A final solution to the ‘One Rank One Pension’ row remained out of reach despite hectic back channel talks, as the protesting ex-servicemen on Wednesday rejected government’s formula saying an attempt was being made to “short change” them.
“Government is hell bent on short changing. There are only three points of contention,” a source here said.
Sources said that the government wants 2011 to be the base year besides no 3 per cent annual increase. The government also wants payment to begin from April 1, 2015 as against the agreed date of April 1, 2014.
“We have rejected the proposal. Escalation of our protest in expected. The complicated arithmetic will mean reduced payout,” source in the ex-servicemen movement said.
The development came after a nearly two-hour long meeting was held between representatives of ex-servicemen and Army chief Gen Dalbir Singh Suhag.
Government sources have now said that in the wake of these differences, an announcement on OROP in the next few days is unlikely.
It was speculated that the government might announce OROP on August 28, the 50th anniversary of 1965 war with Pakistan.
This comes even as six Army veterans are on fast-unto-death and two of them are currently in hospital.
The Army veterans currently on fast-unto-death are Colonel Pushpender Singh, Havaldar Major Singh, Havaldar Sahib Singh, Havaldar Ashok Chauhan, Major Piar Chand and Naik Uday Singh.
Close to 22 lakh retired servicemen and over six lakh war widows stand to be the immediate beneficiaries of the scheme, which envisages a uniform pension for the defence personnel who retire in the same rank with the same length of service, irrespective of their date of retirement.
Currently, the pension for retired personnel is based on the Pay Commission recommendations of the time when he or she retired. So, a Major General who retired in 1996 draws less pension than a Lieutenant Colonel who retired after 1996.
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for the extension of the term of the 7th Central Pay Commission by four months up to 31.12.2015.
Background:
The 7th Central Pay Commission was constituted by the Central Government on 28.2.2014. According to the Resolution dated 28.2.2014, by which the Commission was constituted, it is to make its recommendations within 18 months of the date of its constitution that is by 27th August, 2015.
In view of its volume of work and intensive stake-holders’ consultations, the 7th Central Pay Commission had made a request to the Government for a four month extension up to 31.12.2015.
Seventh Pay Commission set up by the government to revise pay scales of central government employees will submit its report by September end, said its Chairman Justice A K Mathur here today.
The Commission, which was set up by the UPA government in February 2014 to revise remuneration of about 48 lakh central government employees and 55 lakh pensioners, was required to submit its report by August end.
“The Commission will submit its report by the end of September” Justice Mathur told PTI.
The government constitutes pay commission almost every ten years to revise the pay scales of its employees and often these are adopted by states after some modification.
The Commission has already completed discussions with various stakeholders including organisations, federations, and groups representing civil employees as well as Defence Services.
It is now in the process of finalising its recommendations.
The recommendations of the Seventh Pay Commission are scheduled to come into effect from January 1, 2016.
The other members of the Commission are Vivel Rae, Rathin Roy and its secretary Meena Agarwal.
The Sixth Pay Commission was implemented with effect from January 1, 2006, the fifth from January 1, 1996 and the fourth from January 1, 1986.
Prime Minister Narendra Modi is handling One Rank One Pension or OROP himself now and “positive movement” is expected on the issue this week, sources have told NDTV.
There is speculation that an OROP announcement could come as early as Friday, August 28, the 50th anniversary of the 1965 war with Pakistan.
Defence Minister Manohar Parrikar met PM Modi yesterday and sources said only final touches now remain to be given to the new pension plan that the government will announce for ex-serviceman.
OROP, a two-decade old demand for pension parity, was widely expected to be announced by PM Modi in his Independence Day speech on August 15 this year. But it had to be dropped because ex-serviceman and the government failed to agree on when the new package would be effective from.
A protest by veterans at Delhi’s Jantar Mantar escalated into a hunger strike by three Army veterans after OROP did not feature in the Prime Minister’s list of announcements on Independence Day.
Stepping in to pacify agitating ex-servicemen, the Prime Minister’s Office held talks with representatives of the protesters, asking them to give the government 10 more days to iron out differences.
One veteran on hunger strike, Col (retd) Pushpender Singh, was taken to hospital yesterday after he took ill.
Ten former service chiefs wrote to Prime Minister Modi last week expressing “dismay” at the government’s handling of OROP and urging it to “settle this issue expeditiously and in an urgent time frame.”
The veterans have repeatedly reminded PM Modi that OROP was one of his key promises in the run-up to the national election last year.
OROP is expected to benefit more than three million retired servicemen. It will give equal pension to servicemen retiring at the same rank regardless of when they retire. At present, a soldier who retired many years ago is paid far less than someone several ranks junior to him retiring now.
No. 21/2/2014-CS.I (PR/CMS)
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel and Training
CS.I Division
2nd Floor,Lok Nayak Bhawan,
Khan Market, New Delhi 110003
Dated the 25th August, 2015
OFFICE MEMORANDUM
Subject: The Lokpal and Lokayuktas Act, 2013- Submission of declaration of assets and liabilities by CSS officers for each year- regarding,
The undersigned is directed to refer to this Department’s QM. of even number dated 9.4.2015, 23,04,2015 and 16.7.2015 regarding declaration of assets and liabilities by C55 officers under the Lokpal and Lokayuktas Act, 2013 and to state that vide Notification dated 27.04.2015 the last date for filing of returns by public servants as on 1.8.2014 and as on 31.3.2015 has been extended to 15th October, 2015
2. All CSS officers are requested to file the returns as on 1.8.2014 and for the year 2015 (as on 31.3 2015) online at cscms.nic.in at the earliest without waiting for the last date to approach to avoid rush and slowing down of the system at the last moment. All officers of US and above levels of C55 should also take a print out of the return flied online and submit to this Department duly signed.
3. Ministries/Departments are requested that the contents of this Q.M. may be widely circulated among all CSS officers working under their control. They should also monitor and ensure that the returns are submitted by all officers within the stipulated period without fail through Web Based Cadre Management System
(V.Srinivasaragavan)
Under Secretary to the Government of India
Subject: Extension of CGHS facilities to the retired employees of Kendriya Vidyalaya Sangathan – regarding.
Consequent upon KVS proposal of even No dated 01.05.2015 routed through Ministry of HRD, the Director, Ministry of Health and Family Welfare CGHS (P) Section, Government of India,Nirman Bhawan, New Delhi vide office memorandum No.S 11016/8/2015-CGHS (P) dated 29.05.2015 has conveyed the decision of the Ministry regarding extension of CGHS facilities to the retired employees of Kendriya Vidyalaya Sangathan (KVS) with the following guidelines:-
a. CGHS facilities shall be extended to the retired employees of KVS only in Delhi/NCR. They will be entitled to OPD facilities and medicines from CGHS dispensaries in Delhi/NCR only on the same lines as is being done in case of serving employees of KVS.
b. They may avail treatment from CGHS empanelled hospitals at CGHS approved rates. The medical expenses for IPD/hospitalization treatment will be borne by KVS and they will not be eligible for cashless medical facilities.
c. The pensioner’s card will be issued to those pensioners who have been recommended by KVS and on payment of service charges on cost to cost basis in advance on yearly basis at the rates determined by Department of Health and Family Welfare in consultation with O/o the Chief Advisor (Cost), Department of Expenditure, Ministry of Finance.
d. The CGHS membership card will have to be renewed annually by KVS in advance for both serving as well as retired employees (wherever applicable). Failure to renew the CGHS membership within the specified time period will lead to de-activation of the CGHS card.
e. There is no provision for issue of life-time CGHS cards to the pensioner beneficiaries of KVS.
The CGHS facilities have been extended to the retired employees of KVS as per the terms and conditions laid down in the aforesaid Memorandum with the following conditions:-
The retired employees of KVS residing in Delhi/NCR and whose serving counter parts are covered by CGHS medical facilities in Delhi/NCR can opt for this scheme. The details of such posts covered by CGHS medical facilities are given in Annexure – I.
The rate of contributions in such cases will be determined by the Department of Health & Family Welfare from time to time with reference to the grade pay drawn by the KVS employee at the time of retirement/death. The present rates of contribution are as under:-
Sl. No
Grade Pay drawn by the Pensioner at the time of retirement
Contribution (in Rupees)
Monthly
Annual
1
Up to Rs.1,650/- per month
50
600
2
Rs.1,800/-, 1,900/-, Rs.2,000/- Rs.2,400/-, and Rs.2,800/- per Month
125
1,500
3
Rs.4,200/- per Month
225
2,700
4
Rs.4,600/-, Rs.4,800/-, Rs.5,400/- and Rs.6,600/- Per Month
325
3,900
5
RS.7,600/- and above per month
500
6,000
The willing retired employee(s)/family members (if otherwise eligible) may submit their application in prescribed proforma (Available on CGHS website msotransparent.nic.in with link Circulars) along with Demand Draft of his/her own subscription, self attested copy of relevant documents to the respective authority from where the terminal benefits were settled (Pension Sanctioning Authority of KVS HQ/Deputy Commissioner, Regional office as the case may be applicable).
The Deputy Commissioner of the Region concerned, after detailed cross verification and examining the case will forward such duly completed application(s) to the joint commissioner (pers.) KVS, Headquarters along with prescribed contribution in the form of Demand Draft/Cheque equivalent to one year CGHS subscription in favour of “Kendriya Vidyalaya Sangathan (HQ)”.
In respect of officers/employees of KVS, HQ, such request applications will be processed by the Deputy Commissioner (Finance) who looks after the pension section and who will forward the same with all necessary documents to the joint commissioner (Pers.), KVS.
The payment of Fixed Medical Allowance will be discontinued by the concerned pension sanctioning authority in KVS/Regional Office from the date of receipt of CGHS card in K.V.S. on case to case basis, after due verification.
The reimbursement of medical claims of beneficiaries, if any, will be done by respective Regional Office as per rules. It will take effect from the date of issue.
This issues with the approval of Commissioner, KVS.
Concept Note on Introduction of Retirement Adviser
Pension Fund Regulatory and Development Authority is in the process of drafting regulations for Retirement Advisers. Towards this end, the Authority has prepared a Concept Note which is being placed on the website of PFRDA for Stakeholders and public comments.The comments may please be forwarded to email: [email protected] by 10th of September 2015 or sent to the following address:
Shri Akhilesh Kumar,
Dy. General Manager,
Pension Fund Regulatory and development Authority
ICADR Building,
Plot no. 6,
Institutional Area Phase II,
Vasant Kunj, New Delhi-110070
Concept Note on Introduction of Retirement Adviser
1. Background
Population Ageing, which entails an increasing share of elderly people in the population, is a major global demographic trend which will increase rapidly during the twenty-first century. Population ageing is taking place in nearly all the countries of the world. Globally, the number of older persons (aged 60 years or above) is expected to be more than double, from 841 million people in 2013 to more than 2 billion in 2050. According to the Ministry of Statistics, GOI, in India the elderly (aged 60 years or above) accounted for only 7.4% of the population in 2001 which has increased to 8.4% of the population in 2011. While India is ‘young’ with a median age of 25, the proportion of the elderly is set to rise to 10.7% of the population by 2021 against a background of rapid transformation in household structures. In India, average life expectancy at the age of 60 years is approximately 18 years. Lifespan has been increasing due to better health and sanitation conditions in the country. However, the average number of years of employment has not been rising commensurately. The result of this is an increase in the number of post-retirement years without regular income. Therefore it is more critical now than ever before to ensure regular income for life after retirement. The need for retirement saving is thus inherent and a foregone conclusion.
The extended household is changing to a nuclear one, and the elderly are no longer dependent on their children for their financial needs. Other changes, such as the migration from the village to the city, are also leaving many elderly people in rural areas without any family support.
The existing social security schemes cover a very small percentage of working population in the unorganized sector and there is a need of increasing the social security coverage to meet the challenges of increasing life expectancy. An increase in life expectancy has created an imperative for consumption leveling and retirement savings.
With the rapidly rising retiring population across all sections of society, accompanied by the decline of the traditional family support structure, the need of the hour is an old age income security programme.
2. Retirement Planning
The objective of Retirement Planning is not only to determine the requirement but also the investments made during working age to achieve post retirement requirements. It is a process of both planning and management of financial resources, during the working years, for the period after retirement. Retirement Planning includes identifying a suitable savings program and managing assets. Future cash flows are estimated to determine if the post retirement financial requirement will be met out. A holistic approach to retirement planning considers financial preparation for life after paid work ends.
The emphasis one puts on retirement planning changes during different life stages. In the early stage in a person’s working life, retirement planning is about setting aside enough money for retirement. During the middle of an individual’s career, it might also include setting up specific income flow or asset targets and taking the steps to achieve them. In the last few years leading up to retirement, financial assets are more or less determined, and therefore, the emphasis changes to non-financial aspects like lifestyle.
When it comes to retirement planning, Indians have largely saved and invested with a dual focus on saving taxes and generating guaranteed returns. Limited education about financial saving, and lack of retirement planning outlook poses a grave challenge in increasing the penetration of pension schemes.
Creating awareness about pension schemes regulated by PFRDA, educating people about the benefits of retirement planning and clear articulation of scheme details will play a critical role in boosting participation in this voluntary scheme. The PFRDA Act, 2013, mandates an orderly growth of pension sector and provision of old age income security, which thereby implies that pension is available for all masses, cutting across, educational, regional, economical, social and political barriers. An orderly growth is an inclusive growth.
Retirement Planning has become more important due to increasing cost of living and rising inflation.
3. Retirement Adviser
Educating and making people aware of the benefits of the retirement planning and creating awareness about the pension schemes regulated by PFRDA is critical for increasing participation in the voluntary segment of NPS and other pension scheme regulated by PFRDA. The role of an advisory entity would be critical in propagating the schemes to the masses in order to achieve adequate social security. This requires penetration into the grass root level.
Retirement Advisers, with adequate knowledge of a prospect’s needs and means, and knowledge of the pension products, will be in a better position to advise individuals, who have different levels of education, financial literacy, wealth, income potential, capacity to save and financial goals.
Retirement Adviser can play a significant role in helping the prospects/subscribers in deciding retirement plans.
4. Scope of Work of Retirement Adviser
a) Creating awareness of NPS and other pension scheme regulated by PFRDA will be the core responsibility of the Retirement Adviser.
b) To facilitate on-boarding of the prospective subscriber to National Pension System or other pension scheme regulated by PFRDA.
c) To advise prospects on the necessity of retirement planning, level of contributions they could make, considering their current and future
potential income to achieve desired retirement goals and other issues connected with taking of these decisions.
d) To help prospects and other citizens in planning for retirement savings.
e) The adviser is expected to exercise professional due diligence while dealing with prospects and have the necessary skills towards this end.
f) The adviser should allow a free and frank atmosphere while dealing with prospects, which shall allow them to take informed transactional decisions.
g) The adviser needs to collect and suggest prospects , the most suitable scheme taking into consideration the following aspects of the prospects and based on utmost good faith and fair market practices:
i. Due diligence on the requirements of the prospect to suggest them the most suitable products by collecting basic information of the prospect such as information around: age, marital status, dependents, current assets, liabilities, income, planned purchases, planned retirement age; plans post retirement, family history of health and longevity and the current health position.
ii. Identifying prospect’s financial and retirement goals.
iii. Analyzing prospect’s current financial situation and current investments.
iv. Risk profiling of the prospect/subscriber.
v. Asset Allocation
vi. Investment allocation strategy
vii. Periodic monitoring and balancing.
viii. Likelihood of immediate and near future financial commitments of either self or family.
h) A Retirement Advisor will enable the subscribers to avail the benefits of pension schemes regulated by PFRDA by supporting them in making simple decisions about contributions, investments allocation and selection of Pension Funds.
i) A Retirement Adviser will partner with corporates and Government departments to run awareness programmes on retirement planning for their employees.
j) A Retirement Advisor should be able to appropriately guide and advice the subscriber about the risk and return profiles of the different financial securities and also advise the most suitable ratio of fund allocation in each of the asset classes viz. Equity, Government Securities, Corporate Bonds after duly considering the profile of the prospect and prevailing market conditions, and expected growth in the various parameters of economy and financial markets.
k) Retirement Advisors may create awareness on the fund performance of each fund manager including comparison of the returns of the scheme and investments made by the pension funds, on the basis of information made available/approved by Authority.
l) Retirement Advisors would transmit information and documents to intermediaries in a time bound manner and maintain utmost confidentiality of personal information collected from subscribers and cannot use it for any other activity.
5. Eligibility for Retirement Adviser
a) Who can become Retirement Adviser
Any firm or body corporate or an individual who wishes to engage in the activity of providing advice on National Pension System or other pension scheme regulated by PFRDA to prospects/subscribers or other persons or group of persons.
b) Education qualification
Individuals and the proprietors, partners and representatives of a Retirement Adviser shall have the minimum qualification of being a Graduate in any discipline.
c) Certification from an accredited institute
Individuals and the proprietors, partners and representatives of Retirement Advisers to ensure that the individuals offering retirement advice shall have, at all times, a certification on retirement planning or retirement advisory services from an Institute accredited by PFRDA.
Provided that certification shall not be mandatory in the following cases:
(i) an Investment Adviser registered with SEBI under its regulations
(ii) a Certified Financial Planner of Financial Planning Services Board
(iii) any other cases as specified by PFRDA
d) Performance Guarantee
i) Retirement Advisers which are body corporate or partnership firm on registration shall provide performance guarantee of Rs. 5 lacs to the Authority before commencement of business. The Guarantee shall be valid for a period of six months beyond the registration period.
ii) Retirement Advisers who are individuals or proprietors on registration shall provide performance guarantee of Rs.50 thousand to the Authority before commencement of business. The Guarantee shall be valid for a period of six months beyond the registration period.
e) Registration as Points of Presence or Points of Presence-Corporate
There shall be no restriction on institutional Retirement Adviser for
applying for registration as Points-of Presence or Points-of PresenceCorporate, subject to fulfilment of eligibility criteria for the same.
6. Application for Registration
An application for grant of certificate of registration to PFRDA shall be accompanied by a non-refundable application fee
i) For Individuals: Rs.500/-
ii) For other than individuals: Rs.5,000/-
7. Registration Fee
a) A firm or a body corporate applying for Retirement Adviser has to submit registration fee of Rs. 10,000/- at the time of grant of registration /renewal.
b) Individual applying for Retirement Adviser has to submit registration fee of Rs. 1,000/- at the time of grant of registration /renewal.
8. Exemption from registration and Certification.
(i) The following persons/entities shall not be required to seek registration subject to the fulfillment of the conditions stipulated therefor, —
(a)Any intermediary/entity regulated by PFRDA.
(b) Any other entity as may be specified by the PFRDA.
(ii) The following persons/entities shall not be subjected to certification for registration subject to the fulfillment of the conditions stipulated therefor,
(a) Any advocate, solicitor or law firm, who provides retirement advice to their clients, incidental to their legal practice;
(b) Any member of Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost and Works Accountants of India, Actuarial Society of India or any other professional body as may be specified by the Authority, who provides retirement advice to their clients, incidental to his professional service;
(c) Any other entity as may be specified by the PFRDA.
9. Period and Validity of Registration
The certificate of registration granted to a retirement adviser to act as such, shall be valid for a period of three years from the date of its issuance.
10. Renewal of Registration
The Retirement Adviser should submit an application for renewal of certificate of registration three months before expiry of the certificate of registration.
The application for renewal shall be dealt with in the same manner as if it were a first time application.
11. Suspension and Cancellation of Certificate of Registration
The certificate of registration issued to the Retirement Adviser will be subject for suspension or cancellation in the following cases, if the Retirement Adviser :
a) Fails to comply with any of the conditions subject to which the certificate has been granted;
b) Contravenes any of the provisions of the Pension Fund Regulatory and Development Authority Act, 2013, the regulations framed there under and such other guidelines or directions issued by the Authority from time to time; or;
c) Fails to furnish any information relating to his activities as retirement adviser as required by the Authority;
d) Furnishes wrong or false information, or conceals or fails to disclose material facts in the application submitted for obtaining the certificate.
e) Does not submit periodical returns as required by the Authority
f) Fails to resolve the complaints of the subscribers or fails to give a satisfactory reply to the Authority in this behalf.
g) Does not co-operate with any inspection conducted by the Authority
h) Acts in a manner against the interest of the subscriber or against public interest;
i) Against whom any investigation has been commenced in relation to fraud or financial impropriety or has been convicted of commission of any economic offences.
12. General Responsibilities and Obligations
i) General responsibility.
a) A Retirement Adviser shall act in a fiduciary capacity towards its prospects/subscribers and shall disclose all conflicts of interests as and when they arise.
b) A Retirement Adviser may have a tie up with the registered POPs for providing services to the prospects. There shall be no restrictions on the no. of POPs with whom the Retirement Adviser may make a tie up.
c) A Retirement Adviser shall not receive any consideration by way of remuneration or compensation or in any other form from any person other than the prospect/subscriber being advised, in respect of National Pension System (NPS) or other pension scheme regulated by PFRDA for which advice is provided.
d) A Retirement Adviser shall not collect any cash amount for investment/contribution to the pension account of the subscribers in the capacity of Retirement Adviser.
e) The Retirement Adviser shall advice the prospects/subscribers how to fill in the registration form for enrolment, Exit forms, various other forms required to modify/change personal master details, nomination, POP, PFM, investment choice etc.
f) The Retirement Adviser shall advice the subscribers on a periodic basis about the performance of POPs, PFs, underlying asset portfolio, NAV, general financial market trend etc. through e-mail, newsletters etc.
g) The Retirement Adviser shall advice the subscribers on a periodic basis about the change in various policy & guidelines issued by PFRDA, CRA or its intermediaries.
h) A retirement adviser shall maintain an arms-length relationship between its activities as a Retirement Adviser and other activitie
i) A Retirement Adviser which is also engaged in activities other than retirement advisory services shall ensure that its retirement advisory services are clearly segregated from all its other activities, in the manner as prescribed hereunder.
j) A Retirement Adviser shall ensure that in case of any conflict of interest of the retirement advisory activities with other activities, such conflict of interest shall be disclosed to the prospects/subscribers, beforehand.
k) A Retirement Adviser shall not divulge any confidential information about its prospect/subscriber, which has come to its knowledge, without taking prior permission of its prospect, except where such disclosures are required to be made in compliance with any law for the time being in force.
l) A Retirement Adviser shall follow ‘Know Your Customer’ procedure as specified by the Authority from time to time.
m)A Retirement Adviser shall abide by Code of Conduct as specified by PFRDA.
n) In case of change in control of firm of the Retirement Adviser, timely intimation should be given to PFRDA.
o) Retirement Advisers should furnish to the Authority information and reports as may be specified by the Authority from time to time.
p) It shall be the responsibility of the Retirement Adviser to ensure
that its representatives and partners, as applicable, comply with the certification and qualification requirements as specified by PFRDA at all times.
ii) Risk profiling.
Retirement Adviser shall ensure that,-
a) it obtains from the prospect/subscriber, such information as is necessary for the purpose of giving retirement advice, including the following:-
(i) age;
(ii) income details;
(iii) existing retirement savings/ assets;
(iv) risk appetite/ tolerance;
(v) liability/borrowing details.
(vi) dependent family members
b) it follows a process for assessing the risk, a prospect/subscriber is willing and able to take, including:
(i) assessing a prospect’s capacity for absorbing loss;
(ii) identifying whether prospect is in a position to understand the concept of market risk involved in the process of investment.
(iii) appropriately interpreting prospect responses to questions and not attributing inappropriate weight to certain answers.
(iv) is able to understand and appreciate that retirement plans involve long gestation period, and early liquidation or exit, from the scheme is not beneficial
c) where tools are used for risk profiling, it should be ensured that the tools are fit for the purpose and any limitations are identified and mitigated;
d) any questions or description in any questionnaires used to establish the risk a prospect is willing and able to take are fair, clear and not misleading, and should ensure that:
e) questionnaire is not vague or use double negatives or in a complex language that the prospect may not understand;
f) questionnaire is not structured in a way that it contains misleading questions.
g) once the assessment is done risk profile of the prospect is communicated to the prospect;
h) risk assessment is updated periodically on the basis of the information provided by prospects/subscribers.
iii) Disclosures to prospects/subscribers.
a) A retirement adviser shall disclose to a prospective subscriber, all material information about itself including its business, disciplinary history, the terms and conditions on which it offers advisory services, affiliations with other intermediaries and such other information as is necessary to take an informed decision on whether or not to avail its services.
b) A retirement adviser shall disclose to its prospect, any consideration by way of remuneration or compensation or in any other form whatsoever, received or receivable by it.
c) A retirement adviser shall disclose to the prospect any actual or potential conflicts of interest arising from any connection to or association with any intermediaries under NPS or any other pension scheme regulated by PFRDA, including any material information or facts that might compromise its objectivity or independence in the carrying on of retirement advisory services.
d) A retirement adviser shall, while making an advice, make adequate disclosure to the prospect of all material facts relating to the key features of the products or securities, particularly, performance track record of various investment asset class and annuity schemes offered by various PFMs and ASPs.
e) A retirement adviser shall draw the prospect’s attention to the warnings, disclaimers in documents, advertising materials relating to an investment choice and annuity choice which it is recommending to the prospect/subscriber.
13. Maintenance of records.
a) A Retirement Adviser shall maintain the following records,-
i) Know Your Customer records of the prospect/subscriber;
ii) Risk profiling and risk assessment of the prospect/subscriber;
iii)Suitability assessment of the advice being provided;
iv)Copies of agreements with prospects/subscribers, if any;
v) Retirement advice provided, whether written or oral;
vi)Rationale for arriving at advice, duly signed and dated;
vii) A register or record containing list of the prospects/subscribers, the date of advice, nature of the advice and fee, if any charged for such advice.
b) A Retirement Adviser, other than an individual Retirement Adviser generating a fees of amount of not more than the limit as specified by PFRDA for retirement advisory services, shall undertake yearly audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India.
14. Segregation of execution services.
Retirement Advisers which are banks, NBFCs and body corporate providing distribution or execution services to their prospects shall keep their retirement advisory services segregated from such activities:
Provided that such distribution or execution services can only be offered subject to the following:
(a)The prospect shall not be under any obligation to avail the distribution or execution services offered by the Retirement Adviser.
(b)The Retirement Adviser shall maintain arm’s length relationship between its activities as retirement adviser and distribution or execution services.
(c) All fees and charges paid to distribution or execution service providers by the prospect shall be paid directly to the service providers and not through the Retirement Adviser.
15. Appointment of Compliance Officer
A Retirement Adviser which is a body corporate or a partnership firm shall appoint a compliance officer who shall be responsible for monitoring the
compliance by the Retirement Adviser in respect of the requirements of the Act, regulations, notifications, guidelines, instructions issued by the Authority.
16. Fees to be charged by the Retirement Adviser
i) An individual Retirement Adviser offering advice to an individual prospect and facilitating on-boarding to National Pension System may charge fees from the prospect, subject to the maximum of charges as specified by PFRDA The upper ceiling for advisory & on boarding for a prospect shall be Rs.120/- which shall be subject to change by PFRDA from time to time. For subsequent services, the individual Retirement Adviser may charge Rs.20/- per transaction or Rs.100/- annually which shall be subject to change by PFRDA from time to time. Payment of fee will be only on completion of the registration process/on-boarding of the subscriber.
ii) Retirement Adviser which is a body corporate, firm etc. advising a prospect/subscriber may charge fees, subject to any ceiling as may be specified by PFRDA, if any. The fees charged should be as per the written agreement between the prospect/subscriber and the Retirement Adviser. Further, a Retirement Adviser shall ensure that fees charged to the prospects/subscribers are fair and reasonable.
(b) A Retirement Adviser shall abide by and be bound by the provisions of the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015.
18. Penal provisions
In case of any loss caused to the subscriber/s by an act of the Retirement Adviser, PFRDA may invoke the Performance Guarantee submitted by the Retirement Adviser and may have to compensate the subscriber/s in addition to PFRDA initiating penal action keeping in mind the extent of violation and level of violation as per the provisions of the PFRDA Act and applicable regulations.
Government of India
Ministry of Railways
(Railway Board)
***
No.2014/E(LR)II/I/4
New Delhi, dated 19.08.2015
The General Secretary,
All India Railwaymen’s Federation,
4, State Entry Road,
New Delhi-110055.
General Secretary,
National Federation of Indian Railwaymen,
3, Chelmsford Road,
New Delhi-110055.
Dear Sirs,
Subject: Grievances of Staff – MACP anomalies.
Ref.: Board’s letter No. 2013/E(LR)II/1/17 dated 18.02.2014.
***
In the above connection, a meeting of the Federations with Board (MS and FC) has been fixed for 27.08.2015 at 11.00 hrs. in the Committee Room (Room No. 237). A list of issues to be discussed is enclosed.
2. President and General Secretary of the Federations are requested to kindly make it convenient to attend the above meeting.
Yours faithfully,
(Naveen Kumar)
Dy. Director, E(LR)-I
Enclosure to Railway Board’s letter No.2014/E(LR)II/I/4 dated 19.08.2015
(1) Financial up-gradation under MACPS to the directly recruited Graduate Engineers – Considering entry Grade Pay as Rs. 4,600/- for the purpose of MACP to all the directly recruited Engineering Graduates in Design/Drawing Cadre and other Cadres.
(2) Third financial up-gradation under MA.CPS on completion of 20 years of service from the first promotion or 10 years after second promotion or 30 years after regular appointment – whichever is earlier?
(3) Grant of financial up-gradation under MACP Scheme in the promotional hierarchy – (instead of Grade Pay hierarchy)- as per judgment of various Courts.
(4) MACPS benefits to railway employees – cases of employees joining another unit/organization on request.
(5) Provision of all benefits on financial upgrading under MACPS – including entitlements for travel & treatment in hospital etc.
(6) Non-grant of benefit of financial up-gradation under MACPS to the staff on North Western Railway.
(7) Grant of Financial Up- gradation under MACPS to the staff who are in the same Grade Pay for more than 20 years.
(8) Abolition of Pay Scale and Introduction of up-graded Pay Scale with revised designation – Senior Section Engineers (Drawing) – Clarification on entry Grade Pay.
(9) Non-grant of financial upgradation under MACP Scheme to the Stock Verifiers working in Zonal Railways/ Production Units.
(10) Grant of financial Up-gradation under MACP Scheme – Wrongful clarification issued by the Railway Board.
(11) Wrong implementation of MACP Scheme in IT Cadre/ Granting of financial benefit under MACP Scheme to EDP Staff.
(12) Grant of Transport Allowance to the employees availing the facility of Workmen Trains.
No. 12035/4/2014 – Pol.II
Government of India
Ministry- of Urban Development
Directorate of Estates
Policy II Section
Nirman Bhawan,
New Delhi-110 108.
Dated the 10th August, 2015
OFFICE MEMORANDUM
Subject: Withdrawal of guidelines related to sharing and close relations.
—————
Reference is invited to the Directorate of Estates guidelines issued vide O.M No.12033/17/78-Pol.II dated 26.5.1978, O.M No. 12035/52/78-Pol.II dated 25.1.1979, O.M No.12035/58/79-Pol.II dated 31.8.1979 and O.M No,12032(1)/74-Pol.II dated 21.12.1976 regarding sharing of accommodation and definition of close relations for the purpose of sharing of General Pool residential accommodation. In view of amendments made in SR-317-B-2 vide Gazette Notification GSR No.112 dated 13.06.2015 the above mentioned guidelines have become redundant, Therefore, the competent authority has decided to withdraw the above mentioned guidelines w.e.f 13.06.2015.
(Swarnali Banerjee)
Deputy Director of Estates (Policy)
Special it Return Counters to be Organised for Salaried Tax Payers (Including Pensioners) to File Paper Returns Between 24th August to 31st August, 2015 at Pratyaksha Kar Bhawan in National Capital; Special Facilitation Counters for Senior Citizens and Differently Abled Persons; These Counters to Facilitate Smaller Tax Payers Having Salary/Pension Income But Their Total Income do not Exceed Rs. 5 Lakhs or Their Returns do not Contain any Claim for Refund
The Principal. Chief Commissioners of Income Tax, New Delhi will be organizing Special Return Counters for Salaried Tax Payers (including pensioners) between 24th August to 31st August, 2015 at Pratyaksha Kar Bhawan, Civic Centre, Minto Road, New Delhi. The camp will be inaugurated by Chairperson of the Central Board of Direct Taxes(CBDT), Smt. Anita Kapur at 10.00 am. on Monday,24th August 2015
The special counters are being organized to facilitate smaller tax payers having salary/pension income, to file paper returns. Taxpayers may note that for the assessment year 2015-16, corresponding to the financial year 2014-15, e-filing of return of income is mandatory for persons whose total income exceeds Rs. 5 lakhs or if the return contains a claim for refund. Paper Returns in such cases will not be accepted.
However, the income limit of Rs. 5 lakhs and claim of refund will not apply to taxpayer over the age of 80 years deriving salary/pension income. In such cases paper returns will be accepted.
The special counters would be set-up jurisdiction wise as follows:
For PCIT-22 Charge (Government salary)-‘B’ Block, Ground floor of Civic Centre, Minto Road, New Delhi.
For PCIT-23 Charge(PSUs/Bank employees/School and College employees)-‘C’ Block, Ground floor, Civic Centre, Minto Road, New Delhi.
For PCIT-24 Charge (Private salaries)- ‘C’ block, Civic Centre, Minto Road, New Delhi.
There will be special facilitation counters for senior citizens and differently abled persons.
Facilities like a Helpdesk, assistance of Tax Return Preparers (TRPs), UTI/NSDL counters, banking, tax payment facility, PAN verification counters, drinking water, and emergency medical aid will be available at the venue.
Similar facilitation counters are being set-up in other metropolitan cities based on the local requirement.
