State Bank of India (SBI) launched a pre-paid card as "SBI Smart Payout Card"

 State Bank of India  (SBI) launched a pre-paid card  as “SBI Smart Payout Card” for students, employees, workers, and contract labourers. This card is focus to customers don’t need to open any bank account to subscribe to these cards.

The exercise is aimed at financial inclusion. It will help garner low cost current and savings account (CASA) deposits. Using such cards customers can transfer money from one place to the other. Especially for contract labourers who work in urban areas, it is very useful
The KYC (Know Your customer) norms are also relaxed here. This will enable the product to reach its target audience. Customer needs a basic proof of identification. Any KYC compliant SBI customer can introduce a new customer. An employer too can endorse its employee’s application. These cards can be used in all existing

Feature of SBI Smart Payout Card
1) SBI group ATMs and 65,000 points of sales (PoS) at free of cost.
2) The pre-paid card bears a charge of Rs 9-20 per transaction in case of other banks’
3) ATMs. The pre-paid card can be loaded with Rs 10,000 at a time with a monthly cap of Rs 25,000.
4)SBI will charge Rs 102 as fees for issuing the card with a validity of 10 years.

This card will help small scale companies (SMEs) to  give salaries via such cards.

State Bank of India (SBI) launched a pre-paid card as "SBI Smart Payout Card"

 State Bank of India  (SBI) launched a pre-paid card  as “SBI Smart Payout Card” for students, employees, workers, and contract labourers. This card is focus to customers don’t need to open any bank account to subscribe to these cards.

The exercise is aimed at financial inclusion. It will help garner low cost current and savings account (CASA) deposits. Using such cards customers can transfer money from one place to the other. Especially for contract labourers who work in urban areas, it is very useful
The KYC (Know Your customer) norms are also relaxed here. This will enable the product to reach its target audience. Customer needs a basic proof of identification. Any KYC compliant SBI customer can introduce a new customer. An employer too can endorse its employee’s application. These cards can be used in all existing

Feature of SBI Smart Payout Card
1) SBI group ATMs and 65,000 points of sales (PoS) at free of cost.
2) The pre-paid card bears a charge of Rs 9-20 per transaction in case of other banks’
3) ATMs. The pre-paid card can be loaded with Rs 10,000 at a time with a monthly cap of Rs 25,000.
4)SBI will charge Rs 102 as fees for issuing the card with a validity of 10 years.

This card will help small scale companies (SMEs) to  give salaries via such cards.

Apply online for Provident Fund transfer or withdrawals from July 1: EPFO

Provident fund subscriber of  EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims.

Most of People face problem while switching their job they need to transfer thier account. This central clearance facility will expedite the process.The facility will enable subscribes to track online the status of their applications for transfer and withdrawals.
However, the EPFO’s ambitious plan to provide permanent account number to all subscribers would be possible by early next year.

Under the new system, the onus of verifying the details of the PF account from previous employers would be on the EPFO. At present, employees have to get their applications verified from their employers for settlement of claims.

The onus of getting the detail of the PF account verified from employers would be on the Employees’ Provident Fund Organisation (EPFO) in the new online system for transfer and withdrawal claims

Diffrence between Financial year and Assessment year

Financial year
Financial year is the Year is termed as year in which a indiviadual  has earned  income. for eg. you have been employed from 01st of April 2009 to 31st of March 2010, then this period is termed as your Financial Year.
Assessment Year’ is the period of 12 months commencing from the 1st date of April and ending on the 31st day of March next year. `Previous Year’ is the financial year immediately preceding the assessment year. As the income of the previous year is to be taxed in the assessment year, the income of financial year 2000-2001 will be taxed in Assessment Year 2001-2002. Likewise, income of F.Y.2001-2002 will be taxed in A.Y.2002-2003

Assessment year

Assessment year is the year in which you file your returns for the Income earned for the financial year, which had just ended. The income earned in a year is always assessed and taxed in the next year. The year in which income is earned is called Financial Year and the year in which it is assessed and taxed is called Assessment Year. As an example, the income of Financial Year 2011-12 will be assessed for the taxes to be paid and will be taxed in Assessment Year 2012-13.

So, the whole concept is to earn income in a particular year and pay tax on it and file your return the next year . Also remember that all tax laws are framed for Assessment Year and not for Financial Year i.e. reference to any year in Tax laws will means reference to Assessment Year. If we are in  in Financial Year 2012-13 and then Assessment Year will be 2013-14. This means that we are earning income in the year 2012-13 and we will be paying taxes on this income in the Assessment Year 2013-14.

Indian Postal Department started Mobile Money Transfer Service (MMTS) using Cellphone

DOP money remittance is a mobile application that enables us with immediate money transfer from one place to another place using mobile, through Indian post offices. The process for money transfer is very simple to understand and follow. For this initiative, India’s oldest and largest communication service provider (CSP), BSNL will provide mobile connections to DOP’s designated officials and BSNL will bring Global technology for Mobile Money Transfer.Currently this service is available in limited state under few Post Office.to check the availablity of the service in your post office just visit http://dopmobile.in and search using your state with PIN code or Post office name.

DOP Mobile Money Transfer is a service that enables instant money transfer from one place to another place using mobile, through Indian post offices. The consumer just needs to have a mobile while the actual transmission of the money is initiated by the Postal Assistant, using his/her special handset. The process for money transfer is very simple to understand and follow. The remitter (sender) can submit money (Cash In) at any of the covered post office and automatically, the amount is transferred to a central position, which can be collected by recipient customer (Cash Out) from any of the covered Post offices. As soon as the Cash in happens, both the sender and the recipient get a SMS on their mobile phones. The sender gets a Transaction ID and a Six (6) digit secret code in the SMS while the Recipient only gets the Transaction ID. Recipient can claim the money from any of the covered Post Offices by showing the Transaction ID that he receives on his mobile in the SMS and the Secret code, which he gets from the sender. In order to make process smooth and convenient, a notification sms is being sent to remitter as well as to recipient regarding transaction irrespective of their telecom operator.

For this initiative, India’s pioneer and largest communication service provider (CSP), BSNL will provide mobile connections to DOP’s designated officials and BSNL will bring Global technology for Mobile Money Transfer. Each Post office shall be provided with a mobile handset with pre loaded application by BSNL’s technology partner M/s Maverick Mobile Solutions.
   
Point to Remember

1) As soon as the recipient receives a notification sms with transaction Id and secret code from the sender, he/she can collect money at destination post office.

2) You can go to any covered post office for Cash Out. It is not necessary to go to a particular post office. All you need to have is the Transaction ID and the Secret Code

3) No limit on the number of transactions. However the minimum amount is 1,000 rupees while the maximum is 10,000 rupees.
Transaction Charge Applied:
Slab                                   Fee(Rs.)                           Tax(Rs.)
1000-1500                          40                                         5
15001-5000                        70                                         9
5001-10000                        100                                     12

4) The sender must inform to the Cash In postal assistant regarding this so that he/ she will resend the same.

5) The recipient must collect money within 14 days of transaction.

6)In case the recipient does not Cash Out the amount within 14 days, the amount is sent back to the sender and a ‘Cash In reversal’ SMS with new transaction-id will be sent to remitter. The remitter can withdraw money within 7 days (prescribed) after this SMS.

Punch your Credit/Debit card PIN for payment at Merchant outlets from 1 July 2013

From 1 July when  you offer your debit/credit card for shopping at mall/or payment of bill of your shopping  , don’t be surprised  the payment device will asks you to punch in your secret number. From July 1, credit card users will have the option of punching in the personal identification number (PIN) as an additional security measure while making payments at merchant outlets. This is in addition to signing the charge slip on completion of a purchase. This is part of a move by the RBI to secure card payment transactions in the face of rising cyber fraud. Banks have seen 30cr unauthorized transactions.

With cyber attacks becoming more unpredictable and electronic payment systems becoming vulnerable to new types of misuse , it is imperative that banks introduce certain minimum checks and balances to minimize the impact of such attacks ,” RBI said in a circular.

While punching in the PIN will be an option for card users as of now (they can choose not to use the feature), the banks which set up swiping machines will have to ensure that the devices are PIN-number compliant . “This is basically a second layer of security. In case of theft, the person who has stolen the card will not be able to use it if the consumer has punched in his PIN number before

Punch your Credit/Debit card PIN for payment at Merchant outlets from 1 July 2013

From 1 July when  you offer your debit/credit card for shopping at mall/or payment of bill of your shopping  , don’t be surprised  the payment device will asks you to punch in your secret number. From July 1, credit card users will have the option of punching in the personal identification number (PIN) as an additional security measure while making payments at merchant outlets. This is in addition to signing the charge slip on completion of a purchase. This is part of a move by the RBI to secure card payment transactions in the face of rising cyber fraud. Banks have seen 30cr unauthorized transactions.

With cyber attacks becoming more unpredictable and electronic payment systems becoming vulnerable to new types of misuse , it is imperative that banks introduce certain minimum checks and balances to minimize the impact of such attacks ,” RBI said in a circular.

While punching in the PIN will be an option for card users as of now (they can choose not to use the feature), the banks which set up swiping machines will have to ensure that the devices are PIN-number compliant . “This is basically a second layer of security. In case of theft, the person who has stolen the card will not be able to use it if the consumer has punched in his PIN number before