UNION MONTHLY MEETING ON 26/02/2016

UNION MONTHLY MEETING WAS HELD AT CHURCHGATE POST OFFICE ON 26 FEB FRIDAY AT 06.00PM

PRESIDENT S R PATIL
SECRETARY A D PISAL

Interest rates of small saving schemes

Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 01.04.2016
        Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest rates with the market rates of the relevant Government securities;
        Interest rate on savings schemes based on laudable Social Development or Social Security Goals including Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and the Monthly Income Scheme left untouched by the Government. 
            The National Savings Schemes (NSSs) regulated by the Ministry of Finance offer complete security of investment combined with high attractive returns. These schemes also act as instruments of financial inclusion especially in the geographically inaccessible areas due to their implementation primarily through the Post Offices, which have reach far and wide. 
            The small savings interest rates are perceived to limit the banking sector’s ability to lower deposit rates in response to the monetary policy of the Reserve Bank of India.  In the context of easing the transmission of the lower interest rates in the economy, the Government also has to take a comprehensive view on the social goals of certain National Small Savings Schemes.  Accordingly, it has been decided that the following shall be implemented with effect from 1.4.2016 with regard to National Savings Schemes:
  1.  The Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and the Monthly Income Scheme are savings schemes based on laudable social development or social security goals.  Hence, the interest rate and spread that these schemes enjoy over the G-sec rate of comparable maturity viz., of 75 bps, 100 bps and 25 bps respectively have been left untouched by the Government. 
 2.  Similarly the spread of 25 bps that long term instruments, such as the 5 yr Term Deposit, 5 year National Saving Certificates and Public Provident Fund (PPF) currently enjoy over G-Sec of comparable maturity, have been left untouched as these schemes are particularly relevant to the self-employed professional and salaried classes.  This will encourage long term savings.
 3.  The 25 bps spread that 1 yr., 2yr. and 3 yr. term deposits, KVPs and 5 yr Recurring Deposits have over comparable tenure Government securities, shall stand removed w.e.f. April 1, 2016 to make them closer in interest rates to the similar instruments of the banking sector.  This is expected to help the economy move to a lower overall interest rate regime eventually and thereby help all, particularly low-income and salaried classes.
4.  The interest rates of all small saving schemes would be recalibrated w.e.f. 1.4.2016 on a quarterly basis as given under, to align the small saving interest rates with the market rates of the relevant Government securities;
 Sr. No.
Quarter for which rate of interest would be effective
Date on which the revision would be notified
Rate of interest to be based on FIMMDA month end G-Sec. rate pertaining to
1.
April to June
15th March
Dec.-Jan.-Feb.
2.
July to September
15th June
Mar.-Apr.-May.
3.
October to December
15th September
Jun.-Jul.-Aug.
4.
January to March
15th December
Sep.-Oct.-Nov.
      5.   The compounding of interest which is biannual in the case of 10 yr National Saving Certificate (discontinued since 20-12-2015), 5 yr National Saving Certificate and Kisan Vikas Patra, shall be done on an annual basis from 1.4.16.
     6.      Premature closure of PPF accounts shall be permitted in genuine cases, such as cases of serious ailment, higher education of children etc,. This shall be permitted with a penalty of 1% reduction in interest payable on the whole deposit and only for the accounts having completed five years from the date of opening.
7.    In pursuance to the decision as mentioned in Para 4 above, the rates of interest applicable on various small savings schemes for the quarter from April to June 2016 effective from 1.4.2016 would be notified in March, 2016.
            The above changes have been brought with the objective of making the operation of National Saving Schemes market-oriented in the interest of overall economic growth of the country, even while protecting their b objectives and promoting long term saving

REPORT ON CWC OF AIPEU GROUP ‘C’ HELD AT CHANDIGARH (PUNJAB CIRCLE) ON 6TH & 7TH FEBRUARY 2016

The Central working committee meeting of AIPEU Group ‘C’ was held at Baba Makhan Shah Lobana Bhawan, Sector 30-A, Chandigarh (Punjab Circle) from 6th to 7th February 2016.

On 06.02.2016, the programme commenced with the flag hoisting. National Flag was hoisted by Com. K. V. Sridharan Ex-General Secretary, P3. NFPE flag was hoisted by Com. M. Krishnan, Secretary General, Confederation & Ex-Secretary General, NFPE& Ex-General Secretary P3, AIPEU Group ‘C’ Flag was hoisted by Com. S. R. A. Majgaonkar, Working President, P-3. After that homage was paid to the martyrs by observing two minutes silence.

All the leaders, Guests and CWC members including CHQ office bearers, Circle Secretaries and Mahila Committee Members were welcomed and honoured by the Reception Committee under leadership of Com. Jagdish Dhiman, Circle Secretary P3 Punjab and Com. Laxman Singh, Circle President, P3, Punjab by garlanding shawls and presenting momentos.

The meeting was presided over by Com. S. A. R. Mazgaonkar, Working President as Com. J. Ramamurthy, President could not come due to marriages in his family. Com. Jagdish Dhiman, Circle Secretary, Punjab delivered welcome speech. Com. R. N. Parashar General Secretary welcomed all leaders, guests and CWC members and visitors who participated in the meeting and delivered introductory speech.

Com. M. Krishnan, Secretary General, Confederation inaugurated the CWC. During his inaugural speech. He elaborately described the pay commission related issues including sectional issues of Postal and emphasized the need of united struggle to achieve the justified demands and to resist the onslaughts on working class in the wake of neo-liberal economic policies.

After that discussion started on agenda items of CWC. Com. R. N. Parashar, General Secretary presented draft report on the activities of P3 CHQ.

Com. R. Seethalakshmi, General Secretary, P4 and Com. K. P. Singh, Deputy General Secretary, R-3, Com. P. Pandurangarao, General Secretary, AIPEU GDS(NFPE) also graced the occasion by delivering their speeches and conveyed best wishes for the success of CWC and extended solidarity with P3 for ensuing struggles. Every leader stressed the need of formation of GDS Union.

In the afternoon of 06.02.2016 Hon’ble Mayor of Chandigarh Municipl Corporation participated in the meeting and he delivered his speech and welcomed all. Com. Raghunath, General Secretary CITU Punjab state also addressed the meeting. During the speech he very nicely presented his views about the adverse effect of neo-liberal economic policies on working class in general and central Government employees and postal workers in particular.

Com. K. V. Sridharan, Ex-General Secretary, P3 and Ex-Leader Staff Side, JCM (DC) delivered his speech. He addressed all the issues confronting to Postal employees, particularly P3 employees. He elaborately described the problems and difficulties being faced by P3 Employees due to CBS and CIS rollout. He stressed the need of united struggle taking in to account the all issues of Postal workers.

All Circle Secretaries, CHQ office bearers and Mahila Committee members presented their views on agenda items.
Circle Secretaries of Andhra Pradesh, Assam and North East did not attend the CWC.

At last the General Secretary summed up the discussion by giving brief reply on the querries raised by the CWC members. He assured all that the issues confronting the P3 employees will be dealt with full care and maximum efforts will be undertaken to settle those.

The most confronting issue was the problems and difficulties being faced by the employees in CBS roll out offices. All the CWC members asked for agitational programme to mitigate the suffering caused due to CBS and CIS. So the following programme of action was decided unanimously.

1st Phase -     Demonstration in front of all Divisional offices & submission of memorandum. CHQ will submit a memorandum to Secretary (P) & Minister.

2nd Phase -    Mass Dharna in front of all Divisional Offices.

3rd Phase -    Mass Dharna in front of all PMG and Chief PMG offices.

4th Phase -    One day Hunger fast in front of Dak Bhawan by All India Leader.

After this next phase of programme will be announced including strike.

Dates will be announced after discussion in the NFPE Federal Secretariat for envolving joint programme Memorandum will be prepared by CHQ/NFPE and circulated to all.

Demands: -
1.      Settlement of problems arisen due to rollout of CBS/CIS
2.      Pay Commission & Cadre related issues upgradation of pay scales.
3.      Implementation of cadre restructuring proposals before implementation of 7th CPC report.
4.      Filling up of vacant posts in all cadres of Department of posts.
5.      Implementation of Jodhpur Judgment and grant MACP to all the promotees.

The arrangements made by the reception committee were praised by each and every one. P3 CHQ extends all thanks and greetings to the reception committee under the leadership of Com. Jagdish Dhiman for making excellent arrangements in all respects. The CWC was concluded by the presidential address by Com. S. A. R. Majgaonkar. Lastly meeting was ended with revolutionary slogans.

CWC AT CHANDIGARH FEBRUARY 2016