Wednesday, January 23, 2013

Where PAN card is used?

1) Sale/purchase of motor vehicle

2) Sale/purchase of any immovable property of Rs. 5 Lacs or more

3) Deposit exceeding Rs. 50,000/ - in any post office

4) Fixed Deposit exceeding Rs. 50,000/- in any bank

5) Sale/purchase of Securities exceeding Rs. 1,00,000/-

6) Opening an Account with any Bank

7) Application for a telephone connection (including a mobile telephone connection)

8) Payment to hotels and restaurants against their bills for an amount exceeding Rs. 25,000/- at any one time

9) Payment in cash for purchase of bank drafts or pay orders or banker's cheques for an amount aggregating Rs. 50,000/- or more during any one day

10) Cash deposit in cash aggregating Rs. 50,000/- or more, with a banking company during any one day

11) Payment in cash for any foreign country travel exceeding Rs. 25,000/- at any one time.

12) Application to any bank for issue of a credit or debit card;

13) Payment of an amount of Rs. 50,000/- or more to a Mutual Fund for purchase of its units

14) Payment of an amount of Rs. 50,000/- or more to a company for acquiring shares issued by it

15) Payment of an amount of Rs. 50,000/-or more to a company or an institution for acquiring debentures or bonds issued by it

16) Payment of an amount of Rs. 50,000/- or more to the Reserve Bank of India, for acquiring bonds issued by it

17) Payment of an amount aggregating Rs. 50000/- or more or more in a year as life insurance premium

18) Payment to a dealer for purchase of bullion or jewellery, of an amount of Rs. 5 Lacs or more at any time

If any person does not have PAN No., he/she need to file declaration Form No. 60 for such transaction. Hence, your every transaction can be tracked down by the department.


No Introducer require for Open New Bank Account

As per the notice issued by RBI date Dec 19 ,2012 No Introduction From Existing Account Holder Required Earlier to pen a bank account at new place customer require Introduction from existing customer to that bank .RBI has recently issued a notification and relaxed the condition of introduction by other another customer and now no need to provided introduction by other customer any more. The RBI has, hence, completely done away with this requirement and has specified that banks should not insist on introduction for opening bank accounts of customers.

As of now, banks have been insisting on two separate sets as documents for identity and address proof as per the RBI guidelines despite the fact that documents for identity proof (Passport, PAN Card, Drivers’ Licence etc.) also carry the address of the individual concerned.

This is set to change. As per the latest RBI notification, if the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her in the account opening form, the document may be accepted as a valid proof of both identity and address.

For more info about this Notification by RBI .Please click this

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Friday, January 18, 2013

Indian Railways Increase Passenger fare w.e.f 22/01/2013

The Ministry of Railways has revised the  Passenger Fares w.e.f. 22.01.2013. Details of the fare revision are as under:-

Increase in Fare per Passenger Kilo Meter (PKM)
Minimum distance for charge
Second Class Ordinary (Suburban)
02 paise
No change
(existing – 10 Kms)
Second Class Ordinary (Non-Suburban)
03 paise
No change
(existing – 10 Kms)
Second Class
04 paise
50 kms
Sleeper Class
06 paise
No change
(existing – 200 Kms)
AC Chair Car
10 paise
150 kms
AC 3-Tier
10 paise
300 kms
First Class
03 paise
No change
(existing – 100 Kms)
AC 2 - Tier
06 paise
No change
(existing – 300 Kms)
AC First Class
10 paise
No change
(existing – 300 Kms)
1. Minimum Fare: The Minimum fare chargeable will be Rs. 5.
2. Development Charge: On the revised basic fares which shall become effective from 22.01.2013, development charge shall not be leviable.
In the case of tickets already issued at pre-revised rates, The difference of revised fares and other charges on or after 22.01.2013 will be recovered either by TTEs on the trains or by the Booking/Reservation Offices before the commencement of journey by passengers. 
3. Fares of Rajdhani, Shatabdi, Garib Rath, Jan Shatabdi, Duronto, Rajya Rani and Yuva Expresses will similarly be revised .
THE Basic Fare, will be rounded off to the next higher multiple of five rupees, except that in cases where either ‘1’ or ‘6’ comes up as the last digit (i.e. in unit’s place) it will be rounded off to the immediately lower multiple of Rs. 5, i.e. Rs. 11.00, Rs. 21.00, Rs. 31.00 etc. would respectively become Rs. 10.00, Rs. 20.00, Rs. 30.00 etc. and Rs. 6.00, Rs. 16.00, Rs. 26.00 etc. would respectively become Rs. 5.00, Rs. 15.00 and Rs. 25.00 etc. and Fare values ending in Rs. 2, Rs. 3 or Rs. 4 would be getting rounded off to Rs. 5 and those ending in Rs. 7, Rs. 8, or Rs. 9 to Rs. 10 and so on and so forth.


Saturday, January 12, 2013

Generate your Virtual VISA enable e-Card Instantly using State Bank of INDIA(SBI)

Have you came across the situation where you were not able to do online transaction where there is only option of VISA/MASTER credit card/debit card and there is no option for Internet banking. Here I am going to tell you how to create instant VISA card that is compatible for online payment where merchant website accept VISA/ MasterCard Debit Cards as a payment option (payment in Indian Rupee).This card is exactly same as physical  Plastic card but it will be virtual in nature.The Card will be issued by marking a lien on the selected account and actual debit to the account will take place only when the Card is used.

State Bank of India (SBI) has formulated this method to generate VISA e-card using ONLINE banking.
Without talking more lets have steps to generate VISA enable e-card
Steps to Generate Virtual VISA e-card

1) Login to your online banking account ( and click on "e-cards" tab and select "State Bank Virtual Card" option.
2) Click on "Generate Virtual Card" tab.
3) Enter the amount and select an account which will be debited for funding (initially lien-marking and later debiting) the Virtual Card.
4) Enter the secure 8-digit password (OTP), received on your mobile.
After successful validation, Card image with Card No., expiry date, etc will be displayed on the screen and your Card is now created and available for e-commerce transaction

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