AUIDT METHODOLOGY -THE PERFORMANCE AUDIT OF 4 PSUs FOR 2010-11 - A Finance Ministry Report

Dear Viewers,

For your study of the Finance Ministry's report on the above subject matter please CLIK on link provided.
with regards,

--EDITOR.
http://saiindia.gov.in/cag/sites/default/files/2010-11_10PA/chap5.pdf

GIC sets stringent rules for State-owned General Insurers

Dear Viewers,

"The following text is latest news item collection "

At a time when the government-owned general insurance companies are reeling under heavy underwriting losses, the General Insurance Corporation (GIC), fearing higher claims, has tightened the noose on these companies by offering lower reinsurance capacities, cutting commissions and putting in stringent underwriting conditions while renewing their contract. In some cases, the re-insurer has offered 50 per cent lower capacities than last year.

According to the Insurance Regulatory Development Authority (IRDA), GIC, being the designated reinsurer in the country, is required to reinsure 10 per cent of the total business written by the general insurance companies. There are also sectoral caps on how much risk general insurance companies can place with GIC for various lines of their business such as fire, industrial and marine risks, aviation, liability and machinery breakdown risks.

Public sector insurers place as much as 65-70 per cent of their risk with GIC, while private general insurance companies place around 60 per cent of their risk.

Global reinsurance companies such as Swiss Re, Lloyd’s, Munich Re, AIG and Asia Capital Re, are active players in India.

“Motor and health constitutes more than 64 per cent of the total general insurance business in India and both are loss making. The pricing does not reflect the risks, due to which the loss ratio is increasing in these companies. So, we have reduced our participation in the government-owned general insurance companies as our past experience hasn't been very good,” said a senior official at GIC.

This apart, GIC has put in place stringent underwriting conditions based on pricing practices and claims ratio while giving the support to these companies.

GIC is estimated to take a hit of around Rs 350 crore during 2010-11 on account of losses from the third party motor pool. The total losses in the third party motor pool is estimated to be around Rs 3,500 crore during 2010-11. As directive of the insurance regulator, GIC has to bear 10 per cent of the loss in the pool. GIC has also cut commissions paid to the insurance companies for the pass on their liability to the reinsurer.

“In addition, the profit commission, which we started last year as an incentive, has been rolled back in some cases,” the official said.

“Before offering its support, it a usual practice of GIC to evaluate the reinsurance portfolio. However, premiums in motor and health segments have gone down by 70-80 per cent than it used to be before detariffing, on account of stiff competition. There is a growing apprehension on the part of GIC that risks are being underwritten at very low rates. This has resulted in the conditional support,” said a reinsurance broker.

An official from the public sector general insurance companies admitted that GIC had been trying to put in some restrictive conditions while renewing the contracts.

“GIC is now looking at earlier claim history, pricing and risk management systems and the technology adopted before deciding on the extent of reinsurance support to be given. However, we have been able to get reasonable rates,” said an official at a state-owned general insurance company.

“In some cases, GIC has reduced the capacity they offered earlier specially on the inward reinsurance where companies reinsures a part of their huge risk with other insurance companies,” said another official from a public sector general insurance company.

 

-----EDITOR

QUESTIONS ON GENERAL AWARENESS FOR INSURANCE EXAMINATION-2011

DEAR FRIENDS,

A COLLECTION OF THE FOLLOWING GENERAL AWARENESS QUESTIONS WILL HELPS THE  EMPLOYEES, WHO ARE PREPARING FOR ENSUING COMPETETIVE  EXAMINATION-2011.

WITH BEST WISHES,

M. HANUMANTHA RAO          T. GOPALAKRISHNA

        PRESIDENT                GENERAL SECRETARY

REVISION IN MOTOR INSURANCE PREMIUM RATES FOR THIRD PARTY LIABILITY ONLY COVER - W.E.F. 25-04-2011

UPGRADATIONOF PTS TO FTS

Dear Friends,

We furnish hereunder the text of New India HO Circular for information and necessary follow-up at every Operating Office level and to comply with the requirements, immediately.

_________________________________________________________

CORP.HRM.CL.III/IV CELL :RG:2011                                                             Dt. April 08, 2011

All Regional Offices

Kind Attention: Regional Head

Re: Upgradation of PTS to FTS.

In view of the Office requirements and repeated demands from various quarters, the Management is actively considering and analyzing the issue.  In order to assess the exact requirment of the Office, we request you to suplly us the details of all PTS working in offices under your supervision. The details should include the business underwritten by the office, the strength of the office, including all Officerss and employees and also the available Sub-Staff, PTS and FTS.

To begin with, the aim will be to provide at least two Sub-staff/FTS/PTS to a DivisionalOffice and one sub-staff PTS/FTS to a Branch Office.  On the basis of the above requirement, if you have any clear vacancies and a PTS is available at the same centre, you may inform us the same immediately.  In case your requirement is more than two and one in  a DO - BO respectively, you may write to us detailing the necessity.  Further. we are also appending here an Appraisal Report of PTS, which needs to be filled for all PTS, so as to assess the suitability for conversion ito FTS cadre.  You are also requested to specifically fill the date of joining of the PTS against the column, as provided in the said Appraisal Report.

You may also write to us your observation, if any, you have tomake in this regard.

Sd/-

( ATUL SAHAI )

CHIEF MANAGER

Encl: As Stated.

-------------------------------------------------------------------------

THE NEW INDIA ASSURANCE COMPANY LIMITED, MUMBAI

                                                                                ANNEXURE "A"

Name of the P.T.S.: Mr. /Mrs.____________________________________

Father / Husband Name: ________________________________________

S.R. No. ____________ Category: (GEN/SC/ST/OBC): ________________
                                                         (HH/ OH/ VH: ________________

Date of birth: _________________________

Date of joining: ________________________

Educational & Other qualifications: ____________________

Whether any Vigillance/ Disciplinary action was ever taken against the

Employee* : ________________

*If yes, give details in brief in a separate sheet to be attached herewith.

LEAVE RECORD (for the past three years)

____________________________________________________________

Year   Casual Leave  Earned Leave  Sick Leave   LOP (period from & up to )

          Taken               Taken           Taken______________________

2008_________________________________________________________

2009_________________________________________________________

2010_________________________________________________________

CHARACTERISTICS

____________________________________________________________

Sl.No.   Charateristics       POOR  BELOW    AVERAGE   ABOVE    OUTSTANDING

 _____________________________AVERAGE_               AVERGAE_________________________

1. Courtesy towards straff____________________________________________________________

2. Courtsey towards public____________________________________________________________

3. Sense of discipline________________________________________________________________

4. Devotion to duty__________________________________________________________________

5. Trustworthiness__________________________________________________________________

6. General Assessment_______________________________________________________________

Signature of the Officer In-charge:________________________________

Name:________________________________________________________

Designation: __________________________________________________

D.O. / B.O.: ___________________________________________________

Their service particulars mentioned above are verified and found correct as per the documents available in Personal file.

                         R.O. IN-CHARGE:______________________

                        NAME: ______________________________

Place: ________________

Date: ________________

DR. B.R. AMBEDKAR's 120th BIRTHDAY (14-04-2011) - SALTUATIONS TO "BHARAT RATNA"

DEAR VIEWERS,

Let us pay whole hearted Salutations to Babasaheb Bhimrao Ambedkar  Saheb ko on his 120th Birth Day which fall on 14-04-2011. Friends, on this occasion let us remeber our "Bharata Ratna" the great personality and his life history in brief.

Dr B R Ambedkar, popularly known as Babasaheb Ambedkar, was one of the architects of the Indian Constitution. He was a well-known politician and an eminent jurist. Ambedkar's efforts to eradicate the social evils like untouchablity and caste restrictions were remarkable. The leader, throughout his life, fought for the rights of the dalits and other socially backward classes. Ambedkar was appointed as the nation's first Law Minister in the Cabinet of Jawaharlal Nehru. He was posthumously awarded the Bharat Ratna, India's highest civilian honor in 1990.

His Life

Bhimrao Ambedkar was born to Bhimabai Sakpal and Ramji on 14 April 1891 in Madhya Pradesh. He was the fourteenth child of his parents. Ambedkar;s father was a Subedar in the Indian Army and posted at Mhow cantonment, MP. After the retirement of his father in 1894, the family moved to satara. Shortly after, his mother passed away. Four years later, his father remarried and the family shifted to Bombay, where he cleared his matriculation in 1908. His father Bhimabai Sakpal died in Bombay, in 1912.

Ambedkar was a victim of caste discrimination. His parents hailed from the Hindu Mahar caste, which was viewed as "untouchable" by the upper class. Due to this, Ambedkar had to face severe discriminations from every corners of the society. a The discrimination and humiliation haunted Ambedkar even at the Army school, run by British government. Fearing social outcry, the teachers would segregate the students of lower class from that of Brahmins and other upper classes. The untouchable students were often asked by the teacher to sit outside the class. After shifting to Satara, he was admitted to a local school but the change of school did not change the fate of young Bhimrao. Discrimination followed wherever he went. In 1908, Ambedkar got the opportunity to study at the Elphinstone College. Besides clearing all the exams successfully Ambedkar also obtained a scholarship of twenty five rupees a month from the Gayakwad ruler of Baroda, Sahyaji Rao III. Political Science and Economics were the subjects in which he graduated from the Bombay University in 1912. Ambedkar decided to use the money for higher studies in the USA.

After coming back from the US, Ambedkar was appointed as the Defence secretary to the King of Baroda. Even, there also he had to face the humiliation for being an 'Untouchable'. With the help of the former Bombay Governor Lord Sydenham, Ambedkar obtained the job as a professor of political economy at the Sydenham College of Commerce and Economics in Bombay. In order to continue his further studies, in 1920 he went to England at his own expenses. There he was awarded honor of D.Sc by the London University. Ambedkar also spent few months at the University of Bonn, Germany, to study economics. On 8 June, 1927, he was awarded a Doctorate by the University of Columbia.

Dalit Movement

After returning to India, Bhimrao Ambedkar decided to fight against the caste discrimination that almost fragmented the nation. Ambedkar opined that there should be separate electoral system for the Untouchables and lower caste people. He also favored the concept of providing reservations for Dalits and other religious communities.

Ambedkar began to find ways to reach to the people and make them understand the drawbacks of the prevailing social evils. He launched a newspaper called "Mooknayaka" (leader of the silent). It was believed that, one day, after hearing his speech at a rally, Shahu IV, an influential ruler of Kolhapur dined with the leader. The incident also created a huge uproar in the socio-political arena of the country.

Political Career

In 1936, Ambedkar founded the Independent Labor Party. In the 1937 elections to the Central Legislative Assembly his party won 15 seats. Ambedkar oversaw the transformation of his political party into the All India Scheduled Castes Federation, although it performed poorly in the elections held in 1946 for the Constituent Assembly of India.

Ambedkar objected to the decision of Congress and Mahatma Gandhi to call the untouchable community as Harijans. He would say that even the members of untouchable community are same as the other members of the society. Ambedkar was appointed on the Defence Advisory Committee and the Viceroy's Executive Council as Minister for Labor. His reputation as a scholar led to his appointment as free India's first, Law Minister and chairman of the committee responsible to draft a constitution.

FRAMER OF CONSTITUTION :

Bhimrao Ambedkar was appointed as the chairman of the constitution drafting committee. He was also a noted scholar and eminent jurist. Ambedkar emphasized on the construction of a virtual bridge between the classes of the society. According to him, it would be difficult to maintain the unity of the country if the difference among the classes were not met.

Conversion to Buddhism

In 1950, Ambedkar traveled to Sri Lanka to attend a convention of Buddhist scholars and monks. After his return he decided to write a book on Buddhism and soon, converted himself to Buddhism. In his speeches, Ambedkar lambasted the Hindu rituals and caste division. Ambedkar founded the Bharatiya Bauddha Mahasabha In 1955. His book "The Buddha and His Dhamma" was published posthumously.

On October 14, 1956 Ambedkar organized a public ceremony to convert around five lakh of his supporters into Buddhism. Ambedkar traveled to Kathmandu to attend the Fourth World Buddhist Conference. He completed his final manuscript, "The Buddha or Karl Marx" on December 2, 1956.

Death

Since 1948, Ambedkar had been suffering from diabetes. He was bed-ridden from June to October in 1954 owing to clinical depression and failing eyesight. He had been increasingly embittered by political issues, which took a toll on his health. His health worsened as he furiously worked through 1955. Just three days after completing his final manuscript The Buddha and His Dhamma, it is said that Ambedkar died in his sleep on December 6, 1956 at his home in Delhi. A Buddhist-style cremation was organised for him at Chowpatty beach on December 7, attended by hundreds of thousands of supporters, activists and admirers. 

Ambedkar was survived by his second wife Savita Ambedkar and converted to Buddhism with him. His wife's name before marriage was Sharda Kabir. Savita Ambedkar died as a Buddhist in 2002. Ambedkar's grandson, Prakash Yaswant Ambedkar leads the Bharipa Bahujan Mahasangha and has served in both houses of the Indian Parliament.

A memorial for Ambedkar was established in his Delhi house at 26 Alipur Road. His birthdate april 14th is celebrated as a public holiday known as Ambedkar Jayanti or Bhim Jayanti in India. He was posthumously awarded India's highest civilian honour, the "Bharat Ratna" in 1990. Many public institutions are named in his honour, such as the Dr. Babasaheb Ambedkar Open University in Hyderabad, Andhra Pradesh, B. R. Ambedkar Bihar University, Muzaffarpur Dr.B.R.Ambedkar National Institute of Technology,Jalandhar the other being Dr. Babasaheb Ambedkar International Airport in Nagpur.

Friends, this a brief life history of Dr. B.R.Ambedkar. It is an end less and we can speaks and say volumes 'n' volumes about this great personality. Friends/Viewers, be an Indian let us all pay our whole hearted tributes to "Bharat Ratna Sri Baba Sahebji" and implement all his guidelines / ambitions in true letter and spirit and make our nation a Bright and Great INDIA in the days to come. 

 

JAI BHEEM! JAI HIND! JAI BHARAT!

 

...... EDITOR

COMPETETIVE EXAM FROM CLASS-3 TO CLASS-1 - UNDER PARA 13.2 - REVISED PATTERN

DEAR FRIENDS,

The Competetive examination pattern has been changed from the year 2011 onwards. The following are changes, the papers will be :

1) PAPER -1 : Department  Subjects - Objective Type - 1 Mark each  - Total : 100 marks.

2) Paper-2 : English & General Knowledge - 25 Marks for Subjective Type and 75 Marks for Objective Type questions respectively.

3) No Negetive Marks.

4) Pass Marks for General Category : 50 in any one paper & Aggregate : 120.

5) For SC/ST  Pass Mark: 40 in any one paper & Aggregate: 100 Marks.

The detailed circular follows.

With Warm Greetings,

M. HANUMANTHA RAO      T. GOPALAKRISHNA

    PRESIDENT                GENERAL SECRETARY

NOW, GENERAL INSURERS FACE HIGHER PROVISIONING ON MOTOR PORTFOLIO

DEAR VIEWERS,

IRDA demands an additional Rs.3,750/- Crores for the last FOUR years. General Insurance Companies, already reeling from price undercutting and poor Underwriting of risks, bnow face a further blow to their profits. They now have the burden of higherprovisioning for losses on their Motor portfolio - Specially on their Third Party Pool.

TP Motor Pool is a corpus of premiums transferred from all general insurance companies to meet the claims arising out of road accidents involving damage to life or limbof third parties, mainly caused by trucks. Currently this pool of premium is estimated at around Rs.3,500/- crores.  But this is running ata deficit because the losses are much higher. To plug this loss, the I.R.D.A. has asked insurers to make additional provisions of about Rs.3,750/- crores on account of the Motor Pool for the last four years.

The General Insurance Industry will suffer as a result of the provisioning because the liability of three years is being absorbed in the financials of 2010-11, a single year, said Mr. Rakesh Jain, Director Corporate Centre and Chief FuinancialOfficer, ICICI Lombardo.  The insurance regulator has asked insurers to make a provisioning of expected loss ratio of 153 Per Cent. This means, for every Rs.100 earned will have to payout Rs.153 as  claims.

RATING DOWNGRADE:

In its recent report, rating agency  Standard and Poor's has downgraded its outlook for the Indian General Insurance Industry to negative from stable due to poor underwriting of riskss following the dismantling of the tariff regime.

The financials of state owned companies seem to have turned from bad to worse for the nine months ending December 31, 2010, with the exception of United India Insurance.  The others THREE Insurers, National Insurance, New India Assurance and Orietnal Insurance, have posted a loss on their investment income.  For years, public players made profits only from their investment income and not fromtheir core business of Underwriting insurance.

Fourteen (14) private insurers reported Rs.782/- crores under writing losses for the nine months ending December 31, 2010. Mr. S.L. Mohan, General Secretary, Geneeral Insurance Council ( a self-regulatory body), said that the provisioning would impact the underwriting losses of general insurance companies. However, the extra provisioning will be made in the books (physical entry) of insurers and paid only when there are claims.

Dr. Amarnath Aananthanarayanan, CEO and Managing Director of the Two and Half year old Bharati Axa General Insurance, said provisioning to be made on account of motor pool would adversely impact the underrwriting losses of insurers.

"Bharati Axa General enjoys the last mover advantage and therefore, will not have to absorb the provisioning to a large extent" he said.

The standard and Poor's report said that underwriting performances are unlikely to improve significantly in the next 12 months, despite signs that prices are stabilising.  The overall industry remains profitable through investment income, but that can leave it vulnerable to investment market shocks.

---- EDITOR

.... SOURCE BUSINESLINE 08-04-2011

NEW INDIA ASSURANCE CONTINUING ITS SUPREMACY IN THE MARKET

DEAR VIEWERS,

ON BEHALF OF ALL OUR STATE UNITS OF GICEU ACROSS THE NATION & ON OBEHALF OF GICEU-AP  AND IT'S APPEX BODY NATIONAL FEDERATION OF GENERAL INSURANCE EMPLOYEES, WE EXPRESS OUR SINCERE THANKS TO ALL THE CLIENTELE OF NEW INDIA ASSURANCE FOR ENABLING IT TO CROSS GLOBAL PRMIUM OF Rs.8,600/- CRORES FOR THE YEAR 2010-11, OUT OF WHICH Rs.7,070/- CRORES FROM INDIAN MARKET,  THUS MAINTAINING ITS POSITION AS THE UNDISPUTED MARKET LEADER FOR THE LAST 30 YEARS.

ON THIS HISTORIC EVENT AND OCCASION, WE CONGRATULATE ALL FELLOW NEW INDIANS AT EVERY LEVEL AND AGENTS WHO STRIVED EVERY NERVE TO ACHIEVE THIS GOAL .

KHUDOS TO ALL CONCERNED, ONCE AGAIN.

WITH WARM GREETINGS,

M. HANUMANTHA RAO               T. GOPALA KRISHNA

       PRESIDENT                            GENERAL SECRETARY

CENSUS - INDIA AT A GLANCE - 2011

DEAR VIWERS,

--- EDITOR

NEW YEARS DAY GREETINGS - UGADI n GUDI PADWA, NAVREH, TAHIRI .. ETC.

DEAR VIEWERS,

THE GIC EMPLOYEES' UNION-AP IS WISHING THE PEOPLE OF VARIOUS STATES WHO ARE CELEBRATING TODAY NEW YEARS DAY - TODAY  VIZ.,

• The KASHMIRIS will be celebrating 'NAVREH".
• People from ANDHRA PRADESH & KARNATAKA call this new year UGADI and will begin it by offering a pachachadi (Chutney) made of Raw Managoe, Jaggery, New Tamrind, Banana and Leaf flower (neem) to God.
• MAHARASHTRIANS call it GUDI PADWA and erect a Gudi, Offer prayer to God and eat fresh neem leaf.
• In the hills, KUMAONIS celebrate culmionates nine days (Nava Vasanth) later on RAM NAVAMI
• SINDHIS prepare a speial dish this day called 'TAHIRI (Sweetened Rice) and visit Temple with that special Thal.

On this happy Occasion, we wish all the people a Happy and Prosperous New Year that brings every Happiness and cheers in every family through out the year.

WITH FESTIVE GRETINGS,

M. HANUMANTHA RAO         T. GOPALA KRISHNA

                                              PRESIDENT                GENERAL SECRETARY 

RESERVATION IN PROMOTION - TREATMENT OF SC/ST CANDIDATES PROMOTED ON THEIR OWN MERIT

Dear Friends,

We reproduce  the following Circulars issued by the Government of India,  Ministry of Personnel, Public Grievances and Pensions, Department of Personnel and Training, North Block, New Delhi- 110001 - for information of all concerned.

No.36012/45/2005-Estt. (Res.),

Government of India

Ministry of Personnel, Public Grievances and Pensions

Department of Personnel and Training

North Block

New Delhi- 110001.

Dated the 10th August. 2010.

                                    OFFICE MEMORANDUM

Subject: Reservation in promotion – Treatment of SC/ST candidates promoted on their own merit.

The undersigned is directed to refer to this Department’s O.M.No.36028/17/2001-Estt(Res.) dated 11th July, 2002 which clarified that SC/ST candidates appointed by promotion on their own merit and not owing to reservation or relaxation of qualifications will be adjusted against un-reserved points of the reservation roster and not against reserved points. It was subsequently clarified by this Department’s O.M. No.36028/17/2001- Estt. (Res.) dated 31.1.2005 that the above referred O.M. took effect from 11.7.2002 and that concept of own merit did not apply to the promotions made by non-selection method.

2. Central Administration Tribunal, Madras Bench in O.A. No.900/2005 [S. Kalugasalamoorthy v/s. Union of India & Others] has set aside the O.M.No.36028/17/2001-Estt. (Res.) dated 31.1.2005 and held that when a person is selected on the basis of his own seniority. the scope of considering and counting him against quota reserved for SCs does not arise. The High Court of judicature at Madras in the matter of UOI v/s.S. Kalugasalamoorthy [ WP No.15926/2007 ] has upheld the decision of the Central Administrative Tribunal.

3. The matter has been examined in the light of the above referred judgments and it has been decided to withdraw O.M. No. 36028/17/2001- Estt. (Res.) dated 31.1.2005 referred to above. It is clarified that SC/ST candidates appointed by promotion on their own merit and seniority and not owing to reservation or relaxation of qualifications will be adjusted against unreserved points of reservation roster. irrespective of the fact whether the promotion is made by selection method or non-selection method. These orders will take effect from 2.7.1997. the date on which post based reservation was introduced.

4. These instructions may be brought to the notice of all concerned.

sd/-
(K.G.Verma)
Director

Original Copy

...............EDITOR

GENERAL INSURERS' GROSS PREMIUM INCOME UP TO 22.6%

DEAR  FRIENDS,

The gross premium income of the general insurance industry grew 22.6 per cent in February, as compared to the year-ago period.

According to the data collated by insurers, the industry collected Rs 3,403.9 crore by writing new policies, as against Rs 2,775.8 crore last year. However, compared to January, when the industry collected Rs 3,692.3 crore, the gross premium income dipped 7.8 per cent.

While, at Rs 1,463.2 crore, private players outshone their public sector peers, registering growth of 26.3 per cent, the latter collected a premium of Rs 1,940.7 crore — up 22.6 per cent.

During April-February, at Rs 37,909 crore, the industry recorded growth of 22.5 per cent in the gross premium income, as against Rs 30,942 crore reported in the same period a year ago.

The four public sector players collected premiums worth Rs 22,051 crore — up 20.97 per cent. The private players grew 24.73 per cent to Rs 15,857.9 crore.

....Editor

PARA 13.2 PROMOTIONS- CHENNAI HIGH COURT CASE

DEAR FRIENDS,

WE ARE PLEASED TO INFORM YOU THAT, IT IS RELIABLY LEARNT THAT THE INTERVIEWS FOR THE LEFT OUT CANDIDATES (SOUTH ZONE) AS PER HON'BLE HIGHT COURT DIRECTION, WILL BE CONDUCTED TENTATIVELY IN THE NEXT WEEK OF THIS MONTH. THE EXACT DATE WILL BE KNOWN BEFORE THIS FRIDAY 18TH MARCH, 2011.

THE RESULTS ARE LIKELY TO BE DECALRED IMMEDIATELY AFTER COMPLETION OF INTERVIEWS.

ALSO UNDERSTAND FROM THE RELIABLE SOURCES THAT THE SELECTED CANDIDATES MAY BE ASKED TO REPORT IN THE PROMOTED CADRE ON OR BEFORE 31ST MARCH, 2011, BY THE MANAGEMENT. THIS IS FOR YOUR INFORMATION, PLEASE.

WITH WARM GREETINGS,

WITH REGARDS,

M. HANUMANTHA RAO    T. GOPALA KRISHNA

                                        PRESIDENT            GENERAL SECRETARY

RECRUITMENT OF ADMN. OFFICERS (SCALE-1) IN NEW INDIA ASSURANCE

DEAR VIEWERS,
Applications are invited from Indian Citizens for the post of Administrative Officer (Scale I) - Probationary, in Specialized disciplines and as Generalists.
(I) Total No. of vacancies
Sl.  Group   Code        Specialist Discipline           No. of Vacancies

1     A-1       01          Information Technology              40
2     A-2       02         Actuary                                    25
3     A-3       03         Accounts/CA                             25
4     B          04          Generalists                             289

Category     SC  ST  OBC   Unreserved    Total   PWD **
Vacancies   57    28   102        192          379     4

Reservation for released Emergency Commissioned Officers (ECO), Short Service and Retrenched Commissioned Officers (SSRCO) and Persons with Disabilities (PWD) candidates shall be as per rules.

** 4 vacancies for Persons with Disabilities (PWD) are included in the total vacancies of 379 mentioned above.
Application/s complete in all respects together with enclosures as mentioned above must reach by ordinary post on or before 28.03.2011 at the following address :

Post BagNo. 2281, Chanakyapuri, Post Office, New Delhi –110021
Application once made will not be allowed to be withdrawn and fee/s paid shall not be refunded under any circumstances.
Application Fee:  

A Crossed Bank Draft of Rs.500/- ( Rs.150/- for SC/ST candidates and Persons With Disability) valid for Six months, purchased from any branch of any Nationalized Bank or Scheduled Bank drawn in favour of ‘THE NEW INDIA ASSURANCE COMPANY LTD.’ payable at Mumbai, should be attached with the application form. Candidates should write their Name and Address, Group and Code No. on the reverse of the Bank Draft. Candidates applying for two Groups should pay examination fee of Rs.700/- or Rs.200/-, as the case may be, through a crossed bank draft. Fee paid through postal order/money order will not be accepted. Application received with defective bank draft shall be liable for rejection. Candidates are, therefore, advised to check if the bank draft is in order particularly a) date of issue b) signature of the bank authorities c) address of the bank/branch d) Amount (Rs.500/- or Rs.150/-) in words and figures and e) favouring The New India Assurance Co. Ltd. payable at Mumbai valid for six months. No Examination Fee is required for confirmed employees of The New India Assurance Company Limited., applying for the post.

If a candidate applies for two Groups as prescribed above and pays examination fee for only one Group i.e. Rs.500/- or Rs.150/-, as the case may be, his/her candidature will be considered for Group B only.

 Date of written examination: 22.05.2011

FOR MORE DETAILS PLEASE LOG IN TO http://newindia.co.in
 
....... EDITOR

"" FLASH "" "" FLASH"" - CHENNAI HIGH COURT CASE - PARA 13.2

DEAR FRIENDS,
JUST NOW WE HAVE RECEIVED A COMMUNICATION FROM OUR LEADERS FROM CHENNAI THAT THE   LONG AWAITED JUDGEMENT HAS BEEN PRONOUNCED BY THE HON'BLE CHENNAI HIGH COURT  TODAY (.) FURTHER LEARNT THAT THE HON'BLE COURT HAS DIRECTED THE NEW INDIA MANAGEMENT  TO CALL ALL THE LEFT OUT CANDIDATES UNDER PARA 13.2 FOR THE INTERVIEW, WITH IN A FEW DAYS FROM NOW (.)

MORE DETAILS FOLLOWS.

WITH REGARDS,

YOURS-IN-SERVICE,

M. HANUMANTHA RAO        T. GOPALA KRISHNA

         PRESIDENT                 GENERAL SECRETARY

HOMAGE TO DEPARTED GREAT LEADER "NANI MOHAN SAHA" - GICEU-EASTERN ZONE

Dear Members,

Debasish Banerjee from GICEU-EZ, KOLKATTA has sent a link to our Union blog today, which reads as follows: 


"" OUR BELOVED LEADER AND MENTOR OF OUR GIC EMPLOYEES' UNION EZ, NANI MOHAN SAHA EXPIRED ON 24TH FEB, 2011 AT 2.45 PM. WE PRAY OUR HOMAGE TO THE GREAT LEADER. HE FOUGHT FOR THE UPLIFTMENT OF OUR EMPLOYEES SINCE 1955.""
---
WE REALLY SHOCKED TO KNOW ABOUT THE SUDDEN DEMISE OF SUCH A GREAT AND DYNAMIC LEADER, WHO REALLY FOUGHT TO PROTECT THE RIGHTS AND BENEFITS OF WORKING CLASS OF GENERAL INSURANCE INDUSTRY.

ON BEHALF OF ENTIRE GIC EMPLOYEES UNION-ANDHRA PRADESH UNIT, WE EXPRESS OUR DEEP SORROW AND PAY A RESPECTFUL HOMAGE WITH SALUTATIONS TO THE DEPARTED GREAT  LEADER "NANI MOHAN SAHA", WHO REACHED HIS LAST ABODE.  WE ALWAYS REMEMBER HIM AS  " NANI DHA". 

With Deepest Condolences to the bereaved family members.

 

M. HANUMANTHA RAO           T. GOPALA KISHNA

              PRESIDENT                 GENERAL SECRETARY

NO I.T. RETURNS FOR SALARIED PEOPLE WITH INCOME BELOW Rs.5 LAKH

Dear Viewers,

The following are the a few highlight in Finance Bill,2011.

1. Salaried people,may be up to Rs.5 Lakh, need not file the Income Tax return. Form-16 issued to employees will be treated as Inome Tax Return.
2. Every person whose income exceeds the taxable limit is presently required to file returns.
3. Tax Exemptionlimit or individual tax payers aised om Rs.1.60 Lakh to Rs.1.8 Lakh, giving tax relief of Rs.2,000/-.
4. Exemption limit raised for Senior Ciizens from Rs.2.4 Lakh o Rs.2.5 Lakh; the qualiying age for the rebate reduced from 65 to 60.
5. Higher exemption limit for very Senior Citizens (80 years and above) at Rs.5 lakh.
6. Additional deduction of Rs.20,000/- for investment in long-term infrastucture bonds to be extended for one more year.

A) Basic Slab for Men: Earlier under the age of 65 years, now under 60 years.
 Upto Rs.1,80,000/-                                             NIL
Rs.1,80,001/- to Rs.5,00,000/-                             10%
Rs.5,00,001/- to Rs.8,00,000/-                             20%
AboveRs.8,00,001/-                                            30%
B) Basic Slabs for Women : Earlier under the ageof 65 year,now under 60 years.
Upto Rs.1,90,000/-                                              NIL
Rs.1,90,001/- to Rs.5,00,000/-                             10%
Rs.5,00,001/- to Rs.8,00,000/-                             20%
AboveRs.8,00,001/-                                            30%
C) Slabs for Senior Citizens: Earlier over the age of 65 years, now 60 to 80 years.
 Upto Rs.2,50,000/-                                             NIL
Rs.2,50,001/- to Rs.5,00,000/-                              10%
Rs.5,00,001/- to Rs.8,00,000/-                              20%
AboveRs.8,00,001/-                                             30%
D) Slabs for "Very" Senior Citizens: Now category over age of 80 years.
Upto Rs.5,00,000/-                                              NIL
Rs.5,00,001/- to Rs.8,00,000/-                              20%
Rs.8,00,001/- and above                                      30%
The above information provided for the benefit of all concened.
..... EDITOR

CONSUMER PRICE INDEX UP BY 3 (THREE) POINTS

DEAR FRIENDS,

ALL INDIA CONSUMER PRICE INDEX HAS ROSE BY 3 (THREE) POINTS I.E. FROM EXISTING 185 POINTS (DEC.,2010) TO 188 POINTS (JAN,2011).  IF THE SAME INDEX IS CONTINUED FOR FEB & MARCHH, 2011, THE EMPLOYEES IN PSU's WILL GET 30 SLABS D.A. W.E.F. 01ST MAY, 2011 ONWARDS.

THIS IS FOR YOUR INFORMATION.

WITH REGARDS,

YOURS-IN-SERICE,

M. HANUMANTHA RAO           T. GOPALA KRISHNA

      PRESIDENT                       GENERAL SECRETARY

Some relief in Budget 2011-12 (Income Tax) & FM not in the mood to cut income tax rates

Dear Viewers,
For the benefit of all concern, we publish here under some important news :-

Some relief in Budget 2011-12 (Income Tax)


At present the maximum limit u/s 80C is Rs. 1,00,000/- with an additional limit of Rs. 20,000/- under Section 80CCF. The tax exemptions for savings is received under section 80C of the Income Tax Act while the special window of Rs 20,000 investment in infrastructure bonds is available under section 80CCF (Total of Rs. 1,20,000/-).To give some relief to common man battling rising prices, finance minister Shri Pranab Mukherjee is expected to raise the exemption limit on annual savings of an individual in the upcoming Budget.

The savings exemptions may be raised in the Union Budget 2011-12 from the present Rs 1 lakh. In 2010-11, the finance ministry allowed an additional exemption of Rs 20,000 for investment in long-term infrastructure bonds.

Shri. Mukherjee is expected to raise the Rs 1 lakh exemption limit by another Rs 20,000 in the Union Budget in February, a Cabinet minister told FE. Besides pushing up the savings rate, this would align the current income tax regime towards the proposed Direct Taxes Code (DTC).

“This year is going to be an year of consolidation towards DTC,” a top official in the finance ministry had said recently. In the DTC, the government has proposed tax exemption on annual savings of up to Rs 1.5 lakh.

The tax exemption for savings limit of Rs 1 lakh when increased, will give an additional cushion to the common man who is grappling with price rise already. Tax experts also feel that there is a case for to raising the savings exemptions limit as the current exemption was prescribed long back. Last year, Planning Commission had suggested to the finance ministry that savings exemption limit can be raised to Rs 1.5 lakh.

FM not in the mood to cut Income Tax Rates

Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed. Taxpayers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals.

Tax incentives to software companies under Sections 10A and 10B are set to continue next year, with a change in the basis of benefits from profit-linked to investment-linked. There were indications that Sections 10A and 10B would continue, but there was no clarity on whether it would remain profit-linked in 2011-2012 or would change to being investment-linked.

Moreover, they said, as the government is committed to raising the income tax exemption limit from Rs 160,000 per annum to Rs 200,000 in line with the Direct Taxes Code in 2012-13, tax payers could expect at least some relief in the upcoming Budget on February 28.
Currently, the exemption limit is Rs 1.6 lakh (Rs 160,000) and considering the fact that inflation is running at around 10 per cent, an increase of 10 per cent in the exemption limit could be expected in the upcoming Budget. This would mean that the exemption limit would probably be enhanced by Rs 15,000 to 1.75 lakh (Rs 175,000).

This step would result in a revenue loss of around Rs 4,000 crore (Rs 40 billion), said the official, adding that this would mean a Rs 1,500 tax benefit a year to the taxpayer.

He said that the increase in the exemption limit would also be a step towards aligning the tax structure with DTC, as the exemption limit under the proposed regime is Rs 2 lakh (Rs 200,000) a year. DTC is expected to come into effect from 2012-2013.

The Direct Taxes Code Bill, 2010, was introduced in the Lok Sabha on August 30 last year and it was proposed to implement the Code from April 2012.

The Income Tax Department had chalked out a plan for the preparation and its implementation from next year, said the official. A few changes due to political compulsions, however, should not be ruled out completely, said the official.

The department is focusing on developing an integrated technology platform to ensure a smooth transition to DTC from the existing Income Tax Act. The Code offers an opportunity for the Income Tax Department to integrate its people, process and technology through an integrated technology plat form.

In view of the economic recovery, Mukherjee had started the process of withdrawal of stimulus by raising tax rates in the 2010-11 Budget.

With the economy recording a growth rate of 8.9 per cent in the first half of the current fiscal, Mukherjee is expected to further withdraw the stimulus with a view to reduce the fiscal deficit, which is expected to be about 5.5 per cent of the gross domestic product in 2010-11.

* * * * * ..Editor