Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARDS :: TDS
 
 
News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

No passbooks, only statements
February, 09th 2007
Most foreign and some private sector banks are yet to issue free passbooks to depositors as advised by the RBI.

While some private banks such as ICICI Bank said they would introduce passbooks shortly, most foreign banks said they have no immediate plans. Higher infrastructure costs and heavier traffic at the branches are the reasons offered for going slow on the RBI directive.

An official at a branch of Standard Chartered Bank said there were no immediate plans to introduce passbooks. "We have, however, received many enquiries about the circular," he added.

Currently, most private sector and foreign banks send free quarterly statements by courier or e-mail. But the customer is charged for a monthly statement.

It has been four months since RBI directed banks to issue free passbooks to savings bank account holders, particularly senior citizens.

"With modern technology, there are more efficient ways of keeping the customer updated about his or her savings accounts - like the Internet, ATM and call centres. There is a significant amount of investment required if we have to move to the passbook system setting up the terminals and the tellers updating the passbook," said Mr Nicholas G. Winsor, Head, Personal Financial Services, HSBC-India.

Bankers said there had been no direct dialogue with the RBI and that they were awaiting clarification from the IBA, as this was an industry-level issue.

HDFC Bank was unavailable for comment although an official at a branch said the bank was not immediately working on the idea.

UTI Bank has introduced the passbook system for customers requesting it. The bank, however, expects that 70 per cent of its customers will prefer monthly account statements to passbooks, said Mr Anindya Mitra, Vice-President, UTI Bank.

Public sector banks stand by the passbook system. "In India, most customers prefer the passbook system, as they like to come to the branch and update them," said Mr M.V. Nair, Chairman and Managing Director, Union Bank of India.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions