Saturday, December 1, 2012



01.  Summons are to be issued to defendants:  within 30 days from the date of filing suit
02.  Written statement has to be filed by the defendants within – 30 days of service of the summons which can be extended to 90 days by the court
03.  Time fixed for any act under the code can be extended not exceeding – 30 days in total
04.  The plaintiff has to produce documents and pay requisite fee within – seven days of orders of the court
05.  If the summons are returned plaintiff has to apply for a fresh summons – within seven days of return failing which suit shall be dismissed
06.  Adjournments will not be granted for more than – three times during the hearing of suit
07.  Summons can be served by Private Courier-  approved by High court/district court or through email, fax registered post-ack due
08.  No appeal can be filed other question of law – if the suit amount does not exceed Rs. 10000.00
09.  No second appeal can be filed from the decree of money suit if the amount – does not exceed Rs. 25000.00
10.  No arrest of Judgment debtor can be made if decree amount – does not exceed Rs. 2000.00
11.  No arrest of judgment debtor in a civil suit can be made -  irrespective of the amount if she is a lady
12.  If the decreed amount exceeds Rs. 2000.00  - but does not exceed Rs. 5000.00 arrest can be made for a period not exceeding six weeks
13.  If the decreed amount exceeds Rs. 5000.00 – arrest can be made for a period not exceeding three months
14.  Fine for non-compliance of summons  is Rs. 5000.00
15.  In execution of decree by civil court  - basic things like cooking  vessels. Clothers, personal ornaments as per religious use , tools for making livelihood, family pension, gratuity wages of labourers, dwelling house wages of labourers etc cannot be attached
16.  In execution of decree by civil court – if the house is mortgaged it can enforced
17.  In execution of decree by civil court – the salary to the extent of first Rs. 1000.00 and 2/3 of remainder cannot be attached


18.  Deficiency means  any fault, imperfection, shortcoming in quality/nature/manner of service
19.  Complaint has to be filed  within two years from the cause of action
20.  District forum – claims upto Rs. 20 lakhs
21.  State commission – claims of above Rs. 20 lakhs upto Rs. 1 crore
22.  National commission – claims of above Rs. 1 crore
23.  Bank has to file its version – within 30 days of notice
24.  Non compliance of orders of forum will attract – a fine of upto Rs. 10000.00 or imprisonment of three years or both
25.  Appeal to be filed against orders of District Forum in State forum – after depositing 50% of amount granted by State Forum or Rs. 35000 whichever is less
26.  Appeal against the orders of National Forum – can be filed before Supreme Court after depositing 50% of decreed amount by the National Commission or Rs. 50000 whichever is less
27.  Limitation for filing of appeals – 30 days from the orders


28.  In order to proceed under the scheme – the customer has to first write to the bank
29.  If the bank has not replied within one month or rejected the complaint or if the reply of the bank is not satisfactory to the customer – then he can prefer complaint with the banking ombudsman
30.  Limitation for filing Complaint is  - one year from the date  of reply from the bank
31.  When no reply is received from the bank  - then one year and one month from the date of complaint
32.  The award by Banking Ombudsman would be  - actual amount of loss or Rs. 10 lakhs whichever is less
33.  Bank has to settle complaint – within one month of receipt of the same
34.  Bank has to honour award  - within one month from the date of acceptance of award by the complainant
35.  Any person aggrieved by the award – may prefer an appeal within 30 days before the appellate authority (RBI Deputy Governor)
36.  In case the bank has to file appeal – they have to obtain permission of Chairman and Managing Director and in his absence permission of Executive Director for preferring appeal

37.  Study circle – is a forum to expand the knowledge horizon of employees and it helps employees know various information through persons skilled in those areas
38.  Brainstorming sessions – it is a forum to obtain feedback and elicit ideas/views/suggestions on relevant topics through discussions it instills thinking process
39.  Circle Management Board – To formally review all aspects of Circle/s functioning and determine ways and means to improve the working and to monitor the level of implementation of various ideas, schemes, programmes etc.
40.  Employees’ suggestion scheme – It is a scheme through which various suggestions are obtained from all sections of employees. Suggestions are obtained in regard to changes/modifications in procedures/systems of the bank
41.  Branch visits/interface – To review and monitor the branch’s functioning and to guide the personnel in all matters
42.  Training – To induct the employees, develop skills, impart knowledge on functional and behavioural areas and to develop potentiality and personality of the individual
43.  Quality Circle – It is a voluntary group of employees working in the same work area coming together to solve work related problems
44.  Employees Recognition Scheme – All employees are motivated to take part in various developmental activities like deposit mobilization, recovery, clientele build up and they are awarded for their contributions by enrolling them in various clubs like Chairman’s Club, ED’s Club and GM’s club etc
45.  Staff Meeting – To foster team building and to provide a forum for individual development. Corporate objectives can be propagated and the talents of employees can be recognized. It promotes a two way communication and is an useful tool for improvement in work culture
46.  Entry interview – To introduce the details of history and culture of the bank to the new entrant and to make the new entrant comfortable to the new atmosphere
47.  Exit interview – To get a free and frank feedback from the person leaving the organization and to bid a warm farewell to the outgoing employee


48.  FEMA 1999 – came into effect from 01.06.1999
49.  Schedule I – prohibited “TXN”
50.  Schedule II – Central Government permission required
51.  Schedule III – deals with purpose, limits where RBI permission is required in cases like – gifts exceeding USD 5000; donations exceeding USD 5000; Private visits exceeding USD 10000 per financial year; private visits exceeding USD 25000 per occasion
52.  Release of forex upto USdollar 1 lakh – for medical treatment
53.  Education, emigration and employment – mere documentary proof exchange can be released
54.  For beyond documentary proof for release of forex – RBI permission is required
55.  LRS  Liberalised Remittance Scheme for individuals
56.  Individuals can remit – Usdollar 2 lakhs per financial year
57.  Individuals can conduct – any permissible current account and capital transact tions
58.  Who can open LRS ? – a banker can allow any customer who has completed one year of satisfactory dealings can open(provision of PAN is a must)
59.  Each individual in a family – can individually enjoy the limits indicated
60.  NRIs – any person residing abroad for more than 182 days during the preceeding financial year; any person going abroad for gainful employment or circumstances indicating indefinite period of stay abroad; wife accompanying Non Resident Indian abroad is also treated as NRI; Officials deputed to Embassies, UNESCO etc; Indian students going abroad for studies abroad whether he earns or not
61.  Persons of Indian Origin – Foreign Nationals whose parentage can be traced back to India; parents or grant parents holding Indian passport or citizen of India
62.  Foreign tourists visiting India – can open Non Resident Ordinary account for six months period
63.  RBI permission is required – to retain the account beyond six months period
64.  Foreign Nationals visiting India with work permits for studies, for business and their spouse accompanying them to say in India – can open domestic savings bank accounts and KYC has to be satisfied
65.  For students – certificate from educational institution is a must
66.  For opening accounts of Nationals belonging to Pakistan, Bangladesh – RBI permission is required
67.  Foreign nationals of Foreign Origin – are eligible to open NRO account
68.  QA 22 account – discontinued
69.  Foreign entities can also open – NRO account
70.  TDS in NRO account – normally 30%; educational cess: 3%
71.  Interest income can be repatriated  - subject to payment of income tax
72.  Repatriation upto USdollar 1 million per financial year – for all bonafide purposes subject to documentary proof
73.  NRO – casual overdrawings: No limit/no ceiling as per FEMA – as per discretion of the bank


74.  TDS – not applicable to NRE account ( no tax liability on income earned through interest)
75.  Joint accounts – NRI along with NRO not permitted
76.  NRE account – letter of authority can be issued to NRO
77.  Letter of authority holder – only for local payments
78.  Power of attorney holder in NRE account – apart from local payments investment is also permitted
79.  Loans to power of attorney holder – permitted with specific provision and independent permission is required
80.  Power of attorney holder – cannot open/close the account
81.  Transfer from NRE to NRE account – permitted freely if depositor himself gives instructions
82.  NRE TOD – Rs. 50000/- as per FEMA guidelines
83.  NRO TOD – No limit
84.  NRE term deposit – LIBOR SWAP rate prevailing on last day of the month applicable to USD for the corresponding maturity plus 175% basis points
85.  FEDAI displays the rate  - in their website


86.  LIBOR – swap rate prevailing on last day of the month applicable to respective currency for corresponding period plus 100 basis points
87.  Banks are generally permitted to open accounts in – US dollars,GBP, Euro, AUD, CAD, YEN
88.  FCNR (B) accounts not opened in – Yen in Canara Bank
89.  FCNR FDR – minimum one year
90.  FCNR KDR – minimum one year + one day
91.  FCNR FDR – Interest payable at the time of maturity if accepted for a minimum one year
92.  If interest is to be paid before maturity date like monthly/quarterly interest etc – minimum period is one year + one day
93.  No interest is payable – if closed before one year
94.  Joint deposits – If one party dies and the account is closed, no penalty is levied
95.  Latest guidelines – party is closing FCNR account before maturity in US dollar; but want to invest in EURO, then penalty will be 0.5%(however normally penalty is 1%)
96.  Loan against NRE deposit – maximum loan NRE/FCNR:Rs. 20 lakhs only irrespective of number of deposits held by the depositor
97.  Opening of account in third currency – is permitted
98.  Loan is granted – in native currency (say rupee)
99.  Interest on loan if it is remitted in Indian rupees – BPLR minus 3.5%
100.Loan in Indian Rupees – not to be credited to NRE account and only to NRO account and loan in foreign currency amount can be credited to NRE account or repatriated – however, closure of loan account from NRE account or adjustment of deposits

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