Postal Dept., Has launched New pension scheme in 14 districts

   The Department of Posts has launched New Pension  Scheme (NPS) with effect from May 2010. Any citizen of India in the age group of  18 to 55 years can join this scheme and contribute till the age of 60 years.
This scheme is made available to the general public on behalf of Pension Fund  Regulatory and Development Authority (PFRDA). 

   Post Master General (PMG) B B Dave who briefed  the reporters on the scheme here said one of the features of this scheme is that  the subscriber’s contributions will be invested as per the scheme and the
preference is opted by the subscriber. The pension contribution will be invested  in various schemes of different Pension Fund Managers appointed by the PFRDA. he India Post has been enlisted as Point of
Preference (POP) to operationalise NPS. In the initial stage, this scheme has  been made available in 817 head post offices (HPO) throughout the country and  the pilot scheme was successfully launched in 27 HPOs in 14 districts of  Karnataka, he elaborated.

  Explaining the scheme, Dave said, the contribution to the scheme may be monthly,  quarterly, half yearly or yearly. The minimum contribution is Rs 5,000 per month  and Rs 6,000 per annum. The minimum number of contribution is four in a year.  Penalty of Rs 100 will be imposed, if there is a default in a year, he  maintained. Disclosing the list of HPOs wherein the NPS is  available, Dave said, the scheme is available at Bagalkot, Jamkhandi, Athani,  Bailhongal, Belgaum, Chikkodi, Gokak, Ramdurg, Bellary, Bidar, Bijapur, Indi,  Dharwad, Hubli, Gadag, Gulbarga, Yadgir, Haveri, Hospet, Koppal, Raichur,  Karwar, Kumta and Sirsi. Dave said, the Money Order Videsh is a new  service offered by the India Post to facilitate remittance to foreign counties  and to receive remittance from foreign countries through the medium of post  office. The service is offered through all HPOs in Karnataka Postal Circle.  Money could be sent and received to over 65 nations, he said.

   He said, the inward remittance up to Rs 50,000  can be received in cash and remittance above Rs 50,000 would be paid by cheque  or credited in to the account of the payee. Moreover, each inward remittance
shall not exceed $2,500 and at a time maximum of 12 inward remittances are  allowed in a year. Similarly, the outward remittance for education,  medical, immigration is $1,00,000 per annum. The expected date of payment will  be up to four working days from the date of bookings, he disclosed. Referring to the Instant Money Order (IMO)  Service, Mr Dave said, this is a domestic service provided by the Indian Post.  The IMO is a web-based instant money transfer service offered between two  individuals within India. A minimum of Rs 1,000 and a maximum of Rs 50,000 can be sent through IMO, he added. He said, at present, all the computerised (673)  post offices with broad band connectivity have been identified and activation  process is under way.

   Speaking on the occasion, Marketing Manager G D  Math said, the Head Post Office in Dharwad has launched the e-stamping in  collaboration with Stock Holding Corporation of India. Now, bond papers are
available here.