Awareness Fridays: Cheque Clearance Timeframes

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You might have often wondered what has happened to that cheque you recently deposited. And if you enquired, your bank would have given you a whole bunch of doesn’t-make-sense-to-me reasons. Thankfully, the Reserve Bank of India recently passed a notification on cheque clearance timeframes to be adhered to by Indian Banks. I particularly like this […]

Tip Tuesdays: The Company You Keep Affects Your Financial Situation and Thinking to a Great Extent

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A close friend and I were exchanging notes on our respective financial situations when we realized that almost everyone in our immediate circle of friends has a similar financial mindset. We listed some of the common financial principles found amongst this group and these include (in no particular order): Cash first; no credit — as […]

Tweets on 2009-01-22

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I’ve been working on improving a few Excel-based calculators that I have previously published. Specifically, I have improved the following calculators: The enhanced Public Provident Fund investment calculator now provides monthly calculations for a period up to twenty-five years. [Link to the original article.] The enhanced Car Loan EMI calculator now supports both Advance EMI […]

Tip Tuesdays: Before You Submit Your Proofs of Investment or Expense for Income Tax Savings, Make a Photocopy of All Your Receipts

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I completely forgot to do this, but you shouldn’t. It’s a good habit to take a photocopy of all the receipts and documents that you are going to submit at your company as proofs of investment or expense for income tax savings. It’s one extra step, but worth it because: In case something goes wrong […]

Tweets on 2009-01-19

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Since the Tip Tuesdays and Awareness Fridays series have now come a long way, I thought it’s a good idea to make available a consolidated and always up-to-date link for the respective series. You can now get quick access to these series by bookmarking the links below: Bookmark: The Tip Tuesdays Series Bookmark: The Awareness […]

Tip Tuesdays: Use Your Credit Card for Emergencies Only After You Have First Created a Real Emergency Fund with Real Cash in a Savings Account

Posted 2 CommentsPosted in Finance

I have often heard the argument that the credit limit on a credit card serves the purpose of an emergency fund. This strategy by itself is both myopic and dangerous. However, what can make this strategy both farsighted and safe is if you have a real emergency fund with real cash in a savings account […]

Awareness Fridays: [Update] Guidelines on Detection and Impounding of Counterfeit Notes at Indian Banks

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On the subject of detection and impounding of counterfeit notes by banks operating in India, the Reserve Bank of India notes that, Complaints are being received from the public that while impounding a counterfeit note, the tenderer is not informed the reasons for deeming a note as counterfeit. It is therefore advised that the format […]

Master List of “Run Away From” Items — January, 2009

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Adding two more to the list this January. Last-minute tax-saving investments. Return-guarantee funds — no matter how attractively packaged and/or presented. Unit Linked Insurance — of any kind — Policies (ULIPs). Financial products/services/agents/institutions which/who offer you “exclusive,” “privilege,” “priority,” “premium,” “premier,” or “another-similar-word,” access to some [usually useless] service. Insurance agents who offer “commission kickbacks.” […]

Tip Tuesdays: It’s Generally a Great Idea to Avoid Making Last-minute Investments Just Because they Help You Avoid Paying Income Tax

Posted 3 CommentsPosted in Finance

It’s January. Your employer’s asking you to submit receipts for all those tax-saving investments you promised you’d make way back in April last. You know that if you don’t submit these receipts you’re going to have to pay additional income tax. For no reason, you don’t want to pay income tax. You look around and […]

Awareness Fridays: A Guide to the Indian Banking Ombudsman Scheme

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The Reserve Bank of India also governs the Banking Ombudsman Scheme which provides an “expeditious and inexpensive forum to bank customers for resolution of their complaints relating to banking services.” The objective of the Banking Ombudsman Scheme is to be a visible and reliable system of dispute resolution mechanism for bank customers. Though the Ombudsman […]