA) to provide the ease
of operation for the benefit of subscribers and nodal offices. These are
detailed below:
Functionality released in CRA system recently for
the benefit of NPS subscribers:
Sr. No.
|
Functionalities
|
Benefits Description
|
1
|
Contribution upload for shifted subscribers
|
Point of Presence (POPs) were previously allowed
to upload the regular monthly contribution in the CRA system only for the
subscribers pertaining to their associated Corporate. Now, a POP can also
upload the contribution for subscribers who have shifted from one of their
associated Corporate to another associate Corporate.
|
2
|
One way switch
|
Currently, there
is no provision for transfer of funds from Tier-II to Tier-I account. Now,
the POP can process a subscriber request to transfer funds from Tier II to
Tier I account. Such transactions can be processed only for subscribers under
All Citizens of India Model or Corporate Sector Model having active Tier I
and Tier II accounts, subject to the availability of adequate holdings in the
Tier II account. There is no limit (minimum or maximum) on the amount and
number of one way switches that can be requested by a subscriber.
|
3
|
Upload of
unequal contribution for Govt. employees
|
In case of Govt. sector employees, the Uploading
Office is required to prepare and upload the contribution file wherein the
Employee and Employer Contribution are equal for each subscriber. This
functionality will now allow the Uploading Offices to prepare and upload
contribution files where Employer and Employee contribution amount are not
same.
|
4
|
Processing of voluntary contribution for
corporate subscribers through any POP
|
Currently, POPs are allowed to upload
contributions for corporate subscribers only if the Corporate is associated
with them. With the release of this new functionality, the POPs can process
the ‘Voluntary’ contributions made by any Corporate subscriber even if they
are not associated to them.
|
5
|
Functionality for nodal
offices on Tier – II operations and voluntary contribution processing
|
The Govt. sector Nodal
Offices have now been provided with utility for activating the Tier II
account and its operation for all Government employees. The
Government subscribers (mandatorily covered under NPS) can also approach
their associated Nodal Office for making additional investment (Voluntary
Contributions) in their PRAN - Tier I account.
|
6
|
Insertion of QR Code facility on backside of PRAN
|
The QR code is a matrix barcode and is used to
store URL of websites. The QR code can be converted to data by using a smart
phone. The application to read QR code is available as free application
for all smartphone users. Further, utility to convert website URL to QR code
is also freely available online.
|
7
|
Grievance resolution by monitoring office in CRA
system
|
In case of Govt. sector nodal offices, only the
PAOs/DTOs can provide resolution remarks for the grievances raised against
them by their associated subscribers in Central Grievance Management System
(CGMS) module. However, the mapped Pr.AOs/DTAs can only monitor the status of
the grievances (using ‘Token No’) raised against underlying PAOs/DTOs. Now,
with the new facility made available in the CRA system, the Pr.AOs/DTAs along
with the PAOs/DTOs can provide resolution remarks to the grievances raised
against the associated office.
|
8
|
Pop - Up window for resolution of pending
grievance in CRA system
|
To aid the Nodal Offices, a pop-up alert is
displayed on the home page immediately after the User logs in to CRA website
(www.cra-nsdl.com). The pop-up displays the count of grievances pending (if
any) for more than 30 days. The User have two options i.e., either to resolve
the grievances immediately by selecting the option ‘Resolve Now’ (which will
guide the user to ‘grievance resolution’ screen) or to select ‘Resolve Later’
to continue with regular operations and provide resolutions to the grievances
later. The pop-up window is a reminder to all the Nodal Offices which have
any grievance pending for resolution beyond 30 days in Central Grievance
Management System (CGMS) module.
|
9
|
Functionality for capturing bank details and
contact details of the nodal offices
|
A facility has been provided to Nodal Offices of
Central Government to enter the contact details of their Nodal Officer (along
with details of alternate Nodal Officer) and the Bank account details of
respective Nodal Office in CRA system. This will help Trustee Bank and CRA to
identify the nodal offices for better coordination.
|
Currently, NPS has more than one crore subscribers
with total Asset Under Management (AUM) of more than Rs. One lakh crore.
*****
Finance Ministry expects the economy to grow in the vicinity of 7.5% during
the current Financial Year 2015-16
The Central Statistics Office (CSO) released
estimates of GDP and related parameters for Second Quarter of 2015-16 today.
The Finance Ministry analysed the data and made its observation that the GDP
growth rate in the second quarter of the current Financial Year 2015-16 is
greater than the growth in the First Quarter. GDP growth (measured in terms of
constant 2011-12 market prices) for Second Quarter (Q2) of 2015-16 is estimated
to be 7.4 per cent. The GDP growth has picked-up from 7.0 per cent in Q1 of
2015-16.
The Finance Ministry further observed that the growth is being mainly driven by pick-up in the manufacturing sector, which has grown by 9.3 per cent in the Second Quarter. Similarly, the Fixed Investment is showing a sign of revival as it has grown by 6.8 per cent in the Second Quarter of current Financial Year 2015-16. Further, the Service Sector growth is still robust at 8.8 per cent in Q2 of 2015-16, with the trade and transport services leading the way. Overall, the Ministry is expecting the economy to grow in the vicinity of 7.5 per cent in FY 2015-16.
The Finance Ministry further observed that the growth is being mainly driven by pick-up in the manufacturing sector, which has grown by 9.3 per cent in the Second Quarter. Similarly, the Fixed Investment is showing a sign of revival as it has grown by 6.8 per cent in the Second Quarter of current Financial Year 2015-16. Further, the Service Sector growth is still robust at 8.8 per cent in Q2 of 2015-16, with the trade and transport services leading the way. Overall, the Ministry is expecting the economy to grow in the vicinity of 7.5 per cent in FY 2015-16.
***********
Change
in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude
Palmolein, RBD Palmolein, others – Palmolein, Crude Soyabean Oil, Brass Scrap
(All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
In exercise
of the powers conferred by sub-section (2) of Section 14 of the Customs Act,
1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being
satisfied that it is necessary and expedient so to do, hereby makes the
following amendment in the notification of the Government of India in the
Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated
the 3rd August, 2001,
published in the Gazette of India, Extraordinary, Part-II, Section-3,
Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
In the said
notification, for TABLE-1,
TABLE-2, and TABLE-3, the following Tables shall be
substituted namely:-
TABLE-1
Sl. No.
|
Chapter/ heading/
sub-heading/tariff item
|
Description of goods
|
Tariff value US $
(Per Metric Tonne)
|
(1)
|
(2)
|
(3)
|
(4)
|
1
|
1511 10 00
|
Crude
Palm Oil
|
536
|
2
|
1511 90 10
|
RBD Palm Oil
|
578
|
3
|
1511 90 90
|
Others – Palm Oil
|
557
|
4
|
1511 10 00
|
Crude Palmolein
|
588
|
5
|
1511 90 20
|
RBD Palmolein
|
591
|
6
|
1511 90 90
|
Others – Palmolein
|
590
|
7
|
1507 10 00
|
Crude Soya bean Oil
|
734
|
8
|
7404 00 22
|
Brass Scrap (all grades)
|
2993
|
9
|
1207 91 00
|
Poppy seeds
|
2722
|
TABLE-2
Sl. No.
|
Chapter/ heading/
sub-heading/tariff item
|
Description of goods
|
Tariff value
(US $)
|
(1)
|
(2)
|
(3)
|
(4)
|
1
|
71 or 98
|
Gold, in any form, in respect of
which the benefit of entries at serial number 321 and 323 of the Notification
No. 12/2012-Customs dated 17.03.2012 is availed
|
344 per 10 grams
|
2
|
71 or 98
|
Silver, in any form, in respect of
which the benefit of entries at serial number 322 and 324 of the Notification
No. 12/2012-Customs dated 17.03.2012 is availed
|
461 per kilogram
|
TABLE-3
Sl. No.
|
Chapter/ heading/
sub-heading/tariff item
|
Description of goods
|
Tariff value
(US $ Per Metric Tons )
|
(1)
|
(2)
|
(3)
|
(4)
|
1
|
080280
|
Areca nuts
|
2662
|
*****
Auction for Sale (Re-Issue) of Government Stock
The Government of India have
announced the Sale (re-issue) of (i) “7.35 per cent Government Stock 2024” for
a notified amount of Rs. 2,000 crore (nominal) through price based
auction, (ii) “7.59 per cent Government Stock 2029” for a notified amount
of Rs. 7,000 crore (nominal) through price based auction, (iii)
“8.24 per cent Government Stock 2033” for a notified amount of Rs. 3,000
crore (nominal) through price based auction, and (iv) “8.13
per cent Government Stock 2045” for a notified amount of Rs. 3,000 crore
(nominal) throughprice based auction. The auctions will be conducted
using multiple price method. The auctions will be conducted by
the Reserve Bank of India (RBI), Mumbai Office, Fort, Mumbai on December
04, 2015 (Friday).
Up to 5% of the notified
amount of the sale of the stocks will be allotted to eligible
individuals and Institutions as per the Scheme for Non-Competitive Bidding
Facility in the Auction of Government Securities.
Both competitive and
non-competitive bids for the auction should be submitted in electronic format
on the Reserve Bank of India Core Banking Solution (E-Kuber) system on December
04, 2015. The non-competitive bids should be submitted between 10.30 a.m.
and 11.30 a.m. and the competitive bids should be submitted between
10.30 a.m. and 12.00 noon.
The result of the auctions
will be announced on December 04, 2015 and payment by
successful bidders will be December 07, 2015 (Monday).
The Stocks will be eligible
for “When Issued” trading in accordance with the guidelines on ‘When
Issued transactions in Central Government Securities’ issued by the
Reserve Bank of India (RBI) vide circular No. RBI/2006-07/178 dated November
16, 2006 as amended from time to time.
*****
Shri A.K. Jain, Member, CBDT to discharge the duties and responsibilities
of the post of Chairperson, CBDT in addition to his own duties; Ms. Anita
Kapur, Chairperson, CBDT who is superannuating today, is appointed as Adviser
on Tax Reforms for a period of six months
Ms Anita Kapur will demit the office of
Chairperson, Central Board of Direct Taxes (CBDT) on her superannuation today
i.e. 30th November, 2015. Shri A.K. Jain, Member, CBDT will discharge the
duties and responsibilities of the post of Chairperson, CBDT in addition to his
own duties, till further orders.
Meanwhile, the Government has appointed Ms. Anita Kapur as Adviser on Tax Reforms on contract basis with effect from 1.12.2015 for a period of six months or earlier, as may be decided by the Government, on the following Terms of Reference:
Terms of Reference
i) To advise the Revenue Department on important files referred to the Adviser by the Department.
ii) To examine various suggestions received for bold tax reforms in the light of hard data and likely implications as present her view to Revenue Department.
iii) To help the Committee set up recently under the Chairmanship of Justice R.V. Easwar (Retd.) for re-drafting of certain sections of the Income Tax Act; and
iv) To present the Government suo moto her views on certain policy matters relating to direct taxation.
Meanwhile, the Government has appointed Ms. Anita Kapur as Adviser on Tax Reforms on contract basis with effect from 1.12.2015 for a period of six months or earlier, as may be decided by the Government, on the following Terms of Reference:
Terms of Reference
i) To advise the Revenue Department on important files referred to the Adviser by the Department.
ii) To examine various suggestions received for bold tax reforms in the light of hard data and likely implications as present her view to Revenue Department.
iii) To help the Committee set up recently under the Chairmanship of Justice R.V. Easwar (Retd.) for re-drafting of certain sections of the Income Tax Act; and
iv) To present the Government suo moto her views on certain policy matters relating to direct taxation.
*****
Post a Comment