According to consumer protection act of 1986, a consumer is a person who has purchased products or services for a consideration which is not used for commercial purpose or resale. A consumer may file the off-line complaint in the consumer court against the seller of products and services about the defects, duplicity, overcharging, cheating, misleading…
RBI vide circular DPSS.CO.CHD.No./2695/03.01.03/2016-17 dated March 25, 2017, announced that besides all payment systems in banks including RTGS & NEFT would operate like a normal working day from March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). The extended timing for the centralized payment system (RTGS/NEFT) and timings of special clearing has…
In our previous posts we have talked about (1) Legal audits in banks, (2) What is a stock audit (3) Tax audit (4) Concurrent Audit System in the bank. (5) What is a statutory audit?. In this post let us study what is a Forensic audit? A forensic audit is a process of conducting the…
In our previous posts we have talked about (1) What is a stock audit (2) What is a forensic audit? (3) Concurrent Audit System in the bank. (4) What is a statutory audit?. (5) Tax audit. In this post let us study what is a Legal Audit? A legal audit is normally used by insurance…
In its press release today RBI notified that all branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of State Bank of India from April 1, 2017. The order dated…
Definition of e-commerce: Buying and selling of goods including digital products* and services through electronic channels such as the internet are called e-commerce. *Any products that are stored, delivered, and used in their electronic format are called digital products. These products are shipped electronically to the consumer through the internet. We can identify e-commerce business…
E-wallet or digital wallet basically refers to a prepaid virtual wallet used for making online transactions including purchase something at a store, through a computer or a smartphone. An individual by registering his name can create an e-wallet profile with the service provider. The individuals who have registered for e-wallet have to link their multiple…
Banks extend export credits to exporters of goods and services, where the loans are released for procuring, Packing processing (where necessary), manufacturing and finally for packing of goods. The credit facility is also available to service providers for the working capital requirement like the purchase of consumables, wages, and supplies etc. for the rendering of…
The Exporters of services may seek finances from banks for their requirements to buy consumables, supplies, and wages. Such exporters shall register with the Electronic and software Export Promotion Council or Services Export Promotion Council or with Federation of Indian Export Organizations, as applicable to their unit to be qualified for working capital export credit…
In the cases of commodity exports, the exporters have to procure raw material, manufacture the export product and keep the same ready for shipment, in anticipation of export orders from the overseas buyers. This is in view of, seasonal availability of raw materials or when the time taken for manufacture and shipment of goods is…