🌟 A simple explainer on RBI Sovereign Gold Bond Scheme 🌟

  

🌟 **Sovereign Gold Bond Scheme** 📅 **Launch Date: October 30, 2015

 

🪙 Sovereign Gold Bond Scheme 2023-24 Series III - Issue Price

📅 Subscription Period: December 18–22, 2023

🔍 Details: As per the Government of India notification F.No.4(6)-B(W&M)/2023 and the Reserve Bank press release on December 08, 2023, the Sovereign Gold Bond Scheme 2023-24 - Series III will be open for subscription from December 18 to December 22, 2023.

 

📈 Nominal Value Calculation: The nominal value of the bond is determined based on the simple average of the closing prices published by the India Bullion and Jewellers Association Ltd (IBJA) for gold of 999 purity on the last three working days of the week preceding the subscription period.

For the upcoming series, i.e., December 13, December 14, and December 15, 2023, the calculated nominal value is ₹6,199/- (Rupees Six thousand one hundred and ninety-nine only) per gram of gold.

 

💻 Discount for Online Investors: In a strategic move, the Government of India, in consultation with the Reserve Bank, is offering a discount of ₹50/- per gram less than the nominal value to investors applying online and making payments through digital modes.

For these tech-savvy investors, the issue price of the Gold Bond becomes ₹6,149/- (Rupees Six thousand one hundred and forty-nine only) per gram of gold. 🤖💰

 

🌐Subscription Window: Investors are encouraged to seize this opportunity and subscribe to the Sovereign Gold Bond Scheme during the specified period.

It's a chance to secure gold at an attractive rate, especially for those embracing the convenience of online transactions. 💻🛍️

🇮🇳 Introduction: The **Sovereign Gold Bond (SGB)** Scheme, initiated by the Government of India (GOI) on October 30, 2015, is a distinctive approach to gold investment. 🪙

 

🌐 Scheme Overview: Under the Gold Monetization Scheme, SGBs were introduced, offering a strategic way for investors to participate in gold without the need for physical possession. Issued monthly from October 2021 to March 2022, these bonds are made available in tranches by the Reserve Bank of India (RBI) in collaboration with the Indian Government. 📈🤝

 

🧐 Understanding SGB:  Denominated in grams of gold, with a minimum unit of 1 gram.

- Interest rate of 2.50% per annum, paid semi-annually on the nominal value.

- 8-year tenure with an exit option in the 5th, 6th, and 7th years on interest payment dates.

- Maximum individual subscription limit: 4 kg; 4 kg for a Hindu-Undivided Family (HUF); 20 kg for trusts and similar entities.

- Co-owned bonds limit applies to the first applicant.

- Issued as stocks under the Government Security Act, 2006.

- Investors receive a Holding Certificate. 📜💼

 

🇮🇳 Cultural Significance: In India, gold holds cultural significance, often purchased on auspicious occasions. While physical gold is the preferred choice, the Government and RBI offer an alternative through Sovereign Gold Bonds. This aligns with Indian traditions, combining investment with cultural practices. 💍🎉

 

💰 What are Sovereign Gold Bonds? Sovereign Gold Bonds, falling under Debt Funds, emerged in November 2015 as an innovative alternative to physical gold acquisition. These government securities, denominated in grams of gold, require investors to pay the issue price in cash. Upon maturity, the redemption occurs in cash.

 

🔒 Secured Investment: Sovereign Gold Bonds offer a secured investment, minimizing susceptibility to market risks and fluctuations. Issued by the Government, these bonds have predefined windows during which investors can subscribe in tranches. 🪙📉

 

📢 Issuance Announcements: The Government typically announces the issuance of gold bonds every 2 or 3 months through press releases, signaling a one-week subscription window. With an 8-year maturity period, investors have the flexibility to exit after 5 years. 📰🕒

1. What is SGB?

   - Govt. securities denominated in grams of gold.

   - Issued by RBI on behalf of the Govt. of India.

 

2. Why SGB over physical gold?

   - Protected quantity, superior to physical gold.

   - Eliminates storage risks and costs.

 

3. Risks in SGBs?

   - Capital loss if gold market price declines.

 

4. Who is eligible to invest?

   - Residents in India as per FEMA 1999.

 

5. Can minors and joint holding invest?

   - Yes, with a guardian. Joint holding allowed.

 

6. Where to get the application form?

   - Issuing banks, SHCIL offices, Post Offices, online.

 

7. What are the KYC norms?

   - PAN Number mandatory.

 

8. Minimum and maximum limits for investment?

   - Issued in denominations of one gram.

   - Min 1 gram, Max 4 kg for individuals.

9. Rate of interest and payment?

   - 2.50% per annum, credited semi-annually.

10. Authorized agencies for selling SGBs?

    - Nationalized/Private Banks, Post Offices, SHCIL, stock exchanges.

11. Assurance of allotment?

    - Yes, if eligibility criteria met.

 

12. When are Holding Certificates issued?

    - On the date of SGB issuance.

 

13. Can I apply online?

    - Yes, with a ₹50 per gram discount for online applications.

 

14. Price at which bonds are sold?

    - Nominal value in INR based on average gold price.

 

15. Daily publication of gold rates by RBI?

    - Yes, two days before the issue opens.

 

16. What will I get on redemption?

    - Redeemed in INR based on average gold price.

 

17. Redemption process and amount?

    - Advised one month before maturity.

    - Credited to the bank account.

 

18. Premature redemption and tradability?

    - Allowed after the fifth year.

    - Tradable on exchanges if in demat form.

 

19. Tax implications on interest and capital gain?

    - Taxable interest, exempted capital gains.

 

20. TDS applicable on the bond?

    - No TDS, holder's responsibility for tax compliance.

 

21. Customer services post-issuance?

    - Provided by issuing banks, SHCIL, Post Offices, stock exchanges.

 

22. Payment options for investing?

    - Cash (up to ₹20,000), cheques, demand draft, electronic fund transfer.

 

23. Nomination facility available?

    - Yes, as per Govt. Securities Act.

 

24. Can bonds be held in demat form?

    - Yes, with a specific request.

 

25. Trading of bonds?

    - Tradable from a date notified by RBI.

 

26. Death of an investor procedures?

    - Nominee's claim recognized, applicable provisions followed.

 

27. Part repayment during put option exercise?

    - Yes, in multiples of one gram.

 

28. Contacting RBI for queries?

    - Dedicated email for public queries. 📧

 

Choose your gold investment wisely! 💰✨🌐

 

🌟 Gold Investment Options Comparison 🌟

Gold ETFs / RBI Sovereign Gold Bond / Physical God

🔍 Insights:

- Safety: All three options provide a high level of safety, with minimal risk in digital forms.

- Returns: Sovereign Gold Bonds offer higher returns, especially if held until maturity.

- Purity: Electronic forms (ETFs and Bonds) assure high purity.

- Tradability: Gold ETFs and Sovereign Gold Bonds offer tradability, while physical gold is restrictive.

- Gains: Tax benefits in LTCG for Bonds if redeemed after maturity.

- Storage: Digital forms require minimal storage, unlike physical gold.

- Loan Collateral: Bonds and physical gold can be used as loan collateral. **🚀 Celebrate Safe ePayDay! 💳✨**

 

In the digital realm, a special day is on the horizon—

SafeePayDay! 🌍✨ Join us in a global celebration, promoting secure, seamless, and responsible electronic transactions. 🌐💼

 

Stay tuned for the occasion when we collectively recognize the significance of secure ePayments, shaping a trustworthy financial landscape. 🎉💳

#SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

📢 Disclaimer: Personal views. Focus on declaring Safe ePayDay.

Celebration is near!

Copyrights belong to the original holder.

Additional Reading Material: PM’s address in the 107th Episode of ‘Mann Ki Baat’ on 26 Nov, 2023 @ https://www.pmindia.gov.in/en/news_updates/pms-address-in-the-107th-episode-of-mann-ki-baat/

 

 

RBI UDGAM (Unclaimed Deposits – Gateway to Access inforMation) - No need to run around Individual Banks

 

          Please do not run around individual banks to search for Unclaimed Deposits. Just log into the centralized portal developed by the Reserve Bank of India and see the magic of data collation.

This user-friendly platform streamlines the process and offers a one-stop solution for all your unclaimed deposit inquiries.

Unclaimed Deposits: After 10 years of inactivity, savings, current accounts, and term deposits become classified as "Unclaimed Deposits" and are transferred to the Reserve Bank of India's "Depositor Education and Awareness" (DEA) Fund.

Despite awareness efforts, this volume continues to grow due to non-operational accounts, unclaimed matured fixed deposits, and cases involving deceased depositors.

The RBI has introduced a centralized web portal, UDGAM (Unclaimed Deposits - Gateway to Access inforMation), allowing individuals to search and claim these deposits across multiple banks to address this issue.

Unclaimed Deposits, which encompass stagnant balances in savings or current accounts for a decade or unclaimed term deposits beyond their maturity date, are reclassified as "Unclaimed Deposits." Banks subsequently channel these funds into the "Depositor Education and Awareness" (DEA) Fund managed by the Reserve Bank of India.

Importantly, depositors still retain the right to reclaim these deposits, complete with any accrued interest, at a later date by liaising with the banks where these deposits were initially held.

Surprisingly, despite ongoing public awareness campaigns conducted by both banks and the RBI, the total value of Unclaimed Deposits continues to rise.

This surge in Unclaimed Deposits primarily arises from the failure to close inactive savings or current accounts, as depositors no longer intend to use them, or the non-submission of redemption claims for matured fixed deposits.

Furthermore, cases often involve accounts belonging to deceased depositors, with the nominated individuals or legal heirs failing to come forward to make a claim at the concerned banks.

An account qualifies as an Inoperative Account (10 Years and Above) or an Unclaimed Deposit if there has been no activity (apart from interest credits and service charge debits) for ten years or more since the last operation.

 

To address this issue, the RBI has introduced a centralised web portal named UDGAM (Unclaimed Deposits - Gateway to Access Information). This portal facilitates the search for unclaimed deposits across multiple banks, enhancing depositors' access to such data and employing AI tools to optimize search results.

The RBI's overarching objective is to protect depositors, ensuring that newer deposits do not become unclaimed, and unclaimed deposits are returned to their rightful owners or beneficiaries following established procedures.

Collaborating with Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks, this innovative platform empowers individuals to identify and claim their unclaimed deposits or reactivate dormant accounts at their respective banks, contributing to greater financial security and transparency.

Disclaimer: This blog post aims to motivate bank account holders to reclaim their funds from their banks. Ultimately, it emphasizes safe ePayments.

Finance Minister Smt. Nirmala Sitharaman unveils Seven Steps to fight “Illegal Loan Apps”

 

Finance Minister Smt. Nirmala Sitharaman unveils Seven Steps to fight “Illegal Loan Apps”

          India’s Ministry of Finance today i.e09/09/2022 released a Press Release on “Illegal Loan Apps”

          As per the Press Release; - Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting on 08/09/2022 to discuss the various issues related to “Illegal Loan Apps” outside the regular banking channels.

In Attendance: -

·       Finance Secretary, Ministry of Finance; Secretary, Economic Affairs;

·       Secretary, Revenue, & Corporate Affairs (Addl. Charge);

·       Secretary, Financial Services;

·       Secretary, Electronics & Information technology;

·       Deputy Governor, RBI;

·       Executive Director, RBI.

 

The following 7 steps are the proposed approach to minimise the impact of “Illegal Loan Apps” in India.

Step 01) RBI will prepare a “Whitelist” of all the legal Apps and MeitY will ensure that only these “Whitelist” Apps are hosted on App Stores.

Step 02) RBI will monitor the ‘mule/rented’ accounts that may be used for money laundering

Step 03) RBI to review/cancel dormant NBFCs to avoid their misuse.

Step 04) RBI will ensure that registration of payment aggregators be completed within a timeframe and no un-registered payment aggregator be allowed to function after that.

Step 05) MCA will identify shell companies and de-register them to prevent their misuse.

Step 06) Steps should be taken to increase cyber awareness for customers, bank employees, law enforcement agencies and other stakeholders.

Step 07) All Ministries/Agencies to take all possible actions to prevent operations of such Illegal Loan Apps.

Read the full press release @ https://pib.gov.in/PressReleseDetail.aspx?PRID=1857998

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing less.

 

RBI Discussion Paper on Charges in Payment Systems - Sample feedback for RTGS Questions

 RBI Discussion Paper on Charges in Payment Systems - Sample feedback for RTGS Questions

          The window to provide feedback to Reserve Bank of India for its ‘Discussion Paper on Charges in Payment Systems’, has started.

          The last date to provide feedback is 3^rd October 2022.

          Today’s blog talks about Sample feedback for RTGS Questions.   

          There are 3 specific questions regarding RTGS.

 

Para No 8.2 Real Time Gross Settlement (RTGS) System

Page No 8 and 9

8.2.6. Questions for Feedback

 

i.(S1) Should RBI review the policy of not levying charges on members for RTGS transactions?

Sample Feedback __ i.(S1)

Yes, RBI should review the policy of not levying charges on members for RTGS transactions.

Option 1 – Fixed – EX: INR 3/- per customer outward transaction

Option 2 – Variable – Ex INR 4/- per customer outward transaction up to 25,000/- customer outward transactions per day

INR 2/- per customer outward transaction above 25,000 and up to 50,000/- customer outward transactions per day

INR 1/- per customer outward transaction above 50,000 and up to 75,000/- customer outward transactions per day

Nil for transactions above 75,000 transactions per day

As all banks may not high RTGS outward customer transactions, Banks can choose between Option 1 and Option 2

 

 

ii.(S2) Should the time-variable charges be re-introduced?

Sample Feedback __ ii.(S2)

Yes, the time-variable charges should be re-introduced but in a reverse method

EG: All Days

12:01 to 13:00 Hours - INR 20/- per transaction credited to customer

13:01 to 18:00 Hours - INR 10/- per transaction credited to customer

18:01 to 23:59 Hours - Nil

The exceptions not exceeding 5 may be approved by the respective Bank’s Board.

 

iii.(S3) For RTGS transactions, should RBI prescribe the charges that can be levied on

customers by members, or should they be market driven?

 

Sample Feedback __ iii.(S3)  A) RBI should prescribe the charges that can be levied on customers by members. There can be a maximum gap with an auto-increase of the same say by 5% with rounding off to the next rupee

EG: Year 1 – INR25/-

Year 2 – Increase of 5% 25 + 1.25 = 26/-

Year 3 – Increase of 5% 26 + 1.30 = 27/-

And so on,

B) The credit window for Inward customers transactions may be reduced to 15 minutes from the present 30 minutes, with minimum exceptions. The exceptions not exceeding 5 may be approved by the respective Bank’s Board.

C) The maximum transmission time for outward customer transactions from the debit moment, may be introduced. If this transmission time is crossed, banks may be required to compensate the customers. The exceptions not exceeding 5 may be approved by the respective Bank’s Board.

EG: Customers Account, by whatever mode is debited at 11.30am on 17/08/2022. The beneficiary should receive the funds with 13.30pm on 17/08/2022. The window between the actual debit and the actual credit may be finalised by mutual consent of all RTGS participants.

 

D) As on today, in case, it is not possible to credit the funds to the beneficiary’s account for any reason e.g. account does not exist, account frozen, etc., funds shall be returned to the originating member within one hour of receipt of the payment at the Member Interface of the recipient member, subject to availability of RTGS.

The 'One Hour' window may reduced to '30 Minutes'

E) The minimum amount for RTGS Customer Transactions may be increased from the present INR2lacs to INR2.50lacs, with auto increase of say INR25,000/- every calendar year

 

Additional Reading

RBI seeks responses to its 40 Questions - Discussion Paper on Charges in Payment Systems @ https://prashantnepayments.blogspot.com/2022/08/rbi-seeks-responses-to-its-40-questions.html

RBI FAQs on RTGS @ https://m.rbi.org.in/scripts/FAQView.aspx?Id=65

Time-varying charges for transactions in RTGS @ https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11564&Mode=0

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

As of now this is only sample feedback. The actual feedback will be provided to Reserve Bank of India via email.

RBI seeks responses to its 40 Questions - Discussion Paper on Charges in Payment Systems

 

RBI seeks responses to its 40 Questions - Discussion Paper on Charges in Payment Systems

          Reserve Bank of India today has placed a ‘Discussion Paper on Charges in Payment Systems’, on its website.

          This is as per ‘Statement on Developmental and Regulatory Policies dated December 08, 2021, wherein RBI had informed that it will release a discussion paper on various charges levied by banks and institutions for all kinds of digital transactions through credit cards, debit cards, wallets and Unified Payments Interface (UPI).

          The feedback provided by the general public would be used to guide policies and intervention strategies for promoting Safe ePayments.

          The feedback need not be limited to the below questions, but may include other inputs and suggestions relevant to the topic under discussion.

Summary of Questions

Digital Transactions Channel 01) ____ RTGS --- 3 Questions (1 to 3)

Digital Transactions Channel 02) ____ NEFT --- 3 Questions (4 to 6)

Digital Transactions Channel 01) ____ IMPS --- 2 Questions (7 & 8)

Digital Transactions Channel 01) ____ Debit Cards --- 7 Questions (9 to 15)

Digital Transactions Channel 01) ____ Credit Cards --- 4 Questions (16 to 19)

Digital Transactions Channel 01) ____ PPIs (Pre-Paid Instruments) --- 4 Questions (20 to 23)

Digital Transactions Channel 01) ____ UPI --- 3 Questions (24 to 26)

Digital Transactions Channel 01) ____ Intermediaries --- 3 Questions (27 to 29)

Digital Transactions Channel 01) ____ Surcharging --- 3 Questions (30 to 32)

Digital Transactions Channel 01) ____ Convenience Fee --- 3 Questions (33 to 35)

Digital Transactions Channel 01) ____ Other Aspects --- 5 Questions (36 to 40)

 

          The complete 25 Pages Discussion Paper can be read @ https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/DPSSDISCUSSIONPAPER5E016622B2D3444A9F294D07234059AA.PDF

          The last date to submit your views to Reserve Bank of India on this discussion paper is: on or before October 3, 2022.

          The email id to submit your views is: dpssfeedback@rbi.org.in

          Views need not be shared via the physical mode, a soft copy of your views to the above email id is sufficient.  

          So, go ahead and provide your feedback.

Feedback which may be useful to shape future policies on Safe ePayments in our country.

Feedback which if successfully implemented in India, can be a benchmark for other nations.

The more feedback received by Reserve Bank of India, the more it will be helpful for overall customer experience.

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

 

Reserve Bank of India - Department of Payments and Settlements invites suggestions from General Public

 

        Reserve Bank of India, DPSS during the second half of 25^th January 2021 placed on the official RBI Website a 142 pages booklet titled ‘Journey in the Second The decade of the Millennium 2010-20’

This 142-page booklet traces our country’s journey in Payment and Settlement Systems during the second decade of the millennium.

The second decade of the millennium refers to the period between the beginning of 2010 till the end of 2020.

        The booklet is a fascinating journey in capturing the essence of the legal and regulatory environment underpinning the digital payments systems, various enablers, payment options available to consumers, extent of adoption, etc. during 2010 to 2020.

        The earlier booklets on India’s Payment Systems were released by Reserve Bank of India in 1998 and 2008.

This third Booklet in the series is expected to serve as a reference document for the growing interest across the world for the fast-paced developments in India’s digital payment systems.

        To me, these are the most important lines in the whole document: -

        Page 4 – Last Line – Suggestions and Feedback are welcome.

 Email: helpdpss@rbi.org.in

        There is no time limit in which the suggestions and feedback are sought. It is an ongoing process.

        All interested persons can submit their suggestions, provide feedback as and when they pen down their thoughts.

        Disclaimer:  These are my personal views only. The bottom-line is Mission “#LessCashNotCashLess”

Amendments to Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India

As the concept of Prepaid Payment Instruments are becoming popular in our country, RBI to further encourage Safe ePayments has considered it necessary to announce two amendments.

The following are two amendments announced on 12/06/2012

1. The limit of Rs 1000/- for semi-closed prepaid payment Instrument that can be issued under Para 6.4 (i) of guidelines dated April 27, 2009 has been raised to Rs 2000/-.

The instruments can be issued against any identity document furnished by the customer as long as the issuer reports the annual transfer/suspicious transactions. Further, RBI has also specified that only one active instrument should be issued by the issuer to the same holder I.e multiple instruments should not be issued.

Another important amendment is on the belief that the full KYC of the customer has been done by the provider of such services.

2. The issue of semi-closed prepaid payment instrument upto Rs 10,000 without separate KYC being conducted by the issuer, for payment of utility bills/ essential services/ air and train travel under Para 6.4 (iii) was permitted on the premise that full KYC of the customer is already being done by the provider of such services. The control exercised by the issuer has been on the acceptance side, ie. utility of the card for the specific purpose at the specific merchant. Based on this rationale, it has been decided to redefine the merchant categories under Para 6.4 (iii).

The Merchant categories now included under Para 6.4(iii) are :-

a) Utility providers/Essential service providers viz electricity bills, water bills, telephone/mobile phone bills, insurance premium, cooking gas payments, rental for Internet/Broadband Connections, Cable/DTH subscriptions and Citizen Services by Government or Government bodies. .

b) Air and Train travel tickets

c) recurring payment of college fees

d) recurring payment of school fees

e) government taxes upto a limit of Rs10,000/-

The concept of Prepaid instruments in India was first thought of in the paragraph 151 of ‘Annual Policy Statement for 2009 – 2010’

Semi-closed system payment instruments are redeemable at a group of clearly identified merchant locations or establishments which contract specifically with the issuer to accept the payment instrument. No cash withdrawals are permitted under the semi-closed payments instrument options.

A Payment Instrument in brief can said to be instruments which permit transactions for value between a payer and beneficiary by which the payer discharges the payment obligation of the beneficiary. The payment mode can be pre-paid, post-paid(eg mobile connections) or immediate discharge.

A simple defintion of Pre-Paid Instrument is any payment instrument which permit transactions for value stored in them. The most popular prepaid instruments in India are the prepaid mobile vouchers. As the prepaid mobile vouches gained popularity, the concept was extended to other services.

Prepaid instruments aim to reduce the usage of cash and also enable ePayments through internet/mobile shopping.

Popular types of Prepaid payment instruments.

1) Closed System Payment Instruments: These are payment instruments generally issued by business establishments for use at their respective establishment only. These instruments do not permit cash withdrawal or redemption. The best example could be canteen tokens issued by business establishments.

2. Open System Payment Instruments: These are payment instruments which can be used

for purchase of goods and services and also permit cash withdrawal at ATMs; The best example is the Bank Debit Card.

3. Semi‐closed System Payment Instruments: These are payment instruments which are

redeemable at a group of clearly identified merchant locations/ establishments which contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the holder; The best example are the mobile recharge vouchers.

4. Semi‐open System Payment Instruments: These are payment instruments which can be

used for purchase of goods and services at any card accepting merchant locations (Point

of sale terminals). These instruments do not permit cash withdrawal or redemption by

the holder.

Normally, cross border transactions are not permissible on these instruments. However, only entities which have permissions under FEMA can issue cross border transaction enabled prepaid instruments.

In India, of the above 4, RBI has permitted the issuance of the following three types of instruments:

(i) Closed system payment instruments Examples of such instruments are gift vouchers issued by certain merchant establishments and telephone calling cards. Mobile prepaid value may also be considered as a closed‐system prepaid payment instrument, though they can be used for availing of additional value‐added services.

(ii) Semi‐closed system payment instruments. E.g. prepaid cards which are redeemable at a group of establishments associated with a particular shopping mall, tourist resorts, or at establishments and service providers listed out by the issuer; and

(iii) Open system payment instruments ‐ only banks are permitted to issue this type of

instruments.

Previous Circulars on Pre-Paid Instruments:

RBI / 2008-09 / 458 DPSS. CO. PD. No. 1873/02.14.06/2008-09 dated April 27, 2009,

RBI / 2010-11 / 261 DPSS. CO. No. 1041 / 02.14.006 / 2010-2011 dated November 04, 2010

RBI / 2011-12 / 144 DPSS. CO. PD. No. 225/02.14.006/2011-12 dated August 04, 2011