The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity.iii. The amount receivable by the nominee in case…
The outstanding balance of Government of India-Floating Rate Bonds 2016 is repayable at par on May 07, 2016. No interest will accrue there-on from the said dates. In the event of a holiday being declared on May 07, 2016 by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by…
In line with the revision of interest rates of small savings schemes, interest rates for the National Small Savings Fund (NSSF) loan to Centre and States for FY 2016-17 has been revised and fixed at 8.8% in place of 9.5%. The National Small Savings Fund (NSSF) invests its net collection as loan to Centre…
Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of modifications have been made in the scheme to facilitate monetization of gold by people. The scheme has been further modified on 31st March, 2016. Now, for the gold deposited under Medium and Long Term Government Deposits (MLTGD), the…
The Government of India has announced the repurchase of “1.44 per cent Inflation Indexed Government Stock-2023” through reverse auction for an aggregate amount of Rs.3298.72 crore (face value).The repurchase by the Government of India will be undertaken to redeem the Government Stocks prematurely by utilizing surplus cash balances. The above repurchase of the Government Stocks…
Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber; After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years…
Additional Interest Rate spreads which the Government allows on Small Savings Schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme and NSC etc. are being continued and included in the rates notified today. From the year 2012-13, the interest rates on various Small Savings Schemes (SSS) are recalculated and notified in the month…
The Finance Minister, in the Parliament today, announced roll-back of the budget proposal to tax contribution made into and withdrawal from Recognised Provident Fund (‘RPF’). The Government has withdrawn following budget proposal: 1. It was proposed to consider employer’s contribution to RPF in excess of INR 150,000 per annum as taxable in the…
The third tranche of the Sovereign Gold Bond will be open for subscription from March 8 to 14, 2016. The issue price of the Sovereign Gold Bond for the third tranche has been fixed at Rs.2916/- (Rupees Two Thousand Nine Hundred Sixteen only) per gram of gold. The rate has been fixed on the basis…
The Government of India, in consultation with the Reserve Bank of India, has decided to issue third tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from March 8, 2016 to March 14, 2016. The Bonds will be issued on March 29, 2016. The Bonds will be sold through banks, Stock Holding…