Indian Railways now runs around 10000 Passenger Trains every day. Plans to increase the number of trains has resulted in an unexpected change in Indian Railways. Currently the Passenger Train Numbers are 4-digit numbers and this does not allow Railways to introduce new trains. So from 20th December 2010, the Train Numbers have been converted … Read more
From 15th November 2010, MF invests can be made by self-issued cheque only. You cannot invest using your friend’s, relative’s or spouse’s issued cheque. All investments with third-party cheques will be rejected. Exceptions to this: 1. Investor for Minors – Up to Rs.50,000/- by the Parent/ Grand Parent/ Related Person 2. Employer on behalf of … Read more
With effect from 1st January 2011, KYC will be mandatory for all investors irrespective of amount of investment. In case of investment for a minor, Guardian/Parent who is investing on behalf of the minor must be KYC complaint. Impact of this move: 1. Even small investors have to now register for KYC. 2. Address updates … Read more
RBI has announced the change in Charges for NEFT & RTGS w.e.f. 15th November 2010. The revised charges are as below: RTGS – New Minimum limit = Rs.2 Lakhs Amount Charges 2Lakhs – 5Lakhs Rs.25/- Above 5Lakhs Rs.50/- NEFT Amount Charges Up to 1Lakh Rs.5/- 1Lakh – 2Lakhs Rs.15/- Above 2Lakhs Rs.25/- According to RBI … Read more
Currently the easiest way to open a bank account is opening a Salary Account through the Company. Just fill the form, give a photo and company gives a letter and presto the account is openned. But finding fault in this process of opening accounts without proper KYC norms, RBI has asked banks to ensure that … Read more
RBI has issued new guidelines for credit of inward fund transfer for NEFT/RTGS/ECS Credit and debit in case of ECS Debit. To ensure straight-through processing and quicker credit/debit and return, RBI has allowed banks to credit the incoming NEFT/RTGA/ECS solely based on the account number in the instruction. Beneficiary Banks are not required to manually … Read more
RBI in it’s Circular dated 8th Oct,’08 has issued norms for Charges for Outstation cheque collection. RBI has mandated that banks must follow the following guidelines for Charges: – Up to Rs. 10,000 – not exceeding Rs. 50 per instrument – Rs. 10,000 to Rs. 1,00,000 – not exceeding Rs. 100 per instrument – Rs.1,00,001 … Read more
On 8th Oct’08, RBI mandated that Banks must NOT charge for any Inward RTGS/NEFT/ECS transactions (i.e., for receiving funds). For Outward transactions, i.e., sending the funds, the Maximum Charges have been specified as below: (i) RTGS – Rs. 1 to 5 lakh – not exceeding Rs. 25 per transaction – Rs. 5 lakh and above … Read more
In continuation with my previous post on SEBI’s proposal for introducing Variable Entry Load in Mutual Funds, I sent in my response by email on the last day (6th of March). The response is as below: ================ I personally welcome the proposal of having Variable Entry Load in MF. This will bring in a rationalisation … Read more
SEBI has issued a Proposal on 13th Feb’09 for Variable Entry Load for investments in Mutual Funds made through Distributors. This is good step forward for investors who use Distributor’s service to the minimal. They can henceforth pay less by bargaining on the Entry Load. This will be good for both investors and Distributors. For … Read more