Ray Financial

15/01/2013

Dear friends,
Thanks for all your likes. Due to some trademark issues we are changing our name from Ray Financial to Relitrans Financial.
plz find below the link to join us , like the page and get valuable updates about financial domain.
http://www.facebook.com/pages/Relitrans-Financial/325919594188820?ref=hl

Financial services

15/12/2012

Thanks to all who have liked the posts, you can also suggest topics of your interest to be discussed .

11/12/2012

Thanks to all who have liked the posts.

06/12/2012

FEATURES OF CTS -2010 NEW CHEQUE

Cheque printer details along with CTS-2010 mentioned (on the extreme left hand side, near the side where you detach a cheque leaf from the cheque book);
Bank's logo and details (on the left hand side corner);
VOID pantograph (just below where the account number is mentioned);
Rupee symbol "" (where the amount in figures needs to be written); and

Signature space indicator mentioning "please sign above"
In case if your cheque book does not reflect the aforementioned details you must obtain a new CTS complied cheque book at the earliest, and surrender the non-compliant one to the bank. If you have availed a home loan and / or auto loan and issued post-dated cheques instead of opting for direct debit, then you will be required to replace such post-dated cheques with the CTS-2010 compliant ones before December 31, 2012. To avoid this hassle you could easily switch to the direct debit / ECS mode where the Equated Monthly Installment (EMI) amount would be debited from your account every month.

Moreover, it is noteworthy that one needs to be careful while writing new cheques, since those with alternations in crucial fields such as payee's name and amount in figures or words will not be processed under the new system. A new cheque will have to be issued, if such alterations are sighted.

06/12/2012

Is your cheque book CTS-2010 compliant?

Beginning next year, i.e. from January 1, 2013 Cheque Truncation System (CTS) would be implemented, whereby flow of the physical movement of cheque (issued by a drawer to the drawee branch), will be eliminated in the truncation process. Instead an electronic image of the cheque will be sent along with the relevant key information. Thus going forward from January 1, 2013 you may not be able to use your old cheque leaves, if they aren't CTS complied.

So, if you have sent a request for issuing a new cheque book, say a couple of months back or more, and have enough cheque leaves even at present, you must check whether they are CTS complaint before you issue a cheque intended to be honoured anytime in 2013.

12/11/2012

Looking at changing the name on your investment account? Here's some good news!

As an investor you may have sought to change your name in the investment account for various legitimate reasons, but simply put the decision to another day avoiding the rigmarole.

Recently, the capital market regulator - (SEBI) relaxed the procedures to be followed by investors while changing names in "individual accounts" (vide a circular). Thus now all one needs to do is furnish relevant document(s) showing the publication of name change in official gazette.
So say if there is a change in name after marriage, according to the capital market regulator, all that an individual investor needs to do is, simply submit either a copy of marriage certificate or passport showing husband's name or any other document showing the publication of name change in official gazette.

06/11/2012

Now you can enjoy cash back facility on home loan EMIs this festive season!

Recently ICICI Bank launched a cash back offer, whereby 1% of every EMI (Equated Monthly Instalment) will be returned back to customers, wherein either it could be credited to the customers savings account, or adjusted the outstanding principal amount.

24/10/2012

Know all about worlds cheapest form of life insurance "Term plans"
http://www.rayfinancial.in/life-insurance/term-plan/

and post your comments.

Term Plan as popularly known is also called pure insurance or pure protection plan. It is the least expensive and original form of insurance. It provides highest risk coverage at a fixed rate of premium for a chosen period of time. After that if need be you may buy a fresh policy which will have dif...

21/10/2012

One more fundamental duty for you to abide by, Pay tax

In a country where only 3% of population pay taxes, the Finance Ministry is mulling ways to increase the pe*******on of tax payers by making tax payments, as one of the fundamental duties under the Indian Constitution for the citizens of India. By paying taxes the citizens also contribute to the nation building process and therefore tax paying should be made a fundamental duty, according to the Finance Ministry. India's tax-to-GDP ratio, already one of the lowest among its peers, fell to 10.1% in 2011-12 from a high of 11.9% in 2007-08. This is largely blamed on the low tax base perforated by multiple tax exemptions, along with the slump in economic activity in the last couple of years.

19/10/2012

We thank all of u for liking our page. will try to keep u informed about the latest happennings in financial world.

17/10/2012

Max Bupa launches an innovative mediclaim floater plan wherein 52
members of the same family can be covered in the same policy.

Parents, children, in laws, grand children ,grand parents etc.

17/10/2012

SEBI Reforms the IPO process, helps retailers to take more informed decisions.

In general IPO is considered to be safe and promising; since most of them get oversubscribed,retail public often get very less chance to capitalise on the opportunities.

Citing this anomaly in the primary market, now, the capital market regulator - the Securities and Exchange Board of India (SEBI) has notified wide-ranging reforms in IPO market, including

-a strict vigil on usage of issue proceeds,
-greater disclosure by companies and their bankers and
- allotment of a minimum number of shares to retail investors.

According to SEBI, a company would also have to open the issue at least three working days from the date of registering the red herring prospectus with the Registrar of Companies (ROC).

Moreover, the companies would have to disclose the price band at least five days before the opening of the offer period, as against the current provision of two days; thereby giving investors more time to analyse the IPO.

Some of the other reforms in the IPO process brought out by the SEBI are:
1.Issuer would need to allot a minimum lot of shares to each retail investor

2.Retail individual investors to either withdraw or revise their bids until finalisation of the allotment

3.Minimum application size for all investors has also been increased to Rs 10,000 - Rs 15,000

4.Merchant banker who is an associate of the issuer, would have to limit its role to marketing of the offer and declare itself as a marketing lead manager

5.Disclosures made in the red herring prospectus while making an IPO, would need to be updated on an annual basis and made public by the issuer

6.Issuers coming through the 'profitability route' need to have a minimum average pre-tax operating profit of Rs 15 crore

Apart from the above, the SEBI's notification states that no company can deploy more than 25% of the public offer proceeds in the name of 'general corporate purposes'. Besides, any issue-related expenses cannot be considered as a part of 'general corporate purpose' merely because no specific amount has been allocated for such expenses in draft offer document.