|The Government of India, in consultation with Reserve Bank of India, has decided to launch Inflation Indexed National Savings Securities-Cumulative (IINSS-C) for retail investors in the second half of December 2013.|
These securities are being launched in the backdrop of announcement made in the Union Budget 2013-14 to introduce instruments that will protect savings from inflation, especially the savings of the poor and middle classes.
The distribution/ sale of IINSS-C would be through banks. The eligible investors would include individuals, Hindu Undivided Family (HUF), Charitable Institutions registered under section 25 of the Indian Companies Act and Universities incorporated by Central, State or Provincial Act or declared to be a university under section 3 of the University Grants Commission Act, 1956 (3 of 1956).
Interest rate on these securities would be linked to final combined Consumer Price Index [CPI (Base: 2010=100)]. Interest rate would comprise two parts, i.e. fixed rate (1.5% per annum) and inflation rate based on CPI and the same will be compounded in the principal on half-yearly basis and paid at the time of maturity. Early redemptions will be allowed after one year from date of issue for senior citizens (i.e. above 65 years of age) and 3 years for all others, subject to penalty charges at the rate of 50% of the last coupon payable for early redemption. Early redemptions, however, can be made only on coupon dates.
Other details of the scheme would be announced by the Reserve Bank of India. The issuance of non-cumulative Inflation Indexed National Saving Securities for retail investors will be examined in due course.
Tuesday, December 3, 2013
|The Department of Posts, Ministry of Communications & IT, here today launched an ‘Express Parcel’ service. The service was launched by Smt. P. Gopinath, Secretary, Department of Posts, at a function organized at New Delhi G.P.O.|
Speaking on the occasion Smt. Gopinath said that ‘Express Parcel’ is a premium parcel service for retail as well as bulk customers. It offered time bound, safe and secure home delivery of parcels. To have minimal transit time these parcels will be given airlift wherever needed. Bulk customers would also have an economical option of surface transported ‘Business Parcel’.
These two new parcel services aim to promote the e-commerce market in India by offering reliable and cost efficient delivery solutions. Whereas ‘Express Parcel’ is an air mail service providing guaranteed time bound delivery of parcels, ‘Business Parcel’ will provide fast, secure and cost efficient transmission of parcels through surface. These services will have ‘Cash on Delivery’ facility which has become a pre-requisite today for e-commerce parcels.
Though ‘Business Parcels’ will have a nationwide coverage, the ‘Express Parcel’ service will initially be available between 20 identified cities: Agra, Banglore, Bhubaneshwar, Chennai, Delhi (NCR), Patna, Guwahati, Hyderabad, Indoor, Jaipur, Jammu, Kolkata, Lucknow, Ludhiana, Mumbai, Pune, Parwanoo, Shillong, Surat and Thiruvanthapuram. This service will be expanded nationwide in phased manner. Bothe these services are being offered at a very attractive tariff, said Smt. Gopinath.