Wednesday, December 16, 2015

PAN mandatory for Transaction of Rs 2 Lakh

In wake to prevent use of  black money and widening of tax base ,today goverment has ammendede use of  Permanent Account Number (PAN)  where the transactions exceed a specified limit.
As per finance minister last budget speech  quoting of PAN number is  mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh.Further in this regard it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment(either Cash or Cheque)

1.) All Transactions Over Rs 2 Lakh Will Have To Quote PAN Number

2.) Will Give Some Breathing Time To Taxpayers

3.) Other Than PNJDY Accounts, PAN Is Mandatory For Opening Any Bank A/c

4.) For Any Term Deposit Of Rs 50,000, PAN Will Now Be Mandatory

5.) PAN Is Mandatory For Restaurant Bills Over Rs 50,000

5.) PAN Requirement To Buy Immovable Asset Is Being Hiked To Rs 10 Lakh from Rs 5 Lakh

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Thursday, August 20, 2015

11 Companies get node to open Payment Bank

In wake of spreading Financial inclusion RBI has given licence to 11 companies to start Payment Bank. This payment will reach out far flugh area without physical cash.This Bank will help to reach out lower income Group and help cashless transaction.RBI is in mood to encourage CASH less transaction .
Let's understand what this payment bank will do.
1) Saving Account facility with Intrest
2) Send and Receive money for Migrant Labour
3) Transaction up to 1 lack
4) ATM -cum-Debit card
5) No credit Card facility
6) No Account for NRI
7) Mutual Fund and Insurance.
8) internet Banking



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Wednesday, June 3, 2015

Send Money to someone without Knowing Beneficiary Account number :SBI mCASH

To make banking transaction much more simplify ,SBI has start a new feature to transfer Money to someone account without knowing beneficiary bank account detail. This facility is currently available on Internet banking of SBI. and SBI mobile apps.
Under this transaction Send need to fill amount to send ,Email ID or Mobile number of Beneficiary. This.This option is available on Internet banking platform under PAYMENT and Transfer menu. Sender need to have Internet banking facility to avail this feature.
Once the sender submit the request Beneficiary get a PASSCODE on their Mobile number or email.
Beneficiary need to visit https://retail.onlinesbi.com/retail/login.htm and Click on State Bank mCASH-Claim Money on Horizontal menu.Beneficiary need to fill his account number in which he want to get money with IFSC code and Passcode.
Once these detail are filled correctly beneficiary need to submit it.





Feature of mCASH

1) Transaction limit Rs.1000/- per transaction. Day limit Rs.2000/-. However, the maximum limit of fund transfer should not exceed Rs.5000/- in a month, per user.
2) The customer would be charged at Rs.2.50 per request.
3) Redemption is subject to availability of funds in sender's account at the time of claim.
4) No charges for redemption.
5) In case of wrong entry of account number or beneficiary details, the same will be rejected by the system and amount will be reversed in sender's account within the stipulated time frame.
6) The Passcode entered should be valid. Passcode expiry period is 5 days from the date of creation.
7) Please note, as per RBI instructions, credit will be effected solely based on the beneficiary account information. Bank will not be liable for any wrong information given by the claimant.
8) Credit to the other bank accounts will be done through IMPS only.
9) The Bank shall not be responsible if the customer has mentioned a wrong mobile number/email address and the money has been transferred to the holder/receiver of the said wrong number/email by debiting customer's account.
10) The Bank shall not be responsible in any way if the passcode is shared by the beneficiary and /or misused by any third party due to any negligence act of the beneficiary or lost/theft of cell phone of the beneficiary.
11) The beneficiary must have smart phone &/or email ID and should be conversant with the use of internet based applications.

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Saturday, May 9, 2015

Accidental and Life Insurance at Minimum Premium: Pradhan Mantri Suraksha Bima Yojana & Pradhan Mantri Jeevan Jyoti Bima



Pradhan Mantri Suraksha Bima Yojana

The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered / administered through Public Sector
General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose.
This scheme is applicable to bank account holder

Major Point of  Accidental Insurance

*For all Bank account holders whose age is between 18 to 70 years.
*Insurance amount can also be availed if in a handicapped state.
*Accident insurance worth Rs. 2 lacs at just Rs. 12 per annum as annual premium.
*Period of Insurance  Annual : 1st June - 31st May
*The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
*The person would be eligible to join the scheme through one saving bank account only.

Insurance Claim Benefits

 * For Death Rs. 2 Lakh
 *For Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot Rs. 2 Lakh
*For Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot  is  Rs. 1 Lakh

Pradhan Mantri Jeevan Jyoti Bima

The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason. The scheme would be offered/ administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks for this purpose. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.
Major Points of this Life Insurance

*For all Bank account holders whose age is between 18 to 50 years.
*Life Insurance amount for your family, in your absence.
*Life insurance worth Rs. 2 lacs at just Rs. 330 per annum.
*Period of Insurance Annual : 1st June - 31st May
*The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
*The person would be eligible to join the scheme through one saving bank account only.

For more information on this Insurance Scheme please visit http://www.pmjdy.gov.in/ or http://www.jansuraksha.gov.in/


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Sunday, April 19, 2015

No need to send IT-Return acknowledgement by Post: Use Aadhar card to authenticate


Now Income Tax has  aimed at easing taxpayer Return Filing process. I-T returns online will no longer have to send the paper acknowledgement by post .
 Aadhaar-based electronic verification code has been launched to authenticate this document.
In the ITRs for 2015-16  e-filer can provide his Aadhaar number which will have to be authenticated on the official website of the department via a One Time Password (OTP).
 The person who file the return  no longer need to send the ITR-V paper document to the CPC in Bengaluru.Tax payer will require the e-filer to register his Aadhaar number in the ITR after which the UIDAI database will send an OTP to the registered mobile number of the taxpayer which subsequently will have to be authenticated on the e-filing website.
As per present rules, a person who files his or her tax return online has to send a copy of the ITR-V to CPC within 120 days for processing of the return.
Now with this process he/she just authticate then and there and no need to do paper work. This will again a step to fasten the Return filing proces
This will also reduce the post office work load reduced the problem of mis-placed or non delevery of achknowlgemnt at CPC ,Bangalore

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Saturday, April 18, 2015

All that Glitter is Not Gold : Know about BIS Hallmark



Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal (gold or silver) articles. Hallmarks are thus official marks used in many countries as a guarantee of purity or fineness of precious metal (gold or silver) articles
Provide third party assurance and satisfaction that customer gets right purity of gold (or silver) for the given price (value for money)

Gold Hallmark consists of following
a) BIS mark
b) Purity grades/fineness
 958 Corresponds to 23 Carat
 916 Corresponds to 22 Carat
 875 Corresponds to 21 Carat
 750  Corresponds to 18 Carat
 708  Corresponds to 17 Carat
 585 Corresponds to 14 Carat
 375  Corresponds to 9 Carat 
c)Assaying/Hallmarking Centre’s Identification Mark (one of the logos as
displayed on BIS website)
d) Year of Marking – denoted by a code letter e.g.
‘A’ for year 2000 ‘B’ for year 2001
‘C’ for year 2002 ‘D’ for year 2003
‘E’ for year 2004 ‘F’ for year 2005
‘G’ for year 2006 ‘H’ for year 2007
‘J’ for year 2008
'P' for year 2012
'Q' for year 2013
'R' for year 2014
'S' for year 2015 and so on
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Thursday, January 29, 2015

mRUPEE lanuched Prepaid card for Payment

Tata group company  launched a  VISA-powered prepaid card in partnership with Ratnakar Bank (RBL).
with this  PaySmart card, mRUPEE customers will be able to withdraw money from VISA-licensed ATMs and also pay for goods and services at all merchants that accept VISA debit or credit cards nationally, the company in a statement said.

This service would offer convenience to those who do not have a bank account and hence are not able to participate in the mainstream economy.The minimum money value the PAY Smart card will hold is Rs 200 rupees while the maximum value is kept at Rs 1-lakh at any point in time.

What is mRupee?

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Soon Revolution in Banking from Mobile Store


Modi government has strives towards providing banking facilities to all sections of society, especially the poor and disadvantaged sections. Under this effort, the government launched the country's public-funding scheme, now mobile shops, petrol pumps and shops located on the corners of the streets, helping people reach the door is banking.

The name of the new payment system of banking is PAYMENT BANK which is away from traditional financial institutions.Under this scheme Mobile stores, fuel centers and corner stores will permit you to provide banking services.

RBI's move shows that the traditional bank PM Narendra Modi alone can not meet the objective of financial inclusion. 11 million new bank accounts were opened under Jan Dhan yojana, However, the concern is that these out of 11 million account , 8 million accounts is not having money in the accounts.
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Monday, January 19, 2015

ICICI bank customer can send Money by Twitter account

Customers of ICICI Bank can use their Twitter account for real-time fund transfers, prepaid mobile recharges and to check bank balance.ICICI Bank has launched a facility which allows account-holders to transfer funds through Twitter.The user will have to subscribe (follow) the bank's Twitter handle and register for the facility.
For fund transfer, the sender needs to know the beneficiary's Twitter handle. The sender will get an SMS with a unique code after the transfer; the beneficiary would need to enter it on the special webpage where he/she would be directed, to complete the transaction.
It uses NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) for the transfer and will soon be integrating IMPS (Immediate Payment Service) mode too.
Sender will have to pay the fees as applicable for a NEFT or RTGS transaction.

Beneficiaries who have account with another bank will have to put in that bank's IFSC code to receive the payment.

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Monday, January 12, 2015

At Last Top Indian Bank SBI Started Miss call Balance Alert Facility

Much awaited customer facility and must praised customer facility for Miss call balance facility for SBI customer has came

Now SBI customer can also know their Bank account balance via Registered Mobile

Follow this step to get this facility

To register send SMS "REG<SPACE>Account Number to 09223488888
To deregister send SMS "DREG<SPACE>Account number to 09223488888

To receive Balanace give missed call or SMS "BAL" to 09223766666
To receive Mini Statement Give miss call or SMS MSTMT to 09223866666
There is two different number for balance inquiry and statement.

For help regarding this serice you can send SMS as HELP to 09223488888

Most of bank have already started this service much earlier but I don't understand being BIG brand in Banking and having maximum Branch /ATM with maximum customer they have implemented this so late. However SBI is known for its better customer service in terms of Technology.
Please do write your comment about this service.



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