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Showing posts with label india post. Show all posts
Showing posts with label india post. Show all posts

Online purchases bring business to India Post

Posted by binu P Friday, October 20, 2017 0 comments

As many as 17,721 parcels were handled by western region in October
With consumers making more online purchases during the festival season, the Postal Department saw a jump in the e-commerce packets it handled in the western region this year.

 
According to data available with the department, between October 1 and 18, as many as 17,721 parcels were handled in this region, registering postal revenue of ₹19.13 lakh for orders delivered within the country.
An official with the department in Coimbatore said that Amazon continued to have the largest volume with more than 5,000 parcels.
What came as a boost this year was the use of speed post by a couple of local retailers to deliver parcels purchased by customers online.
The department sold Sri Krishna Sweets gift coupons and also distributed its orders booked online. 

This included delivery to buyers in countries such as Singapore and the U.S. Within the country, the department delivered about 1,000 parcels during these 18 days only for Krishna Sweets.
Two more retailers - one from Salem and another from Coimbatore - had also tied up with the department for delivery of parcels booked online.

“We were able to deliver the parcels within two days and there are no complaints. We will leverage on Speed Post for delivery of online orders,” the official said.

Compared to last year, the postal revenue and volume of parcels (e-commerce) handled by the postal department in this region was certainly high.

Apart from this, there were many who booked parcels by registered post to send gifts to friends and relatives, the official added.

source: the hindu

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Post office fined Rs 1 lakh for delay in delivery

Posted by binu P Monday, October 16, 2017 0 comments

Plea by Punjab Public Service Commission aspirant upheld

Upholding a judgment passed by the Punjab State Consumer Disputes Redressal Commission, the National Consumer Disputes Redressal Commission (NCDRC) said earlier this month that the post office concerned in Mohali was required to compensate a Punjab Public Service Commission aspirant after his application was not delivered on time.
The NCDRC also upheld the State commission’s order for compensation of ₹1 lakh to the aspirant.

Speed Post Indiapost

Disqualified from exam

The aspirant had alleged that despite sending his application form for the examination on time the post office had failed to deliver it on time to the authorities concerned, which led to his disqualification from the examination.
“The citizen’s charter of India Post has declared the time for speed post within same circle as one or two days. Patiala, where the speed post was to be delivered, is just 70 km from Mohali. He [the complainant] came to know that the speed post was wrongly sent to Delhi,” read the order dated October 6.
In defence, the respondents contested the claim citing relevant sections from the Indian Post Office Act stating that “no officer shall incur any liability by reason of any such loss, misdelivery, delay or damage unless the same was caused fraudulently or by wilful act or default”.
Rejecting the claim, the District Consumer Disputes Redressal Forum in Mohali had in 2013 directed the post office to compensate the complainant by paying ₹50,000.
“Not delivering the speed post article to its addressee clearly constituted a wilful act of deficiency in service on their part,” the order had read.
The opposite parties contested the claim and appealed to the State commission. However, the State forum not only upheld the order but also increased the compensation amount to ₹1 lakh.

Aspirant traumatised

“The complainant had prepared for the examination and had undergone trauma when his application was received late. In our view, ₹1 lakh will be adequate compensation,” read the State commission’s order.
Upholding the same, the NCDRC said the postal service “cannot take shelter behind Section 6 of the Indian Postal Act to absolve of its responsibility by merely stating that the complainant should have kept track of the article on the postal website. There is a clear cut of deficiency of service on their part.”

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E-commerce boom profits India Post

Posted by binu Monday, September 28, 2015 0 comments

With 30 per cent growth month-on-month for the last five months, the AP and Telangana Circle is looking for multi-fold growth in the next three months in e-commerce revenue
Hyderabad: Forget the pros and cons of e-commerce business, it is celebration time for India Post. With e-commerce sector registering a phenomenal 30 per cent monthly growth, the beneficiary is the postal department which is raking in the moolah.
India Post AP and Telangana Circle is looking to cash in on the festival season beginning with Navaratri and ending with Christmas.Speaking to The Hans India, P V S Reddy, Postmaster General, Business Development, 

India Post AP and Telangana Circle said, “40 per cent of the business takes place between October and December. There would be delivery of articles on Sunday as well as on festival days.”
From delivery of 1.23 lakh articles of e-commerce companies in April to 2.17 lakh articles in August, a great leap was being observed in the number of articles.
Sensing the huge potential, the department was planning to develop its infrastructure. Parcel hubs of 2,000 to 12,000 sq ft were being developed at Guntur, Tirupati and Hyderabad.
With 2,532 delivery post offices in Telangana and Andhra Pradesh, the postal department is looking forward to make the most of the digital economy.
While private courier companies cannot reach smaller towns and villages, India Post is banking on its local knowledge and wide network.
It is a win-win situation for the vendors as well as the postal department. With facilities such as picking up articles from storehouses of vendors free of cost to providing 60-day credit facility,
the department is making most of it and reaching out to big e-commerce companies such as Amazon, Naaptol, Flipkart and Snapdeal. 
“It is also smaller players such as Shopping Zone, RK Mart and others that are catering to many tier-II cities,” says Ramakrishna of the department.
Explaining the advantage of using India Post, a senior officer of Amazon said, “Unlike private courier services where booking is done on volumetric base,
at India Post it is done on mass based weight which means even if the article is big in size only the weight is calculated. Private courier services take even space into account.”  
“The Postal Department also picks up the goods from the Amazon fulfillment centre (place where the goods are stored) at Kothur in Hyderabad free of cost we cannot ask for more,” added the official at Amazon.
With the mega sale offers by the big e-commerce players just round the corner, the good old postman was once again getting busy. Reddy says, “Customers not only get their goods within a day, but they can also track their article as it goes through 12 scans from the point of booking till delivery.”
Private couriers charge for return delivery while India Post sends the article back to the vendor free of cost India post collects the goods from the store houses of e-commerce companies free of cost While private players cannot deliver in smaller towns, with 2,532 delivery post offices, the department has a strong network.

 source: www.thehansindia.com

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8 post office small saving schemes to gain big benefits

Posted by binu P Thursday, April 16, 2015 1 comments

The interest rates of small saving schemes are linked to the yield of government bonds and revised every year. ET gives a ready reckoner of the current rates and features of these schemes.

POST OFFICE MONTHLY INCOME SCHEME

Interest rate offered: 8.4%
Lock-in period: Five years. Premature encashment allowed after one year, with deductions.
Tax benefits: None
Investment limit: Rs 1,500 to Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account.
Pros: Suitable for those looking for a secure monthly income. Senior citizens can park a portion of their investments in this scheme.
Cons: Long lock-in period. Unlike bank FDs, this does not offer senior citizens a preferential rate of interest.

KISAN VIKAS PATRA*

Interest rate offered: 8.7%
Lock-in period: 100 months. Premature withdrawal two and a half years.
Tax benefits: None
Investment limit: Minimim Rs 1,000 and no maximum cap. Investments have to be made in denominations of Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000.
Pros: An attractive and secure interest rate. Can be encashed after two and a half years. Transfer of instrument is permitted.
Cons: Interest earned is taxable, eating into post-tax returns. Other more remunerative instruments have an upper hand.

PUBLIC PROVIDENT FUND*

Interest rate offered: 8.7%
Lock-in period: 15 years. Partial withdrawals allowed from the seventh financial year. Loans can be sought from the third financial year.
Tax benefits: Deductions under Sec 80C for investments up to Rs 1.5 lakh.
Investment limit : Rs 500 to Rs 1.5 lakh.
Pros: Attractive, guaranteed and taxfree returns. The instrument is exempt from tax at investment, accumulation and maturity stages (EEE).
Cons: Largely illiquid due to the long lock-in tenure. Will not help meet short-term needs.

10-YEAR NATIONAL SAVINGS CERTIFICATE

Interest rate offered: 8.8%
Lock-in period: 10 years
Tax benefits: Deductions up to Rs 1.5 lakh under Section 80C.
I
nvestment limit: Minimum Rs 100. No maximum limit. Investments have to be made in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000.
Pros: Easy to purchase and understand. Offers assured returns with tax benefits.
Cons: Interest earned is subject to tax on maturity. For senior citizens, not as lucrative as taxsaver bank fixed deposits.

SENIOR CITIZENS SAVINGS SCHEME*

Interest rate offered: 9.3%
Lock-in period: Five years. Premature closure allowed after one year and two years on deduction of 1.5% and 1% respectively of the deposit. Interest is paid out every quarter, offering liquidity during the lock-in period.
Tax benefits: Deduction under Section 80C for investments up to Rs 1.5 lakh.
Investment limit : Rs 1,000 to Rs 15 lakh.
Pros: High, secure returns, with partial liquidity.
Cons: Locking away huge amounts could deprive senior citizens of funds for medical and other emergencies in the interim.

5 YEAR NATIONAL SAVINGS CERTIFICATE

Interest rate offered: 8.5%
Lock-in period: Five years
Tax benefits: Deductions up to Rs 1.5 lakh under Sec 80C.
Investment limit: Minimum Rs 100. No maximum limit. Investments have to be made in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000.
Pros: Easy to purchase and understand. Offers assured returns with tax benefits.
Cons: Interest earned is subject to tax on maturity. For senior citizens, not as lucrative as tax-saver fixed deposits from banks.

SUKANYA SAMRIDDHI YOJANA*

Interest rate offered: 9.2%
Lock-in period: Till the girl child turns 21. Partial withdrawal of up to 50% of the balance (as on last date of the preceding financial year) allowed after the girl turns 18 years old. Premature withdrawal of the entire balance permitted upon marriage of the girl after she turns 18.
Tax benefits: Deduction under Section 80C for investment up to Rs 1.5 lakh.
Investment limit : Rs 1,000 to Rs 1.5 lakh.
Pros: Offers high, tax-free and guaranteed returns. Ideal scheme for parents looking to build a corpus for the education of their girl child under 10.
Cons: Lengthy lock-in period. More illiquid than PPF.

FIVE-YEAR POST OFFICE TIME DEPOSITS#

Interest rate offered: 8.5%
Lock-in period: Five years
Tax benefits: Deduction up to Rs 1.5 lakh under Section 80C.
Investment limit : Minimum Rs 200. No maximum limit. Further investments have to be made in multiples of Rs 200.
Pros: Easy to understand, operate and invest in. Tax concessions.
Cons: Returns earned are taxable. Senior citizens can earn higher returns (9-9.25%) by investing in tax-saver FDs
*Apart from post offices, some banks also facilitate investments in these instruments
# You can also invest in five-year recurring deposits (8.4%) or fixed deposits with shorter tenures of between one to four years (8.4%). However, deposits with these tenures won't entitle you to tax benefits.
source: economictimes.indiatimes.com
 

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India Post to launch e-commerce website

Posted by binu P Tuesday, February 3, 2015 2 comments

India Post to Launch its Own E-Commerce Marketplace. 


India Post to unveil an e-commerce portal like Amazon or flipkart. 

India Post to unveil an e-commerce portal like Amazon or flipkart.  India post is all set to launch its own e-commerce portal like Amazon or eBay soon. This portal will a part of India Post’s IT based modernization initiative worth Rs 5,000 crore, says a report in Economic Times.  

India Post, having one of the largest logistics network in the world, is now all set to launch their own ecommerce portal, which will work as a market place to connect buyers and sellers from all over the country. Although still in the planning phase, as per reports coming in from ET, the portal would be live within next 6 months.

Mr. John Samuel, member of Postal Services Board said, “At planning and designing phase now, the final rollover of the dedicated postal e-commerce portal may take another 6 months. But we are excited about this new avatar in our service basket,”

This is the second Government run body after IRCTC to step into e-commerce. IRCTC had launched its portal in partnership with Yebhi, but that didn’t work out and Yebhi itself changed its business model in 2014. India Post comes with an experience in handling e-commerce logistics, also it had gotten into an MoU with companies like Snapdeal, Amazon and Shopclues to propel this particular segment. Will this new arm create a conflict of interest with portals dealing in the same space?


 3  Reasons It Can Become India’s Largest Online Marketplace



Massive Infrastructure and Reach


India Post is world’s most widely distributed postal system, with 1.5 lakh+ post officesall over the country. It has an army of 4.6 lakh employees, who are distributed across every nook and corner of the country. An average post office serves 7000 citizens, and 21.23 square kms and the most crucial factor: 90% of all post offices are in rural areas.
With such massive infrastructure and penetration, India Post can beat all existing online market places in India; in fact, if we visualize its reach, then it can compete with Alibaba in no time.
Last year, India Post successfully processed cash on delivery orders worth Rs 280 crore for other ecommerce portals such Snapdeal and Flipkart. As per recent study, 50-70% of all ecommerce orders are cash on delivery medium, and once India Post launches their full-fledged ecommerce operations, they can capture this segment, overtaking all existing players.


Inbuilt Banking Platform & Payment Options


India Post has recently amended the “Post Office Savings Bank General Rules, 1981”, which has empowered them to issue ATM cards to their saving bank account users. Thus, Post Office has now almost transformed into a Bank. Although only selected CBS enabled post offices has ATM cash withdrawal option, but as part of their IT modernization drive, soon all post offices would be covered under this scheme.

Banking industry is closely watching the developments, as the Government can very soon give final approval to convert India Post into a full-fledged bank; and once that happens, it will become Asia’s biggest banking platform, overtaking Japan and China, which are currently world’s largest Postal Banking platforms. In the year 2012-13, India Posts had generated revenues worth Rs 9365 crore has atleast 10 times assets and deposits.
Imagine a scenario where both the buyer and the seller has bank accounts with India Post: not only the transactions on their ecommerce platform would be seamlessly processed, but also India Post would be able to provide easy & fast credits and loans for their customers.
A whole eco-system can be created, just like Ebay did with Paypal, where both buyers and sellers are protected and chances of fraud are diminished. In case of India Post, it would be a step ahead, as they would be the official banking platform as well.

Trust Factor

India Post was founded in April 1st, 1774, and has been operational ever since. Department of Posts comes under Ministry of Communications and Information Technology of the Government of India. It is a well-organized structure having an apex body known as Postal Service Board which consists of a chairman and six board members covering: personnel, operations, technology, postal life insurance, human-resource development (HRD) and planning.

When such a dedicated organization starts a digital business platform, then it will attract trust and confidence. Buyers and sellers from all over the world can trust and rely on India Post because they will have the Government backing, an organized managed, massive infrastructure and an inbuilt banking system.
The above three reasons are coming out of an optimistic digital marketer, who understands that

India Post needs to shed their old fashioned outlook, and embrace technology in a big way. Instead of hiring candidates from other Government organizations, they should invite technology experts from the IT industry and invest on technology. They will have understand that ecommerce is now a technology business, and they have to realize that they have the required infrastructure and manpower to make it really big.
Mr. Samuel sums it well, when he said, “We need to bring change in our own attitude at certain corners to churn out the best out of this initiative,”


 



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