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Tag: India Post

  • Investing ₹10 lakh in small saving schemes? You need to level out your income proof

    In a bid to curb the menace of money laundering and Financing of Terrorism, the Department of Posts has issued a model new notification by which it has requested officers to collect the income proofs from consumers of certain courses investing in small monetary financial savings schemes.

    “Further, in order to comply with the guidelines of the Financial Intelligence Unit – India (FIU-IND) and Financial Action Task Force (FATF), it has been decided to issue revised guidelines on AML/CFT norms to be followed in the post offices in respect of National (Small) Savings Schemes,” the spherical mentioned.

    The objective of KYC/AMUCFT pointers is to cease money laundering or terrorist financing actions by use of Post Office Savings Bank intentionally or unintentionally by authorized elements. KYC procedures moreover enable to place up office Savings Banks to know understand their purchasers larger which in tum helps them deal with their risks prudently.

    All purchasers primarily based on the amount involved on the time of opening of account or purchase of Savings Certificates or credit score rating into an current account have been categorized with the angle of menace involved. The categorization is as beneath:

    Low Risk: Where the patron opens account or applies for purchase of certificates or applies for credit score rating of matruity/prematurity price of any current monetary financial savings instrument with an amount as a lot as (50,000/and stability in all accounts and monetary financial savings c.ertificates would not exceed { 50,000/-.

    Medium Risk: Where the patron opens account or applies for purchase of certificates or applies for credit score rating of maturity/prematurity price of any current monetary financial savings instrument with an amount exceeding t 50,000/- nonetheless as a lot as { l0 lakh and stability in all accounts and monetary financial savings certificates would not exceed t l0 lakh.

    High Risk: Where the patron opens account or applies for purchase of certificates or applies for credit score rating of maturity/prematurity price of any current monetary financial savings instrument with an amount exceeding { l0 lakh and stability in all accounts and certificates would not exceed t l0 lakh.

    For all risk-categories

    PHOTOGRAPH

    – Two (three in case ofBO) present Passport Size Photographs are to be given.

    – In case ofJoint Account, {{photograph}} of all joint holders should be given.

    IDENTIFICATION PROOF

    Aadhaar Number issued by the Unique Identification Authority of India (UIDAI) the place the Aadhaar Number has not been assigned to an individual, he shall furnish proof of software program of enrollment for an Aadhaar on the time of opening an account and the account holder shall furnish the Aadhaar amount to the Accounts Office inside a interval of six months from the date of opening of account for linking the account with Aadhaar Number.

    Permanent Account Number (PAN) or Form 60 as outlined in Income Tax Rules, 1962: If the depositor who has not submitted the Permanent Account Number on the time of

    opening an account shall submit the similar to the Post Office the place the account exists, inside a interval of two months from tle date of happening of any of the following events, whichever is the earliest, particularly

    (i) the steadiness at any stage of time throughout the account exceeds fifty thousand rupees; or

    (ii) the mixture of all credit score throughout the account in any financial 12 months exceeds one lakh rupees; or

    (iii) the mixture of all withdrawals and tansfers in a month from the account exceeds ten thousand rupees.

    For High-Risk CategoriesPROOF OF SOURCE OF FUND

    The purchaser has to submit copy of doc strowing provide of receipt of funds tendered for investnent. Any of the following paperwork is also obtained as Proof of  Source of Fund

    (i)Bank / Post Office Account Statement (which shows the availability / receipt of fund)

    (ii). Any considered one of many Income Tax Returns filed over the past three financial years ( co-relates the funding with the gross income)

    (ii). Sale deed / Gift deed / Will / Letter of Administration / Succession Certificate

    (iv). Any totally different doc which shows the income / provide of fund

    Reporting of Transactions.

    The following  types of transactions are to be reported:

    (a) All cash transactions of price better than ₹l0 Lakh.

    (b) All assortment of cash transactions which can be decrease than ₹l0 lakh nonetheless are integrally linked and are carried out inside one calendar month interval and fully exceed ₹10 lakh.

    (c) Any account the place cash is accepted and forged or counterfeit overseas cash notes are used or the place forgery of invaluable Security or paperwork has taken place.

    (d) Any tried transaction involving forged or counterfeit overseas cash notes, forged security or doc.

    (e) All suspicious tansactions, involving deposit, withdrawal, tansfer of account, solvency certificates/ lndemnity certificates and so forth. irrespective ofthe amount of transaction.

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    Updated: 27 May 2023, 05:00 PM IST

  • India Post turbocharges small companies’ export recreation in UP

    By PTI

    LUCKNOW: Dak Niryat Kendras (DNK) arrange by India Post in main cities throughout Uttar Pradesh are serving to small companies to export their merchandise to markets overseas, serving to them lower your expenses, and likewise obviating the necessity for middlemen.

    As of now, the ability is being supplied by the India submit in 9 cities — Lucknow, Varanasi, Pilibhit, Allahabad, Noida, Saharanpur, Nagina, Mahoba, and Ghazipur.

    Meant for business exports by MSME (Micro, Small and Medium Enterprises), the service has boosted the earnings of small companies together with those working beneath the One District, One Product (ODOP) scheme of the Uttar Pradesh authorities.

    The DNK in Prayagraj and Varanasi — each positioned in economically backward Eastern Uttar Pradesh — have additionally obtained beneficial response from native companies.

    Ravindra Kumar, a 3rd era producer of Kaleen carpets based mostly in Prayagraj, was on the verge of quitting his ancestral commerce and shut down his store when his enterprise was hit by the coronavirus outbreak.

    “In those days, the only option was to export our goods abroad, especially to the markets in America and Europe. But the cost of export via private exporters was high and the process cumbersome. The DNKs have resolved this problem for us,” he stated.

    Kumar now books his carpets for business export on the native DNK.

    The carpets are then taken to the Foreign Post Office (FPO) of India Post in Delhi earlier than being exported.

    During all this, Kumar is just not required to go to any workplace and tracks the motion of his carpets on-line.

    India Post officers say that with the lively involvement of Union Minister of Railways and Communication Ashwini Vaishnav, the DNK has turn out to be an empowering service for small companies.

    Vivek Kumar Daksh, Postmaster General HQ Region, Lucknow stated, “The foreign Post offices are linked with the Customs department which simplifies the process of custom clearance of goods. In case there is any issue with the customs, it is raised online for the businessman to track. Earlier, exporters had to visit Foreign Post Offices at limited FPOs to file PBE (Postal Bill of Export) which was difficult for people in remote locations. With digital solutions, exporters can file PBE online which saves time and cost,” he added.

    The system has additionally helped in eradicating the non-public exporters and customs brokers who used to play the position of middlemen and who took a fats chunk from the earnings of small companies.

    Parvez Alam of Pratapgarh, who runs a small enterprise of wood toys and exports them with DNK, stated, “After moving to DNKs from private exporters we save almost 30 per cent of our cost. We plan to use this money to expand our business.”

    Considering that a lot of the shoppers utilizing DNK are small companies with restricted technological knowhow, the postal division has deployed skilled Dak Niryat Sahayaks to information artisans and MSMEs exporters on using DNK portal.

    “These Dak Niryat Sahayaks also provide information about the process of GST registration, generation of Import-Export Code, listing products including ODOP/GI tagged on e-commerce portals and booking etc,” stated the officer.

    LUCKNOW: Dak Niryat Kendras (DNK) arrange by India Post in main cities throughout Uttar Pradesh are serving to small companies to export their merchandise to markets overseas, serving to them lower your expenses, and likewise obviating the necessity for middlemen.

    As of now, the ability is being supplied by the India submit in 9 cities — Lucknow, Varanasi, Pilibhit, Allahabad, Noida, Saharanpur, Nagina, Mahoba, and Ghazipur.

    Meant for business exports by MSME (Micro, Small and Medium Enterprises), the service has boosted the earnings of small companies together with those working beneath the One District, One Product (ODOP) scheme of the Uttar Pradesh authorities.googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );

    The DNK in Prayagraj and Varanasi — each positioned in economically backward Eastern Uttar Pradesh — have additionally obtained beneficial response from native companies.

    Ravindra Kumar, a 3rd era producer of Kaleen carpets based mostly in Prayagraj, was on the verge of quitting his ancestral commerce and shut down his store when his enterprise was hit by the coronavirus outbreak.

    “In those days, the only option was to export our goods abroad, especially to the markets in America and Europe. But the cost of export via private exporters was high and the process cumbersome. The DNKs have resolved this problem for us,” he stated.

    Kumar now books his carpets for business export on the native DNK.

    The carpets are then taken to the Foreign Post Office (FPO) of India Post in Delhi earlier than being exported.

    During all this, Kumar is just not required to go to any workplace and tracks the motion of his carpets on-line.

    India Post officers say that with the lively involvement of Union Minister of Railways and Communication Ashwini Vaishnav, the DNK has turn out to be an empowering service for small companies.

    Vivek Kumar Daksh, Postmaster General HQ Region, Lucknow stated, “The foreign Post offices are linked with the Customs department which simplifies the process of custom clearance of goods. In case there is any issue with the customs, it is raised online for the businessman to track. Earlier, exporters had to visit Foreign Post Offices at limited FPOs to file PBE (Postal Bill of Export) which was difficult for people in remote locations. With digital solutions, exporters can file PBE online which saves time and cost,” he added.

    The system has additionally helped in eradicating the non-public exporters and customs brokers who used to play the position of middlemen and who took a fats chunk from the earnings of small companies.

    Parvez Alam of Pratapgarh, who runs a small enterprise of wood toys and exports them with DNK, stated, “After moving to DNKs from private exporters we save almost 30 per cent of our cost. We plan to use this money to expand our business.”

    Considering that a lot of the shoppers utilizing DNK are small companies with restricted technological knowhow, the postal division has deployed skilled Dak Niryat Sahayaks to information artisans and MSMEs exporters on using DNK portal.

    “These Dak Niryat Sahayaks also provide information about the process of GST registration, generation of Import-Export Code, listing products including ODOP/GI tagged on e-commerce portals and booking etc,” stated the officer.

  • This put up workplace scheme doubles your cash with assured return assurance

    Post Office Scheme: Kisan Vikas Patra is without doubt one of the put up workplace saving schemes that guarantees to double an investor’s cash with assured assured return. It is without doubt one of the central authorities backed small financial savings scheme. Since, the middle has left small saving schemes’ rate of interest unchanged; Kisan Vikas Patra rate of interest has additionally remained regular at 6.9 per cent.

    According to the India Post web site, this put up workplace scheme has a maturity interval of 124 months and an investor’s cash will get doubled on this interval as India Post claims, “Amount Invested (in KVP) doubles in 124 months.” One can make investments on this small financial savings scheme with a minimal of ₹1,000 and within the a number of of ₹100 with no restrict on most funding. There isn’t any bar as to what number of put up workplace KVP accounts an investor can open. KVP may be pledged or transferred as safety, by submitting prescribed utility type at involved Post Office supported with acceptance letter from the pledgee. An investor can switch its KVP certificates from one put up workplace to a different. In reality, KVP certificates may be transferred from one individual to a different as properly.

    Speaking on the Post Office Kisan Vikas Patra scheme, SEBI registered tax and funding knowledgeable Jitendra Solanki stated, “Interest rate in Post Office Kisan Vikas Patra is fixed throughout the investment period. An investor gets KVP interest rate on one’s deposit being given by the central government at the time of account opening. For example, if someone had opened the Post Office Kisan Vikas Patra account in January to March 2020 quarter, he or she will get an annual interest rate of 7.6 per cent at the time of maturity. Current Kisan Vikas Patra interest rate of 6.9 per cent will be applicable to the new accounts getting opened in current quarter.”

    KVP rate of interest was decreased from 7.6 per cent to six.9 per cent in April to June 2020 and it has remained regular until date.

    So, return in Post Office Kisan Vikas Patra account is risk-free, secured and assured. On who ought to put money into KVP Jitendra Solanki stated, “This post office small savings scheme suits to those who have zero risk appetite. It’s advisable to those also; who believe in a diversified portfolio where some part of the portfolio must be invested in secured and guaranteed return plans.”

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  • Post Office Monthly Income Scheme: Interest charge, different particulars it is best to know

    Post Office Monthly Income Scheme (POMIS) is among the hottest risk-free put up workplace saving schemes the place an investor can make investments with a minimal deposit of ₹1,000. Middle and low revenue group traders can have a look at this Post Office MIS scheme as tax-saving possibility as nicely as a result of one can declare revenue tax exemption underneath Section 80C of the Income Tax Act on one’s funding on this scheme. It has a lock-in interval of 5 years and Post Office Monthly Income Scheme rate of interest will stay unchanged all through the funding interval. Means, return on Post Office Monthly Income Scheme is assured and an investor would get return on one’s cash as per the Post Office Monthly Income Scheme rate of interest on the time of funding.

    Here we checklist out essential particulars that an investor should know whereas investing in Post Office Monthly Income Scheme:

    1] Interest charge: As this put up workplace small saving scheme is a lock-in product, its rate of interest will stay mounted as per the speed of return on the time of funding. For instance, Post Office Monthly Income Scheme rate of interest is presently at 6.60 per cent each year. So, if an investor invests on this put up workplace scheme, it’s going to get 6.60 per cent annual return on one’s cash on the time of maturity.

    Interest shall be payable on completion of a month from the date of opening and so forth until maturity and an investor has to assert for it. As per the India Post web site, “If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.” The Post Office Monthly Income Scheme curiosity is taxable into the arms of depositor.

    2] Deposits: As per the India Post web site, Post Office MIS account could be opened with minimal of ₹1000 and in a number of of ₹100. A most of ₹4.50 lakh could be deposited in a single account and 9 lakh in joint account. In a joint account, all of the joint holders shall have equal share in funding.

    3] Lock-in interval: Like any tax-saving fiat cash, this put up workplace saving scheme additionally has 5 12 months lock-in interval. One can declare revenue tax exemption on one’s funding on this scheme underneath Section 80C of the Income Tax Act, 1961.

    4] Guaranteed return scheme: this put up workplace scheme is a risk-free assured return scheme. If an investor invests on this Post Office Monthly Income Scheme at present, it’s going to get 6.60 per cent return on one’s funding on the time of maturity.

    5] Maturity: Account could be closed on expiry of 5 years from the date of opening on submission of utility kind with cross ebook at involved Post Office. In case the account holder dies earlier than the maturity, the account could also be closed and quantity will probably be refunded to nominee/authorized heirs. Interest will probably be paid as much as the previous month, through which refund is made.

    6] Pre-mature closure of account: No deposit shall be withdrawn earlier than the expiry of 1 12 months from the date of deposit. If account is closed after 1 12 months and earlier than 3 12 months from the date of account opening, a deduction equal to 2 per cent from the principal will probably be deducted and remaining quantity will probably be paid. If account closed after 3 12 months and earlier than 5 12 months from the date of account opening, a deduction equal to 1 per cent from the principal will probably be deducted and remaining quantity will probably be paid.

    7] Eligibility: Only an Indian resident can open a Post Office Monthly Income Scheme account. By submitting the wanted documentation to the closest Post Office, any grownup can open this Post Office MIS account. A minor above 10 years in age can open this account in his personal title.

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  • Department of Posts detects misappropriation of Rs 2.44 crore of depositors’ cash in Odisha

    By Express News Service

    BHUBANESWAR: Days after Union Minister for Communications, IT, and Railways Ashwini Vaishnaw ordered to finish the probe into embezzlement inside a month, the Department of Posts (DoP) has detected misappropriation of Rs 2.44 crore of depositors’ cash in three department put up places of work in Odisha.

    Secretary of DoP Vineet Pandey mentioned the fraud has been detected at Lachipeta, Malkangiri Colony, and Bhejangiwada put up places of work underneath the Koraput division.

    “The branch postmaster of Bhejangiwada post office siphoned off Rs 35 lakh instead of depositing the amount in the accounts of depositors while the postmaster in charge of Lachipeta and Malkangiri Colony post offices withdrew Rs 2.09 crore of deposited money through fraudulent ways. This case has been handed over to CBI,” he advised reporters on Friday.

    Panday mentioned the postmasters involved have been underneath suspension and the department postmaster of Bhejangiwada put up workplace Mana Pujari was booked underneath varied sections of IPC and arrested.

    “The CBI probing the Lachipeta and Malkangiri Colony case has been asked to complete the investigation as quickly as possible. Directions have been issued for attachment of properties of the main accused and their family members,” he knowledgeable.

    ALSO READ | 12.95 lakh folks missed their second COVID vaccine shot in Odisha

    Acting promptly on the instructions of the Minister, the departmental investigation has been accomplished within the Lachipeta put up workplace, and the Department has performed preliminary investigations within the different two instances. It will probably be accomplished by September 20, Pandey mentioned.

    Chief Postmaster General of Odisha Suvendu Swain mentioned all real claims will probably be settled inside 30 days in accordance with the Standard Operating Procedure (SOP) issued by the Department of Posts.

    “So far, we have received complaints from five depositors. We have appealed depositors of the three branch offices to come forward and lodge complaints so that their claims can be expedited,” he added.

    The Union Minister had sought the report from the postal division after a gaggle of depositors whose cash was misappropriated made a illustration to him throughout his go to to Koraput on August 21 as a part of four-day Jan Ashirwad Yatra.

    Unsatisfied with the response of in-charge senior postal superintendent Tarini Charan Padhi over the progress within the inside inquiry, Vaishnaw had directed him to submit the report inside a month and warned stern motion towards the postal employees concerned within the misappropriation.