Banks Can Return Cheques Altered For Anything But The Date

Cheque

A recent RBI Circular [1832/04.07.05/ 2009-10 dated 22nd February 2010] now clearly mandates that the branch/ clearing teams can return cheques which have alteration in the:

* Payee Name
* Amount in numbers
* Amount in words

Prohibiting alterations/ corrections on cheques:

No changes/ corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.

Author: Austin Comments: 2 comments Date: 3 May 2010 More: Read more
Categories: Banks Tags: , ,

Weekend Linkfest [2010-05-01]

Ryan’s post about Life Goal Setting – Chunking vs Multi Tasking @ Planting Dollars

Matt shares his Thoughts on Lending Money @ Fivecentnickel

Frugal Dad’s post on Downshifting: Quit Dreaming and Start Planning @ Frugal Dad

Peter Bregman’s take on Why Not Having a Plan Can Be the Best Plan of All @ Harvard Business Review

John Chow’s post on What If You Bought Apple Stock Instead of The Apple Product? @ John Chow

Sara tells us how to Reward yourself to stay on track @ Frugal Village

Author: Austin Comments: 0 comments Date: 1 May 2010 More: Read more
Categories: Linkfest Tags:

Investing in Mutual Funds – Dividend or Growth Option?

Mutual Funds

In most mutual funds schemes an investor can choose what s/he wants to do with the profit made on his investments — get it in hand (I mean bank account) or plough it back into the mutual fund scheme. Just a few days ago I was asked this question by a friend — which option should one pick while investing in a mutual fund — Growth or Dividend?

The answer — this post, explaining the difference that should be of benefit to all.

PROFITS

The basic difference is in the way the returns on investments are treated. In a growth option, any profit made on investment is not distributed but retained in the scheme. In a dividend option, the investor gets back the return as dividend. Continue reading “Investing in Mutual Funds – Dividend or Growth Option?” »

Author: Austin Comments: 0 comments Date: 18 Apr 2010 More: Read more
Categories: Mutual Funds Tags: , , ,

Weekly Roundup [2010-04-12]

Ryan has an interesting post on Why ideas are like sperm? @ Planting Dollars
Jennifer tells us of 5 Reasons Why It Can Be a Good Idea to Work for Little Money @ Personal Finance Advice
Austin Morgan’s Carnival of Money Stories #49 – The Sakura Spring Edition @ Foreigner’s Finances
Frugal Dad tells us why Parents Should Teach Kids Finances, Not Just Schools @ Frugal Dad
Miranda Marquit tells us How to Create an Investment Plan for Retirement @ Moneyning
Distinguish between Good Debt vs. Bad Debt – Taking Charge of Your Finances @ Saving to Invest
Craig makes a point about Credit Cards Vs. Cash: Do I Really Spend More With Credit? @ Money Help for Christians
Author: Austin Comments: 3 comments Date: 12 Apr 2010 More: Read more
Categories: Linkfest Tags: ,

PayPal’s Important Information For Sellers In India

If you’re a Seller from India and accept monies into your PayPal account, well, PayPal has got some news.

PayPal has sent out the following email to users based in India:

In compliance with Indian regulations, if you are selling products and services to customers globally, please review the following important information:
•       Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.
•       While making the withdrawal please make sure you select the purpose code that best fits your business.
•       Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India.  This received amount cannot be reused for making purchases.
•    If you would like to make purchases on any website that accepts PayPal, you can continue to use any credit card issued by a bank in India.
For any questions, please reach out to our customer support teams by following the steps below:
1.     Log into your PayPal account
2.     Click “Contact Us” at the bottom of the page
3.     Click on “Send Us” an email or “Call Us” to reach us by phone
We cannot thank you enough for your continued attention and patience.
Author: Austin Comments: 7 comments Date: 8 Apr 2010 More: Read more
Categories: Money Tags:

Weekend Linkfest [2010-04-03]

Hope you all have a wonderful Easter weekend!  Here are some of my favorite articles I’ve come across:

Could You Go Homeless For A Day? @ Budgets Are Sexy

Wealth Is An Illusion Of Happiness @ Financial Samurai

When You’re Tired Of Being Broke, You’ll Start Saving @ Enemy of Debt

Positive Attitude Creates Happy Life @ Random Thoughts of a Jersey Mom

The Secret to Falling In Love With Your Home All Over Again @ Frugal Dad

Seven Reasons to Care About the Tiny Things (And Seven Tiny Things to Care About) @ The Simple Dollar

Own Your Finances. Your Choice To Struggle, Not Save, Or Live Without A Plan @ BibleMoneyMatters

Author: Austin Comments: 2 comments Date: 3 Apr 2010 More: Read more
Categories: Linkfest Tags:

How To Identify The Right Reason Before Buying a House

House

photo by: Kavanjin Croatia Apartments

Imposition of service tax (from the next fiscal year) on under-developed housing complexes, as proposed in the Budget 2010-11, will lead to increase in property prices, according to real estate companies. Having said that, I’ve particularly noticed, after the budget, articles in newspapers / magazines refer to a similar line that reads — THE TIME IS RIGHT, BUY IT NOW..!

It is quite understandable that in the current scenario where property prices have risen drastically as much as 25 ~ 30% one of the main reasons of buying a house in an under-construction project was better rates, but with these extra add ons like Service Tax and VAT proposed to be levied — will only increase the cost of the property even further. Also, buying your first house has an emotional connection as well hence it is essential to be absolutely clear about why you are buying a home before starting the process.

Before starting any aspect of the process, ensure that you first get together with your family members and seriously consider this basic question — Why are you contemplating a property purchase?

Typically, there could be 5 reasons for wanting to buy a house: Continue reading “How To Identify The Right Reason Before Buying a House” »

Author: Austin Comments: 2 comments Date: 28 Mar 2010 More: Read more
Categories: Real Estate Tags: , , , ,

How to Sell Your Unwanted Website for Cash with SiteRedeemr

Do you have a website or blog that is just lying around but you don’t get to update the site? If that is indeed the case, and you want to get rid of it in a direct manner, SiteRedeemr might be well worth a look. Basically, on the site you can fill in a form and a quote will be put your way.

This quote will vary according to factors like the site’s age, the topics it deals with and also the size of the website itself. If the quote meets your expectations, you can agree to carry out the transaction. The payment will be received in a PayPal account you have nominated beforehand. Note: At present they’ve mentioned on their site that they are offering up to $1000. Continue reading “How to Sell Your Unwanted Website for Cash with SiteRedeemr” »

Author: Austin Comments: 2 comments Date: 27 Mar 2010 More: Read more
Categories: Uncategorized Tags: , ,