Author: yazdi

New RBI guidelines for Cheque Truncation

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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Please note that as per RBI guidelines, non CTS-2010 cheques should be withdrawn before December 31, 2012.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

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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

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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

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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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Can This Happen to you? A True Story!
Anil Kumar (name changed) a well-to-do businessman-activist sent us this email: “I had a harrowing experience today. I had applied for a bank loan of Rs5 lakh but was shocked to discover that I was a defaulter on the credit bureau records. ABCD Bank had reported me a defaulter for Rs7,784 because of a dispute I had with them over annual fees nearly 12 years ago. The fee was Rs1,000; they kept the card alive and kept adding fees and interest. My wife’s credit report also lists her as a defaulter because she had an add-on card. I never realised this, since I have never taken any loan in all these years… How dare they?
This could well be your story too. You never to know what the banks have reported about you to credit information companies. Know it, before you land in an awkward situation.In yet another unique initiative, Moneylife Foundation has tied up with Experian Credit Information Company of India Pvt Ltd (‘Experian’) for providing credit information report.
First time ever: Fast Track Credit Report
Submit your KYC documents, pay Rs138 in cash at Moneylife Foundation & apply for your Experian Credit Information Report. Experian will send
the report to you via SpeedPost
Time: 29th November and 15th December; 10.30am – 5.30 pm.
Venue: Moneylife Foundation Knowledge Centre,
305, 3rd Floor, Hind Service Industries Premises, Off Veer Savarkar Marg,
Shivaji Park, Dadar (W), Mumbai – 400 028. Landmark: Chaityabhoomi lane.
Contact details: Seraphina / Shilpa at 022-49205000 or
email us at mail@mlfoundation.in or log on to www.mlfoundation.in
KYC Requirements for Experian Credit Report:
Only those who submit their documents on 29th November get
a chance to avail of the guidance from Experian on the Credit Report Camp of the 15th December (see below).
The Experian CIR application form can be downloaded from the Experian India website. We can also email you a pdf on request (write to mail@mlfoundation.in)A signed copy of the Experian CIR application form will have to be sent with self-attested photocopies
(a signed and dated photocopy) of the following identity & address proof documents:

  1. Identity Proof (any one of the following documents)
    (i)    PAN card (recommended)
    (ii)   Passport
    (iii)  Voters ID
  2. Address Proof (any one of the following documents and the address proof should display the applicant’s name)
    (i)    Electricity bill (no more than 3 months old and for the current address)
    (ii)   Telephone bill (no more than 3 months old and for the current address)
    (iii)  Latest bank statement (no more than 3 months old and for the current address)
    (iv)  Passport
    (v)   Lease / license deed
    (vi)  Sale / purchase deed

Only when the KYC documents are accepted as correct, the cash of Rs138 will be accepted. You may submit the documents at your own accord and responsibility through an authorized representative on 29th November. Make sure you bring/send the correct documents.
Plus: Full day Credit Report Camp
One-to-one Counselling on Saturday, 15 December 2012
1. ANOTHER CHANCE TO FAST TRACK
YOUR REPORT		 2. ONE-TO-ONE COUNSELLING 3. UNDERSTAND THE ISSUES WITH YOUR BORROWING
  • Those who already have their reports, can avail of one-on-one counselling to understand Experian CIR and get guidance on how to improve it or to rectify incorrect records (by prior appointment). This is why you should submit your KYC on 29thNovember
  • At the camp, you can attend the session “Understanding Credit Crossroads and how a wrong move or carelessness can affect your financial life” by Experian
  • Experian will accept your KYC documents for your Credit Information Report again at the Camp on 15th December and send the report as soon as possible. However, since you will not have your report in hand on that day, you will not be able to discuss your specific case during the Camp

Screening & Diagnostic Tests

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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

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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)

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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 :

  1. Increased Network 
  2. Anywhere Anytime Access
  3. State of the Art Technology Infrastructure 
  4. Improved Amenities
  5. Call Centre & Helpdesk
  6. 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

 

Voter ids updates

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(1)       If you do not have Voter’s Identity Card, you have a chance to get the same by submitting your application latest by 20th November 2012 to your area’s “Electoral  Registration Officer (ERO)” or “office of the district Collector and District Election Officer. For enrolling your name, visit the following link : ceodelhi.gov.in/WriteReadData/Forms/FORM6.pdf

(2)       If you are holding Voter’s Identity Card and wish to change photograph or modification in name etc., please visit this link :eci.nic.in/eci_main/forms/FORM8.pdf

(3)       If you are holding voter’s card but have shifted to another residential address within the Assembly constituency, visit this link :  eci.nic.in/eci_main/forms/FORM8A.pdf 

 

Toll free contact number 1950 OR 1800-22-1950 have been provided but like all other Government offices, regret you may not be lucky to get required guidance.

 

 

Model RTI township

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All information and working of Ashrafpur Kichaucha of Ambedkar Nagar District of UP is available at www.npakmakdoom.com This is an initiative of Alok Kumar Singh EO of the local town committee of this small town of less than 16000. He has done this with no extra budget since 2008! My salute to Alok, who has set an example for the entire Country!

Courtesy : Shailesh Gandhi

With three computers and a scanner, UP town is an open book – Click Here for the Indian Express Report