Archive for December, 2012

SCORES Facilitated by SEBI Works Well in Solving Investor Complaints

Monday, December 31st, 2012

With the new mechanism SCORES (SEBI Complaints Redress System) launched by market regulator SEBI in 2011, the investor grievance redressal had improved significantly during the first eight months of the financial year 2012-13. SCORES, a web-based centralised system enables investors to lodge complaints through website www.scores.gov.in against a listed company/intermediary registered with SEBI. The system […]

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Investment Basics for First Time Investors

Saturday, December 29th, 2012

Planning to invest in stocks, bonds, mutual funds or any other investment plan for the first time? If so, congrats! You are taking an important and sensible step in planning your future growth. This article presents some important tips you need to follow as a first-time investor. Health insurance and have emergency savings Before you […]

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LIC Performs Better in Claim Settlements than Private Life Insurers : IRDA

Thursday, December 27th, 2012

According to latest report of Insurance regulator IRDA, claim settlement ratio of Life Insurance Corporation (LIC) appeared better than that of private life insurance companies. LIC found to be better at paying death claims. While LIC is the only state-run life insurance company in the market, there are about two dozen private insurers providing life […]

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Mediclaim Policies to Become Costlier Next Year

Monday, December 24th, 2012

The price of mediclaim policies to go up next year, if the insurance regulator IRDA accepts the plea of General insurers (both private and public sectors) which are facing huge losses with the spiraling health costs. State-owned National Insurance company sought IRDA’s permission to raise health insurance premium by 20-25% on an average as mediclaim […]

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Single Document Enough to Open New Bank Accounts : RBI

Monday, December 24th, 2012

Good news! RBI has made it easier for the customers to open new bank accounts. Now, banks can accept documents of customers such as Aadhar letter, PAN card, driver’s license, passport as proof of identity as well as address for opening new bank accounts. However, the address on the documents submitted by him/her for identity […]

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Soon Auto Insurance Policies to Provide Two-Year Coverage : IRDA

Wednesday, December 19th, 2012

The Insurance Regulatory and Development Authority (IRDA) is planning to provide 2-year insurance term coverage for auto insurance policies. The move will enable vehicle owners to insure their commercial or private vehicles for two-year term at a time and allow the benefit of low premium cost and reduced renewal hassles to its customers. According to […]

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New SMS/Email Alert Service From Credit Information Bureau

Wednesday, December 19th, 2012

Credit Information Bureau Experian India planning to come up with an identity theft protection service by sending SMS/email alerts to its customers. The moment when a bank or a telecom company seeks credit information report in your name, you will immediately get an SMS/email alert to your specified contact number/address. According to the Managing Director […]

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RBI Extends Deadline for Banks to Issue New Cheque Standards

Tuesday, December 18th, 2012

The Reserve Bank of India (RBI) has extended the deadline for banks to issue new cheque formats till 31st March 2013. It is observed that, almost all banks issue only multi-city or payable at par CTS-2010-standard-cheques at present. Taking into consideration of request for extension from various stakeholders, the RBI has decided to extend to […]

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Mutual Fund Industry AUM Touches Rs 7.93 Lakh Crore in Nov 2012: Crisil

Monday, December 17th, 2012

Credit Rating Information Services of India Limited (CRISIL) reveals that the Assets Under Management (AUM) of Indian mutual fund industry grew by 3.25% (Rs 25,000 crore) to Rs 7.93 lakh crore in November. According to Crisil, this is the highest month-end assets for mutual fund industry since April 2010. The rise in AUM is due […]

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Govt Warns Tax Evaders: Disclose True Income or Face Action

Tuesday, December 11th, 2012

This is a serious warning to tax evaders! The Government has asked tax evaders to disclose their true income or pay advance tax by December 15. If not, they need to be prepared to face action. According to revenue department sources, there is gross-understatement in filing of advance taxes. Only 14.62 lakh assesses whose income […]

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Save More in PF, Take Home Less as Salary

Tuesday, December 11th, 2012

Employee Provident Fund Organisation (EPFO) recently issued a circular stating that various allowances paid to the employees, such as educational allowance, food concession, conveyance, medical allowance, special holidays, night shift incentives etc, have to be included in the basic salary and Provident Fund (PF) contribution should be computed against the basic salary. This will result […]

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Rajiv Gandhi Equity Savings Scheme Norms Announced by SEBI

Monday, December 10th, 2012

The market regulator SEBI (Securities and Exchange Board of India) has announced the norms of Rajiv Gandhi Equity Savings Scheme (RGESS), a government initiative introduced to attract small investors in the capital market. SEBI in its circular announced that, the scheme aimed at encouraging flow of savings in the financial instruments and improve the depth […]

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EPF Subscribers Can Access their Account Statements Online

Friday, December 7th, 2012

Employee Provident Fund Organisation (EPFO) has launched e-passbook service where 50 million provident fund subscribers can now access their account statements online. The active EPF subscribers can keep track of their retirement fund, get alerts on employer’s contribution every month. EPF subscribers need to view the website http://epfindia.gov.in/ and register online to view their EPF […]

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India Tops Fastest Growing Trading Nation: HSBC

Thursday, December 6th, 2012

According to HSBC global trade forecast, India gained top league of trading nations beginning in 2013 and is expected to retain the fastest growth rate until 2020. With the rising bilateral trade with China and growing consumers’ wealth, India tops as the most confident country with more than 61% of traders expecting growth. The report […]

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New Cheques to be Issued from January 1, 2013 in India

Wednesday, December 5th, 2012

With the implementation of new Cheque Truncation System (CTS-2010), bank account holders in India may not be able to use old cheques or the old cheque-books from January 1st, 2013. The new cheques will eliminate the physical movement of cheques for clearing. Only the electronic images with the key information will be captured and transferred. […]

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