Premature Closure of Public Provident Fund (PPF) Account : Notification

Premature Closure of Public Provident Fund (PPF) Account : Notification

Premature Closure of PPF Account i.r.o. Minor Subcriber: Notification dated 18th June, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA. EXTRAORDINARY, PART II.

SECTION 3, SUB-SECTiON (i)]

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi. the 18th June 2016

G.S.R. . . .....(E) In exercise of the powers conferred by sub-section of (4) of section 3 of the Public Provident Fund Act 1968 (23 of 1968), the Central Government hereby makes the following scheme further to amend the Public Provident Fund Scheme, 1968, namely:-

1. (1) This Scheme may be called Public Provident Fund (Amendment) Scheme, 2016.

(2) It shall come into force on the date of its publication in the Official Gazette

2. In the Public Provident Fund Scheme, 1968, in Paragraph 9. for sub-rule 3(C). the following sub-paragraph shall be substituted, namely-

"(3C) A subscriber shall he allowed premature closure of his account or the account of a minor of whom he is the guardian. on a written application to the Accounts Office, on any of the following grounds namely:-

(i) that the amount is required for the treatment of serious ailments or like threatening diseases of the account holder. spouse or dependent children or parents. on production or supporting documents from competent medical authority,

(ii) that the amount 8 required for higher education of the account holder or the minor account holder. on production of documents and fee bills in confirmation of admission in a recognised institute of higher education in India or abroad:

Provided that such premature closure shall be allowed only after the account has completed five financial years.

Provided further that premature closure under this sub-paragraph shall be subject to deduction of such amount which shall be equivalent to one percent less interest on the interest rates as applicable from time to time in the table payable on the deposits held in the account from the date of opening of the account till the date of such premature closure. calculates in accordance with the sample calculation as shown in the table on next page:

Calculation showing the interest payable to depositor

Year (1)	Opening Balance (2)	Assumed Fresh Deposit (3)	Total Amount (4)	Rate of Interest (5)	1% less on the applicable rate of interest (6)	Interest accrued (7)	Outstanding Balance (8)
2006-07		1000.00	1000.00	8.0	7.0	70.00	1070.00
2007-08	1070.00	500.00	1570.00	8.0	7.0	109.00	1679.90
2008-09	1679.90	500.00	2179.90	8.0	7.7	167.85	2347.75
2009-10	2347.75	700.00	3047.75	8.0	7.0	213.34	3261.09
2010-11	3261.09	600.00	3861.09	8.0	7.0	270.28	4131.37
2011-12	4131.37	1000.00	5131.37	8.6	7.6	389.98	5521.36
2012-13	5521.36	1200.00	6721.36	8.8	7.8	524.27	7245.62
2013-14	7245.62	1500.00	8745.62	8.7	7.7	673.41	9419.03
2014-15	9419.03	1500.00	10919.03	8.7	7.7	840.77	11759.80
2015-16	11759.80	1000.00	12759.80	8.7	7.7	982.50	13742.30
Total		9500.00					13742.30

[F.No. 1/04/2016-NS.II]

Prashant Goyal
Joint secretary

Source: www.finmin.nic.in
[http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/Premature_ppf18162016.pdf]

Staff Selection Commission to hold CGL examination online

Staff Selection Commission to hold CGL examination online

The Staff Selection Commission (SSC) has decided to conduct its flagship Combined Graduate Level Examination (CGLE) online to check malpractices and make the test more transparent.

Besides, the Commission has also changed the pattern of the examination and included descriptive portion (essay writing) in it for the first time.

Hundreds of students are selected through the CGLE every year for various mid-level central government jobs, including as Assistant in Intelligence Bureau and Inspector in Income Tax.

"It has been decided to conduct the CGLE through online mode rather than Optical Mark Recognition (OMR) based. It is a historic decision that will bring in more transparency in the examination process," SSC Chairman Ashim Khurana said.

He said a video walk through on the SSC's website has been put up to help the aspirants understand the new pattern.

About 38 lakh aspirants, who had already applied for CGLE 2016, will have to take the test under the new pattern which will be conducted in the next two months.

"A notice mentioning the changes in pattern of examination has been issued. The new online system will effectively put a check on any incident of leakage of exam paper or tampering with the examination process," Khurana told .

He said the Commission is getting positive feedback from the students across the country on the recently announced changes.

The decision to hold the CGLE online was endorsed by Prime Minister Narendra Modi also, senior officials in Personnel Ministry said.

The SSC is one of the largest recruiting agencies in the country mandated to conduct eight exams. It will fill about 89,000 government posts this year alone from among about two crore applicants.

The Commission's flagship CGLE is for filling vacancies in 30 different services in the central government.

There will be no fresh application for CGLE 2016 and those who have already applied will have to take the exam on computer rather than OMR mode, which was prone to malpractices by tech-savvy syndicates, the officials said.

The computer-based examination will ensure greater confidentiality and faster processing of results, they said.

The SSC has for the first time been authorised to make recruitment for gazetted posts of Indian Audit and Accounts department.

As per the changed pattern, the CGLE will now be conducted in three tiers instead of two.

In phase I, there will be 100 questions as against 200 earlier. The aspirants will get 1.15 hours instead of two. There will be no change in tier II and two papers of 200 marks each would continue. Those who qualify in both tier I and II, will have to take tier III exam of 100 marks which will be descriptive in nature, the officials said.

They said the descriptive portion will help in checking candidates' comprehension and analytical skills. 

Source : The Times of India