Customers are requested to:
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Ensure safe custody of cheque book and pass book.
Preferably use reverse carbon while writing a cheque.
Issue crossed/account payee cheques as far as possible.
Check the details of the cheque,namely,date,amount in words and figures, crossing etc. ,before issuing it.As far as possible,issue cheques after rounding off the amount to nearest rupee.
Not to issue cheque without adequate balance; maintain minimum balance as specified by the Bank.
Send cheques and other financial instruments by Registered Post or by courier.
Bring pass book while withdrawing cash from savings bank account through withdrawal slip.Get pass book updated from time to time.
Use nomination facility.
Note down account numbers,details of FDR, locker numbers,etc.,separately.
Inform change of address,telephone number, etc., to the Branch.
Inform loss of demand draft, fixed deposit receipt, cheque leave(s)/book, key of locker, etc., immediately to the Branch.
Avail standing instructions facility to repeat transactions.
Provide feedback on our services.
Pay interest, instalments, locker rent and other dues on time.
Avail services such as ATM, ECS, EFT, etc., if offered by the branch.
Bring any deficiency in services to the notice of the branch.
Not to sign blank cheque/s.So also do not record your specimen signature either on pass book or on cheque book.
Not to introduce any person who is not personally known to you for the purpose of opening account.
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Safe Deposit Lockers
A locker may be hired by an individual (not minor), firms, limited
companies, specified associations and societies, etc.
Nomination facility is available to individual hirer of Safe Deposit
Locker.
Loss of key should be immediately informed to the Branch.
Lockers are available in different sizes.
Lockers are rented out for a minimum period of one year.Rent is
payable in advance.In case of overdue rent, the Bank will charge penalty as
decided from time to time.
With standing instruction,the rent may be paid from the deposit
account of the hirer.
The Bank will hire locker to properly introduced persons.
The Bank reserves right to break open the locker if the rent is not
paid inspite of giving notices as per the Bank rules and recover charges
thereof.
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Time Norms for various Banking Transactions
1. For Cash Payment
a) Through teller 3 to 8 minutes
b) Through cashier 8 to 15 minutes
2. Receipt of cash 10 to 20 minutes
3. For issuance of demand draft/traveller cheques/fixed deposit receipt 15 to 25 minutes
4. Payment of demand drafts 10 to 20 minutes
5. Payment of fixed deposit receipts 15 to 20 minutes
6. Opening of an account 20 to 25 minutes
7. Retirement of bills 20 to 30 minutes
8. Updation of pass books 5 to 15 minutes
9. Statement of accounts Within 7 days
10. Collection of cheques
(Local) 2 to 4 days
Outstation 10 to 14 days
Redressal of Complaints
To enable the customers to voice their grievances or offer suggestions for
improvement in customer service, "Customer Day" is observed at all the
offices of the Bank across the organisation covering branches,
Regional/Zonal Offices and Head Office, on 15th of every month (next day, if
15th is a holiday or half-day). During specified hours on this day any
customer can meet senior/top executives of the Bank including Chairman &
Managing Director without prior appointment.
In case of any complaint, the matter may be first brought to the notice of
concerned branch manager for immediate redressal. If the complaint is not
redressed to the satisfaction of the customer, the matter may be taken up
with the Regional Manager/Zonal Manager concerned.
If the complainant still feels unsatisfied with the responses received, he
can address his complaint to the bank's Nodal Officer designated to deal
with customers' complaints/grievances giving full details of the case.
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After exhausting all the above machinery/channels, if the customer is not
satisfied, he may write to Chairman & Managing Director of the Bank and even
after this, not satisfied he is free to take recourse to the following:
Directorate of Public Grievances, Govt. of India, Cabinet
Secretariat, Sansad Marg, New Delhi.
The Banking Ombudsman located in State Capitals under RBI Ombudsman
Scheme, 1995.
The District Consumer Forum under Consumer Protection Act, 1985.
Anonymous complaints will not be entertained.
(The banks are advised to give details viz., names, designations, addresses,telephone/fax numbers of Heads of Regional and Zonal Offices and also of Nodal Officer dealing with customer grievances/complaints at Central Office level hereinbelow).
All the services and commitments are honoured without the citizen having to
pay any bribe.
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| Reading an income statement
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A company’s income statement, or Statement of Operations, lists its revenues, expenses, and net income. Usually Statements of Operation appearing in company and financial reports show results over several years. By studying the line items and trends, one can discover much about the company’s success (or lack of).
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Generally, the Statement of Operations is divided into several sections.
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Net Sales. Net sales is the company’s “top line” revenue from its main or core business.
Cost of Sales. The Cost of Sales tells how much it cost the company to produce or generate the goods or services represented in the net sales figure. This does not include indirect spending (such as Marketing, Sales, or Administrative expenses), only direct costs such as raw materials or acquisition cost of the goods.
Operating Expenses. This is where general overhead, administrative, sales, marketing, and some other expenses are listed. In general, operating expenses are the costs (expenses) associated with keeping the doors open, generating business, and filling orders.
Nonoperating Income and Expenses. These are revenues and associated costs related to other than the company’s core business. Common line items are interest income and interest expense.
Taxes. For anyone who has been gainfully employed, this is self-explanatory. Taxes are the amount the government takes away from a company’s profit.
Net Profit (or loss). This is often referred to as the company’s bottom line. It is what is left after all of the costs, expenses, and taxes have been subtracted from all of the revenues.
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You can get clues to the company’s financial and operational health by studying these line items on the three-year Statement of Operations (or income statement). Notice if revenues are increasing or decreasing. The same is true for cost of sales and other expenses as a percent of net sales. An increase in expenses is not always a bad sign. This could mean more Sales and Marketing expenditure behind new product launches or an increase in Research and Development spending. Both could have a positive impact on future profit while having a negative short-term effect.
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A study of the Income Statement or Statement of Operations alone will not give you the full financial picture. It will, however, point you in the right direction should you wish to research a company in more detail.
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| Written by Bobette Kyle
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| Permanent Account Number
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What Is PAN?
The Permanent Account Number (PAN) is a ten-digit alphanumeric number,
issued in the form of a laminated card, by an Assessing Officer of the
Income Tax Department. A typical PAN is AFRPP1595D.
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Why Is It Necessary To Have PAN?
It is mandatory to quote PAN on return of income, all correspondence with
any income tax authority and challans for any payments due to Income Tax
Department.
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It is also compulsory to quote PAN in all documents pertaining to economic
or financial transactions notified from time-to-time by the Central Board of
Direct Taxes. Some such transactions are sale and purchase of immovable
property or motor vehicle or payments to hotels for bills or payments in
cash in connections with travel to any foreign country of amounts exceeding
Rs. 25,000/-. It is also mandatory to mention PAN for obtaining a telephone
or cellular telephone connection. Likewise, PAN has to be mentioned for
making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or
depositing cash of Rs. 50,000/- in a Bank.
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It is statutory responsibility of a person receiving document relating to
economic or financial transactions notified by the CBDT to ensure that PAN
has been duly quoted in the document.
All existing assesses or taxpayers or persons who are required to furnish a
return of income, even on behalf of others, must obtain PAN. Some such
persons are Individuals, Companies, Partnership Firms, HUFs, Trusts or
Representative assesses.
Further, persons who intending to enter into economic or financial
transactions where quoting PAN is mandatory must also obtain PAN.
In addition, the Assessing Officer may allot PAN to any person either suo
moto or on a specific request from any person.
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More Than One PAN?
Obtaining or possessing more than one PAN is against the law.
How To Obtain PAN?
Application for PAN should be made in prescribed form (Form 49A) and
submitted in any of the IT PAN Service Centers set up and managed by UTIISL
across the country.
IT PAN Service Centres
From 01.07.2003, IT PAN Service Centers will be set up in all cities or
towns where Income tax offices are located. For further convenience of PAN
applicants in major cities there will more than one IT PAN Service Centers.
Location and other details about IT PAN Service Centers in any city can be
obtained from local Income Tax Office or offices of UTI or UTIISL in that
city or from website of the Income Tax department, namely,
www.incometaxindia.gov.in
These IT PAN Service Centers shall supply and receive PAN applications on
behalf of all Assessing Officers, assist PAN applicants to correctly fill up
the applications, check documents to be submitted as proof of 'identity' and
'address' by the applicant and issue acknowledgment for correct and complete
applications. The IT PAN Service Centers will not accept incomplete or
incorrect applications.
The UTIISL has made arrangements to capture data from PAN applications and
transmit it to Income Tax Department. The Income Tax department will allot
PAN and send necessary data to UTIISL where PAN card will be printed and
delivered to the applicant.
From 1.10.2003 IT PAN Service Centers will also receive and process
grievances arising out of errors or requests for changes in PAN data.
Superior PAN Card
The new PAN card is a superior card and in case of individual applicants it
will carry a coloured photo-image. It is tamper proof and has built-in
security features such as a hologram and UV line. These security features
will thwart forgery of PAN cards.
For providing upgraded PAN services, UTIISL has been authorized to collect
Rs. 60/- per application. New simplified PAN form will cost Rs 5/-
Role Of Income Tax Department In New Arrangement
The Income Tax department has outsourced only a part of business process but
it will continue to own and manage the PAN databases. As such, Income Tax
department will remain responsible for ensuring quality of services to PAN
applicants under the new arrangement.
In every city or town where IT PAN Service Centers will be operational, the
senior most officer of Income Tax Department or his nominee, will act as
Local PAN Facilitator, who will attend to any difficulty faced and reported
by PAN applicants while interacting with IT PAN Service Center.
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Things To Remember
New PAN application Form 49A will be available only at IT
PAN Service Centres being set up and managed by UTIISL.
All PAN and PAN Cards issued by the Department will continue to remain
valid and these holders need not apply again.
Existing PAN allottees may, however, obtain superior PAN card by making an
application at any IT PAN Service Centre.
New PAN applicants will have to give specified documents as 'proof of
identity' and 'proof of address' at the time of making application for PAN.
IT PAN Service Centres will assist applicants in filling applications
forms.
To allow time to obtain PAN, due date of filing returns has been extended
from 31.07.03 to 30.09.03.
Quoting of correct PAN on return of income and all other correspondence
with the department is mandatory.
PAN card is widely recognized as a proof of identity and is required for
several financial transactions.
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"Check your PAN Application Status Online"
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| Source - Income Tax
Department, Govt. of India (http://incometaxindia.gov.in)
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India: Union Budget 2004
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Service tax raised from eight to ten per cent
Service tax raised from eight to ten per cent
Centvat on powerlooms and handlooms withdrawn
Gift tax loopholes plugged
More services brought under tax net
20% tax on corporate unit holders of MFs
Equity related Mutual Fund will continue to be exempt from Dividend Tax.
Companies doing R&D in biotech to enjoy duty exemption for 10 years
0.15% tax on transaction on securities will be levied
Full duty exemption on computers
Tax on transaction at 0.15%
Duty on CVD, typewriters, crutches lifted
Excise duty on meat, poultry items down
Customs duty on tractors, dairy items lifted
Customs duty on non-alloy steel down, excise duty on steel up
Customs duty on minerals like mica, graphite to come down
Peak rate of customs duty to be maintained
No fresh dividend tax. But corporates to pay more for MF incomes
Short-term capital gains tax down to 10%
150% tax exemption for auto R&D
New agro processing units to pay no tax for 5 years
No interest income on NRE bank accounts
No change in other tax slabs
No income tax for those earning up to Rs 1 lakh a year
Defence allocation raised to Rs 77,000 cr
Plan expenditure estimated at Rs 1,47,590 cr
Defence allocation raised to Rs 77,000 cr
A fund for backward states with Rs 25,000-cr corpus
Special economic package for Bihar, J&K and NE states
Bill to regulate Special Economic Zones soon
No change in small savings rates
Savings scheme for senior citizens offering 9% interest
85 more items taken off the SSI list
Rs 10,000 cr hike in plan allocation over Interim Budget
Government to set up board for revamping PSUs
Funds to be provided to restructure Hind Antibiotic, ITI
FII investment cap in debt market raised to $1.75 bn
Govt to provide support of Rs 14,194 cr to PSUs
FDI in civil aviation, insurance hiked to 49%
FDI in telecom hiked to 74%
To establish Investment Commission
Airports, sea ports and tourism to be growth areas
FIPB to be made a one-stop service centre
Rs 8,000 cr for Rural Infrastructure Development fund
Rs 1,000 cr provided for use of biotech for farm sector
Foodgrain production to touch 300 mn tonnes by '11-12
Students can borrow up to Rs 7.5 lakh without collateral
To wipe out revenue deficit by 2008-09
Revive Rural Infrastructure Development Fund
Aims at doubling agriculture credit in three years
To hike subsidy under the Health Insurance Scheme
Minor irrigation, water harvesting for people
Food subsidy at Rs 25,800 cr
Education cess to yield Rs 4000-5000 cr a year
Electricity for all, more housing for the poor
Govt to set up 500 ITIs.
2% education cess introduced
Work started on National Employment Guarantee Act.
Micro finance to be stepped up
Government to ensure a child has 8 years of school
Five-year road-map for implementing CMP
Improve industrial production
To wipe out revenue deficit by 2008-09
Planning Commission to reorient its approach to planned development
Gross budgetary support raised to Rs 10,000 cr
Budget to ensure 100 days employment.
To create jobs for poor through higher investment
Cabinet clears budget minutes before its presentation
Aims to maintain growth rate of 7-8%
Budget to ensure 100 days employment
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