Friday, 18 November 2016

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7th Assam Pay Commission Report Submitted Today

The 7th Assam Pay Commission has submitted its report to chief minister Sarbananda Sonowal today on 18th November 2016. The Committee, headed by retired IAS officer PP Verma submits the most awaited 7th Pay Commission report today. But, citing the rules and regulations imposed by the Election Commission of India due to the by elections at assembly constituency of Baithalangso (ST), along with the parliamentary seat of Lakhimpur, state Finance minister Himanta Biswa Sarma has declined to provide any information regarding the pay commission report.

It may be mentioned that the Centre has already implemented the 7th Pay Commission with giving reasonable hike to all the Central government employees. 

Members of 7th Assam Pay & Productivity Pay Commission:

Earlier, Government of Assam has appointed the 7th Assam Pay & Productivity Pay Commission comprising of Shri. P.P. Varma, IAS (Retd.) as Chairman, Shri. Vinod Kumar Pipersenia, IAS, Chief Secretary, Assam, Shri. Tapan Chandra Sarma, IAS, Secretary to the Government of Assam, Personnel & AR&T Deptt. Shri. Kameswar Laskar, Advocate, Gauhati High Court, and Ex-Secretary to the Government of Assam, Legislative Department Prof. Dilip Kumar Barua, Head of Department, Economics and Ex-Principal, Cotton College as members and Shri. Simanta Thakuria, IAS, Secretary to the Govt. of Assam, Finance Department as Member Secretary in a resolution dated 2nd June, 2015.

State Finance Minister Himanta Biswa Sarma recently said the government has in principle decided to pay the 7th Pay Commission salary to all the government employees from April 1 next year.

Wednesday, 9 November 2016

How to Exchange Old Rs 500 and Rs 1000 Indian Currency Notes?

In a bid to fight against the corruption, fake currency and black money, Prime Minister Narendra Modi on Tuesday announced that Govt is banning use of Rs 500 and Rs 1,000 notes with effect from 9th  November, 2016. However, there will not be any change for other denomination notes.

A new series of Bank Notes called Mahatma Gandhi (New) Series having different size and design, highlighting the cultural heritage and scientific achievements of the country, will be issued. However, there is no need to be panic, as PM Modi says, “Your money will remain yours. You need have no worry on this point.” One can exchange them within next 50 days i.e; from 10th November to 30th December 2016.

Any person who is unable to exchange or deposit the specified banknotes in their bank accounts on or before December 30, 2016 shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by the Reserve Bank.

How to Exchange Old Rs 500 & Rs 1000 Indian Currency Notes?

One can exchange old Rs 500 and Rs 1,000 notes by following means:

    1. The Rs 500 & Rs 1000 notes can be deposited in any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks or in any post office branches.
    2. The Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes or higher denomination note of Rs 2000 at designated banks and post offices by presenting any of the following government identity proofs.
    3. You will get upto Rs 4000 per person in cash exchange irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

Valid Identity Proof for Exchanging Old Rs 500 & Rs 1000 Currency Notes:

Valid Identity proof is any of the following:
  •     Aadhaar Card 
  •     Driving License 
  •     Voter ID Card 
  •     Pass Port 
  •     NREGA Card 
  •     PAN Card 
  •     Identity Card Issued by Government Department, Public Sector Unit to its Staff

Where can I still use my old Rs 500, Rs 1000 notes?


Old Rs 500 and Rs 1,000 notes can be used for following purposes until 14 November midnight, as per the finance ministry:

    1. Government hospitals
    2. Government-run cooperative shops
    3. Air-ticket counters
    4. Milk booths
    5. Petrol stations
    6. Burial grounds
    7. International airports
    8. To buy tickets at railway stations
9. For metro trains
    10. To pay for medicines in government and private medical shops
    11. Cooking gas cylinders
    12. By foreign tourists

Withdrawal Restrictions:

    1. Cash withdrawals from bank accounts, over the bank counters, is restricted to Rs 10,000 per day subject to an overall limit of Rs 20,000 a week from November 9, 2016 till end of business on November 24, 2016.
     2. ATM withdrawals is restricted to Rs 2,000 per day per card up to November 18, 2016 and the limits shall be raised to Rs 4000 per day per card from November 19, 2016.
    3. There are no restrictions on card payment, cheque, demand draft, electronic funds transfer [NEFT/RTGS].

New Rs 500 and Rs 2000 Notes:


A proposal for new Rs 500 and Rs 2000 rupee banknotes has been cleared by the Reserve Bank of India which will be issued from 10th November. The Reserve Bank of India will issue Rs 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ and Rs 2000 denomination banknotes with the  inset letter ‘R’, and also bearing the  signature  of Dr. Urjit R. Patel Governor, Reserve Bank of India,  the year of printing ‘2016’ printed on the reverse  of the Banknote.