IMPORTANT TRICKS TO REMEMBER TAXES

IMPORTANT TRICKS TO REMEMBER TAXES

DIRECT TAXES :- "wepro.co.in"
We---Wealth tax
Pro---Property tax
Co----Corporate tax
In-----Income tax
INDIRECT TAXES :- "Excuse me"
Ex------Excise tax
Cu-------Custom tax
Se-------Service tax
M-------Market tax/vat
E--------Entertainment tax
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What is RBI?

What is RBI?

The RBI is India's central bank. The Reserve Bank of India was
established on April 1, 1935 in accordance with the provisions of the
Reserve Bank of India Act, 1934.RBI acts as a banker to the Government
and Banks.The Central Bank maintains record of Government revenue and
expenditure under various heads. It maintains deposit accounts of all
other banks and advances money to other banks, when needed.Another
important function of the Central Bank is the issuance of currency
notes, regulating their circulation in the country by different methods.

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Banking Terms - Useful for IBPS

EQUATED MONTHLY INSTALLMENT (EMI)
----------------------------------------------

•"A fixed payment amount made by a borrower to a lender at a specified
date each calendar month. Equated monthly installments are used to pay
off both interest and principal each month, so that over a specified
number of years, the loan is paid off in full."

BANKING OMBUDSMEN ---------------------------
•Banking Ombudsmen resolve the problem of customer's complaint
regarding bank.
•They are appointed by RBI
•There are total 15 ombudsman appointed across India
•They do not charge any fee
•A banking ombudsman can allow maximum compensation of – Rs.10 lakh
•If ombudsman is unable to resolve the query ,the case is transferred
to – apellate authority

COMMERCIAL PAPERS --------------------------
•It is a money market security
•It is unsecured promissory note
•It is a negotiable instrument
•Its minimum maturity period is 7 days
•Its maximum maturity period is 1 year
•It is issued in the multiples of Rs.5 lakh CTS ------
•Truncation is the process of stopping the flow of the physical cheque
issued by a drawer at some point with the presenting bank en-route to
the drawee bank branch.
•It is a project undertaken by RBI for faster clearing of cheques.
•CTS is basically an online image- based cheque clearing system where
cheque images and MICR data are captured at the collecting bank branch
and transmitted electronically.
•Starting 1 August 2013 only CTS-2010 compliant cheques would be
accepted for clearing.
•On 17 July 2013 the RBI extended the deadline to 31 December 2013.

WHITE LABEL ATMs -----------------------
•RBI permitted (on June 20,2012),the non-bank entities incorporated in
India under the companies act 1956,to set up own ATMs in India.
•ATMs operated by Non-bank entities
•Eligibility for operating white label ATMs – Entities must have a net
worth of Rs.100 crore
•Acceptance of deposits at WLAs ,not to be permitted.

MICR -------
•Full form is – Magnetic Ink Character Recognition
•Contains 9 digits
•First three - city code
•Middle three - bank code
•Last three – branch code


KISAN CREDT CARD ------------------------
•The full form of KCC – Kisan Credit Card
•KCC scheme was intoduced by – GOI , RBI , NABARD
•KCC scheme was introduced in the year – 1998
•The objective of KCC is – to fulfill the credit needs of farmers
during cropping season through banking system.


NSAP -------
•The National Social Assistance Programme(NSAP)which came into effect
from 15th August,1995 represents a significant step towards the
fulfillment of the Directive Principles in Article 41 of the
Constitution.
• The program introduced a National Policy for Social Assistance for
the poor and aims at ensuring minimum national standard for social
assistance in addition to the benefits that states are currently
providing or might provide in future.
•NSAP at present, comprises of Indira Gandhi National Old Age Pension
Scheme (IGNOAPS), Indira Gandhi National Widow Pension Scheme (IGNWPS),
Indira Gandhi National Disability Pension Scheme (IGNDPS), National
Family Benefit Scheme (NFBS) and Annapurna.

DEMAT --------- •Full form of DEMAT – Dematerialization
•DEMAT is mandatory for – dealing in shares
•It keeps the information of share holdings of individual in electronic
form
•With how much minimum balance it is opened- zero balance (the account
contains only data of shares,no balance)
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IMPORTANT ACTS RELATED TO BANKING

IMPORTANT ACTS RELATED TO BANKING

1. Banking Regulation Act,1949

2. RBI Act,1934 & RBI Act, 1948

3. SBI Act,1955, General Regulations SBI Act,1956

4. Banker's Book Evidence Act,1891

5. Negotiable Instruments Act,1881

6. Indian Contract Act,1872

7. Surety's Liability

8. Partnership Act,1932

9. Companies Act,1956

10. Criminal Procedure Code, 1973

11. Consumer Protection Act, 1986

12. SARFAESI Act, 2002
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CURRENT RBI POLICY RATES

CURRENT POLICY RATES (as 30th Oct 2013 )

1. Cash Reserve Ratio (C.R.R.) --- 4%

2. Statutory Liquidity Ratio (S.L.R.)--- 23%

3. Bank Rate (B.R.)--- 8.75%

4. Repo (Re- Purchase Rate (R.R.)--- 7.75%

5. Reverse Repo Rate ---(R.R.R.)--- 6.75%

6. Marginal Standing Facility (M.S.F.)--- 8.75%
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BANKING GENERAL KNOWLEDGE

1.The oldest Joint Stock Bank of India -- Allahabad Bank

2. The bank founded by Freedom Fighter Dr. Bhogaraju Pattabhi
Sitaramayya -- Andhra Bank

3. First bank to open a branch outside India -- Bank of India, London,
1946

4. The first bank to be given an ISO 9002 certificate for one of its
branches -- Canara Bank

5. The Postal Dept has issued a commemorative stamp in the name of this
bank celebrating 100 years in 2011 -- Central Bank of India

6. First Indian Bank to be wholly owned by Indians -- Central Bank of
India

7. The bank formed on the efforts of Lala Lajpat Rai -- Punjab National
Bank

8. The only merger of nationalized banks took place between -- Punjab
National Bank and New Bank of India in 1993 9. The bank whose brand
equity is "Pygmy Deposit Scheme" -- Syndicate Bank

10. The bank which was conceived by Shri GD Birla -- UCO Bank

11. The bank which was inaugurated by Mahatma Gandhi in 1919 -- Union
Bank of India

12. The largest among nationalized banks -- Punjab National Bank

13. The bank established in the year 1913 as Bank of Mysore Ltd. at the
instance of the banking committee headed by the great Engineer -
Statesman, Late Dr. Sir M.Visvesvaraya -- State Bank of Mysore
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FIRST IN BANKS - Pioneer in Banking sector

~> First India bank Got ISO : Canara Bank

~> First Governor of RBI : Mr. Osborne Smith

~> First Indian governor of RBI : Mr. C D Deshmukh

~> First Bank to Introduce ATM in India : HSBC

~> First Bank to introduce savings : Presidency bank in 1833

~> First Bank to Introduce Cheque system : Bengal Bank 1784

~> First Bank to introduce Internet Banking : ICICI BANK

~> First Bank to introduce Mutual Fund : State Bank of India

~> First Bank to introduce Credit Card : Central Bank of India

~> First Foreign Bank in India : Comptoire d'Escompte de Paris of
France in 1860

~> First Bank Set Up in India : Bank of Hindustan in 1770

~> First Joint Stock Bank of British India : State Bank of India

~> First Joint Stock Bank of India : Allahabad Bank

~> First Bank that is oldest Public Bank in India : Allahabad Bank

~> First national bank that is merged with Punjab National Bank : New
Bank of India in 1993

~> First Indian bank to open branch outside India in London in 1946 :
Bank of India

~> First Indian Bank started with Indian capital / indigenous Bank of
India : Punjab National Bank

~> First Regional Rural Bank name Prathama Grameen Bank - Was started
by : Syndicate Bank

~> First Bank to launch branch in foreign was "Bank of India" in 1946
in London UK.

~> First bank to Introduce Credit card in India was Central Bank of
India With "Central Card" 1980.

~> First Bank to introduce Debit Card in India was Citi Bank In
Bangalore in 1987
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