Skip to main content

Featured Post

The Orange Economy A Put Where Development Drives Wealth

  In a time when mechanization and machine learning are changing conventional businesses, a flourishing portion of the worldwide economy is illustrating that human resourcefulness is still a important asset. The "Orange Economy"—also known as the imaginative economy or social industries—has played a major part in protecting culture, making occupations, and developing the economy. But what is this energetic thought, and why is it picking up conspicuousness in discussions almost worldwide development?   What is the Orange Economy?   The express "Orange Economy" was at first utilized by previous Colombian President Iván Duque Márquez and previous Culture Serve Felipe Buitrago. Concurring to the Inter-American Improvement Bank, it is "the organize of interconnected forms through which thoughts are turned into social merchandise and administrations whose esteem is decided by mental property."   Orange was particularly picked since it has been related with devel...
Post a Comment

What is 'Positive Pay System' | Know how to prevent fraud on your bank cheque

What is 'Positive Pay System' | Know how to prevent fraud on your bank cheque

 


Every year there are hundreds of cases related to fraudulent transactions in banks. Keeping this problem of the customers, Reserve Bank of India (RBI) has announced the positive pay system in the MPC meeting this time. In which fraud will be obtained from fake cheques through 'positive pay'. This system will be applicable to cheque with an amount of Rs 50,000 or more.

 

During the MPC meeting, RBI's governor Shaktikanta Das said that keeping in mind the security of cheque payments, we will issue guidelines related to positive pay system. This will prevent frauds in cheques of Rs 50,000 and above. He also said that in terms of volume, about 20% of transactions through cheques in the country will come under the scope of this system, while in terms of value, 80% of transactions will come under this system.

 

The positive pay was launched by ICICI Bank in 2016 for its customers. Under the 'positive pay' system, the person issuing the cheque to a third party will also send the details of their cheque to their bank. However, currently, the cheque truncation system (CTS) is used for cheque clearing. The CTC sends its digital photo document to the home branch of the payer's bank on behalf of the clearinghouse. In order to maintain clarity in money transactions.

 

These are the advantages and protections of positive pay. In this, the account number, cheque number, payer's name, payment amount and photo on both sides of the cheque will also have to be uploaded on the mobile app of the concerned bank. After uploading the information, the cheque has to be given to the third party. Experts say that bank employees cross cheque the uploaded information before transacting money. This will rid bank customers of fake cheques. It also reduces the cost and time it takes for a cheque to go from one place to another.

 

What does 'positive pay' do? Positive pay is a type of automatic cash management service that cheques for cheque related fraud. The bank through this cheque the institution or person issuing the cheque and the information of the cheque that will be received. During this time any cheque found to be disturbed is returned to the re-issuing institution or person. Currently, only ICICI Bank in India provides this type of service.


Labels:

Comments

Post a Comment

Popular posts from this blog

Know All About Sovereign Gold Bond Scheme (SGB)

    The first time Sovereign Gold Bond Scheme was first introduced by the Government of India in the Union Budget of 2015-16. It was introduced by the Government of India to reduce the demand for the physical gold form and a part of this physical gold is bought every year in the form of gold bands for the purpose of invest in SGB.   Latest on Sovereign Gold Bond Scheme    A tenth tranche of the buy SGB Series – The Sovereign Gold Bond Scheme 2021-22 - Series X in which the Reserve Bank of India (RBI) sell gold bonds linked to the market price of gold on behalf of the government made available for investment will be open for buy SGB for the period from February 28th to March 4th.   What is Sovereign Gold Bond?   The Sovereign Gold Bond is an initiative taken by the Government of India to reduce the demand for physical gold as per the Reserve Bank of India as the increasing import of gold is affecting the growth and investment of India. Large quantities ...
Post a Comment
Read more

Know that senior citizens get many special concessions in income tax

  People above 60 years of age, i.e., senior citizens, not only get the benefit of income tax exemption but also receive special relief from income tax on investments and returns. Elderly citizens do not have to pay any income tax on income up to Rs 3 lakh.   Exemption in tax limit under 80C limit: The tax exemption limit for old citizens in a financial year is Rs 3 lakh, while a common man gets tax exemption only up to Rs 2.5 lakh. For very senior citizens who are above 80 years of age, it is Rs 5 lakh. That is, if the annual income of a senior citizen is up to Rs 3 lakh and TDS has not been deducted, then he need not file an income tax return. Similarly, very senior citizens need not file income tax returns if they do not have an annual income up to Rs 5 lakh.   If the age is more than 75 years then no return is required: Those above 75 years of age are not required to file tax returns. There is no any need to file ITR for people above 75 years of age who are ...
Post a Comment
Read more

What is Nifty and how to invest in it? Learn all the important tips

  Everyone who has gained proficiency from mutual funds to the stock market should know that investing in both is different. For example, the Nifty is an index that includes the top-50 listed companies on the National Stock Exchange (NSE). On the other hand, the SENSEX is a 30-stock index of the Bombay Stock Exchange (BSE). These are the blue-chip stocks of the best-performing companies belonging to various sectors. If an investor is still planning to invest in Nifty, then let us know what you should keep in mind.   Set Investment Goal   One of the most important things you can do for yourself is to know how to help the investor achieve his financial goals. And a common investor does not have to be an expert to do this. The investor only needs to know a few basics, make a financial plan and be disciplined enough to follow it.   Ask the investor what he or she wants and list your most important financial goals. You have to decide whether the investors are ...
Post a Comment
Read more