Infosys bags Rs 700-cr postal contract

India’s second largest Information Technology services firm Infosys has managed to bag the Rs 700-750 crore financial services systems integrator contract from the Department of Posts (DoP). This is the second contract from the department for Infosys.

Infosys, said sources, has emerged as the lowest bidder for the contract. Other vendors in the fray includes India’s largest software exporter Tata Consultancy Services and global services giant HP.

A postal department official confirmed the development. Infosys top management declined to comment because the company is observing a silent period before announcing its second quarter results on October 12.

               

The contract is part of the government’s postal department modernisation project. The financial services contract is among the eight that the department is outsourcing.

Earlier this year, Infosys had also managed to bag the 'rural information and communications technology (ICT) system integrator (SI)’ contract, worth Rs 100 crore.

As part of the new project, Infosys would help with postal banking and insurance solutions, enabling the department to perform ‘anytime, anywhere’ banking. In August 2010, the Cabinet Committee on Economic Affairs had approved the India Post Modernisation, IT modernisation project with a total outlay of Rs 1,877.2 crore. India Posts' IT modernisation initiative is expected to create opportunities of Rs 5,000-crore for IT services and hardware companies.

D.A. ORDERS ISSUED BY MINISTRY OF FINANCE ( From July - 2011)

Subject: - Payment of Dearness Allowance to Central Government Employees - Revised Rates effective from 1.7.2011.

 No. 1(14)/2011-E-II (B) dated 3^rdOctober, 2011 (Ministry of Finance)

          The undersigned is directed to refer to this Ministry's Office Memorandum No.1(2)/2011-E-II(B) dated 24^th March, 2011 on the subject mentioned above and to say that the President is pleased to decide that the Dearness Allowance payable to Central Government employees shall be enhanced form the existing rate of 51% to 58% with effect from 1st July, 2011.

2. The provisions contained in paras 3, 4 and 5 of this Ministry's O.M. No.1(3)/2008-E-II (B) dated 29th August, 2008 shall continue to be applicable while regulating Dearness Allowance under these orders.

3. The additional instalment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees.

SB ORDER NO. 20/2011 - Removal of Maximum limit Balance in SB Accounts- Important Amendments

No. F.No.113-23/2005-SB

Government of India 

Ministry of Communications & IT 

Department of Posts 

Dak Bhawan, Sansad Marg, 

New Delhi-110001,

Dated: 27.09.2011 

To All Heads of Circles/Regions Addl. Director General, APS, New Delhi. 


Subject:- Removal of ceiling of maximum balance to be retained in a post office savings account- amendment to Rule-4 of the Post Office Savings Account Rules 1981 regarding. 

Sir / Madam, 

The undersigned is directed to say that issue of removal of ceiling of Rs.1 lac in single savings account and Rs.2 Lac in Joint Savings Account fixed in the year 2000 was under consideration in the Min. of Finance (DEA). This issue was linked to the benefit of exemption in Income Tax on the interest earned in Post Office Savings Account under Section10(15) (i) of Income Tax Act, 1961 by the CBDT and Min. of Finance (DEA). After sustained efforts on the part of this Directorate, Min. of Finance (DEA) has now amended Rule-4 of the Post Office Savings Account Rules 1981 vide G.S.R.681(E) F.No.2/5/2006-NS-II dated 15.9.2011 (copy enclosed). Some major benefits of this amendment are given below: 

(i) From 1.10.2011, there will be no limit for retaining balance in single as well as joint savings account. 

(ii) A depositor or depositor(s) can deposit any amount into single as well as joint savings account. 

(iii) Maturity value of any savings instrument can be credited into savings account of the depositor standing in the same post office irrespective of the balance in the account. 

(i) Any cheque either issued by Postmaster or any other authority irrespective of any amount can be credited into post office savings account irrespective of the balance in the account. 

(ii) From the Financial year 2011-12, Interest income of Rs.3500/- in the case of single account and Rs.7000/- in case of Joint account will be exempted from Income Tax. (Section 10(15) (i) of Income Tax Act, 1961 amended vide Notification No. 32/2010 {F.No. 173/13/2011-IT A.I}/S.O.1296(E) dated 03.06.2011) 

(iii) It is the duty of the depositor(s) to show the interest income earned from Post Office Savings Account(s) beyond the limit prescribed above in the Income Tax return and pay due Income Tax. 

1. It is requested that all field units may be directed to give wide publicity to these changes in the shape of Public Notice and printing of leaflets. 

2. This issues with the approval of DDG(FS). 

Yours faithfully, 
(Kawal Jit Singh) 

Assistant Director (SB) 

60 Days Bonus declared for Postal Employees for the Year 2010-2011

The Department of Posts has issued orders (letter No: 26-07/2011-PAP dated 23.09.2010), declaring Productivity Linked Bonus for 2010-11. The bonus will be 60 days. The details given follows:

1. Regular Employees: Rs. 3500/-

    3500/30.4 x60 = Rs. 6908/-

2. GDS Employees: Rs. 2500/-

    2500/30.4 x60 = Rs. 4934/-

Click here to see the order : Bonus order for 2010-2011

SB ORDER NO. 19/2011 - Inspection on AML implementation