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LATEST CENTRAL GOVERNMENT EMPLOYEES NEWS
Central Government Offices Holidays 2021
Freezing of Dearness Allowance and Dearness Relief – Finmin Orders 2020
DA Loss Calculation Table 2020

LATEST CENTRAL GOVERNMENT PENSIONERS NEWS
Annual Increment Due on 1st July to the Employees Retiring on 30th June
Notional Increment on the Day of Superannuation
FR 56(j) of CCS (Pension) Rules age of 50 years or on Completion of 30 years of Service
Coverage under CCS (Pension) Rules CG employees appointment before and after 01-01-2004

Govt Introduction of Floating Rates Bonds (7.15%) from July 2020

June 30, 2020

Floating Rate Savings Bonds 2020 | Govt Introduction of Floating Rates Bonds (7.15%) from July 2020

Government Announces Launch of Seven Year Floating Rate Savings Bonds

Government has announced the launch of seven-year Floating Rate Savings Bonds, 2020 (Taxable) scheme commencing from 1st July.

According to an RBI notification, Floating Rate Savings Bonds will enable a person resident in India or Hindu Undivided Family to invest in a taxable bond, without any monetary ceiling.

The interest on the bonds is payable semi-annually on 1st January and 1st July every year. The coupon on 1st January 2021 shall be paid at 7.15 percent.

Introduction of Floating Rate Savings Bonds, 2020 (Taxable)

The Government has notified the New Floating Rate Savings Bonds, 2020 (Taxable) Scheme in place of 7.75 percent Savings (Taxable) Bonds, 2018 Scheme which ceased for subscription from the close of banking business on May 28, 2020.

The broad features of the new Floating Rate Savings Bonds, 2020 (Taxable) scheme are given below:

1. Item: Scheme name

Details: Floating Rate Savings Bonds, 2020 (Taxable)

2. Item: Issuance

Details: To be issued by Reserve Bank India on behalf of the Government of India.

READ ALSO: Income Tax Return Filing Due Date Extended to 30 November 2020 for AY 2020-21

3. Item: Eligibility

Details: The Bonds may be held by –

(i) a person resident in India,-
(a) in his individual capacity, or
(b) in individual capacity on joint basis, or
(c) in individual capacity on any one or survivor basis, or
(d) on behalf of a minor as father/mother/legal guardian

(ii) a Hindu Undivided Family.

Explanation: For the purpose of this paragraph, the “person resident in India” shall have the same meaning as defined in clause (v) of Section 2 of the Foreign Exchange Management Act 1999(42 of 1999)

4. Item: Issue price/ Denomination/ Minimum Subscription

Details: The Bonds will be issued at parat Rs.100/-for a minimum amount of Rs.1000/- (nominal value) and in multiples thereof.

5. Item: Date of Issue

Details: The Bonds, in the form of Bonds Ledger Account, will be opened (issued) from the date of tender of cash (up to Rs.20,000/- only), or date of realization of cheque/draft/funds.

Also Read: Govt Reduced TDS and TCS Rates by 25% for the period from 14 May 2020 to 31 March 2021

6. Item: Maximum limit

Central Government Offices Holidays 2021

Details: There will be no maximum limit for investment in the Bonds.

7. Item: Forms/Certificate

Details: The Bonds will be issued only in the form of Bond Ledger Account and may be held at the credit of the holder in an account called Bond Ledger Account (BLA). The investors will be issued a Certificate of Holding for the same.

8. Item: Payment option

Details: Subscription to the Bonds will be in the form of Cash (uptoRs.20,000 only)/ drafts/ cheques or any electronic mode acceptable to the Receiving Office. Cheques or drafts should be drawn in favour of the Receiving Office and payable at the place where the applications are tendered.

9. Item: Repayment/Tenor

Details: The Bonds shall be repayable on the expiration of 7 (Seven) years from the date of issue. Premature redemption shall be allowed for specified categories of senior citizens.

Also Read: New Income Tax Rates For Financial Year 2020-21

10. Item: Receiving Offices

Details: Applications will be received at the branches of SBI, Nationalised banks and specified private sector banks, either directly or through their agents.

11. Item: Interest Rate (Floating)

Details: The interest on the bonds is payable semi-annually on 1st Jan and 1st July every year. The coupon on 1st January 2021 shall be paid at 7.15%. The Interest rate for next half-year will be reset every six months, the first reset being on January 01, 2021. There is no option to pay interest on cumulative basis.

12. Item: Tax treatment

Details: Interest on the Bonds will be taxable under the Income-tax Act, 1961 as amended from time to time and as applicable according to the relevant tax status of the Bonds holder.

13. Item: Transferability

Details: The Bonds in the form of Bond Ledger Account shall not be transferable except transfer to a nominee(s)/legal heir in case of death of the holder of the bonds.

14. Item: Nomination

Details: A sole holder or all the joint holders of Bonds, being individual/s, may nominate in Form C or as near thereto as may be, one or more persons who shall been titled to the Bonds and the payment there on, in the event of his/their death.

15. Item: Tradability /Advances

Details: The Bonds shall not be tradable in the secondary market and shall not be eligible as collateral for loans from banks, financial Institutions and Non-Banking Financial Company (NBFC) etc.

16. Item: Brokerage/Commission

Details: Brokerage at the rate of 0.5% of the amount mobilized will be paid to the Receiving Offices and they shall share at least 50% of the brokerage so received with brokers/sub brokers registered with them.

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7th Pay Commission Risk Allowance to Central Govt Employees – Dopt Order

7th CPC Night Duty Allowance to Railway Employees w.e.f. 01-07-2017

Review of Cost of Over Time Allowance and Travelling Allowance to Railway Servants

GDS Latest News 2020

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Counting of Service of GDS for Grant of Pension

Provision of Ten lakh to GDS and Postal Employees of Department of Posts due to COVID19 Death

Increase Awareness of Welfare Scheme for Department of Postal and GDS Employees

Revision in Rule 4 of Gramin Dak Sevaks (Conduct and Engagement) Rules, 2020

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