Is postal department in loss?
With an annual loss to the exchequer of Rs. 19,000 crores in fiscal year 2019 and Rs. 15541 crores in 2020, the postal department has been India's top loss-making entity.17-Nov-2021
The postal department has always been the biggest loss-making entity in India, surpassing others like the Air India and BSNL, with an annual loss to the exchequer to the tune of ₹19,000 crore in the fiscal year 2019, and amounting to ₹15,541 crore in the year 2020.
What is the average area served by each Post Office of India Post?
21.36 sq.km
* Data as on 30-04-2021 (Updated Annualy)
What is the future of India Post?
India Post has the potential to be the flyover that can link rural India with urban India. It has the potential to accelerate savings through financial inclusion. It can be the real and virtual market platform for farmers. It can deliver both credit and insurance to small farmers and micro enterprises.28-May-2022
Government departments, such as Railways, Posts, Airports Authority of India, major port trusts, and those that undertake commercial operations with development mandate, will not come under the ambit of the new PSU privatisation policy announced in the Union Budget 2021-22.05-Feb-2021
Is the post office making a profit?
On a U.S. generally accepted accounting principles basis, the Postal Service had a net loss of $4.9 billion for 2021, compared to a net loss of $9.2 billion for 2020.10-Nov-2021
Postal Services Board, Dak Bhawan,New Delhi-110001.
Who owns the post office?
Mumbai GPO was formed in 1794 although the office moved into the present building on April 12, 1913. Spread over 1 lakh sq ft, this is the biggest post office in India.13-Apr-2013
Which country has largest postal network?
India
Budget 2022: Finance Minister Nirmala Sitharaman on Tuesday announced that all 150,000 post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks.01-Feb-2022
Is GDS Central govt job?
Till 1963, the GDS or the Extra Departmental Agents were treated as Government employees and were covered by the service conditions applicable to civil servants. However, the Department of Post reversed this position thereafter and contended that they are not Central Government employees.
The East India company opened its first post office in 1727. In 1774 Calcutta GPO was established. The site where the GPO is now located was actually the site of the first Fort William. An alley beside the post office was the site of the guardhouse that housed the infamous 1756 Black Hole of Calcutta (1756).
How many types of Post Office are there in India?
It is basically classified into 3 types, namely – Head Post office, Sub Post Office and Branch Post Office.
It was Rs 18,946 crore in 2015-16, Rs 23,480 crore in 2016-17, Rs 27,129 crore in 2018-19 and Rs 28,371 crore in 2019-20. The deficit has grown over the years. It was Rs 6,258 crore in 2014-2015, Rs 6,007 crore in 2015-16, Rs 11,969 crore in 2016-17, Rs 13,646 crore in 2018-19 and Rs 14,813 crore in 2019-20.27-Jan-2022
What is the future of the Post Office?
USPS ended fiscal 2021 with a $4.9 billion net loss, its 15th consecutive year of net losses. However, that net loss is nearly half the $9.2 billion loss it reported in fiscal 2020, and agency executives say USPS remains on track to break even as early as fiscal 2023.10-Nov-2021
Despite being publicly owned, the Post Office Ltd Board have responsibility for the day-to-day operations of the Post Office. However, the Post Office Ltd remains accountable to the government and must maintain at least 11,500 branches which are subject to access requirements, as described below.18-Oct-2021
What happens if post office is privatized?
A privatized USPS would pay federal, state, and local taxes. Members of Congress often express concern when major companies do not pay taxes. The USPS is a $70 billion company that does not pay taxes. Paying taxes would put the USPS on a level playing field with other businesses.09-Jul-2019
As a department of the government of India, the salary of the employees of the post office is on a par with other government employees.24-Apr-2019
Should postal service be privatized?
The ability to get your mail simply should not be a function of how much you make or where you live. Privatization would also disregard the hardworking women and men who make the mail system go. Their jobs, benefits, and the service equity they provide will all be endangered.10-Aug-2020
Is postal department in loss?