As the climate talks continue at the UN conference, COP18, in Doha, Qatar here’s a quick refresher on 20 years of climate change negotiation history:
Month: November 2012
Order affecting all consumers of Mumbai passed by MERC (Case No. 158 of 2011)
Dear friends,
A order affecting all consumers of Mumbai passed by MERC for Approval of Multi Year Tariff Business Plan of Reliance Infrastructure Limited’s Distribution Business (RInfra-D) for the second Control Period from FY 2011-12 to FY 2015-16
Full order in link below
http://www.mercindia.org.in/pdf/Order%2058%2042/Order_158_of_2011_23_11_2012.pdf
Please circulate this order for better awareness.
Courtesy : Loksatta initiative
New RBI guidelines for Cheque Truncation
The Reserve Bank of India (RBI) has prescribed new guidelines on standardization of security features of cheques, which are aimed at enhancing customer safety and facilitating easier processing.
Please note that as per RBI guidelines, non CTS-2010 cheques should be withdrawn before December 31, 2012. Please go through the FAQs below to:
• Identify whether your existing cheque book is CTS-2010 compliant
• Request for a new cheque book, if required
Also, please note that RBI has advised all banks holding post-dated EMI cheques to arrange for replacement of non-CTS-2010 Standard cheques with CTS-2010 Standard cheques. If you have availed a loan and have given post dated cheques to your lending bank, do get in touch with them for advice on the next steps.
Should you have any other query, you can check with your existing Banker.
Frequently Asked Questions (FAQs) for CTS-2010 Standard Cheque System
Q1. How do I identify if my cheque book is CTS-2010 compliant?
Please look for the letters “CTS-2010” printed vertically on the cheque leaf (near the perforation on the left side)
If the letters “CTS-2010” are present here, your cheque book is CTS-2010 compliant
Q2. My cheque book is CTS-2010 compliant and the above feature is present in my cheque book. What do I have to do?
If your cheque book is already CTS-2010 compliant, you can continue using the same and there is no further action required.
Q3. My cheque book is not CTS-2010 compliant. How do I order a new cheque book?
In case your cheque book is not CTS-2010 compliant, please order a new one with your existing Banker as per the regular process. All cheque books issued now, will be CTS-2010 compliant
Housing Loan Interest Eligible For Double Deduction: ITAT Chennai
Interest paid on borrowing for acquiring house deductible u/s 24(b) & 48
The assessee borrowed funds for purchasing a house. The interest paid on the said loan was claimed as a deduction u/s 24(b). When the house was sold, the interest paid on the said loan was treated as “cost of acquisition” and claimed as a deduction u/s 48 in computing the capital gains. The AO held that as the interest had been allowed as a deduction u/s 24(b), it could not be allowed again in computing capital gains. The CIT(A) allowed the claim. On appeal by the department to the Tribunal, HELD dismissing the appeal:
Click Here for the details
Alert: Did KYC before Jan ’12? You need to know this
If you had complied with the know your customer (KYC) norms before January 2012, you better get in touch with your broker or asset management company (AMC) or your distributor.
Because, Sebi has made a few changes to the KYC norms after January this year. So, if you had done your KYC before that, you won’t be able to invest in mutual funds, unless you take a few steps.
What you should do: As soon as possible, fill this form and attach the required documents and get in touch with your broker, distributor, AMC or local CAMS/ KRA service centre.
Not sure: If you don’t remember when you got your KYC done or if you need to fill the KYC change detail form or not, you don’t need to worry. Click here to submit your Permanent Account Number (PAN). If the screen shows MF – VERIFIED BY CVLMF then you need to take the above mentioned steps. However, if the screen shows MF- VERIFIED BY CVLKRA, you are already new KYC norm compliant.
Click Here for the detailed instructions
Mind your Mind to Stay Healthy
There are five dangerous enemies of good health. They are: tobacco smoking (tobacco in any other form), alcohol even in small amounts, sedentary living like laziness, over eating, and finally negative thoughts like anger, pride, super ego, hatred, jealousy, and hostility. One who wants to remain healthy should avoid these five like deadly poison. Hard work never kills. One should love what one does to avoid distress. A good night’s rest to recharge one’s battery is an added asset. If you get up refreshed, do not fret and fume about the exact number of hours of sleep. I do not know how much sleep one needs. If you have sleep debt, which is daytime sleepiness, you have not had your required quota.
“The best six doctors anywhere,
And no one can deny it,
Are sunshine, water, rest, and air, exercise and diet
These six will gladly you attend,
If only you are willing,
Your mind they’ll ease.
And charge not a shilling!”
— Wayne Fields
Dr BM Hegde, whom Nani Palkhivala had called a “cardiologist with a heart”, on what it takes to stay healthy – Click Here for the full article
First time ever: Moneylife Foundation to help getting fast track credit report from Experian
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Screening & Diagnostic Tests
Screening & Diagnostic Tests: Don’t fall for the sales push
Preventive healthcare packages (PHP) are targeted at everyone right from age two. While diagnostic tests are necessary to find what made you unhealthy, screening is often unnecessary and harmful. Raj Pradhan collates advice from sensible doctors
High stress levels, junk food intake, sedentary lifestyles all add up to make preventive healthcare programme (PHP) an easy sell for doctors and hospitals.
The question is: What is ‘healthy’? Wellness initiatives like quit smoking, regular exercise, yoga, etc, are undoubtedly crucial for leading a healthy lifestyle; but who is really ‘healthy’?
Senior citizens are most vulnerable to the hardsell for PHP packages; they are quickly converted to patients or put on daily medication because modern medicine does not tell them that several minor aberrations in health parameters can be corrected by exercise and improved diet. Buying heath check-up for parents’ birthday is a good marketing gimmick which shows you care. It’s a ploy. Drug companies organise screening camps which use their own products. Apollo Pharmacy even has people queuing up to get instant blood sugar and pressure testing outside their shops.
Click Here for the full article appearing in MoneyLife
Allotment of flats in redeveloped building
ALLOTMENT OF FLATS IN REDEVELOPED BUILDING – by CA PRAKASH VALECHA. M 9821045102
The allotment of Flats is a tricky issue. On the face of it appears a small issue but here many disputes and problems arise. Old Buildings that need to be demolished in redevelopment were constructed sometimes 30 years ago and having FSI of 1.
There are narrow passages with 4 to 6 flats at times on the same floor. As the newly constructed building uses TDR and hence the FSI is 2 and now from 6th January add Fungible FSI of 35 % on the Total Plot area we have total FSI of 2.70. Therefore now the new Building is designed taller and having a sophisticated design which is relevant today. At times there are two storey parking floors.
Many members staying on lower floor want a upper floor while some members are old and do not wish to stay at higher floors as they fear that in case of lift problem or in the eventuality of a light cut they don’t want a particular floor. Some are having a Road facing flat but don’t want the same as it creates noise while some members want a road facing flat. Some Flats are in front side while others art back side. In the new building they wish the same status.
The problem arises is that new building has limited choice which all the old building members want. Therefore for a Fair process of allotment we need to have a policy that is fair and equitable.
Any action is malafide and void ab- initio, if it’s prejudicial, carried out with a narrow objective of favouring a select few while ignoring the majority. Therefore it is essential that certain guidelines and policy decisions are followed that are fair just and equitable..
The Government Guidelines dated 3rd January 2009 throw light on the way to move forward on the allotment of Flats. In point 11 of the guidelines it is stated as follows:
Flats in the redeveloped building should as far as possible be allotted as per present conditions floor-wise and if it becomes necessary to allot flats by drawing lots, on
completion of construction, Developer should make arrangement drawing lots, and at that time flats should be allotted in the presence of Registrar’s representative and this process be recorded by video shooting.
What is suggested in simple terms is:
1. Allot Flats as per present conditions floor-wise.
2. IF that is not possible allot flats by drawing lots.
3. It is the Developers responsibility to make the arrangements.
4. All the interested Members must be present when the Draw of Lots is conducted
5. Registrars representative to be present.
6. Process,be recorded by video shooting
Based on this guideline the Managing Committee and the Builder should follow the above Process as sincerely and diligently so as to make a Fair and just allocation of the New Flats.
Courtesy : MSWA’s Housing Societies Review 16 November 2012
Passport Seva Project (PSP)
The PSP has been launched in Public-Private-Partnership (PPP) mode with M/s. Tata Consultancy Services as Service Provider. The sovereign and fiduciary functions like verification, granting, issuing/revocation/impounding of passports have been retained by MEA. The ownership and strategic control of the core assets including data/information is with the Ministry.
Passport Seva enables simple, efficient and transparent processes for delivery of passport related services. Apart from creating a countrywide networked environment for Government officials, it aims to integrate with the state police for physical verification of applicant’s particulars and antecedents and with India Post for delivery of passports. Key aspects of the service transformation achieved by PSP are as follows :
- Increased Network
- Anywhere Anytime Access
- State of the Art Technology Infrastructure
- Improved Amenities
- Call Centre & Helpdesk
- Integration with Police and India Post
The pilot project was launched in Bangalore and Chandigarh in May 2010 and August 2010 respectively. After certification of the Project by the Standardization, Testing & Quality Certification, the Third Party Audit Agency under the Department of Information Technology in January 2011, the Passport Seva Project was cleared for launch across the country. The Project is slated for completion during 2011-12.
Click Here for the website, including Online Applications
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