Thursday, 7 June 2012


The Cabinet is likely to approve three amendments proposed in the Pension Fund Regulatory Development Authority (PFRDA) Bill, the law relate to New Pension Scheme (NPS). Central Government Employees who joined in Government Service on or after 01.01.2004 are under NPS. This pension scheme has also been extended to all Indian Citizens.

The Cabinet will meet to move amendments to the Pension Fund

Regulatory Development Authority (PFRDA) Bill. According to reports, three changes are being made to PFRDA Bill.
  •  The first amendment will reportedly allow contributor to withdraw funds from the pension scheme in case of an emergency. The present law does not provide for withdrawing funds for emergency purposes from NPS.
  •  Also, the subscriber will be reportedly given a minimal assured return for the investment in his fund. Since NPS is market related there is no minimum return assurance so far.
  •  The third amendment reportedly says there will be a 26 per cent cap on the Foreign Direct Investment (FDI) in the scheme. Earlier, the cap was not specified. The BJP has been demanding the FDI cap of 26 per cent to be included in the PFRDA Bill.
The pension bill or the PFRDA Bill suggests changes to how savings of nearly 25 lakh Indians are invested. Currently, these savings are invested in government securities that offer a fixed rate of return. The new bill allows pension funds flexibility on appointing a professional fund management company and lays down roles and responsibilities.


DG(POSTS) No 1-6/2011                                                               Dated 04th June 2012
            The Department intends to provide specially designed bicycles to the Postmen all over the country during 12th Five Year Plan to help delivery staff carrying the mail of various sizes of articles in their beats for delivery to the public.
            It is proposed to design and develop the box of fiberglass or any other light weight durable material for carrying the mail/articles to be attached with the postal bicycle.
            A committee has been constituted comprising of PMG, Agra Region, Agra as a Chairperson, Director Postal Service (Mails & Speed post), O/o CPMG, Delhi Circle, Director (MV), Mail Business Dn. Postal Directorate and two representative of recognized postmen service unions, Shri. I.S.Dabas, General Secretary, AIPE, Postman & Group 'D', NFPE and Shri T.N. Rahate, General Secretary, N.U.Federation of National Postal Organizations are nominated as members who will look into the design, development of the bag/box of fiberglass/PBC or any other light weight durable material for carrying the mail/articles to be provided  with the postman bicycles.  The bicycles design should also look like as the brand ambassador of Department of Posts.
            The committee will submit their report within 3 months.