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New cheque norms: You can use your old cheque books till March 2013

Mumbai:  The Reserve Bank of India announced that it has extended the deadline for banks to ensure withdrawal on Non Cheque Truncation System (CTS) cheque till March 31, 2013. CTS is a process that will give banks the freedom to avoid transporting a physical cheque from the presenting bank. Reuters Simply put, CTS is a process that will give banks the freedom to avoid transporting a physical cheque from the presenting bank (where the cheque is deposited) to the drawee bank (where it is issued). As per the CTS, instead of a physical cheque, an electronic image of the cheque will be sent to the drawee bank. Earlier this year, the apex bank had asked all banks to withdraw the non CTS cheques, and accept only those cheques which conform to new standards from 1 January. The central bank also said in the notification posted on their website today: While most of the banks have confirmed that they are issuing only multi-city, payable at par CTS-2010 standard cheques at prese...
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Will Your Chequebook Be Valid After December 31, 2012?

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As per RBI guidelines, there have been certain changes made to the cheques issued by the Bank. However, these changes are available only in chequebooks issued after August 2011. If you have obtained the chequebook prior to this, the cheques will not be valid after December 31, 2012.  If the cheques you currently hold have the following features, they will be valid after the given date. "Please sign above" is mentioned on cheque leaf on the lower right-hand side. A wave like design is embossed on the left-hand side of Cheque leaf
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Issue Of Rs.100 Bank Notes Within Set Letter ‘L’

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The Reserve Bank of India will shortly issue Rs.100 denomination Bank notes with inset letter 'L', in both the numbering panels, in the Mahatma Gandhi Series-2005, bearing the signature of Dr. D. Subbarao, Governor , Reserve Bank of India, and the year of printing 2012 printed on the reverse of the Bank note. The design of these notes to be issued now is similar in all respects to the Rs.100 Bank notes in Mahatma Gandhi Series- 2005, issued earlier. All the Bank notes in the denomination of Rs.100 issued by the Bank in the past will continue to be legal tender.
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NEFT and RTGS – A detailed Guide

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Lets try to understand what is   NEFT and RTGS  and what is the difference between them. NEFT and RTGS are two main mechanisms to transfer money from one bank to another bank in India. Transferring money between two accounts in same bank is pretty straight forword and its a internal matter of the bank, it does not have to deal with other banks and their protocols, however when one bank wants to send the money to another bank in India, there is a defined mechanism it has to be done and hence NEFT and RTGS comes into picture. Both these systems are maintained by Reserve Bank of India. Lets understand both of these NEFT – National Electronic Fund Transfer NEFT full form is National Electronic Fund Transfer, and its a system of transfer between two banks on net settlement basis. Which means that each individual transfer from one account to another account is not settled or processed at that same moment, its done in batches . A lot of transactions are settled in one go ...
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Wife gets 50% share in husband’s property after divorce – India Law

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Do you love your wife? You better do ! There were few changes made few weeks back in the marriage laws in India, which everybody should be aware about. A bill called “Marriage Law’s (Amendment) Bill 2010″ was passed in Rajya Sabha which has made some major changes in the   women   rights on how the properties would be divided after divorce. The biggest change says – “ As per new Divorce law,  Wife share in property would be 50% in all her husband’s residential properties, no matter what and in other properties, her share will be decided as per the court decision. ” Wife share in property owned by husband would be 50% Earlier, before this change – a women was entitled for a share in husband’s properties, but there was no quantum defined as per law, it would be any percentage depending on the case, but now with this amendment done, a women will enjoy equal sharing without any condition in all the residential properties owned by husband. But in this case, wo...
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Shocking ! – Job Rejection due to Bad CIBIL Report

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Your credit score is going to affect your Employment . Yes –   that’s happening already . A lot of companies especially Finance and Software Companies have started asking candidates to present their   CIBIL report   and score (or any other credit report) at the time of  interview and it has started playing a role while selecting a candidate. So if your credit report is bad because you have not paid your loans on time or if you settled your loans in past, you might get rejected in your next job interview provided your prospective employers looks at your cibil report/score. Note that its a standard practice internationally to   check credit score before employement and various other purposes 3 Real Life Example of Job Rejection due to Bad Cibil Report I am sharing with you 2 real life example’s where credit report was asked before interview and they were eventually rejected (there can be other parameters for rejection apart from the bad ...
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What is CIBIL and why you should be concerned ?

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What is   CIBIL report  ? Are you looking to check your credit score and want to know why your loan application was rejected ? Yes, if you are misusing your credit taking capacity, you are being watched at like never before in this country. I am talking about CIBIL here and in this article let me show you how your current behaviour related to credit card, personal loan, home loans are going to affect you in future in a good and bad way What is CIBIL and why you should be concerned ? CIBIL is Credit Information Bureau of India Limited, which acts like a central repository of credit information in India. As many as 500 different banks and financial institutions are CIBIL’s clients and they report each of their customers (like me and you) actions to them. So if you take a   credit card   from ICICI Bank, then ICICI bank reports to CIBIL about it. If you enquire about car loan to HDFC Bank, hold your breath! as even that enquiry is reported to CIBIL, if ...
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