OBITUARY OF COMMON SENSE

An Obituary printed in the London Times – Interesting and sadly rather true.

Today we mourn the passing of a beloved old friend, Common Sense, who has been with us for many years. No one knows for sure how old he was, since his birth records were long ago lost in bureaucratic red tape. He will be remembered as having cultivated such valuable lessons as:

- Knowing when to come in out of the rain;

- Why the early bird gets the worm;

- Life isn’t always fair; 

- and maybe it was my fault.

Common Sense lived by simple, sound financial policies (don’t spend more than you can earn) and reliable strategies (adults, not children, are in charge).

His health began to deteriorate rapidly when well-intentioned but overbearing regulations were set in place. Reports of a 6-year-old boy charged with sexual harassment for kissing a classmate; teens suspended from school for using mouthwash after lunch; and a teacher fired for reprimanding an unruly student, only worsened his condition.

Common Sense lost ground when parents attacked teachers for doing the job that they themselves had failed to do in disciplining their unruly children.

It declined even further when schools were required to get parental consent to administer sun lotion or an aspirin to a student; but could not inform parents when a student became pregnant and wanted to have an abortion.

Common Sense lost the will to live as the churches became businesses; and criminals received better treatment than their victims.

Common Sense took a beating when you couldn’t defend yourself from a burglar in your own home and the burglar could sue you for assault.

Common Sense finally gave up the will to live, after a woman failed to realize that a steaming cup of coffee was hot. She spilled a little in her lap, and was promptly awarded a huge settlement.

Common Sense was preceded in death, by his parents, Truth and Trust, by his wife, Discretion, by his daughter, Responsibility, and by his son, Reason.

He is survived by his 4 stepbrothers;

I Know My Rights

I Want It Now

Someone Else Is To Blame 

I’m A Victim

Not many attended his funeral because so few realized he was gone. If you still

remember him, pass this on. If not, join the majority and do nothing-

Modi Speech at SRCC today ...Student MODI..FIED

Chk it out ...

Chk this out .. ;)

Yaar aap words pe mat jao,Bhavnao Ko Samjho!

NO INTRODUCTION REQUIRED FOR OPENING BANK ACCOUNT FROM EXISTING ACCOUNT HOLDER :RBI

RBI/2012-13/342
UBD.BPD (PCB) Cir. No. 28/14.01.062/2012-13

December 19, 2012

The Chief Executive Officer of
All Primary (Urban) Co-operative Banks

Madam/Dear Sir,

Know Your Customer (KYC) norms /Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002

Please refer to our Master Circular UBD.BPD. (PCB) MC.No.16/12.05.001/2012-13 dated July 2, 2012 on Know Your Customer (KYC) norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligations of banks under PMLA, 2002. The KYC guidelines were formulated to protect the financial system against threat of money laundering/terror financing and frauds. However, it has been brought to the notice of Reserve Bank that some of the provisions made in this regard or their implementation by banks have led to avoidable inconvenience to public and also hindered the efforts at financial inclusion.

2. In this connection, we invite your attention to paragraph 101 (extract enclosed) of the Second Quarter Review of Monetary Policy 2012-13 announced on October 30, 2012, proposing to review the existing KYC norms for simplifying them within the provisions of PML Act/Rules and international standards. Accordingly, it has been decided to effect the following modifications in the existing provisions:

(i) Opening of new accounts – Proof of identity and address

An indicative list of the nature and type of documents/ information that may be relied upon for customer identification is given in Annex I of the aforesaid Master Circular. Paragraphs 2.4 (d) and (e) of the Master Circular clearly state that the said list is only indicative and not exhaustive. For accounts of individuals, separate sets of indicative documents have been listed for identity and for address verification in Annex I. Consequently, banks have been calling for separate documents for verification of identity and address even though the documents for identity proof (Passport, Drivers’ Licence etc.) also carry the address of the individual concerned. In view of this, customers frequently complain about the requirement of producing two sets of documents, one each for identity and address proof.

To ease the burden on the prospective customers in complying with KYC requirements for opening new accounts, it has now been decided that:

1. If the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her in the account opening form, the document may be accepted as a valid proof of both identity and address.
2. If the address indicated on the document submitted for identity proof differs from the current address mentioned in the account opening form, a separate proof of address should be obtained. For this purpose, apart from the indicative documents listed in Annex I of the Master Circular, a rent agreement indicating the address of the customer duly registered with State Government or similar registration authority may also be accepted as a proof of address.

(ii) Introduction not Mandatory for opening accounts

Before implementation of the system of document-based verification of identity, as laid down in PML Act/Rules, introduction from an existing customer of the bank was considered necessary for opening of bank accounts. In many banks, obtaining of introduction for opening of accounts is still a mandatory part of customer acceptance policy even though documents of identity and address as required under our instructions are provided. This poses difficulties for prospective customers in opening accounts as they find it difficult to obtain introduction from an existing account holder.

Since introduction is not necessary for opening of accounts under PML Act and Rules or Reserve Bank’s extant KYC instructions, banks should not insist on introduction for opening bank accounts of customers.

(iii) Acceptance of Aadhaar letter for KYC purposes

Unique Identification Authority of India (UIDAI) has advised Reserve Bank that banks are accepting Aadhaar letter issued by it as a proof of identity but not of address, for opening accounts. As indicated at paragraph 2 (i) above, if the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address.

(iv) Acceptance of NREGA Job Card as KYC for normal accounts

In terms of paragraph 2.7 (B) (b) of the Master Circular, accounts opened only on the basis of NREGA Job Card are subject to limitation applicable to ‘Small Accounts’ as prescribed in our circular UBD.BPD.(PCB) No.38/12.05.001/2010-11 dated March 15, 2011. This has caused inconvenience to customers, who are mostly from rural areas.

In modification of instructions quoted above, banks are advised that they may now accept NREGA Job Card as an ‘officially valid document’ for opening of bank accounts without the limitations applicable to ‘Small Accounts’.

(v) Accounts with Introduction

The provisions for opening of bank accounts with restrictions on total credits and outstanding balance, with introduction from an existing account holder or other evidence of identity and address to the satisfaction of the bank, were made to help persons who were not able to provide ‘officially valid documents’ for opening accounts. In view of provisions for 'Small Accounts' being included in the PML Rules, the extant instructions for opening of 'Accounts with Introduction' as prescribed in our circular UBD.BPD.PCB.Cir.11/09.16.100/2005-06 dated August 23, 2005 and in paragraph 2.6 of the Master Circular stand withdrawn.

It has been brought to our notice that banks are not promoting opening of ‘Small Accounts’ for greater financial inclusion. Banks are, therefore, advised to open ‘Small Accounts’ for all persons who so desire. It is reiterated that all limitations applicable to ‘Small Accounts’ should be strictly observed.

3. Banks should review their KYC policy in the light of the above instructions and ensure strict adherence to the same.

Yours faithfully,

(A. Udgata)
Chief General Manager-in-Charge

Encl: As above

AS 11 Amendment

The Central Government in consultation with National Advisory Committee on Accounting Standards, has made an amendment to the Companies (Accounting Standards) Rules, 2006 through notifications G.S.R. dated 29.12.2011, viz Companies (Accounting Standards) Amendment Rules, 2011 and Companies (Accounting Standards) (Second Amendment) Rules, 2011.
The amendment in Accounting Standard (AS) 11 relates  to “The Effects of Changes in Foreign Exchange Rates”, which has been made in light of foreign exchange losses suffered by India Inc, due to significant rupee downslide against the US dollar in recent months.
The Government has extended the deadline from March 31, 2012 to March 31, 2020, for companies to charge the exchange differences arising on reporting of long term foreign currency monetary items, at rates different from those at which they were initially recorded or reported during the year, as far as they relate to the acquisition of a depreciable capital asset. The same can be added to or deducted from the cost of the asset and has to be depreciated over the balance life of the asset and in other cases, it can be accumulated in a “ Foreign Currency Monetary Item Translation Difference Account” in the financial statements.

HERE IS A GOOD STORY WORTH SHARING.

One young academically excellent person went to apply for a managerial
position in a big company.
He passed the first interview, the director did the last interview,
made the last decision.
The director discovered from the CV that the youth's academic
achievements were excellent all the way, from the secondary school
until the postgraduate research, never had a year when he did not
score.
The director asked, "Did you obtain any scholarships in school?" the
youth answered "none".
The director asked, " Was it your father who paid for your school fees?"
The youth answered, "My father passed away when I was one year old, it
was my mother who paid for my school fees.
The director asked, " Where did your mother work?" The youth answered,
"My mother worked as clothes cleaner. The director requested the youth
to show his hands. The youth showed a pair of hands that were smooth
and perfect.
The director asked, " Have you ever helped your mother wash the
clothes before?" The youth answered, "Never, my mother always wanted
me to study and read more books. Furthermore, my mother can wash
clothes faster than me.
The director said, "I have a request. When you go back today, go and
clean your mother's hands, and then see me tomorrow morning.*
The youth felt that his chance of landing the job was high. When he
went back, he happily requested his mother to let him clean her hands.
His mother felt strange, happy but with mixed feelings, she showed her
hands to the kid.
The youth cleaned his mother's hands slowly. His tear fell as he did
that. It was the first time he noticed that his mother's hands were so
wrinkled, and there were so many bruises in her hands. Some bruises
were so painful that his mother shivered when they were cleaned with
water.
This was the first time the youth realized that it was this pair of
hands that washed the clothes everyday to enable him to pay the school
fee.The bruises in the mother's hands were the price that the mother
had to pay for his graduation, academic excellence and his future.
After finishing the cleaning of his mother hands, the youth quietly
washed all the remaining clothes for his mother.
That night, mother and son talked for a very long time. Next morning,
the youth went to the director's office.
The Director noticed the tears in the youth's eyes, asked: " Can you
tell me what have you done and learned yesterday in your house?"
The youth answered, " I cleaned my mother's hand, and also finished
cleaning all the remaining clothes'
The Director asked, " please tell me your feelings."
The youth said, Number 1, I know now what is appreciation. Without my
mother, there would not the successful me today. Number 2, by working
together and helping my mother, only I now realize how difficult and
tough it is to get something done. Number 3, I have come to appreciate
the importance and value of family relationship.
The director said, " This is what I am looking for to be my manager. I
want to recruit a person who can appreciate the help of others, a
person who knows the sufferings of others to get things done, and a
person who would not put money as his only goal in life. You are
hired.
Later on, this young person worked very hard, and received the respect
of his subordinates. Every employee worked diligently and as a team.
The company's performance improved tremendously.
A child, who has been protected and habitually given whatever he
wanted, would develop "entitlement mentality" and would always put
himself first. He would be ignorant of his parent's efforts. When he
starts work, he assumes that every person must listen to him, and when
he becomes a manager, he would never know the sufferings of his
employees and would always blame others. For this kind of people, who
may be good academically, may be successful for a while, but
eventually would not feel sense of achievement.
He will grumble and be full of hatred and fight for more. If we are
this kind of protective parents, are we really showing love or are we
destroying the kid instead?*
You can let your kid live in a big house, eat a good meal, learn
piano, watch a big screen TV. But when you are cutting grass, please
let them experience it. After a meal, let them wash their plates and
bowls together with their brothers and sisters. It is not because you
do not have money to hire a maid, but it is because you want to love
them in a right way.
You want them to understand, no matter how rich their parents are, one
day their hair will grow gray, same as the mother of that young
person. The most important thing is your kid learns how to appreciate
the effort and experience the difficulty and learns the ability to
work with others to get things done.

BEST FINANCIAL INNOVATIONS (RETAIL) OF 2011 IN INDIA

There might be many new products /innovations in the industry in 2011 but following three innovations  can be trend setter and are best innovations according to me  :

1) ONLINE TERM INSURANCE  : Online term insurance are quite cheap than traditional term products.Term insurance is plan insurance product

 some thing like car insurance where the sum assured is paid on death of life assured with no maturity benefit.Many companies are offering this product

viz  Aegon,Aviva ,kotak and Icici Prulife.Lic will soon be launching the same as per market sources.ICICI score on claim ratio front  among the players offering this service till date.

2) INVESTMENT THROUGH SMS BY IDFC MUTUAL FUND : Investors can buy a mutual fund by just sending an SMS Amazing ! For purchases one needs to send an SMS - Inv < space> amount and for redemptions type Red <space> Amount..The investor will receive a return SMS from CAMS confirming receipt of request for transaction mentioning the date, transaction amount & time of receipt.

He can also open a zero balance account. No need to fill any form nothing  except first time  filling of form and auto debit.

3) RESTORE MEDICLAIM : This is really a unbelievable product by Appolo Munich .The best feature of this product is that it if your family got insured for certain sumassured and due to some reason the limit is exhausted  the company restores the sum assured again that too without cost.No company has this feature till date.