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    AP GO 99-G.I.S Revised Rate of Interest Calculate 8.7%p.a from 01.04.2015 to 31.03.2016

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    AP GO 99-GIS Revised Rate of Interest Table from 01.04.2015 to 31.03.2016– Employees Welfare Scheme – Andhra Pradesh State Employees Group Insurance Scheme – 1984 – Revised Rate of Interest on accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01.04.2015 to 31.03.2016 – Revised Tables – Orders – Issued. -------------------------------------------------------------------------------------------------
    FINANCE (ADMN.II) DEPARTMENT

     G.O.MS.No. 99 Dated: 06-08-2015 Read the following: 

    1.  G. O. Ms. No. 293, Finance & Planning (FW. Accts.II) Dept., dated: 08.10.1984. 
    2. G. O. Ms. No. 312, Finance & Planning (FW.Admn.II) Dept., dated: 06.11.1984. 
    3. G. O. Ms. No. 367, Finance & Planning (FW.Admn.II) Dept., dated: 15.11.1994. 
    4. G. O. Ms. No. 381, Finance & Planning (FW.Admn.II) Dept., dated: 05.12.1994. 
    5. G. O. Ms. No. 382, Finance & Planning (FW.Admn.II) Dept., dated: 05.12.1994. 
    6. G. O. Ms. No. 54, Finance (Admn.II) Department, dated: 06.04.2011. 
    7.  G. O. Rt. No. 2425, Finance (Pen.II) Department, dated: 10.05.2012. 
    8. G. O. Ms. No. 148, Finance (Admn.II) Department, dated: 06.06.2012. 
    9.  G. O. Rt. No. 2735, Finance (Pen.II) Department, date: 16.06.2012. 
    10.  Government of India Office Memorandum No. 7(2)EV/2012 Ministry of FinanceDepartment of Expenditure, dated: 15.01.2013. 
    11.  Dy. Accountant General (Funds) O/O the Principal Accountant General (A & E),A. P., Hyderabad FM/ GI.II/9-3/2013 – 14/109, dated: 25.04.2013. 
    12.  G. O. Rt. No. 2142, Finance (Pen.II) Department, dated: 30.04.2013. 
    13.  Director of Insurance, Letter No. 2/GIS-I/Tables/2013 – 2014, dated: 17.04.2013 and 09.05.2013. 
    14.  G. O. Ms. No. 126, Finance (Admn.II) Department, dated: 29.05.2013. 
    15.  Director of Insurance, Letter No. 2/GIS-I/Tables/2014 – 2015, dated: 01.04.2014 
    16.   G.O. Ms. No. 90, Finance (Admn-II) Department, dt: 01-05-14 
    17.  No. 07 (1) E/014, dated: 22-01-2015 of the Director, Government of India, Ministry of Finance, Department of Expenditure, New Delhi. 
    18.  Lr. No. 02/GIS-I/Tables/2015-16, Dt: 24-06-2015 of the Directorate of Insurance, A.P. Hyderabad. ****** 


     AP GO 99-G.I.S Revised Rate of Interest Calculate Table from 01.04.2015 to 31.03.2016
    O R D E R:
    In the reference 1stread above orders were issued introducing Group Insurance Scheme to the State Government Employees in place of Family Benefit Scheme with effect from 01.11.1984. According to Para 9 of the reference 1st read above, the accumulations of Savings  Fund part and Insurance Fund part shall carry interest at the rates prescribed by Government from time to time. Contd…..P2 :: 2 :: 2. In the reference 2nd read above, orders were issued for apportioning the subscription of each unit of Rs. 10/- between Insurance Fund and Savings Fund in the ratio of Rs. 3.125/-and Rs. 6.875/- respectively. 3. In terms of the recommendation of the Committee constituted to review the workingof the Andhra Pradesh State Employees Group Insurance Scheme in Government orders 3rd above orders were issued for revision of rate of subscription each unit from Rs. 10/- to Rs. 15/- with effect from 01.11.1994. In modification of the Para 9 of the Government orders 1stread above, orders were issued in Government orders 4 thread above, for fixing the intereston the accumulations of the Savings Fund of the Member of the Scheme for the State as awhole and shall be paid at the Rate of 12 % per annum compounded Quarterly with effect from 01.11.1994. Further, in the Government orders 5 thread above, the apportionment of the subscription of each unit Rs. 15/- between Insurance Fund and Savings Fund was fixed in the ratio of Rs.4.50/- and Rs. 10.50/- respectively with effect from 01.11.1994. The amount of insurance coverage will beRs. 15,000/- for each unit of subscription. 4. The rate of interest on accumulations of Savings Fund of the Member of the Scheme and the interest on the Insurance Fund from time to time is as follows:
     
    5. In the reference 14th read above, Government has issued orders to reduce the rate of interest from 8.8 % to 8.7 % per annum with effect from 01.04.2014 on the Provident Fundsand other similar funds i.e., Andhra Pradesh Government Life Insurance Funds maintainedby the Government of Andhra Pradesh on par with rates of Government of India until furtherorders.
     6. In view of the above circumstances and after careful examination of the matter,Government hereby order that the revised rates of interest on the Andhra Pradesh Group Insurance Savings Fundsshall be allowed at 8.7 % per annum from 01.04.2015 onwards. The Tables are revisedand issued for the period covering from 01.04.2015 to 31.03.2016. The revised tables ofbenefits I, II and III, III (A) to III (U) on Savings Fund of Andhra Pradesh State EmployeesGroup Insurance Scheme – 1984 on cessation of membership during the period from01.04.2015 to 31.03.2016are appended herewith for making payments under the Scheme.
    7. These orders and Tables shall come in force with effect from 01.04.2015.
    8. The Sanctioning Authorities / Drawing and Disbursement Officers / Treasury Officers/ District Audit Officers / Pay and Accounts Officers / Director of Works Accounts are requested to keep in view of the appended Table while sanctioning and making the final payments under Group Insurance Scheme for proper implementation of the Scheme. Further,the following instructions shall also be scrupulously followed:
    1. The Head of the Department / Drawing and Disbursement Officer shall be held responsible for sanctioning the Group Insurance Scheme final payments.If any excess payments are found, the difference amount shall be collected from the sanctioning authority and such Officers are liable for disciplinary action.
    2. The Drawing and Disbursement Officer shall recover the correct rate of subscription according to the eligible group of the employees. For any excess / less recovery, the Drawing and Disbursement Officer concerned shall be held responsible.
    3. The Director of Insurance (FAC), Andhra Pradesh, Hyderabad shall conduct a regular Audit of all claims paid under Group Insurance Scheme and send a report to the Head of the Department concerned.
    4. The Head of the Department concerned shall take action against the erring officials who are responsible for the excess / less recoveries wherever they are detected.
    5. Any excess payment made, if found during the Audit by the Directorate of Insurance, the same shall be immediately recovered from the concerned and remitted through Challan to the concerned Head of Account by the Drawing and Disbursement Officer and the fact of remittance shall invariably be communicated to the Directorate of Insurance.
    6. If an employee’s subscription is not recovered during his Service Period, the total subscription along with interest shall be recovered from the payment sadmissible to him.
    7. All the Heads of Offices should take prompt action for recording the necessary subscription entries in the Service Registers of the employee sunder proper attestation every year at the close of March and a Certificate shall be recorded in the Service Book of each employee that subscription to the Scheme at the appropriate rates have been recovered for the period fromApril to March. The entries shall be attested by the Drawing and DisbursingOfficer. 8. As per G. O. Ms. No. 910, Finance (Admn.II) Department, dated: 28.10.2002.“Sanctioning authority shall send a copy of sanction orders of the GroupInsurance Scheme Payment including calculation slip to the Directorateof Insurance for verification”.
    9. The Director of Insurance (FAC) is further advised to obtain the revised rates of interest from the Government of India and submit the proposals to the Government in advance everyyear so as to issue orders in time.
    10. The Director of Insurance (FAC), Andhra Pradesh, Hyderabad shall take further necessaryaction in the matter accordingly.

     (BY ORDER AND IN THE NAME OF THE GOVERNOR OF ANDHRA PRADESH) K. SUNITHA SECRETARY TO GOVERNMENT (B&A)

    Table II
     showing the interest payable (Interest only) on the accumulation of Savings fund as on 31-10-1994 per each unit of Rs.10/- @ 12% p.a. from 1-11-1994 to 31-3-2000 @ 11% p.a. from 1-4-2000 to 31-03-2001 @ 9.5% p.a. from 01-04-2001 to 31-03-2002 and 9%p.a from 01-04-2002 to 31-10-2004 ,8% p.a from 1-11-2004to 30-11-2011, 8.6%p.a from 01- 12-2011 to 31-03-2013 and 8.7%p.a from 01-04-2013onwards Compounded Quarterly on cessation of membership from the scheme.

    DOWNLOAD AP GO 99-G.I.S Revised Rate of Interest Calculate Table from 01.04.2015 to 31.03.2016
    DOWNLOAD  G.O. Ms. No. 90, Finance (Admn-II) Department, dt: 01-05-14 

    TABLE – III 
    Table showing the benefit i.e. accumulated savings with interest from Savings Fund on the revised rate of contribution of Rs.15/- p.m. ( Rs.10.50 towards savings fund for each unit of Rs.15/- p.m.) w.e.f. 1-11-1994 onwards at 12% p.a. from 1-11-1994 to 31-3-2000, @11% p.a. from 01-04-2000 to 31-3-2001 , @ 9.5 % p.a. from 1-4-2001 to 31-03-2002 and @ 9%p.a from 1-4-2002 to 31-10-2004, 8% p.a from 1-11-2004 to 30-11-2011, 8.6%p.a from 01-12-2011 to 31-03-2013 and 8.7%p.a from 01-04-2013 onwards compounded Quarterly on cessation of membership from the scheme. The following tables are prepared in continuation to the tables as prescribed in G.O.Ms. No. 90 Finance (AdmnII) Department dated 01-05-2014. 
    DOWNLOAD AP GO 99-G.I.S Revised Rate of Interest Calculate Table from 01.04.2015 to 31.03.2016


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