Transfers and Postings in PS Group B cadre

PMG,Kurnool has ordered the following transfers and postings in PS Group "B" cadre.

1.Sri PVLNV Bala Satyanarayana, SPOs,Wanaparthy Dn  on reallotment  to Kurnool region is posted as Asst Director(BD) O/O PMG Kurnool.

2.Sri K.Srinivasarao, SPOs Warangal on reallotment to Kurnool region is posted as SPOs Anantapur Division.

Association conveys best wishes to the officers on their new assignment.

Process to examine the recommendations made in the report of the 7th CPC.

 Members and track in viewers are requested to furnish their views to CS by email on or before 4/12/2015 so that consolidated views sent to General Secretary as requested earlier. 

Group "B" posting orders issued by the PMG Hyderabad.

PMG Hyderabad to day issued Group "B" posting orders as shown below.

1. Sri TV Raghavulu Suryapet division,

2. Sri MN Raju Warangal division,

3. Sri Umamameshwar Rao Adilabad division,

4. Sri Shanmukeshwar Rao Wanaparthy division,

5. Sri A.Eashwar Rao Asst.Director RO Hyderabad.

Association conveys best wishes to the above officers on their new assignment. 

CWC meeting to be held on 12.12.2015 at Visakhapatnam

As decided in Hyderabad meeting, Circle Working Committee will meet at Visakhapatnam on 12th December-2015 as detailed below.  All the CWC members are requested to attend the meeting and make it  a success.  

CHQ News.....

CHQ News.....

During the Course of visit to Directorate on 26^th and 27^th November 2015, General Secretary, Asst General Secretary-I and CHQ Treasurer met Hon’ble Secretary (Posts), DDG (Estt), Director (Estt), Director (SR), ADG (Estt), ADG (Staff) and many more officers in the Directorate. Member (P) and Director (Staff) were on leave.

The following issues were discussed with the officers.

1.   Issue of combined seniority list of Inspector Posts cadre since 2001 onwards

The work of preparation of combined seniority list is said to be under process, but circle seniority lists from few circles are not received at Directorate. Directorate has already issued reminder to defaulting circles.

2.   Issue of revised Recruitment Rules of PS Gr. B cadre

The query raised by UPSC is replied by Directorate.

3.   Reduction of quota of General Line in PS Gr. B Examination from 6% to 3%

This issue is linked up with RR. Once RR of PS Gr. B finalised, then quota will be reduced.

4.   Holding of DPC for the promotion the cadre Dy. Manager MMS

ACRs of eligible officers will be called for soon. Three posts are vacant.

5.   Issue of revised Recruitment Rules for the post of Assistant Manager in MMS

File is under submission to UPSC.

6.   Holding of PS Gr. B Examination for the year 2013, 2014 and 2015

Online examination will be held separately for each year by keeping sufficient gap between two examinations. RFP is not finalised. Question Bank not received from RANKPA. Reminders have already been issued.

7.   Inter circle Rule 38 transfer cases of Inspector Posts cadre

Associations letter No. CHQ/IPASP/Agenda/2012 dated 7/7/2015 addressed to Member (P) forwarded to concerned circle by Directorate under Memo No. 13-4/2015-SPB-II dated 9^th July 2015 with a direction to take necessary action.

8.   Holding of periodical meeting with Hon’ble Secretary (Posts)

It is expected in last week of January 2016 or first week of February 2015.

9.   Completion of appointment formalities of  candidates nominated by Staff Selection Commission for appointment as Inspector Posts on the basis of Combined candidates Level Examination 2013

Concerned circle will speed up the issue and complete at the earliest.

10.               Vigilance enquiry in the death case of Ms Mohini Gupta Ex-ASP Ajmer (Raj.)

Report called for from Rajasthan Circle is awaited. Reminders already sent.

11.               Cadre restructuring of Inspector Posts cadre

This vital issue discussed at length keeping in view the recommendations given by 7CPC for our cadre.

Association requested to DOP in writing i.e. “In continuation to this Association’s letter of even number dated 16-06-2015, it is to intimate that the 7CPC has submitted their report to the Government of India on 19-11-2015.

In view of the above, the proposal submitted by this Association on the subject may kindly be kept in abeyance till implementation of recommendations of the 7CPC”.

12.  Non consideration of candidature for PS Gr. B promotion

a)   M. Chandrasekar, ASP Rajamundry Sub Division (AP)

Officers’ promotion to PS Gr. B cadre will considered in review DPC.

b)    S. Prakash Rao, ASP Nizamabad (AP)

The recommendation of the DPC is kept in sealed cover.

13. DPC for the promotion to the cadre of JTS Gr. A for the year 2015-16

File is already sent to UPSC. Date for holding of DPC is awaited from UPSC

14.  DPC for promotion to the cadre of PS Gr. B for year 2016-17

The names of the officers of Inspector Posts cadre from 1992 (excluding the names who selected in last DPC 2015-16) to 2000 will be communicated very soon to all circles with a direction to intimate the correct availability of incumbents by deleting the names of retired, promoted, expired etc. officers to carry out further DPCs smoothly.

15.  Sr. PM cadre examination

Two court cases are still pending in Odisha circle. In both the cases, counter reply filed by department.  

16.  Other activities

Group discussion of the IPs and ASPs working in Directorate arranged on 26/11/2015. Very few members attended/participated and took part in the discussion. The grievances / suggestions / vies of the attendees noted down and will be taken up with the appropriate authority. Few of them will be discussed in detailed in ensuing AIC.  

Only Shri P. Ajit Kumar ASP (RB) and AGS-I has paid his subscription to CHQ Treasurer. On enquiry with cash section it was told that no subscription of IPs / ASPs working in Directorate is lying at their end since last 6-7 years.

ADPS (Building) Delhi circle requested for minor repairing of accommodation provided to this Association at P&T Colony Civil Lines.

Central Govt Employees To Get PPO, Other Benefits On Retirement Day

New Delhi: The government has decided to give pension payment order (PPO) and all other retirement benefits on the day of retirement to all 50000 central government employees retiring every year, Union minister Jitendra Singh said on Thursday.

 

“The goal is to ensure 100 per cent payment of all retirement benefits and the delivery of pension payment order (PPO) to retiring employees on the day of retirement itself,” The Minister of State for Personnel, Public Grievances and Pensions Jitendra Singh said at the inauguration of a workshop on ‘Bhavishya ’, an online pension sanction and payment tracking system for central government retirees.

“Last year of a retiring employee is spent in preparation of pension payment order (PPO) and collecting no-dues certificates as he fears no one will let him in after he retires. The reputation of a retiring government servants becomes such that he is preparing to get his pension on time. This is just not done,” Singh said

“Our experience shows pension payments are considerably delayed. Retirees need a dignified exit from service and can’t be expected to run around for their pension payment order (PPO) and all retirement benefits or make requests to someone for it,” said an official on this occasion.

Bhavishya involves preparation of advance list of employees retiring in the next 12 months and sending each such employee a login and password for ‘ Bhavishya ‘ portal eight months before the date of his retirement on his mobile phone and e-mail ID.

The employee fills up his details on the portal and based on that information, pension forms are auto-generated by the software and submitted for processing. The system then sends SMS and e-mail alerts to the employee, his head of department and disbur...

The Minister said apart from ensuring timely disbursal of pension, the Department is also holding pre-retirement counselling for employees and considering various options on how best to utilize the experience of retired personnel who can contribute a lot to the government and society as they are energetic and resourceful for long beyond 60 years of age.

Source :http:// tkbsen.in AIAIPASP (chq)

Group "B" allotment/realotment orders issued.

Circle Office to day issued the re-allotment & allotment orders in group"B" cadre vide memo  dated 23.11.2015.   Association conveys best wishes to all the officers in their new assignment.

SLNO	Name of officer	Region allotted.
1	P.Anandarao Dte. Delhi	Visakhapatnam
2	PS Chandrasekhar, Maharastra circle	-do-
3	A.Padmanabhashetty (Promotion)	Hyd. city Region
4	Mahidhar Maharastra circle	-do-
5	MN.Raju Maharastra circle	Hyderabad Region
6	Umamaheshwarrao  Dte. Delhi	-do-
7	TV Raghavulu (Promotion)	-do-
8	Shanmukeshwarrao (Promotion)	-do-
9	A.Eashwarrao (Promotion)	-do-
10	Srinivasarao SP Warangal (Re-allotment)	Kurnool Region
11	PVLNV. Balasatyanarayana SP Wanaparthy (Re-allotment)	-do-

Trade unions furious over 7th Pay Commission report recommendations: Top 10 reasons why

While the 7th Pay Commission report recommendations have been a source of joy for hundreds of thousands of government employees, for the national trade unions linked to the Bharatiya Janata Party (BJP) and the Left, the hike has not been high enough and they have not kept quiet about it.

Trade unions have protested vehemently against the 7th Pay Commission and are looking for redressal of their grievances and contemplating action. They have also looked at strong industrial action to indicate their unhappiness and will be indicating soon what their future course of action can be. Here are the top 10 reasons why, they say, they are angry with the Seventh Pay panel report:

1. Proposed 7th Pay Commission hike is lowest in many decades and not in sync with inflation - least hike (proposed) in the last 30 years. Considering the inflation, it is unsatisfactory.

2. 7th Pay Commission has recommended a 16 per cent hike in net pay against projected 23.55 per cent.

3. There is a huge gap in maximum and minimum pay in the 7th Pay Commission report recommendations.

4. The gratuity ceiling recommended by 7th Pay Commission has been raised from Rs 10 lakh to Rs 20 lakh, the benefit of this will go to senior officials only.

5. 7th Pay Commission report has ignored sharp increase in prices justifying substantial upward revision in HRA and other allowances. Instead the commission has reduced rates of HRA from 30 per cent to 24 per cent of the basic pay in A Class cities and corresponding decrease in other cities which is a retrograde recommendation.

6. Doubts about the way the 7th Pay Commission has calculated the figures. For example, they calculated House Rent Allowance (HRA) at 3 per cent against the mandated 7 per cent.

7. As per commodity prices on Agriculture Ministry's website and on the basis of Labour Bureau data, the Basic Pay comes at Rs 11,341 while 7th Pay Commission calculation shows it at Rs 9,218. There is a lot of gap.

8. There is no clarity in the 7th Pay Commission report on the pay revision for lakhs of contract workers in government ministries as well as 3 lakh Grameen Dak Sewaks.

9. 7th Pay Commission is the only commission, which has reduced the allowances and due to which the growth in net income is only 14.28 per cent. (PTI).

10. 7th Pay Commission report is totally disappointing and beats logic. Employees and workers will meet on November 27 to protest against the recommendations of the 7th Pay Commission and discuss the issue.

NOTE: The 900-page report of the 7th Pay Commission headed by Justice A K Mathur was presented to Finance Minister Arun Jaitley with a recommendation that the new scales be implemented from January 1, 2016. The panel recommended a 14.27 per cent increase in basic pay, the lowest in 70 years. The previous 6th Pay Commission had recommended a 20 per cent hike, which the government doubled while implementing it in 2008.Source:http://www.financialexpress.com/photos/business-gallery/168924/7th-pay-commission-report-top-10-reason-why-trade-unions-are-furious-with-seventh-pay-panel/10/

Pay commission and its effects on IP cadre.

Dear friends,

Much awaited 7th CPC has submitted its report to Govt. on 19th November. An emergency meeting has been arranged as per the members interest at Hyderabad to study and discuss the pros and cons of CPC w.r.t our cadre. Most of members attended the meeting expressed dissatisfaction on the fixation formula i.e.2.57. A core committee is formed from amongst the members attended and the committee will submit report to association for bringing the same to the notice of our Chq.

Hence, all the members are requested to study the report, summarize the important points and mail to our association mail ID by 23.11.2015.  Your views and expressions will be included in the report to be submitted to Chq.

Group "B" promotion to 2 more officers issued.

Directorate has on 20.11.2015 issued group "B" promotion orders to two more ASPs as shown in the memo. Association conveys best wishes to Sri TV Raghavulu on his promotion and allotment to AP Circle.

Good news to Inspector cadre.

The 7th CPC at last recommended GP Rs. 4600- to Inspector, Rs. 4800- to ASP and Rs. 5400- to SP(PB-2). Congratulations to all our friends. The fight has been ended after 10 years.  Now we have to demand it from 01.01.2006.

Seventh CPC Chairman Justice Mathur confirmed submission on 19th November: PTI

New Delhi, Nov 17 (PTI) The 7th Pay Commission will submit its report to Finance Minister Arun Jaitley on Thursday recommending increase in remuneration of central government employees as well as pensioners.

"We are ready with the report and will submit it on November 19," the Commission's Chairman Justice A K Mathur told PTI.

The Commission was set up by the UPA government in February 2014 to revise remuneration of about 48 lakh central government employees and 55 lakh pensioners.

Its recommendations will also have a bearing on the salaries of the state government staff.

The Union Cabinet had extended the term of the panel in August by four months, till December.

Government constitutes the pay commission almost every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications.

As part of the exercise, the commission holds discussions with various stakeholders, including organisations, federations, groups representing civil employees as well as Defence services.

The recommendations of the 7th Pay Commission are scheduled to take effect from January 1, 2016.

Besides Chairman, other members of the commission are Vivek Rae, a retired IAS officer of 1978 batch, and Rathin Roy, an economist. Meena Agarwal is secretary of the commission.

The 6th Pay Commission was implemented with effect from January 1, 2006; the 5th from 1 January 1996, and the 4th from January 1, 1986.

Source : http://www.ptinews.com/news/6744569_7th-Pay-Commission-to-submit-report-on-Nov-19.html

Inauguration of 31st All India Postal Weight Lifting, Power Lifting, & Best Physique Tournament-2015 at LB Stadium Hyderabad on 17.11.15

Sri.M.Sampath,Chief Postmaster General, Dr.P.V.S.Reddy,Postmaster General(Mails &BD) Col.M.Eleesha,Postmaster General Hyderabad Region,
 Sri.Sanjay Ranjan, Postmaster General Kurnool Region, at the function. Chief Guest:Sri.S.M.Arif,Dronachrya Former Chief National Badminton Coach,(Center) is also seen.

All India Postal weight lifting/Power lifting/Best physquie tournament.

31st All India Postal weight lifting/Power lifting/Best physquie tournament to be held at LB stadium Hyderabad from 17.11.2015 to 20.11.2015. 14 teams i.e Assam,, Bihar, Delhi, Jharkhand,Kerala,Karnataka, Maharastra, Madhyapradesh, Odisha, Punjab,Rajasthan, Tamilnadu,Utterpradesh and West Bengal are taking part in the tournament. Chief Postmaster General Sri Sampath garu inaugurating the national event on 17.11.2015.

The GS has taken up following 3 issues relating to our Circle on group "B" matters and we hope an early solution.

No. CHQ/AIAIPASP/PS Gr.B/DPC-AP/2014                      Dated :    16/11/2015.

To,

Shri Rajkumar,

Director (Staff),

Department of Posts,
Dak Bhawan, Sansad Marg,
New Delhi 110 001.

Subject : Promotion and postings of Postal Service Gr. B cadre.

Ref.      : Directorate No. 9-02/2015-SPG dated 10-11-2015

Respected Sir,

Directorate vide memo No. 9-02/2015-SPG dated 10.11.2015 issued promotion and postings of 122 PS Gr. B officers, but following senior officers names are found not reflected in the selected list.

1.   Shri T. V. Raghavulu (Andhra Pradesh) : This officer belongs to IP-1989 batch. Officer was selected for promotion to the PS Gr. B cadre vide Directorate Memo no. 9-23/2012-SPG dated 28/12/2012 and 9-33/2013-SPG dated 10.10.2013 and allotted to Maharashtra circle, but officer did not join and decline the promotion on 7.3.2013 and 17.1.2014. The officer’s representation dated 21/2/2015 is pending at Directorate and on enquiry it was told that the case will be considered in review DPC for the year 2013-14, but till date result of the said DPC is not declared by Directorate. AP circle has already submitted the requisite documents to Directorate.

2.   Shri K. Prakasa Rao (Andhra Pradesh) : The officer belongs to IP-1993 batch. His Junior Shri M. P. Parmar (Gujarat) selected vide above cited memo and promoted to PS Gr. B cadre. While calling the nominations for promotion in connection to PS Gr. B cadre for the year 2015-16, two disciplinary cases were pending against the officer. Both the disciplinary cases were already settled in the month of July 2015 itself by awarding punishment as ‘Censure’ and report to that effect was also sent by AP Circle to Directorate on time.

3.   Shri M. Chandrasekhar (Andhra Pradesh) : This Association already referred officers case to Directorate under letter of even number dated 1/10/2014 and 14/7/2015. The officer is promoted to PS Gr. B cadre in supplementary DPC held under memo No. 9-25/2014-SPG dated 14/7/2015 and allotted to PTC Mysore. Officer has several times approached to AP circle for his relief, but till date he has not relieved and told that matter referred to Directorate.

    It is therefore urged to kindly look into the matter personally and resolve these issues immediately.

            With regards,

Yours sincerely,

Sd/- 

 (Vilas Ingale)

General Secretary

RTI Matters- More transparency.

Central Information Commission (CIC), the final appellate authority for Right to information (RTI) Act, has finally moved to bring in more transparency in its working. The transparency watchdog would now upload data of cases received, returned to the applicant and reasons for return on the Commission's website.

After protests from RTI activists and former information commissioners, Chief Information Commissioner Vijai Sharma has asked National Informatics Centre ( NIC), which handles the CIC website, to upgrade the website and upload latest data of appeals and complaints registered at CIC. The instructions have come after a series of reports by ET on how CIC had witnessed a sharp fall of 96% in cases registered over four months.

TThe Commission had registered this sharp fall between July and October when it had started returning cases to applicants citing technical grounds. However, the transparency watchdog had no data on how many appeals and complaints had been returned to the applicants.

Speaking to ET, Sharma said, "We are now correcting this so that people know how many appeals and complaints have been received, registered and returned to the applicant. This data would be available on the website within this week."

Several prominent RTI activists, including former chief information commissioner Wajahat Habibullah and former information commissioner Shailesh Gandhi, have been protesting against the Commission's new practice of returning appeals and complaints on technical grounds.

Earlier, Habibullah had told ETthat this practice goes against the spirit of RTI Act as CIC should aid the applicant in filing an appeal and not discourage him.

A research conducted by Commonwealth Human Rights Initiative had pegged the number of returned cases at over 8,000 in 10 months. However, the research pointed out that the data available on CIC website was not updated and there was no way of finding out exactly how many appeals and complaints had been returned.

RTI activist Lokesh Batra, who has been fighting for transparency in the registration process at CIC, said, "The chief has assured us that the data would be updated and now anybody would be able to access this by filling out the date entries "from" and "to" on the website." Batra said the number of cases returned are more than 10,000 in just four months.

Source:-The Economic Times.

FAQ : ALL ABOUT SOVEREIGN GOLD BOND

1. What is Sovereign Gold Bond (SGB)? Who is the issuer?

SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India.

2. Why should I buy SGB rather than physical gold? What are the benefits?

The quantity of gold for which the investor pays is protected, since he receives the ongoing market price at the time of redemption/ premature redemption. The SGB offers a superior alternative to holding gold in physical form. The risks and costs of storage are eliminated. Investors are assured of the market value of gold at the time of maturity and periodical interest. SGB is free from issues like making charges and purity in the case of gold in jewellery form. The bonds are held in the books of the RBI or in demat form eliminating risk of loss of scrip etc.

3. Are there any risks in investing in SGBs?

There may be a risk of capital loss if the market price of gold declines. However, the investor does not lose in terms of the units of gold which he has paid for.

4. Who is eligible to invest in the SGBs?

Persons resident in India as defined under Foreign Exchange Management Act, 1999 are eligible to invest in SGB. Eligible investors include individuals, HUFs, trusts, universities, charitable institutions, etc.

5. Whether joint holding will be allowed?

Yes, joint holding is allowed.

6. Can a Minor invest in SGB?

Yes. The application on behalf of the minor has to be made by his / her guardian.

7. Where can investors get the application form?

The application form will be provided by the issuing banks/designated Post Offices/agents. It can also be downloaded from the RBI’s website. Banks may also provide online application facility.

8. What are the Know-Your-Customer (KYC) norms?

Know-Your-Customer (KYC) norms will be the same as that for purchase of physical form of gold. Identification documents such as Aadhaar card/PAN or TAN /Passport / Voter ID card will be required. KYC will be done by the issuing banks/Post Offices/agents.

9. What is the minimum and maximum limit for investment?

The Bonds are issued in denominations of one gram of gold and in multiples thereof. Minimum investment in the Bond shall be two grams with a maximum buying limit of 500 grams per person per fiscal year (April – March). In case of joint holding, the limit applies to the first applicant.

10. Can I buy 500 grams in the name of each of my family members?

Yes, each family member can hold the bond if they satisfy the eligibility criteria as defined at Q No.4.

11. Can I buy 500 grams worth of SGB every v year?

Yes. One can buy 500 grams worth of gold every year as the ceiling has been fixed on a fiscal year (April-March) basis.

12. Is the limit of 500 grams of gold applicable if I buy on the Exchanges?

The limit of 500 grams per financial year is applicable even if the bond is bought on the exchanges.

13. What is the rate of interest and how will the interest be paid?

The Bonds bear interest at the rate of 2.75 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.

14. Who are the authorized agencies selling the SGBs?

Bonds are sold through scheduled commercial banks and designated Post Offices either directly or through their agents like NBFCs, NSC agents, etc.

15. Is it necessary for me to apply through my bank?

It is not necessary for the customer to apply through the bank where he/she has his/ her account. A customer can apply through another bank or Post Office.

16. If I apply, am I assured of allotment?

If the customer meets the eligibility criteria, produces a valid identification document and remits the application money on time, he/she will receive the allotment.

17. When will the customers be issued Holding Certificate?

The customers will be issued Certificate of Holding on the date of issuance of the

SGB. Certificate of Holding can be collected from the issuing banks/Post Offices/agents or obtained directly from RBI on email, if email address is provided in the application form.

18. Can I apply online?

Yes. A customer can apply online through the website of the listed scheduled commercial banks.

19. At what price the bonds are sold?

Price of bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average price for gold of 999 purity published by the India Bullion and Jewellers Association Ltd. (IBJA). The issue price will be disseminated by the Reserve Bank of India

20. Will RBI publish the rate of gold applicable every day?

The price of gold for the relevant tranche will be published on RBI website two days before the issue opens.

21. What will I get on redemption?

On maturity, the redemption proceeds will be equivalent to the prevailing market value of grams of gold originally invested in Indian Rupees. The redemption price will be based on simple average of previous week’s (Monday-Friday) price of closing gold price for 999 purity published by the IBJA.

22. How will I get the redemption amount?

Both interest and redemption proceeds will be credited to the bank account furnished by the customer at the time of buying the bond.

23. What are the procedures involved during redemption?

The investor will be advised one month before maturity regarding the ensuing maturity of the bond.

On the date of maturity, the maturity proceeds will be credited to the bank account as per the details on record.

In case there are changes in any details, such as, account number, email ids, then the investor must intimate the bank/PO promptly.

24. Can I encash the bond anytime I want? Is premature redemption allowed?

Though the tenor of the bond is 8 years, early encashment/redemption of the bond is allowed after fifth year from the date of issue on coupon payment dates. The bond will be tradable on Exchanges, if held in demat form. It can also be transferred to any other eligible investor.

25. What do I have to do if I want to exit my investment?

In case of premature redemption, investors can approach the concerned bank/Post Office/agent thirty days before the coupon payment date. Request for premature redemption can only be entertained if the investor approaches the concerned bank/post office at least one day before the coupon payment date. The proceeds will be credited to the customer’s bank account provided at the time of applying for the bond.

26. Can I gift the bonds to a relative or friend on some occasion?

The bond can be gifted/transferable to a relative/friend/anybody who fulfills the eligibility criteria (as mentioned at Q. no. 4). The Bonds shall be transferable in accordance with the provisions of the Government Securities Act 2006 and the Government Securities Regulations 2007 before maturity by execution of an instrument of transfer which is available with the issuing agents.

27. Can I use these securities as collateral for loans?

Yes, these securities are eligible to be used as collateral for loans from banks, financial Institutions and Non-Banking Financial Companies (NBFC). The Loan to Value ratio will be same as applicable to ordinary gold loan mandated by the RBI from time to time.

28. What are the tax implications on i) interest and ii) capital gain?

Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961(43 of 1961). Capital gains tax treatment will be the same as that for physical gold.

29. Is tax deducted at source (TDS) applicable on the bond?

TDS is not applicable on the bond. However, it is the responsibility of the bond holder to comply with the tax laws.

30. Who will provide other customer services to the investors after issuance of the bonds?

The issuing banks/Post Offices/agents through which these securities have been purchased will provide other customer services such as change of address, early redemption, nomination, etc.

31. What are the payment options for investing in the Sovereign Gold Bonds?

Payment can be made through cash/cheques/demand draft/electronic fund transfer.

32. Whether nomination facility is available for these investments?

Yes, nomination facility is available as per the provisions of the Government Securities Act 2006 and Government Securities Regulations, 2007. A nomination form is available along with Application form.

33. Is the maximum limit of 500 gms applicable in case of joint holding?

The maximum limit will be applicable for the first applicant in case of a joint holding for the specific application.

34. Are institutions like banks allowed to invest in Sovereign Gold Bonds?

There is no bar on investment by banks in Sovereign Gold Bonds. These will qualify for SLR.

35. Can I get the bonds in demat form?

The bonds can be held in demat account.

36. Can I trade these bonds?

The bonds are tradable on stock exchanges from the date to be notified by RBI. The bonds can also be sold and transferred as per provisions of Government Securities Act.

37. Can I get part repayment of these bonds at the time of exercising put option?

Yes, part holdings can be redeemed in multiples of one gm