Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.

The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill. It will also result in the repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.

The Resolution Corporation would protect the stability and resilience of the financial system; protecting the consumers of covered obligations up to a reasonable limit; and protecting public funds, to the extent possible.

The Government has recently enacted the Insolvency and Bankruptcy Code, 2016 ("Code") for the insolvency resolution of non- financial entities. The proposed Bill complements the Code by providing a resolution framework for the financial sector. Once implemented, this Bill together with the Code will provide a comprehensive resolution framework for the economy.

The Financial Resolution and Deposit Insurance Bill, 2017 seeks to give comfort to the consumers of financial service providers in financial distress. It also aims to inculcate discipline among financial service providers in the event of financial crises by limiting the use of public money to bail out distressed entities. It would help in maintaining financial stability in the economy by ensuring adequate preventive measures, while at the same time providing the necessary instruments for dealing with an event of crisis. The Bill aims to strengthen and streamline the current framework of deposit insurance for the benefit of a large number of retail depositors. Further, this Bill seeks to decrease the time and costs involved in resolving distressed financial entities.

PIB

How to prepare and file ITR completely online

People with salary income who are eligible to use ITR 1 or ITR 4 form can file their tax return completely online via the income tax e-filing website without having to download any form/software. 

Using this method, a person can fill the form online by entering the relevant information and finally submit it online as well. 

This step by step guide will help you do the same. 

1. Visit the e-filing website: https://incometaxindiaefiling.gov.in/ 

2. If you are a first time user or filing your returns for the first time then click on the 'New Registration' tab and register yourself by providing relevant details and creating your profile and password. While creating your user ID, you must ensure that you have an active e-mail id and mobile number and it is mentioned correctly. 

It is important as communication by the department will be sent on this. Registration will be completed by clicking activation link sent via email and providing one-time password (OTP) received on the mobile. Click on the 'Registered user' if you have already registered yourself on the website. For any assistance, one can click on 'Customer care tab' to get the helpline number and call the customer care centre. 

3. Next click on login tab and enter the required details: your user ID i.e. your PAN, password, date of birth (mentioned on the PAN card) and captcha code. Click on log-in button at the bottom to sign in. 

4. After signing in, your account dashboard will open up as shown in the picture below. Click on the 'e-file' tab and select the 'Prepare and submit ITR online' option. 

 

5. Next, select the relevant form and assessment year for which the return has to be filed. Here taxpayer can pick his address either from the PAN database, from previously filed return or fill in new address. The department here asks you whether you want to digitally sign your return. If selected 'Yes', you are required to upload your signature which needs to be pre-registered at the income tax website. 

 

6. Click on the 'Submit' button and the website will redirect you to the page for filling the form selected by you. Before starting to fill the ITR form, one should read the 'General Instructions' given at the start of the form to know do's and don'ts. 

7. After that you will be asked to fill in required information in different tabs i.e. General information, Income details, Tax details and taxes paid in the ITR form. One should ensure that the Tax payable shown in the online form matches your calculations. 

 

8. Before making a final submission, it is advisable to save the data entered and recheck it to avoid any mistakes. Once 'Preview and Submit' button is clicked, your form will appear allowing you a preview of your ITR form before final submission is made. 

9. Once the 'Submit' button is clicked, your ITR will be uploaded and you will be asked to verify your return using any of the options available. 

10. If you have already registered your digital signature, you will be asked to upload the same while submitting your ITR at the final step. Once it is uploaded and submission has been made, process of ITR filing is completed and no further verification is needed. You will not be required to send acknowledgement/ITR V in physical to CPC, Bengaluru. 

11. However, if you do not have/haven't uploaded the digital signature while filing the return, then you can verify your return either electronically using Aadhaar OTP or Electronic Verification Code method or by sending a signed print out of the ITR V to CPC, Bengaluru within 120 days from the date of e-filing. 

12. An Acknowledgement/ ITR V will be simultaneously sent to you on your registered email ID once your return is successfully uploaded. This acknowledgement will also show up in your account on the e-filing website from where you can download it if required. 

13. The department will process your ITR once you verify it. After your ITR is processed, you will be intimated about the same via mail and sms on your registered mobile number. 

Source:-The Economic Times

Centre To Open 800 Passport Service Centres In Head Post Offices

"150 post office passport seva kendras are being opened this year and within two years all the 800 head post offices in all the districts would be in place," said minister of state for External Affairs V K Singh.

BHUBANESWAR:  The Centre has decided to open passport service centres in all the 800 district head post offices across the country in two years' time to increase people's access to the facility, especially in remote areas.

Making the announcement here today, minister of state for External Affairs V K Singh said, "150 post office passport seva kendras are being opened this year and within two years all the 800 head post offices in all the districts would be in place."

"We have decided to ensure that no citizen is made to travel long distances for a passport. People in far-flung areas of the country find it difficult to obtain passports and redress passport-related grievances," Mr Singh said.

The step has been initiated through a joint effort by the ministry of external affairs and the department of posts to deliver passport-related services to the people.

Passport seva kendras have already been launched in several district head post offices in various parts of the country.

"It has been decided to utilise head post offices as front offices for rendering passport services under this novel programme," he said.

The government has decided to scale up the programme following successful operationalisation of two pilot projects taken up initially.

Apart from expanding the passport services and giving a wider reach, procedures for obtaining passports have also been substantially simplified, the minister said.

"In addition, the entire process of getting passports has been made transparent, while middlemen and dalals have been done away with," Mr Singh said.

The former Army chief, who participated here at the 'Sabka Saath Sabka Vikas' programme to mark the completion of three years of Narendra Modi government, also held discussion with ex-Army officials during an interactive programme.

Holidays to be observed in Central Government Offices during the year 2018: DoPT Order

F.No.12/3/2017-JCA-2

Government of India

Ministry of Personnel, Public Grievances and Pensions

(Department of Personnel and Training)

Establishment (JCA-2) Section

North Block, New Delhi

Dated the 14th June, 2017

OFFICE MEMORANDUM

Subject: Holidays to be observed in Central Government Offices during the year 2018- reg.

It has been decided that the holidays as specified in the Annexure -I to this OM. will be observed in all the Administrative Offices of the Central Government located at Delhi/ New Delhi during the year 2018. In addition, each employee will also be allowed to avail himself / herself of any two holidays to be chosen by him / her out of the list of Restricted Holidays in Annexure - II.

2. Central Government Administrative Offices located outside Delhi / New Delhi shall observe the following holidays compulsorily in addition to three holidays as per para 3.1 below:

1. REPUBLIC DAY
2. INDEPENDENCE DAY
3. MAHATMA GANDHI’S BIRTHDAY
4. BUDDHA PURNIMA
5. CHRISTMAS DAY
6. DUSSEHRA (VIJAY DASHMI)
7. DIWALI (DEEPAVALI)
8. GOOD FRIDAY
9. GURU NANAK’S BIRTHDAY
10. IDU’L FITR
11 . IDU’L ZUHA
12. MAHAVIR J AYANTI
13. MUHARRAM
14. PROPHET MOHAMMAD’S BIRTHDAY (ID-E-MILAD)

3.1. In addition to the above 14 Compulsory holidays mentioned in para 2, three holidays shall be decided from the list indicated below by the Central Government Employees Welfare Coordination Committee in the State Capitals, if necessary, in consultation with Coordination Committees at other places in the State. The final list applicable uniformly to all Central Government offices within the concerned State shall be notified accordingly and no change can be carried out thereafter. It is also clarified that no change is permissible in regard to festivals and dates as indicated.

1 . AN ADDITIONAL DAY FOR DUSSEHRA
2. HOLI
3. JANAMASHTAMI (VAISHNAVI)
4. RAM NAVAMI
5. MAHA SHIVRATRI
6. GANESH CHATURTHI / VINAYAK CHATURTHI
7. MAKAR SANKARANTI
8. RATH YATRA
9. ONAM
10. PONGAL
11. SRI PANCHAMI / BASANT PANCHAMI
12. VISHU/ VAISAKHI / VAISAKHADI / BHAG BIHU / MASHADI UGADI CHAITRA SUKLADI / CHETI CHAND / GUDI PADAVA /1ST NAVRATRA NAORAZ/ CHHATH POOJA/ KARVA CHAUTH.

3.2 No substitute holiday should be allowed if any of the festival holidays initially declared subsequently happens to fall on a weekly off or any other non-working day or in the event of more than one festivals falling on the same day.

4. The list of Restricted Holidays appended to this O.M. is meant for Central Government Offices located in Delhi / New Delhi. The Coordination Committees at the State Capitals may draw up separate list of Restricted Holidays keeping in View the occasions of local importance but the 9 occasions left over, after choosing the 3 variable holidays in para 3.1 above, are to be included in the list of restricted holidays.

5.1 For offices in Delhi / New Delhi, any change in the date of holidays in respect of Idu’l Fitr, Idu’l Zuha, Muharram and Id-e-Milad, if necessary, depending upon sighting of the Moon, would be declared by the Ministry of Personnel, Public Grievances and Pensions after ascertaining the position from the Govt. of NCT of Delhi (DCP, Special Branch, Delhi Police).

5.2 For offices outside Delhi / New Delhi, the Central Government Employees Welfare Coordination Committees at the State Capitals are authorised to change the date of holiday, if necessary, based on the decision of the concerned State Governments / Union Territories, in respect of Idu’l Fitr, ldu’l Zuha, Muharram and Id-e-Milad.

5.8 It may happen that the change of date of the above occasions has to be declared at a very short notice. In such a situation, announcement could be made through P.I.B/T.V. /A.I.R. / Newspapers and the Heads of Department / Offices of the Central Government may take action according to such an announcement without waiting for a formal order, about the change of date.

6. During 2018, Diwali (Deepavali) falls on Thursday, October 19, 2017 (Ashvina 28). In certain States, the practice is to celebrate the occasion a day in advance, i.e., on “Narakachaturdasi Day”. In view of this, there is no objection if holiday on account of Deepavali is observed on “Naraka Chaturdasi Day (in place of Deepavali Day) for the Central Government Offices in a State if in that State that day alone is declared as a compulsory holiday for Diwali for the offices of the State Government.

7. Central Government Organisations which include industrial, commercial and trading establishments would observe upto 16 holidays in a year including three national holidays viz. Republic Day, Independence Day and Mahatma Gandhi’s birthday, as compulsory holidays. The remaining holidays / occasions may be determined by such establishments/ organisations themselves for the year 2018, subject to para 3.2 above.

8. Union Territory Administrations shall decide the list of holidays in terms of Instructions issued in this regard by the Ministry of Home Affairs.

9. In respect of Indian Missions abroad, the number of holidays may be notified in accordance With the instructions contained in this Department’s O.M. No.12/5/2002-JCA dated 17th December, 2002. In other words, they will have the option to select 16(Sixteen) holidays of their own only after including in the list, three National Holidays and Idu’l Fitr, in the list of compulsory holidays with the Idu’l Fitr falling on day of weekly off (Saturday).

10. In respect of Banks, the holidays shall be regulated in terms of the extant instructions issued by the Department of Financial Services, Ministry of Finance.

11. Hindi version will follow.

Sd/-

(D. K. SenGupta)

Deputy Secretary (JCA)

Encl.: List of holidays

ANNEXURE-I

LIST OF HOLIDAYS DURING THE YEAR 2018 FOR ADMINISTRATIVE OFFICES OF CENTRAL GOVERNMENT LOCATED AT DELHI / NEW DELHI

S.No.	Holiday	Date		Saka Date		Day
1939 SAKA ERA
1	Republic Day	January	26	Magha	06	Friday
2	Maha Shivaratri	February	14	Magha	25	Wednesday
3	Holi	March	02	Phalguna	11	Friday
1940 Saka Era
4	Mahavir Jayanti	March	29	Chaitra	08	Thursday
5	Good Friday	March	30	Chaitra	09	Friday
6	Buddha Purnima	April	30	Vaisakha	10	Monday
7	Idu'l Fitr	June	16	Jyaishtha	26	Saturday
8	Independence day	August	15	Sravana	24	Wednesday
9	Id-ul-Zuha (Bakrid)	August	22	Sarvana	31	Wednesday
10	Janmashtami	September	03	Bhadra	12	Monday
11	Muharram	September	21	Bhadra	30	Friday
12	Mahatma Gandhi's Birthday	October	02	Asvina	10	Tuesday
13	Dussehra	October	19	Asvina	27	Friday
14	Diwali (Deepavali)	November	07	Kartika	16	Wednesday
15	Milad-un-Nabi or Id-e- Milad (Birthday of Prophet Mohammad)	November	21	Kartika	30	Wednesday
16	Guru Nanak's Birthday	November	23	Agrahayana	02	Friday
17	Christmas Day	December	25	Pausha	04	Tuesday

ANNEXURE-I

LIST OF RESTRICTED HOLIDAYS DURING THE YEAR 2018 FOR ADMINISTRATIVE OFFICES OF CENTRAL GOVERNMENT LOCATED AT DELHI , NEW DELHI

S.No	Holiday	Date		Saka Date		Day
SAKA ERA 1939
1	New Year's Day	January	01	Pausha	11	Monday
3	Makar Sankranti	January	14	Pausha	24	Sunday
4	Pongal	January	14	Pausha	24	Sunday
5	Basant Panchami/Sri Panchami	January	22	Magha	02	Monday
6	Guru Ravidas's Birthday	January	31	Magha	11	Wednesday
7	Swami Dayananda Sarawati Jayanti	February	10	Magha	21	Saturday
8	Shivaji Jayanti	February	19	Magha	30	Monday
9	Holika Dahan/Dolyatra	March	01	Phalguna	10	Thursday
10	Chaitra Sukladi/Gudi Padava/Ugadi/Cheti Chand	March	18	Phalguna	27	Sunday
SAKA ERA1940
11	Ram Navami	March	25	Chaitra	04	Sunday
12	Easter Sunday	April	01	Chaitra	11	Sunday
13	Hazarat Ali's Birthday	April	01	Chaitra	11	Sunday
14	Vaisakhi/Vishu/Mesadi	April	14	Chaitra	24	Saturday
15	Vaisakhadi(Bengal)/ Bahag Bihu (Assam)	April	15	Chaitra	25	Sunday
16	Guru Rabindranath's Birthday	May	09	Vaisakha	19	Wednesday
17	Jamat-Ul-Vida	June	15	Jyaishtha	25	Friday
18	Rath Yatra	July	14	Ashadha	23	Saturday
19	Parsi New Year's day/Nauraj	August	17	Sravana	26	Friday
20	Onam or Thiru Onam Day	August	25	Bhadra	03	Saturday
21	Raksha Bandhan	August	26	Bhadra	04	Sunday
22	Vinayaka Chaturthi/ Ganesh Chaturthi	September	13	Bhadra	22	Thursday
23	Dussehra (Maha Saptami) (Additional)	October	16	Asvina	24	Tuesday
24	Dussehra (Maha Ashtami) (Additional)	October	17	Asvina	25	Wednesday
25	Dussehra (Maha Navmi)	October	18	Asvina	26	Thursday
26	Maharishi Valmiki's Birthday	October	24	Kartika	02	Wednesday
27	Karaka Chaturthi (Karva Chouth)	October	27	Kartika	05	Saturday
28	Deepavali (South India)	November	06	Kartika	15	Tuesday
29	Naraka Chaturdasi	November	06	Kartika	15	Tuesday
30	Govardhan Puja	November	08	Kartika	17	Thursday
31	Bhai Duj	November	09	Kartika	18	Friday
32	Pratihar Sashthi or Surya Sashthi (Chhat Puja)	November	13	Kartika	22	Tuesday
33	Guru Teg Bahadur's Martyrdom Day	November	24	Agrahayana	03	Saturday
34	Christmas Eve	December	24	Pausha	03	Monday

Source: Download PDF from DoPT Website Click here