(This article answers various questions of the readers such as who is a consumer, Who can file the case and represent at the consumer court, What is to be done before filing a complaint, Where to lodge the complaints, How to file a complaint, What are the powers of consumer courts, what are the powers…
According to consumer protection act of 1986, a consumer is a person who has purchased products or services for a consideration which is not used for commercial purpose or resale. A consumer may file the off-line complaint in the consumer court against the seller of products and services about the defects, duplicity, overcharging, cheating, misleading…
RBI vide circular DPSS.CO.CHD.No./2695/03.01.03/2016-17 dated March 25, 2017, announced that besides all payment systems in banks including RTGS & NEFT would operate like a normal working day from March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). The extended timing for the centralized payment system (RTGS/NEFT) and timings of special clearing has…
In our previous posts we have talked about (1) Legal audits in banks, (2) What is a stock audit (3) Tax audit (4) Concurrent Audit System in the bank. (5) What is a statutory audit?. In this post let us study what is a Forensic audit? A forensic audit is a process of conducting…
In our previous posts we have talked about (1) What is a stock audit (2) What is a forensic audit? (3) Concurrent Audit System in the bank. (4) What is a statutory audit?. (5) Tax audit. In this post let us study what is a Legal Audit? A legal audit is normally used by…
In its press release today RBI notified that all branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of State Bank of India from April 1, 2017. The order dated…
Definition of e-commerce: Buying and selling of goods including digital products* and services through electronic channels such as the internet are called e-commerce. *Any products that are stored, delivered, and used in their electronic format are called digital products. These products are shipped electronically to the consumer through the internet. We can identify e-commerce business…
E-wallet or digital wallet basically refers to a prepaid virtual wallet used for making online transactions including purchase something at a store, through a computer or a smartphone. An individual by registering his name can create an e-wallet profile with the service provider. The individuals who have registered for e-wallet have to link their multiple…
HUF is the acronym for Hindu Undivided Family. A HUF can be formed by members of a family, wherein the members are lineal ascendants or descendants of Hindus, Buddhists, Jains, and Sikhs religions. The eldest member becomes the Karta of HUF. Other members of the family are called coparceners. The coparceners share equally with the…
Banks extend export credits to exporters of goods and services, where the loans are released for procuring, Packing processing (where necessary), manufacturing and finally for packing of goods. The credit facility is also available to service providers for the working capital requirement like the purchase of consumables, wages, and supplies etc. for the rendering of…