Bank – Page 3 – Ramanisblog

Demand Drafts to be Paid Immediately and other Guidelines-RBI

All of us are aware that Banks ask us to wait for ‘ DD clearance’ for payment of Demand Drafts issued in our favor.

Some clear it within a couple of days while some others take even a week.

When demanded forcefully like asking them to give in writing that they are awaiting DD clearance before they pay out, you are paid immediately.

Demand Draft means..RBI definition is here below.

By definition the Banks should immediately release funds with out waiting for clearance.Banks levy a charge for DDs for this facility, which is higher than Checks.There is no logic in waiting for clearance.

Curiously RBI is silent on this issue.

You may use the following links for guidance for ALL your Banking transactions..

http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=508

http://www.rbi.org.in/scripts/FAQView.aspx?Id=51

Sl. No

Term

Details

Cash

Cash payment is the most common payment system which is well known.

Cheque, demand draft, payment order, banker’s cheque

Paper based payments are in the form of cheques, demand drafts, payment orders, banker’s cheques, refund orders, warrants etc. These are also referred to as negotiable instruments. For simplicity, they are generally referred to as cheques.

i. Cheques are simply a payment instruction from the account holder to his/her banker directing that a certain sum of money should be paid to a specific individual or to the bearer of the instrument. On receipt of cheques, the beneficiary will deposit it with his banker who will collect the money through clearing house system, where banks in a city exchange cheques with one another and settle the payments by arriving at a net amount of payables and receivables. After exchange of cheque, the account of the issuer of the cheque is debited and the credit is passed on to the banker of the beneficiary. An account holder should ensure that a cheque is issued only when there is sufficient balance of funds in his/her account. Cheques drawn on any bank in the country can be cleared through various mechanisms available in the clearing system. The process usually takes 2 to 4 days depending on the local clearing house procedures.

In India, cheques are valid for three years from the date of issue. However, cheques are treated as stale, by practice, by banks after since months from the date of issue, but they can be revalidated by the issuer. Dividend warrants and interest warrants issued by companies are also treated as cheques which are usually valid for three months from the date of issue. In case of a cheque, the beneficiary is entitled to receive the money due only if the balance is available to clear the cheque. However, there are some pre-paid negotiable instruments eg. Demand drafts / payment order / banker’s cheques.

ii. Demand drafts are used when one person wants to send or transfer money (remit) to another person who is in another city. The person wanting to send money, deposits cash in a bank or issue a cheque in favour of the issuing bank, which issues him a demand draft. The demand draft is sent to the person who is to receive the money. The receiver gives it to the branch/bank where he holds an account and receives the payment. They are valid for 6 months. Banks normally charge a commission for issuing demand drafts.

iii. Payment orders or Banker’s Cheques are similar to demand drafts but are usually issued for payments within a city. These are usually valid for 3 months. Banks may charge a commission for issuing Payment Orders and Banker’s Cheques..

1 Jun 2011

Dubious Debits-Banks to Reimburse For Failed ATM Transactions.

Banks have been debiting customers even for failed transactions. RBI guidance clearly states that this is to be reimbursed to the customer with in seven days.

There are other ingenious ways Banks skim you.

To remit money into your account to your account in another city(from the same bank),HDFC charges and the charges levied are just arrived at the spur of the moment.

HSBC, when the loan accountis closed, in the time stipulated, charges you additional amount before issuing release letter. Banks debit Rs 200-300 every month to your account under Miscellaneous charges or Service charges. If you protest to them vigorously they waive it. It pays to check your account patiently.

The RBI further said that all customers are entitled to receive such compensation for delays only if a claim is lodged with the issuing bank within 30 days of the date of transaction. http://www.moneylife.in/article/rbi-asks-banks-to-reimburse-failed-atm-transactions-in-7-days/16791.html

1 Jun 2011

How to open a Swiss Bank Account?

Follow Link for complete Details.

Definitely not for me.

Or for the majority of us.

http://swiss-bank-accounts.com/e/banking/general/opening-how.html

How to open a Swiss bank account
Home > Basics > Opening procedure

Who we are and what we do
Micheloud & Cie is a Swiss company specialized in opening Swiss bank accounts for international clients.

Documents needed
To open an account you need to supply some information and documents about you:

Passport – If you apply by mail we need an authenticated copy.
Proof of your economic background – documents showing what you do for a living (bank statement, work contract, tax return, company documents, license, etc…). The exact documents depend on what you do for a living. Contact us to see what would be necessary in your case.
Proof of the origin of your deposits – documents showing the economic origin of your deposit. For example if you sell a house, we will need a proof of the sale, a copy of the realtor’s listing, etc…
Information about yourself and your deposits – We need to know your name, date of birth, address, etc… as well as how much you plan to deposit on the account,what you plan to do with the money once it is on the account.

This information is required in compliance with Swiss anti-money laundering laws and to understand your banking needs. All information submitted is held strictly confidential.

Opening an account in person
To open your account in person, you need to come to Switzerland personnally. Make sure your trip is successful:

Take an appointment by calling us ++41 21 331 48 48 or sending us an email info@micheloud.com . To take the appointment we will need some basic information about you and your banking needs such as your citizenship and country of residence, how much you plan to deposit, what you plan to do with the money and where the money comes from.
Bring documents to prove the economic origin of your deposits. When you take the appointment we will tell you what documents you can bring based on your situation.

You will meet first at our offices and then we accompany you at the bank to open the account. Most accounts are opened within 2 or 3 hours. From then on you deal exclusively with your bank manager.

Opening your account by mail
It is also possible to open most accounts by mail. Here is how it works:

Fill out an application on our website https://swiss-bank-accounts.com/e/contact/order.asp or print the form and fax it to ++41 21 331 48 40.
We mail you opening documents (we cannot fax nor email them). You need to sign those documents and prepare documents about your economic background and the origin of your deposits (same documents when you open in person).
You need to get an authenticated photocopy of your passport with an apostille. This seal is used to certify that an official document is a true copy. In most countries you can get it from a notary public.
When we receive your documents back we will open your account at the bank. This usually takes 3 to 5 days. As soon as the account is opened you deal exclusively with your bank manager.

The whole procedure can be done in about 10 days but some clients need more. Don’t hesitate to call us ++41 21 331 48 48 or email at info@micheloud.com if you have any questions.

The information contained in this website is not meant to substitute qualified legal advice given by a specialist knowing your particular situation. We can accept no responsibility for the consequences of decisions made following information found on this website. Micheloud & Cie is not a bank and neither sollicits nor accepts deposits. Currency conversion and interest rates provided on this website are listed for informational purpose only and may not be up-to-date. More >>

26 Apr 2011

Facts about Swiss Banks.

Safe deposit boxes inside the vaults of a Swis... — Image via Wikipedia

Swiss bank accounts are only for millionaires.
Money invested in Switzerland yields no interest.
It’s impossible to open an account in Switzerland by correspondence.
Swiss bank accounts are very expensive to maintain.
It is difficult to close a Swiss bank account.
Swiss bank accounts attract only criminals and dictators.
Numbered accounts are anonymous.

1. Swiss bank accounts are only for millionaires

This is not true. The majority of our clients are not major manufacturers or movie stars, but everyday people (business people, computer engineers, civil servants, etc.). Swiss banks are no longer only for stars.
You can open a Swiss bank account with a deposit of only 5,000 Swiss francs. We even offer accounts with no minimum balance.

2. Money invested in Switzerland yields no interest

Nothing could be more untrue. You can invest your money worldwide from your account in Switzerland through investment funds, bonds, the stock market, the purchase of metal values, raw materials, derivatives and many other types of investments. Swiss bankers are among the best finance managers in the world, so it comes as no surprise that they manage over 35% of offshore holdings.

3. It’s impossible to open an account in Switzerland by correspondence

This is not true. Most of the accounts that we offer can be opened by correspondence as long as you comply with our opening procedures and provide us with the necessary documents. What is more, your banking relations can be conducted by correspondence, using the telephone, Internet banking, bank transfer and credit cards. That said, we encourage our customers to meet with their banker at least once in order to get acquainted and see where their money is held.

4. Swiss bank accounts are very expensive to maintain

This is not true. Most of the accounts we open don’t charge a cent in annual fees. Even if you would like additional services such as retained correspondence or numbered banking relations, the annual fees are very reasonable.

5. It is difficult to close a Swiss bank account

On the contrary. You can close your account in Switzerland whenever you wish and without any restriction. You will pay no financial penalty. If need be, you will just have to realize your investments. Contrary to many onshore banking practices, your money is not held hostage by Swiss banks.

6. Swiss bank accounts attract only criminals and dictators

Not true! The vast majority of Swiss bank account holders are honest people who want to keep their savings in a country renowned for its stability. Swiss banks are extremely cautious regarding politicians who wish to open an account and they systematically refuse to accept any money that is of dubious origin or poorly founded.

7. Numbered accounts are anonymous

There are no anonymous accounts in Switzerland. A numbered account is an account that is identified solely by a number, rather than a name, in order to preserve the strictest confidentiality possible during teller transactions or bank transfers. Only the bank manager and a few select people know the identity of numbered account holders.

http://swiss-bank-accounts.com/e/banking/7myths.html

22 Feb 2011

What’s Stopping India from Swiss Banks?

It is a surprise that India is still hiding behind ‘Secrets’.

A Credit Suisse banker has been arrested in connection with a long-running US tax evasion investigation and could be one of several individuals likely to face charges this week as prosecutors turn their focus from institutions to bankers and wealthy clients, said people familiar with the matter.

Christos Bagios was arrested about two weeks ago on entering the US and is in transit to a detention centre in southern Florida, according to the Bureau of Prisons’ website and people familiar with the matter.

The arrest is part of a US government crackdown on tax evasion schemes that has shaken Swiss banking secrecy.

In 2009, the US Department of Justice and Internal Revenue Service reached a landmark deal with UBS in which the Swiss bank agreed to pay $780m and turn over thousands of client names.

– http://www.ft.com/cms/s/0/eb39ff2c-7a71-11df-9cd7-00144feabdc0.html#ixzz1EeTPTFBf

Switzerland yesterday ended months of uncertainty over the diluting of bank secrecy when its parliament finally approved legislation allowing the transfer of the names of thousands of American clients of UBS suspected of evading tax owed to the US authorities.

The decision followed days of parliamentary wrangling that had threatened to delay a crucial treaty between Bern and Washington authorising the transfer. This could have triggered a crisis in bilateral relations and threatened the future of UBS, Switzerland’s largest bank.

Under the agreement, negotiated last August, Switzerland promised within a year to pass to the US authorities the names of 4,450 wealthy American UBS clients suspected of having undeclared accounts at the bank.

The bilateral agreement followed a lengthy US investigation that showed UBS had broken laws by helping Americans with offshore Swiss accounts evade tax through elaborate financial structures such as sham companies in Hong Kong and Panama.

In February 2009 UBS, the world’s second-biggest wealth manager, agreed to pay $780m to settle criminal charges.

However, the US authorities pursued a linked, but separate, civil action requiring the bank to release the names of about 19,000 US clients with offshore Swiss accounts.

Differences were only resolved last August through a special treaty between Bern and Washington, in which the Swiss promised to deliver the 4,450 UBS client names within a year.

Swiss parliamentary approval then became necessary after a top Swiss court ruled this year that the Bern-Washington deal broke the country’s bank secrecy law and the government should have gained parliamentary acceptance first.

22 Feb 2011

Tag: Bank

Demand Drafts to be Paid Immediately and other Guidelines-RBI

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Dubious Debits-Banks to Reimburse For Failed ATM Transactions.

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How to open a Swiss Bank Account?

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Facts about Swiss Banks.

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What’s Stopping India from Swiss Banks?

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Tag: Bank

Demand Drafts to be Paid Immediately and other Guidelines-RBI

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Dubious Debits-Banks to Reimburse For Failed ATM Transactions.

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How to open a Swiss Bank Account?

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Facts about Swiss Banks.

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What’s Stopping India from Swiss Banks?

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