Thursday, 25 May 2017

India Post Updates by poupdates

Reimbursement of medical claims to pensioners under CS (MA) Rules, 1944 as directed by various CATS/Courts

Reimbursement of medical claims to pensioners under CS (MA) Rules, 1944 as directed by various CATS/Courts

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Rotational Transfers in the cadre of HSG-I(Postal) in Vijayawada Region : AP Circle

Rotational Transfers in the cadre of HSG-I(Postal) in Vijayawada Region: AP Circle


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Tuesday, 23 May 2017

India Post Updates by poupdates

Amendments in the recommendations of the 7th Central Pay Commission

Amendments in the recommendations of the 7th Central Pay Commission

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Option 1 recommended by 7th CPC for the revision of pension/family pension of Pre 2016 retirees DENIED

How the battle is lost One rank one pension denied

OPTION 1 recommended by 7th CPC for the revision of Pension/Family pension of pre-2016 Denied in spite of the availability of service records of over 80% of old pensioners.
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Thursday, 11 May 2017

India Post Updates by poupdates

Simple method to link Pan no to aadhar before July 31st


Simple method to link Pan no to aadhar before July 31st



The IT Dept had been asking people to link their PAN no. with Aadhar before 31 July and many were finding it difficult as their names did not match in both. ( Eg. Names with initials in one and expanded initials in another). Responding to complaints, the IT dept has come out with a simple solution now.


Just go to their www.incometaxindiaefiling.gov.in website and log in. Then go to Profile settings and choose Aadhar linking. Then enter Aadhar no. and ENTER NAME AS GIVEN IN AADHAR CARD. Then both get linked and u will get a confirmation about its success to ur email too. This is a simpler process than several other methods tried earlier. 
Please note that matching of PAN and Aadhar is inevitable for GST also.

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7th Pay Commission Allowances delayed – National Council Staff Side JCM demands Allowances Report be put on Public Domain

7th Pay Commission Allowances delayed – National Council Staff Side JCM demands Allowances Report be put on Public Domain

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Step By Step Process To Withdraw 90 % Of Your PF To Buy Home

 Step By Step Process To Withdraw 90 % Of Your PF To Buy Home


The government it seems is pulling out all the stops in making 'Housing for All by 2022' a success. The initiative gets a shot in the arm by allowing members of EPFO i.e. the contributory employees, to dip into their retirement savings to own a home of their own. 


EPFO has allowed members i.e. the contributory employees of the provident fund (PF) scheme to use 90 percent of EPF accumulations to make down payments to buy houses and use their accounts for paying EMIs of home loans. 

Under the new rules, an essential requirement for a PF member to withdraw one's PF money to buy a real estate property is that he or she has to be a member of a registered housing society having at least 10 members. An employee who has been allotted a PF number is considered a PF member by the EPFO. 

The new rules will be in addition to the existing rules for withdrawal of PF by the employees to fund their home buying. Neeti Sharma, Sr. Vice President, TeamLease Services informs, "This is an additional condition under which the PF member can avail loan apart from the conditions prevailed earlier. He can withdraw funds in his individual capacity if he does not want to be a member of a housing society, provided all the requisite documents are in place. Since the previous rules prevail, he can still withdraw funds for purchasing a house." 

As a member, one can use the PF funds for an outright purchase, as a down payment for a home loan, for buying plots, for the construction of a house. The transactions can be made through central government, state government and even from a private builder, promoters or developers. Only those members who have completed 3 years as a PF member will be eligible for this scheme. 


No Secondary Market Deals 

The rules, however, do not encourage secondary market or resale transactions of real estate properties. EPFO will be making the payments directly to the co-operative society, state government, central government, or any housing agency under any housing scheme, or any promoter or builder, in one or more instalments, as the case maybe. 

How Much Lump Sum Can Be Withdrawn 

The maximum amount that can be withdrawn is up to 90 percent of the balance in the PF account or the cost of acquisition of the property, whichever is less. The balance will include members own share of contribution plus interest and employer's share of contribution plus interest. In the case of construction of the house and if it happens at a lower cost or the member doesn't get an allotment of the house ( where it was applied for), the amount has to be refunded back to EPFO within 30 days. 

Making EMI payment through PF 

The new rules allow a PF member who is also a member of any housing society, to dip into the PF to pay full or part EMI for a loan in member's name, after furnishing the details in a prescribed format. Sharma says, "Apart from the non-refundable loan, additionally there is now an option to repay the pending instalments to society on a monthly basis from the future PF contribution of the member which was not available in the past." EMI will then be paid by EPFO to the government, housing agency or the bank, as the case maybe. 
How to apply 

Once a PF member has become a member of a housing society, he or she can apply individually or jointly through housing society in a prescribed format (Annexure-I) to get a certificate from the EPFO.


In the Annexure I form, the employees ask for the balance and the deposits made in the last three months before applying. This will help EPFO to determine how much EMI can be arrived at. Also, the employee has to mention the name and details of the bank or housing society to whom such certificate is to be issued. 

The EPFO then issues a certificate in a prescribed format (Annexure-II) showing the outstanding balance and last three month's deposit in the account.



Alternatively, members can take printouts of passbook downloaded from EPFO website and submit to housing agencies or banks. 

If a member wishes to use PF money to meet EMI's, then in addition to Annexure I, an authorisation by the member is to be filled in a prescribed format. (Annexure III). 


It will carry details such as PF amount, PF, and loan account number, lender name, address etc. One has to get this form authorized from the lender i.e. branch manager of the lender who has sanctioned the loan. Once approved, EPFO will start transferring EMI's online to the lender's account. 
What if employee leaves the job 

The EPFO has made it clear that under no circumstances will it be liable for any default of payments to the lender. EPFO will not stand party to any agreement between member and society or builder. If an employee leaves service, it will be the responsibility of the member to repay the loan. In case the PF funds get over, the employee will have to arrange funds from own sources to meet the future EMIs. 

One can avail this new PF withdrawal scheme along with the benefit under the PMAY. 


Existing rules for house purchase 

As per the existing rules, for the purpose of purchase of a house from a promoter (Builder), membership period required is minimum 5 Years. The maximum that one may withdraw from the PF account is 36 month's basic wages or the total of employee and employer share with interest or total cost, whichever is least. One, however, need not be a member of a housing scheme to avail it. 

Conclusion 

Remember, EPF is meant to take care of your post-retirement needs. Depleting it may jeopardise your retirement. Therefore, utmost caution should be applied before dipping into it. For those looking for a down payment amount may still consider it. Also, those who have a backup plan to meet post-retirement needs through equity mutual funds or PPF may still consider this route of owning a home. After all, it's one own money and what's good if it doesn't help me get a roof over one's head.





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Wednesday, 10 May 2017

India Post Updates by poupdates

List Of Post Offices Where Speed Post Booking Facility Is Available 24×7


List of Post Offices where Speed Post booking facility is available 24×7

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Tuesday, 9 May 2017

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Report On Allowances To Be Placed Before Secretaries Panel Next Week

Report On Allowances To Be Placed Before Secretaries Panel Next Week


New Delhi: The report on allowances will be placed before the empowered committee of secretaries in the next week for screening, a finance ministry official told on Monday.

The empowered committee of secretaries to take up all issues of allowances, including house rent allowance (HRA), which has been submitted by Committee on Allowances headed by Finance Secretary Ashok Lavasa on its report under the recommendations of the 7th Pay Commission.

The Cabinet approved the setting up of Empowered Committee of Secretaries on January 13, 2016, to process the recommendations of the 7th Pay Commission in an overall perspective. Accordingly, the report of allowances will be screened by that Empowered Committee of Secretaries, the official said.

The finance ministry has set up a 13-member Empowered Committee of Secretaries (E-CoS) headed by Cabinet Secretary P K Sinha on January 27, 2016, on cabinet nod for processing the report of the 7th Pay Commission, which has to bear on the remuneration of 47 lakh central government employees and 52 lakh pensioners.

The other members of the panel include secretaries from the Home Affairs and Defence ministry and secretaries of the department of personnel and training, pension and PW, revenue, expenditure, posts, health, and science and technology. Chairman of Railway Board, Deputy CAG and Secretary (Security) in the Cabinet Secretariat are also on the panel.

“It will look at all the issues of allowances, including HRA and it will function as a Screening Committee to process the Committee on Allowances report with regard to all relevant factors,” the official said.

“The report on allowances is now being examined by the Department of Expenditure. It will be completed shortly, we expect, the finance minister Arun Jaitley next week will hand over it to the Empowered Committee of Secretaries (E-CoS) to examine it and after consideration by the empowered committee of secretaries, the higher allowances shall be placed before the Cabinet for approval.,” the official added.

The employees now get all allowances except dearness allowance at the old rates until the cabinet approval of higher allowances.
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7th CPC Defence Personnel Pay Hike from May, 2017

7th CPC Defence Personnel Pay Hike from May, 2017
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