Reduction of period for restoration of commuted value of pension

 

ALL INDIA ASSOCIATION OF CENTRAL EXCISE

GAZETTED EXECUTIVE OFFICERS

Patron                                                                   Chief Patron                                                               Patron

A. Venkatesh                                                           Ravi Malik                                                        C. S. Sharma

Mob. 7780255361                                             Mob. 9868816290                                          Mob. 9313885411

President:                                           Address for communication:                                  Secretary General:

T. Dass                                Flat No. 6, SE 11, Shastri Nagar, Ghaziabad                                   Harpal Singh

Mob.9848088928     mail Id:aiacegeo2019@gmail.com    Site:cengoindia.blogspot.in        Mob.9717510598

Vice Presidents: B L Meena, K V Sriniwas  (Central) Chinmoy Ghosh, Rajashish Dutta (East) Ashish Vajpayee, Amadul Islam (North) B Pavan K Reddy, M Jegannathan (South) Sanjeev Sahai, U D Meena (West) Joint Secretaries: S P Pandey, T A Manojuman (Central) Apurba Roy, Siddharth Tewari (East) A K Meena, S K Shrimali (West) Anand Narayan, Prabhakar Sharma (North) H Sadanand, M Nagaraju (South); All India Coordinator: B L Meena Office Secretary: B C Gupta Treasuer: Manoj Kumar Organising Secretary: Soumen Bhattachariya Liaisoning Secretary: Bhoopendra Singh North Zone Coordinator: C. P. Verma

(Recognised by G.O.I., Min. of Fin. vide letter F.No. B. 12017/10/2006-Ad.IV A Dt.21.01.08)

Office address: 206, B wing, CGO Complex II, Kamla Nehru Nagar, Ghaziabad

                 Ref. No. 128/AIB/P/21                                                                                Dt. 19.08.21

To,

The Secretary,

DOPT, North Block,

New Delhi.

Sub: Reduction of period for restoration of commuted value of pension from 15 years to 10 years-request reg.

Sir,

            It is to submit with due regards that the period of 15 years for restoration of commuted value of pension was fixed long back keeping in view the then rates of interest. Now, the rates of interest have been lower down handsomely and already become almost half or even less in comparison to old period. But the period for restoration of commuted value of pension is still the same.

            2. The period of 15 years for restoration of commuted value of pension is no way justified in the present scenario when the cost of living and daily expenses have also enhanced tremendously putting the pensioners in high trouble. The Govt. of India has already modified several rules and regulations in the interest of common citizen to provide better facilities to the public. Accordingly, it is firm belief of the Association that old age rules relating to the period for restoration of commuted value of pension also needs modification and amendment. Keeping in view that it was formulated on the basis of old time interest rates, it is required to be formulated on the basis of the present interest rates (which are expected to be lowered in future also with the passage of time) already lowered to half or even less. So, the period for restoration of commuted value of pension is required to be lowered at least to 10 years from 15 years.

            3. In view of the above, it is requested that the period for restoration of commuted value of pension may kindly be reduced to 10 years from 15.

            Thanking you.

Yours sincerely,

                                                                                                                                                       

(HARPAL SINGH),

Secretary General.

Copy with the request for necessary action to:

The DOPT Minister, North Block, New Delhi.