CIN number corporate identity number

Corporate Identity Number (CIN) :- Each Indian company (Listed or Unlisted) has a unique 21 Digit CIN (Corporate Identity Number). This is required to be quoted on all forms. Once this number is filled, company details are automatically filled in E-Forms issued by MCA by using pre-fill function.

Prime minister foreign visit

First Prime minister who has been criticized for working hard.
Since last few days, I have  seen quite a few jokes on Narendra Modi's foreign visits.... and all people are curious why Narendra Modi visits so many countries and what is India achieving from it. Few hidden because the main stream media will purposely ignore them) achievements are given below:

1. BJP Govt. convinced Saudi Arabia not to charge “On-Time Delivery 1Premium charges" on Crude Oil – Young Petroleum Minister Dharmendra Pradhan & External Affairs Minister Sushma Swaraj sealed the deal. Saved the country thousands of crores...

2. India will build 4 Hydroelectric power stations + Dams in Bhutan (India will get lion's share in Green energy that will be produced in future from these projects) . .

3. India will build Biggest ever dam of Nepal (China was trying hard to get that) – India will get 83% Green energy produce from that hydro power station for free – in future. . .
4. Increased relationship with Japan and they agreed to invest $30 Billion in DMIC (Delhi –Mumbai Investment Corridor)..

5. Increased strategic relationship with Vietnam and Vietnam has now agreed to give contract of Oil exploration to ONGC-Videsh (UPA was not ready to take this at all because they were worried about China – and getting into a conflict of interests on south China sea)

6. Increase Oil Imports from Iran, despite the ban by USA. Iran agreed to sell in Indian Rupees and it saved our Forex, not just for now, but protected India from future currency fluctuations. India also gets to build “Chabahar” port of Iran, encircling Pakistan. Because we well have exclusive access for our Naval ships in this port.

7. Australia- despite Australia being a major supplier of Coal & Uranium. . NaMo was able to convince Tony Abbott and now Australia will supply Uranium for our energy production.

8. China leaning President Rajapakse lost elections in Sri Lanka – Remember UPA lost “Hambantota” port development – read latest report of CIA, where they mention RAW has played a major role in power shift of Sri Lanka. Sri Lanka has backed out of Chinese contract and shifted to Indian project managers.

9. With China, as Trade Deficit was increasing, NaMo forced their hand. Anti-Dumping will come soon so China will invest heavily into India. – China has already committed $ 20 billion Investment in India. That's nearly ₹140,000 crores.

10. On Security – I think adding Ajit Doval to his team is the best decision by NaMo. See the recent tie-up with Pentagon, Israel & Japan. . Now see how we stopped the Terror Boat and listen to his words … “Any Mumbai like attack from Pakistan and Pakistan will lose Baluchistan!" That's the language of deterrence that I want to hear as an Indian. We won't hit first, but if you do, we surely won't turn the other cheek....

11. India approved the border road in the NorthEast and around India- China border – Remember just because of China’s opposition, the ADB (Asian Development Bank) didn’t give us funds during UPA regime and UPA held that file under “Environment Ministry control – Remember the infamous “JAYANTHI TAX "? No one bothered about the disastrous effect on our armed forces.

12. India managed to bring back 4,500+ Indians from War zone in Yemen and also brought foreign nationals of 41 different countries, which put India’s name onto the highest platform globally in conducting that rescue mission – PM Narendra Modi specially talked to the new Saudi Arabian king Salman and told him to allow Indian Airforce planes to fly – as Saudi Arabia was attacking on Yemen and Yemen skies was declared NO-FLY Zone: thanks to this we got an assured clear window of a few hours and guys guess who coordinated this? Ajit Doval, Sushama Swaraj and Gen V K Singh. All in person.... When was the last time you ever heard of ministers involved personally in such efforts that didn't fetch thousands of crores?? Guess the religion of those rescued?? But it isn't secular.

13. India’s Air defense was getting weaker by the day, UPA was very happy to let it happen despite repeated specific inputs from the armed forces, NaMo renegotiated Rafale fighter Jets deal with France personally and bought 36 Jets on ASAP basis. At better than rack rates. No middlemen, no commissions

14. For the first time after 42 yrs Indian Prime Minister visited Canada not to attend some meeting but as a specific state visit, in a Bilateral deal, India was able convince to Canada to supply Uranium for India’s Nuclear reactors for next 5 years. It will be of great help to Resolve India’s Power problems. . . .

15. Canada approves visa on arrival for all Indian tourists.

16. Till recently we were exclusively buying Nuclear Reactors from Russia or USA and it was much like beggar kind of situation because they were worried about usage of Nuclear reactor for some other use. So only what they opted to give us, we could get. Now Narendra Modi was able to convince France and now France will make Nuclear reactors with the latest technology in India. On MAKE IN INDIA 
       efforts with collaboration with an Indian company as a partner   
 
17. During 26th Jan. visit of Barack Obama , NaMo convinced USA to drop rule of Nuclear fuel tracking and sorted out Liabilities rules which now open the gates for next 16 Nuclear power plant projects. . . . Isn't this good enough to improve the lot of India?

The paid media will ensure you never get to hear this.. Spread the word.. It's worth the trouble..

Nice to see a PM with vision and patriotism

Service tax increased

We would like to inform you that vide Notification No. 22/2015-Service Tax, dated 6th November, 2015, Government of India has introduced Swachh Bharat Cess at the rate of 0.5% which will be levied on all taxable services, with effect from 15th November, 2015.

Due to this notification, the effective rate of service tax has increased from 14% to 14.50% (inclusive of Swachh Bharat Cess). This change will be effective from 15th November, 2015.

Ecommerce Seller Finance - Loan

Ecommerce Seller Finance - Loan

Many banks started offering Ecommerce Seller Finance - Loan, for Ecommerce sellers. Its a new way to encourage ecommerce sellers.

Eligibility

Should be among any one of the following:

• Public Limited/Private Limited Company
• Partnership Firm
• Proprietorship Firm
• HUF Firm

Should have valid TIN/VAT number

Required documents for banks.

First and foremost contact your bank for further details.

Just give missed call for pf balance

You can get your pf balance by just giving missed call to following number 01122901406. You can get the balance details message to your registered mobile number.

Do not laminate documents

DO NOT LAMINATE DOCUMENTS IF YOU INTEND TO MORTGAGE THEM FOR BANK LOAN

CAUTION : Laminating Property Documents & Other Certificates
 
Most of us are tempted to get the documents laminated so as to preserve them.

"We had our property documents laminated for their safe keeping. This was years ago.
Recently we tried for a bank loan by mortgaging the property docs. At the final stage of verification of original documents, the Bank Lawyer flatly refused even to look at the documents saying that they are laminated. The reason being that, since they are laminated, the original documents cannot be differentiated from the colour photocopies. Appears, it was a hard learned truth as the Bank was duped by the colour photocopies of the original documents, duly laminated and presented.

We were asked to get the documents de-laminated ! else forget the loan

We have a lesson here. Pl do not laminate the original property documents. The Banks will not touch them. No loans can be taken on them. Even the buyers would hesitate at the time of sales. Further, Please be careful while receiving such laminated documents in a transaction. Whilst browsing, I have also come across where the people have run into Visa problems while submitting the laminated mark sheets, degree certificates."

72 basic information about banking

BASICS OF BANKING.

1. MICR code consists of how many digits?
Ans: 9 digits.
(First three digits denotes city, next three digits
representing the bank and the last three digits
representing the bank branch)

2. What is the minimum limit in RTGS system?
Ans: 2 lakhs (there is no upper limit in RTGS)

3. What is full form of CTS?
Ans: Cheque Truncation System

4. Under which service, customers may access their
bank account and perform basic transactions from
any of the member branch offices.
Ans: Core Banking Solution (CBS)

5. Exchange of cash flow in different currency is
known as:
Ans: Currency Swap

6. Assets or loans which stop performing after 90
days is known as:
Ans: Non Performing Asset (NPA)

7. Who controls the Monetary Policy in India?
Ans: RBI (Reserve Bank of India)

8. Which card is
issued by NPCI (National Payments Corporation of
India)?
Ans: RuPay Card

9. Definition of Current Account deficit:
Ans: A measurement of a country's trade in which
the value of goods and services it imports exceeds
the value of goods and services it exports.

10. Full form IFSC –
Ans: Indian Financial System Code

11. Commercial paper can be issued for a maximum
period of:
Ans: 365 days or 1 year.

12. The Mutual funds in India follow accounting
standards laid by:
Ans: SEBI (Securities and Exchange Board of India)

13. Minimum amount for Certificate of Deposit has
been fixed at:
Ans: Rs. 1 Lakh

14. AML is a term mainly used in the financial and
legal industries. Expand the term AML:
Ans: Anti Money Laundering

15. PIN is a number allocated to an individual and
used to validate electronic transactions. Expand
PIN:
Ans: Personal Identification Number

16. What is Repo rate?
Ans: It is the rate is the rate at which RBI lends
money to the commercial banks.

17. What is Stale Cheque?
Ans: A cheque which is presented to a bank after 3
months from date of issue is considered as stale
cheque and will often not be honored for cash or
deposit at a bank.

18. What is Bancassurance?
Ans: The selling of life assurance and other
insurance products and services by banking
institutions.
19. The objective of KYC guidelines is to prevent
banks from being used, intentionally or
unintentionally, by criminal elements for money
laundering or terrorist financing activities. What is
the full form of KYC?
Ans: Know Your Customer (KYC)

20. Know Your Customer (KYC) guidelines are
issued under:
Ans: Section 35A of the Banking Regulation Act,
1949

21. In BSBDA (Basic Savings Bank Deposit Account)
the credits in a financial year does not exceed
rupees:
Ans: Rs. 1 lakh

22. In BSBDA (Basic Savings Bank Deposit Account)
the balance at any point of time does not exceed
rupees:
Ans: Rs. 50,000

23. In BSBDA (Basic Savings Bank Deposit Account)
the withdrawals and transfers in a month does not
exceed rupees:
Ans: Rs. 10,000

24. At which rate RBI give loans to commercial
banks?
Ans: Repo rate

25. Full form of CASA:
Ans: Current Account Saving Account

26. In what denominations Commercial Paper (CP)
can be issued?
Ans: Rs. 5 lakh

27. What is the minimum denomination of Treasury
bills to issue in India?
Ans: Rs. 25,000

28. Who cannot issue Certificate of Deposit (CD)?
Ans: Regional Rural Banks (RRBs) and Local Area
Banks (LABs)

29. Expand ASBA:
Ans: Application Supported by Blocked Amount

30. Depositor Education and Awareness Fund
(DEAF) is maintained with:
Ans: RBI

31. Cash Reserve Ratio (CRR) is the amount of
funds that the banks have to keep with:
Ans: Central Bank (RBI)

32. What is the maximum amount per transaction
NEFT limit for cash-based remittances to Nepal?
Ans: Rs. 50,000

33. What does CAR stands for?
Ans: Capital Adequacy Ratio

34. IFSC code consists of _____ alpha numeric
code.
Ans: 11 digits
(The IFSC is an 11 digit alpha numeric code, with
the first four digits identifying the bank, fifth is
numeric (kept 0) and the last six digits represent
the bank branch.)

35. When money is lent or borrowed for one day or
on overnight basis it is known as:
Ans: Call Money

36. When money is lent or borrowed for between 2
days and 14 days it is known as:
Ans: Notice money

37. When money is lent or borrowed for a period of
more than 14 days, it is known as:
Ans: Term money

38. Treasury Bills and Certificate of Deposit are
considered as the ____instruments.
Ans: negotiable money market

39. Commercial Paper (CP) is an unsecured money
market instrument issued in the form of a _____.
Ans: Promissory note.

40. What is the upper limit in Public Provident Fund
(PPF)?
Ans: Rs. 1.5 lakhs

41. As per RBI guidelines, with effect from April
1, 2012, the validity period of Cheques, Demand
Drafts, Pay Orders and Banker's Cheques is _____.
Ans: 3 months

42. What is the time limit for an asset or loan to
be declared as Non-Performing Asset?
Ans: 90 days

43. Deposit Insurance and Credit Guarantee
Corporation (DICGC) does not cover:
Ans: Primary co-operative societies

44. RBI measure to liquidate the market:
Ans: Repo rate.

45. Full form of EFT:
Ans: Electronic Fund Transfer

46. Fastest mode of transaction:
Ans: RTGS

47. Alphanumeric code on cheque is known as:
Ans: Indian Financial System Code (IFSC)

48. Bank pays interest on savings account?
Ans: Daily Basis

49. What is the loan limit for education under
priority sector for studies abroad?
Ans: Rs. 20 lakh
(Loans to individuals for educational purposes
including vocational courses upto Rs.10 lakh for
studies in India and Rs. 20 lakh for studies abroad
are included under priority sector.)

50. RuPay Card is an Indian version of credit/
debit card is launched by which organization:
Ans: NPCI (National Payments Corporation of India)

51. Fixed Deposit (FD)Account may be opened for a
minimum period of:
Ans: 7 days

52. What is the minimum amount required to open
a Fixed Deposit (FD)?
Ans: Rs.1000

53. The Banks has converted all ‘no - frills'
accounts’ into:
Ans: Basic Savings Bank Deposit Accounts

54. 'Pradhan Mantri Jan Dhan Yojana' is a Scheme
for:
Ans: Financial inclusion

55. How much overdraft facility to be provided in
'Pradhan Mantri Jan Dhan Yojana' scheme?
Ans: Rs. 5,000

56. In CBS, C stands for:
Ans: Core

57. In CRAR, A stands for:
Ans: Assets (Capital to Risk Weighted Assets Ratio)

58. IMPS - Immediate Payment Service is an
interbank electronic instant mobile money transfer
service through mobile phones in India, the facility
is provided by:
Ans: NPCI (National Payment Corporation of India)

59. The Central Bank of India has adopted new
measure of inflation:
Ans: Consumer Price Index (CPI)

60. When a cheque is torn into two or more pieces
and presented for payment, such a cheque is
called:
Ans: mutilated cheque

61. How much fee charged to file a complaint
under Banking Ombudsman? Ans: Banking
Ombudsman does not charge any fee

62. Who is the appellate authority in Banking
Ombusdsman?
Ans Deputy Governor of RBI 63. If any customer is
not satisfied by the decision of Banking
Ombudsman, customer can appeal against the
award before the appellate authority within how
many days from the date of receipt?
Ans 30 days

64. ATMs or Cash Dispensing machine which are
owned and operated by Non-Banking Financial
Companies are called:
Ans: White Label ATMs.

65. RBI gave in-principle for Banking license to:
Ans: IDFC and Bandhan

66. Minimum capital requirement for new banks in
private sector is:
Ans: Rs. 500 crore

67. A Non-Banking Financial Company (NBFC) is a
company registered under the:
Ans: Companies Act, 1956

68. Minimum capital requirement for Non-Banking
Financial Company (NBFC) is:
Ans: Rs. 500 crore

69. The NBFCs are allowed to accept/renew public
deposits for a minimum period of:
Ans: 12 months ( and maximum period of 60
months)

70. A NBFCs cannot offer interest rates higher
than the ceiling rate prescribed by RBI? What is
the present ceiling?
Ans: 12.5 per cent per annum

71. Minimum capital requirement for Foreign banks
that want to set up operations in India is:
Ans: Rs. 500 crore

72. What is the minimum paid-up capital
requirement of both small banks and payments
banks in India?
Ans: Rs. 100 crore

Payment gateway

Payment gateway act as a bridge between customer and merchant bank, and its an E-Commerce & M-Commerce services which allows a secure transaction for a customer and banks as well.

How Payment gateway works:

1)      E-Commerce company will a have tie up with Payment gate way.

2)      Once customer click process payment, the browser will re direct to secure browser.  

3)      That secure web browser will the payment gate way browser

4)      That allow the process will happen securely. By sending OTP password, encrypting the card information details etc.,

What is Payment Bank

What is Payment Bank

Payment Bank

A Payment Bank is a new services, its typically a bank but without lending. In other words A Payment Bank can accept only deposits. Good example for a Payment Bank is current India Post, already India Post is working as a Payment Bank. But going forward it has to follow the new rules.

Regulation for Payment Bank:

The minimum capital requirement to form PaymentBank is 100 crore. For the first five years, the stake of the promoter should be 40% minimum. Foreign share holding will be allowed in these banks as per the rules for FDI in private banks in India. The voting rights will be regulated by the Banking Regulation Act, 1949. The voting right of any shareholder is capped at 10%, which can be raised to 26% by Reserve Bank of India (RBI). Any acquisition of over than 5% will require approval of the RBI. The majority of the bank's board of director should consist of independent directors, appointed according to RBI guidelines.

The Payment bank should be fully networked from the beginning. The bank can accept utility bills. It cannot form subsidiaries to undertake non-banking activities. Initially, the deposits will be capped at 1,00,000 per customer, but it may be raised by the RBI based on the performance of the bank. The bank cannot undertake lending activities. 25% of its branches must be in the unbanked rural area. The bank must use the term "payments bank" in its to differentiate it from other types of bank. The banks will be licensed as payments banks under Section 22 of the Banking Regulation Act, 1949and will be registered as public limited company under the Companies Act, 2013.

11 New Payment Banks

Aditya Birla NUVO

Airtel M commerce services

Cholamandalam Distribution services

Department of posts

FINO PayTech

National Security Depository

Reliance Industries

Dilip Sanghvi

Vijay Shekhar Sharma

Tech Mahindra

Vodafone M-Pesa

Your Gratuity to be made portable

Gratuity:

A worker/employee is eligible to receive gratuity under the Gratuity Act 1972, if he/she:-

• Is employed in an shop or establishment to which the Gratuity Act applies (Section 1)
• Is an employee as per Section 2(e).
• Has been in Continuous Service of not less than five Years – subject to some exceptions.

Narendra Modi led government which is planning for new reforms for working class. Currently government is examining the possibility of reducing the five-year eligibility to get gratuity benefits. This can done by allowing the gratuity to be portable from one to another or government may reduce the numbers years to get gratuity benefits.

Currently government is working on the both the plans, the feasible one will be implemented very soon.

Why House Rental agreements are only 11 months

Rental Agreements are only for 11 months

First and for most why we need to have a rental agreement, “A rental agreement is a legal document that binds the owner of the property and tenant and safeguards the interest of both the parties. The landlord must either be the owner of the property or a person having attorney from the owner,” It is important as it protects the rights of a landlord as well as the tenant. It prevents the unnecessary hikes and eviction without prior notice of minimum one month.” So rent agreement is compulsory for both tenant and land lord. Even tenant can use the rental agreement for tax purpose as well (till some extend). Rental agreements are very common in cities like Bangalore.

Why it’s meant for 11 months when it comes to House Rent Agreement?

If any agreement has to be made more than 11 months, those documents have to be register under the respective register office, and registration charge has to be paid. The secrete behind the 11 month rent agreement is, no one wants to bear the registration fee.

Here is the problem, when rent agreement was made for 11 months and it was not registered. The document may not be a valid proof /support if tenant or land lord wants to file a case in court. So it is better to register the rent agreement under mutual agreement.