Revision of interest rates for Small Savings Schemes F.No.01/04/2016-NS Government of India Ministry of Finance Department of Economic Affairs (Budget Division) Office Memorandum North Block, New Delhi Dated: 29.03.2019 Subject: Revision of interest rates for Small Savings Schemes. On the basis of the decision of the Government, interest rates for small savings schemes are notified on quarterly basis since 1st April, 2016 . Accordingly, the rates of interest on various small savings schemes for the first quarter of financial year 2019-20 staring 1st April, 2019 and ending on 30th June, 2019 shall remain unchanged from those notified for the fourth quarter of financial year 2018-19. This has the approval of Finance Minister. sd/- (Akhilesh Kumar Misra) Director Tele : 01123092744 Source:   Dea.gov.in

33.66 crore Accounts Opened under Pradhan Mantri Jan DhanYojana (PMJDY) as on 26.12.2018 – Ministry of Finance As apprised by banks, as on 26.12.2018, there are 33.66 crore accounts under Pradhan Mantri Jan DhanYojana (PMJDY). Out of these accounts, 28.16 crore PMJDY accounts are operative accounts.Accounts could be closed by banks on request of concerned customers.  Further, vide, Reserve Bank of India (RBI)’s Master Circular on Know Your Customer (KYC) Norms, dated 1.7.2015, banks are permitted to close an account in phased manner in case of non-furnishing of required KYC information and /or non-cooperation by the customer, after issuing due notice to the customer.Number of PMJDY accounts closed is not centrally monitored. However, cumulative number of existing PMJDY accounts monitored by this Department, shows that the number of these accounts has increased since launch of the scheme. PMJDY accounts are “Basic Savings Bank Deposit Account” (BSBDA) in nature and as per extant...

Ministry of Finance Banks will remain open and banking activity will continue unimpeded in the first week of September Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September ; Monday, 3rd September is not a pan India holiday ATMs in all States will be fully functional; Banks advised to ensure availability of sufficient cash for dispensation from ATMs Posted On: 31 AUG 2018 11:19AM by PIB Delhi It has come to notice that a rumour is circulating in several sections of the social media that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public. It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September. Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September. Monday, 3rd September is not a pan India holiday and banks only in some States where a holiday is declared under the Negotiab...

Ministry of Finance The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961 26 MAR 2018 In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, which provides for furnishing of a Country-by-Country (CbC) Report in respect of an International Group. The CbC Report is to be furnished by the ultimate parent entity of an International Group in the country or territory of its residence. As specified under sub-section (2) of Section 286, the said Report is to be furnished on or before the due date specified under Section 139(1) of the Act for furnishing of return of income for the relevant accounting year. Th...

Adoption of clarification issued by Ministry of Finance regarding modifications of Level-13 of Pay Matrix GOVERNMENT OF INDIA (BHARAT SARKAR) MINISTRY OF RAILWAYS (RAIL MANTRALAYA) (RAILWAY BOARD) S.No.72/PC-VII RBE No: 161/2017 New Delhi, dated: 31/10/2017 File No. PC-VII/2017/RSRP/1 The General Manager/CAOs(R), All Indian Railways & Production Units, (As per mailing list) Sub : Adoption of clarification issued by Ministry of Finance regarding modifications of Level-13 of Pay Matrix. Modifications to Railway Services (Revised Pay) Rules, 2016 were notified vide Gazette Notification No. G.S.R 882(E) dated 14.07.2017 thereby making changes in Level-13 of the Pay Matrix. 2.Now, Ministry of Finance (Department of Expenditure) vide their O.M No. 4-6/2017-IC/E-III(A) dated 28.09.2107 (copy enclosed) has issued detailed clarifications addressing the following issues arising out of the modification to Level-13 of the Pay Matrix: (i) Issue No. 1 - Whether pay in the Level-13 is to be fixed...