Courtesy:RB Kishore
15 October 2015
Retirees' Hitguj October - 2015
Our members are aware that we retired pensioners have contributed
to our pension fund at greater rate of percentage than elsewhere in
the Banking Industry and GOI. Besides, the Bank is crediting certain
amount annually to this fund in terms of RBI Act and as per actuarial
advice. The Bank's contribution to pension fund comes out of
negligible percentage of total profit to the Bank. Since the inception of
the Bank huge surplus profit is transferred to GOI by successive
Governor of the Bank.
This time for the year ended June 2015, an
amount of almost Rs. 66,000 crores has been transferred to the GOI.
To the best of our knowledge, in this regard, there is no parallel to the
Bank in India so far. We are certainly proud of the Bank for making
greatest contribution to the nation. At the same time we are afraid of
our pension fund as Ministry of Finance (MoF) has eye on this
meticulously build up fund, over the years. We also say that the
pension fund is as per statue. But in reality is there any protection to
this fund from any manipulation from any quarter? On this
background we place following facts for your information.
The first such manifestation by MoF was during the hearing of
Bombay High Court case of updation wherein Govt. representative
submitted that by continuing updation of pension to pre Nov. 1997
retirees of RBI, government exchequer is put to loss. Unfortunately,
nobody contested against this point.
Further, we may place for your considerations the way in which
interest is credited to the Pension Fund. Our certain colleagues have
been every year raising queries under RTI Act to know the position of
pension fund every year. While replying to one of the queries, the
Bank has stated that interest accrued to investments out of the
pension fund is credited at annual rest to pension fund. (During 2014
& 2015 accrued interest is Rs 1058.44 crores). This is something
unusual when investments in government securities attract payment
of interest at six monthly rests. We are under bona fide impressions
that by not crediting interest at six monthly rests, Pension fund is loser
to the tune of about Rs. 20 crores annually.
Who is benefited out of
this? On this background one of our retired colleague states, “You
RETIREES PENSION FUND – FOR WHOM IT IS?
may recall that this year i.e. year ended 30-6-2015 a historic figure
of amount is transferred to GOI as profits from RBI. With a GOI
always in deficit there will be pressure on RBI to transfer more and
more profit as also appropriate the pension fund and or transfer to
GOI for managing the fund. In both cases the money will not be
available with GOI for pension payment to other than GOI
employees. This is what happened in Greece and Spain EURO is in
great trouble. We should not only ensure that the pension fund
should remain with RBI and also insist on crediting interest at half
yearly intervals. Besides Provident Fund is now allowed to invest in
other than GOI securities. We may suggest to RBI that they should
diversify the portfolio of Pension fund investment to high yielding
instruments.
You may also note form the data sheet provided that despite
increasing number of pensioners are made payment the payment
falls within the interest earned. Even on updation the contribution of
RBI will have to increase correspondingly and then also interest will
be more than adequate to meet pension dues for retirees and family
pensioners.
The issue is not held up because of inadequate funds but with a
spendthrift GOI wanting to take away the pension fund and the yield
thereon or insisting that a higher transfer of funds to GOI by way of
profit. This assumption is not wrong and is in line with facts.”
After selling equities of Nav Ratnas, the MoF is preparing for taking
pound of flesh from pension funds in government undertakings. It
has happened elsewhere in the world. Are we not to raise our voice
against such unscrupulous measures of the MoF? No bureaucrats
heading public sector undertakings dare to talk against such act as
they are in search of greener pasture. We alone have to raise our
voice against this arm twisting method of MoF. We should also note
with all seriousness the plight of pensioners of banking industry,
during the recent settlement with IBA. You may understand who is
monitoring from behind. We have certainly legitimate right to say –
to whom pension fund belongs.
Dear Members,
You are aware that farmers of Maharashtra are in unfortunate
situation on account of acute shortage of rainfall in Maharashtra. They
are unable to withstand this natural calamity and out of frustration
committing suicide in large number. The magnitude and intensity of
suicide of farmers is such that many families are in helpless situation.
We, therefore, felt to give helping hand to such families at this critical
juncture by collecting donation from our members. Our members are,
therefore, appealed to come forward and give donations to this social
cause through our Association in the following manner.
1. The crossed cheque may be drawn in favour of “Reserve Bank
Retired Employees' Association, Mumbai”, keeping the field of date
blank. The date would be written by us at the time of submission of
cheques for collection of proceeds. This is keeping in view problems in
collecting the proceeds of the cheques.
2. On the back of the cheque you may please write - For draught
affected farmers followed with your name and contact number. While
writing these 3 things, keep sufficient space for the Credit Society to
put their clearing stamp.
3. You may please handover cheque through committee members /
office bearers of our Association or send it to the Hon. Treasurer at his
Chunabhatti address or to the activists who are conducting camps for
certification of Life Certificate.
DONATION TO DROUGHT AFFECTED FARMERS OF MAHARASHTRA
4. Those of the members who have savings a/c in Reserve Bank
Staff / Officers Co-op. Credit Society in Mumbai may please give
their mandate in favour of Reserve Bank Retired Employees'
Association, Mumbai. The mandate may please be handed over to
the persons indicated at 3 above so that we would monitor by
preparing the list of mandates and hand it over to the society. This
would help us to keep track of your donation to the cause of drought
affected farmers. Due information may please be provided in the
mandate.
5. No cash payment would be accepted by us.
6. No donor should issue single cheque of amount of Rs. 50,000/-
and above. Instead he / she may issue two cheques or more so that
proceeds could be collected without any problem.
7. Amount on cheque should be in multiple of Rs 100/- subject to
condition no. 6 above.
8. Donors are requested to make payment before 15th Dec 2015 so
that we would hand over the proceeds in a collective manner.
The total proceeds collected would be paid by way of cheque/s in
favour of legally recognized body as per the decision of the
Association.
Yours Truly,
L R Parab, General Secretary
- L R Parab, General Secretary
--
VP,AIRIEF,
ED(Retd),LIC
15 October 2015
Retirees' Hitguj October - 2015
Our members are aware that we retired pensioners have contributed
to our pension fund at greater rate of percentage than elsewhere in
the Banking Industry and GOI. Besides, the Bank is crediting certain
amount annually to this fund in terms of RBI Act and as per actuarial
advice. The Bank's contribution to pension fund comes out of
negligible percentage of total profit to the Bank. Since the inception of
the Bank huge surplus profit is transferred to GOI by successive
Governor of the Bank.
This time for the year ended June 2015, an
amount of almost Rs. 66,000 crores has been transferred to the GOI.
To the best of our knowledge, in this regard, there is no parallel to the
Bank in India so far. We are certainly proud of the Bank for making
greatest contribution to the nation. At the same time we are afraid of
our pension fund as Ministry of Finance (MoF) has eye on this
meticulously build up fund, over the years. We also say that the
pension fund is as per statue. But in reality is there any protection to
this fund from any manipulation from any quarter? On this
background we place following facts for your information.
The first such manifestation by MoF was during the hearing of
Bombay High Court case of updation wherein Govt. representative
submitted that by continuing updation of pension to pre Nov. 1997
retirees of RBI, government exchequer is put to loss. Unfortunately,
nobody contested against this point.
Further, we may place for your considerations the way in which
interest is credited to the Pension Fund. Our certain colleagues have
been every year raising queries under RTI Act to know the position of
pension fund every year. While replying to one of the queries, the
Bank has stated that interest accrued to investments out of the
pension fund is credited at annual rest to pension fund. (During 2014
& 2015 accrued interest is Rs 1058.44 crores). This is something
unusual when investments in government securities attract payment
of interest at six monthly rests. We are under bona fide impressions
that by not crediting interest at six monthly rests, Pension fund is loser
to the tune of about Rs. 20 crores annually.
Who is benefited out of
this? On this background one of our retired colleague states, “You
RETIREES PENSION FUND – FOR WHOM IT IS?
may recall that this year i.e. year ended 30-6-2015 a historic figure
of amount is transferred to GOI as profits from RBI. With a GOI
always in deficit there will be pressure on RBI to transfer more and
more profit as also appropriate the pension fund and or transfer to
GOI for managing the fund. In both cases the money will not be
available with GOI for pension payment to other than GOI
employees. This is what happened in Greece and Spain EURO is in
great trouble. We should not only ensure that the pension fund
should remain with RBI and also insist on crediting interest at half
yearly intervals. Besides Provident Fund is now allowed to invest in
other than GOI securities. We may suggest to RBI that they should
diversify the portfolio of Pension fund investment to high yielding
instruments.
You may also note form the data sheet provided that despite
increasing number of pensioners are made payment the payment
falls within the interest earned. Even on updation the contribution of
RBI will have to increase correspondingly and then also interest will
be more than adequate to meet pension dues for retirees and family
pensioners.
The issue is not held up because of inadequate funds but with a
spendthrift GOI wanting to take away the pension fund and the yield
thereon or insisting that a higher transfer of funds to GOI by way of
profit. This assumption is not wrong and is in line with facts.”
After selling equities of Nav Ratnas, the MoF is preparing for taking
pound of flesh from pension funds in government undertakings. It
has happened elsewhere in the world. Are we not to raise our voice
against such unscrupulous measures of the MoF? No bureaucrats
heading public sector undertakings dare to talk against such act as
they are in search of greener pasture. We alone have to raise our
voice against this arm twisting method of MoF. We should also note
with all seriousness the plight of pensioners of banking industry,
during the recent settlement with IBA. You may understand who is
monitoring from behind. We have certainly legitimate right to say –
to whom pension fund belongs.
Dear Members,
You are aware that farmers of Maharashtra are in unfortunate
situation on account of acute shortage of rainfall in Maharashtra. They
are unable to withstand this natural calamity and out of frustration
committing suicide in large number. The magnitude and intensity of
suicide of farmers is such that many families are in helpless situation.
We, therefore, felt to give helping hand to such families at this critical
juncture by collecting donation from our members. Our members are,
therefore, appealed to come forward and give donations to this social
cause through our Association in the following manner.
1. The crossed cheque may be drawn in favour of “Reserve Bank
Retired Employees' Association, Mumbai”, keeping the field of date
blank. The date would be written by us at the time of submission of
cheques for collection of proceeds. This is keeping in view problems in
collecting the proceeds of the cheques.
2. On the back of the cheque you may please write - For draught
affected farmers followed with your name and contact number. While
writing these 3 things, keep sufficient space for the Credit Society to
put their clearing stamp.
3. You may please handover cheque through committee members /
office bearers of our Association or send it to the Hon. Treasurer at his
Chunabhatti address or to the activists who are conducting camps for
certification of Life Certificate.
DONATION TO DROUGHT AFFECTED FARMERS OF MAHARASHTRA
4. Those of the members who have savings a/c in Reserve Bank
Staff / Officers Co-op. Credit Society in Mumbai may please give
their mandate in favour of Reserve Bank Retired Employees'
Association, Mumbai. The mandate may please be handed over to
the persons indicated at 3 above so that we would monitor by
preparing the list of mandates and hand it over to the society. This
would help us to keep track of your donation to the cause of drought
affected farmers. Due information may please be provided in the
mandate.
5. No cash payment would be accepted by us.
6. No donor should issue single cheque of amount of Rs. 50,000/-
and above. Instead he / she may issue two cheques or more so that
proceeds could be collected without any problem.
7. Amount on cheque should be in multiple of Rs 100/- subject to
condition no. 6 above.
8. Donors are requested to make payment before 15th Dec 2015 so
that we would hand over the proceeds in a collective manner.
The total proceeds collected would be paid by way of cheque/s in
favour of legally recognized body as per the decision of the
Association.
Yours Truly,
L R Parab, General Secretary
- L R Parab, General Secretary
--
RB Kishore
VP,AIRIEF,
ED(Retd),LIC
Life Member,Probus Club
044-2815 5810 & 098 4034 0591
.
