Wednesday, 5 March 2014

Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15 Announced

The finance ministry on Tuesday effected a minor raise in interest rates on post office deposits.
Rates on one-and two-year fixed deposits have been hiked from 8.2% to 8.4%,while those on three-year FDs and five-year recurring deposits have been raised 0.1% to 8.4%.Five-year FDs will fetch 8.5% a year.The rates will be applicable from April 1.
The hike is in line with the recent trend in bank deposits,which fetch higher returns than those in POs.
PPF deposits will continue to earn 8.7%,translating into returns of 11.3% on annual basis as the accretion in the account is tax free.

source.
Press Information Bureau
Government of India
Ministry of Finance
04-March-2014
Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15 Announced
            Various decisions taken by the Government of India on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned by the Government through its Office Memorandum dated 11th November, 2011.

            One of the decisions of the Government based on the recommendations of the Committee relates to revision of interest rates every financial year, to be notified before 1st April of that year.  Accordingly with the approval of the Finance Minister, the rates of interest on various small savings schemes for the Financial Year 2014-15 effective from 01.04.2014, on the basis of the interest compounding/payment built-in in the schemes, shall be as under :
Scheme
Rate of interest w.e.f.01.04.2013
Rate of Interest w.e.f. 01.04.2014
1.
2.
3.
Savings Deposit
4.0
4.0
1 Year Time Deposit
8.2
8.4
2 Year Time Deposit
8.2
8.4
3 Year Time Deposit
8.3
8.4
5 Year Time Deposit
8.4
8.5
5 Year Recurring Deposit
8.3
8.4
5 Year SCSS
9.2
9.2
5 Year MIS
8.4
8.4
5 Year NSC
8.5
8.5
10 Year NSC
8.8
8.8
PPF
8.7
8.7

Inter se seniority of direct recruits and promotees – instructions after Hon’ble Supreme Court Judgment on 27.11.2012, in Civil Appeal No. 7514-7515/2005 in the case of N.R.Parmar vs. UOl & Ors

No. 20011/1/2012-Estt. (D)
Government of India
Ministry of Personnel, Public Grievances & Pension
Department of Personnel & Training
North Block, New Delhi,
Dated the 4th March, 2014
OFFICE MEMORANDUM
Subject: Inter se seniority of direct recruits and promotees – instructions thereof

The undersigned is directed to refer to the subject mentioned above and to say that the fundamental principles of inter se seniority of direct recruits and promotees in Central Civil Services/posts were laid down in the Department of Personnel & Training (DOPT) O.M. No. 9/11/55-RPS dated 29.12.1959 which provided, Inter alia, that the relative seniority of direct recruits and of promotees shall be determined according to the rotation of vacancies between direct recruits and promotees, which shall be based on the quotas of vacancies reserved for direct recruitment and promotion respectively, in the Recruitment Rules.

2. The carrying forward of unfilled slots of a vacancy year, for being filled up by direct recruits of later years, was dispensed with through modified instructions contained in DOPT O.M. No.35014/2/80-Estt.(D) dated 7.2.1986 which provides that rotation of quotas for purpose of determining seniority would take place only to the extent of the available direct recruits and the promotees. The unfilled direct recruitment/promotion quota vacancies would be carried forward andadded to the corresponding direct recruitment/promotion quota vacancies of the next year (and to subsequent years where necessary) for taking action for the total number of direct recruitment/promotioal according to the usual practice. Thereafter, in that year, while seniority will be determined between direct recruits and promotees, to the extent of the number of vacancies for direct recruits and promotees, as determined according to the quota for that year, the additional direct recruits/promotees selected against the carried forward vacancies of the previous year, would be placed en-bloc below the last promotee/direct recruit, asthe case may be, in the seniority list, based on the rotation of vacancies for that year.


3. All the existing instructions on seniority were consolidated by DOPT through a single OM. No. 22011/7/86 Estt(D) dated 03.07.1986.
4. In view of divergent stance taken by different Ministries/Departments on interpretation of ‘available direct recruits and promotees’ in the context of OM dated 7.2.86, the DoPT had issued O.M. No. 20011/1/2006-Estt.(D) dated 3.3.2008 which provided that the actual year of appointment, both in the case of direct/recruits and prornotees, would be reckoned as the year of availability for the purpose of rotation and fixation of inter se seniority.
5. The matter has been examined in pursuance of Hon’ble Supreme Court Judgment on 27.11.2012, in Civil Appeal No. 7514-7515/2005 in the case of N.R.Parmar vs. UOl & Ors in consultation with the Department of Legal Affairs and it has been decided, that the manner of determination of Inter-se-seniority of directrecruits and promotes would be as under:
a) DoPT OM No. 20011/1/2006Æstt.(D) dated 3.3.2008 is treated as non-existent/withdrawn ab initio;
b) The rotation of quota based on the available direct recruits and promotees appointed against the vacancies of a Recruitment Year, as provided In DOPT O.M. dated 7.2.1986/3.07.1986, would continue to operate for determination of inter se seniority between direct recruits and promotees;
c) The available direct recruits and promotees, for assignment of inter se seniority, would refer to the direct recruits and promotees who are appointed against the vacancies of a Recruitment Year;
d) Recruitment Year would be the year of initiating the recruitment process against a vacancy year;
e) Initiation of recruitment process against a vacancy year would be the date of sending of requisition for filling up of vacancies to the recruiting agency in the case of direct recruits; in the case of promotees the date on which a proposal, complete In all respects, is sent to UPSC/Chairmarn-DPC for convening of DPC to fill up the vacancies through promotion would be the relevant date.
f) The initiation of recruitment process for any of the modes viz, direct recruitment or promotion would be deemed to be the Initiation of recruitment process for the other mode as well;
g) Carry forward of vacancies against direct recruitment or promotion quota would be determined from the appointments made against the first attempt for filling up of the vacancies for a Recruitment Year;
h) The above principles for determination of inter se seniority of direct recruits and promotees would be effective from 27.11.2012, the date of Supreme Court Judgment in Civil Appeal No. 7514-7515/2005 In thecase of N.R. Parmar Vs. UOl & Ors
I) The cases of seniority already settled with reference to the applicable interpretation of the term availability, as contained in DoPT O.M. dated 7.2.86/3.7.86 may not be reopened.
7. As the conferment of seniority would be against the Recruitment Year in which the recruitment process is initiated for filling up of the vacancies, It is incumbent upon all administrative authorities to ensure that the recruitment process is initiated during the vacancy year itself. While requisition for filling up the vacancies for direct recruitment should be sent to the recruiting agency, complete in all respects, during the vacancy year itself, the timelines specified in the Model Calendar for DPCs contained in DoPT O.M. No.22011/9/98-Estt(D)dated 8.9.98 and the Consolidated Instructions on DPCs contained In O.M.No.22011/S/86-Estt(D) dated April 10, 1989 should be scrupulously adhered to, for filling up the vacancies against promotion quota.
sd/-
(Mukta Goel)
Director
Source: www.persmin.gov.in