REMOVAL OF CEILING OF MAXIMUM BALANCE TO BE RETAINED IN A POST OFFICE SAVINGS ACCOUNT- AMENDMENT TO RULE-4 OF THE POST OFFICE SAVINGS ACCOUNT RULES 1981 REGARDING. {SB ORDER NO. 20/2011}
No. F.No.113-23/2005-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001,
Dated: 27.09.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.
Sub: Removal of ceiling of maximum balance to be retained in a post office savings account- amendment to Rule-4 of the Post Office Savings Account Rules 1981 regarding. {SB ORDER NO. 20/2011}
Sir / Madam,
The undersigned is directed to say that issue of removal of ceiling of Rs.1 lac in single savings account and Rs.2 Lac in Joint Savings Account fixed in the year 2000 was under consideration in the Min. of Finance (DEA). This issue was linked to the benefit of exemption in Income Tax on the interest earned in Post Office Savings Account under Section10(15) (i) of Income Tax Act, 1961 by the CBDT and Min. of Finance (DEA). After sustained efforts on the part of this Directorate, Min. of Finance (DEA) has now amended Rule-4 of the Post Office Savings Account Rules 1981 vide G.S.R.681(E) F.No.2/5/2006-NS-II dated 15.9.2011 (copy enclosed). Some major benefits of this amendment are given below:
(i) From 1.10.2011, there will be no limit for retaining balance in single as well as joint savings account.
(ii) A depositor or depositor(s) can deposit any amount into single as well as joint savings account.
(iii) Maturity value of any savings instrument can be credited into savings account of the depositor standing in the same post office irrespective of the balance in the account.
(i) Any cheque either issued by Postmaster or any other authority irrespective of any amount can be credited into post office savings account irrespective of the balance in the account.
(ii) From the Financial year 2011-12, Interest income of Rs.3500/- in the case of single account and Rs.7000/- in case of Joint account will be exempted from Income Tax. (Section 10(15) (i) of Income Tax Act, 1961 amended vide Notification No. 32/2010 {F.No. 173/13/2011-IT A.I}/S.O.1296(E) dated 03.06.2011)
(iii) It is the duty of the depositor(s) to show the interest income earned from Post Office Savings Account(s) beyond the limit prescribed above in the Income Tax return and pay due Income Tax.
1. It is requested that all field units may be directed to give wide publicity to these changes in the shape of Public Notice and printing of leaflets.
2. This issues with the approval of DDG (FS).
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)
======================================================
As scheduled, the meeting on cadre restructuring was held in the Postal Directorate on 28.9.2011 under the chairmanship of Dr. Salim Haque, DDG (P). Sri Alox Saxena, DDG (Tech), Sri Rajkumar, Director, Staff, Ms Kalpana, Director, Establishment, Sri Subash Chander, Director, SR & Legal, & Sri Surendrakumar, ADG (PCC) were present on behalf of the official side. The Staff side represented by Sri K.V.Sridharan, General Secretary, P3, Sri D.Kishanrao, General Secretary, P3 FNPO, Sri Giriraj Singh, General secretary, R3 NFPE, Sri D.Theagarajan, General Secretary,R3 FNPO, Sri Iswar Singh Dabas, General Secretary P4, NFPE and Sri T.N.Rahate, General Secretary,P4, FNPO.
The Chairperson expressed the delay in convening the first sitting and assured that the process shall be completed before 31.10.2011 by having two further continuous sittings. It was categorically mentioned by the official side that the proposals for cadre review shall be based only on functional justification and not merely on the percentage basis. Further, they are not in the opinion to suggest forming many new cadres as it will tantamount against the principle accepted by the Govt after implementing the Sixth Pay Commission.
The staff side presented their proposals in each cadre and also the justification for the need of cadre review. It was decided to redraft the proposals by incorporating the various changes taken place in the recent past. The Staff side assured to submit its revised proposals before 7.10.2011. The views of the Staff side demanded discussions on the draft finalized by the former chairman of the committee on cadre review and place it was well taken note of by the official side.
The Chair person declared that next sitting will be held on 12.10.2011 at 14.30 hrs in the Directorate.
Posted By: Abdul Rahiman TP, Secretary,PIII.
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