CRA reduces AMC by almost 20% and transaction charges by more than 16%

CRA reduces AMC by almost 20% and transaction
charges by more than 16%
CRA had reduced Annual Maintenance Charges
(AMC) from Rs. 350 to Rs. 280 and Transaction
Charges from Rs. 10 to Rs. 6 once the number of
accounts (PRANs) crossed 10 lakhs. It was committed
to reduce the charges once the number of accounts
reaches 30 lakhs. However, with commendable
increase in the number of subscribers in a short span
of one year, CRA has reduced the AMC by almost
20% to Rs. 225 and Transaction Charges by more
than 16% to Rs.5 even before reaching the
milestone.

1) Account opening Rs. 50/-

2) AMC Rs. 225/- (Old was Rs. 350/-)

3) Transactions (contribution, change in scheme preference, switch and withdrawal) Rs. 5/-
Redemption of units on a quarterly basis

NRMU: Observation of Protest week from 30Jan-3Feb for Long pending demands

Observation of Protest week All over C.Rly from 30Jan to 3Feb (wear black badges while onduty/ attend slogan shouting in front of Lobby) for LONG pending demands of RngStaff:-
1) Mileage & ALK as per TA from 1-1-2006 with arrears,
2) 25% increase wef1-1-11 onwards when DA exceeds 50%
3) Additional Allowance to all,
4) LI anomaly,
5) Pass/ Hospital facility to parents,
6) ALP fixation anomaly as per FTR table,
7) MACP anomaly
8) Filling of initial / Promotional vacancies etc.
9) Improvement in RngRoom/ RlyQtrs
10) NPS
11) 30% for AC Pass
12) RngStaff GrPay anomaly etc etc
NRMU4U

Indian Railway Finance Corporation Limited Offers Tax Free Bonds

Ministry of Railways
Indian Railway Finance Corporation Limited Offers
Tax Free Bonds Tranche-I to Raise upto Rs. 6,300 Crore
Public Issue to Open Tomorrow
Indian Railway Finance Corporation Limited (IRFC), the
financing arm of Indian Railways, is proposing to issue Tax
Free, Secured, Redeemable, Non-Convertible Bonds of face
value of Rs. 1, 000 each in the nature of Debentures, having
benefits under Section 10(15 )(iv) (h ) of the Income Tax Act,
1961, as amended (‘Bonds’) aggregating to Rs.3 ,000 crore
with an option to retain oversubscription of upto the shelf
limit of` Rs. 6, 300 crore (‘Issue’).
The application for subscription of Bonds should be for a
minimum of 10 Bonds and in multiples of 5 Bonds
thereafter. The Issue will open for subscription on January
27, 2012, and close on February 10, 2012, or earlier
(subject to the Issue being open for a minimum period of 3
days), or extension by such period, upto a period of 30 days
from the date of opening of the Issue, as may be decided by
the Board of Directors or by a duly constituted committee of
the Company. The Bonds shall carry a coupon rate of 8. 00%
p.a for 10 years (Series I) and 8. 10% p. a for 15 years
(Series II). An additional coupon rate of 0. 15% p. a. and
0.20 % p. a. on series 1 and series 2 respectively shall be
available to Resident Indian individuals, Hindu Undivided
Families through the Karta and Non Resident Indians on
repatriation as well as non- repatriation basis, applying for
an amount aggregating upto and including Rs.5 lakhs across
all Series in the tranche (available only to the original
allottees). The Bonds are proposed to be listed on NSE and
BSE.
The Bonds have been rated ‘CRISIL AAA/Stable’ by
CRISIL, ‘[ICRA] AAA’ by ICRA and ‘CARE AAA’ by CARE,
indicating highest degree of safety for timely servicing of
financial obligations.
Investors will have an option to hold the bonds either
in physical or in demat form. The Bonds will be secured by
way of a pari passu charge on the movable assets of the
Company comprising of rolling stock such as wagons,
locomotives and coaches.
SBI Capital Markets Limited, A. K. Capital Services
Limited and ICICI Securities Limited are the Lead Managers
to the Issue. Indian Bank shall be the Trustee to the Issue.
The Company intends to utilize the Issue proceeds for
financing the acquisition of rolling stock and financing the
capacity enhancement works in the Indian Railways.
All investors proposing to participate in the Issue should
invest only on the basis of the information contained in the
Shelf Prospectus and the Prospectus Tranche-1 , both dated
January 19, 2012.
The Shelf Prospectus and the Prospectus Tranche 1 are
available on the website of the NSE and BSE at
www.nseindia .com and www.bseindia .com , the website of
SEBI at www.sebi .gov.in, the website of the Company at
www.irfc. nic.in and the respective websites of the Lead
Managers at www.sbicaps. com, www.akcapindia .com and
www.icicisecurities. com.
IRFC is the financing arm of the Indian Railways.
100% shareholding in IRFC is held by the President of India
acting through Ministry of Railways. The Company has been
notified as a Public Financial Institution under Section 4A of
the Companies Act, 1956 and registered as a Non-Banking
Finance Company without accepting public deposits
(Infrastructure Finance Company) with the Reserve Bank of
India. The Company’s principal business is borrowing funds
from the commercial markets to finance the acquisition of
new rolling stock which is then leased to the Indian
Railways. IRFC is a consistently profit making Public Sector
Undertaking that has funded rolling stock of book value of
Rs.69, 843 crore (5, 567 locomotives, 33,856 passenger
coaches, 14,90 ,300 freight wagons and 85 cranes and track
machines) for Indian Railways (as on 30.09 .2011) . Net
worth of IRFC as on 30. 09.2011 stood at approximately
Rs.4, 487.50 crores with Nil Non-Performing Assets. The
Company recorded a net profit after tax of Rs.485. 20 crore
for year ended 31.03 .2011 compared to Rs. 442.69 crore
for year ended 31. 03.2010 .
PIB

Mediclaim Policy: Save upto Rs.40,000/- u/s 80D addition to 1Lac

DEDUCTION U/S 80D MEDICLAIM POLICY
Deduction under section 80D is available for medical claim policy By individual for
family and HUF for their members . Other details regarding 80D and medical
insurance there under is given below
1. Addition to section 80 C:Section 80D is available other than 100000 deduction
available under 80C for life insurance,ppf,gpf ,tuition fee,ULIP,House loan
repayment etc.
2. Insurer covered: This deduction is available for medical claim policy which
should be framed in this behalf by
by GIC(General insurance Corporation) or by
any other insurer but approved by IRDA(Insurance Regulatory
Development authority)
3. Available to :Deduction is available to
Individual (resident or non resident ,Indian Citizen or foreign
citizen)
HUF(Hindu undivided Family may be resident or non resident)
4. Mode of payment: Insurance Premium should be paid by any mode other than
by Cash .Means if insurance premium is paid by cash then no deduction is
available.Before Assessment year 2008-09 ,only payment by cheque was allowed
under this section but from Ay 2008-09 onwards the deduction is allowed by
other mode also like online payment which is now a days is very popular or by
credit card is also allowed.
5. Out of Income : The amount should be paid out of the income chargeable to tax.
6. Proposer of the policy is not must: The premium is to be paid to effect or keep
inforce insurance policy ,there is no condition that assessee should be the
proposer of the policy ,
7. Partly contribution : Assessee can partly contribute the premium amount but
amount should be paid directly to insurance company and paid through mode
other than by cash (see example)
8. Insurance cover on?: First deduction given below :Insurance Premium may be
paid for medical claim insurance policy for assessee himself or spouse or
dependent children or any combination of three.
9. Addition for parents: Second deduction given below:Insurance premium may
be paid for medical claim insurance for assessee parents (father or mother or
for both)
10. Deduction upto 40000: Theoretically ,maximum deduction can be claimed for Rs
40000.(detail as given below)
Amount Of deduction : Two type of Deductions are available to Individuals under
this section from Assessment year 2009-10
1. Deduction on Medical insurance premium paid for himself,spouse ,dependent
children =Rs 15000 maximum.
2. Deduction on Medical insurance premium paid for parents ,whether
dependent on assesee or not =Rs 15000 maximum
Deduction to HUF: Deduction to HUF is available on insurance premium paid for
policy taken for of any member of the HUF
Addition deduction for Resident Senior Citizen: In addition to two point above,
additional deduction of Rs 5000 is available where assessee or his spouse (wife or
husband) or dependent parents or any member of the family in case one and
father or mother is a resident in India and a senior citizen in case two.And same
in the case of HUF assessee if policy has been taken on member which is senior
citizen than additional Rs 5000/- deduction is available also to HUF.
Senior citizen means who is at least of 65 year of age or more at any time during
the previous year.
Example : An individual assessee pays (through any mode other than by cash)
during the previous year medical insurance premium as under
1. Rs 12000/- to keep in force an insurance policy on his health and on his wife
and dependent children
2. Rs 17000/- to keep in force an insurance policy on the health of his parents.
According to above provisions he will be allowed of Rs 27000/- (12000/ - +15000/- ) if
neither of his parents is senior citizen .however if any of his parent is a resident
senior citizen ,he will be allowed a deduction of 29000(12000 +17000) .whether the
parents is dependent or not is not a consideration for deciding the deduction
under section 80D(from assessment year 2009-10 )(previous year 2008-09)
Further, in the above example ,if cost of insurance on the health of the parents is
30000/- out of which Rs 17000/- is paid (by any non cash mode) by the son and rs
13000/- by the father (who is senior citizen), out of their respective taxable
income ,the son get the deduction of Rs 17000/- (in addition to deduction of Rs
12000/- for the medical insurance on self and family) and the father will get
deduction under section Rs 13000/-
(Example as given in Finance Act 2008)
Hope it will be now easy to understand the section 80D deduction.
Source: www.simpletaxindia.net

Expecting Dopt order regarding the issue of ‘Date of Next Increment’ – NAC agenda item No. 5( v)

Employees whose DNI falls between 1st February to 1st
June (Pre Revised Scale) issue…
National Anomaly Committee – Agenda item No.5( v) –
‘Date of Next Increment’
The above said point regarding the anomaly relating to Rule
9 of the CCS (RP) Rules 2008, some of our readers were
confused pertaining a news which came recently from our
staff side members of National Anomaly Committee. The
news was that, the decision of the recently concluded in
fourth National Anomaly Committee (NAC Meeting)
regarding the anomaly in annual increment arising due to
the implementation of 6th Central Pay Commission
Recommendations.
The decision is that before the implementation of 6th CPC,
those employees whose yearly increment falls between
February to June are eligible to get one increment in the pre-
revised scale from 1.1 .2006 as one time measure. In other
words, “Annual increment falls between 1st February 2006
and 1stJune 2006, first increment will be granted on January
2006 on V CPC rates and the second will be granted on July
2006 on VI CPC rates as one time measure”.
The only particular group of employees are eligible to get
the increment as one time measure, everyone should know
that this decision do not have any effect on other
employees.
“Qualifying period for earning an increment is 6 months
on 1st July”.
As per Rule 10 of CCS(RP) Rules, 2008 there will be one
uniform date of annual increment, viz. 1st July of every
year. Government servants completing 6 months and above
in the revised pay structure as on 1st of July will be eligible
to be granted the increment. Accordingly, all Government
servants who earned their last increment between
02.01 .2005 and 01.01 .2006 would get their next increment
on 01. 07.2006 .
For those employees whose date of next increment falls on
01.01 .2006, the instructions already provide for granting an
increment in the pre- revised pay scale as on 01. 01.2006
and then fixing their pay in the revised pay scales. Such
Government servants would also get their next increment on
01.07 .2006.
Due to implementation of the above said rule, concerning
the anomaly has been discussed in every meeting of
National Anomaly Committee and finally a decision was
taken. Now, we are expecting a Government order regarding
the issue through Dopt, which may help to calculate the pay
fixation and arrears exactly.