Wednesday, December 31, 2014

Wish you happy and healthy New Year

All best wishes

May the New Year herald happy times for the pensioner community


Financial success

Most of you would have made some plans for the upcoming New Year’s Eve. We all wish to welcome the year 2015 with happiness and joy in our hearts. However, it is necessary that we also work hard in the coming year to improve our financial health and to come closer to achieving our dreams and ambitions.
PersonalFN has listed down some resolutions which all of you must adopt to achieve financial success.
  1. I will be well prepared for emergencies
    Some emergency situations such as loss of job, medical emergencies and so on can lead you to break your investments. Hence, it is imperative to maintain some contingency reserves (minimum 6 to 12 months of your expenses) in a savings bank account or liquid fund. These contingency reserves should never be used for meeting any unimportant expenses or bills and should be reserved only for unforeseen circumstances.
They Walk Among Us!

While working at a pizza parlor 
I observed a man ordering a small

pizza to go. He appeared to be alone and the cook asked him if he would like it cut into 4 pieces or 6. 

He thought about it for some time before responding. "Just cut it into 4 pieces; I don't think I'm hungry enough to eat 6 pieces."

(recd thru rbk.courtesy:s.vasudeva)
Illustration: Chronicle.

Ex-servicemen say, implement OROP as per parliament okayed definition

Ex-servicemen are
steadfast that OROP has 
only one definition. This definition 
has been approved by the 
Parliament and any deviation/ 
dilution would NOT be accepted 
in the definition of OROP.

Ex-servicemen of India, who had served their motherland for decades and then retired from active service, are a neglected lot today. Their welfare has been neglected for over 60 years and there is no one in Government who seems to care. India is the only country in the world that treats its ex-servicemen as discarded ammunition,GOOD FOR NOTHING! UNFORTUNATE BUT TRUE!

Ex-servicemen want a life of respect and recognition. Ex-servicemen expect the Government and the nation to give them the due respect for having served the country with their blood and life.

Biggest loss to 98% of soldiers is that they are forced to retire at the young age of 38 to 40yrs (just because profile of Armed Forces must be kept young), whereas every other citizen of India has a right to work till 60 years of age and thus enjoys much higher pension. Just to give an example: two young men, with the same educational background, from a village take up a Government job, one joins Indian army as a sepoy and other joins as a police constable or clerk in Government dept. A soldier would be forced to retire (provided he survives at borders and extreme weather) at the age of 38 to 40yrs but his friend in other Government service will retain his job till 60 yrs of age even if he is medically unfit and then retire and earn pension. The major disadvantage which is forced on to soldier is that he experiences all hardships and at times sacrifices his life in call of duty but will still earn about Rs 40 lakhs less than his friend if they both survive till the age of 70 years.

Tuesday, December 30, 2014

Officers retired after 31-3-1993 vis-a-vis MC Jain case

The Chairman's point was that the Jaipur judgment was in response to the Writ filed by Mr M C Jain as an individual who had retired on 31/1/1993. So LIC is likely to honour the judgment in respect of Mr Jain and similarly placed  retired Class I Officers.

The wider implications of the judgment entitle Class I Officers who retired  after 31/3/1993 and also Class I Officers(as on 1/8/1992) still in service to the  difference  in salary for the period 1/8/1992 to 31/3/1993 with consequential benefits as otherwise there will be a discrimination between  officers retired before 1/4/1993 and those  who retired later in the matter of extending the benefit of 1/8/1992 wage revision. This aspect is not explicitly covered by the judgment as it was not relevant for Mr M C Jain. So we have to only approach the Supreme Court  with a separate writ.

Of course, in order to avoid litigation,Federations/ Associations of Retired Class I Officers and even Federation of LIC Class I Officers can attempt to prevail upon the LIC Management to  extend the benefits without the need for any litigation. If they succeed, well and good; otherwise litigation is the only resort.

Kind regards.
C H Mahadevan
Dear sir,

I read your note in the chronicle regarding the class of employees who are eligible
for payment of difference in salary. You  have also stated that the employees retired
after 1-4 93 have to approach the Supreme court in the matter. Can we not approach
the Chairman to treat the judgment as in REM  and pay the arrears to all the eligible
retirees retired after 1-4-93. A sincere effort by you through the association ,
I think, will yield  good result. 

I feel instead of driving the retirees to approach the supreme court again  and again
on the same subject as per your observation the association can take up the matter.
I hope you will agree with my views. I retired on 31-12 93.

Yours sincerely,

Happy New Year !


Quite some time the ripple effect slogan was subdued. But as the Supreme Court hearing is fast approaching the slogan is getting orchestrated by the new babus in the finance ministry who off the cuff point out the consequences that would follow in the banking industry if the pension upgradation is conceded to the LIC pensioners.

Whatever may be the consequences it is for the IBA to sort it out as it is their domestic problem and they cannot come in the way of LIC pensioners getting their lawful and legitimate demands which had the LIC Board’s blessing and later on endorsed by several court rulings. 
  • It is futile to compare LIC a pioneer financial institution to the PSU Banks as both stand on different pedestals. While several crores of bank money got ploughed into non-performing assets (The ratio of non performing assets to total assets as on SEPTEMBER 2014 is 4.5 % ) the result of lack of fiscal discipline and indiscriminate lending.  On the contrary LIC has an enviable track record of prudent financial management which is translated in the expense ratio which always remained below 15 % of the renewal premium income. Any comparison between these two un equals is like comparing USAIN BOLT, the fastest human being on the planet to a sprinter who could not clock even 10 seconds in the 100 meters dash.

No wonder LIC earned the sobriquet ‘Navaratna’ among the PSUs. The former Finance Minister called LIC the ‘Kamadenu’ as it has been regularly contributing without a break to the national exchequer the profit which remained after giving 95 % of the profit to the policy holders as bonus. In the financial year 2014 LIC has given to the Government 32685.21 crores, not a small amount and no wonder it has become the milch cow of the government and would continue to be so.

LIC is a forerunner in nation building activities as it has invested 1069769 crores of which 871497 crores was invested in Central government and State Government securities and 198272 crores was invested in housing, electricity, water supply, severage, road, railways,telecom etc. The entire work force of LIC past and present worked with their sweat to build this edifice which stands as the tallest among the PSUs.Should not they in recognition of this deserve a better deal which has been spelt out partly in LIC Board resolution and to bring in now the so called ‘ripple effect’ is devoid of any reasoning. The talk about the ripple effect can happen outside the court but will not get any cognizance when the judgment is delivered.



Dhoni retires from Test cricket due to 'strain of playing all formats', Kohli to succeed him

India's captain MS Dhoni, announced his retirement from Test cricket with immediate effect on Tuesday after his team lost the Border-Gavaskar Trophy to Australia. (AP Photo)

The shock announcement came minutes after Dhoni faced reporters in the wake of India's draw in the third Test against Australia in Melbourne, which conceded the four-match series 2-0 to the hosts. Dhoni, 33, said nothing of his retirement plans during the post-match media conference at the Melbourne Cricket Ground and the news was broken on the Board of Control for Cricket in India BCCI's Twitter feed.

They Walk Among Us!

driving safely...

My sister has a lifesaving tool in her car designed to cut through a seat belt if she gets trapped. 

She keeps it in the trunk.

(Recd thru rbk. 
courtesy: s. vasudeva)
Illustration: Chronicle.

2015 will be crucial for NAMO

There is little doubt that one man dominated 2014 in India: Narendra Modi. But can he dominate 2015 as well? On recent form, we can't be sure.

Let us first list his achievements so far. After a spectacular victory in May 2014, the Prime minister has been winning election after election for his party - the most recent one being Jharkhand - and has also restored the primacy of the PMO in policy matters. He is not justprimus inter pares, but numero uno in all things that matter in this government. He has made waves in foreign policy, which is probably his most successful side so far. He has also made good changes in defence and railway leadership, with the induction of Manohar Parikkar and Suresh Prabhu as cabinet ministers.

Otherwise, the promise of his government exceeds performance by a wide margin. Modi has, for example, announced some bold policy initiatives (Make in India, Swachh Bharat Abhiyan, et al), and pushed through some modestlegislation through parliament (the judges appointments bill, some minor labour law changes, and the small factories bill). Regulations (environment, etc) that can be changed by executive fiat are, however, being changed quickly, and their impact will be considerable in the years to come.

EPFO starts testing digital life certificate for pensioners‏

Retirement fund body EPFO has launched pilot projects that will eventually lead to a nationwide facility for pensioners to submit digital life certificates through mobile phones.
The pilots have been started in Delhi and Chandigarh. Once implemented across the country, the facility will allow about 47 lakh pensioners to submit digital life certificates using their mobiles. Currently, pensioners are required to submit a life certificate every year in November.

"The Employees' Provident Fund Organisation (EPFO) has started two pilot projects at Chandigarhand Delhi (North) for testing the facility for submitting digital life certificates by pensions," a senior official said.
 ‘One rank, one pension’ scheme, won’t be delayed

Defence Minister Manohar Parrikar today said the ‘one rank, one pension’ policy would be implemented in the defence forces before the next Budget.

“One rank, one pension policy will be implemented. We are right now working on its detailing,” Parrikar said. The implementation has lot of financial implications which are being worked out, he said.

“It has a lot of financial implications. Details would be available only once we work it out,” Parrikar said.

Monday, December 29, 2014

Real Estate Agent

They Walk Among Us!

While looking at a house, my brother asked the real estate agent which direction was north because, he explained, he didn't want the sun waking him up every morning. 

She asked, "Does the sun rise in the north?" when my brother explained that the sun rises in the east, and has for sometime, she shook her head and said, 
"Oh I don't keep up with all that stuff."

(recd thru rb kishore. courtesy: s. vasudeva)
Illustration: Chronicle.

Case against Lord Krishna

A nun in Warsaw, Poland, filed a case against ISKCON (International Society for Krishna Consciousness). The case came up in court.

The nun remarked that ISKCON was spreading its activities and gaining followers in Poland.

She wanted ISKCON banned because its followers were glorifying a character called Krishna "who had loose morals," having married 16,000 women called Gopikas.

The ISKCON defended to the Judge:
"Please ask the nun to repeat the oath she took when she was ordained as a nun."

The Judge asked the nun to recite the oath loudly. She would not.
The ISKCON man asked whether he could read out the oath for the nun.
Go ahead, said the judge.

The oath said in effect that 'She (The Nun) is married to Jesus Christ'.
The ISKCON man said, "Your Lordship! Lord Krishna is alleged to have 'married' 16,000 women.

There are more than a million nuns who assert that they are married to Jesus Christ.

Between the Two, Krishna and Jesus, who has a loose character?"
(None. It is only a belief.)

The case was dismissed.

[vasudha rao] 

They Walk Among Us! (and live.)

I was at the checkout of a K-Mart. The clerk rang up $46.64  charge. I Gave her a fifty dollar bill. She gave me back $46.64. I gave the money back to her and told her that she had made a mistake in MY favor. 

She became indignant and informed me she was Educated and knew what she was doing, and returned the money again. I gave her the Money back... same scenario!
I departed the store with the $46.64.

[recd thru rb kirshore. courtesy: s. vasudeva]
Illustration: Chronicle.

Punishment can worsen bedwetting

Punishing children for bedwetting won’t solve the problem and may make it worse, researchers say.

  • In a new study, children who were punished for wetting the bed at night were more likely to be depressed and had worse overall quality of life overall compared to bed-wetters who were not punished.

Nighttime bedwetting, or “nocturnal enuresis,” affects about 15 percent of young children and is three times more common in boys than girls, according to the authors. Up to a third of parents punish their kids for bedwetting, they add.

[the indian express]

Hospitals, nursing homes get new code of ethics

NEW DELHI: A new code of ethics will now govern hospitals, nursing homes and other similar medical establishments, prohibiting any malpractices such as earning cuts, commissions, inflating patients' bills and accepting freebies. The Indian Medical Association (IMA) has recently issued the broad guidelines for healthcare providers and asked them to put it on display.

A Budhist Monastery of Li, Himalayas

The present declaration, passed by IMA, highlights that hospitals or other such establishments will not "accept expensive gifts, cash benefits or gratification from the drug and equipment suppliers, diagnostics centres or similar agencies". It also clearly states that unjustified admissions or billing to patients, giving cuts and commissions to anyone for soliciting patients, over-billing in claim cases or improper entries in insurance forms will be considered 'unethical or illegal' as is the case with sheltering any criminal from law and pre-natal sex determination. 

The idea is to prepare a basic guideline for regulation of hospitals and other such medical establishments, which currently remains completely unmonitored. 

The move comes in the wake of reports of hospitals engaging in unethical practices, mainly giving or accepting cuts or commissions and for unjustified billing among other things. 

[excerpts. the times of india]

New method can detect Alzheimer's disease well before symptoms appear

Researchers, including those of Indian origin, have developed a non-invasive method that can detect Alzheimer's disease in a living animal, well before typical symptoms appear.

An interdisciplinary team of Northwestern University scientists and engineers have developed a noninvasive MRI (magnetic resonance imaging) probe that pairs a magnetic nanostructure (MNS) with an antibody that seeks out the amyloid beta brain toxins responsible for onset of Alzheimer's disease.

The accumulated toxins, because of the associated magnetic nanostructures, show up as dark areas in MRI scans of the brain.

"We have a new brain imaging method that can detect the toxin that leads to Alzheimer's disease," said neuroscientist William L Klein who led the research team along with materials scientist Vinayak P Dravid.

94% pickpockets nabbed in Delhi Metro are women !

An overwhelming majority of pickpockets - 94% - caught in the Delhi Metro network this year are women, official data has revealed.

Figures compiled by the Central Industrial Security Force (CISF) for 11 months, from January to November, show that a total of 293 women pickpockets were held as compared to 22 men in metro in the national capital region.
The CISF is the designated nodal force for securing the Delhi Metro network, platforms and rail coaches.
“Women pickpockets have been dominating the Delhi Metro premises. It has been found that they camouflage their intentions by deploying a clever modus operandi of accompanying a child or carrying a toddler. In most cases it was found that the women who were apprehended after the act of stealing were the least doubtful,” a senior official said.

Funded scheme - does it bar pension revision ?

Dear Sri Gangadharan, 

I wish to respond to what the chronicle published under the heading: Message from GNS...

Sky walking in the Alps
While LIC pensioners are indeed governed by a 'funded scheme' I want to know in what way it bars pension revision with each pay revision?  Is not the statutory provision included in the Pension Rules specifically to ensure that the liability for pension payments is duly covered with adequate provisions and subjected to regular periodic review? Or is it to be perceived (as being done by GNS and his likes) as a restrictive one to deny what is legitimately due to LIC pensioners?  Does not GNS know that it is not even the case of LIC that our pension cannot be upgraded 'because we are governed by a funded scheme'? 

We raised this point among others, in passing,  with Shri SK Roy, Chairman, when we met him on Dec 10th at Hyderabad. He did not contradict us when we mentioned that our Pension Fund as existing can easily absorb the revision being demanded by us and accepted by the higher Judiciary in the country. He did however refer to the 'ripple effect'  in the Banking Sector which provoked us to ask him 'why are you batting for the IBA' leaving your own ex-employees who are now the Pensioners?    

On the Federation's proposed comprehensive and realistic plan, after the decision is known  in the forthcoming hearing of our case in the SC on 14th Jan, in my view it all smacks of a chronic negativism on the part of the Federation and its General Secretary. 

Time is not far off to prove these prophets wrong.    
Thanks and regards,
Sreenivasa Murty M.
President, Retired LIC Class I Officers' Association, Hyderabad

Right to information denied to Prime Minister Mody's wife

Ahmedabad: Information sought by Jashodaben, wife of Prime Minister Narendra Modi, on the security cover given to her through an Right To Information has been denied by the Mehsana police on the ground that her queries were related to local intelligence bureau (LIB) which is exempted under RTI Act."The information sought by her (Jashodaben) was related to the local intelligence bureau (LIB), therefore it could not have been given to her and we have sent a written communication about this development to her," Superintendent of Police JR Mothaliya of Mehsana district said.

© Provided by IBNLive

The reply given in writing to her also says the same thing.

"The information sought by you (Jashodaben Modi) was related with the LIB and as per the Gujarat Home Department's resolution number SB.1/1020018203/GOI/62 dated November 25, LIB has been exempted from RTI Act and therefore the asked information cannot be given to you," said the letter written by the public information officer and Mehsana Deputy Superintendent of Police Bhakti Thakar to her.

Sunday, December 28, 2014

( The author, Sri Rajindar Sachar is a retired Chief Justice of the Delhi High Court, was the Chairperson of the Prime Minister’s high-level Committee on the Status of Muslims and the UN Special Rapporteur on Housing. A former President of the People’s Union for Civil Liberties (PUCL), he is a tireless champion of human rights. He can be contacted at e-mail: rsachar1@vsnl.net/rsachar23 @bol.net.in )

The Modi Government has decided to introduce a Bill to allow increase of FDI from 26 per cent to 49 per cent in insurance. Outwardly the Congress and the other constituents of the erstwhile UPA Government are threatening to oppose it—though ironically, it was opposed by the BJP when the Congress-led UPA Government proposed it earlier. The enormity of the hypocrisy by both the major political groups hits you in the eye.

In 1956, the Congress, to strengthen its position in the 1957 general elections in India,

nationalised about 250 private Life insurance companies and formed the Life Insurance Corporation (LIC), a totally owned government corporation, the justifi-cation being the interest of small persons as expounded by C.D. Deshmukh, the then Finance Minister, who said insurance in a developing country must be seen as an essential service which a welfare state should provide to its people and not as a business proposition or additional source of investment to those who put their money in the stock market. The capital contribution of the government in the LIC was a mere Rs 5 crores.

When the general insurance was nationalised in 1973, Y.B. Chavan, the then Congress Finance Minister, declared: This step has been taken to serve better the needs of the economy by securing development of general insurance business in the best interests of the community and to ensure that concentration of wealth does not result in common detriment. However, in 2002 the BJP Government permitted private companies with 26 per cent FDI in the insurance sector. In 2011 the Congress-led UPA Government wanted to increase FDI in this sector to 49 per cent but the parliamentary Standing Committee headed by Yashwant Sinha, the BJP leader, opposed it and the proposal was defeated.

Saturday, December 27, 2014



Message from GNS...

Dear Shri Gangadharan

It was interesting to read your post in the blog (Pensioners' Chronicle) reg. meeting of Dr Subramanian Swamy with the Defence Minister on the issue of  'one rank one pension' for Ex-Servicemen. You are aware that I have personally known Dr. Swamy apart from being his supporter in legal cases in Madras HC.

Dr Swamy's pleadings for causes of  National interest are too well known to be mentioned, and some such as 2G and Sethusamudram Canal Project have had created history.  Post Service, the retirees deserve a much better treatment in matters of service benefits for obvious reasons including tough assignments they had discharged, and sacrifice of many comforts during their service. In particular our Army men now shoulder additional responsibility of fighting terrorism in our country.

When pension rules seek to deny the pensioners even the rights guaranteed by the constitution for all citizens Dr. Swamy has not hesitated to speak out. Our friends will recall that he wrote on  LIC pensioners also as early as mid-2008 to the then PM and mid-2009 and to then FM (and now the President of India).  Dr Manmohan Singh acknowledged him and assured action but bureaucrats took convenient shelters. In one reply, and it was for the first time, the Minister of State pleaded ripple effects that would result in the banking sector. and  'sub-judice' was the other excuse for the authorities.

Coming to OROP, LIC pensioners and also those in banking sector should remember  that they are governed by 'funded scheme'. That is precisely the reason for our decision in the recent EC to think of chalking out a comprehensive and realistic plan, after the decision is known in the forthcoming hearing of our case in the SC on 14th Jan.  Let the New Year be the answer for our way forward.

Gen.Secy Fedn of Retd LIC Class I Officers' Assns

"You have to know where to pee!"

How Mrs. S. Got a Lot of Money

This story was told by a Dr. Isaac Krazen, who is a family doctor in New York. This is a story that happened quite some time ago, in Manhattan, to a very rich old lady we shall call - Mrs. S. and how she accidently got $40,000 dollars.

Many know Mrs. S from Manhattan, New York, mostly because she's rich and lives on the luxurious and well lit Fifth Avenue.

One spring morning Mrs. S went on her walk. She was up to 79th street when she needed to get to a bathroom. The usual doorman was ill and his replacement did not allow her to enter. Frustrated, she went into a nearby funeral home. As she came in, she was asked if she came to Jeffery Green's funeral. She did not like to lie but felt she had to to get to that bathroom. She was then handed a guest book to sign her name and address so that the family can send her a card for coming to pay her respects.

She then proceeded to the bathroom to finally relieve herself. Two weeks later she got a letter from the law office of Becker & Epstein:

  • "Dear Mrs. S, we are executing the will of the late Jeffery Green, deceased these two weeks. Mr. Green had no relatives and so he has bequeathed his fortune to those who came to his funeral. Since you were there, you are entitled to a 7th of his fortune, here is a check for $40,000.
I guess you have to know where to pee!
*representational illustration only.

Driving Licence to be linked to Aadhaar data

MUMBAI|NEW DELHI: The road transport ministry is looking at linking driving licence and Aadhaar data, expecting it to help better track unsafe drivers and weed out those with multiple licences in the latest of a string of technology-based initiatives it has undertaken.

(the economic times)

Friday, December 26, 2014

Ramesh Itnal

Private Insurance company can now enhance its capital  Up to 45.1%
without  insisting for indian investment

An ordinance on insurance has  paved  the way for a fresh dose of foreign investment in the insurance. Through this ordinance  present  limit  of foreign investment in a private insurance company has increased from 26 % to 49 %.

Now a  private insurance company,  where foreign investment  is up to  maximum  limit of 26%,  can  enhance its present capital to  the extent of 45.1%  by additional foreign investment,  without expecting  any further contribution from Indian investment.

Consider  the following case.

If the total capital of private company is Rs 100 crore, the maximum allowable foreign investment up till now is Rs 26 crore, the rest of Indian investment is Rs 74 crore. The existing  ratio of foreign investment to Indian investment is  26%  to 74%.

With the promulgation of insurance ordinance, the above company, can now increase its capital by additional contribution of Rs 45.1 crore from foreign investment. By this new capital will be Rs 145.1 crore, ie increased by 45.1%

In the increased capital of Rs 145. 1 Crore,
The share of  foreign investment is Rs 71.1 crore,  (original Rs 26 cr + additional Rs 45.1 Cr)
The share of  Indian  investment is Rs 74.0 crore,  (original Rs 74 cr + additional Rs  nil )

The New  ratio of foreign investment to total investment is = 71.1 / 145.1 = 49 %
The New  ratio of Indian  investment to total investment is = 74  / 145.1 = 51 %

-       Ramesh Itnal (Rtd ADM) – Dharwad

Train travelers may note

(courtesy: Basudeb Das)

Illustration: Chronicle.

Restrictions on use of ATMs questioned

The Delhi High Court on Wednesday questioned the decision by the Reserve Bank of India (RBI) to put a cap on free withdrawals by banking customers using their ATM cards, saying account holders were being "unnecessarily taxed".

As per the new RBI guidelines, bank customers in six metros - Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore - are allowed to withdraw money free of charge only five times a month and every transaction beyond this limit will be charged Rs 20 per use.

A division bench of Chief Justice G Rohini and Justice P S Teji issued a notice to the RBI, Indian Banks' Association (IBA) and State Bank of India while fixing the matter for next hearing on February 18.
"Why are you unnecessarily taxing your own account holders? File your response by next date of hearing," the bench said.