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Demonetisation- Latest rules on withdrawal and exchange of old notes

Last updated : 23rd November, 2016 Over the past few days, government has been changing the rules for withdrawal and exchange mostly every day.  In this post, I am trying to capture the latest rules: Updated 23-Nov-2016 1) Now you can withdraw upto Rs 2000 from Big Bazaar stores –  From Nov 24, You can get Rs 2000 by using your debit / ATM card. The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country. Big Bazaar has tied up with State Bank of India and enabled mini ATMs across all 260 ... Read More »

GST slab rates fixed – Check the impact

Last updated : 20th November, 2016 GST Council has fixed four-tier GST structure in Nov 2016 and it is expected to be rolled out from April 2017. The rate structure is 5%, 12%, 18% and 28% with lower rates for essential items and highest for luxury items. GST 0% Tax –  Some essential items including food grains, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. GST 5% Tax –  mass consumption items such as edible spices, tea, coffee, mustard oil will fall under this tax slab. GST 12% Tax – Process food ... Read More »

List of petrol pumps giving Cash

Last updated : 20th November, 2016 Government has now allowed selected petrol pumps to give cash upto Rs 2000 on swiping of your debit card. At present this facility is available to state run petrol pumps which has SBI POS Machine only.  This will be extended to other pumps within few days to other bank’s machine (ICICI, HDFC,Citibank)   Here is the list of 700 petrol pumps that are dispensing cash  –  petrol-pumps   Note that the daily limit for petrol pump is Rs 1 lakhs., which means they can only serve 50 customers in a day. In many petrol ... Read More »

What is Paytm? How to use Paytm to pay / receive money ?

Last updated : 20th November, 2016 When the whole country is struggling to exchange old currency notes & depositing cash into Bank, mobile payment wallets are coming handy. You can use these wallets to make payment for grocey, shopping , cab booking etc. Even your local kirana store man can use it for receiving payment. One of the most popular mobile wallet in India is Paytm. In this post, I am providing more details on paytm, how you can use it and get benefits now. What is Paytm? Paytm is the largest online payment platform in the country claiming to ... Read More »

Rs 500, Rs 1000 notes illegal now – What to do ? How to exchange ?

Last updated : 9th November, 2016               Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” On November 9 and in some places on November 10, ATMs will not work. Some Exceptions For 72 hours, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment: –Government hospitals ... Read More »

Debit Card Fraud, Data Breach – What to do?

Last updated : 26th October, 2016Have you heard of recently Debit card fraud last week that impacted more than 32 lakhs card? Are you worried about it? Do you want to ensure the security of your card? So the first step, you should do is check your bank transaction to see if there are any unexpected transactions. What actually happened? On Sep 5, some banks came across fraudulent transactions where debit cards were used in US & China while the cusotmers wewre in India. Cardholders also detected such fraud transactins. The banks complained to NPCS (National Payment Corporation of India ... Read More »

All Home buyers can get relief for delay by builders : Consumer Commission Judgement

Last updated : 7th October, 2016 National Consumer Disputes Redressal Commission (NCDRC) has issued a judment on Friday where all home buyers of a housing project will automatically be the party to a case filed against the builder irrespective of whether they have filed the case or not (under Section 12 (1) (c) of the Consumer Protection Act). The failure of the builder/ developer to deliver possession of the flat / plot sold to them and a complaint filed for the benefit of or on behalf of all such consumers and claiming same relief for all of them, would be ... Read More »

New EPF Form 11 – Employee Declaration form & Replacement for EPF Form No. 13 (PF Transfer)

Last updated : 7th October, 2016 When you change our employer, then you need to submit 2 forms – Form No. 11 (Declaration form) and Form No. 13 (for PF transfer from old EPF account to you new EPF account). However, EPFO has recently (23-Sep-2016) issued a notification which requires to submit one form only – new EPF Form 11. The new Form 11 is a one page declaration form and a simplified version of the existing Form 11. You do not need to submit Form 13. As per the notification, the Declaration Form (New Form No. 11) will replace ... Read More »

ICICI Prudential Life IPO Oversubscribed 10.44 times on last day

Last updated : 23rd September, 2016 Following a slow start on first two days, the IPO for ICICI Pru life is over-subscribed 10.44 times on the last day of subscription (21st Sep 2016). The IPO has received bids for 138.58 crore equity shares against issue size of 13.23 crore shares (excluding anchor investors’ portion).  Qualified institutional buyers oversubscribed 11.83 times Non-institutional investors’ category 28.55 times Retail investors oversubscribed 1.4 times and Shareholders’ quota 12.2 times. I already posted the details of ICICI Pru LIFE IPO and its review in my earlier post. See this link.   On Day 1 – 19th Sep –  ... Read More »

FREE CIBIL report – once in a year

Last updated : 31st July, 2016 CIBIL will be providing a FREE credit score report once a year from Dec 2016. The Credit Information Bureau of India (CIBIL) will by December put in place an online system for individuals to download their data. Citizens will be able to get a free copy once a year of their individual credit history , based on which banks decide whether to provide a loan or not. At present, borrowers have to pay Rs 550 to obtain a CIBIL report.  However, the free report will not include the Credit Score but will enable individuals to get ... Read More »

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