Importance of making a WILL in addition to nomination
The provisions of nomination are found in various Acts like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts. You might have made nominations for all your bank deposits, real estate assets in the co-operative housing society, Bank lockers, insurance policies, mutual funds, shares etc. Therefore, you assume that nominations made by you…
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Free Annual Credit Report to Individuals from January 2017
Reserve Bank of India, directed today (September 1, 2016) that with effect from January 1, 2017, all Credit Information Companies (CICs) shall provide access, upon request and after due authentication of the requester, to a free full credit report (FFCR) once in a calendar year (January to December) to individuals whose credit history is available…
Read articleSovereign Gold Bonds 2016-17 – Series II open for subscription
Government of India has, vide its Notification F.No. 4(7)-W&M/2016 dated August 29, 2016, announced that the Sovereign Gold Bonds 2016 – Series II (“the Bonds”) will be open for subscription from September 01, 2016 to September 09, 2016.The issue price of the Sovereign Gold Bond 2016-17 Series II tranche has been fixed at ₹ 3150/-…
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What is co-acceptance of bills?
Co-acceptance of bills means “an undertaking from the third party (Bank) to make payment to the drawer of the bill (seller/exporter) on due date even if the buyer/importer fails to make the payment on that date”. Thus, in the Co-acceptance of the bills, the bank which stands as co-accepter acts as a guarantor similar to LC…
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Checklist for banks financing against LC/ Co-accepted bills
Letter of credit (LC) is an undertaking from a bank on behalf of its customer (importer/buyer) wherein the beneficiary (exporter) is fully assured of payment provided he fulfills his part of the sale contract embodied in Letter of Credit. Similarly, Co-acceptance of bills means “an undertaking from the third party (generally a Bank) to make payment…
What are the Clean Bills, Documentary Bills, Demand Bills, Usance Bills and Accommodation Bills?
The word ‘bills’ is the acronym to ‘bills of exchange’. There are different kinds of bills of exchange viz. Clean Bills, Documentary bill, Demand bills, Usance Bills, Accommodation Bills etc. Clean Bill: When the document of title to goods (like LR/RR/BL/Airway bill etc.) is not accompanied by a bill of exchange, it is called as a clean…
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