BREAKING NEWS

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first*** DA FOR BANKER FROM FEBRUARY 2023 SEE DETAILS CHART FOR OFFICER AND WORKMAN***Outcome of Today’s meeting with IBA - 31.01.2023***All India Bank Strike 27.06.2022******PLEASE VISIT INDIAN TOURISM CULTURE & HERITAGE *****NITI Aayog finalised names of Two public sector banks and one general Insurance Co. for privatisation****No economic reason to privatise PSU banks---post date 24.05.2021******Mobile users may soon be able to switch from postpaid to prepaid and vice versa using OTP*****India May Privatise or Shut 46 PSUs in First 100 Days, Says NITI Aayog's Rajiv Kumar----We should start with the banks*****Expected DA for Bank Employee from August 2019 is 24 slab to 29 slab*****RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019******WITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI***** Salient features of Sukanya Samriddhi Account---Who can open and how?******OBC posts 39% rise in Q4 profit, OBC readt tWITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI o take another Bank--MD MUkesh Jain*******DA FOR BANKER FROM NOV 2018 IS INCREASE 66 SLAB I.E 6.60%****40,000 STANDARD DEDUCTION IN YOUR TAX - IS A GREAT DRAM/BLUFF BY JAITLY SEE DETAILS+++++++Cabinet approves plans to merge PSU banks-The final scheme will be notified by the central government in consultation with the Reserve Bank. post date 23.08.2017****IBA to restrict the negotiations on Charter of Demands of Officers' Associations up to Scale-III only post dated 07.07.2017*****

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BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Thursday, December 31, 2015

PAN must for cash payment of hotel bill over Rs 50,000 from tomorrow

Furnishing PAN will be mandatory from tomorrow for cash transactions such as hotel or foreign travel bills exceeding Rs 50,000 - a move aimed at curbing the black money menace.

Besides, PAN will be a must for all transactions, including purchase of jewellery, above Rs 2 lakhs in cash or through card with effect from January 1, 2016, the Finance Ministry said in a notification.

PAN will also be mandatory on purchase of immovable property of over Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN mandatory for property worth Rs 5 lakh.

Quoting of Permanent Account Number (PAN) will also be mandatory for term deposits exceeding Rs 50,000 at one go or Rs 5 lakh in a year with banks, Post Offices and NBFCs.

The notification said PAN would be mandatory for payments of more than Rs 50,000 for cash cards or prepaid instruments as well as for acquiring shares of unlisted companies for Rs 1 lakh and above.

It has also been made mandatory for opening all bank accounts except Pradhan Mantri Jan Dhan Yojana accounts.

Finance Minister Arun Jaitley had earlier this month announced in Parliament that PAN would be made mandatory for all cash and card transactions beyond Rs 2 lakh. 

The limit is double of Rs 1 lakh that he had proposed in 2015-16 Budget, but is lower than the existing threshold of Rs 5 lakh.

Making cash deposit of more than Rs 50,000 or purchase of bank draft/pay orders/bankers cheque of equal denomination on a single day, payment of life insurance premium of Rs 50,000 in a year would also require quoting of PAN.

In keeping with the government's thrust on financial inclusion, opening of a no-frills bank account such as a Jan Dhan
account will not require PAN.

Other than that, the requirement of PAN applies to opening of all bank accounts including in co-operative banks. 

 

DA FROM FEB 2016 WILL BE 43% for bank employee

NEW DA FROM FEB  2016 WILL BE 43% for bank employee

Now, 31.12.2015 CPI for the month NOV '15 announced as6162.99. On assumptions that CPI data would slightly increase   for the next   months also  i.e. for    DEC 15  in that situation the expected (tentatively) increase in DA Slabs comes to 32 slabs for the month of FEB'16 - APR'16, the expected DA payable in terms of percentage is as under :-

CPI for the Quarter


Average CPI for the Quarter April -June 2015 as above = 6033.64


FOR OCTOBER          269                                                                             6140.18
       NOVEMBER        270                                                                             6162.99
     DECEMBER          271                                                                             6185.84

Average CPI for the QuarterOCT  TO DECEMBER  2015 as above =6163.01.

NEW DA   FROM FEB 2016 WILL BE (6163.01-6033.64)/4=32 SLAB i,e 3.2%

Total DA will be 39.80+3.20= 43%

Please note that it is only tentative number of DA slabs assessed by everything banking news group for the quarter FEB 16 - APR 16 based on assumptions of CPI as mentioned above.
On release of CPI data for the month of  DEC 15 we will re-calculate the DA that would become payable for the period FEB 16- APR 16

Petrol price down by 63 paise/litre, diesel by Rs 1.06 a litre




Petrol and diesel prices have been slashed by 63 paise a litre and Rs 1.06 a litre respectively, Indian Oil CorporationBSE 0.74 %, the nation's largest fuel retailer said in a statement. 

In Delhi, petrol will cost Rs 59.35 a litre and diesel Rs 45.03 a litre from Friday, with prices varying marginally in other places due to local levies. 

The current level of international product prices of petrol and diesel and the exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," IOCBSE 0.74 % said on Thursday, following its fortnightly review to align local prices with international rates and adjust for foreign exchanges. 

In the previous review, oil companies had cut prices of petrol by 50 paise a litre and diesel by 46 paise a litre. 

The company said it will continue to monitor movement of prices in the international oil market and the exchange rate closely and the market trends will reflect in future price changes. 
 

Wednesday, December 30, 2015

How to Double Your Money? Know The Rule of 72




If you are wondering when your money will get doubled, an understanding of the "Rule of 72" will give you an immediate idea.

If you divide 72 by the rate of interest earned (assuming interest compounded annually), it will give you the approximate number of years it will take for your money to get doubled.

Let's understand it with a simple example. If you have put your money in an investment which will yield you 10 per cent annually, then your money will get doubled in nearly 72/10 or 7.2 years.

So if you want to reduce the time, you will have to increase the denominator - that is the rate of return from your investment. Basically, the higher the rate of return the lower will be the time taken for your money to get doubled.

The following table explains how much time it is going to take you depending on the rate of return.

Bill Changing Law on Bounced Cheques Passed by Parliament

 Bringing relief to scores of Indians aggrieved by bounced cheques, a bill permitting the filing of cases at the place where a cheque is presented for clearance and not the place of issue was approved by Parliament with the Rajya Sabha giving its nod 

Minister of State for Finance Jayant Sinha moved the Negotiable Instruments (Amendment) Bill, 2015, which was passed by the Lok Sabha in the monsoon session, in the upper house to seek to replace an ordinance that was re-promulgated earlier.

The amendment seeks to overturn a Supreme Court ruling which said cases have to be initiated where the cheque-issuing branch was located, and provides that cases of cheque bouncing can now be filed only in a court that has jurisdiction over the bank branch of the payee.

The changes in the Negotiable Instruments Act will have implications for over 1.8 million cheque bounce cases pending in various courts, Mr Sinha told the house.

If a complaint against a person issuing a bounced cheque has been filed in the court with the appropriate jurisdiction, then all subsequent complaints against that person will be filed in the same court.

The statement of objects and reasons of the bill says that following the Supreme Court's ruling, representations were made by various stakeholders concerned about the wide impact the judgment would have on business interests as it will offer undue protection to defaulters at the expense of the aggrieved complainant.

Tuesday, December 29, 2015

RTGS Holidays 2016 by RBI

RTGS Holidays 2016 by RBI

S No
Date
Occasion
1
26th January 2016 (Tuesday)
Republic Day
225th March 2016 (Friday)
Good Friday
3
1st April 2016 (Friday)
Annual closing of banks
4
15th August 2016 (Monday)
Independence Day
5
11th October 2016 (Tuesday)
Dussehra / Vijaya Dasami
6
12th October 2016 (Wednesday)
Moharram

BANK HOLIDAYS IN INDIA 2016 - STATE WISE LIST OF BANK HOLIDAYS 2016

State/Union Teritorry January February March April May June July August Sept Oct. Nov Dec
Andaman&Nicobar islands
Andhra pradesh 15, 26 7,23 8,14,15 6 15 5 2,9,11,12,30 12,25
Arunachal pradesh ***
Assam
Bihar
Chandigarah
Chattisgarah
Daman & Diu
Delhi 26 24,25 20 21 6 15 12 2,11,12,30 14 13,25
Goa 26 24,25 8,14 1 7 15 5,6,13 2,11,29 3, 19, 25
Gujarat 14, 26 7,24 14,15 6 15,18,25 5 11,31 1 13,25
Haryana 26 22 7,24 14,20 21 6 15,25 2,11,30 14 25
Himachal pradesh 16,26 22 7,24 15 21 7 6 15,18(w),25 12 2,11,19(w),30 1(w) 25
Jammu&Kashmir
Jharkhand 26 7,22,24,25 14,15,19 21 6 15,25 12 2,10,11,12,30 14 13,25
Karnataka 15, 26 7,25 8,14,19 1,9 6 15 5,12,30 2,10,11,12,15,29,31 1,17 12,25
Kerala 26 7,25,27 14 1 6 15 12,13,14,16,21 2,10,11,29 12,25
Madhya pradesh 26 7,23 15,19 21 6 15,18,25 12 2,11,12,30 14 13,25
Maharastra 26 19 7,24,25 8,14,15,19 1,21 6 15,17 5,13 2,11,12,30,31 14 12,25
Manipur 1,22,26 15 23,25 8,13 1 6 13, 15 ,25 2,9,30 1 25,26,31
Meghalaya
Miizoram
Nagaland ***
Orissa 26 12 7,24,25 13,14,15 15 6,7 15,25 5,6 2,9,11,12,20 25
Puducherry-
Puducherry&karaikal Region 1,15,16,26 25 14 7 15, 16 5,13 2,10,29 1 13,25
Pudecherry-Mahe pegion 1,26 25 13,14 1 7 15, 16 13,14 2,10,15,29 1 13,25
Pudecherry-yanam region 1,15,26 22,25 8,14 7 15, 16 5,13 2,29 1 13,25
Punjab 16,26 22 24 15 8 6 15,25 2,11,16,30 14 25
Rajasthan 26 24 14,15,19 6 15,18,25 12 2,11,12,30,31 14 25
Sikkim
Tamil nadu 1,15, 16, 17, 26 25 8,14,19 1 7 15,25 5,13 2,10,11,12,29 12,25
Telangana 15, 26 7,23 5,8,14,15 1 6 15,25 5 2,9,11,12,30 14 12,25
Tripura 26 12 13,14,20 6,12,26 15 12,30 2,10,11,12,15,29
Uttar Pradesh 26 7,23,24,25 14,15,20,21 21 6 15,18,25 12 2,10,11,12,30,31 1,14 13,25
Uttarakhand *
West Bengal 12,23,26 13 23,25 14 1,8 6 15 12,30 2,8,9,10,11,12,15,29 14 25
Lakshwadeep  Union (UT)         
1. Sundays are Holidays under NI Act. Holidays falling on Sundays are mentioned for the Sunday banking Branches. 
2. Muslim festivals which are dependent on the sighting of the moon will be decalred as Holidays by the Competent Authority for date on which the festival would be actually observed in lieu of the date originally notified as Holiday for this festival.
3. 'W'- Holiday for Woman employees only.
4. List of Holidays may have minor variations as some of the states are yet to finalize the same or may announce changes at the last moment.

Rs.50 Lakh Stolen from Axis Bank Cash Van in Kerala

n a daring incident that took place in Uppala, Kasaragod, Kerala on Wednesday, ₹50 lakh was stolen from a van while it was transporting cash...

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