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2015

Q 1. MICR code consists of how many digits?

9 digits. (First three digits denotes city, next three digits representing the bank and the last three digits representing the bank branch).

Q 2. What is the minimum limit in RTGS system?

Rs. 2 lakhs (there is no upper limit in RTGS).

2015

Impact of Fed Rate Hike

  • It is the Central Bank of USA which is considered as the most powerful banking institution in the world. The Fedral Reserve Bank was founded by the U.S.Congress in 1913 to provide the nation with a safe, flexible and stable monetary and financial system.

What is Fed Rate ?

  • The Federal Funds Rate commonly known as ‘Fed Rate’ is “the interest rate” at which depository institutions (banks and credit unions) actively trade balances held at the Federal Reserve.
  • The sub-prime crisis in 2007 and 2008 forced the American Central Bank to reduce interest rate sharply. The Fed brought down the federal fund rate from 5.25 percent in August 2007 to a target rate between 0 and 0.25 percent by December 2008. Since, then there is no change in the interest rate.

2015

Mutual Fund Investment Options: Growth, Dividend Payout, Dividend Reinvestment

  • While filling a mutual fund form, usually you will see three options to invest:
    1. Growth
    2. Dividend Pay-out
    3. Dividend Reinvestment
  • Most of the people are confused about the different among these, which one to choose and why?

2015
  • National Payments Corporation of India (भारतीय राष्ट्रीय भुगतान निगम, NPCI) has launched Interbank Mobile Payment Service (IMPS) on 22nd Novemeber, 2010.
  • This is first of its kind service in the world, which allows fund transfer between individuals through their mobile phones. It provides any time instant money transfer service through mobile phones to any other person registered for IMPS service in any of the participating banks.

Need for IMPS:

  • As of now, interbank funds transfer is done through National Electronic Funds Transfer (NEFT). But issue with these transfers is the time lag as this is not a real time service and transactions are settled in batches.
  • Although there is already another almost instant funds transfer service available in name of Real Time Gross Settlement (RTGS), but that has minimum transfer limit of 2 lakhs (much above what a common man generally does) and can only be done during banking working hours.

2015

Moving to USA for employment – Tax considerations

  • Cross border employment is fairly common these days. Professionals are increasingly traveling to other countries for employment and this gives rise to tax implications in both countries. Is it as easy to meet your tax filing obligations as it is to move between countries? This article touches on some common considerations for professionals traveling to USA for the first time.
  • Amit was in high spirits as he had just been selected to work at a client’s office located in the US. He was thrilled to get this opportunity and was expecting that his stint would also give him the opportunity to earn higher salary as he would be paid in US Dollars. Much to his dismay, when he received his pay check he realized that he was paying taxes in both US and India. The American dream had turned sour due to taxes. But does it have to be so? Did he actually have to pay taxes in both places? Was there something he could do to avoid double taxation?

2015

Shutdown Your PC from anywhere using Smartphone:

Steps to shutdown PC with Smartphone Remotely:

  1. First of in your windows PC download and install the program Airytec switch off.
    (http://www.airytec.com/en/switch-off/get.aspx)
  2. Now install the app and you will see shutdown icon in system tray.

Financial Management