MGNREGS Payments at Post Offices through Electronic Fund Management System(eFMS)
State Governments have entrusted post offices to disburse wages to workers under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). Such disbursal of wages is done either through worker’s wage accounts or Post Office Savings Bank (POSB) accounts. On receipt of the wage list and funds from the State Government, the post offices credit the amount to the worker’s accounts. Workers withdraw the amount from the accounts at their convenience.
Department of Posts has rolled out Electronic Fund Management System (eFMS) in 46 pilot districts of Direct Benefit Transfer (DBT) through post offices enabling electronic credit of wages in worker’s accounts for speedy disbursal of wages to workers.
This information was given by Dr. (Smt.) Killi Kruparani, Minister of State for C&IT in a written reply to a question in Lok Sabha today.
NPS - Swavalamban : Frequently Asked Questions
Frequently Asked Questions on NPS - Swavalamban
1. What is pension and why do I need it?
A pension provides people with a monthly income when they are no longer earning.
Need for Pension:
One is not as productive in the old age as in youth.
The rise of nuclear family -Migration of younger earning members.
Rise in cost of living Increased longevity
Assured monthly income ensures dignified life in old age
2. What is NPS - Swavalamban and why is it the right pension scheme for me?
"NPS -Swavalamban Model" is designed to ensure ultra-low administrative and transactional costs, so as to make small investments viable.
Swavalamban Yojana is a scheme announced by the Government of India under which Government will contribute Rs. 1000 per year to each NPS - Swavalamban account opened in year 2010-2011,2011-2012 ,2012-2013 for five years as under:-
· Account opened in 2010-2011 will get the benefit till 2014-2015
· Account opened in 2011-2012 will get the benefit till 2015-2016
· Account opened in 2012-2013 will get the benefit till 2016-2017
NPS - Swavalamban account opened in the period 2013-2014 to 2016-2017 will get the Swavalamban benefit up to 2016-17.
Distinguishing Features of NPS -Swavalamban:
Voluntary - Open to eligible citizens of India, in the age group of 18-60 years. Subscriber is free to choose the amount he/she wants to invest every year.
Simple - Eligible individuals in the unorganized sector can open an account through their Aggregator and get an Individual subscriber (NPS - Swavalamban) Account.
Safe - Regulated by PFRDA, with transparent investment norms, regular monitoring and performance review of fund managers by NPS Trust.
Economical - Ultra-low cost structure with no minimum amount required per annum or per contribution.
3.Why should I contribute for such a long period in this pension scheme?
The contribution into NPS - Swavalamban is an investment for the future income for you & your family. When you contribute a part of your current income, you get pension out of this long term savings when you are not working. A longer period of investment would ensure a larger corpus being invested and hence higher pension returns during your old age. Longer duration of investment in NPS -Swavalamban ensures that high benefits accrue for long periods.
4. How different is NPS - Swavalamban from other products like savings in the bank?
NPS - Swavalamban is a pension product to ensure a monthly income after the retirement age has been attainted.
NPS - Swavalamban invests a portion of the contributions in the equity (stock) market and hence there are possibilities of returns much higher than what banks & similar financial institutions are able to offer. A portion of the corpus is invested in equity markets which enables the corpus to grow quickly. However, unlike other equity based investment schemes where risk of losing the money is high, in NPS - Swavalamban; the risk is reduced considerably as up to 55% of money is invested in Government securities and up to 40% in corporate bonds.
5. NPS -Swavalamban invests my contributions in the equity markets. How safe is this?
Investments are regulated by PFRDA/GOI. NPS - Swavalamban invests only up to 15% of the
total funds in the equity or stock markets. The balance funds are invested into fixed income instruments such as corporate bonds and Government securities.
6. Why do I not know the return on my investment through NPS -Swavalamban as I do in the case of PPF, FDs and other such investment tools?
PPF and FDs are investments that have a fixed interest rate and maturity period, hence it is
possible to calculate the long-term returns of these investments.
NPS - Swavalamban is a long term scheme which is based on flexible contribution and market returns that are subject to change as per the market conditions.
7. Who can subscribe to NPS -Swavalamban?
A citizen of India, who belongs to the unorganized sector, can open NPS -Swavalamban account
based on the following conditions:
1. Should be between 18 - 60 years of age as on the date of submission of his/her application by Aggregator.
2. Should comply with the KYC process carried out by an Aggregator.
3. Subscriber should not covered under social security scheme like Employees' Provident Fund and Miscellaneous Provision Act , The Coal Mines Provident Fund and Miscellaneous Provision Act etc
8. What is the procedure to open NPS -Swavalamban account?
1. Contact the aggregator.
2. Fill up the registration form.
3. Provide KYC documents. Identity Proof &Address Proof.
4. Minimum contribution of Rs.100/- at the time of registration.
5. Receive "Your" Permanent Retirement Account Number (PRAN) card through an aggregator.
9. How do I continue making contributions once I have been registered into NPS -Swavalamban?
You are required to make your contributions at the time of registration and subsequently through an Aggregator. You are required to make the contributions subject to following conditions:
1. Minimum contribution amount at the time of Registration - Rs 100
2. Though there is no minimum contribution requirement per year, minimum contribution of Rs. 1000/-per year is recommended to avail Swavalamban benefit. However it may be remembered the higher contribution amount will yield higher pension and since Swavalamban benefit is available for contribution upto Rs 12000/- it may be desirable to save higher amounts in your NPS-Swavalamban account.
10. How much should I invest in NPS-Swavalamban? Is there a minimum contribution limit per year?
At the point of registration, you will have to invest a sum of Rs.100. Though there is no minimum contribution requirement per year, it is recommended that a contribution of at least Rs.1000 per year is made to ensure reasonable pension after retirement.
11. How many times should I invest in a year?
There are no lower or upper limits to the number of contributions per year. The subscriber is
free to manage the frequency and amounts of contributions.
12. Where will my savings be invested?
The contributions under NPS-Swavalamban are invested in a single scheme consisting of Equity,
Corporate Bonds and Government Securities in terms of guidelines prescribed by GOI, Ministry of Finance.
13. What rate of return will my contributions earn?
There is no investment return guarantee. Returns in NPS -Swavalamban are market based. The
benefits will entirely depend upon the amounts contributed and the investment growth upto the point of exit from NPS.
14. When will I be permitted to withdraw from my account?
The normal exit from NPS - Swavalamban account is at the age of 60. However early exit is also permitted with certain conditions. Withdrawal process details are as follows:
1. Exit on 60 yrs
Subscriber would be required to invest minimum 40% of accumulated savings (pension wealth) to purchase annuity.
Subscriber will provide the bank account and withdrawal details to the aggregator to upload the information for execution to CRA System.
At the time of exit, the effort is to give a monthly pension of Rs.1000/-. If 40% of corpus is not sufficient to give pension of Rs.1000/- higher percentage or entire pension wealth (corpus) would be subject to annuitisation.
2. Exit before 60 yrs
Subscriber would be required to invest minimum 80 % of accumulated savings (pension wealth) to purchase annuity.
Subscriber can withdraw balance 20%.
3. Withdrawal on Death of Subscriber : In case of death, the entire corpus will be transferred to the nominee/ legal heirs. The nominee/ legal heir will approach the aggregator with necessary documents such as Death Certificate, Identity proof of the nominee etc.
15. How will I know the status of my investment and how much it has accumulated to?
You will receive a physical annual Statement of Transaction (SOT) of your NPS-Swavalamban
account, which will indicate the details of contribution made and current value of the corpus in the individual retirement account. However you can access your account anytime through the aggregator to check the status of your Individual Retirement Account (IRA).
16. In case of Death of the Subscriber, how would the nominee get the amount?
Please explain the operational procedure.
Option 1:
The nominee can receive 100% of the NPS pension wealth in lump sum.
Contact the aggregator and submit necessary documents such as death certificate, identity proof etc.
Option 2:
If the nominee wishes to continue with the NPS, he/she shall have to subscribe to NPS individually after following prescribed KYC norms, contact the aggregator for subscribing into NPS - Swavalamban.
17. At the time of subscribing no bank account details are required.What will happen at the time of exit if the Bank a/c details are not provided by the Subscriber?
Though a bank account is not mandatory at the time of entry into NPS-Swavalamban, it is highly desirable to have one. However, bank A/c is mandatory for exit from NPS-Swavalamban since no cash transactions are permitted at the time of withdrawal. This is in the interest of the subscriber.
18. If I move my residence/city, will the scheme still be valid? How do I make contributions in that eventuality?
Subscriber can retain his/her PRAN when he/she changes residence/city. The same PRAN would be valid across the country to continue making investments, through an aggregator who is operational in your locality/city.
19. What is the Swavalamban scheme and am I eligible for it?
The Swavalamban Scheme is a Govt. of India incentive for unorganized sector. This is a pension
scheme available to provide the retirement benefit to unorganized sector and under this scheme, the Govt. of India will contribute Rs.1000/- per year to every NPS-Swavalamban account provided the contribution is between Rs.1000/-to Rs.12000/- per year.
Solved Question Paper of Postal Assistant Exam (PA/SA) 2013 held on 05 May 2013
Solved Question Paper of Postal Assistant Exam (PA/SA) 2013 held on 05 May 2013
General Awareness Section completely solved
Q1. Which is the host country for the inaugural T-20 World Cricket Cup for the blind?
(a) Pakistan
(b) India
(c) Sri-Lanka
(d) West Indies
Q2. 2012 Champions Trophy Hockey Tournament was won by?
(a) Pakistan
(b) India
(c) Australia
(d) Netherlands
Ans.(c) Australia
Q3. Mr. Cyrus Pallonji Mistry took over as the chairman of which industrial group recently?
(a) Tata Group
(b) Reliance Group
(c) Aditaya Vikram Birla Group
(d) GMR Group
Ans.(a) Tata Group
Q4. Which launch vehicle is expected to be used by ISRO for its 2013 Mars Mission?
(a) Satellite Launch Vehicle
(b) Augmented Satellite Launch Vehicle
(c) Polar Satellite Launch Vehicle
(d) Geo-synchronous Satellite Launch Vehicle
Ans.(c) Polar Satellite Launch Vehicle
Q5. International Olympic Committee decided to remove two games from the Olympics starting with 2020 Olympic Games. Find out these two from the options.
(a) Free Style Wrestling and 200m free style swimming
(b) Free Style Wrestling and Greco-Roman
(c) Free Style Wrestling and equestrian show jumping
(d) Free Style Wrestling and 3-K cross country foot race
Ans.(b) Free Style Wrestling and Greco-Roman
Q6.Who is chosen by the members of RajyaSabha?
(a) Chair Person
(b) Deputy Chairman
(c) President
(d) Vice-President
Ans.(b) Deputy Chairman
Q7.Who is the leader of the house in 15th LokSabha?
(a) Meira Kumar
(b) Sonia Gandhi
(c) Sushil Kumar Shinde
(d) None of these
Ans(c) Sushil Kumar Shinde
Q8. Barack H. Obama has been recently reelected as President of USA, defeating Republican Challenger?
(a) Joe Bide
(b) Mitt Romney
(c) Jesse Kelly
(d) Kelving Mc Carthy
Ans.(b) Mitt Romney
Q9. Which Indian State has the lowest record of Population density having just 17 per square kilometer?
(a) Arunachal Pradesh
(b) Misoram
(c) Nagaland
(d) Sikikim
Ans.(a) Arunachal Pradesh
Q10. Branch of Biology that deals with the study of fungi is called?
(a) Algology
(b) Phycology
(c) Mycology
(d) Microbiology
Ans.(c) Mycology
Q11. The latitude difference between India & Pakistan for their standard time is
(a) 8’
(b) 7.5’
(c) 7’
(d) 8.5’
Ans. (b) 7.5’
Q12. Sound travels faster in Solids than in gases, because:
(a) Modulas of elasticity is more than that of gases
(b) Sound cannot travel through gases
(c) Density of solid is more
(d) Sound is an electromagnetic wave
Ans.(c) Density of solid is more
Q13. In India proclamation of emergency is made in
(a) Article 356
(b) Article 359
(c) Article 352
(d) Article 360
Ans. (c) Article 352
Q14. The Earth is spherical in shape except for some flattening on some portions. This flattening is at the:
(a) Tropics
(b) 66 & 1^2’ North & South
(c) Equator
(d) Poles
Ans.(d) Poles
Q15. Which one of the fundamental rights was recently included as per the 93rdamendment of the constitution?
(a) Right to free and compulsory education for all children in the 6 to 14 age group
(b) Right to equality
(c) Right to constitutional remedies
(d) Right to freedom of religion
Ans. (a) Right to free and compulsory education for all children in the 6 to 14 age group
Q16. LIBOR, a term used in banking and financial sector
(a) London Inter Bank Offered Rate
(b) London inter bureau of regulations
(c) Local Indian bank offered rate
(d) Liberal International Bank official ratio
Ans.(a) London Inter Bank Offered Rate
Q17. Gross National Product (GNP) of a country is sum of the market value of all goods and services produced in a year:
(a) Plus Market value of import
(b) Minus foreign aid
(c) Plus export earnings
(d) Plus net income from abroad
Ans. (d) Plus net income from abroad
Q18. Identify illiterate among the following:
(a) Akbar
(b) Shahjahan
(c) Jahangir
(d) Aurangazeb
Ans. (a) Akbar
Q19. Russia is expected to supply Admiral Gorshkov by 2013 end. What is ‘Admiral Gorshkov’:
(a) Aircraft Carrier
(b) Tank
(c) Rifles
(d) Space Craft
Ans. (a) Aircraft Carrier
Q20. Which state has emerged as the best-performing state in terms of Environmental Performance Index(EPI) released by Planning Commission in 2012?
(a) Sikkim
(b) Himachal Pradesh
(c) Kerala
(d) Uttarakhand
Ans. (d) Uttarakhand
Q21. Match List-I with List-II
List-I List-II
1. Jawaharlal Nehru Port A. TamilNadu
2. Paradip Port B. Maharashtra
3. Kandla Port C. Odisha
4. Ennore Port D. Gujarat
(a) 1-D, 2-C, 3-B, 4-A
(b) 1-B, 2-C, 3-D, 4-A
(c) 1-D, 2-A, 3-B, 4-C
(d) 1-B, 2-A, 3-B, 4-C
Ans. 1-B, 2-C, 3-D, 4-A
Q22. Curie point is a temperature at which
(a) Matter becomes radioactive
(b) A magnetic material undergo a sharp change in the magnetic properties
(c) A metal loses conductivity
(d) Transmutation of metal occurs
Ans. (b) A magnetic material undergo a sharp change in the magnetic properties
Q23. In which organization headed by Chittaranjan Das, Netaji Subhash Chandra Bose worked as a chief executive officer?
(a) Calcutta Transways
(b) Kolkata Municipal Corporation
(c) Bengal Railways
(d) Calcutta University
Ans. (b) Kolkata Municipal Corporation
Q24. What does 10th schedule of constitution of India contain?
(a) Languages
(b) Provisions relating to disqualification on ground of defection
(c)The three lists- Union, State & concurrent
(d) Allocation of seats in the council of states
Ans. (b) Provisions relating to disqualification on ground of defection
Q25. What is the cap of minimum vote a political party must secure in election to get the status of a State party as decided by the election commission of India?
(a) 8% of total valid votes polled in state assembly or Loksabha Polls
(b) 9% of total valid votes polled in state assembly or Loksabha Polls
(c) 7% of total valid votes polled in state assembly or Loksabha Polls
(d) 6% of total valid votes polled in state assembly or Loksabha Polls
Ans. 8% of total valid votes polled in state assembly or Loksabha Polls
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