Friday, 12 January 2018

FAQ on Senior Citizen Saving Scheme

1. What are the salient features of the Senior Citizens Savings Scheme, 2004?
The salient features of the Senior Citizens Savings Scheme, 2004 are given below.

2. Can a joint account be opened under the scheme with any person?

Joint account under the SCSS, 2004 can be opened only with the spouse. [Rule 3 (3)]


3. What should be the age of the spouse in case of a joint account?

In case of a joint account, the age of the first applicant / depositor is the only factor to decide the eligibility to invest under the scheme. There is no age bar/limit for the second applicant / joint holder (i.e. spouse). [Rule 3 (3)]


4. What will be the share of the joint account holder in the deposit in an account?

The whole amount of investment in an account under the scheme is attributed to the first applicant / depositor only. As such, the question of any share of the second applicant / joint account holder (i.e. spouse) in the deposit account does not arise. [Rule 3 (3)]


5. Whether both the spouses can open separate accounts in their individual capacity with separate limit of Rs.15 lakh for each of them?

Both the spouses can open individual and / or joint accounts with each other with the maximum deposits up to Rs.15 lakh each, provided both are individually eligible to invest under relevant provisions of the Rules governing the Scheme. (Rules 3 and 4 )

6. Whether any income tax rebate / exemption is admissible?

No income tax / wealth tax rebate is admissible under the Scheme. The prevailing Income Tax provisions shall apply.


7. Is TDS applicable to the scheme?

Yes, TDS is applicable to the Scheme as interest payments have not been exempted from deduction of tax at source.


8. Whether any minimum limit has been prescribed for deduction of tax at source?

Tax is to be deducted at source as per the minimum limit prescribed by the Government.


9. What is the rate at which TDS is to be deducted from the account holder?
The rate for TDS for a financial year is specified in Part II of Schedule I of the Finance Act for that year.


10. Whether TDS should also be recovered from the undrawn interest payable to the legal heirs of the deceased depositors?

Tax shall be deducted at source even from any interest paid / payable to the legal heir of the account holder.


11. Whether TDS on interest payments will be applicable with retrospective effect or prospective basis?


TDS is applicable from the very first day when SCSS, 2004 was made operational regardless of the fact that the Central Government or Reserve Bank of India or any authority might have issued any Notification / circular / clarification at a later stage. \

12. Whether only one person or number of persons can be nominated in the accounts opened under the Scheme?

The depositor may, at the time of opening of the account, nominate a person or persons who, in the event of death of the depositor, will be entitled to payment due on the account. [Rule 6 (1)]


13. Can a nomination be made after the account has already been opened?

Yes, nomination may be made by the depositor at any time after opening of the account but before its closure, by an application in Form C accompanied by the Pass book to the deposit office. [Rule 6 (2)]

14. Can a nomination be cancelled or changed?

Yes, the nomination made by the depositor may be cancelled or varied by submitting a fresh nomination in Form C to the deposit office where the account is being maintained. [Rule 6 (3)]

15. Can nomination be made in joint account also?

Nomination can be made in joint account also. In such a case, the joint holder will be the first person entitled to receive the amount payable in the event of death of the depositor. The nominee’s claim will arise only after the death of both the joint holders. [Rule 6 (4)]

16. Can a person holding a Power of Attorney sign for the nominee in the nomination form ?

No, a person holding a Power of Attorney cannot sign for the nominee in the nomination form.

17. In case of a joint account, if the first holder / depositor expires before maturity, can the account be continued?

In case of a joint account, if the first holder / depositor expires before the maturity of the account, the spouse may continue the account on the same terms and conditions as specified under the SCSS Rules. However, if the second holder i.e. spouse has his / her own individual account, the aggregate of his/her individual account and the deposit amount in the joint account of the deceased spouse should not be more than the prescribed maximum limit. In case the maximum limit is breached, then the remaining amount shall be refunded, so that the aggregate of the individual account and deceased spouse’s joint account is maintained at the maximum limit. [Rules 6 (4) and 8 (3)]


18. What happens to the accounts if both the spouses are maintaining individual accounts and not any joint account and one of them expires?

If both the spouses have opened separate accounts under the scheme and either of the spouses dies during the currency of the account(s), the account(s) standing in the name of the deceased depositor/spouse shall not be continued and such account(s) shall be closed. The account can be closed by making an application in Form ‘F’. Annexures II & III to Form ‘F’ can be attested by the Oath Commissioner or Notary Public [Rule 8].


19. Whether any fee has been prescribed for nomination and / or change / cancellation of nomination?


No fee has been prescribed for nomination and / or change / cancellation of nomination(s) in the accounts under the SCSS, 2004.


20. What is the age limit in the case of retired Defence Personnel for investment in the scheme?
The retired personnel of Defence Services (excluding Civilian Defence Employees) will be eligible to subscribe under the scheme irrespective of the age limit of 60 years subject to the fulfillment of other specified conditions. (The Senior Citizens Savings Scheme (Amendment) Rules, 2004 notified on October 27, 2004)


21. What is the meaning of ‘retirement benefits’ for the purpose of SCSS, 2004?
"Retirement benefits" for the purpose of SCSS Rules have been defined as 'any payment due to the depositor on account of retirement whether on superannuation or otherwise and includes Provident Fund dues, retirement / superannuation gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings linked Insurance scheme payable by employer to the employee on retirement, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary retirement scheme'. (Rule 2 (a) of the Senior Citizens Savings Scheme (Amendment) Rules, 2004 notified on October 27, 2004)
22. Can deposits under the SCSS scheme be made only from amounts received as retirement’s benefits?


In case an investor has attained the age of 60 years and above, the source of amount being invested is immaterial [Rule 2 (d)(i)]. However, if the investor is 55 years or above but below 60 years and has retired under a voluntary scheme or a special voluntary scheme or has retired from the Defence services, only the retirement benefits can be invested in the SCSS. [Rule 2(d) (ii)].


23. Is there a period prescribed for opening deposit account under the SCSS scheme, by the senior citizen, from the retirement benefits?

If the investor is 60 years and above, there is no time period prescribed for opening the SCSS account(s). However for those below 60 years, following time limits have been prescribed.

(a) Who has attained the age of 55 years or more but less than 60 years, and who has retired on superannuation or otherwise on the date of opening of an account under these rules, subject to the condition that the account is opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer, indicating the fact of retirement on superannuation or otherwise, retirement benefit, employment held and period of such employment with the employer.

(b) the persons who have retired at any time before the commencement of these rules and attained the age of 55 years or more on the date of opening of an account under these rules, will also be eligible to subscribe under the scheme within a period of one month of the date of the notification of the SCSS, 2004 i.e. 27th October

2004, subject to fulfillment of other conditions. [Rule 2 of the Senior Citizens Savings Scheme (Amendment) Rules, 2004]

(c) the retired personnel of Defence Services (excluding Civilian Defence Employees) will be eligible  to subscribe under the scheme irrespective of the above age limits subject to the fulfillment of other specified conditions. [Rule 2 of the Senior Citizens Savings Scheme (Amendment ) Rules, 2004]

24. Can an account holder obtain loan by pledging the deposit / account under the SCSS, 2004?

The facility of pledging the deposit / account under the SCSS, 2004 for obtaining loans, is not permitted since the account holder will not be able to withdraw the interest amount periodically, defeating the very purpose of the scheme.

25. Is premature withdrawal of the deposits from the accounts under the SCSS, 2004 permitted?
Premature withdrawal / closure of the deposits from the accounts under the SCSS,
2004 has been permitted after completion of one year from the date of opening of the account after deducting the penalty amount as given below.

(i) If the account is closed after one year but before expiry of two years from the date of opening of the account, an amount equal to one and half per cent of the deposit shall be deducted.

(ii) If the account is closed on or after the expiry of two years from the date of open ing of the account, an amount equal to one per cent of the deposit shall be deducted.

However, if the depositor is availing the facility of extension of account under Rule 4 (3), then he/she can withdraw the deposit and close the account at any time after the expiry of one year from the date of extension of the account without any deduction. [Rule 9 (1) (a) (b) and (2)]

26. Are Non-resident Indians, Persons of Indian Origin and Hindu Undivided Family eligible to invest in the SCSS, 2004?

Non resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to invest in the accounts under the SCSS, 2004. If a depositor becomes a Non-resident Indian subsequent to his/her opening the account and during the currency of the account under the SCSS Rules, the account may be allowed to continue till maturity, on a non-repatriation basis and the account will be marked as a Non-Resident account. [Rule 13)

27. Can an account be transferred from one deposit office to another?

A depositor may apply in Form G, enclosing the Pass Book thereto, for transfer of his account from one deposit office to another. If the deposit amount is rupees one lakh or above, a transfer fee of rupees five per lakh of deposit for the first transfer and rup ees ten per lakh of deposit for the second and subsequent transfers shall be payable. [Rule 11)

28. Can an SCSS account be extended?

A depositor may extend the account for a further period of three years by making an application to the deposit office within a period of one year after maturity.

29. Does an account, which is not extended on maturity, earn any interest?

In case a depositor does not close the account on maturity and also does not extend the account, the account will be treated as matured and the depositor will be entitled to close the account at any time subject to the condition that the post maturity interest at the rate as applicable to the deposits under the Post office Savings Accounts from time to time will be payable on such matured deposits upto the end of the month preceding the month of the closure of the account.

30. What happens if an account is opened in contravention of the SCSS Rules?

If an account has been opened in contravention of the SCSS Rules, the account shall be closed immediately and the deposit in the account, after deduction of the interest, if any, paid on such deposit, shall be refunded to the depositor. (Rule 12)

Friday, 14 October 2016

BEST WAY OF LEARN IPC 1860 FOR IPO EXAM


COURTESY : https://finaclesolution.blogspot.in/

Postal Rates - Important for IP aspirants


Sl. No.Mail Based Products and ServicesTariff in INR
1PostcardSingle Postcard0.5
Reply Postcard1
Printed Postcard6
Competition Postcard10
2Inland Letter Card
Weight 3 grams. No enclosures allowed
2.5
3Letters (Maximum 2 kg)For a weight not exceeding 20 grams5
For every additional 20 grams or fraction thereof5
Embossed Envelope5
4Registration Envelope22.50
5Book Packets, Pattern & Sample PacketFor the first 50 grams or fraction thereof4
For every additional 50 grams or fraction thereof in excess of 50 grams3
6Book Packets, containing Printed BooksFor the first 100 grams or fraction thereof1
For every additional 100 grams or fraction thereof in excess of 100 grams1
7Book Packets, containing Periodicals
(Maximum 5 kg)
For periodicals of value INR 1/- to 20/-For the first 100 grams or fraction thereof2
For every additional 100 grams or fraction thereof in excess of 100 grams3
For periodicals of value INR 21/- to 50/-For the first 100 grams or fraction thereof4
For every additional 100 grams or part thereof in excess of 100 grams5
For periodicals of value INR 51/- and aboveFor the first 100 grams or fraction thereof8
For every additional 100 grams or fraction thereof in excess of 100 grams9
Must be registered with Registrar of Newspapers; Registration number should be printed. (Compact Discs and Floppies etc with periodicals are not allowed under this category. The Periodicals without price shall be classified as "Book Packets, Sample and Pattern Packet" for the tariff calculation.)
8Registered Newspapers
In case of a Single copy of a Registered NewspaperFor a weight not exceeding 50 grams0.25
For a weight exceeding 50 grams. But not exceeding 100 grams0.5
For every additional 100 grams or fraction thereof exceeding 100 grams0.2
In the case of more than one copy of the same issue of Registered Newspaper being carried in the same packetFor a weight not exceeding 100 grams0.5
For every additional 100 grams or fraction thereof exceeding 100 grams0.2
Must be registered with Department of Posts; Registration number should be printed on the first or last page. Bundle containing more than one copy should be addressed to the Newspaper Agent and it is delivered at Post Office counter.
9Blind Literature Packet
(Maximum Weight 7 kg)
Postage, Registration and acknowledgement charges are free
Free
10ParcelsFor the first 500 grams or fraction thereof19
For every additional 500 grams or fraction thereof in excess of 500 grams16
Home delivery charges for article weighing more than 5 kgs. 10 kgs if booked or deliverable at BO. 20 kgs in other cases5
Parcels should be presented at the counter. Should be registered, if the weight is more than 4 kgs. Redirection fee for Parcel - 50% of ordinary postage.
11Late fee for posting On Unregistered articles (per article)2
On Registered articles (per article)3
Special late fee charge (per article)3
12Late fee for renewal of license for Registered NewspaperNot later than the last working day of the third calendar month preceding the last month of the period of previous registration50
After the date of expiry of previous registration100
13Certificate of Posting   For every 3 unregistered articles or less
(NOW DISCONTINUED)
3
14Registration Registration Fee17
Concessional Registration Fee for VPP containing Printed Books upto INR 502.5
Fee for Attested copy of addressee's receipt2
Acknowledgement Delivery fee (AD)3
15Insurance FeeWhere the value of insurance does not exceed INR 20010
For every additional INR 100 or fraction thereof in excess of INR 2006
Limit for insuranceBooked at Branch Office INR 600
Currency Notes INR 20000
Other INR 100000
16Recall of each Inland Postal article
Head Postmasters and Sub Postmasters are competent to issue
6
17Fee for Postal Identity Card
Valid for three years from the date of issue
9
18Rentals for Post Boxes and Post BagsPost Boxes/Post bags at any place per annum - one financial year150
For 3 calendar months50
Post Box and Post Bag with same or different numbers per annum - one financial year250
For 3 calendar months80
For Post Box deposit should be made towards cost of lock and key; for post bag, lock and key should be met from renter.
19Business Reply Permit fee if applied duringFull Year200
From 1st April to 30th June200
From 1st July to 30th September150
From 1st October to 31st December100
From 1st January to 31st March50
Plus Handling charges per article1
20
Franking Machine
Rebate - 3% on franked postage. Concession to bulk mailers - 2% on posting for Post Office wise pre-sorting of letters
License Fee (for 5 years)
375
21Value Payable Post (VPP)Posting Fee for a value not exceeding INR 202
For a value exceeding INR 20 but not exceeding INR 503
For a value exceeding INR 505
Warehousing charges on VP articles (for a maximum of 7 days from 8th days from the date of delivery of intimation)VP letter per day2
VP Parcel per day3
22Air Surcharge for second class mail articles
For packets (other than letters, post cards and letter cards)For the first 50 grams or fraction thereof2
For every additional 50 grams or fraction thereof1
ParcelsFor first 50 grams or fraction thereof2
For every additional 50 grams or fraction thereof1
23International Reply Coupon41
24Money Order
(Fraction of a rupee not allowed. Maximum value INR 5000. No limit for Service Money Order.)
MO Commission - For every sum of INR 20 or fraction thereof1
Cost of a single Money Order form or a VP Money Order Form0.25
6% commission will be taken on family allotment money order booked by an Army Record Office. Calculation will be made in multiples of 10 paise and any amount less than 10 paise shall be regarded as 10 paise.
25Telegraphic Money Order
(Commission as for ordinary money order plus Telegraphic charges for the words in the telegram Ordinary or Express as the case may be plus supplementary fees where the amount of remittance:-)

Now Discontinued
does not exceed INR 503
exceeds INR 50 but does not exceeding INR 2005
exceeds INR 2008
26Indian Postal Order
Available denominations of INR 1,2,5,7,10,20, 50 and 100
For denomination upto INR 101
For denomination upto INR 202
For denomination upto INR 303
For denominatin upto INR 404
For denomination upto INR 505
For Denomination upto INR 10010
27Telegraph ChargesOrdinary upto 10 words3.5
For each additional word0.5
Express - upto 10 words7
For each additional word1
12% of the Service tax is to be levied on telegraph charges
3% on Service Tax as Education Cess
INR 0.50 and above to be rounded off to the next rupee and less than 0.50 to be ignored.
On the address portion of Telegram : 1 to 6 words are chargeable, 7th to 10th words are free. 11th onwards are chargeable. Destination with PIN in one word.

Compendium of rules on Advances to CG employees & IPO Examination

COURTESY : http://potools.blogspot.in/

FORMS NUMBER AND THEIR NAME USED IN DOP


ACCOUNTS - FORMs
ACG 1HO SUMMARY
ACG 2TREASURER CASH BOOK
ACG 3SO SUMMARY
ACG 3 ABO SUMMARY
ACG 4HO CASHBOOK
ACG 6 BPLI RECEIPTS SCHEDULE
ACG 8TREASUY PASS BOOK
ACG 14MEMO OF AUTHORIZED BALANCE
ACG 17MONEY RECEIPT
ACG 19COUNTERSIGNED CONTINGENT BILLS-PO
ACG 19 AREGISTER OF SANCTIONED ESTABLISHMENT
ACG 19 BCOUNTERSIGNED CONTINGENT BILLS-RMS
ACG 20DISBURSEMENT OF PAY AND ALLOWANCE FOR ALL
ACG 22 ABO DAILY ACCOUNT
ACG 24AQUITTANCE ROLL
ACG 25ROAD ESTABLISHMENT
ACG 28REGISTER OF CHEQUES RECEIVE AND CLEARED
ACG 37OTA BILLS
ACG 38OUTSTATION ALLOWANCE
ACG 44LETTER POSTAGE ACCOUNT
ACG 45UNPAID POSTAGE ACCOUNT
ACG 46MEMORANDUM TO PREPAYMENT OF POSTAGE
ACG 47RECEIPT OF CASH PAID IN CASH
ACG 60ADVANCE REGISTER
ACG 67EARNEST MONEY DEPOSIT
ACG 69REGISTER OF BUILDINGS AND LANDS
ACG 84MEMO OF MONTHLY CASH BALANCE
ACG 90CUSTOMS DUTY COLLECTION SCHEDULE
ACG 108BILL FO PROVISIONAL PENSION/FP/GRATUITY
ACG 154REMITTANCE ADVICE
GAR 42GPF WITHDRAWAL FORM
TR 24PERIODICALS INCREMENT CERTIFICATE 
Prepared By: V. Leo Jesurajan, DSM, Karur Division,


REGISTRATION-FORMS
RP 1REGISTER RECEIPT
RP 3PARCEL LIST
RP 8PARCEL ABSTRACT
RP 51REGISTER JOURNAL
RP 52INTIMATION FORM
RP 53BOOK OF INTIMATIONS DELIVERED
RP 54ACKNOWLEDGMENT CARD
RP 54 AACKNOWLEDGMENT OF RECEIPT
RP 57SPECIAL DELIVERY SLIP
RP 58DELIVERY SLIP
RP 63INTIMATION SLIP ABOUT DAMAGE
Mail Forms
MS 1POSTMASTER ORDER BOOK
MS 2ERROR BOOK
MS 9 ACUSTOMS FEE ASSESMENT BY PM
MS 12NOMINAL ROLL
MS 13MONTHLY STATISTICAL REIGSTER
MS 14STATISTICAL REGISTER ABSTRACT
MS 14 ASTATISTICAL MEMORANDUM
MS 15INDEX TO MO RECEIPTS
MS 16CONTENT OF ARTICLES LIST FOREIGN
MS 18BOOK OF POSTMARKS
MS 27POSTMAN BOOK
MS 28MAIL ATTENDANCE BOOK
MS 42NOTICE OF PRESCRIBED FEE FOR PROFESSIONAL LETTER WRITERS
MS 85REIGSTER OF VILLAGE POSTMAN
MS 86VISIT BOOK OF VILLAGE POSTMAN
MS 88YEARLY VILLAGE RETURN
MS 94COMPLAINTS AND SUGGESSION BOOK
MS 98BILL FOR REGISTERED NEWSPAPER FORTNIGHTLY
MS 99MONTHLY STATEMENT ON BILL FOR REGISTERED NEWSPAPER
M1AMAIL LIST
M3RECEIPT OF DETAILS OF BAG
M6CONSOLIDATED LIST OF HOURS OF BUSINESS
M6AHOURS OF TRANSACTIONS
M9DUE MAIL AND SORTING LIST
M 12DESPATCH OF MAIL
M 23REGISTER OF WINDOW DELIVERY TICKETS
M 24WINDOW DELIVERY TICKET
M 26 ATRIAL CARD
M 28INTIMATION FOR RENEWAL OF WINDOW DELIVERY TICKETS
M 32BOOK OF ADDESSEE'S INSTRUCTION
M 34INSTRUCTION SLIP
M 36MEMO OF POSTAGE STAMP
M 37ARTICLES LABLE - RLO
M 40REGISTER OF LINES AND STAGES
M 52VILLAGE SORTING LIST
M 57INLAND AIRMAIL DELIVERY BILL
 Prepared By: V. Leo Jesurajan, DSM, Karur Division
IPO Forms
MO 59INDENT FO IPO TO PAO
MO 60IPO STOCK
MO 60-ASUBSIDERY REGISTER
MO 61REGISTER OF AUTHORIZED STOCK
MO 62IPO SOLD JOURNAL
MO 63LIST OF IPO SOLD
MO 64MEMO OF UNSOLD IPO
MO 65MEMO OF IPO SOLD
MO 66HO JOURNAL OF IPO PAID
MO 67LIST OF IPO PAID THROUGH CLEARING HOUSE
MO 67SO DAILY LIST
MO 68ABSTRACT OF IPO PAID IN A MONTH
MO 72LIST OF IPO FOR Book Adjustment
Thanks to : V. Leo Jesurajan, DSM, Karur Division