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Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the “Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS)”. This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

The terms and conditions of the scheme are as under:

2. Eligibility for Deposits.— The deposits under this Scheme shall be made from the 17th day of December, 2016 till 31st day of March, 2017, by any person who declared undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

3. Form of the deposits.— The deposits shall be held at the credit of the declarant in Bonds Ledger Account maintained with Reserve Bank of India. A certificate of holding shall be issued to declarant in Form I. The Reserve Bank of India shall transfer the deposit received under this Scheme into the designated Reserve Fund in the Public account of the Government of India.

4. Authorised banks.— (a) Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (hereinafter referred to as Authorised Banks).

(b) The Authorised Bank shall electronically furnish the details of deposit made in Form V to the Department of Revenue, Ministry of Finance, Government of India not later than next working day to enable the Department to verify the information of the deposit before accepting the declaration.

(c) The authorised bank shall upload the details of deposit into Reserve Bank of India’s Core Banking Solution ‘e-Kuber’.

(d) The Reserve Bank of India and Authorised Bank shall maintain the confidentiality of the data received in this regard.

5. Subscription and Mode of investment in the Bonds Ledger Account.— (a) The deposits shall be accepted at all the Authorised Banks.

(b) The deposits shall be made in multiples of rupees one hundred.

(c) The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

(d) The entire deposit shall be made, in a single payment, before filing declaration under sub-section (1) of section 199C ibid.

(e) The deposit shall be made in the form of cash or draft or cheque drawn in favour of the authorised bank accepting such deposit or by electronic transfer.

6. Effective date of deposit.— The effective date of opening of the Bonds Ledger Account shall be the date of tender of cash or the date of realisation of draft or cheque or transfer through electronic transfer.

7. Applications.— (a) An application for the deposit under this Scheme shall be made in Form II clearly indicating the amount, full name, Permanent Account Number (hereinafter referred to as “PAN”), Bank Account details (for receiving redemption proceeds), and address of the declarant. Provided that if the declarant does not hold a PAN, he shall apply for a PAN and provide the details of such PAN application along with acknowledgement number.

(b) The application under sub-paragraph (a) shall be accompanied by an amount which shall not be less than twenty-five per cent. of the undisclosed income in the form of cash or draft or cheque or through electronic transfer as provided under sub-paragraphs (c) and (d) of paragraph 5.

8. Nomination.— (a) A sole holder or a sole surviving holder of a Bonds Ledger Account, being an individual, may nominate in Form III, one or more persons who shall be entitled to the Bonds Ledger Account and the payment thereon in the event of his death.

(b) Where any amount is payable to two or more nominees and either or any of them dies before such payment becomes due, the title to the Bonds Ledger Account shall vest in the surviving nominee or nominees and the amount being due thereon shall be paid accordingly. In the event of the nominee or nominees predeceasing the holder, the holder may make a fresh nomination.

(c) A nomination made by a holder of Bond Ledger Account may be varied by a fresh nomination, or may be cancelled by giving notice in writing to the Authorised Bank in Form IV.

(d) Every nomination and every cancellation or variation shall be registered at the Reserve Bank of India through the authorised bank and shall be effective from the date of such registration.

(e) If the nominee is a minor, the holder of Bonds Ledger Account may appoint any person to receive the Bonds Ledger Account or the amount due in the event of his death.

9. Transferability.— The transferability of the Bonds Ledger Account shall be limited to nominee or to the legal heir of an individual holder, in the event of his death.

10. Interest.— The deposits shall not bear any interest.

11. Tradability against Bonds.— The Bonds Ledger Account shall not be tradable.

12. Repayment.— The Bond Ledger Account shall be repayable on the expiration of four years from the date of deposit and redemption of such Bond Ledger Account before its maturity date shall not be allowed.

13. Interpretation.— The words and expressions used but not defined in this notification but defined in the Income-tax Act, 1961 (43 of 1961), the Government Securities Act, 2006 (38 of 2006) or the Finance Act, 2016 (28 of 2016) shall have the meanings respectively assigned to them in those Acts.



Frequently Asked Questions (FAQs) on Goods and Services Tax (GST)

Following are the answers to the various frequently asked questions relating to GST:
Question 1.What is GST? How does it work?

Answer: GST is one indirect tax for the whole nation, which will make India one unified common market.

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

Question 2. What are the benefits of GST?

Answer:The benefits of GST can be summarized as under:

· For business and industry
o Easy compliance: A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online, which would make compliance easy and transparent. 
o Uniformity of tax rates and structures: GST will ensure that indirect tax rates and structures are common across the country, thereby increasing certainty and ease of doing business. In other words, GST would make doing business in the country tax neutral, irrespective of the choice of place of doing business.
o Removal of cascading: A system of seamless tax-credits throughout the value-chain, and across boundaries of States, would ensure that there is minimal cascading of taxes. This would reduce hidden costs of doing business.
o Improved competitiveness: Reduction in transaction costs of doing business would eventually lead to an improved competitiveness for the trade and industry.
o Gain to manufacturers and exporters: The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. The uniformity in tax rates and procedures across the country will also go a long way in reducing the compliance cost.

· For Central and State Governments
o Simple and easy to administer: Multiple indirect taxes at the Central and State levels are being replaced by GST. Backed with a robust end-to-end IT system, GST would be simpler and easier to administer than all other indirect taxes of the Centre and State levied so far.
o Better controls on leakage: GST will result in better tax compliance due to a robust IT infrastructure. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivize tax compliance by traders.
o Higher revenue efficiency: GST is expected to decrease the cost of collection of tax revenues of the Government, and will therefore, lead to higher revenue efficiency.

· For the consumer
o Single and transparent tax proportionate to the value of goods and services: Due to multiple indirect taxes being levied by the Centre and State, with incomplete or no input tax credits available at progressive stages of value addition, the cost of most goods and services in the country today are laden with many hidden taxes. Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer.
o Relief in overall tax burden: Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.

Question 3. Which taxes at the Centre and State level are being subsumed into GST?

At the Central level, the following taxes are being subsumed:
a. Central Excise Duty,
b. Additional Excise Duty,
c. Service Tax,
d. Additional Customs Duty commonly known as Countervailing Duty, and
e. Special Additional Duty of Customs.

At the State level, the following taxes are being subsumed:
a. Subsuming of State Value Added Tax/Sales Tax,
b. Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
c. Octroi and Entry tax,
d. Purchase Tax,
e. Luxury tax, and
f. Taxes on lottery, betting and gambling.

Question 4. What are the major chronological events that have led to the introduction of GST?

Answer: GST is being introduced in the country after a 13 year long journey since it was first discussed in the report of the Kelkar Task Force on indirect taxes. A brief chronology outlining the major milestones on the proposal for introduction of GST in India is as follows:
a. In 2003, the Kelkar Task Force on indirect tax had suggested a comprehensive Goods and Services Tax (GST) based on VAT principle.
b. A proposal to introduce a National level Goods and Services Tax (GST) by April 1, 2010 was first mooted in the Budget Speech for the financial year 2006-07.
c. Since the proposal involved reform/ restructuring of not only indirect taxes levied by the Centre but also the States, the responsibility of preparing a Design and Road Map for the implementation of GST was assigned to the Empowered Committee of State Finance Ministers (EC).
d. Based on inputs from Govt of India and States, the EC released its First Discussion Paper on Goods and Services Tax in India in November, 2009.
e. In order to take the GST related work further, a Joint Working Group consisting of officers from Central as well as State Government was constituted in September, 2009.
f. In order to amend the Constitution to enable introduction of GST, the Constitution (115th Amendment) Bill was introduced in the Lok Sabha in March 2011. As per the prescribed procedure, the Bill was referred to the Standing Committee on Finance of the Parliament for examination and report.
g. Meanwhile, in pursuance of the decision taken in a meeting between the Union Finance Minister and the Empowered Committee of State Finance Ministers on 8th November, 2012, a ‘Committee on GST Design’, consisting of the officials of the Government of India, State Governments and the Empowered Committee was constituted.
h. This Committee did a detailed discussion on GST design including the Constitution (115th) Amendment Bill and submitted its report in January, 2013. Based on this Report, the EC recommended certain changes in the Constitution Amendment Bill in their meeting at Bhubaneswar in January 2013.
i. The Empowered Committee in the Bhubaneswar meeting also decided to constitute three committees of officers to discuss and report on various aspects of GST as follows:-
(a) Committee on Place of Supply Rules and Revenue Neutral Rates;
(b) Committee on dual control, threshold and exemptions;
(c) Committee on IGST and GST on imports.
j. The Parliamentary Standing Committee submitted its Report in August, 2013 to the Lok Sabha. The recommendations of the Empowered Committee and the recommendations of the Parliamentary Standing Committee were examined in the Ministry in consultation with the Legislative Department. Most of the recommendations made by the Empowered Committee and the Parliamentary Standing Committee were accepted and the draft Amendment Bill was suitably revised.
k. The final draft Constitutional Amendment Bill incorporating the above stated changes were sent to the Empowered Committee for consideration in September 2013.
l. The EC once again made certain recommendations on the Bill after its meeting in Shillong in November 2013. Certain recommendations of the Empowered Committee were incorporated in the draft Constitution (115th Amendment) Bill. The revised draft was sent for consideration of the Empowered Committee in March, 2014.
m. The 115th Constitutional (Amendment) Bill, 2011, for the introduction of GST introduced in the Lok Sabha in March 2011 lapsed with the dissolution of the 15th Lok Sabha. 
n. In June 2014, the draft Constitution Amendment Bill was sent to the Empowered Committee after approval of the new Government.
o. Based on a broad consensus reached with the Empowered Committee on the contours of the Bill, the Cabinet on 17.12.2014 approved the proposal for introduction of a Bill in the Parliament for amending the Constitution of India to facilitate the introduction of Goods and Services Tax (GST) in the country. The Bill was introduced in the Lok Sabha on 19.12.2014, and was passed by the Lok Sabha on 06.05.2015. It was then referred to the Select Committee of Rajya Sabha, which submitted its report on 22.07.2015.

Question 5.How would GST be administered in India?

Answer:Keeping in mind the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State. The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilization of credit would be permitted.

Question 6.How would a particular transaction of goods and services be taxed simultaneously under Central GST (CGST) and State GST (SGST)?

Answer :The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except on exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits. Further, both would be levied on the same price or value unlike State VAT which is levied on the value of the goods inclusive of Central Excise.

Question 7.Will cross utilization of credits between goods and services be allowed under GST regime?

Answer :Cross utilization of credit of CGST between goods and services would be allowed. Similarly, the facility of cross utilization of credit will be available in case of SGST. However, the cross utilization of CGST and SGST would not be allowed except in the case of inter-State supply of goods and services under the IGST model which is explained in answer to the next question.

Question 8.How will be Inter-State Transactions of Goods and Services be taxed under GST in terms of IGST method?

Answer:In case of inter-State transactions, the Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supplies of goods and services under Article 269A (1) of the Constitution. The IGST would roughly be equal to CGST plus SGST. The IGST mechanism has been designed to ensure seamless flow of input tax credit from one State to another. The inter-State seller would pay IGST on the sale of his goods to the Central Government after adjusting credit of IGST, CGST and SGST on his purchases (in that order). The exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and SGST) in his own State. The Centre will transfer to the importing State the credit of IGST used in payment of SGST.Since GST is a destination-based tax, all SGST on the final product will ordinarily accrue to the consuming State.



Question 9.How will IT be used for the implementation of GST?

Answer:For the implementation of GST in the country, the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a not-for-profit, non-Government Company to provide shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders. The key objectives of GSTN are to provide a standard and uniform interface to the taxpayers, and shared infrastructure and services to Central and State/UT governments.

GSTN is working on developing a state-of-the-art comprehensive IT infrastructure including the common GST portal providing frontend services of registration, returns and payments to all taxpayers, as well as the backend IT modules for certain States that include processing of returns, registrations, audits, assessments, appeals, etc. All States, accounting authorities, RBI and banks, are also preparing their IT infrastructure for the administration of GST.

There would no manual filing of returns. All taxes can also be paid online. All mis-matched returns would be auto-generated, and there would be no need for manual interventions. Most returns would be self-assessed.

Question 10.How will imports be taxed under GST?

Answer :The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territory of India. Unlike in the present regime, the States where imported goods are consumed will now gain their share from this IGST paid on imported goods.

Question 11.What are the major features of the Constitution (122nd Amendment) Bill, 2014?

Answer :The salient features of the Bill are as follows:
g. Conferring simultaneous power upon Parliament and the State Legislatures to make laws governing goods and services tax;
h. Subsuming of various Central indirect taxes and levies such as Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs;
i. Subsuming of State Value Added Tax/Sales Tax, Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States), Octroi and Entry tax, Purchase Tax, Luxury tax, and Taxes on lottery, betting and gambling;
j. Dispensing with the concept of ‘declared goods of special importance’ under the Constitution;
k. Levy of Integrated Goods and Services Tax on inter-State transactions of goods and services;
l. GST to be levied on all goods and services, except alcoholic liquor for human consumption. Petroleum and petroleum products shall be subject to the levy of GST on a later date notified on the recommendation of the Goods and Services Tax Council;
m. Compensation to the States for loss of revenue arising on account of implementation of the Goods and Services Tax for a period of five years;
n. Creation of Goods and Services Tax Council to examine issues relating to goods and services tax and make recommendations to the Union and the States on parameters like rates, taxes, cesses and surcharges to be subsumed, exemption list and threshold limits, Model GST laws, etc. The Council shall function under the Chairmanship of the Union Finance Minister and will have all the State Governments as Members.

Question 12.What are the major features of the proposed registration procedures under GST?

Answer:The major features of the proposed registration procedures under GST are as follows:
i. Existing dealers: Existing VAT/Central excise/Service Tax payers will not have to apply afresh for registration under GST.
ii. New dealers: Single application to be filed online for registration under GST.
iii. The registration number will be PAN based and will serve the purpose for Centre and State.
iv. Unified application to both tax authorities.
v. Each dealer to be given unique ID GSTIN.
vi. Deemed approval within three days.
vii. Post registration verification in risk based cases only.

Question 13.What are the major features of the proposed returns filing procedures under GST?

Answer:The major features of the proposed returns filing procedures under GST are as follows:
a. Common return would serve the purpose of both Centre and State Government.
b. There are eight forms provided for in the GST business processes for filing for returns. Most of the average tax payers would be using only four forms for filing their returns. These are return for supplies, return for purchases, monthly returns and annual return.
c. Small taxpayers: Small taxpayers who have opted composition scheme shall have to file return on quarterly basis.
d. Filing of returns shall be completely online. All taxes can also be paid online.

Question 14.What are the major features of the proposed payment procedures under GST?

Answer:The major features of the proposed payments procedures under GST are as follows:
i. Electronic payment process- no generation of paper at any stage
ii. Single point interface for challan generation- GSTN
iii. Ease of payment – payment can be made through online banking, Credit Card/Debit Card, NEFT/RTGS and through cheque/cash at the bank
iv. Common challan form with auto-population features
v. Use of single challan and single payment instrument
vi. Common set of authorized banks
vii. Common Accounting Codes

The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of Ministers:-
Prime Minister Shri Narendra Modi Personnel, Public Grievances and Pensions Department of Atomic Energy Department of Space All important policy issues, and all other portfolios not allocated to any Minister
1. Shri Raj Nath Singh Home Affairs 2. Smt. Sushma Swaraj External Affairs 3. Shri Arun Jaitley Finance Corporate Affairs 4. Shri M. Venkaiah Naidu Urban Development Housing and Urban Poverty Alleviation Information & Broadcasting 5. Shri Nitin Jairam Gadkari Road Transport and Highways Shipping 6. Shri Manohar Parrikar Defence 7. Shri Suresh Prabhu Railways 8. Shri D.V. Sadananda Gowda Statistics & Programme Implementation 9. Sushri Uma Bharati Water Resources, River Development and Ganga Rejuvenation 10. Dr. Najma A. Heptulla Minority Affairs 11. Shri Ramvilas Paswan Consumer Affairs, Food and Public Distribution 12. Shri Kalraj Mishra Micro, Small and Medium Enterprises 13. Smt. Maneka Sanjay Gandhi Women and Child Development 14. Shri Ananthkumar Chemicals and Fertilizers Parliamentary Affairs 15. Shri Ravi Shankar Prasad Law & Justice Electronics & Information Technology 16. Shri Jagat Prakash Nadda Health & Family Welfare 17. Shri Ashok Gajapathi Raju Pusapati Civil Aviation 18. Shri Anant Geete Heavy Industries and Public Enterprises 19. Smt. Harsimrat Kaur Badal Food Processing Industries 20. Shri Narendra Singh Tomar Rural Development Panchayati Raj Drinking Water and Sanitation 21. Shri Chaudhary Birender Singh Steel 22. Shri Jual Oram Tribal Affairs 23. Shri Radha Mohan Singh Agriculture & Farmers Welfare 24. Shri Thaawar Chand Gehlot Social Justice and Empowerment 25. Smt. Smriti Zubin Irani Textiles 26. Dr. Harsh Vardhan Science and Technology Earth Sciences 27. Shri Prakash Javadekar Human Resource Development
1. Shri Rao Inderjit Singh Planning (Independent Charge) Urban Development Housing & Urban Poverty Alleviation 2. Shri Bandaru Dattatreya Labour and Employment (Independent Charge) 3. Shri Rajiv Pratap Rudy Skill Development & Entrepreneurship (Independent Charge) 4. Shri Vijay Goel Youth Affairs and Sports (Independent Charge) Water Resources, River Development & Ganga Rejuvenation 5. Shri Shripad Yesso Naik AAYUSH (Independent Charge) 6. Shri Dharmendra Pradhan Petroleum and Natural Gas (Independent Charge) 7. Shri Piyush Goyal Power (Independent Charge) Coal (Independent Charge) New and Renewable Energy (Independent Charge) Mines (Independent Charge) 8. Dr. Jitendra Singh Development of North Eastern Region (Independent Charge) Prime Minister’s Office Personnel, Public Grievances & Pensions Department of Atomic Energy Department of Space 9. Smt. Nirmala Sitharaman Commerce and Industry (Independent Charge) 10. Dr. Mahesh Sharma Culture (Independent Charge) Tourism (Independent Charge) 11. Shri Manoj Sinha Communications (Independent Charge) Railways 12. Shri Anil Madhav Dave Environment, Forest and Climate Change (Independent Charge) 13. General V.K. Singh External Affairs 14. Shri Santosh Kumar Gangwar Finance 15. Shri Faggan Singh Kulaste Health & Family Welfare 16. Shri Mukhtar Abbas Naqvi Minority Affairs Parliamentary Affairs 17. Shri S.S. Ahluwalia Agriculture & Farmers Welfare Parliamentary Affairs 18. Shri Ramdas Athawale Social Justice & Empowerment 19. Shri Ram Kripal Yadav Rural Development 20. Shri Haribhai Parthbhai Chaudhary Micro, Small & Medium Enterprises 21. Shri Giriraj Singh Micro, Small & Medium Enterprises 22. Shri Hansraj Gangaram Ahir Home Affairs 23. Shri G.M. Siddeshwara Heavy Industries & Public Enterprises 24. Shri Ramesh Chandappa Jigajinagi Drinking Water & Sanitation 25. Shri Rajen Gohain Railways 26. Shri Parshottam Rupala Agriculture & Farmers Welfare Panchayati Raj 27. Shri M.J. Akbar External Affairs 28. Shri Upendra Kushwaha Human Resources Development 29. Shri Radhakrishnan P. Road Transport & Highways Shipping 30. Shri Kiren Rijiju Home Affairs 31. Shri Krishan Pal Social Justice & Empowerment 32. Shri Jasvantsinh Sumanbhai Bhabhor Tribal Affairs 33. Dr. Sanjeev Kumar Balyan Water Resources, River Development & Ganga Rejuvenation 34. Shri Vishnu Deo Sai Steel 35. Shri Sudarshan Bhagat Agriculture and Farmers Welfare 36. Shri Y.S. Chowdary Science and Technology Earth Science 37. Shri Jayant Sinha Civil Aviation 38. Col. Rajyavardhan Singh Rathore Information & Broadcasting 39. Shri Babul Supriyo Urban Development Housing and Urban Poverty Alleviation 40. Sadhvi Niranjan Jyoti Food Processing Industries 41. Shri Vijay Sampla Social Justice & Empowerment 42. Shri Arjun Ram Meghwal Finance Corporate Affairs 43. Dr. Mahendra Nath Pandey Human Resource Development 44. Shri Ajay Tamta Textiles 45. Smt. Krishna Raj Women & Child Development 46. Shri Mansukh L. Mandaviya Road Transport & Highways, Shipping, Chemicals & Fertilizers 47. Smt. Anupriya Patel Health & Family Welfare 48. Shri C.R. Chaudhary Consumer Affairs, Food & Public Distribution 49. Shri P.P. Chaudhary Law & Justice Electronics & Information Technology 50. Dr. Subhash Ramrao Bhamre Defence


Highlight of Pradhan Mantri Ujjwala Yojana:


--To provide LPG to all women household in below poverty line families.

---Scheme will benefit 5 core families below poverty line.

----Scheme is estimated at a cost of rs 8000 cr.

---Ensure financial support of rs 1600 to each family.

----Sceme will be implemented over three financial years 2016-17, 2017-18 and 2017-18.



19 action points of start up-Highlights of the Plan-

Compliance Regime based on Self-certification
Startup India Hub – A single point of contact for the entire startup ecosystem
Rolling out of a Mobile App & Portal – Starting a Startup in 1 day on a Mobile App
Fast track mechanism of Startup patent applications
Relaxed Norms of Public Procurement for Startups
Faster Exit for Startups
Rs 10,000 crore Fund of Funds for funding support
Credit Guarantee Fund for Startups
Tax Exemption on Capital Gains
Tax Exemption to Startups for 3 Years (for startups registering after April 1, 2016)
Tax Exemption on Investment above Fair Market Value
Organising Startup Fests for Showcasing Innovation and Providing a Collaboration Platform
Launch of Atal Innovation Mission (AIM) with Self-Employment and Talent Utilisation (SETU) Program
Harnessing Private Sector Expertise for Incubator Setup
Building Innovation Centres at National Institutes
Setting up of 7 New Research Parks Modeled on the Research Park Setup at IIT Madras
Promoting Startups in the Biotechnology Sector
Launching Innovation Focused Programs for Students
Annual Incubator Grand Challenge.



Q;What is objective of Skill India.
A:The main goal is to create opportunities, space and scope for the development of the talents of the Indian youth and to develop more of those sectors which have already been put under skill development for the last so many years and also to identify new sectors for skill development. The new programme aims at providing training and skill development to 500 million youth of our country by 2020, covering each and every village. Various schemes are also proposed to achieve this objective.
Q:What are main features of Skill India.
A:The emphasis is to skill the youths in such a way so that they get employment and also improve entrepreneurship.

Provides training, support and guidance for all occupations that were of traditional type like carpenters, cobblers, welders, blacksmiths, masons, nurses, tailors, weavers etc.

More emphasis will be given on new areas like real estate, construction, transportation, textile, gem industry, jewellery designing, banking, tourism and various other sectors, where skill development is inadequate or nil.

The training programmes would be on the lines of international level so that the youths of our country can not only meet the domestic demands but also of other countries like the US, Japan, China, Germany, Russia and those in the West Asia.

Another remarkable feature of the ‘Skill India’ programme would be to create a hallmark called ‘Rural India Skill’, so as to standardise and certify the training process.

Tailor-made, need-based programmes would be initiated for specific age groups which can be like language and communication skills, life and positive thinking skills, personality development skills, management skills, behavioural skills, including job and employability skills.

The course methodology of ‘Skill India’ would be innovative, which would include games, group discussions, brainstorming sessions, practical experiences, case studies etc.
Q:How is it different from the previous skill development policies?
A:It’s not that we do not have any skill development programme already. The Government of India has always considered skill development as a national priority. It is just that since the ministry is new, the approach taken for skill development is also new. Earlier, the emphasis was on traditional jobs. But this time, all kinds of jobs will be given equal emphasis. Earlier, the responsibility was divided among various ministries, but this time, these are being clubbed together. The ministry of skill development and entrepreneurship will be the principal ministry which is going to coordinate with other ministries and organisations.

Skill India won’t be just a programme but a movement. Here, youth who are jobless, college and school dropouts, along with the educated ones, from rural and urban areas, all will be given value addition. The new ministry will be the certifying agency. Certificates will be issued to those who complete a particular skill or programme and this certificate has to be recognized by all public and private agencies and entities, including overseas organisations. Skill India is a programme for the entire nation.



Mr Anil Aggarwal (a banking expert and interview process expert) is  conducting Personal coaching classes for bank interviews .The focus of his sessions are: 

  1. What type of questions can be raised from you on the basis of your profile?
  2. How to attempt your answers during interview?
  3. What are the expectations of selection board?
  4. How you can present your skills in live interview situation?
  5. What to read, what not to read?
  6. How to prepare for interview?
  7. How to cover one's weaknesses?
  8. How to improve confidence level?

and so on........_

 Mr ANIL AGGARWAL is able to bring about a lot of  improvement  in level of candidates through his motivational and informative talk. His motto is to achieve very high success rate for his candidates. you can read success stories of his candidates.




  • You may call at 09811340788 or 011-22242640  between 3 P.M. to 8 P.M..


  • You may call at 09811340788 or 011-22242640  between 3 P.M. to 8 P.M..
  • Candidates can avail facility of telephonic sessions.


81.8% enrolled candidates cleared their interviews with high scores and they are now working with various banks..





I.P Extension , PATPARGANJ, DELHI,  110092


The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason. The scheme would be offered/ administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks for this purpose. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.

Scope of coverage: All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the
scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.

Enrolment period: Initially on launch for the cover period 1st June 2015 to 31st May 2016, subscribers will be required to enroll and give their auto-debit consent by 31st May 2015. Late enrollment for prospective cover will be possible up to 31st August 2015,
which may be extended by Govt. of India for another three months, i.e. up to 30th of November, 2015. Those joining subsequently may be able to do so with payment of full annual premium for prospective cover, with submission of a self-certificate of good health in the prescribed proforma.

Enrolment Modality: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every
year, with the exception as above for the initial year. Delayed enrollment with payment of full annual premium for prospective cover may be possible with submission of a self certificate of good health. Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed proforma.

In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to submission of self-certificate of good health.

Benefits: Rs.2 lakhs is payable on member’s death due to any reason

Premium: Rs.330/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health. The premium would be reviewed based on annual claims experience. However, barring
unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.

Eligibility Conditions:
a) The savings bank account holders of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.

b) Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, will be required to give a self certification of good health and that he / she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as
on date of enrollment or earlier.

Master Policy Holder: Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / other insurance company in consultation with the participating bank.

Termination of assurance: The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:
1) On attaining age 55 years (age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).

2) Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3) In case a member is covered under PMJJBY with LIC of India / other company through more than one account and premium is received by LIC / other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
4) If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good health.
5) Participating Banks shall remit the premium to insurance companies in case of regular enrolment on or before 30th of June every year and in other cases in the same month when received.

The scheme, subject to the above, will be administered by the LIC P&GS Units / other insurance company setups. The data flow process and data proforma will be informed separately.
It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process.

Members may also give one-time mandate for auto-debit every year till the scheme is in force.


Pradhan Mantri Suraksha Bima Yojana

Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby – Scheme 1 – for Accidental Death Insurance) are:

Eligibility: Available to people in age group 18 to 70 years with bank account.

Premium: Rs 12 per annum.

Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.

Risk Coverage: For accidental death and full disability – Rs 2 Lakh and for partial disability – Rs 1 Lakh.

Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.

Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
Who will implement this Scheme?: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.


Q:Atal Pension Yojna (APY) was launched on.
A: June 1 2015 .
Q: What is focus area of scheme.
A: focus is on the unorganised sector.
Q: What is quantum of pension.
A: .Under the Atal Pension Yojna Scheme (APY), the subscribers ,under the age of 40, would receive the fixed monthly pension of Rs. 1000 to Rs 5000 at the age of 60 years, depending on their contributions.
Q: What is contribution of Govt in this scheme.
A:To make the the pension scheme more attractive, government would co-contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum, whichever is lower to each eligible subscriber account for a period of of 5 years from 2015-16 to 2019-20. The benefit of government’s co-contribution can be availed by those who subscribe to the scheme before December 31, 2015.
Q: Discuss eligible persons.
A:Eligibility for APY: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
Age of joining and contribution period: The minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age.


Sukanya Samriddhi Account :

1. These rules may be called the Sukanya Samriddhi Account Rules,2014.

2. Opening of Account.-

(1) The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules, shall also be eligible for opening of the account under these rules.

(2) A depositor may open and operate only one account in the name of a girl child under these rules.

(3) Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor.

(4) Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only:
Provided that the natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.


3. Deposits .- (1) The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed one lakh fifty thousand rupees in a financial year.

(2) Deposits in an account may be made till completion of fourteen years, from the date of opening of the account.

(3) An irregular account where minimum amount as specified in sub-rule (1) has not been deposited may be regularised on payment of a penalty of fifty rupees per year along with the said minimum specified subscription for the year (s) of default any time till the account completes fourteen years.

4. Mode of Deposit .-

(1) The deposit in the account opened under these rules may be made -
a) in cash; or

b) by cheque or demand draft drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank where the account stands and an endorsement on the back of such instrument shall be made and signed by the depositor indicating name of the account holder and account number in which the deposit is to be credited.

(2) Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account.

5. Interest on deposit .- (1) Interest at the rate, to be notified by the Government, compounded yearly shall be credited to the account till the account completes fourteen years.

(2) In case of account holder opting for monthly interest, the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.

6. Operation of account .-

(1) The account shall be opened and operated by the natural or legal guardian of a girl child till the girl child in whose name the account has been opened, attains the age of ten years.

(2) On attaining age of ten years, the account holder that is the girl child may herself operate the account,however, deposit in the account may be made by the guardian or any other person or authority.

7. Premature closure of account .- (1) In the event of death of the account holder, the account shall be closed immediately on production of death certificate issued by the competent authority, and the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.

(2) Where the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder, it may, by order, for reasons to be recorded in writing, allow pre-mature closure of the account only in cases of extreme compassionate grounds such as medical support in life threatening diseases, death, etc.

8. Pass book .- (1) On opening an account, the depositor shall be given a pass book bearing the date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the amount deposited.

(2) The pass book shall be presented to the post office or bank, as the case may be, at the time of depositing money in the account and receiving payment of interest and also at the time of final closure of the account on maturity.


9. Transfer of account .- The account may be transferred anywhere in India if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands.

10. Withdrawal .- (1) To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal up to fifty per cent. of the balance at the credit, at the end of preceding financial year shall be allowed.

(2) The withdrawal referred to in sub-rule (1) shall be allowed only when the account holder girl child attains the age of eighteen years.

11. Closure on maturity .- (1) The account shall mature on completion of twenty-one years from the date of opening of the account :

Provided that where the marriage of the account holder takes place before completion of such period of twenty one years, the operation of the account shall not be permitted beyond the date of her marriage :
Provided further that where the account is closed under the first proviso, the account holder shall have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of account.

(2) On maturity, the balance including interest outstanding in the account shall be payable to the account holder on production of withdrawal slip along with the pass book.

(3) If the account is not closed in accordance with the provisions of sub-rule (1), interest as per the provisions of rule 7 shall be payable on the balance in the account till final closure of the account.

12. Power to relax .- Where the Central Government is satisfied that the operation of any provision of these rules causes undue hardship to the account holder or account holders, it may, by order and for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.


Union Budget 2016 Highlights.

1. Rs. 35984 crores allotted for agriculture sector.


2. Rs. 17000 crores for irrigation projects.


3. Two new Organic farming scheme for 5 lakh acres.


4. Rs. 19000 crores for Gram Sadak Yojana

5. Rs. 9 Lakh Crores Agriculture Credit Target.

6. Rs. 38500 crores for MANREGA, highest ever.

7. Rs. 2.87 Lakh crores to be spent on Villages in total.

8. Rs. 9000 crores for Swach Bharat Mission.

9. Rs. 97000 Crores for Roads.

10. Total Outlay on Roads and railway Rs. 2.18 Lk Crores.

11. Rs. 2.21 Lakh Crores on Infra Projects.

12. NHAI to raise Rs. 15000 crores via NHAI Bonds.

13. More benches for SEBI Appellate tribunal.

14. Registration of Company in One Day for Start-ups.

15. Rs. 25000 crores for Banks rehabilitation.

16. 100% FDI for food processing.

17. Non planned expenditure of Rs. 14.28 Lk Crores.

18. Planned expenditure increased by 15.3% .

19. Relief Section 87A Rs. 2000 to Rs. 5000

20. Relief Sec 80GG Rs. 24000 to Rs. 60000

21. Section 44AD limits Rs. 1 crores to Rs. 2 crores. Rs. 50 Lakh for professional

22. Accelerated depreciation limited to 40%

23. New manufacturing companies will pay tax @ 25%.

24. LTCG on unlisted securities limited to 2 years.

25. 100% tax deduction for companies building houses upto 30 sq. mtrs.

26. Additional interest deduction for first house.

27. No service tax for building houses upto 60 sq mtrs.

28. 10% dividend tax for recipient over Rs. 10 lakh per annum.

29. TCS on purchase of asset over Rs. 2 Lakh in case and luxury cars.

30. VDS Scheme @ 30% + surcharge, Ist June to 30th September 2016.

31. Dispute resolution for appeal pending before Commissioner(Appeals).

32. Penalty for concealment of Income from 100-300% to 50-200%.

33. Rationalisation of TDS provisions.

34. 11 new benches for Income Tax Appellate tribunal.

35. No face to face scrutiny.


Make in India: Objective, Benefits, Feature:
Make in India Campaign Objective

Ultimate objective to make India a renowned manufacturing hub for key sectors. Companies across the globe would be invited to make investment and set up factories and expand their facilities in India and use India’s highly talented and skilled manpower to create world class zero defect products. Mission is to manufacture in India and sell the products worldwide.

How this would be achieved

Skill development programs would be launched especially for people from rural and poor ones from urban cities
25 key sectors have been short listed such as telecommunications, power, automobile, tourism, pharmaceuticals and others
Individuals aged 15-35 years would get high quality training in the following key areas such as welding, masonries, painting, nursing to help elder people
Skill certifications would be given to make training process, a standard. Currently manufacturing in India suffers due to low productivity rigid laws and poor infrastructure resulting in low quality products getting manufactured.
Over 1000 training centres would be opened across India in the next 2 years
For companies setting up factories, “Invest India” unit is being set-up in the commerce department which would be available 24/7. The main focus of this department would be to make doing business in India easy by making all the approval processes simpler and resolving the issues in getting regulatory clearances within 48-72 hours so that clearances are fast. To make this possible, special team would be available to answer all the queries related to help foreign investors/companies.
The e-biz portal would be soon launched which would be real time and available 24*7

This will help in creating job market for over 10 million people in India
Manufacturing done here would boost India’s GDP, trade and economic growth


The implementation of GST will lead to the abolition of other taxes such as octroi, Central Sales Tax, State-level sales tax, entry tax, stamp duty, telecom licence fees, turnover tax, tax on consumption or sale of electricity, taxes on transportation of goods and services, et cetera, thus avoiding multiple layers of taxation that currently exist in India.

But just what is GST all about and how will it impact you?

What is GST?

Goods and Services Tax -- GST -- is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level.

Through a tax credit mechanism, this tax is collected on value-added goods and services at each stage of sale or purchase in the supply chain.

The system allows the set-off of GST paid on the procurement of goods and services against the GST which is payable on the supply of goods or services. However, the end consumer bears this tax as he is the last person in the supply chain.

Experts say that GST is likely to improve tax collections and boost India's economic development by breaking tax barriers between States and integrating India through a uniform tax rate.

What are the benefits of GST?

Under GST, the taxation burden will be divided equitably between manufacturing and services, through a lower tax rate by increasing the tax base and minimizing exemptions.

It is expected to help build a transparent and corruption-free tax administration. GST will be is levied only at the destination point, and not at various points (from manufacturing to retail outlets).

Currently, a manufacturer needs to pay tax when a finished product moves out from a factory, and it is again taxed at the retail outlet when sold.

How will it benefit the Centre and the States?

It is estimated that India will gain $15 billion a year by implementing the Goods and Services Tax as it would promote exports, raise employment and boost growth. It will divide the tax burden equitably between manufacturing and services.

What are the benefits of GST for individuals and companies?

In the GST system, both Central and State taxes will be collected at the point of sale. Both components (the Central and State GST) will be charged on the manufacturing cost. This will benefit individuals as prices are likely to come down. Lower prices will lead to more consumption, thereby helping companies.


NITI Aayog or National Institution for Transforming India Aayog is a policy think-tank of government that replaces Planning Commission and aims to involve the states in economic policy-making in India. It will be providing strategic and technical advice to the central and the state governments. Prime Minister of India heads the Aayog as its chairperson.

Government had announced formation of NITI og on 1 January 2015.

There are couples of things to be considered here.

In Hindi, NITI (Hindi: नीति) means Policy,

And Ayog(Hindi: आयोग) means Commission.

NITI Aayog would therefore mean:

• A group of people with authority entrusted by the government to formulate/regulate policies concerning transforming India.

• It is a commission to help government in social and economic issues.

• Also it's an Institute of think tank with experts in it.

PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) - Frequently Asked Questions (Faqs)


Q. 1. What is Pradhan Mantri Jan-Dhan Yojana?
Ans. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Q. 2. How is PMJDY different from the earlier Financial Inclusion Plan (Swabhimaan)?
Ans. PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas. Earlier plan targeted only villages above 2000 population while under PMJDY whole country is to be covered by extending banking facilities in each Sub-Service area consisting of 1000 – 1500 households such that facility is available to all within a reasonable distance, say about 5 Km.


Q. 3. Whether Joint account can be opened in Pradhan Mantri Jan-Dhan Yojana?
Ans. Yes, joint account can be opened.
Q. 4. Under this Scheme, where can I open an account?
Ans. Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.
Q. 5. What is BSBDA Account ?
Ans. Basic Savings Bank Deposit Account (BSBDA) has been defined by RBI vide its circular dated 10.08.2012. Its salient features are:
There is no requirement of minimum balance.
The services available include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of collection/deposit of cheques.
Maximum of 4 withdrawals a month including ATM withdrawal. No such limit for deposits.
Facility of ATM card or ATM-cum-Debit card.
These facilities are to be provided without any extra cost.


Q. 6. Whether there are any restrictions like age, income, amount etc. criteria for opening BSBDA by banks for individuals?
Ans. Any individual above the age of 10 years can open BSBDA Account.


Q. 7. What is RuPay Debit Card?
Ans. Rupay Debit Card is an indigenous domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at most of the PoS machines (for making cashless payment for purchases) in the country.


Q. 8. What is PIN Number ?
Ans. Personal Identification Number (PIN) is randomly generated code for use of ATM Card at the time of withdrawal of money from ATM Machine and also at the time of making payment on PoS


Q. 9. How to keep your RuPay Card safe?
Ans. Beneficiary of RuPay Card is required to keep the Card in safe custody. PIN should be changed at frequent intervals and should never be shared with anyone. While using the card at ATM Machine or PoS, PIN should be entered in machine very secretly so that nobody could even guess about the PIN Number. As far as possible, Card should be used at authorized places / centres only. Besides, PIN number should never be written on the Card.


Q. 10. What is special advantage of RuPay Debit Card?
Ans. It provides accidental insurance cover upto Rs.1.00 lac without any charge to the customer.


Q. 11. Whether illiterate customers can be issued RuPay Card?
Ans. Yes. However, Branch Manager will have to advise all the related risks to the illiterate account-holder at the time of issuance of RuPay Card.


Q. 12. How to link Mobile Number with Bank Account ?
Ans. Mobile Number of an account holder is entered in customer's account in CBS System by the Bank on the basis of information given in the Account Opening Form. Also, for existing accounts, banks permit seeding through ATM, SMS from registered mobile, net-banking or on making a request in the branch (there may be variations depending on the bank).


Q. 13. How to keep debit card operational ?
Ans. To get benefit of Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.


Q. 14. How long the debit card is valid and how to get Debit Card renewed ?
Ans. Debit Card expiry date is mentioned on the Card itself. Account-holder is advised to get issued new card well before expiry date of his/her existing card by giving fresh application to the concerned bank.


Q. 15. If someone has two or more accounts and two or more RuPay Debit Cards, whether accidental insurance cove is available in each account / each card?
Ans. Accidental insurance cover is available only in one account.


Q. 16. What is PoS Machine ?
Ans. PoS stands for Point of Sale. PoS Machine is a small device installed at almost all Business Centres to facilitate cashless purchases to their customers.


Q. 17. Does a person already having a Bank account in any bank needs to open another account under Pradhan Mantri Jan-Dhan Yojna (PMJDY) to get the Accidental Benefit/Life Insurance Benefit under the Scheme?
Ans. A person who is already having a bank account with any bank NEED NOT to open a separate account under PMJDY. He/she will just have to get issued a RuPay Card in his existing account to get benefit of insurance. Credit facility can be extended in the existing account if it is being operated satisfactorily.


Q. 18. What is the concept of overdraft of Rs.5000/- in PMJDY Account and for whom this facility is available?
Ans. Overdraft facility upto Rs.5000/- will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account. To avoid duplication Aadhaar number will also be required. If Aadhaar number is not available then Bank will do additional due diligence and also seek declaration from the beneficiary.


Q. 19. Whether Overdraft facility can be availed in more than one account?
Ans. Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.


Q. 20. What is Accidental Insurance Cover? Who will pay the premium ?
Ans. Accidental Insurance Cover is Rs.1.00 lac and no premium is charged to the beneficiary -- NPCI will pay the premium. At present the premium is Rs.0.47 per Card.
Q. 21. If both husband and wife who are opening accounts under PMJDY are eligible for Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- and overdraft facility of Rs.5000/- in both the accounts separately?
Ans. Accidental Insurance cover of Rs.1.00 lac and Life Insurance Cover of Rs.30000/- will be available to all account-holders. However, overdraft facility upto Rs.5000/- will be available to only one person in the family (preferably lady of the house)


Q. 22. What documents are required to open an account under Pradhan Mantri Jan-Dhan Yojana?
Ans. (i) If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self certification of current address is sufficient.
(ii) If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving Licence, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as "Proof of Identity and Address".
(iii) If a person does not have any of the "officially valid documents" mentioned above, but it is categorized as ‘low risk' by the banks, then he/she can open a bank account by submitting any one of the following documents:
a) Identity Card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
b) Letter issued by a gazette officer, with a duly attested photograph of the person.
Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has clarified as under:
"Those persons who do not have any of the ‘officially valid documents' can open "Small Accounts" with banks. A "Small Account" can be opened on the basis of a self-attested photograph and putting his/her signatures or thumb print in the presence of an officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document, within 12 months of opening the small account.


Q. 23. If the present address is different than that of printed on Aadhaar Card, can the account still be opened under Pradhan Mantri Jan Dhan Yojana on the basis of Aadhaar Card?
Ans. If address has changed, then a self certification of current address is sufficient.


Q. 24. What is meant by Insurance cover of Rs.30,000/- announced by Prime Minister in his speech of 28.08.2014?
Ans. Modalities of this Scheme announced by the Prime Minister on 28.08.2014 are being worked out expeditiously and will be disseminated to General Public very soon.


Q. 25. Whether Cheque Book will be issued in accounts opened under PMJDY?
Ans. In PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria, if any, of the bank.


26. What are the direct / special benefits attached to PMJDY?
Ans. Special benefits attached to the scheme are:
Interest on deposit.
Accidental insurance cover of Rs.1.00 lac
No minimum balance required. However, for withdrawal of money from any ATM with Rupay Card, some balance is advised to be kept in account.
Life insurance cover of Rs.30,000/-
Easy Transfer of money across India
Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
Access to Pension, insurance products.


Q. 27. I have no official valid document for opening an account. Can I still open an account with bank?
Ans. Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has clarified as under:
"Those persons who do not have any of the ‘officially valid documents' can open "Small Accounts" with banks. A "Small Account" can be opened on the basis of a self-attested photograph and putting his/her signatures or thumb print in the presence of an officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document, within 12 months of opening the small account.


Q. 28. How much interest savings would earn in PMJDY Account?
Ans. Interest rate applicable for Saving Bank Accounts (presently @ 4 % in most of the banks) shall be admissible to accounts opened under PMJDY Scheme.


Q. 29. How much interest will be charged by bank on overdraft facility in PMJDY?
Ans. Base Rate + 2 % or 12 %, whichever is lower. At present it will be 12 %.


Q. 30. Whether banks will be organizing Account Opening Camps in future also?
Ans. Yes. Nationalised banks have been asked to organize camps on all Saturdays from 8.00 AM to 8.00 PM. Banks can hold additional camps on other days also.


Q. 31. If I have required papers for issuance of Aadhaar Card, can I get Aadhaar Card in Bank and open my account under PMJDY simultaneously?
Ans. Aadhaar Registration may be got done in Camps organized by UIDAI. In account opening camps also, endeavour is to make Aadhaar Registration Counter available.


Q. 32. Do you have to pay some fee to open a Bank account under PMJDY?
Ans. No. There is absolutely no charge / fee for opening an account under PMJDY.


Q. 33. Can a minor (below 18 years of age) can open an account under PMJDY?
Ans. A minor of above the age of 10 years can open his / her Savings Bank account in any bank.


Q. 34. Who is Business Correspondent Agent / Bank Mitra and what is their role in PMJDY?
Ans. Business Correspondent Agents (Bank Mitras) are retail agents engaged by banks for providing banking services at locations where opening of a brick and mortar branch / ATM is not viable. Scope of activities of Business Correspondents / Bank Mitra are as under:
a) Creating Awareness about savings and other products and education and advice on managing money and debt counseling.
b) Identification of potential customers.
c) Collection and preliminary processing of various forms for deposits including verification of primary information /data.
d) Filling of applications / account opening forms
e) Collection and payment of small value deposits and withdrawals.
f) Receipt and delivery of small value remittances / other payment instructions.
g) Furnishing of mini account statements and other account information.
h) Any other service on behalf of the Bank, duly authorized by the appropriate authority etc.


Q. 35. How Bank Mitr helps us to use Banking Services ?
Ans. Bank Mitr represent the bank concerned and enable a bank to expand its outreach and offer limited range of banking services at low cost, particularly where setting up a brick and mortar branch is not viable. Bank Mitrs, as agent of the Bank, thus are an integral part of the business strategy for achieving greater financial inclusion.


Q. 36. Who can be Bank Mitr ?
Ans. Banks have been permitted to engage individuals / entities as Business Correspondent (Bank Mitrs) like (i) Retired Bank Employees (ii) Retired Teachers (iii) Retired Govt. Employees (iv) Ex-Servicemen (v) Individual owners of kirana / medical/ fair price shops, individual Public Call Office (PCO) operators, Agents of Small Savings Scheme of Government of India / Insurance Companies, ‘for profit' companies registered under the Indian Companies Act. Since 24.06.2014, RBI has permitted Non Deposit taking NBFCs as BCs in addition to above.


Q. 37. Can I get my PMJDY account transferred to other City / State upon my transfer posting to other States?
Ans. All banks participating in PMJDY are on CBS (Core Banking Solution) platform and the account can easily be transferred to any branch of the bank in any city/town as per the request of the account-holder.


Q. 38. What is USSD based transaction and how to use it ?
Ans. USSD is abbreviated form of "Unstructured Supplementary Service Data". USSD based Mobile Banking offers basic Banking facilities like Money Transfer, Bill Payments, Balance Enquiries, Merchant Payments etc. on a simple GSM based Mobile Phone, without the need to download application on a Phone as required at present in the Immediate Payment Service (IMPS) based Mobile Banking. Transactions can be performed on basic phone handsets. The user needs to approach his bank and get his mobile number registered. The bank will issue an MPIN (Mobile PIN) to the user. The user thereafter needs to dial *99# and the menu for using USSD opens. Thereafter customer has to follow selections on the menu to complete the transaction. Charges as applicable by the Telecom Operator (not more than Rs.1.50 per transaction as mandated by TRAI) may be applicable.


All you should know about 'Swach Bharat Abhiyan'


1.What is the goal?


By 2019, Gandhi's 150th birth anniversary, every city, town and village is to be 'clean', that is, they will have pucca toilets for all, safe drinking water, waste disposal systems and cleans roads & lanes.


2.Construction of toilets is the major priority

Construction of household toilets has been identified as one of the major focus area since 53% households in the country don't have toilet facilities, according to 2011 Census. The situation is far worse in rural areas where 69.3% rural homes have no such facility. Over 78% of rural households in states like Jharkhand, Bihar, Rajasthan, Orissa and Chhattisgarh don't have toilets.

3.What will it cost?

The estimated cost is humungous - in all, Rs 1.96 lakh cr, of which Rs 1.34 lakh cr will be spent to build 11 cr pucca loos in villages and Rs 62,000 cr to build 5.1 lakh community and public loos in urban areas. No budget given for toilet maintenance.

4.Who will fund all this?

Now, that's not very clear. Govt says it will spend Rs 14,623 cr on urban toilets, but doesn't divulge the figure for rural loos. Babus say the remainder will come from state govts, PPP projects and budgetary allocations over 5 years. Some PSUs & pvt companies have pledged financial support for project.




Prime Minister Narendra Modi  unveiled the 'Make in India' campaign, rolling out a red carpet to attract investors to make India a global manufacturing hub, to help create jobs and boost economic growth.
Here are the highlights of Narendra Modi's speech:
* In last 2-3 years, people talked of shifting industry outside the country: Prime Minister Narendra Modi.
* We have reversed the trend of investors going outside the country.
* Rule of law should be there, corporate government responsibility should be the norm: PM.
* India is an opportunity: PM to foreign investors.
* Manufacturing boost will create jobs, increase purchasing power, thereby creating larger mkt for manufacturers: PM
* Industrialists don't come because of incentives, need to create development and growth-oriented environment: PM
* Be assured you will not lose your money: PM to industrialists.
* Not just good governance, effective governance is also required: PM
* Effective governance, easy governance need of the hour: PM.
* We need highways and i-ways (information ways): PM.
* Govt is committed to growth, there is no political agenda but article of faith: PM.
* States and Centre should work as a team; development of states is development of India: PM


Government's austerity drive: No first class air travel, 5-star hotel meetings for officials

Office Memorandum

Ministry of Finance, Department of Expenditure has been issuing austerity instructions from time to time with a view to containing non-developmental expenditure and releasing of additional resources for priority schemes. The last set of instructions was issued on 18th September 2013 after passing of the Union Budget. Such measures are intended at promoting fiscal discipline, without restricting the operational efficiency of the Government.. In the context of the current fiscal situation, there is a need to continue to rationalise expenditure and optimize available resources. With this objective, the following measures for fiscal prudence and economy will come into immediate effect:-

2.1 Cut in Non-Plan expenditure:

For the year 2014-15, every Ministry / Department shall effect a mandatory 10% cut in non-Plan expenditure excluding interest payment, repayment of debt, Defence capital, salaries, pension and Finance Commission grants to the States. No re-appropriation of funds to augment the Non-Plan heads of expenditure on which cuts have been imposed shall be allowed during the current fiscal year.

2.2 Seminars and Conferences:

(i) Utmost economy shall be observed in organizing conferences/Seminars/workshops. Only such conferences, workshops, seminars, etc. which are absolutely essential, should be held wherein also a 10% cut on budgetary allocations (whether Plan or Non-Plan) shall be effected.

(ii) Holding of exhibitions/fairs/seminars/conferences abroad is strongly discouraged except in the case of exhibitions for trade promotion.

(iii) There will be a ban on holding of meetings and conferences at five star hotels except in case of bilateral/multilateral official engagements to be held at the level of Minister-in-Charge or Administrative Secretary, with foreign Governments or international bodies of which India is a Member. The Administrative Secretaries are advised to exercise utmost discretion in holding such meetings in 5-Star hotels keeping in mind the need to observe utmost economy in expenditure.

2.3 Purchase of vehicles:

Purchase of new vehicles to meet the operational requirement of Defence Forces, Central Paramilitary Forces & security related organizations are permitted. Ban on purchase of other vehicles (including staff cars) will continue except against condemnation.

2.4 Domestic and International Travel:

(i) Travel expenditure {both Domestic Travel Expenses (DTE) and Foreign Travel Expenses(FTE)} should be regulated so as to ensure that each Ministry remains within the allocated budget for the same after taking into account the mandatory 10% cut under DTE/FTE (Plan as well as Non-Plan). Re-appropriation! augmentation proposals on this account would not be approved.

(ii) While officers are entitled to vanous classes of air travel depending on seniority, utmost economy would need to be observed while exercising the choice keeping the limitations of budget in mind. However, there would be no bookings in First Class."

(iii) Facility of Video Conferencing may be used effectively. All extant instructions on foreign travel may be scrupulously followed.

(iv) In all cases of air travel the lowest air fare tickets available for entitled class are to be purchased! procured. No companion free ticket on domestic/ international travel is to be availed of.

2.5 Creation of Posts

(i) There will be a ban on creation of Plan and Non-Plan posts.

(ii) Posts that have remained vacant for more than a year are not to be revived except under very rare and unavoidable circumstances and after seeking clearance of Department of Expenditure.

3. Observance of discipline in fiscal transfers to States, Public Sector Undertakings and Autonomous Bodies at Central/State/Local level:

3.1 - Release of Grant-in-aid shall be strictly as per provisions contained in GFRs and in Department of Expenditure's OM No.7(1)/E.Coord/2012 dated 14.ll.2012.

3.2 - Ministries/Departments shall not transfer funds under any Plan schemes in relaxation of conditions attached to such transfers (such as matching funding).

3.3 - The State Governments are required to furnish monthly returns of Plan expenditure - Central, Centrally Sponsored or State Plan - to respective Ministries/Departments along with a report on amounts outstanding in their Public Account in respect of Central and Centrally Sponsored Schemes. This requirement may be scrupulously enforced.

3.4 - The Chief Controller of Accounts must ensure compliance with the above as part of pre-payment scrutiny.

4. Balanced Pace of Expenditure:

4.1 - As per extant instructions, not more than one-third (33%) of the Budget Estimates may be spent in the last quarter of the financial year. Besides, the stipulation that during the month of March the expenditure should be limited to 15% of the Budget Estimates is reiterated. It may be emphasized here that the restriction of 33% and 15% expenditure ceiling is to be enforced both scheme-wise as well as for the Demands for Grant as a whole, subject to RE ceilings. Ministries/ Departments which are covered by the Monthly Expenditure Plan (MEP) may ensure that the MEP is followed strictly.

4.2 - It is also considered desirable that in the last month of the year payments may be made- only for the goods and services actually procured and for reimbursement of expenditure already incurred. Hence, no amount should be released in advance (in the last month) with the exception of the following:

(i) Advance payments to contractors under terms of duly executed contracts so that Government would not renege on its legal or contractual obligations.< ..

(ii) Any loans or advances to Government servants etc. or private individuals as a measure of relief and rehabilitation as per service conditions or on compassionate grounds.

(iii) Any other exceptional case with the approval of the Financial Advisor. However, a list of such cases may be sent by the FA to the Department of Expenditure by 30th April of the following year for information.

4.3 - Rush of expenditure on procurement should be avoided during the last quarter of the fiscal year and in particular the last month of the year so as to ensure that all procedures are complied with and there is no infructuous or wasteful expenditure. FAs are advised to specially monitor this aspect during their reviews.

5. No fresh financial commitments should be made on items which are not provided for in the budget approved by the Parliament.

6. These instructions would also be applicable to autonomous bodies funded by Government of India.

7. Compliance

Secretaries of the Ministries/Departments, being the Chief Accounting Authorities as per Rule 64 of GFR, shall be fully charged with the responsibility of ensuring compliance of the measures outlined above. Financial Advisors shall assist the respective Departments in securing compliance with these measures and also submit an overall report to the Minister-in-Charge and to the Ministry of Finance on a quarterly basis regarding various actions taken on these measures /guidelines.





Shramev Jayate':


All manufacturing units are online.


Inspector Raj will be the end of the industry, the investigation report will be uploaded after 72 hours.


Gains through UN PF portability.

Will be the inclusion of several schemes for unorganized workers.

Apprentice in manufacturing to be promoted.

Vocational Rehabilitation Centre will be provided through employment.

Number of workers will be organized labor.

PF will be able to take information from anywhere in the country.

Shramev examination training all over the country will be able to carry 23 million Apprentice.



Saansad Adarsh Gram Yojana'.:


On the birth anniversary of socialist stalwart Jai Prakash Narayan, Prime Minister Narendra Modi on Saturday launched the ambitious 'Saansad Adarsh Gram Yojana'.


The rural development scheme aims at improving the standard of living and quality of life of all sections of people by improving basic amenities.


The scheme announced by PM Modi on August 15 during his Independence Day address from the ramparts of the Red Fort was drafted by the Ministry of Rural Development.

Here are some of the key features of the 'Saansad Adarsh Gram Yojana' -


A Member of Parliament must identify a village, other than his or her own village or that of the spouse, and turn it into a 'model village' by 2016 and two more villages two 2019. After 2019, the MP must develop five model villages till 2024 (each every year).

MPs must identify villages from nearby rural areas not their urban constituencies.

The scheme will put special focus on empowering the poor household to come out of poverty by developing a plan for every identified gram panchayat.

The yojna aims at turning villages into model villages not only by infrastructure development but also by gender equality, dignity of women, social justice, community service, cleanliness, eco-friendliness, peace and harmony.

Mutual-cooperation, self reliance, local self-government, transparency and accountability in public life will also be expected.
Social mobilisation and a systematic environment will be created in the model village led and guided by the MP him/herself.

The District Collector will coordinated the planning process of the Gram Panchayat which will be a participatory exercise.

The launched scheme is different from the UPA's Pradhan Mantri Adarsh Gram Yojana as it focused on villages only which had SC communities as more than half the population.