My Tax Form Info

CENTRAL BANK TIGHTENS ATM CASH WITHDRAWAL NORMS

RBI has decided to end the free access to ATMs of other banks. This new norms would be effective from 15th October 2009. The central bank has put restrictions on the withdrawal and number of transactions per month in a year. As per new norms one can withdraw max. upto Rs.10000/- per transaction from ATMs of other banks in which he has an A/c. While the transaction would be restricted to 5 transactions in a month. Over withdrawal would attract a fine of Rs. 20/- per transaction would be debited to you’re A/c.  

It seems that recent increase in ATM crimes & frequent cash transactions would be the reason. But I don’t think this would affect the peoples mind. Will yours?

BANK OF MAHARASHTRA: UPDATING YOUR PASSBOOK IS A HERCULEAN TASK

In the fast pace of our life every second has is valuable . 21st century  is an era of of internet banking. Even a city or district or co-operative banks provides world class services to its customers. but is not the same with Bank of Maharashtra(BOM).

one such incident occured with me which showed its poor banking and time consuming services. I Just wanted to update my passbook. For that I have to first take token which was bearing number 246 and the ongoing number was 180. It took nearly 1.5 hours to simply updating it. In this bank their are no seperate counters for passbook updation just like any other bank have. The employees of this bank are also lazy and have their own style of working.When my pecision was going out of control I asked of keeping my passbook with the bank for updation, they said that you cannot keep it with bank you have to take the token.

Another such time consuming incidence was of getting my PIN for availing net banking services. They said that it will take nearly 15-20 days for that & that will be isuued by Head Quarter in Pune.

It seems that the top level management should take strict action againgst such employees and take management lessons from other banks.

One cannot expect such inefficient & time consuming services from a nationalised bank & a co- sponsorer of Common Wealth Games 2010 at Delhi.

It has been rightly said that,“For every minute spent in organizing, an hour is earned.”

INDIAN MARKET RATES FOR GOLD & SILVER- I

Given below are the gold & silver rates of 10 years from 1956- 1965 required for valuation purposes and calculating tax. This is contributed by CA Final Student Arti Patrikar.

DEBT COUNSELLING: AN INSIGHT- I

The recent collapse of the major financial institutions & banks, sub-prime crisis had brought the ‘Debt Counselling’ in to lime light. The bankruptcy of the Bear Stearns, AIG, and Washington Mutual are the examples of the excessive credits given to the people. As a result most of the banks & financial institutions have started Debt counselling. Debt counselling is also known as ‘Credit counselling’. Debt counselling is a win- win situation for the banks as well as for its customers.

GLOBAL SCENARIO

There is variety of ways in which debt counselling has been accomplished in different countries. The first debt (credit) counselling agency was created in 1951 in US known as National Foundation for Credit Counselling (NFCC). In US, The Bankruptcy Abuse Prevention and Consumer Protection Act 2005 have made credit counselling a requirement for consumer debtors filling for bankruptcy. The debtor must complete a program within an approved non profit budget and credit counselling agency during 180 days preceding the date of filling for bankruptcy.

INDIAN SCENARIO

Globalization and financial innovation has phenomenally increased retail lending in the commercial banking sector. In recent times consumer loans, housing loans, credit cards & personal loans have registered a tremendous growth. The credit growth in these sectors grew at a Compound Annualised Growth Rate (CAGR) of 43.3% during 2001-06 as compared to overall growth of credit of 23.4% in the same period. Costly medical emergencies, retrenchment from jobs, increased intrest rates have raised debt burdens in some cases. The aggressive marketing of personal loans and credit cards to venerable sections of borrowers leads to over indebt ness and rising NPA’s (Non Performing Assets).

DEFENITION

Debt counselling can e defined as ‘counselling that explores the possibility of repaying debts outside bankruptcy and educates the debtor about the credit, budgeting and financial management’.

OBJECITVES

The debt counselling serves various purposes. They are:

1. (a) It examines the ways to solve current financial problems.

(b) It helps educating people about the cost of misusing the credit.

(c) Benefits and encourages poor and distress people to access the formal financial systems.

2 The objective was to promote financial literacy and help consumers to avoid bankruptcy.

3 It helps proactively to manage their debt via out-of- court procedures based on agreed repayment plans between creditors and the debtors.(…cont.)