Your Cheques will become Invalid from Jan 1, 2013 – Find out WHY?

It might happen that your cheque’s start bouncing and do not get accepted from Jan 1, 2013 . There is a new standard in banking called as Cheque Truncation System or CTS 2010 , which all the banks have to follow now. RBI has issued a circular telling all banks that they should only process and accept those cheques which follow CTS guidelines.

What is Cheque Truncation System or CTS?

Its just a new improved structure for chqeues and a set of guidelines which will change the way cheques are being processed and cleared. Right now, all the cheques are sent directly physical to the other bank for clearance, but with this new Cheque Truncation System guidelines, the banks will send the digital version of cheques (read scanned image) to the other bank and the clearance will happen almost same day or very fast. Some of the features of CTS cheques would be

• It would have the wordings “please sign above this line” at right bottom

• All CTS-2010 cheques will have a watermark with the words “CTS INDIA”, which can be seen against a light.

• A bank logo will be on cheque with a Ultra Violet Ink , which can be seen only under UV Scanners

• The CTS 2010 enabled cheques will not allow any alterations. If there is any mistakes, the cheque will be invalid

• “payable at par at all branches of the bank in India” text will be at the bottom of all the cheques

• There will be IFSC and MICR code on the cheque

• You will have to sign the cheque will a darker ink, so that your signatures are valid for scanning.

If you look at these features, you can simply see that these are required for digital processing and once these Cheque Truncation System enabled cheques arrive , the whole banking system will start clearing the cheques in a must faster time. This will improve banking and save paper  . Below is a sample of cheque which fulfil CTS criteria’s.

SBI has already told all its customers to get new cheques because all the old cheques will become invalid , In the same way HDFC bank and ICICI bank have also told their customers to get new cheque books.

What you must do ?

1. Replace your Post Dated Cheques

If you have given any post dated cheques to someone like for your home loans payments or for some other kind of payment, then its the time to replace them with fresh cheques else it will just bounce and you might have to pay the bounce charges

Deposit any Old Cheque now

At times, we accumulate old cheques and deposit them for clearing only after many days or weeks. If you have any cheque which is to be cleared, better deposit it and encash !

A lot of banks have also asked its customers to give return back the old invalid cheques at their branch and collect new cheques, not sure why they need old cheques , why cant they issue the new cheques directly ? Also note that the cheques will be sent to the last updated address only. Learn more about CTS here. I hope you are clear about Cheque Truncation System (CTS) and how your cheques will become invalid from Jan 1,2013.

RBI Notification

Standardisation and Enhancement of Security Features in Cheque Forms-Migrating to CTS 2010 standards.pdf

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LETTER FROM A YOUNG CA WIDOW......Her Traumatic Experience On Death Of Her Husband!

True to the core... Worth to read and share

Hello Friends,

I have to share a few things I learnt after Mithun's death.

We always believe we will live forever. Bad things always happen toothers. Only when things hit us bang on our head do we realise. Life isso unpredictable. .

My husband was an IT guy. All techie. And I am a chartered accountant. Awesome combination you may think.

Techie guy, so everything is on his laptop; his to do list; his e-bill and his bank statements in his email. He even maintained a folder which said IMPWDS, wherein he stored all login id and passwords for all his online accounts. And even his laptop had a password. Techie guy, so all
the passwords were alpha-numeric with a special character not an easy one to crack. Office policy said passwords needed to be changed every 30 days. So every time I accessed his laptop I would realise it's a new password again. I would simply opt for asking him 'What's the latest password' instead of taking the strain to memorise it.

You may think me being a Chartered Accountant would mean everything is documented and filed properly. Alas many of my chartered accountant friends would agree that the precision we follow with our office documents and papers do not flow in to day to day home life. At office
you have to be epitome of Reliability / Competent / Diligent etc., but at home front there is always a tomorrow.

One fine morning my hubby expired in a bike accident on his way home from office. He was just 33. His laptop with all his data crashed. with everything on his hard disk wiped off. No folder of IMPWDS to refer back to. His mobile with all the numbers on it was smashed. But that was just
the beginning. I realised I had lot to learn. 

9 years married to one of the best human beings, with no kids, just the two of us to fall back on..but now I stood all alone and lost. Being chartered accountant helped in more ways than one, but it was not enough. I needed help. His saving bank accounts, his salary bank accounts had no nominee. On his insurance his mom was the nominee and it was almost 2 years back she had expired. but this was just a start.

I didn't know the password to his email account where all his e-bill came. I didn't know which expenses he paid by standing instructions. His office front too was not easy. His department had changed recently. I didn't know his reporting boss' name to start with. When had he last
claimed his shift allowance, his mobile reimbursement. The house we bought with all the excitement on loan, thought with our joint salary we could afford the EMI. When the home loans guys suggested insurance on the loan, we decided instead of paying the premium, the difference in the EMI on account of the insurance could be used to pay towards prepayment of the loan and get the tenure down. We never thought what we would do if we have to live on a single salary. So now there was huge EMI to look into.

I realised I was in for a long haul.

Road accident case, so everywhere I needed a Death certificate, FIR report, Post Mortem report. For everything there were forms running into pages, indemnity bonds, notary, surety to stand up for you. no objections certificates from your co-heirs..

I learnt other than your house, your land, your car, your bike are also your property. So what if you are the joint owner of the flat, you don't become the owner just because your hubby is no more. So what if your hubby expired in the bike accident and you are the nominee but if the bike is in a repairable condition, you have to get the bike transferred in your name to claim the insurance and that was again not easy. The bike or car cannot be transferred in your name without going through a set of legal documents. Getting a Succession Certificate is
another battle all together. 

Then came the time you realise now you have to start changing all the bills, assets in your name. Your gas connection, electricity meter, your own house, your car, your investments and all sundries. And then change all the nominations where your own investments are concerned. And again a start of a new set of paperwork.

To say I was shaken, my whole life had just turned upside down was an understatement. You realise you don't have time to morn and grieve for the person with whom you spend the best years of your life, because you are busy sorting all the paper work.

I realised then how much I took life for granted. I thought being a chartered accountant I am undergoing so many difficulties, what would have happened to someone who was house maker who wouldn't understand this legal hotchpotch.

A sweet friend then told me dear this was not an end. You have no kids. Your assets will be for all who stand to claim after my hubby's sudden death. I realised it was time I took life more seriously. I now needed to make a Will. I would have laughed if a few months back if he had asked me to make one. But now life had taken a twist.

Lessons learnt this hard way were meant to be shared. After all why should the people whom we love the most suffer after we are no more. Sorting some paperwork before we go will at least ease some of their grief.

1. Check all your nominations

It's a usual practice to put a name (i.e in the first place if you have mentioned it) and royally forget about it. Most of us have named our parent as a nominee for investments, bank accounts opened before marriage. We have not changed the same even years after they are no longer there with us. Even your salary account usually has no nomination.. Kindly check all your Nominations.

- Bank Accounts
- Fixed Deposits, NSC
- Bank Lockers
- Demat Accounts
- Insurance (Life, Bike or Car or Property)
- Investments
- PF & Pension Forms

2. Passwords..

We have passwords for practically everything. Email accounts, Bank accounts, even for the laptop you use. What happens when your next in kin cannot access any of these simply because they do not know your password. Put it down on a paper.

3. Investments.

Every year for tax purpose we do investments. Do we maintain a excel sheet about it. If so is it on the same laptop of which the password you had not shared? Where are those physical investments hard copy? 

4. Will.

Make a Will. I know you will smile even I would, had I not gone through all what I did. It would have made my life lot easier, a lot less paperwork. I wouldn't have had to provide an indemnity bond, get it notarised, ask surety to stand up, no objections certificates from
others.

5. Liabilities.

When you take a loan say for your house or car check out on all the what ifs; what if I am not there tomorrow? what if I loose my job? Will the EMI still be within my range? If not get an insurance on the loan.The people left behind will not have to worry on something as basic
as their own house.

My battles have just begun. But let us at least try and make few changes so that our loved ones would not suffer after we go. We do not know what will happen in the future. But as the Scout motto goes:

"Be prepared"

- NAME WITHHELD

source:online
image source:http://www.trubalcava.com

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A must have guide for Senior Citizens

Senior Citizen Guide:

Senior Citizen Guide

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The Story of the Lokpal

The Lokpal Bill is basically an anti-corruption bill drafted to control corruption by ministers and high level officials. The bill proposes to set up a Lokpal at the Center and a Lokayukta at the State level. (At present, 18 States have enacted  laws to set up Lokayuktas to fight corruption.)

ORIGIN OF LOKPAL

The basic idea of the Lok Pal is borrowed from the office of ombudsman in Scandinavian (Sweden, Denmark, Finland, Norway) countries. The office of the ombudsman originated in Sweden in 1809 A.D. Ombudsman is a Swedish word and refers to an official whose job is to investigate complaints from the public against government officers.

HISTORY OF THE LOKPAL BILL

1966  – The Administrative Reforms Commission headed by Morarji Desai recommended setting up of a Lokpal at the Centre, and Lokayuktas in the states.

1968 – The Lokpal Bill was first introduced in the Lok Sabha by Shanti Bhushan.

1969 – The Lokpal bill was passed for the first time in the 4^th Lok Sabha but could not get through in the RajyaSabha

Subsequently, Lokpal bills were introduced in 1971, 1977, 1985, 1989, 1996, 1998, 2001, 2005 and most recently in 2008. However, the Bill lapsed each time except in 1985 when it was withdrawn

CONSTITUTIONAL PROVISION :There is no provision in the Indian Constitution for Lokpal and it will be set up as a statutory body created by an act of parliament.

The birth of Jan Lokpal from the Lokpal bill:

The Lokpal bill drafted by the government was riddled with loopholes which defeated the very purpose of the bill. As the Lokpal bill is to be introduced in the Parliament, civil society activists have come forward with an alternative bill called the “Jan Lokpal Bill”. Drafted by  justice Santosh Hegde, Prashant Bhushan and Arvind Khejriwal, this bill is an improved version of the original Lokpal Bill. In short Jan Lokpal bill is Lokpal bill with teeth.

DIFFERENCE BETWEEN THE LOKPAL AND THE JAN LOKPAL BILL:

LOKPAL BILL (GOVERNMENT)	JAN LOKPAL BILL (CIVIL SOCIETY)
Under this bill, lokpal cannot initiate a case suo motu (on its own) nor can it receive complaints of corruption directly from the general public. People have to make their complaints to speaker of Lok Sabha or chairperson of Rajya Sabha. The complaints which are approved by them will reach Lokpal. (As speaker of Lok Sabha belongs to the ruling party, he may not work transparently on the issue. Hence, the intent of bill will not be fulfilled.)	Lokpal will have powers to initiate suo motu action and it can directly receive complaints from the public.
Lokpal will be an advisory body. It will forward its report to a “competent authority”. Hence, the lokpal will not have powers to take direct action.	Lokpal is not an advisory body. Lokpal will have the power to initiate prosecution of anyone found guilty.
The Government proposed a time limit of six months to one year for investigation against a corrupt official. However, no time limit for prosecution is proposed.	The Jan Lokpal draft suggests one year or less for investigation and one year for prosecution. So that the corrupt official lands in jail within 2 yrs.
Lokpal will have no police powers to register an FIR (First Information Report) or proceed with criminal investigations.	Lokpal will have police powers as well as the ability to register FIRs.
The Lokpal will be a three member body consisting of a chairperson who is a present or retired Chief Justice or Supreme Court judge, and two members who are  high courts judges or chief justices.	Lokpal would have ten members and one Chairperson. Out of them four need to have a legal background  (they need not be judges).
Punishment for corruption is minimum 6 months and maximum 7 years.	The punishment would be minimum 5 years and maximum of life imprisonment.
The selection committee consists of Vice President, PM, Leaders of both houses, Leaders of opposition in both houses, Law Minister and Home minister. (Selection committee will be heavily loaded in favour of the ruling party. Effectively, ruling party will make the final selections.)	Selection committee consists of members from judicial background, Chief Election Commissioner, Comptroller and Auditor General of India and international awardees  (like Noble prize and Magsaysay winners of Indian origin). A detailed transparent and participatory selection process has been prescribed.
Lokpal will not have powers to investigate any case against PM, which deals with foreign affairs, security and defence. (which means that it will become impossible to investigate into cases like Bofors scam in the future!!)	There is no such bar on Lokpal’s  powers.
Nothing has been provided in law to recover ill gotten wealth. A corrupt person can come out of jail and enjoy that money.	Loss caused to the government due to corruption will be recovered from the accused after conviction.
There is no provision related to whistle-blowers.	Lokpal will have powers to provide protection against physical and professional victimization of whistle-blowers.
CBI and Lokpal will be unconnected.	That part of CBI, which deals with cases of corruption, will be merged into Lokpal so that there is just one effective and independent body to take action against corruption.
There is a strong punishment for frivolous complaints. If any complaint is found to be false, Lokpal will have the power to send the complainant to jail but if the complaint were found to be true.	Deterrence has been provided against frivolous complaints in the form of financial penalties against the complainant.

RECENT DEVELOPMENTS (2011):

Civil society activists drafted the Jan Lokpal bill and sent it to government in December 2010. In March, 2011, several activists popularised the Jan Lokpal with their marches. In April, Anna  Hazare, a Gandhian rights activist, started a fast unto death demanding the enactment of the bill.

In response to the widespread protest, the Government of India constituted a 10-member Joint Committee of ministers and civil society activists to draft an effective  Lokpal Bill. Pranab Mukherjee is the Chairman of the draft committee and Shanti Bhushan its Co-Chairman.

Government representation:

Five Cabinet ministers part of the Drafting Committee:

·         Pranab Mukherjee, Finance Minister

·         P. Chidambaram, Minister of Home Affairs

·         Veerappa Moily, Minister of Law and Justice

·         Kapil Sibal, Minister for Communications and Information Technology

·         Salman Khursheed, Minister of Water Resources.

 Civil society representation:

Social activists who are part of the Drafting Committee are:

·         Shanti Bhushan, Former Law Minister of India

·         Anna Hazare, Social Activist

·         Prashant Bhushan, Lawyer

·         N. Santosh Hegde, Lokayukta (Karnataka)

·         Arvind Kejriwal, RTI activist

The draft was to be completed by June 30. The bill will be placed in  the Parliament in the monsoon session.

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MUST HAVE LEGAL SKILLS FOR LAWYERS

MUST HAVE LEGAL SKILLS FOR LAWYERS

The legal profession varies wide in scope and the lawyers holds great responsibility not limited to legal functions but also for the society. There are numerous core legal skills that are required for lawyers to succeed in their profession. One must have these inevitable legal skills to excel in their law career and to succeed in today’s competitive legal market.

1. Oral Communication

Language is one of the most fundamental tools of the legal professional. Legal professionals must:

• Clear, concise, and logical manner of expression
• Persuasive communication.
• Efficient advocacy for a position or a cause.
• Application of legal terminology.
• Effective listening skills.

2. Written Communication

Written communication is more than essential for a lawyer in any corner of legal profession. From writing simple correspondence to drafting complex legal documents, writing is an integral function of nearly every legal position. Legal professionals must:

• Master the stylistic and mechanical aspects of writing.
• Master the fundamentals of English grammar.
• Learn how to write organized, concise and persuasive prose.
• Draft effective legal documents such as motions, briefs, memorandums, resolutions and legal agreements.

3. Client Service

It is no doubt that the legal profession is one of the primer client-focused industries. Hence, perseverance must be followed by any lawyer in serving the client and to act honestly, capably and responsibly is very crucial to success. Legal professionals must master:

• Rainmaking and client development skills.
• Customer service skills.
• Client communication skills.

4. Analytical and Logical Reasoning

Legal professionals must learn to review and assimilate large volumes of complex information in an efficient and effective manner. Legal analytical and logical reasoning skills include:

• Reviewing complex written documents, drawing inferences and making connections among legal authorities.
• Developing logical thinking, organization and problem-solving abilities.
• Structuring and evaluating arguments.
• Using inductive and deductive reasoning to draw inferences and reach conclusions.

5. Legal Research

Researching legal concepts, case law, judicial opinions, statutes, regulations and other information is an important legal skill. Legal professionals must:

• Master legal research techniques.
• Learn how to locate and analyze legal authority.
• Master the art of statutory interpretation.
• Learn proper legal citation.
• Master legal research software applications and Internet research.

6. Technology

Technology is changing the legal landscape and is an integral part of every legal function. To remain effective in their jobs, legal professionals must:

• Master a variety of word processing, presentation, and practice software’s related to legal profession.
• Master communications technology including e-mails, voice messaging systems, videoconferencing and related technology.
• Become familiar with electronic discovery, computerized litigation support and document management software.
• Become proficient with legal research software and Internet research.
• Develop the tech know-how to make wise technology decisions.

7. Knowledge of Substantive Law and Legal Procedure

All legal professionals, even those at the bottom of the legal career chain, must have a basic knowledge of substantive law and legal procedure. Legal professionals must have a general knowledge of:

• Local, state and central laws.
• Jurisdiction of Courts
• Filing procedures.
• Fundamental principles of law in the practice areas in which they work.
• Relevant legal terminology.

8. Time Management

In a profession based on a business model which ties productivity to financial gain, legal professionals are under constant pressure to bill time and manage large workloads. Therefore, legal professionals must develop:

• Superior multi-tasking skills.
• A strong work ethic.
• The ability to juggle competing priorities.
• The ability to meet tight deadlines.
• Calendar management skills.

9. Organization

In order to manage large volumes of data and documents, legal professionals must develop top-notch organizational skills, including:

• The ability to sort, order and manage large volumes of exhibits, documents, files, evidence, data and other information.
• The ability to identify objectives, catalogue data and create an effective organization structure from massive amounts of unrelated information.
• The ability to use technology applications that assist in managing case-related data.

10. Teamwork

Legal professionals do not work in a vacuum. Even solo practitioners must rely on secretaries and support staff and team up with co-counsel, experts and vendors to deliver legal services. Moreover, since the needs of the client may transcend the skills of one attorney, one paralegal or one practice group, teamwork is essential to individual and organizational success. Teamwork skills include:

• Collaborating with others to reach a common goal.
• Coordinating and sharing information and knowledge.
• Cultivating relationships with colleagues, staff, clients, experts, vendors and others.
• Attending and participating in team events, meetings and conferences.

Success is not so far for the one who master these skills and applies in his profession.

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Good for thought (especially for Junior Lawyers)

One day I decided to quit... 

One day I decided to quit...
I quit my job, my relationship, my spirituality... I wanted to quit my life.
I went to the woods to have one last talk with God.
"God", I said. "Can you give me one good reason not to quit?"
His answer surprised me...
"Look around", He said. "Do you see the fern and the bamboo?"
"Yes", I replied.
When I planted the fern and the bamboo seeds, I took very good care of them.
I gave them light. I gave them water.
The fern quickly grew from the earth.
Its brilliant green covered the floor.
Yet nothing came from the bamboo seed.
But I did not quit on the bamboo.
In the second year the Fern grew more vibrant and plentiful.
And again, nothing came from the bamboo seed.
But I did not quit on the bamboo. He said.
"In the third year, there was still nothing from the bamboo seed. But I would not quit. In the fourth year, again, there was nothing from the bamboo seed. "I would not quit." He said. "Then in the fifth year a tiny sprout emerged from the earth.

Compared to the fern it was seemingly small and insignificant... But just 6 months later the bamboo rose to over 100 feet tall.

It had spent the five years growing roots.

Those roots made it strong and gave it what it needed to survive. I would not give any of my creations a challenge it could not handle." [very true]

He said to me. "Did you know, my child, that all this time you have been struggling, you have actually been growing roots."

"I would not quit on the bamboo. I will never quit on you. " Don't compare yourself to others .." He said. " The bamboo had a different purpose than the fern ... Yet, they both make the forest beautiful."

Your time will come, " God said to me. " You will rise high! " How high should I rise?" I asked.

How high will the bamboo rise?" He asked in return.

"As high as it can? " I questioned.

" Yes. " He said, "Give me glory by rising as high as you can. "

I left the forest and bring back this story.

I hope these words can help you see that God will never give up on you.

He will never give up on you.

Never regret a day in your life.

Good days give you happiness

Bad days give you experiences;

Both are essential to life.

A happy and meaningful life requires our continuous input and creativity. It does not happen by chance. It happens because of our choices and actions. And each day we are given new opportunities to choose and act and, in doing so, we create our own unique journey." Keep going...

Happiness keeps you Sweet,
Trials keep you Strong, Sorrows keep you Human,
Failures keep you humble,
Success keeps You Glowing,
but Only God keeps You Going!



Regards
Suresh Kumar

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http://airtelbilling.wordpress.com

Airtel is a premier telecom company in India. They offer services such as Mobile, Broadband, Landline and digitalTV to name a few. Their official website talks about their achievements and stuff. I’m copying their vision statement for the purpose of highlighting how their business practices offend us and how they make our lives miserable.


Airtel Vision 2010

Look at the above image. Their corporate vision is so inspiring but their team lacks it. A simple google search would return thousands of customer complaint against them. View a bunch of complaints here. Based on this I can assure you that Airtel is not loved by their customers as they proclaim(In that case this website would never have popped up).

The reasons for this anguish among Airtel include,

Inconsistent billing
Unethical market practices
Harassing the customers
Poor customer care support
“I don’t care” attitude of the call center executives
In this blog I’m crying loud about these people are harassing me over the past few months.

Note : Airtel and Poor servicing are the Trademarks of their respective owners.

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