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Saturday, October 28, 2017
Friday, October 27, 2017
How about a gold small savings scheme?
Small savers need a safer alternative to the unregulated gold savings schemes run by jewellers
Has demonetisation prompted the Indian saver to abandon traditional options such as gold and make a beeline for financial assets? Financial firms and stock market investors certainly seem to think so. But the wave of panic that swept Chennai this week after a reputed jewellery chain defaulted on its gold savings scheme, reminds us that a large cross-section of Bharat remains immune to the charms of mutual funds.
It is not newfangled instruments such as Gold Exchange Traded Funds (ETFs) or Sovereign Gold Bonds (SGBs) that attract these savers. Instead, at least in the southern States, it is the unregulated Thanga Kuviyal, Golden Deposit and Golden Advance schemes offered by neighbourhood jewellers that are magnets for this money.
Vulnerable to a run
The main attraction of jeweller-backed gold savings schemes for the aam aurat (or aadmi) is their simple design. Every month, the customer deposits a fixed instalment as small as ₹500 with the jeweller. At the end of 12 months, she is free to swap these savings for an equivalent value of gold jewellery, or roll it over for another year. Customers do not seem to mind that jewellers often do not offer any interest on these ‘deposits’. While a few throw in a free 12th instalment as a sweetener, others use low making charges or freebies as the lure. These schemes, widely misunderstood as ‘gold deposits’ or ‘gold chits’ (they are neither, as the deposit takers are not registered under the Companies Act or the Chit Funds Act) are in fact such a household phenomenon in Tamil Nadu that they serve as a significant source of working capital funding to the jewellery industry.
The unregulated nature of these schemes allows them to raise prodigious amounts without sticking to any end-use criteria. This makes them vulnerable to the fluctuating fortunes of the jeweller. Even jewellers who have no intention of defaulting may be forced to renege on payments if subjected to a run by panicky customers, as they maintain no capital buffers or redemption reserves against these dues. Indeed this is what may have transpired at Chennai’s Nathella Sampath Jewelry this week, wherethe jeweller has officially admitted to a financial crunch and sought more time to honour commitments.
Nor are such defaults by jewellers uncommon. Over a decade ago, Bharathi Gems and Jewels was hauled to court by its 9,100 depositors for defaulting on repayments. As recently as September, financial papers reported a SEBI investigation into the Kerala-based Chemmanur International Jewellers for allegedly collecting over ₹900 crore in ‘advances’ from the public as part of a gold scheme.
Regulatory no-man’s land
Surprisingly , these gold savings schemes despite being a household phenomenon and raking in hundreds of crores every year, essentially operate in a regulatory no-man’s land. Despite their ostensible drive to rein in illegal money-pooling schemes, the ministry of corporate affairs, SEBI and RBI have all been citing jurisdictional issues to keep gold savings schemes out of their regulatory ambit. Section 45S of the RBI Act expressly bars unincorporated entities from accepting public deposits, and companies accepting such deposits are required to register themselves as NBFCs with the RBI. However, the RBI has been wary of extending its regulatory reach to jewellers’ schemes.
SEBI won exceptional powers to regulate Collective Investment Schemes that pool Rs. ₹100 crore or more, after the Sahara and Saradha scams broke a few years ago. It has since issued a rash of orders against Ponzi schemes promising astronomical returns from investing in orchards, agricultural land, goat-rearing and the like. But none of the orders has featured gold savings schemes. The explanation could be that most of these schemes slip under the radar by mopping up less than ₹100 crore or aren’t reported to SEBI. The rebooted Companies Act of 2013 tightened the screws on companies accepting public deposits by asking them to set aside redemption reserves, cap their deposits at 25 per cent of networth and restricting their interest payouts. Large corporate jewellers such as Titan Industries wound down their gold savings schemes with alacrity after this change. But perversely, the more risky unincorporated jewellers have been let off scot-free and collect gold ‘deposits’ under the guise of trade advances. The net effect of all this is that a rash of gold savings schemes continue to flourish.
A gold accumulation plan
The reaction of Indian policymakers is to either to impose an outright ban or to blame it all on investor greed. But greed clearly isn’t a factor here, because many savers frankly don’t even seek a return from their gold schemes. These schemes have proliferated mainly because they satisfy a deeply felt need of the Indian saver — that of accumulating unaffordable gold through byte-sized investments.
So what should policymakers do now? Well, that gold savings schemes from unincorporated jewellers need to be regulated is a no-brainer. But it is equally essential that the small saver is offered a simple, safe alternative that meets her felt need for gold accumulation. Today, gold ETFs from mutual fund houses and tranches of Sovereign Gold Bonds (SGBs) sold by the RBI via banks offer two regulated avenues for investors to own gold in paper form and replicate its returns. But gold ETFs require the investor to own a demat account and be familiar with the workings of the stock market. SGBs permit only lumpsum investments at a fixed price, aren’t easy to understand and carry a long lock-in of 5-8 years. Both instruments are presently used mainly by informed investors.
Reworking the SGB scheme into an on-tap format that allows the saver to invest in instalments is one option. But a better one would be for the Centre to push for a Gold Accumulation Plan from banks or India Post, which simply replicates the features of the jewellers’ schemes. In fact, it makes eminent sense to add a Pradhan Mantri Swarna Sanchay Yojana to the menu of financial products already available to PMJDY account-holders. Banks or post offices can be incentivised through a commission on each instalment.
There are two risks to rolling out GAPs on this scale. Issuers offering these schemes will need to back every purchase with physical gold or hedge against the gold price risk. But such risks are already inherent to SGBs and can be handled in a similar fashion. If the scheme becomes a runaway hit, it may bloat India’s gold import bill and send the CAD into remission. But imposing a cap on individual gold purchases can ensure that only small savers, and not speculators, throng to them.
RICT LOT and SSA LOT ver. 2.0 Released.
Download from below links
SSA LOT
https://goo.gl/BUikmJ
RICT LOT
https://goo.gl/RYVw9v
Changes from Ver. 1.9 to 2.0
1) Fixed error showing in Default fee calculation on HO/SO transactions.
2) Fixed some minor bugs.
If any clarification mail to hisrikanta@gmail.com
-
Srikatna S.
RIGHT TO INFORMATION ACT 2005 - INDIA POST
RIGHT TO INFORMATION ACT 2005
RTI Contents
Vision Statement of India Post
Mission Statement of India Post
General profile of the organization, functions and duties
Powers and duties of officers and employees
Channels of supervision and accountability touching upon decision making process
Norms set for the discharge of our functions
A statement of categories of the documents held by the department or under its control
Boards, councils, committees and other bodies
A directory of officers and employees
Manner of execution of subsidies
Particulars of recipients of concessions, profits or authorizations granted.
Information available in electronic form
Facilities available to public for obtaining information
Name, designation and other particulars of public information officers.
Central Public Information Officers
Central Assistant Public Information Officers
Central Public Information officers (CPIOs) and Appellate Authorities (AAs) Directorate, New Delhi
Financial Inclusion Will Be Marketed By India Post Payments Bank
October 26, 2017
Manoj Sinha, the Communications Minister, this week claimed that the government is operating on setting up 650 outlets for India Post Payments Bank to make easy the financial enclosure, and revealed 2 new schemes by the postal division.
“We will be opening almost 650 outlets for India Post Payments Bank all over India. Two, namely in Ranchi and Raipur, have already commenced. The goal is that via 650 banks for post payments, we can force financial enclosure in 1.55 Lakh rural areas,” Sinha claimed to the media.
Sinha urged the postal workers to carry on reorienting themselves with disruptions and technological changes in order to drive innovative schemes to users, all the while keeping the communal values.
“Given the disruptions and with the approach technology is changing, it is fine to connect yourself with tech but values of department too have to be preserved, and that is the largest defy,” he claimed pointing out the long past of postal services in India, specifically the importance of the postman in rural area of the country.
The minister who was talking at an occasion to memorialize National Postal Week also declared 2 new schemes namely e-IPO (Indian Postal Order) and International Tracked Packet Service. The e-IPO was rolled out in denominations of Rs 50, Rs 20, and Rs 100 and now can be employed for educational institutions for fee payment and other causes. Previously, e-IPO of Rs 10 might be utilized only for RTI purposes.
The e-IPO has been launched out as a lead project in Delhi, Bihar, and Karnataka and is anticipated to be rolled out in the whole nation in the upcoming 2 Months. “Users can obtain e-IPO online from workplace or home of their own, as per their convenience. This roll out is a fraction of Digital India proposal since the transaction will be made via credit card, debit card, and net banking,” claimed Department of Post to the media in a statement.
The minister claimed that the postal department of India has undergone a huge change over the time, be it core banking, inter-operability of ATMs, or Aadhaar enrolment and providing of Passport Seva.
Source : http://columnistnews.com/
NFPE, Odisha writes to Chief PMG regarding engagement of Outsourced Postal Agents in Bhubaneswar Division
No. NFPE – ODI / Corr / 2017
Dated at Bhubaneswar the 27th October, 2017
To
Dr. Santosh Kumar Kamila, IPoS
Chief Postmaster General
Odisha Circle, Bhubaneswar – 751 001
Sub:- Regarding Engagement of Outsourced Postal Agents
Respected Sir,
It has come to the notice of this Federation that SSPOs, Bhubaneswar Division has issued a public notice in some popular local daily newspapers to engage Outsourced Postal Agents for booking and delivery of Registered, Speed Post and Parcels and a walk-in-interview has been scheduled on 30.10.2017 in Divisional Office, Bhubaneswar.
Our delivery staff are now engaged in picking up the Registered, Speed Post and Parcels including ordinary articles from the door points of the customer and the statistics is gradually increasing day by day. We are also experiencing your personal efforts to make aware the delivery staff during your visit to different offices and also in several workshops and meetings. In this context, engagement of OPAs seems to be contradictory. Delivery of accountable articles will certainly affect the workload of the delivery staff who will be only left with delivery of ordinary articles and thus there will be a negative impact on the staff strength also.
As per information available with us, such engagement in other Circles like Maharastra etc is not yet implemented.
Thus, for the welfare of the staff members, we would like to request you to kindly allow us for a constructive discussion in this regard as per your convenience. And till then, SSPOs, Bhubaneswar may kindly be instructed to stop engagement of OPAs.
Expecting your kind response, Sir.
With regards.
Yours faithfully,
(BRUHASPATI SAMAL)
Chairman
NFPE Odisha State CoC
NOTICE FOR FEDERAL SECRETRIAT
National Federation of Postal Employees
1st Floor North Avenue Post Office Building, New Delhi-110 001
Phone: 011.23092771 e-mail: nfpehq@gmail.com
Mob: 9868819295/9810853981 website: http://www.nfpe.blogspot.com
NO.PF-01(C)/2017 Dated 27th October,2017
To
All General Secretaries and office bearers of NFPE Unions
FEDERAL SECRETARIAT MEETING OF NFPE
NFPE Federal Secretariat Meeting will be held at NFPE office North Avenue New Delhi on 9th November 2017 from 5 pm.
All General Secretaries, NFPE office bearers are requested to attend the meeting in time.
R.N.Parashar
Secretary General
CSI training on DPMS, IPVS & HRMS etc to be held at WCTC, Dhenkanal from 30.10.2017 to 07.11.2017
Department of Posts: India
Office of the Supdt. of Post Offices: Dhenkanal Division
Dhenkanal-759001
Memo No. SB/CSI dated at
Dhenkanal the 27.10.2017
The following officials are hereby directed to attend the CSI training on DPMS, IPVS & HRMS etc to be held at WCTC, Dhenkanal from 30.10.2017 to 07.11.2017 as per the following programme.
CSI Training from 30.10.2017 to 31.10.2017
Sr No
Name
TA Advance
1
S/S Banshibata Mishra
Postman,Talcher MDG
1000
2
Nrusingha Charan Naik
O/S Mails,Talcher Sub division, Talcehr
1000
3
Purusotam Sahoo
Postman,Hindol SO
1000
4
Sohan Kumar Mahunta
Postman,Dhenkanal HO
1000
5
Benudhar Behera
Postman,Dhenkanal HO
1000
6
Sanjaya Kumar Pradhan
Postman,Angul HO
1000
7
Dhaneswar Naik
Head Postman,Angul HO
1000
8
Premalata Sethi
Head Postman,Dhenkanal HO
1000
9
Sarat Chandra Sahoo
Postman,Talcher Thermal SO
1000
10
Manasi Munda
Postman, Nalconagar MDG
1000
11
Pravas Chnadra Sahoo
O/S Mails Angul West Sub Division
1000
12
Kamal Lochan Majhi
O/S Mails Angul East Sub Division
1000
CSI Training from 01.11.2017 to 02.11.2017
Sr No
Name
TA Advance
1
S/S Saroja Kumar Sahoo
Postman,Angul HO
1000
2
Nirmal Chandra Sahoo
O/S Mails Angul West Sub Division
1000
3
Nilamadhaba Singh
Cash Overseer, Talcehr MDG
1000
4
Ganeswar Naik
Postman,Dhenkanal HO
1000
5
Ranjit Bhutia
Postman, Nalconagar MDG
1000
6
Sushasini Patra
Postman,Dhenkanal HO
1000
7
Sunil Das
O/S Mails Kamakhyanagar Sub Division
1000
8
Sujit Kumar Dehury
Postman, Talcher Thermal SO
1000
9
Bijayananda Naik
Postman, Dera SO
1000
10
Sudam Charan Mohapatra
Postman,Kamakhyanagar SO
1000
11
Kalandi Charan Sahoo
O/S,Mails Dhenkanal Sub Division
1000
12
Niranjan Jena
Postman,Talcher MDG
1000
CSI Training from 06.11.2017 to 07.11.2017
Sr No
Name
TA Advance
1
S/S Sukram Munda
Postman, Pallahara SO
1000
2
Rajendra Kumar Sethi
Postman, Athamallik SO
1000
3
Nabaghana Duduka
Postman,Dhenkanal HO
1000
4
Nabakishore Behera
Postman,Balanda SO
1000
5
Rasananda Nayak
Postman,Dhenkanal RS SO
1000
6
Abanikanta Nayak
Postman,Chhendiapda SO
1000
7
Ashok Kumar Pradhan
Postman,Balanda SO
1000
8
Chhabindra Kumar Behera
O/S Mails,Talcher Sub Division
1000
9
Managobinda Behera
O/S Mails,Kamakhyanagar Sub Division
1000
10
Pratap Kumar Parida
Postman,Hakimpada SO
1000
11
Jasobanti Sahoo
Postman,DB colliery SO
1000
12
Prasanta Kumar Bhoi
Postman,Dhenkanal HO
1000
TA advance as mentioned above will be paid to the officials for attending the training programme on individual application. Further the relieving arrangements of the above officials may kindly be made by concern Postmasters/IPs/SPMs. In no case the order should be deviated.
Supdt. of Post Offices
Dhenkanal Division
Dhenkanal-759001
Copy To:
1.(Regd/email) The Postmaster Dhenkanal HO/Angul HO for information and taking necessary action to relieve the officials in time under office arrangement.
2.(Regd./email) The Asst. Director Postal Services, O/O-the Postmaster General, Sambalpur Region,S ambalpur for favour of kind information
3.The ASP I/C,Dhenkanal Sub Divison/The IP , Angul East/west/talcher/Kamakhyanagar sub division for information and taking necessary action to relieve the officials in time.
4-39. (Regd) The Officials Concerned for information.
40. The Staff Branch for information.
41. The Accountant, Division Office, Dhenkanal for information.
42. O/c
Supdt. of Post Offices
Dhenkanal Division
Dhenkanal-759001
