NMDC modifies existing Provision scheme for Officers

by Psu Connect
Date: 28-12-21

As per the scheme, the life of the assets has been fixed at 5 years and after. completion of the five years, the asset is transferred to the employee.

NMDC modifies existing Provision scheme for Officers

NEW DELHI: NMDC Limited, a government-owned mineral producer under the administrative control of the Ministry of Steel, Government of India on Monday issued orders that mentioned the modifications in the existing Provision scheme of furnishings on hire facility to Executives/Junior Officers.

The order states, The Competent Authority has approved a modification to the existing scheme of Provision of furniture/furnishings on hire facility to the Executives/ Junior Officers of the Company, to the extent given below:

The overall monetary limit for purchase of furniture/furnishings on hire facility has been enhanced as follows:

Grade/ Level

1. M-11/ED
Existing Limit (in Rs.) 300000.00
Revised Limit (in Rs.) 410000.00

2. M-10/CGM
Existing Limit (in Rs.) 250000.00
Revised Limit (in Rs.) 340000.00

3. M-09/GM
Existing Limit (in Rs.) 250000.00
Revised Limit (in Rs.) 340000.00

4. M-08/DGM
Existing Limit (in Rs.) 175000.00
Revised Limit (in Rs.) 240000.00

5. M-07/ AGM
Existing Limit (in Rs.) 175000.00
Revised Limit (in Rs.) 240000.00

6. M-06/SM
Existing Limit (in Rs.) 150000.00
Revised Limit (in Rs.) 210000.00

7. M-05/Mgr
Existing Limit (in Rs.) 150000.00
Revised Limit (in Rs.) 210000.00

8. M-04/DM
Existing Limit (in Rs.) 125000.00
Revised Limit (in Rs.) 170000.00

9. M-03/AM
Existing Limit (in Rs.) 125000.00
Revised Limit (in Rs.) 170000.00

10. M-02/JM
Existing Limit (in Rs.) 125000.00
Revised Limit (in Rs.) 170000.00

11. JO/JO
Existing Limit (in Rs.) 100000.00
Revised Limit (in Rs.) 140000.00

These limits will be excluding GST.

It added, As per the scheme, the life of the assets has been fixed at 5 years and after. completion of the five years, the asset is transferred to the employee. Once the assets are transferred to the individual, the original value of the asset (less GST) will be added back to the monetary ceiling of the Executive/ Junior Officer so that the funds could be utilized for replacement/ procurement of new asset.

Further, the value of the assets that have been transferred to the individual during January-June of a year will be added back wef 01st July of the year and the transferred between July-December will be added back wef 01st January of next year. The other terms and conditions of the scheme will remain unaltered. The above amendments shall be effective from 25.12.2021.