RBI mulls changes in regulations for foreign banks
Press Trust of India / New Delhi October 24, 2010, 13:44 IST
The Reserve Bank of India (RBI) is considering changes in the rules governing the overseas players' banking operations in the country, a move aimed at in hands oversight of the overseas banks and classified domestic lenders like ICICI Bank as Indian-managed despite majority foreign holding.
As per the new regulations being mulled over by it, the central bank might ask the foreign banks to incorporate all their branches as their subsidiaries in India so that all of them are required to follow the rules governing capital adequacy ratio and sector-specific exposure limits and the RBI can have a greater regulatory oversight, sources said.
The RBI is believed to have taken up the matter with the Finance Ministry and could come out with a discussion paper on the draft guidelines after getting a go-ahead from the government, they added.
Sources said that local incorporation of the foreign banks' branches here would also help define them as Indian subsidiaries of foreign institutions or banks controlled and managed by overseas entities.
This would, in turn, help differentiate the Indian lenders such as ICICI Bank and HDFC Bank, where the majority shareholders are overseas entities, from foreign banks.
The new regulations would describe these Indian lenders as 'Indian-managed' banks, despite them being foreign-owned in terms of their shareholding patters.
As per the new FDI norms announced by the government last year, ICICI Bank and HDFC Bank have been labelled as 'foreign-owned' despite being controlled by Indians and having their roots in the country. This is because of more than 74 per cent equity in these banks being held by foreigners.
After this categorisation, the ICICI Bank MD & CEO Chanda Kochhar had said that they continue to work as an Indian- managed bank and hoped that a clarification would emerge soon on the whole issue.
HDFC Bank Chief Aditya Puri had also said earlier that HDFC Bank remained an Indian bank with majority of voting rights vested with Indians.
Regarding the local incorporation of bank branches as wholly owned subsidiaries, the RBI has so far found favourable response from the foreign banks and their only concern has been regarding any possible tax implications arising out of the change of their existing branches into new structure, sources said.
The foreign banks can get more leeway, or even a free hand, in terms of number of branches they wish to open in the country, under the local incorporation route, as against the current practice of seeking RBI's clearance for every branch to be opened, sources said.
In return, the foreign banks might be asked to open more branches in rural areas to meet the financial inclusion targets.
Among others, the local incorporation of foreign bank branches will also help insulate them against crisis in the other countries where these banks might be operating, sources said.
While the foreign banks already operating in the country have been lobbying for liberalising these branch-licensing norms for a long time, a number of other overseas players are also lining up for licences to enter the Indian banking space.
There are about 32 foreign banks present in the country with their little over 300 branches.
However, this accounts for less than 0.5 per cent of about 72,000-branch overall network of all the banks operating in the country.
Guys, its late but a complete story!!! sorry for being late....
Sunday, October 31, 2010
Concerns of a true Indian
India believes in ritual, without caring to respect the substantive. Our education is as bad other aspects of society. We are people who sing saraay jahaan say acha ..while peeing. spitting randomly. We can burn kill in the name of religion but can't keep the Ganga clean? We have political parties named .......Sena, ain't our armed forces enough for battles?
One visit to IITs & IIMs would get you real dismal picture of the standard of teaching there. Its easy to get rich & successful in India by stooping low and having your intelligent quotient less than the average. Just stand up for honesty, beauty & intelligence and you have hoards of marauders vying for your blood. Talent has no place here...otherwise how could we loose battles to every johnny including a pvt ltd company from England?
We are afraid to face positive criticism...why can't some social, religious or political organsiation convince Mr Narayanamurthy of Infosys to join them in building the country? Good people have no place in public life in India they are hounded out by half baked self proclaimed decadent leaders. India is my country and i am sad for it.our education system is as bad as other systems in India. A university topper [1986] could not get a lecturer's job in journalism department of Punjabi university patiala because the VC had decided to give it to his niece, sic.
Mr Kapil sibbal can not or does not want to do anything to improve the system. He has his own axe to grind. Why can't IITs/IIms employ industry professionals with years of achievements without the ceremony of PhD or Masters? How would you bring professional culture in classrooms without them? I have been number of marketing professors who just pee on 4Ps without explaining the relationship with the shop floor. I had to leave a privately run management institute because the promoter/director of the institute was certain that sales is part of marketing function and i told him an example that sales could be an independent function too and sometime more pervasive in an nascent market. But his ego was hurt and my job..hahaa.
IITS/IIMs get PSU consulting projects only, even those projects they are unable to handle. Why can't they get projects from international corporates like the other institutes globally? UBS at PU Chandigarh has marketing teachers who can not tell names of advertising agencies, market research teachers who have n't heard of Nielsen?
How many professors are there who can teach the subject of their own choosing? On a personal note, how many Marketing Management professors in India would know the profile of Indian consuming class? How could we have good MBAs then? IIMs are just names because they get best of India students, as for teachers they are like we get anywhere else.
Kapil Sibbal can ask Nielsen or another research agency to seek opinion of students of IITs/IIMs & other national institutes on the academic standards & teaching quality. The rot is all pervasive..its not going to change unless the society changes..till then VCs & other leading academia would continue to be entrepreneurs & social engineers.
Disclaimer: It is not my original views. I got this from a comment box on some matter. Published with permission of original thinker....
One visit to IITs & IIMs would get you real dismal picture of the standard of teaching there. Its easy to get rich & successful in India by stooping low and having your intelligent quotient less than the average. Just stand up for honesty, beauty & intelligence and you have hoards of marauders vying for your blood. Talent has no place here...otherwise how could we loose battles to every johnny including a pvt ltd company from England?
We are afraid to face positive criticism...why can't some social, religious or political organsiation convince Mr Narayanamurthy of Infosys to join them in building the country? Good people have no place in public life in India they are hounded out by half baked self proclaimed decadent leaders. India is my country and i am sad for it.our education system is as bad as other systems in India. A university topper [1986] could not get a lecturer's job in journalism department of Punjabi university patiala because the VC had decided to give it to his niece, sic.
Mr Kapil sibbal can not or does not want to do anything to improve the system. He has his own axe to grind. Why can't IITs/IIms employ industry professionals with years of achievements without the ceremony of PhD or Masters? How would you bring professional culture in classrooms without them? I have been number of marketing professors who just pee on 4Ps without explaining the relationship with the shop floor. I had to leave a privately run management institute because the promoter/director of the institute was certain that sales is part of marketing function and i told him an example that sales could be an independent function too and sometime more pervasive in an nascent market. But his ego was hurt and my job..hahaa.
IITS/IIMs get PSU consulting projects only, even those projects they are unable to handle. Why can't they get projects from international corporates like the other institutes globally? UBS at PU Chandigarh has marketing teachers who can not tell names of advertising agencies, market research teachers who have n't heard of Nielsen?
How many professors are there who can teach the subject of their own choosing? On a personal note, how many Marketing Management professors in India would know the profile of Indian consuming class? How could we have good MBAs then? IIMs are just names because they get best of India students, as for teachers they are like we get anywhere else.
Kapil Sibbal can ask Nielsen or another research agency to seek opinion of students of IITs/IIMs & other national institutes on the academic standards & teaching quality. The rot is all pervasive..its not going to change unless the society changes..till then VCs & other leading academia would continue to be entrepreneurs & social engineers.
Disclaimer: It is not my original views. I got this from a comment box on some matter. Published with permission of original thinker....
Tuesday, October 26, 2010
New Certificate Course from NSE @ St. Stephen's College, New DElhi
Hi All, I am putting this email which I received from NSE, to help you guys, so if anyone is interested in capital market courses, can contact on the given contact details.
Greetings from National Stock Exchange!
St. Stephen’s College has collaborated with the National Stock Exchange of India Ltd. (NSE) to introduce the NSE Certified Capital Market Professional (NCCMP) course. The proposed commencement date of the course is November 15, 2010. It is a 100 hours program (3 - 4 months) comprising theory and practical training in capital markets. Subjects covered in the course comprises of equity markets, debt markets, derivatives, macro economics, technical analysis, fundamental analysis etc. Please note that this is not exclusively for students of St. Stephen’s College; others can also participate.
Classes would be held at the St. Stephen’s College. Successful candidates would be awarded a joint St. Stephen’s - NSE certificate in capital markets.
Those interested to apply for the course may kindly contact :
Mr. Anthony Wilson St. Stephen’s College, University Enclave, Delhi - 110007.
Phone No. : 09810845147
Warm regards,
SBU-EDUCATION
‘Let Education Help You Grow’
Disclaimer: I got this information throught an email, I'm not liable for any type of discripancy.
Greetings from National Stock Exchange!
St. Stephen’s College has collaborated with the National Stock Exchange of India Ltd. (NSE) to introduce the NSE Certified Capital Market Professional (NCCMP) course. The proposed commencement date of the course is November 15, 2010. It is a 100 hours program (3 - 4 months) comprising theory and practical training in capital markets. Subjects covered in the course comprises of equity markets, debt markets, derivatives, macro economics, technical analysis, fundamental analysis etc. Please note that this is not exclusively for students of St. Stephen’s College; others can also participate.
Classes would be held at the St. Stephen’s College. Successful candidates would be awarded a joint St. Stephen’s - NSE certificate in capital markets.
Those interested to apply for the course may kindly contact :
Mr. Anthony Wilson St. Stephen’s College, University Enclave, Delhi - 110007.
Phone No. : 09810845147
Warm regards,
SBU-EDUCATION
‘Let Education Help You Grow’
Disclaimer: I got this information throught an email, I'm not liable for any type of discripancy.
Monday, October 25, 2010
BACI(Subsidiary of Bank of America)
Hi all,
BACI(BA Continuum India);A wholly owned subsidiary of Bank of America; is hiring undergraduates for Doc Review Process and B.Com Graduates for Finance process. Walk-in this week between 11:00-15:00 any day as soon as possible.
Any query: mail me: kymanoj@in.com
or message me on facebook: Manoj K Yadav(find link on my blog)
Add: DLF Infinity Tower B, Gurgaon (Haryana)India.
Near Videocon Tower or Near Hotel The Leela
All the best!!
follow me on twitter
BACI(BA Continuum India);A wholly owned subsidiary of Bank of America; is hiring undergraduates for Doc Review Process and B.Com Graduates for Finance process. Walk-in this week between 11:00-15:00 any day as soon as possible.
Any query: mail me: kymanoj@in.com
or message me on facebook: Manoj K Yadav(find link on my blog)
Add: DLF Infinity Tower B, Gurgaon (Haryana)India.
Near Videocon Tower or Near Hotel The Leela
All the best!!
follow me on twitter
Saturday, October 23, 2010
Carving a career out of your hobby
Sick of your work? Tired of all the pressure to produce numbers that just aren’t happening? You may not have the luxury of taking time off for your hobby, but what if you could actually find a career in your area of interest/hobby? A dream come true? Sure. But it’s not as easy as all that. It can be as tough, or tougher, than any other job. Yet, if you work on it, you could see it becoming a reality in a reasonable span of time. Here are some steps to march towards it:
1. Do your spadework: Every hobby has scope for work in some way or the other. The challenge is to find the right way to match your skill sets and opportunities with the work that is possible. First list all the hobbies/interests you love and figure out which ones you are the most passionate about. You could highlight multiple ones. How much do you know about these? Are you really keen on spending all your working hours on your chosen one, even if it means making less money initially?
2. Get your info: Do some research about your area of interest and related careers and courses. Basic as this may seem, getting down to brass tacks will help you see the practical side of things. Here are some examples of careers linked to hobbies:
Travel: Travel writing and journalism, wildlife photography, writing hotel/tourism reviews, archaeological research, being a tourist guide or a tour operator.
Reading: Research for companies, writing book reviews, being a librarian, organizing reading/storytelling events.
Cooking: Catering, being a chef, photography for food magazines, writing for food magazines/books/portals, or running a restaurant.
Once you have spotted a few job descriptions that have your pulse racing, you need to figure out what the qualifications for the job are. Do you need experience in the field? A degree or diploma? Special skills?
3. Equip yourself: Just being passionate about something doesn't automatically make you ready to take on a job you have little experience with. There are people out there who have been trained in the profession. So find out if you need to take a course to learn more about the profession. Try looking for a part-time/distance education course that you can do while continuing your current job. If you can handle quitting your job and taking up a full-time course, that would be even better.
Talk to people in the field. That will give you an idea of what qualifications will be expected/valued, and what the work involves. For example, if a distance-education course is not likely to be valued, you may have to consider doing a full-time one. But if skills and interest are more highly prized in the field, you may be able to get by with a short-term course.
Figure out what skills you would need. Do you have them? Are they skills you can work on and improve? If you just don't think you have the right skills, look for a related profession that does not require those skills.
Can you get experience on the job or is there any other way to get it? Consider taking up a part-time internship arrangement, or volunteer to help at an organization to get a feel of the work.
4. Be mentally prepared: Switching careers can be quite tough. For one, you are moving into a new area and carry some uncertainty that it may not work. You are also probably leaving a job where you have more experience, and taking up a new job as a novice. You may have to take a massive pay cut when you begin. But if you are really passionate about making your hobby your career, remember that all the setbacks are temporary. In the long run, you will find your new career extremely rewarding, because there is no substitute for passion and conviction - critical qualities for achievement and success.
Wednesday, October 20, 2010
Go back in time to learn how to manage money!
Ever heard of your dad or grand dad take a loan for a vacation or for that matter for a festive and high spending involved occasion like a wedding? Do you recall them buying clothes because retail therapy helped their blues every other month? They always preferred quality over quantity on anything purchased be it the furniture, utensils, clothes or home accessories.
We are a transition generation trying to find a balance between retaining our traditional values and also finding a way to ape the west in terms of lifestyle changes. Well, one of the areas that seems to face marked change due to this shift is that of personal finance. Managing money has been a constant challenge for today’s young generation who have upped the antennae on the spending. They are more brand conscious than any generation before has ever been, the wardrobe has 10 or more different styles of attire for every occasion, vacations abroad are common, buying a house and a car by availing loans is also common. Educational loans and vacation loans are also on the rise.
CONSERVATIVE WITH LOANS AND EXPENDITURE
Ever heard of your dad or grand dad take a loan for a vacation or for that matter for a festive and high spending involved occasion like a wedding? Do you recall them buying clothes because retail therapy helped their blues every other month? In fact the average person belonging to the previous generation would spend money on clothes for festivals, weddings or periodically once or twice a year. They always preferred quality over quantity on anything purchased be it the furniture, utensils, clothes or home accessories.
LIVING LIFE KING SIZE!
This is not the case in today’s generation. They like living life to the full. What is the point in hoarding away money for a future which is as unpredictable as the weather! They would rather enjoy themselves to the hilt, while the party lasts! Stress is a huge factor that contribute to these drastic lifestyle changes one is a witness of now. Today’s generation work very hard and play very hard. They want to experience everything in a short span of time. They are impatient for goals to be reached and in the hurry to reach their destinations they forget to savour the simple pleasures of life that our parents and grandparents had all the time for. They lived within the incomes they received and saved as much as they could. Their income expense statements showed more cash inflows rather than outflows.
However, the younger generation argues on this aspect. We have but one life and it is too short, so we need to pack all the action in before old age sets in. What’s the point in trying to spend on entertainment, travel, food, looks and grooming with creaky joints and false teeth.
SLAVING AND SAVING LIKE ANTS!
There sure is a point there. Our dads and grand dads lived like an ant generation. Slaving away day after day in the same environment, in the same job for years together, stowing away finances in different debt instruments to accumulate and serve their purpose, when they are old. Of course some invested it in land, stocks, gold etc. as well, which was left to their discretion and knowledge in such matters. The point then is to step back and look at both the lifestyles. Take the good out of both and ensure that our life is to the fullest, with the best of both worlds.
TAKING A FEW LEAVES FROM THE BOOKS OF OUR PARENTS AND GRANDPARENTS:
1. Ensure that there is an emergency fund stowed away for a rainy day. A job loss, recession, illness etc. could prove to be a temporary setback for which you may incur additional expenses best managed with this emergency fund.
2. Keep impulse purchases to a minimum. Indulging in branded items for certain purchase choices like consumer durables and other long lasting products is fine. However, it does not mean that you should go overboard with being brand conscious all the time. In case of clothes, look out for the sales season where you avail discounts, shop for quality over quantity, which is any day better. However, if you are the kind who loves a lot of variety and like to outgrow your liking for the same kind of clothes over a period of time, indulge in less expensive clothes with a comparatively lesser shelf life, which can be discarded and refilled with other choices.
3. Don’t live life king size all the time, try and bring it down a few notches most of the time. For eg. Instead of planning a vacation that is out of the continent, you could try a vacation spot in Asia or India, which will bring the same benefits in terms of relaxation and fun and yet be less cumbersome on your purse strings.
4. When there is a boom, there is bound to be crash around the corner. So hold your horses and don’t overindulge in luxuries, tomorrow may not work out as planned, nevertheless it is wise to be prepared for it, even if it is bound to take you by surprise. A little foresight could save you from a load of trouble.
5. Take care to have a mixed portfolio with investments in debts and equities apart from an emergency fund and other savings.
6.Debt counsellors advise 60% of your income should be set aside for savings and investments and 40% should be able to cover your living expenses as well as any debt expenses you might have incurred.
7. Use your credit card judiciously or don’t use it at all and keep a tab of your debts to ensure they are safely manageable. In fact do not take a loan unless it fits it well with the rest of your financial goals and you can safely repay it without any stress to your budget.
By all means enjoy life, but in moderation. Balance is the key element to have the best of both worlds. A little bit of this and a little bit of that make for a wholesome, balanced life sprinkled with variety.
We are a transition generation trying to find a balance between retaining our traditional values and also finding a way to ape the west in terms of lifestyle changes. Well, one of the areas that seems to face marked change due to this shift is that of personal finance. Managing money has been a constant challenge for today’s young generation who have upped the antennae on the spending. They are more brand conscious than any generation before has ever been, the wardrobe has 10 or more different styles of attire for every occasion, vacations abroad are common, buying a house and a car by availing loans is also common. Educational loans and vacation loans are also on the rise.
CONSERVATIVE WITH LOANS AND EXPENDITURE
Ever heard of your dad or grand dad take a loan for a vacation or for that matter for a festive and high spending involved occasion like a wedding? Do you recall them buying clothes because retail therapy helped their blues every other month? In fact the average person belonging to the previous generation would spend money on clothes for festivals, weddings or periodically once or twice a year. They always preferred quality over quantity on anything purchased be it the furniture, utensils, clothes or home accessories.
LIVING LIFE KING SIZE!
This is not the case in today’s generation. They like living life to the full. What is the point in hoarding away money for a future which is as unpredictable as the weather! They would rather enjoy themselves to the hilt, while the party lasts! Stress is a huge factor that contribute to these drastic lifestyle changes one is a witness of now. Today’s generation work very hard and play very hard. They want to experience everything in a short span of time. They are impatient for goals to be reached and in the hurry to reach their destinations they forget to savour the simple pleasures of life that our parents and grandparents had all the time for. They lived within the incomes they received and saved as much as they could. Their income expense statements showed more cash inflows rather than outflows.
However, the younger generation argues on this aspect. We have but one life and it is too short, so we need to pack all the action in before old age sets in. What’s the point in trying to spend on entertainment, travel, food, looks and grooming with creaky joints and false teeth.
SLAVING AND SAVING LIKE ANTS!
There sure is a point there. Our dads and grand dads lived like an ant generation. Slaving away day after day in the same environment, in the same job for years together, stowing away finances in different debt instruments to accumulate and serve their purpose, when they are old. Of course some invested it in land, stocks, gold etc. as well, which was left to their discretion and knowledge in such matters. The point then is to step back and look at both the lifestyles. Take the good out of both and ensure that our life is to the fullest, with the best of both worlds.
TAKING A FEW LEAVES FROM THE BOOKS OF OUR PARENTS AND GRANDPARENTS:
1. Ensure that there is an emergency fund stowed away for a rainy day. A job loss, recession, illness etc. could prove to be a temporary setback for which you may incur additional expenses best managed with this emergency fund.
2. Keep impulse purchases to a minimum. Indulging in branded items for certain purchase choices like consumer durables and other long lasting products is fine. However, it does not mean that you should go overboard with being brand conscious all the time. In case of clothes, look out for the sales season where you avail discounts, shop for quality over quantity, which is any day better. However, if you are the kind who loves a lot of variety and like to outgrow your liking for the same kind of clothes over a period of time, indulge in less expensive clothes with a comparatively lesser shelf life, which can be discarded and refilled with other choices.
3. Don’t live life king size all the time, try and bring it down a few notches most of the time. For eg. Instead of planning a vacation that is out of the continent, you could try a vacation spot in Asia or India, which will bring the same benefits in terms of relaxation and fun and yet be less cumbersome on your purse strings.
4. When there is a boom, there is bound to be crash around the corner. So hold your horses and don’t overindulge in luxuries, tomorrow may not work out as planned, nevertheless it is wise to be prepared for it, even if it is bound to take you by surprise. A little foresight could save you from a load of trouble.
5. Take care to have a mixed portfolio with investments in debts and equities apart from an emergency fund and other savings.
6.Debt counsellors advise 60% of your income should be set aside for savings and investments and 40% should be able to cover your living expenses as well as any debt expenses you might have incurred.
7. Use your credit card judiciously or don’t use it at all and keep a tab of your debts to ensure they are safely manageable. In fact do not take a loan unless it fits it well with the rest of your financial goals and you can safely repay it without any stress to your budget.
By all means enjoy life, but in moderation. Balance is the key element to have the best of both worlds. A little bit of this and a little bit of that make for a wholesome, balanced life sprinkled with variety.
Sunday, October 17, 2010
All about the Banking Ombudsman
Statistics show the banking Ombudsman Scheme has been effective in dealing with customer complaints efficiently and in reasonable time. To give an example, during the year 2007-08, the Banking Ombudsmen received 47887 complaints. There was a 24 percent rise in the number of complaints filed in the previous year (38,638). The Banking Ombudsman could settle 89 percent of the total complaints as against 84 percent in the previous year. Further, of the 11percent of complaints carried forward to the next year, only as little as 6 percent were more than 2 months old.
Banking is an integral part of modern day life. Depositing money, making payments, receiving money from others, making a fixed deposit, taking a loan etc are everyday banking chores that a common man accomplishes on an ordinary day. Banks offer several services to their customers and are expected to deliver quality services. What do you do if the banking system fails to meet your expectations? How can you improve the way in which your bank conducts its business? Where do you lodge your complaint against poor services of your bank?
Banking Ombudsman - Who is it and Why is it there?
The Banking Ombudsman Scheme is designed to improve weaknesses in your bank’s operations. The Banking Ombudsman Scheme was launched in the year 1995 to address consumer grievances against the banks in India. Since then it has been modified from time to time to improve its efficiency. The Banking Ombudsman is a quasi judicial authority. The offices of the Ombudsman are located throughout the country. A single office caters to multiple areas. For example, the office of the Ombudsman at Mumbai caters to the whole of Maharashtra and Goa. So if your bank in Panjim bounced your cheque in error and fails to make good its error, you can file a complaint with the Ombudsman in Mumbai. You can get the details of the jurisdiction of the Ombudsman at http://www.corpbank.com/uploadedfiles/custom/11_39_110_6432764.pdf
Anybody who has a grievance against a bank can lodge a complaint with the Banking Ombudsman in whose jurisdiction the branch of the bank complained against is located. In cases where the bank has centralized some of its operations, like housing loans, credit cards, etc. and the complaint relates to any such centralized operation, the complaints would have to be made to the Banking Ombudsman in the State in which the bank customer receives the bill. Further, all regional rural banks, commercial banks and even scheduled primary cooperative banks having business in India are covered by the Scheme. Internet banks too come under the net of the Ombudsman scheme.
How does the process work?
It is a simple and hassle free process. One has to file a written and signed complaint with the office of the Ombudsman under whose jurisdiction the defaulting branch of the bank is located. The complaint does not have to be in any specific format. If one does not know how to go about his / her complaint, the Scheme provides a standard format for lodging complaints. The form is relatively easy to understand. However, one may also use his/ her own format to file a complaint. You may also file your compliant electronically.
The Banking Ombudsman will provide the opportunity to settle the dispute by agreement. In the event of failure to resolve the issues by the parties between them, the banking Ombudsman will hear each side, assess the documents and pass an Award. If either party to the dispute does not agree with the Award and wants to pursue the matter further, they can file an appeal before an Appellate authority. The Appellate Authority is the Deputy Governor in charge of the Banking Ombudsman Scheme. The Ombudsman also has the powers to reject a complaint.
For more information on the process of filing a complaint and the powers of the Ombudsman visit http://www.corpbank.com/uploadedfiles/custom/11_39_110_6432764.pdf
Complaints that can be filed with the Banking Ombudsman
The Ombudsman can address several issues. Failure of the bank to render services as promised is the primary reason behind most grievances. For example, if the bank fails to honour a cheque issued by an account holder in spite of having sufficient funds in his account, the account holder can complain to the ombudsman. In a similar case of Ishwar Prakash Chopra Vs. State Bank of India, CPR 1995(1) 429 (SCDRC - Maharashtra), a complaint was filed for deficiency in service of the bank for dishonoring the plaintiff’s cheque by bank despite sufficient balance in the bank account. It was held that dishonoring cheque despite sufficient funds due to negligence is a deficiency in service on part of the bank of the opposite party.
In another instance, in the case of Narayan Rao Mahadeo Manjrekar Vs.Sangli Bank Ltd.& another, CPR1995 (1) 582 (SCDRC - Maharastra), a complaint was filed for default in service for charging of interest at higher rate than that agreed upon in the loan agreement with the bank. It was held that the charging of the interest by a bank contrary to the stipulation of loan is deficiency in banking service and the complainant was entitled to get Rs.5 L as compensation.
Complaints related to interest rates, cheques, demand drafts, bank guarantees, loans, liens, fixed deposits, lockers etc can be filed with the banking Ombudsman. You can approach the banking Ombudsman for your complaints related to credit cards and internet banking as well. To make the working of the ombudsman effective the RBI funds the office of ombudsman entirely. A comprehensive list of the complaints that can be filed with the Ombudsman can be found on http://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=171#2
Under the Ombudsman scheme amended in 2006, a customer can file a complaint against the bank in the event of failure of the bank to follow the provisions of the fair practices code for lenders or the Code of Bank’s Commitment to Customers issued by the Banking Codes and Standards Board of India (BCSBI). The rising complaints received against banks recovery techniques, non-observance of the RBI’s guidelines on engagement of recovery agents by banks has also been specifically brought under the scope of the Ombudsman Scheme.
However, no complaint can be filed unless the complainant has approached the bank first to resolve the issue. Also, the complaint should be filed within a year from which the complainant received any communication from the bank on the subject matter. In order to keep the process fast and efficient, the scheme also requires that subject matter of the complaint should not be one that had previously been dealt with by the Ombudsman or any court of law.
Efficiency of the Banking Ombudsman Scheme
Statistics show the banking Ombudsman Scheme has been effective in dealing with customer complaints efficiently and in reasonable time. To give an example, during the year 2007-08, the Banking Ombudsmen received 47887 complaints. There was a 24 percent rise in the number of complaints filed in the previous year (38,638). The Banking Ombudsman could settle 89 percent of the total complaints as against 84 percent in the previous year. Further, of the 11percent of complaints carried forward to the next year, only as little as 6 percent were more than 2 months old.
However, the scheme is not entirely error free and some consumers have complaints against the Ombudsman’s office. In some instances, impolite behaviour and delay in responding to customers has been a common cause of distress. You can get a list of deficiencies in the services of the Ombudsman at http://www.customercomplaint.in/.
Friday, October 15, 2010
The “Interest”ing debate on interest rates
The banks are fighting tooth and nail to get the government to agree to reduce the interest rates on the savings account which is already a measly (at least from the common man’s perspective!) 3.5%. The savings account rates are dictated by the Reserve Bank of India which is an indirect indicator of the government’s policies. Thus we have the government on both sides and the banks in between. Of course RBI has done its share on another front through several CRR and repo rate cuts in the past one year or so urging the banks to cut their lending interest rates to which banks have responded but albeit slowly with more cuts expected soon, post-budget.
There has been a wide range of arguments flying back and forth in the government, banking and industry circles about the direction the interest rates need to move post budget 2009-10. Widespread speculation has been in the air about reduction of interest rates simultaneously on deposits and lending too.
The banks are fighting tooth and nail to get the government to agree to reduce the interest rates on the savings account which is already a measly (at least from the common man’s perspective!) 3.5%. The savings account rates are dictated by the Reserve Bank of India which is an indirect indicator of the government’s policies. Thus we have the government on both sides and the banks in between. Of course RBI has done its share on another front through several CRR and repo rate cuts in the past one year or so urging the banks to cut their lending interest rates to which banks have responded but albeit slowly with more cuts expected soon, post-budget.
Banks also have been under pressure for quite some time now to reduce their lending rates with its effects felt on the deposit rates as well. This is a prelude to the government looking at reducing the interest rates on its financial instruments a.k.a - the Public Provident fund, Postal Deposits, the National Savings scheme and the Kisan Vikas patra (all of which give assured returns in the range of 7.5- 8.25 percent pa).
Interestingly, all the above discussions have conveniently ignored the salaried individual, the “saver” whose hard earned money is at stake in both the cases! Coincidently Indians, Interest rates and Injustice start with the same two letters. Is there a stronger link here? Let’s understand the game of interest rates better.
Why does the government want banks to reduce interest rates on lending?
The growth figures of 7-10% (as being indicated for the last couple of years) or correspondingly of 6.25-7.75% as indicated in the Economic Survey 2008-09 tabled on 02 July 09 can be only achieved if the industrial productions starts picking up. How?
A higher growth rate would be the result of higher production and higher consumption. In a more “economics” terminology everything depends on Cash Flow. The more people spend, the more will be the demand, the more the demand, the more will be the production. An increase in the production will also result in an increase in the consumption of raw materials. This is how the cycle (whoever invented the wheel must have been an economist!) of the economy moves and constantly gains momentum.
But for the past 12 months the wheel has slowed down due to a reduction in spending As people are wary of spending precious “cash” in uncertain times, this led to a changed equation of the demand supply curve, thus leading to a decrease in production and the wheel started turning in the opposite direction.
If this trend has to be reversed then we the people have to be incentivized to spend. How will Mr. Finance Minister do that? If we have access to cheap (low interest rate) money we would be surely tempted to borrow from the lenders. It is very difficult for the common man (including economists) to resist the urge to spend. And what’s even more interesting or rather ironical is that during recessions the human mind is all the more motivated to get the pleasures out of spending money!
If the interest rates on housing loans, personal loans, car loans and whatever you name loans are reduced there would be a boost in the people queuing up for these loans and the underlying product. All this leading to a steady increase in demand and supply of the consumables. And viola! we could have the cycle moving faster again. But, then why don’t banks reduce the lending rates readily?
The bank’s perspective
This is where “catching the tiger’s tail” story gains significance. For banks to reduce their rates of lending they need to have access to cheaper sources of money. Here again RBI’s repeated cuts of CRR and repo rates did help banks consider cutting down their lending rates seriously.
That apart, a major source of capital for banks and lenders is the deposits that we give them in return for the interest that they pay us annually. In the past few years the banks have also had to compete against the government supported small saving schemes like the PFF and the Postal deposits. This meant that to attract depositors to deposit their “hard-earned” money with the banks/lending institutions they need to be offered higher returns as compared to the small savings schemes.
Simple economics has taught us that if we buy something at X price and sell it at Y (Y being greater than X) then we make a profit. Banks have to do the same. If they borrow at say 9% from you they can lend to your neighbor for buying his car at a rate significantly greater than 9% to make some profit for themselves. Thus we have higher interest rates prevailing in the market.
The bottom-line
The simple analysis from all the above discussions is that we are stuck in a probably lose-lose situation especially if we have been investing our money in small savings or deposits with banks.
As seen earlier, the government looks keen on reducing the interest rates on deposits in banks (meaning our deposits will fetch us lower returns) and then reducing the interest rates on small savings (we again tend to get lower returns). At the same time they (the government and lenders) will try to get more growth and income by lending to us at lower rates so that we spend. In simpler terms, we will be in a situation where our expenses will go up and at the same time our income (from deposits) will go down. Ouch! Forget about going laughing all the way to the bank. It would be more of going all the way to a laughing bank!
Disclaimer!: The views expressed in this article are not that of an economist or cynic or an anti-establishment individual. The motive behind the above piece is to make ourselves conscious of the negative effects on our personal finance due to blind interest rate reduction (lending and deposits).
Mr. Finance Minister would be more prudent if he looks at making the cycle move faster by getting the common man to invest in the economy (directly as entrepreneurs and indirectly as Equity investors!). From a very aam-aadmi perspective, it would help not to affect the interest rates adversely on the small savings. People on the lower strata have only such interest on savings as an additional source of income apart from their salaries!
There has been a wide range of arguments flying back and forth in the government, banking and industry circles about the direction the interest rates need to move post budget 2009-10. Widespread speculation has been in the air about reduction of interest rates simultaneously on deposits and lending too.
The banks are fighting tooth and nail to get the government to agree to reduce the interest rates on the savings account which is already a measly (at least from the common man’s perspective!) 3.5%. The savings account rates are dictated by the Reserve Bank of India which is an indirect indicator of the government’s policies. Thus we have the government on both sides and the banks in between. Of course RBI has done its share on another front through several CRR and repo rate cuts in the past one year or so urging the banks to cut their lending interest rates to which banks have responded but albeit slowly with more cuts expected soon, post-budget.
Banks also have been under pressure for quite some time now to reduce their lending rates with its effects felt on the deposit rates as well. This is a prelude to the government looking at reducing the interest rates on its financial instruments a.k.a - the Public Provident fund, Postal Deposits, the National Savings scheme and the Kisan Vikas patra (all of which give assured returns in the range of 7.5- 8.25 percent pa).
Interestingly, all the above discussions have conveniently ignored the salaried individual, the “saver” whose hard earned money is at stake in both the cases! Coincidently Indians, Interest rates and Injustice start with the same two letters. Is there a stronger link here? Let’s understand the game of interest rates better.
Why does the government want banks to reduce interest rates on lending?
The growth figures of 7-10% (as being indicated for the last couple of years) or correspondingly of 6.25-7.75% as indicated in the Economic Survey 2008-09 tabled on 02 July 09 can be only achieved if the industrial productions starts picking up. How?
A higher growth rate would be the result of higher production and higher consumption. In a more “economics” terminology everything depends on Cash Flow. The more people spend, the more will be the demand, the more the demand, the more will be the production. An increase in the production will also result in an increase in the consumption of raw materials. This is how the cycle (whoever invented the wheel must have been an economist!) of the economy moves and constantly gains momentum.
But for the past 12 months the wheel has slowed down due to a reduction in spending As people are wary of spending precious “cash” in uncertain times, this led to a changed equation of the demand supply curve, thus leading to a decrease in production and the wheel started turning in the opposite direction.
If this trend has to be reversed then we the people have to be incentivized to spend. How will Mr. Finance Minister do that? If we have access to cheap (low interest rate) money we would be surely tempted to borrow from the lenders. It is very difficult for the common man (including economists) to resist the urge to spend. And what’s even more interesting or rather ironical is that during recessions the human mind is all the more motivated to get the pleasures out of spending money!
If the interest rates on housing loans, personal loans, car loans and whatever you name loans are reduced there would be a boost in the people queuing up for these loans and the underlying product. All this leading to a steady increase in demand and supply of the consumables. And viola! we could have the cycle moving faster again. But, then why don’t banks reduce the lending rates readily?
The bank’s perspective
This is where “catching the tiger’s tail” story gains significance. For banks to reduce their rates of lending they need to have access to cheaper sources of money. Here again RBI’s repeated cuts of CRR and repo rates did help banks consider cutting down their lending rates seriously.
That apart, a major source of capital for banks and lenders is the deposits that we give them in return for the interest that they pay us annually. In the past few years the banks have also had to compete against the government supported small saving schemes like the PFF and the Postal deposits. This meant that to attract depositors to deposit their “hard-earned” money with the banks/lending institutions they need to be offered higher returns as compared to the small savings schemes.
Simple economics has taught us that if we buy something at X price and sell it at Y (Y being greater than X) then we make a profit. Banks have to do the same. If they borrow at say 9% from you they can lend to your neighbor for buying his car at a rate significantly greater than 9% to make some profit for themselves. Thus we have higher interest rates prevailing in the market.
The bottom-line
The simple analysis from all the above discussions is that we are stuck in a probably lose-lose situation especially if we have been investing our money in small savings or deposits with banks.
As seen earlier, the government looks keen on reducing the interest rates on deposits in banks (meaning our deposits will fetch us lower returns) and then reducing the interest rates on small savings (we again tend to get lower returns). At the same time they (the government and lenders) will try to get more growth and income by lending to us at lower rates so that we spend. In simpler terms, we will be in a situation where our expenses will go up and at the same time our income (from deposits) will go down. Ouch! Forget about going laughing all the way to the bank. It would be more of going all the way to a laughing bank!
Disclaimer!: The views expressed in this article are not that of an economist or cynic or an anti-establishment individual. The motive behind the above piece is to make ourselves conscious of the negative effects on our personal finance due to blind interest rate reduction (lending and deposits).
Mr. Finance Minister would be more prudent if he looks at making the cycle move faster by getting the common man to invest in the economy (directly as entrepreneurs and indirectly as Equity investors!). From a very aam-aadmi perspective, it would help not to affect the interest rates adversely on the small savings. People on the lower strata have only such interest on savings as an additional source of income apart from their salaries!
Are zero percent interest schemes really that?
These schemes do tend to have a big influence if you are someone looking to buy something, which otherwise would be well beyond your reach! You buy their theory of ‘zero percent finance’ and pay installments which you strongly believe are interest free! But unfortunately you end up paying more than what you actually think you are!
There is a popular saying: “There is no such thing as a free lunch!” And Ramesh now fully endorses it ! But not long before he completely disagreed on this thanks to the zero percent finance schemes offered by some NBFCs (non banking finance companies) with which he had bought a couple of consumer durables for his home! He blindly believed that the zero percent finance schemes were in fact zero percent in reality until the time one of his wise friends enlightened him on how these schemes really work! Well, this is what he found out!
What are they?
Till a few years ago there were many such zero percent finance schemes doing the rounds and luring the unaware buyers like Ramesh into it! But thanks to the regulations of the Reserve Bank of India (RBI) many banks have now stopped from offering such schemes for financing consumer durables. But still there are several NBFCs who continue to offer these so-called zero percent finance schemes!
These schemes do tend to have a big influence if you are someone looking to buy something, which otherwise would be well beyond your reach! You buy their theory of ‘zero percent finance’ and pay installments which you strongly believe are interest free! But unfortunately you end up paying more than what you actually think you are!
How do these schemes work?
Firstly these zero percent schemes have hidden costs inbuilt in them. Perhaps the biggest loss for you would be forfeiting the cash discount on a product that you could have otherwise got if you had bought it on full cash. This apart you will also be paying a transaction or processing fee under the zero percent scheme and consequently more money through advance EMIs.
For example, you decide to buy an LCD colour television that costs around Rs. 48,000. You decide to buy it using the zero percent finance scheme. Under this arrangement you will pay the entire cost in six EMIs of Rs. 8,000 for six months. This works out to be Rs. 48,000 spread over 6 months. Now here’s how you end up paying more! To begin with you pay a processing fee of Rs. 1,000. And since you are buying the LCD on a zero percent finance scheme you are not entitled to the cash discount of Rs. 2,000!
So here’s how it looks in the above example. The LCD costs Rs. 48,000! Add up the Rs. 1,000 processing fee that you pay initially and Rs. 2,000 that was lost out on cash discount. A total of Rs. 3, 000! This means you get a net finance of Rs. 45,000 only! Now you pay an EMI of Rs. 8,000 for 6 months which totals up to Rs. 48,000. So at the end of six months you pay Rs. 3,000 more for what you got.
Are they genuine?
It is an irrefutable fact that the demand for these schemes is highly felt during the festive season. Market experts believe that there is a marked spurt in sales of consumer durables due to these zero percent schemes. The consumers wouldn’t mind opting for these schemes as it is a fact that paying by credit cards is comparatively expensive than purchasing through these schemes. Also, these schemes have minimal paper work, and some friendly eligibility criteria. However, it takes some understanding of the basics to find out if they are genuine or not!
How to decide if the scheme is actually zero percent?
It is always better to ask some basic questions to find out if the zero percent schemes are actually zero percent! Find out if you are eligible for any discount if you pay the full amount and if there are any transaction charges for the finance scheme and if the answer is no for both the questions then you might consider yourself lucky that the zero percent schemes is actually zero percent.
Are there any zero percent schemes at all?
Well there are schemes that could fall in the category of being zero percent but these are available in a different form! There are some credit cards where if you spend more than Rs. 5000 with it, might allow you to pay the amount in three EMIs without any interest. However, this would still come with a processing fee of 3-5%. Unfortunately this is the closest you could get to a true zero per cent scheme!
There is a popular saying: “There is no such thing as a free lunch!” And Ramesh now fully endorses it ! But not long before he completely disagreed on this thanks to the zero percent finance schemes offered by some NBFCs (non banking finance companies) with which he had bought a couple of consumer durables for his home! He blindly believed that the zero percent finance schemes were in fact zero percent in reality until the time one of his wise friends enlightened him on how these schemes really work! Well, this is what he found out!
What are they?
Till a few years ago there were many such zero percent finance schemes doing the rounds and luring the unaware buyers like Ramesh into it! But thanks to the regulations of the Reserve Bank of India (RBI) many banks have now stopped from offering such schemes for financing consumer durables. But still there are several NBFCs who continue to offer these so-called zero percent finance schemes!
These schemes do tend to have a big influence if you are someone looking to buy something, which otherwise would be well beyond your reach! You buy their theory of ‘zero percent finance’ and pay installments which you strongly believe are interest free! But unfortunately you end up paying more than what you actually think you are!
How do these schemes work?
Firstly these zero percent schemes have hidden costs inbuilt in them. Perhaps the biggest loss for you would be forfeiting the cash discount on a product that you could have otherwise got if you had bought it on full cash. This apart you will also be paying a transaction or processing fee under the zero percent scheme and consequently more money through advance EMIs.
For example, you decide to buy an LCD colour television that costs around Rs. 48,000. You decide to buy it using the zero percent finance scheme. Under this arrangement you will pay the entire cost in six EMIs of Rs. 8,000 for six months. This works out to be Rs. 48,000 spread over 6 months. Now here’s how you end up paying more! To begin with you pay a processing fee of Rs. 1,000. And since you are buying the LCD on a zero percent finance scheme you are not entitled to the cash discount of Rs. 2,000!
So here’s how it looks in the above example. The LCD costs Rs. 48,000! Add up the Rs. 1,000 processing fee that you pay initially and Rs. 2,000 that was lost out on cash discount. A total of Rs. 3, 000! This means you get a net finance of Rs. 45,000 only! Now you pay an EMI of Rs. 8,000 for 6 months which totals up to Rs. 48,000. So at the end of six months you pay Rs. 3,000 more for what you got.
Are they genuine?
It is an irrefutable fact that the demand for these schemes is highly felt during the festive season. Market experts believe that there is a marked spurt in sales of consumer durables due to these zero percent schemes. The consumers wouldn’t mind opting for these schemes as it is a fact that paying by credit cards is comparatively expensive than purchasing through these schemes. Also, these schemes have minimal paper work, and some friendly eligibility criteria. However, it takes some understanding of the basics to find out if they are genuine or not!
How to decide if the scheme is actually zero percent?
It is always better to ask some basic questions to find out if the zero percent schemes are actually zero percent! Find out if you are eligible for any discount if you pay the full amount and if there are any transaction charges for the finance scheme and if the answer is no for both the questions then you might consider yourself lucky that the zero percent schemes is actually zero percent.
Are there any zero percent schemes at all?
Well there are schemes that could fall in the category of being zero percent but these are available in a different form! There are some credit cards where if you spend more than Rs. 5000 with it, might allow you to pay the amount in three EMIs without any interest. However, this would still come with a processing fee of 3-5%. Unfortunately this is the closest you could get to a true zero per cent scheme!
Thursday, October 14, 2010
Earning a regular salary? Save tax the smart way!
PPF, NSC, Post office accounts, insurance (except ULIPs) and FDs are safer, they offer lower returns and are not very liquid, due to their long lock-in period. On the other hand, ELSS (Equity Linked Savings Scheme) has a short lock-in period but is more risky, while ULIPs (Unit Linked Insurance Plan) carry the risk of ELSS but without the liquidity benefit. So while investing for tax saving purpose, take into account factors like your risk appetite, returns generated by the instrument, liquidity, capital appreciation and safety of capital.
Earning a salary? Looking to save tax the smart way? Then you have two options. First is salary restructuring and second is tax saving instruments. Here we take a look at both these options and how to use them effectively.
Salary restructuring: As the term implies, salary restructuring allows you to redesign your salary, so as to reduce your total tax liability. Here are some steps you can take in order to reduce your tax liability.
■Do you need a house? Does your employer offer Rent Free Accommodation or House Rent Allowance? Then go for it, as the amount gets deducted from your total taxable income.
■Does your company expect you to wear uniform at work? If so, the expenses incurred on buying and maintenance the uniform will not be taxed.
■Does your employer provide you with allowance for your children’s education and hostel accommodation? Then use it to claim exemption under section 10 (14).
■Does your company provide you with a telephone facility in your home? Then it not taxed. However be warned against taking telephone allowance, since it is totally taxable and will increase your taxable income.
■Opt for the car facility, since the value of the perk is much lower than the actual expenditure incurred on the car.
■We all have to visit the doctor at some point of time. So save tax by claiming medical reimbursements up to Rs.15, 000.00 p.a. But don’t take any medical allowance, since it is completely taxable.
■If your employer pays Fringe Benefit tax (FBT), then sum of fringe benefits, is tax-free for you. Also if salary is paid in arrears or in advance, claim relief under section 89 (1).
■Always ask your employer to include dearness allowance and dearness pay along with commissions earned in your salary. It will lower your tax liability on house rent allowance, gratuity and pension.
■If you are eligible for a pension, always get it commuted, as commuted pension is tax-free for government employees and partially exempted for others. You can get tax relief under section 89(1).
■If your current employer is participating in an authorized provident fund, and you change your employer within 5 years of joining the firm, ensure your new employer is also a member of the authorized provident firm. It will let you transfer the corpus in your provident fund to the new company without paying any tax. Also insist your employer fix his contribution to your provident fund to 12% of your salary, as it is the highest limit for tax exemption.
■Plan your retirement or resignation at the start of the financial year in order to lower the tax on retirement benefits.
■As leave travel concession is not taxed if certain criteria are fulfilled, try to claim this incentive to the highest possible level, without having to pay any tax.
Let us assume your annual salary is Rs. 2,00,000. You get HRA of Rs. 10,000 and your medical reimbursement is Rs. 5,000. Your employer gives you an allowance of Rs. 15,000 for your son’s educational expenses. So instead of Rs. 2,00,000 your total taxable salary now becomes Rs. 1,70,000 (2,00,000 - 10,000 - 5,000 - 15,000). This will effectively reduce your tax liability.
Now that we have seen how to design your salary let us take a look at the most effective tax saving instruments available.
Tax saving instruments: While these instruments do help you save tax, they have a maximum limit of Rs. 1,00,000. Any income above this limit attracts tax.
■Insurance: All payments made towards both life and health insurance are eligible for tax benefits. Even contributions made towards pension payments can be eligible for tax benefits. Health insurance can let you save Rs. 15,000 over and above the ceiling of Rs. 1 lakh.
■PPF (Public Provident Fund): It is one of the safest tax saving investments available. Both interest and capital withdrawal from the fund are tax free. However its drawback is the lock-in period of 15 years.
■NSC (National Savings Certificate), Post office (CTD) accounts: These are government savings schemes available at post office, with a lock-in period of 5 years.
■Bank deposits: These are special tax saving FDs offered by banks with a lock-in period of 5 years.
■ELSS (Equity Linked Savings Scheme): These are tax savings instruments offered by mutual funds, with a lock-in period of 3 years. They invest in various quality stocks.
All these instruments carry different degrees of risks. While PPF, NSC, Post office accounts, insurance (except ULIPs) and FDs are safer, they offer lower returns and are not very liquid, due to their long lock-in period. On the other hand, ELSS ( (Equity Linked Savings Scheme) has a short lock-in period but is more risky, while ULIPs carry the risk of ELSS but without the liquidity benefit. So while investing for tax saving purpose, take into account factors like your risk appetite, returns generated by the instrument, liquidity, capital appreciation and safety of capital. Remember, younger you are, riskier options are better for you, since over a long time, these instruments can generate higher returns for you, and minimize the risk of capital erosion. Also diversify your investment portfolio.
If these options are not enough for you, then here are some more:
■Housing loan and education loan:
■Donation to charities/religious trusts
To summarize, first thing to do is to structure your salary so as to minimize your tax liability. This will minimize the need to invest for tax saving. This is because as with any investment, you must have the necessary capital to invest. Also the instruments that tend to be safer, have a longer lock-in period with low returns. This means you must keep on investing with fresh capital every year and in turn get meager returns. Those investments with higher returns mean you may not be able to withdraw your money even after the lock-in period, if the value of your investment is lesser than the capital invested. Take all these points into consideration before opting for tax saving plans.
Earning a salary? Looking to save tax the smart way? Then you have two options. First is salary restructuring and second is tax saving instruments. Here we take a look at both these options and how to use them effectively.
Salary restructuring: As the term implies, salary restructuring allows you to redesign your salary, so as to reduce your total tax liability. Here are some steps you can take in order to reduce your tax liability.
■Do you need a house? Does your employer offer Rent Free Accommodation or House Rent Allowance? Then go for it, as the amount gets deducted from your total taxable income.
■Does your company expect you to wear uniform at work? If so, the expenses incurred on buying and maintenance the uniform will not be taxed.
■Does your employer provide you with allowance for your children’s education and hostel accommodation? Then use it to claim exemption under section 10 (14).
■Does your company provide you with a telephone facility in your home? Then it not taxed. However be warned against taking telephone allowance, since it is totally taxable and will increase your taxable income.
■Opt for the car facility, since the value of the perk is much lower than the actual expenditure incurred on the car.
■We all have to visit the doctor at some point of time. So save tax by claiming medical reimbursements up to Rs.15, 000.00 p.a. But don’t take any medical allowance, since it is completely taxable.
■If your employer pays Fringe Benefit tax (FBT), then sum of fringe benefits, is tax-free for you. Also if salary is paid in arrears or in advance, claim relief under section 89 (1).
■Always ask your employer to include dearness allowance and dearness pay along with commissions earned in your salary. It will lower your tax liability on house rent allowance, gratuity and pension.
■If you are eligible for a pension, always get it commuted, as commuted pension is tax-free for government employees and partially exempted for others. You can get tax relief under section 89(1).
■If your current employer is participating in an authorized provident fund, and you change your employer within 5 years of joining the firm, ensure your new employer is also a member of the authorized provident firm. It will let you transfer the corpus in your provident fund to the new company without paying any tax. Also insist your employer fix his contribution to your provident fund to 12% of your salary, as it is the highest limit for tax exemption.
■Plan your retirement or resignation at the start of the financial year in order to lower the tax on retirement benefits.
■As leave travel concession is not taxed if certain criteria are fulfilled, try to claim this incentive to the highest possible level, without having to pay any tax.
Let us assume your annual salary is Rs. 2,00,000. You get HRA of Rs. 10,000 and your medical reimbursement is Rs. 5,000. Your employer gives you an allowance of Rs. 15,000 for your son’s educational expenses. So instead of Rs. 2,00,000 your total taxable salary now becomes Rs. 1,70,000 (2,00,000 - 10,000 - 5,000 - 15,000). This will effectively reduce your tax liability.
Now that we have seen how to design your salary let us take a look at the most effective tax saving instruments available.
Tax saving instruments: While these instruments do help you save tax, they have a maximum limit of Rs. 1,00,000. Any income above this limit attracts tax.
■Insurance: All payments made towards both life and health insurance are eligible for tax benefits. Even contributions made towards pension payments can be eligible for tax benefits. Health insurance can let you save Rs. 15,000 over and above the ceiling of Rs. 1 lakh.
■PPF (Public Provident Fund): It is one of the safest tax saving investments available. Both interest and capital withdrawal from the fund are tax free. However its drawback is the lock-in period of 15 years.
■NSC (National Savings Certificate), Post office (CTD) accounts: These are government savings schemes available at post office, with a lock-in period of 5 years.
■Bank deposits: These are special tax saving FDs offered by banks with a lock-in period of 5 years.
■ELSS (Equity Linked Savings Scheme): These are tax savings instruments offered by mutual funds, with a lock-in period of 3 years. They invest in various quality stocks.
All these instruments carry different degrees of risks. While PPF, NSC, Post office accounts, insurance (except ULIPs) and FDs are safer, they offer lower returns and are not very liquid, due to their long lock-in period. On the other hand, ELSS ( (Equity Linked Savings Scheme) has a short lock-in period but is more risky, while ULIPs carry the risk of ELSS but without the liquidity benefit. So while investing for tax saving purpose, take into account factors like your risk appetite, returns generated by the instrument, liquidity, capital appreciation and safety of capital. Remember, younger you are, riskier options are better for you, since over a long time, these instruments can generate higher returns for you, and minimize the risk of capital erosion. Also diversify your investment portfolio.
If these options are not enough for you, then here are some more:
■Housing loan and education loan:
■Donation to charities/religious trusts
To summarize, first thing to do is to structure your salary so as to minimize your tax liability. This will minimize the need to invest for tax saving. This is because as with any investment, you must have the necessary capital to invest. Also the instruments that tend to be safer, have a longer lock-in period with low returns. This means you must keep on investing with fresh capital every year and in turn get meager returns. Those investments with higher returns mean you may not be able to withdraw your money even after the lock-in period, if the value of your investment is lesser than the capital invested. Take all these points into consideration before opting for tax saving plans.
When does a multi-currency card help you?
This is a card that works like plastic money, where you can make purchases with a quick swipe, just as you would with your credit card. You can use it at ATMs and recognised VISA enabled points of sale, is prepaid in nature and can be loaded with dollars, euros or pounds, but can be used in the local currency of any country you visit.
Ever travelled to another country and found that you’ve run out of foreign exchange, or had the misfortune of having had your traveller’s cheques stolen? What about when you go to different countries, and have to change from USD to Pound Sterling to the Euro? Fazed by all the rates of exchange? Not quite sure how much you’re losing with each transaction? Don’t lose heart.
In these times of instant cash and virtual travel, the multi currency card might just be the ticket.
What is a multi currency card?
This is a card that works like plastic money, where you can make purchases with a quick swipe, just as you would with your credit card. You can use it at ATMs and recognised VISA enabled points of sale, is prepaid in nature and can be loaded with dollars, euros or pounds, but can be used in the local currency of any country you visit.
No more hassles with finding money exchanges, cashing traveller’s cheques, or carrying wads of cash. We’re talking anytime, anywhere, instant access to funds.
Who is it for?
The companies that have launched the multi currency card have targeted the high-end traveller, with plans to expand nationally.
Advantages of the multi currency card
There is, first and foremost, the convenience that this facility affords: you can pay in the currency with which you are most familiar, which means your shopping experience is positive from a financial aspect, because the decisions you make will be confident, and informed. There are no surprises with the multi currency card - what you pay for on your travels, is what is reflected in your card statement, exactly. Unlike the credit card, there is no transaction fee associated with any transfer, exchange, or purchase. In fact, the annual fee on most international credit cards is much higher. With credit cards, the rate of exchange applied is the day’s rate, which might not be favourable. With the multi currency card, the rate of exchange is fixed the day you purchase the card.
And the security of your cash is stepped up, because the card is protected by a secure PIN (Personal Identification Number) which prevents anyone else from using the card, even if it is lost or stolen. If you do misplace your card, all you have to do is call the respective company’s Phone Banking numbers, for a replacement card to be issued within 48 hours.
While Travellers Cheques are accepted only at select locations for purchases or encashment, multi currency cards are accepted everywhere Visa credit and debit works. You can use this card to withdraw cash in the local currency wherever you are.
You only spend what you need so you don’t have to carry any extra cash.
For retailers, it means an increase in sales, opening up markets where the dollar and the euro don’t hold sway (such as small towns and villages for local handicrafts), and a reduction in customer service inquiries.
The retailer enjoys the added benefit of customer loyalty and building relationships with repeat customers.
Some multi currency cards also offer great deals on air tickets, holiday packages and travel insurance (including lot card, and lost or delayed baggage), making it a sweet proposition all round. The paperwork to acquire a card is at the minimum - all you need is a copy of your air ticket, a valid passport, an A2 form, and your PAN card details.
You can now enjoy unsurpassed global acceptance, and easily pay for hotels, airfare, train fare, car rental, dining, entertainment and more, anywhere in the world, all on one card.
Ever travelled to another country and found that you’ve run out of foreign exchange, or had the misfortune of having had your traveller’s cheques stolen? What about when you go to different countries, and have to change from USD to Pound Sterling to the Euro? Fazed by all the rates of exchange? Not quite sure how much you’re losing with each transaction? Don’t lose heart.
In these times of instant cash and virtual travel, the multi currency card might just be the ticket.
What is a multi currency card?
This is a card that works like plastic money, where you can make purchases with a quick swipe, just as you would with your credit card. You can use it at ATMs and recognised VISA enabled points of sale, is prepaid in nature and can be loaded with dollars, euros or pounds, but can be used in the local currency of any country you visit.
No more hassles with finding money exchanges, cashing traveller’s cheques, or carrying wads of cash. We’re talking anytime, anywhere, instant access to funds.
Who is it for?
The companies that have launched the multi currency card have targeted the high-end traveller, with plans to expand nationally.
Advantages of the multi currency card
There is, first and foremost, the convenience that this facility affords: you can pay in the currency with which you are most familiar, which means your shopping experience is positive from a financial aspect, because the decisions you make will be confident, and informed. There are no surprises with the multi currency card - what you pay for on your travels, is what is reflected in your card statement, exactly. Unlike the credit card, there is no transaction fee associated with any transfer, exchange, or purchase. In fact, the annual fee on most international credit cards is much higher. With credit cards, the rate of exchange applied is the day’s rate, which might not be favourable. With the multi currency card, the rate of exchange is fixed the day you purchase the card.
And the security of your cash is stepped up, because the card is protected by a secure PIN (Personal Identification Number) which prevents anyone else from using the card, even if it is lost or stolen. If you do misplace your card, all you have to do is call the respective company’s Phone Banking numbers, for a replacement card to be issued within 48 hours.
While Travellers Cheques are accepted only at select locations for purchases or encashment, multi currency cards are accepted everywhere Visa credit and debit works. You can use this card to withdraw cash in the local currency wherever you are.
You only spend what you need so you don’t have to carry any extra cash.
For retailers, it means an increase in sales, opening up markets where the dollar and the euro don’t hold sway (such as small towns and villages for local handicrafts), and a reduction in customer service inquiries.
The retailer enjoys the added benefit of customer loyalty and building relationships with repeat customers.
Some multi currency cards also offer great deals on air tickets, holiday packages and travel insurance (including lot card, and lost or delayed baggage), making it a sweet proposition all round. The paperwork to acquire a card is at the minimum - all you need is a copy of your air ticket, a valid passport, an A2 form, and your PAN card details.
You can now enjoy unsurpassed global acceptance, and easily pay for hotels, airfare, train fare, car rental, dining, entertainment and more, anywhere in the world, all on one card.
Wednesday, October 13, 2010
LAUNCH OF AIMA’S MANAGEMENT APTITUDE AND SKILLS TEST (MAST) – 20th Feb 2011
Hi friends,
I got an email from AIMA regarding MAST, I'm publishing the same e-mail here for your information.
In today’s scenario finding the good job even with right skill sets has become a daunting task for a fresh management graduate.
Looking at a growing need to help students find the right niche for themselves, the All India Management Association (AIMA) – the apex body for management in the country, is launching a new test – MAST – Management Aptitude and Skills Test. If you have a Manager in you then we will announce your arrival to the corporate world.
AIMA is best known for its MAT – Management Aptitude Test is taken by over 3,00,000 students for admission in over 500 B-Schools. Now we have taken up the mandate of promoting the management movement in the country, by launching this screening test for B-Schools graduates.
The test format endorsed by industry leaders will evaluate the following important skills required in a Manager:
§ Critical thinking
§ Cross-functional competence
§ Communication skills
§ Key personality traits & cultural awareness
§ Full competence in their discipline
§ Technological competence
Why you should take MAST:
§ Industry backed activity
§ Pan India exposure in the Job Market
§ Level playing field irrespective of geographical location / affiliation of B-School
§ Help students choose the right career path
More than 300 companies across India are expected to endorse the test and make it part of their recruitment process. Some of the key major clients who are already on board are HLL, Dabur , Religare, AIG Met Life , Parle , Reliance Industries, Tata Communication, Cremica Agro Foods , Idea Cellular ,Deloitte , Airtel, Bosch , Lenovo, Suzlon , JP Morgon etc to name just a few.
A nationwide computer based test will be conducted with a nominal fee of Rs 1750/- per candidate will to cover our costs. This will include a score card which will be accepted by over 300 Corporate players, to start with and this number will grow substantially over the years.
If you wish to have a great start to your career then please take MAST and also encourage your Institute to partner with us. If you have already passed out then also you can appear for the test provided you have less than 3 years of working experience after completing your Management education.
Please feel free to connect with the undersigned for further details regarding the same, Mr. Vikas Malik@+91 24645100 Ext: 439, Mr. Gaurav Malhotra@+91 24645100 Ext: 429.
I got an email from AIMA regarding MAST, I'm publishing the same e-mail here for your information.
In today’s scenario finding the good job even with right skill sets has become a daunting task for a fresh management graduate.
Looking at a growing need to help students find the right niche for themselves, the All India Management Association (AIMA) – the apex body for management in the country, is launching a new test – MAST – Management Aptitude and Skills Test. If you have a Manager in you then we will announce your arrival to the corporate world.
AIMA is best known for its MAT – Management Aptitude Test is taken by over 3,00,000 students for admission in over 500 B-Schools. Now we have taken up the mandate of promoting the management movement in the country, by launching this screening test for B-Schools graduates.
The test format endorsed by industry leaders will evaluate the following important skills required in a Manager:
§ Critical thinking
§ Cross-functional competence
§ Communication skills
§ Key personality traits & cultural awareness
§ Full competence in their discipline
§ Technological competence
Why you should take MAST:
§ Industry backed activity
§ Pan India exposure in the Job Market
§ Level playing field irrespective of geographical location / affiliation of B-School
§ Help students choose the right career path
More than 300 companies across India are expected to endorse the test and make it part of their recruitment process. Some of the key major clients who are already on board are HLL, Dabur , Religare, AIG Met Life , Parle , Reliance Industries, Tata Communication, Cremica Agro Foods , Idea Cellular ,Deloitte , Airtel, Bosch , Lenovo, Suzlon , JP Morgon etc to name just a few.
A nationwide computer based test will be conducted with a nominal fee of Rs 1750/- per candidate will to cover our costs. This will include a score card which will be accepted by over 300 Corporate players, to start with and this number will grow substantially over the years.
If you wish to have a great start to your career then please take MAST and also encourage your Institute to partner with us. If you have already passed out then also you can appear for the test provided you have less than 3 years of working experience after completing your Management education.
Please feel free to connect with the undersigned for further details regarding the same, Mr. Vikas Malik@+91 24645100 Ext: 439, Mr. Gaurav Malhotra@+91 24645100 Ext: 429.
Tuesday, October 12, 2010
Risk and Managerial options in Capital Budgeting :- Summary
> The risk of an investment project can be viewed as the variability of its cash flows from thise that are expected.
>The possible outcomes for an investment project can be expressed in the form of probability distributions of possible cash flows. Given a cash flow probability distribution, we can express risk quantitatively as the standard deviation of the distribution.
>A measure of the relative risk of a distribution is the coefficient of variation (CV). Mathematically, it is defined as the ratio of the standard deviation of a distribution to the expected value of the distribution.
>One approach to the evaluation of risky investments is the direct analysis of the probability distribution of possible net present value of a project at the risk free rate. A probability tree or simulation method may be used to estimate the expected value and standard deviation of the distribution. Management can then use this information to determine the probability that the actual net present value will be lower than some amount, such as zero.
>The probability that a project’s internal rate of return will be less than the risk free rate is equal to the probability that the project’s net present value will be less than zero, where the risk free rate is used in discounting. If we view an opportunity loss as any return less than the risk free return, then the likelihood of an NPV less than zero can be interpreted as th chance of occurring an opportunity loss if the project is accepted.
>Investment projects can also be judged with respect to their contribution to total firm risk, which implies a firm-portfolio approach to risk assessment.
>By diversifying into projects not having high degrees of correlation with existing assets, a firm is able to reduce the standard deviation of its probability distribution of possible net present values of the distribution. The correlations between pairs of projects prove to be the key ingredients in analyzing risk in a firm-portfolio context.
>Often managerial options are important considerations in capital budgeting. The term simply means the flexibility that management has to alter a previously made decision.
>An investment project’s worth can be viewed as its traditionally calculated net present value together with the value of any managerial option(s). The greater the uncertainty surrounding the use of an option, the greater its value.
>Managerial options include the option to expand (contract), the option to abandon, and the option to postpone. Consideration of these various options can sometimes turn a reject decision otherwise made in evaluating a capital budgeting project into an accept decision and an accept decision into a decision to postpone.
Source: Fundamentals of Financial Management (James C Van Horne, John M Wachowicz, Jr.)
Selected References:
Butler, J.S. & Barry Schachter "The Investment Decision: Estimation Risk & Risk Adjusted Discount Rates"
Magee, J.F. "How to Use Decision Trees in Capital Investment." Harward Business Review 42 (Sep-Oct 1964), 79-96.
>The possible outcomes for an investment project can be expressed in the form of probability distributions of possible cash flows. Given a cash flow probability distribution, we can express risk quantitatively as the standard deviation of the distribution.
>A measure of the relative risk of a distribution is the coefficient of variation (CV). Mathematically, it is defined as the ratio of the standard deviation of a distribution to the expected value of the distribution.
>One approach to the evaluation of risky investments is the direct analysis of the probability distribution of possible net present value of a project at the risk free rate. A probability tree or simulation method may be used to estimate the expected value and standard deviation of the distribution. Management can then use this information to determine the probability that the actual net present value will be lower than some amount, such as zero.
>The probability that a project’s internal rate of return will be less than the risk free rate is equal to the probability that the project’s net present value will be less than zero, where the risk free rate is used in discounting. If we view an opportunity loss as any return less than the risk free return, then the likelihood of an NPV less than zero can be interpreted as th chance of occurring an opportunity loss if the project is accepted.
>Investment projects can also be judged with respect to their contribution to total firm risk, which implies a firm-portfolio approach to risk assessment.
>By diversifying into projects not having high degrees of correlation with existing assets, a firm is able to reduce the standard deviation of its probability distribution of possible net present values of the distribution. The correlations between pairs of projects prove to be the key ingredients in analyzing risk in a firm-portfolio context.
>Often managerial options are important considerations in capital budgeting. The term simply means the flexibility that management has to alter a previously made decision.
>An investment project’s worth can be viewed as its traditionally calculated net present value together with the value of any managerial option(s). The greater the uncertainty surrounding the use of an option, the greater its value.
>Managerial options include the option to expand (contract), the option to abandon, and the option to postpone. Consideration of these various options can sometimes turn a reject decision otherwise made in evaluating a capital budgeting project into an accept decision and an accept decision into a decision to postpone.
Source: Fundamentals of Financial Management (James C Van Horne, John M Wachowicz, Jr.)
Selected References:
Butler, J.S. & Barry Schachter "The Investment Decision: Estimation Risk & Risk Adjusted Discount Rates"
Magee, J.F. "How to Use Decision Trees in Capital Investment." Harward Business Review 42 (Sep-Oct 1964), 79-96.
Monday, October 11, 2010
Five mistakes to avoid while taking a home loan
The festive season is a good time for the property market – buyers suddenly emerge on the scene, so do lenders and developers with attractive offers. Sure, you can keep your housewarming on an auspicious day, but make sure you avoid the common mistakes that most people make while taking a home loan:
1>Choosing the lender first: Most people want to know how much loan they will be eligible for before they finalise the property. Nothing wrong with that. But you don’t have to go to your lender just to get the eligible loan figure from him. If you are below 40 years, just multiply your (and your spouse’s) yearly gross income by four and that should be a rough and ready amount of loan that you should be able to get. The best way is to select your property and then find out if any other lender has funded for another flat in the same building. Also, if you approach lenders now, you are likely to get slightly better rates, as lenders reserve their best rates for immediate disbursement cases.
2>Miscalculating down payment: A lot of people buy property under construction, assuming they can pay the down payment amount proportionately while the bank disburses the rest. All lenders without exception insist on your bringing in the entire amount of the down payment before they will make the first disbursement on the property.
3>No Window Shopping: The mantra here is to bargain and bargain some more. You should shortlist four or five banks and get the short-listed banks to compete for your loan. The cost of your loan depends a lot on your ability to negotiate. Remember that all terms and conditions of a housing loan are negotiable. Interest rates offered by banks take your income and repayment profile into consideration, apart from, of course, your negotiation skills. Apart from interest rates, also check various charges like processing fees, pre-payment charges, legal fees, valuation fees and other hidden costs.
4>Falling for teaser loans: The State Bank home loan scheme (popularly called the 8% scheme) is an excellent scheme but definitely costs more than 8% — except in the first year. These days many lenders offer lower fixed rates of interest in the initial few years and shift to regular floating rate after the period. It is important to understand the impact on overall cost of such changes.
5>Not insuring your home loan: Do you want to pass on the home loan to your family? If the answer is no, then buy a life insurance and critical illness policy when you take a home loan. Life insurance policies provide monetary benefit on death of the borrower and ensure that the family members inherit the home, not the home loan. Critical illness policy will take care of the home loan liability if your income gets interrupted due to any major illnesses such as a stroke or organ failure.
follow me on TWITTER
1>Choosing the lender first: Most people want to know how much loan they will be eligible for before they finalise the property. Nothing wrong with that. But you don’t have to go to your lender just to get the eligible loan figure from him. If you are below 40 years, just multiply your (and your spouse’s) yearly gross income by four and that should be a rough and ready amount of loan that you should be able to get. The best way is to select your property and then find out if any other lender has funded for another flat in the same building. Also, if you approach lenders now, you are likely to get slightly better rates, as lenders reserve their best rates for immediate disbursement cases.
2>Miscalculating down payment: A lot of people buy property under construction, assuming they can pay the down payment amount proportionately while the bank disburses the rest. All lenders without exception insist on your bringing in the entire amount of the down payment before they will make the first disbursement on the property.
3>No Window Shopping: The mantra here is to bargain and bargain some more. You should shortlist four or five banks and get the short-listed banks to compete for your loan. The cost of your loan depends a lot on your ability to negotiate. Remember that all terms and conditions of a housing loan are negotiable. Interest rates offered by banks take your income and repayment profile into consideration, apart from, of course, your negotiation skills. Apart from interest rates, also check various charges like processing fees, pre-payment charges, legal fees, valuation fees and other hidden costs.
4>Falling for teaser loans: The State Bank home loan scheme (popularly called the 8% scheme) is an excellent scheme but definitely costs more than 8% — except in the first year. These days many lenders offer lower fixed rates of interest in the initial few years and shift to regular floating rate after the period. It is important to understand the impact on overall cost of such changes.
5>Not insuring your home loan: Do you want to pass on the home loan to your family? If the answer is no, then buy a life insurance and critical illness policy when you take a home loan. Life insurance policies provide monetary benefit on death of the borrower and ensure that the family members inherit the home, not the home loan. Critical illness policy will take care of the home loan liability if your income gets interrupted due to any major illnesses such as a stroke or organ failure.
follow me on TWITTER
Sunday, October 10, 2010
SAP PLM/PM (Plant Maintenance) COMPLETE CERTIFICATION COURSES
Hi all,
Please click on the link given below to download the books, all these books are in .pdf format only.
PLM300_Business_Processes_in_Plant_Maintenance
PLM305_Structuring_and_Managing_Technical_Objects
PLM310_Preventive_Maintenance_and_Service
PLM315_Maintenance_Processing_Operational_Functions
PLM316_Maintenance_Processing_Controlling_and_Repo rting_Functions
PLM320_WCM_Work_Clearance_Management
Disclaimer: I would not be liable for any type of disripencies as I got link for all these on intenet.
follow me on twitter
Please click on the link given below to download the books, all these books are in .pdf format only.
PLM300_Business_Processes_in_Plant_Maintenance
PLM305_Structuring_and_Managing_Technical_Objects
PLM310_Preventive_Maintenance_and_Service
PLM315_Maintenance_Processing_Operational_Functions
PLM316_Maintenance_Processing_Controlling_and_Repo rting_Functions
PLM320_WCM_Work_Clearance_Management
Disclaimer: I would not be liable for any type of disripencies as I got link for all these on intenet.
follow me on twitter
Civil Services (Preliminary) Examination 2009 Question Papers
Hi all
Click on the above link to download the file...
Disclaimer: I'm not liable for any type of discripencies in the book. I got this link on internet.
http://twitter.com/manojaryan7
Click on the above link to download the file...
Disclaimer: I'm not liable for any type of discripencies in the book. I got this link on internet.
http://twitter.com/manojaryan7
IAS STUDY VIDEO GUIDE WITH E-BOOK - Complete Set for IAS Exam study
Friday, October 8, 2010
CAT Practice Test now out
Hi,
Click on the above link and it will taje you directly to demo test of CAT provided by Prometric, it would be helpful for CAT aspirants. It will guide you through all the procedures you will have to follow after logging into your system(at examination center) or you can say you will become familiar earlier with the format of test.. that will help you to manage your time easily and efficiently.....
There are only 12 questions, i.e. English and Maths. Its designed good, not so much typical, user friendly design and the most important point is that it is most similar to last year design.
Good Luck!!
Follow me(for latest updates) http://twitter.com/manojaryan7
Click on the above link and it will taje you directly to demo test of CAT provided by Prometric, it would be helpful for CAT aspirants. It will guide you through all the procedures you will have to follow after logging into your system(at examination center) or you can say you will become familiar earlier with the format of test.. that will help you to manage your time easily and efficiently.....
There are only 12 questions, i.e. English and Maths. Its designed good, not so much typical, user friendly design and the most important point is that it is most similar to last year design.
Good Luck!!
Follow me(for latest updates) http://twitter.com/manojaryan7
Wednesday, October 6, 2010
Investment Analysis & Portfolio Management
Hi,
This book is really very good, I found it very interesting... It contains 1150 pages, its worth to read..
To download the book click here
This book is really very good, I found it very interesting... It contains 1150 pages, its worth to read..
To download the book click here
Tuesday, October 5, 2010
Download free Ebooks on your favrourite subjects
Hi,
the above link take you to the place where from you can download unlimited free ebooks. Here you will get all famous author books absolutely free of cost.
so, whom you are waitng for just clink on the link given above and enjoy......
take me to the free book store
the above link take you to the place where from you can download unlimited free ebooks. Here you will get all famous author books absolutely free of cost.
so, whom you are waitng for just clink on the link given above and enjoy......
take me to the free book store
Fundamentals of Financial Management: Brigham & Houston
Publisher: South-Western College Pub
928 Pages; 2003-03-14; ISBN: 0324178298; PDF 14.8MB
The market leader, Brigham/Houston continues to grow in reputation as the most effective approach for learning basic finance principles, tools, and applications. It is also updated to reflect the latest in theory, research, real-world examples, and use of technology. The seamless, integrated ancillary package - done by the authors - is a hallmark of this package that makes the subject more accessible for learners
To down load click here
Sunday, October 3, 2010
Lot of Photoshop tricks: A big collection of tutorials.
A big collection of tutorials.
Lighting a Giant Elephant
The Making of a Robotic Frog
The Making Of Lust
The making of AVALON
How I Chocolatized a Skull
Creating Honey Covered Objects
How I made a cloud in the shape of a girl
How To Make A Photoshop Brush….
A big collection of tutorials
Lighting a Giant Elephant
The Making of a Robotic Frog
The Making Of Lust
The making of AVALON
How I Chocolatized a Skull
Creating Honey Covered Objects
How I made a cloud in the shape of a girl
How To Make A Photoshop Brush….
A big collection of tutorials
Saturday, October 2, 2010
Facility for holding Mutual Fund Units in dematerialised form
NSDL has introduced facility to hold existing mutual fund units in demat accounts. You can use your existing demat account for converting your mutual fund units in dematerialised form by submitting conversion request to your Depository Participant. You can now have a single Transaction Statement for shares, debentures and mutual fund units. Facility for holding Mutual Fund Units in dematerialised form
Subscribe to:
Posts (Atom)