Archive for August, 2012

RBI Worried About Rising Housing & Gold Prices

Monday, August 27th, 2012

The Reserve Bank of India (RBI) is worried the rapid rise in housing and gold prices, out-running the inflation rate. Over the last two years, housing prices have grown at 16-25% whereas gold prices have risen even faster at a rate of 14-40%. However, with housing and gold prices surpassing inflation rate, RBI stresses the […]

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Mutual Funds Investments to Become Expensive for Existing Investors, Those Living in Metros

Monday, August 27th, 2012

Investing in mutual funds is likely to become expensive for the existing investors and those residing in metros or top cities in India. Market regulator SEBI (Securities and Exchange Board of India) has allowed AMCs (Asset management Companies) of top-15 Indian cities to charge extra 30 bps expense ratio for managing funds. This results in […]

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Public Sector Banks to go on Nationwide Strike on August 22 & 23

Wednesday, August 22nd, 2012

All business and commercial activities across the country are likely to be crippled as public sector bank employees across the country will go on strike on August 22 and 23. The Secretary General of National Organisation of Bank Workers (NOBW), a affiliate of UFBU (United Forum of Bank Unions) declared that all India bank strike […]

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Banks to Compensate For Delay in Clearance of Local Cheques : RBI

Wednesday, August 22nd, 2012

The Reserve Bank of India (RBI) has asked banks to compensate customers for any delay in clearance of local cheques. This means that, banks should compensate customers monetarily, if a cheque to be credited in an account on Tuesday, for instance, gets delayed until Thursday. RBI in a note to the banks, said that, banks […]

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RBI Asks Banks to Replace ‘No Frills Accounts’ With Savings Accounts

Tuesday, August 21st, 2012

The Reserve bank of India (RBI) has instructed the banks to stop using the tag – ‘no frills’ accounts and replace it with the basic savings accounts. RBI asked banks to provide zero balance facility in basic savings accounts and provide customers, ATM and debit cards at no cost. Further, no charge will be levied […]

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Aadhaar Permitted as Valid Address Proof For Investors : SEBI

Tuesday, August 21st, 2012

According to the Market regulator – Securities and Exchange Board of India (SEBI), investors can use ‘Aadhaar’ cards as a valid address proof for their accounts with mutual funds, brokerage firms, portfolio managers and other capital market firms. The number displayed on ‘Aadhaar card’ is a 12-digit individual identification number issued by UIDAI (Unique Identification […]

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India Says Ban High-Value Notes to Curb Black Money : CBDT

Tuesday, August 21st, 2012

According to Central Board of Direct Taxes (CBDT), the common man wants government to ban high-value notes to curb black money. CBDT had appealed to public to share its views on tackling the problem of illegal funds. The Finance Ministry report in response to the public demand says that, high value currency notes like Rs […]

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RBI Directs Banks to Incorporate ‘Survivor’ Clause

Tuesday, August 21st, 2012

The Reserve Bank of India (RBI) instructed banks to incorporate the “either or survivor” or “former or survivor” clause in account opening forms. The new directive says that, banks should incorporate this clause in all the account opening forms itself, so that, in the event of death of the depositor, the premature withdrawal of term […]

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Dual SIM Mobile Phones – Types, Advantages, Drawbacks

Monday, August 20th, 2012

Dual SIM phones are highly popular among cell phone users these days. Their ability to allow communication through two different networks/numbers is highly functional. Especially for employees/sales people

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EPFO Can Park Funds in Fixed Deposits, Certificate of Deposits: CBT

Thursday, August 16th, 2012

The Central Board of Trustees (CBT) allowed retirement fund body – Employee provident Fund Organisation (EPFO) to put its funds in Fixed Deposits up to five years, short-term securities and Certificate of Deposits of public sector banks. However, this approval from CBT will have to be cleared by the government. At present EPFO, has a […]

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Banks to Issue Multi-City Cheques: RBI

Thursday, August 16th, 2012

According to RBI’s (Reserve Bank of India) notification, all Core Banking Solutions (CBS) enabled banks are advised to issue ‘payable at par’ or ‘multi-city cheques’ to eligible customers. Since cheques (payable at par) are cleared as local cheques in clearing houses, banks should not levy any clearing charges to customers. In a notification released earlier […]

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NPS Throws Great Opportunity for Insurance Providers: PFRDA

Monday, August 13th, 2012

The pension Fund Regulatory and Authority (PFRDA) concerned that despite the National Pension System (NPS) throwing great opportunity to life insurers, there are not enough players in the system to take advantage of this. Despite the huge opportunity, life insurers are not entering this NPS segment, as 85% of total market in annuity plan are […]

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IRDA Proposes Greater Investment Freedom to Insurance Providers

Monday, August 13th, 2012

The insurance regulatory IRDA issued new guidelines to both life and non-life insurance companies to promote participation of insurers in money market operations. Now, insurance providers can participate in repo (borrowing) and reverse-repo (lending) operations in government securities and corporate debts. They can also invest in Corporate Default Swaps and Securities Lending and Borrowing (SLB) […]

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Freebies to Doctors Considered as Taxable Income : CBDT

Friday, August 10th, 2012

The Central Board of Direct Taxes (CBDT) has noticed that, some pharmaceutical companies are providing free samples of medicines, gifts, foreign trips to doctors or medical practitioners. Such freebies violate the regulations issued by Medical Council of India and hence shall be calculated as taxable income. Under section 37(1) of Income Tax Act, expenditure from […]

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Seven Smart Ways to Use Your Credit Card Wisely

Thursday, August 9th, 2012

Credit cards are very popular among people today as they offer flexible payment options. They offer the convenience of not carrying the cash. However, you need to use them wisely by limiting the number of times you use, because with each use, you are borrowing money that you have to repay. If you are unable […]

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