New Uses For Used Tea Bags

CUTS Institute for Regulation and Competition (CIRC) in India


CIRC Core Activities

CIRC offers a wide range of programmes aimed at the existing scenario and will cater to the unmet demand of trained personnel in the following areas:

point Economic Regulation
point Competition Policy and Law


The Aim

Their aim is to offer educational and training programmes on the referred subjects, while maintaining international standards

  • Facilitate research to enhance understanding and explore inter-disciplinary linkages among the identified subjects
  • Create and maintain a knowledge database
  • Offer consultancy services to governments, regulators, business, etc.


Customer-Focused Approach

Cater to specific needs by offering customised training programmes.


Who is it meant for?

It focuses on civil servants, staff of regulatory bodies, civil society organisations, researchers, professionals and business. Career aspirants are also amongst the target clients.
The Difference
The Real thing: Local content in course curriculum (real life situations) will be the basis of the study material.
Quality Matters: Global quality standards and Inter-disciplinary approach will form the basis for all disciplines.
Widening Horizons: CIRC will employ a multi-stakeholder approach and in doing so aim to maintain a rich tapestry of resources both in terms of faculty and institutional affiliations.



Lectures, case analysis, interaction with experts are being used as tools to provide strategic understanding, develop core skills and encourage in-depth knowledge of the dynamics involved.
Online courses are being/ will be offered utilising techniques that will be relevant and adapted to the particular needs of recipients. In doing so the aim is to share knowledge, exchange experiences and build networks.

Product Range

Certificate and Diploma Courses for students / practitioners in Competition Law and Economic Regulations
Training courses for practitioners are special features wherein modules are being crafted in specification to their needs and demand.
Conferences/Seminars/Workshops are the media through which the CIRC programme are being promoted. Besides this and much more the Institute will extend professional expertise through Research Journals, Policy Briefs, etc.
CIRC will offer Consultancy services to regulatory bodies, governments and business for better markets.

Customers not liable for e-frauds, if reported in time

Onus Now On Banks To Make Good Losses

Concerned over the rise in complaints about unauthorized electronic transactions, the Reserve Bank of India has introduced a policy of `zero liability’ for customers in third-party frauds if they are reported within three days. This means banks will have to make good the losses suffered by customers.In cases where the victim notifies the fraud between 4 and 7 days after coming to know about it, the customer’s liability will be capped at Rs 5,000.

In a draft notification issued on Thursday , the RBI said that if a bank employee is responsible for the fraud, the customer must get his money back irrespective of whether it is reported in time or not.

The three-day time limit for reporting a fraud will start from the day the customer receives an intimation about the transaction from the bank. This can be either by way or an SMS, email or statement. This directive puts the onus on the bank to notify the customer of the transaction as soon as possible. The proposed rules will apply to all electronic transactions, including payments made remotely using net banking or cards and payments made in shops using cards or mobile wallets.

If a customer has shared his password or other payment credentials, he will be responsible for any transaction that takes place until the time he informs the bank of his indiscretion. Once he informs the bank, the bank will be liable for any loss that takes place subsequently .

Banks have been told that all complaints have to be resolved within 90 days from the date of reporting and to ensure that customer does not bear any interest cost or late payment fee in credit cards. If there is a reversal of a debit card fraud or net banking fraud, banks have to make good the loss of interest income.

The proposed norms place much more responsibility on the banks than in the past.Existing norms require banks to compensate customer only up to a limit. Also, this limit is left to the bank based on a board-approved customer relations policy .

To make it possible for the customer to report frauds on time, banks have been asked to provide multiple option in cluding website, SMS, interactive voice response systems, a dedicated toll-free helpline and a reporting option at home branch. Banks have also been asked to put in place systems acknowledging receipt of the complaint.

The tightening of norms comes at a ti me when online and mobile payments are growing at 100% and banks and payment companies are lobby ing with the regulator to relax two-factor authentication for low-value payments.

The RBI has been re sisting any relaxation on the two-factor aut hentication (usually a PIN or a password in addition to the card details) on the grounds that the present dispute resolution mechanism was not very robust. By reducing liability of the customer, RBI expects banks to put more robust systems in place.

 Mayur Shetty, Mumbai:




So you know how to drive a car or ride a bike. But do you know your rights when and if you’re stopped by a traffic policeman?

There are different misconceptions about traffic rules and the common man is generally not aware of a lot of things and this is why they don’t understand what to do when stopped by traffic cops.

We got your back.  This article deals with various rights of commuters that will definitely help you in future.


1.  Cops cannot take away your driving license without giving you a valid receipt of the same.

2.  Cops cannot tow your vehicle as long as you are sitting in it.

3.  If you are a female or accompanied by a female and you are being stopped after 6pm you can always ask him to come with a female cop.

4.  The cop should have a challan book or the e-challan machine in hand in order to penalize you with a fine.

5.  If you have actually broken the law, and after making sure that the person is indeed a policeman, show your D/L, RC/Insurance to the policeman.

6.  One must know that the Cop must be a uniformed Cop with their name and buckle number clearly shown on their uniform.

7.  There is always a misconception that the traffic cop has the right to confiscate your vehicle keys but that’s not true.

8. If you have violated some law and if you are arrested, you must be informed of your rights immediately when you are arrested.

Click Here for the full details

Parsvnath told to pay monthly penalty for delay in delivery of flats


In a landmark judgement in favour of consumers, the National Commission has ordered Parsvnath Developers to pay a monthly penalty to allottees for delay in handing over flats in Parsvnath Planet in Lucknow. As per the agreements executed in 2006, the developers were to give possession within 42 months in 2009-10. However, this did not happen. Later, the buyers were told the project would be completed only by 2015! Also, even the partial construction was defective and did not match specifications.

Hence, several separate complaints were filed before the Uttar Pradesh State Commission. In its order dated 25 February 2015, the Commission directed the opposite parties to hand over possession of flats to the complainants in 2015, issue statement of accounts to each complainant and pay 9% interest on amount collected in excess. Aggrieved by the order, the complainants filed separate appeals before the National Commission.


The National Commission partly allowed the appeals and modified the State Commission’s order. It directed the opposite parties to pay Rs. 15,000 per month to people who had bought flats up to 175 sq m in area and Rs 20,000 per month to buyers of flats over 175 sq m. The penalty had to be paid from the beginning of the 55thmonth from the date of execution of the flat buyer agreement till delivery of possession.

Point of law

Flat allottees are entitled to compensation from builders for delayed possession.

Courtesy :  CERC

Can we eat to starve cancer? – William Li

William Li presents a new way to think about treating cancer and other diseases: anti-angiogenesis, preventing the growth of blood vessels that feed a tumor. The crucial first (and best) step: Eating cancer-fighting foods that cut off the supply lines and beat cancer at its own game.

How is Credit Card Interest Calculated?

There are a number of things a user must know about credit card interest calculation in order to avoid falling into a debt trap!330px-Credit-cards

Knowing the complex rules used for calculation of credit cards is necessary to get an idea of the damage a late payment can do to your financial well-being. In this article, let us understand how banks calculate interest on credit cards.

How banks calculate interest

Every bank has to disclose the method of charging interest in its Most Important Terms and Conditions (MITC) document. The MITC document forms part of the welcome kit that you get on the issue of a new credit card and must also be available on the bank’s website. The calculation of interest depends on the type of transaction. And speaking of transactions, there are broadly two types as follows:

  1. Cash advances, i.e. cash withdrawals from the ATM using your credit card
  2. Regular payments such as paying bills, online purchases, using card at merchant outlets, etc.

Related: How to come out of credit card debt

As far as cash advances are concerned, there is a clear and unambiguous rule that interest will be charged as per the stated interest rate from the date of withdrawal to the payment of the outstanding amount.

However, as regards regular payments, it is slightly more complex. As per the rule, if you do not make the total payment due as on the payment due date, the free credit period shall be ignored and interest shall be charged right from the date of purchase for all payments made during that bill cycle as well as those made after the bill cycle till the full outstanding payment on the card is cleared. And since the interest rate on credit cards is anywhere between 15 – 40%, this precisely is the reason why a small default or late payment can balloon in to a large debt in a small span of time.

Understanding Credit Card Interest Calculation through an Example

Following example can help understand the calculation of interest in case of a credit card:

Transaction Amount
Purchase on September 10, 2015 10,000
Total Amount Due on Statement dated September 15, 2015 10,000
Minimum Amount Due on Statement dated September 15, 2015 500
Payment made on Due Date i.e. October 3, 2015 0
Purchase on October 7, 2015 1,000
Payment on October 10, 2015 5,000
Interest calculation @ 40.80% p.a. on Statement dated October 15, 2015 will be as follows:  
1) Interest on 10,000 for 30 days (from September 10 to October 9) 335.34
2) Interest on 5,000 for 6 days (from October 10 to October 15) 33.53
3) Interest on 1,000 for 9 days (from October 7 to October 15) 10.06
Total interest in the Statement dated October 15, 2015 (A) = (a) (b) (c) 378.93
Late Payment Charge (B) 500
Service Tax @15% (C) = 0.15 * (A B) 131.83
Principal Outstanding (D) 6,000
Total due as per Statement dated October 15, 2015 (A) (B) (C) (D) 7,010.76


While a credit card is a great boon in the form of free credit period and reward points, one should not forget the implications of using it irresponsibly. Rules on interest calculation in case of credit cards are extremely complex and highly skewed against the consumer. A user must formalise himself of the rules to prevent a debt trap like situation.

If you have been given a corporate credit card, it’s essential you exercise even more caution. To ensure you don’t break any rules, here are some Corporate Credit Cards- Dos and Don’ts.

Disclaimer: This is general advice. Please refer to your bank’s MITC document for detailed guidance.


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