Crossing of Cheque - Kinds

Cheque are usually crossed as a measure of safety. The act of drawing two parallel cross lines on the face of the cheque is called crossing of cheque. The crossing distinguishes cheques from other bills of exchange. The object of general crossing is to direct the drawee banker to pay the amount of cheque only to a banker, to prevent the payment of the cheque being made to wrong person.

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Features of a Cheque

As we know that Cheques are reliable, convenient, and widely accepted by businesses (although proper identification may be required). There so many features of a Cheque.

The following are the important features of a cheque:

   # It is an negotiable instrument in writing. It may be hand written by ink or typed or printed but writing in pencil is not allowed.

   # No stipulatory conditions should be there (i.e., an unconditional order)

   # A Cheque must be drawn on specified bankers only. A cheque contains

the name of the bank and place of the branch.

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Forms / Types of Cheque

A Cheque (in India) or Check (in US) is a piece of paper that authorizes a bank to take a certain amount of money from your account and pay that amount to another person or business, or to you as cash.

Forms of Cheque

There are two types of Cheque. They are 1) Open Cheque and 2) Crossed Cheque.

Forms / Types of Cheque

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What is a Cheque: Meaning & its Definition

As per section 6 of Negotiable Instruments Act 1881, “A Cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand”. Thus it is an instrument in writing containing an unconditional order signed by the writer / maker directing a specified banker to pay on demand, a certain sum of money, or to the  particular person or to the bearer of the instrument.

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Top 10 MNC CEOs: 2012

The Economic Times, in partnership with IMRB International has announced top ten powerful MNC CEOs for the year 2012 who are developing and reshaping Multinational Companies / Corporates in India.

Below is a list of the top 10 most powerful MNC CEOs for the year 2012:

Top 10 most Powerful MNC CEOs 2012

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20 Most Powerful CEOs: India 2012

Top 20 most Performing CEOs in India

The CEO is the top most position in the management level of an organization. He is the decision maker and is highly responsible person for the Company's growth and development. 

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Avoiding Cigarettes, Alcohol can Save Money: Saving Sundays

Giving up expensive habits like cigarettes, alcohol, and drugs will lead to saving more money for you. Those habits will reduce money outflow which provides no benefits in return. Work hard to kick out these habits slowly and you’ll find that money flow will increase instead of burning up.

If you quit smoking/alcohol at your 20’s, your body is likely to fully recover as still you are youth. Quitting in your 30’s will increase your chances of starting a healthy family life. If you quit at 40 it is not too late to benefit from your life insurance premiums.

Every time you think about alcohol, cigarette or drug, just say “NO” to it, & take the money you saved and keep it in a separate box.

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Different Kinds of Banks

Do you need to know what would be various Kinds / Types of Banks i.e., Different Number of Banks  available in Banking Industry in India? Just proceed further to know about it...

1. Saving Banks

Saving banks was founded to be a secure place for salaried people and low income groups to save money for a rainy day. Saving banks were established to encourage saving habit among the people to earn more money. At present, Post offices & Commercial banks act as the saving banks.

2. Commercial Banks

A commercial bank is a financial institution organized as a joint stock company that operates for earning profit. Commercial banks are established with an objective to help businesses to develop economy. These banks collect money from general public as deposits and give loans to different sectors of economy that are in need of money.

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Characteristics / Features of a Bank

From the Definition of Banking mentioned in earlier post, the Characteristics / Features of a Bank may be listed as follows:

1. Dealing in Money

Bank is a business activity which deals with other people's money i.e. getting money from depositors and lending the same to borrowers.

2. Banking Business

A bank is a financial institution which does banking activities of selling financial services like home loans, business loans, lockers, fixed deposit etc., In order to enable people to confirm that it is a bank and is dealing in money, for easy identification, a bank should add the word "bank" as its last name.

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History of Bank

EVOLUTION OF BANKING IN INDIA

The first public banking institution was The Bank of Venice, founded in 1157. The Bank of Barcelona and the bank of Genoa were established in 1401 and 1407 respectively. These are the recognized forerunners of modern commercial banks. Exchange banking was developed after the installation of the Bank of Amsterdam in 1609 and Bank of Hamburg in 1690.

The credit for laying the foundation of modern banking in England goes to the Lombards of Italy who had migrated to other European countries and England. The bankers of Lombardy developed the money lending business in England. The Bank of England was established in 1694. The development of joint stock commercial banking started functioning in 1833. The modern banking system actually developed only in the nineteenth century.

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Bank : Origin & Definition

Origin of the term ‘Bank’

The term ‘Bank’ seems to have originated and/or derived from different sources like the Germanic word ‘banck’, the French word ‘banque’ and the Italian word ‘banco’. The Germanic word ‘banck’ which means a joint stock fund or heap. The Italian word ‘banco’ refers to a bench at which the money changers used to change one kind of money into another and transact their banking business. Thus, in olden days, banking was associated with the business of money changing/lending.

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What is Bank and Banking? : Introduction

In this series of Banking Basics, you will be able to grasp and know all of the following fundamentals of Banking such as Bank and Banking: Introduction, Origin, Definition, History, Features of Bank, Types of Bank, Role of Bank in economic development, How to open Bank Account, Advantages of Opening Bank Account, Cheque, Demand Draft, Types of Deposits: Fixed Deposit, Recurring Deposit etc.,

Meaning of Bank & Banking

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How Does the Indian Stock Market Work?

For a new investor, the stock market can make them feel a lot like legalized gambling market but reality is different as it is driven by supply and demand chain where buying and selling of stocks happen. The supply is determined by the availability of number of stocks for sale and the demand indicates the reverse of it i.e., number of shares that investors want to buy from the seller. It's important here to note that if anyone bought / purchased a share, then it implies that someone was ready to sell that share  on the other end and vice versa. The demand for stock can change due to the mindset of the investors driven by following factors:  Economic fundamentals, Income / Wealth / Taste of consumers, Fear of defense failure, or Company earnings etc.,.

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Indian Stock Exchanges: History & Introduction to Beginners

Stock exchanges

Stock exchange means anybody of individuals, whether incorporated or not constituted for the purpose of regulating or controlling the business of buying selling or dealing in securities. The Stock exchanges deal with Securities which include:

i)                  Shares, scrips, stock, bonds, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate.

ii)                 Government Securities and

iii)               Rights or interest in securities

The Securities Contracts (Regulations) Act, 1956 defines stock exchange “as an association, organization or body of individuals, whether incorporated or not, established for the purpose of assisting, regulating and controlling the business of buying, selling and dealing in securities”.

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PRINCIPLES OF INSURANCE

In continuation to Basics of Insurance Planning regarding what is Insurance and history of insurance, let’s now know the principles applicable to Insurance.

A contract of insurance is a mercantile contract. All the principles which are applicable to mercantile contracts are applicable to contracts of insurance. In addition to this, there are special principles applicable to contracts of insurance.

Special Principles of Insurance are as follows,

1. Insurable Interest

“Ownership should be there to evaluate financial (insurable) interest”

Insurable Interest is must for validating the contract of insurance. Insurable interest must be a financial / pecuniary interest. A person is said to have insurable interest in a property when he enjoys benefit from its existence and suffers by its destruction or loss.

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Why do we need Insurance Planning ?

CAN YOU BE SURE AS TO WHAT MAY HAPPEN TO “U” IN THE NEXT FEW MINUTES???...

DO YOU WANT TO BE FINANCIALLY SECURE IN THE EVENT OF ANY UNFORESEEN CALAMITY???...

As you know like this Life is full of uncertainties & unpredictable events, so insurance is needed to provide peace 0f mind for you;

The following Insurance benefits will provide you some idea on why do you need Insurance Planning in present situation. Need for Insurance Planning can be segregated as & known by

1) Common Insurance Benefits; 2) Life Insurance Benefits and 3) General Insurance Benefits

Common Insurance Benefits

     #      Provides the much required UNAVOIDABLE RISK COVER for us;

     #      Providing replacement income for your dependents on any unforeseen events

     #      You can’t find any parallel substitute in the financial world for the risk cover that is provided by insurance

     #      Money back plans provide risk cover & liquidity as it returns a portion of the sum assured at regular intervals to us.

    #      Unit linked plans combines market linked high risk returns along with risk cover

    #      To protect ourselves and family from financial risk

Life Insurance Benefits

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History of Insurance

Next to understand after Insurance basic knowledge is Stages of Insurance history in crisp.

    #      It started from Lloyd’s coffee house London

    #      First policy issued in England in 1583

    #      It had its origins in the early 19th century with the arrival of British enterprise in India.

    #      The insurance sector in India dates back to 1818 when first insurance company, The Oriental Life Insurance Company, was established, at Calcutta.

    #      LIC of India formed in 1956 after nationalization of life insurance Business of 245 private (Indian and Foreign) insurance companies

    #      The Life Insurance Corporation of India (LIC) came into existence by an Act of Parliament, viz. LIC act, 1956, with a capital contribution of Rs.5 Crores from the Government of India

    #      The General Insurance Business (Non-Life) in India started with the establishment of Triton Insurance Company Limited in 1850 at Calcutta by the British.

    #      General insurance business of 107 insurance companies was amalgamated and nationalized in 1972 & four public sector General Insurance Companies were formed namely, the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd.

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What is Insurance ?

Insurance

"To understand and implement proper Insurance Planning, you should be able to grasp the following in the upcoming posts - WHAT IS INSURANCE, HISTORY OF INSURANCE and PRINCIPLES OF INSURANCE".

Insurance is based on principles of co-operation. The losses suffered by a few are spread over and shared by many. For example, collecting insurance premium from many people and sharing the loss with one person.

Insurance is protection against possible financial loss arising on the happening of an unexpected circumstance; it gives you peace of mind;

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Why do we need Investment Planning ?

We must clearly understand that all that we purchase out of our surplus money is not investment. We also need to understand that what we saving is not totally an investment. 

We assume that real estate is always an investment, but when we buy a property for our own use, we can’t treat it as an investment. i.e., buying a house is a real estate deal but is not an investment, if consumed by us. 

Likewise, Buying a Vehicle (Car/Motorbike) is not an investment as it will have depreciated value in future, unless it's a vintage car and is bought in the anticipation of selling at a higher price because of being an antique. 

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Akshaya Tritiya and Gold Buying 2012

Crisp of Akshaya Trithiya

As per Hinduism / Hindu astrology and almanac, Akshaya Trithiya, or Akha Teej, is considered as a most auspicious day which falls on the third (Tritiya) day after Amavasai (no moon day) in the Hindu calendar month of Vaishakha / Chithirai. In 2012, the Akshaya Trithiya day starts from 2012, April 23 evening 5:30pm to April 24, 2012. It is considered that it is not necessary to look for a ‘muhurat period’ on this Akshaya Tritiya day. The Word Akshaya means "Eternal (Ever Lasting)" i.e., "that which never diminishes" and Tritiya means "Third" in both Sanskrit and Hindi. This day is ideal for beginning new ventures or buying precious metals as it is believed that all investments on this day appreciates.

Akshaya Trithiya and Gold 2012

It is considered that Akshaya Tritiya was the day in which Lord Krishna gave the pandavas an "Akshaya Patram" (never diminishing vessel- "Alla Alla Kuraiyathathu" in tamil) which

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Individuals' Tax Burden Good or Bad: Budget 2012-13 Analysis

Is Budget 2012-13 a Blessing or Curse for Individual Tax Payers?

As informed in earlier post of Personal Income Tax Slab:Budget 2012-13, Personal Income tax exemption limit raised to Rs 2,00,000 from Rs 1,80,000 by just Rs 20,000; 10 % tax rate for Rs 2 - 5 Lakhs income bracket; 20 % tax rate for Rs 5 - 10 Lakhs income bracket and 30 % tax rate for income above Rs 10 Lakhs;

There seems to be a small benefit on tax burden based on the above but the overall budget analysis will shed you some light on whether it is a savings or tax burden for individuals;

Positive / Benefits of Budget 2012-13 Analysis for Individuals

First let's look at the blessings / benefits (positive) of Budget 2012-13, as below will be

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Mastering thirty day rule: Saving Sundays

Whenever you're considering something which is needless to buy, delay for a Calendar month (30 days) and then ask yourself if you still want that product. Quite often, you'll be astonished to discover that the desire to buy has been passed away and you'll have saved yourself some cash by basically waiting & withdrawing from buying. But to the

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Personal Income Tax Slab:Budget 2012-13

Income Tax Burden has to come down a bit but not much as Personal income tax exemption limit raised from Rs 1,80,000 to Rs 2,00,000 by just Rs 20,000 only; 10 per cent tax slab will be applied for 2 lakhs-Rs 5 lakhs income bracket; 20 per cent tax slab applied for Rs 5 lakhs-Rs 10 lakhs income bracket and 30 per cent tax slab will be applied for income beyond Rs 10,00,000;

To have a clear idea & understanding, The Income Tax slabs announced by

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Highlights of Budget 2012-13: Key Proposals

Finance Minister Mr. Pranab Mukherjee presented his seventh Union Budget for the year 2012-13 on Friday, 16 March 2012 11:00 Am. While commencing his speech, Mr Pranab Mukherjee, FM said that for the Indian economy, this financial year of 2012 was "a year of recovery interrupted" which means that it was time to make tough decisions. So what has Finance Minister proposed in this Indian Union Budget 2012-13.

In Continuation to the post of What's gone up and down:Union Budget 2012-13, Here are some of the key proposals, features & highlights of the Union Budget 2012-13 presented in the Parliament on Friday, 16 March 2012.

#      Fiscal deficits targeted at 5.1 percent of GDP in 2012-13 as against 5.9 percent of GDP in 2011-12;

#      Central Government debt at 45.5 per cent of GDP.   

#      Total Expenditure in 2012-13 budgeted at

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What's gone up and down :Union Budget 2012-13

Ups and Downs of Union Budget 2012-13

Here is the bullet point list where you can find out what's gone up due to tax rate hike and what's gone down due to tax rate reduction after the Union Budget presentation for 2012-13 by Finance Minister Pranab Mukherjee on Friday, 16 March 2012 11:00 Am. . .

WHAT’S GOING UP

      #      Consumer Electronics product like Air-conditioners (ACs) , Refrigerators, Washing machine and Microwave ovens

      #      Gold, Platinum, Diamond, Emerald and Ruby Jewellery

      #      Large Luxury cars

      #      Sport Utility Vehicles ( SUVs )

      #      Air travel

      #      Cigarettes

      #      Hand-rolled Bidis (Beedies)

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What is Retirement Planning?

"Planning & Taking care of your peaceful long retirement period"

Retirement Planning Ahead in your Financial Planning

Retirement Plan is an arrangement to protect people with adequate income to have a enjoyable retirement life when the steady income from your employment comes to end;

Retirement Planning is the process of determining retirement income goals and actions & plans on how to attain those goals for a

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What is Estate Planning?

Estate Planning subramoneyplanning.blogspot.com

                                                                        

"To preserve your estate for your heirs"

      

      #      Estate Planning, in simple term, is planning for accumulation, conservation and distribution of assets;

      #      Estate planning is the process of arranging, structuring your personal, planning your succession and financial affairs so that, upon unfortunate happening, your assets are distributed according to your wishes.

      #      Estate Planning is the Planning for

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Liquid Funds Disqualified by Savings Bank Interest Rate Deregulation:Saving Sundays

Effect of Savings Bank Interest Rate Deregulation over Liquid Funds

Recent RBI's decision of Savings Bank Interest Rate Deregulation may affect money flow and growth of Liquid Funds.

Earlier for retail investors, liquid funds were trusted as suitable and superior to savings bank accounts for parking their surplus cash. But now with the Reserve Bank of India (RBI)’s decision to deregularize the savings bank account interest rate, liquid funds have become irrelevant against a guaranteed 6% & above in some (three) of the bank's saving account as mentioned in previous post of RBI De-regularizing: Savings Bank Interest Rate will increase now.

The major reasons (advantage) of a savings bank deposit account disqualifying liquid mutual fund scheme (short-term) is that investors don’t have

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What is Insurance Planning?

Let us see what is Insurance Planning in Layman meaning:

# Insurance Planning, in simple terms, is nothing but managing the risk by planning to deal with contingencies and unforeseen events to help out our family's future.

# Proper Insurance Planning can help you to compare and evaluate various options with regard to different insurance companies & insurance products for

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Tax Planning Definition

“TAX PLANNING IS NOT TAX EVASION”

Tax Planning involves selecting the right tax saving instruments and making investments accordingly. Tax Planning leads to making investments or contributions in line with prescribed guidelines of available tax exemptions, deductions, rebates and allowances that lead to a reduction in tax liability. 

Prudent Tax Planning is judiciously using provisions of the

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RBI De-regularizing: Savings Bank Interest Rate will increase now

Savings Bank Interest Rate Deregulated by RBI

Previously on May 03,2011, Savings Bank Interest Rate was increased of 0.5 % point from 3.5 per cent to 4.0 per cent per annum; But now vide its Notification No.RBI/2011-12/233, DBOD.dir.BC.No.42/13.03.00/2011-12 dtd. October 25, 2011, the RBI has ended the era of controlled interest rate regime by deregulating the savings bank deposit interest rate with effect from October 25, 2011.

Banks are now free to determine their savings bank account interest rate instead of

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CRR and its Effects on Money Supply…

In Continuation to CRR Reduction by RBI in the previous post, now it’s time to understand CRR and its Effects on money supply…

CRR Explained

# Cash reserve Ratio (CRR) is the amount of Cash (liquid cash like gold) that the banks have to keep with RBI. This Ratio is basically to secure solvency of the bank and to drain out the excessive money from the banks;

# Cash Reserve Ratio (CRR) is a bank regulation that sets the minimum reserves each bank must hold by way of customer deposits and notes;

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Benefits of Investment Planning

Be it a regular income in your retired life, or savings for purchasing a new house / car; there is no way you can do it without investing your surplus money (apart from meeting your daily needs) in right investment portfolio mix.

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What is Investment Planning ?

Investment Planning Explained…

# Investment Planning is the Part of financial Planning that pertains to the allocation of investment assets.

# The basic idea to save is to use it when we face emergency (i.e., deficit in our cash flow). To ensure that your saving money's grow well to take care of our future financial dreams to reap adequate benefits from it, it is very important to begin a proper investment planning.

# It is an ongoing process of relating the clients' changing position to financial objectives within a constantly altering financial environment.

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CRR reduced to 5.5% from 6% with effect from January 28, 2012

After nearly two years of tight check on money supply to tame inflation, Reserve Bank of India (India's central bank) took steps on 24.01.2012 (Tuesday) to infuse more liquidity in the system by reducing a key rate (CRR) to help industry out of the current downturn.

The Cash ReserveRatio (CRR), the amount against deposits which commercial banks have to keep as liquid assets such as cash, has been lowered by 50 basis points to 5.5 percent from 6 percent with effect from 28 January 2012.

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Validity of Cheques Reduced from 6 to 3 Months: Saving Sundays

Payment of Cheques/Drafts/Pay Orders/Banker’s Cheques – Validity period slashed to 3 months from 6 months : RBI Circular

This is to inform you guys that with effect from 1st Apr 2012, Reserve Bank of India (RBI) vide its Notification No.RBI/2011-12/251, DBOD.AML BC.No.47/14.01.001/2011-12 dtd. November 4, 2011, has announced a major change in slashing the validity period for Cheques/Drafts/Pay orders/Banker’s cheques from 6 months to 3 months.

This was done to protect public interest & banking policy, as in practice some persons were taking undue advantage over these instruments by circulating it in the market like cash for six months.

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Turn off the Television: Saving Sundays

One of the biggest ways to save money is to watching less television.

If you turn off your television, you will get the following benefits (financially and mentally):

            1)      You will not lose the opportunities

            2)     You will not become TV Shows addictive

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Steps in Financial Planning Process

In Continuation to the previous posts regarding What is Financial Planning and its scope, Benefits of financial planning, How To Make Financial Planning Work For You?, now are ready to know the 6 step Financial Planning Process Guide in this post.

This step by step Financial Planning Guide is designed to help you overcome all of the obstacles faced in the way of your personalized financial plan preparation.

The financial planning process is a logical, six-step procedure:

(1) Determining your current financial situation

(2) Developing financial goals

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Drink More Water: Saving Sundays

Benefits of Drinking Water

Not only does drinking plenty of water have great health benefits, drinking water has financial benefits too. Before each meal, drink a glass of water which will not only help to digest your meal better and also you wonʼt eat too much, leads to saving on your food bill & medical bill. You will also find yourself feeling a bit better as you begin to get adequately hydrated (most People are perpetually somewhat dehydrated).

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Don’t go shopping without a need for it: Saving Sundays

Just ask a question to yourself before you go for shopping of something - Do you really need it? ; If Yes, then look for the sale & go for shopping. Otherwise don’t waste money by going for window / impulse shopping.

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Dine Out for Special Occasions Only: Saving Sundays

Make sure you dine out only for special occasions. This is to be implemented and followed immediately because you could get a week’s worth of groceries to cook at home for the same amount that you pay for a single dinner at a restaurant per person.

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How To Make Financial Planning Work For You?

All of us are conscious of the phrase ‘Financial Planning’ but few know how to make effective personal financial planning.

If you want to focus on your financial planning process and to know why is it important for proper financial planning to achieve your personal aim efficiently, you are in the right place at the right time. As your involvement in the process is

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Don’t plan vacation during peak tourist season : Saving Sundays

This will always be more expensive. Instead, “Travel off-season”. So you can still enjoy the weather along with better rates to slash away your cost to reduce your budget.

Don’t ever plan to have your vacations during peak travel times, like New Year, Thanksgiving, Christmas or Independence Day, where you will pay significantly more for

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Benefits of Financial Planning

After knowing what is Financial Planning and its scope, you would be wondering what would be the advantages over your financial planning. Below are some of the benefits you might receive when you invest the time, energy and money to develop your own personal financial plan.

1. Assessing Financial Picture 

Financial Planning helps you to assess your current, complete financial picture (cash flow, net-worth, investments, income taxes, etc.) to determine your financial goals. Financial Planning will help in analyzing every aspect (Assets, Income, Loans, Insurance, Taxes, Business interests, Wills etc.,) of your current financial situation in light of

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Financial Planning & its scope

# Financial Planning is defined as the process whereby an individual's personal and financial goals are achieved through the development and implementation of a comprehensive financial plan.

# Financial Planning is not just about making Money. It's about buying/achieving all the goals of a person and creating opportunities to

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Pay Your Credit Cards On Time: Saving Sundays

Get Ready to Save Money! Saving Tips Every Sundays

Pay your credit card balances in full on time to maintain a good credit rating or record & avoid late fees, finance charges. It is better to use cash as much as possible, unless using plastic card will be advantageous to have a better deal (like 0 % interest on

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Investment: Types of Risk

After understanding what is risk associated with Investment in the previous post, now you can understand their types to have better idea - Systematic and Unsystematic Risk.

Systematic Risk (External Risk)

Market Risk, Interest Rate Risk and Purchasing Power Risk are grouped under systematic risk.

a) Market Risk

Sources of Risk: Market Risk is referred to as stock variability due to

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Risks associated with Investments

Risk and uncertainty are an integral part of an investment decision. Technically, 'Risk' can be defined as a situation where the possible consequences of the decision that is to be taken are known. 'Uncertainty' is generally defined to apply to situations where the probabilities cannot be estimated. However, risk and uncertainty are used interchangeably.

The main focus contributing to risk are price and interest. Risk is also

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Make Sure Your Money is Safe (DICGC Guarantee)

Guide to the Deposit Insurance System in India

Deposit Insurance and Credit Guarantee Corporation (DICGC) (a wholly owned subsidiary of RBI) guarantees Deposit Insurance Coverage up to Rs. 1,00,000 (Rupees One Hundred Thousand) for all Leading Commercial Banks.

Each depositor in a bank is insured up to a maximum of Rs. 1,00,000 for both principal and interest amount held by him/her as on the date of liquidation/cancellation of bank's licence or the

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Use Energy Saving CFL Lights:Saving Sundays

This is my first post in the Series of Saving Sunday’s .

This series is my initiative to share practical money saving tips to my friends like you.

Use Energy Saving Lights

Using energy saving lights like Compact Fluorescent Lamps (CFL bulbs) will consume 60% less energy than incandescent bulbs, but give the same illumination, sometimes more illumination.

Though CFL looks like costlier item than normal incandescent bulbs, Installing CFL will

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