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Tuesday, 7 May 2019

Tax benefits under NPS, the Government Subscribers can make an additional investment in their NPS Tier I account


Tax benefits under NPS, the Government Subscribers can make an additional investment in their NPS Tier I account

Voluntary Contribution in Tier I account by Govt. Sector Subscribers

In order to avail Tax benefits under NPS, the Government Subscribers can make an additional investment in their NPS Tier I account. An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers. This additional investment can be made by the Subscribers by either of the following ways:

A. Through associated Nodal Office
B. Through eNPS portal
C. Through NPS Mobile App
D. By logging into the CRA System
E. Through Point of Presence (PoP)

A. Voluntary Contribution through associated Nodal Office {Pay and Accounts Office (PAO)/ Cheque Drawing and Disbursement Offices (CDDOs)}

Govt. Subscribers may approach their associated Nodal Offices (PAOs/ CDDOs) for processing of Voluntary Contributions in their Tier I account. The Nodal Office is required to carry out the following activities:

Download necessary utilities for preparation of contribution file i.e. File Preparation Utility (FPU) and File Validation Utility (FVU). Kindly note, these are separate utilities through which only Tier-II and Tier I Voluntary contributions can be prepared and validated. The utilities are available on CRA website – www.npscra.nsdl.co.in at the following link:

https://npscra.nsdl.co.in/
Prepare voluntary contribution details by using the FPU. Ensure that contribution type is selected as “Voluntary Contribution”.

Validate voluntary contribution file prepared using the FVU.

Upload Subscriber Contribution File (SCF) in the NPSCAN application (www.npscancra.com) by logging with the User ID and Internet Password (IPIN) provided by NSDLCRA. The procedure of Contribution upload will be similar to the upload of regular contribution files in NPS.
Nodal Office shall upload the SCF in respect of the Subscribers for whom clear funds are available on daily basis. The Nodal Office is required to remit the funds to the Trustee Bank latest by T+1 day (T being the date of receipt of clear funds) post upload of contribution details in the CRA system.

B. Voluntary Contribution through eNPS portal

The Subscribers can also pay voluntary contributions under Tier I online through eNPS. In order to contribute through eNPS, the Subscribers need to follow the below mentioned steps:
Visit the eNPS portal (https://enps.nsdl.com).

Click on the “Contribution” option.

On the next screen, the Subscriber will have to provide PRAN, Date of Birth, enter Captcha details and click on the “Verify PRAN” option. On clicking the “Verify PRAN” option, system will prompt for a One Time Password (OTP) and the same will be sent on the registered mobile number of the Subscriber. System will display a message to the Subscriber about generation of OTP. The Subscriber will enter the OTP and click on submit OTP option.

After submission of OTP, on the next screen the Subscriber will select the Tier Type as “Tier I” and enter the amount in “Voluntary contribution amount” section, select the “Payment Gateway Option”, tick on the declarations and finally click on “Make Payment” option.

Upon successful processing of the contribution, the units will be credited to Subscribers’ NPS account and an SMS/ Email alert will be sent to the Subscribers’ registered Mobile Number/ Email ID.

C. Voluntary Contribution through NPS Mobile App

Voluntary contribution in Tier I account can also be made using the NPS Mobile App.
NPS Mobile App can be downloaded from Playstore for android phones and Appstore for IOS phones (iPhone).

In NPS Mobile App, Subscriber is required to click on the “Contribution” option available on the Home screen.

On the next screen, Subscriber needs to enter the PRAN, Date of Birth and the Captcha details and click on “Verify PRAN” option.

App will prompt for a One Time Password (OTP) and the same will be sent to the registered mobile number of the Subscriber. App will display a message to the Subscriber about generation of OTP. The Subscriber will enter the OTP and click on submit OTP option.

After submission of OTP, on the next screen the Subscriber will select the Tier Type as “Tier I” and enter the amount, select the “Payment Gateway Option”, tick on the declarations and finally click on “Confirm Payment” option.

Upon successful payment, a receipt will get generated confirming the payment details.

D. Voluntary contribution by logging into the CRA System
One more option for Subscribers to contribute voluntarily in Tier I account is by logging into the CRA System with the User ID (i.e. the PRAN) and the Internet Password (IPIN).
In the CRA system, at the Home page, the Subscriber needs to go to Menu – Contribute Online <<>> Sub-menu - Make Online Contribution.

System will re-direct the Subscriber to the eNPS portal.
Further, the Subscriber needs to follow the procedure as explained under Point C above.

E. Voluntary contribution through Point of Presence (PoP)/ Point of PresenceService Providers (PoP-SP)
Subscribers may also approach the PoP/ PoP-SPs for making Voluntary Contribution in their Tier I account.

The list of PoPs/ PoP-SPs is available on CRA website (www.npscra.nsdl.co.in).
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NPS: What are the tax benefits of NPS?


1. What are the tax benefits of NPS?
Income Tax Act allows benefits under NPS as per the following sections:

On Employee’s contribution: Employee’s own contribution is eligible for tax deduction under sec 80 CCD (1) of Income Tax Act up to 10% of salary (Basic + DA). This is within the overall ceiling of Rs. 1.50 Lacs under Sec. 80 CCE of the Income Tax Act.

On Employer’s contribution: Up to 10% of Basic & DA (no monetary ceiling) under 80CCD (2). This rebate is over and above 80 CCE limit of Rs. 1.50 lacs.

Voluntary Contribution: Employee can voluntarily invest an additional amount of Rs. 50,000 (or more) to the NPS Tier I account and claim tax deduction on the same under section 80 CCD 1(B), subject to a maximum of Rs. 50,000.

2. Which document can a Subscriber use as investment proof in order to avail the tax benefit?
A copy of the Annual Transaction Statement (Tier I) can be used as investment proof in order to avail tax benefits.

3. Can a Subscriber get loan under NPS?
No. At present, a Subscriber cannot avail loan against NPS holdings.

4. Are NPS returns guaranteed?
There is no investment return guarantee. As per the present guidelines of Pension Fund Regulatory & Development Authority (PFRDA, the regulator for NPS), in case of government employees, contributions towards pension are invested by three Pension Fund Managers (PFMs), viz., LIC Pension Fund Limited, SBI Pension Funds Private Limited and UTI Retirement Solutions Limited as per the stipulated guidelines.

The returns under NPS are totally market based i.e. they are based on the NAV of the Pension Fund schemes. The benefits will entirely depend upon the amount contributed and the investment growth upto the point of exit from NPS.
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Return of NPS Scheme (Central Government Scheme)as on March 2019

Return of NPS Scheme (Central Government Scheme)as on March 2019

Return of NPS Scheme

Return chart of individual NPS schemes as on 31 March, 2019
ParticularsSBIPF
Assets (Rs in crore )38,453.66
Scheme Inception Date1-Apr-08
NAVSBIPF
31-Mar-1928.4334
52 Week High28.4334
52 Week Low25.7230
RETURNSSBIPF
3 Months2.86%
6 Months8.32%
1 Years8.94%
2 Years7.50%
3 Years9.35%
5 Years10.68%
Since Inception9.96%
PORTFOLIOSBIPF
Top 5 Holdings8.17 % G- Sec 2044,
8.83% Goi 2041,
9.23% Gsc 2043,
7.40 % Goi 2035,
9.20% Goi 2030
Weigtage of top 5 Holdings,%10.44
Top 3 SectorsGovernment Sector,Banking Finance Sector,Financial Institutions
ParticularsLICPF
Assets (Rs in crore )33,995.76
Scheme Inception Date1-Apr-08
NAVLICPF
31-Mar-1927.5968
52 Week High27.5968
52 Week Low25.0472
RETURNSLICPF
3 Months2.60%
6 Months8.07%
1 Years8.72%
2 Years7.27%
3 Years9.26%
5 Years10.42%
Since Inception9.67%
PORTFOLIOLICPF
Top 5 Holdings8.17% G-Sec 2044,
9.23% G-Sec 2043,
7.88% G-Sec 2030,
7.73% G-Sec 2034,
6.68% G sec 2031
Weigtage of top 5 Holdings,%15.38
Top 3 SectorsGovt. Sec, Finance, Banks
ParticularsUTIRSL
Assets (Rs in crore )36,561.29
Scheme Inception Date1-Apr-08
NAVUTIRSL
31-Mar-1927.5576
52 Week High27.5576
52 Week Low25.0085
RETURNSUTIRSL
3 Months2.96%
6 Months8.27%
1 Years8.82%
2 Years7.53%
3 Years9.53%
5 Years10.59%
Since Inception9.65%
PORTFOLIOUTIRSL
Top 5 Holdings6.68% GSEC 2031,
8.13% GSEC 2045,
8.17% GSEC 2044,
6.84% GSEC 2022,
6.79% GSEC 2029
Weightage of top 5 Holdings,%12.90
Top 3 SectorsBanks, Other credit granting, Housing credit Institutions
SCHEME BENCHMARK RETURN
3 month2.47%
6 month8.04%
1 year8.48%
2 years6.83%
3 years6.83%
5 years10.31%

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NFIR's protest against Railway Board's proposal for making Detonators as part of personal safety equipment of Asst. Loco Pilots


Registration No. : RTU/ Nnn/31/2012

NFIR

National Federation of Indian Railwaymen
3, CHELMSFORD ROAD, NEW DELHI - 110055
Affiliated to :
Indian National Trade Union Congress (INTUC)
International Transport Workers' Federation (ITF)
No. IV/RSAC/2018
Date: 03.05.2019.
The Secretary (E),
Railway Board,
New Delhi.

Dear Sir,
Sir, NFIR's protest against Railway Board's proposal for making Detonators as part of personal safety equipment of Asst. Loco Pilots - Reg.

Ref: Railway Board's Letter No. 2019/ Safety (A&R) /19/07 dated 18.04.2019.

Pursuant to the proposal of Northern Railway, the Railway Board have since sent communication to all the General Managers seeking views for making provision of Detonators as part of personal safety equipment of Asst.Loco Pilots vide Railway Board's letter dated 18.04.2019. While protesting against the arbitrary proposal of the Railway Board, the Federation places below valid points for review.
i) At present, the items/ tools being carried by ALP in his personal bag are:

Tri-colour Torch, Red and Green Flags, Working time table(s). Apart from ALP also required to carry one set of additional dress / uniform, night dress, bathroom slippers, water bottle, lunch box, trouble shooting directory etc.

Now, if detonator box is included in personal luggage, then weight of bag will increase and cause difficulty to carry while walking from crew lobby to running room and also in major yards.

(ii) Besides the above, the other complications which would arise if detonators are made part of personal equipments of Asst.Loco Pilots are furnished below:
a) As per G&SR 3.64.1 (b), the Railway Administration shall be responsible for the supply, renewal, periodical testing and safe custody of such detonators and for ensuring that their usage needs to be understood properly.

b) The detonators are explosive material, therefore to carry them in public places such as platforms circulating area etc., could be treated as violation of Anns and Explosive Act.

c) Most of the major stations are provided with metal detectors to ensure safety of public. If Assistant Loco Pilot carries detonators in his personal luggage, it would be objected by Security Personnel.

d) It will also be risky for Assistant Loco Pilots to keep detonators at their residence as it would be impossible for ALP to continuously guard detonator box during his HQ stay.

e) During Pilot/ Spare movement, ALP cannot keep detonators with him in view of the fact that carrying explosives in passenger trains is prohibited.
In view of the above, NFIR urges upon the Railway Board to kindly cancel the Railway Board's proposal dated 18.04.2019.
Yours faithfully,
(Dr.M.Raghavaiah)
General Secretary
Copy to the Executive Director (Safety), Railway Board, New Delhi
Copy to the Executive Director (IR), Railway Board, New Delhi
Copy to the General Secretaries of Zonal Unions of NFIR
Copy to the Media Centre/ NFIR.

Source: NFIR
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Op Rhino- Concessions to Armed Forces Officers and Personnel Below Officer Ranks including Defence Civilians deployed Civilians deployed in CI Operation


Op Rhino- Concessions to Armed Forces Officers and Personnel Below Officer Ranks including Defence Civilians deployed Civilians deployed in CI Operation

No. 8(3)/9ID (Pay/Services)
Government of India
Ministry of Defence
New Delhi, dated 25th April, 2019
To
The Chief of the Army Staff
New Delhi

Subject: Op Rhino - Concessions to Armed Forces Officers and Personnel Below Officer Ranks including Defence Civilians deployed in CI Operation

Sir,
I am directed to refer to this Ministry's letter of even number dated 5th September, 2017 on the above subject and to convey the sanction of the competent authority to the grant of concessions mentioned in this Ministry's letter of even number dated 10th Jan 1992 read with this Ministry's letter No. 37269/ CI/AG/PS- 3(a)/121/ D(Pay/ Services) dated 14 Jan 1994, as amended, w.e.f. 15th Dec., 2017 to 30th June, 2019 or till the termination of Op Rhino, whichever is earlier.

This issues with the concurrence of Finance Division of this Ministry vide their I.D. No. 5(21)/ 2002-AG(RA)/ 110-PA dated 25/04/ 2019.
Yours faithfully,
( Arun Kumar )
Under Secretary to the Govt. of India
Source: MoD
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