Provident Fund Portal Hacked, 2.7 Crore People Face Data Theft

The personal and professional details of about 2.7 crore members registered with the retirement fund body Employees Provident Fund Organisation (EPFO) have been exposed to data theft.

In a letter to the Ministry of Electronics and Information Technology, the Central Provident Fund Commissioner has written that hackers have stolen data from the Aadhaar seeding portal of EPFO. He has also asked the ministry’s technical team to plug vulnerabilities on the portal aadhaar.epfoservices.com that has now been temporarily shut. The portal links the Aadhaar number of employees with their provident fund accounts.

In the letter marked “secret”, the commissioner wrote that the Intelligence Bureau (IB) had informed them of “hackers exploiting the vulnerabilities prevailing in the website (aadhaar.epfoservices.com) of EPFO.”

Details of the scale of the breach are not known but the website contains information like the names and addresses of EPF subscribers besides their employment history.

“Each person contributes 12% of salary as provident fund, so salary details could also have been stolen. Also the bank account numbers as people tend to withdraw their PF,” said cybersecurity expert Anand Venkatnarayan.

epf

Hackers exploiting vulnerabilities, EPFO commissioner wrote to the government

A total of 114 government websites were hacked between April 2017 and January 2018, the Ministry of Electronics and IT told Lok Sabha in March.

The head of the Computer Emergency Response team of the Ministry of Electronics and IT, when contacted by NDTV, remained unavailable.

The body that governs Aadhaar, UIDAI, has clarified that it has nothing to do with the alleged data breach from aadhaar.epfoservices.com. “This matter does not pertain at all to any Aadhaar data breach from UIDAI servers. There is absolutely no breach into Aadhaar database of UIDAI. Aadhaar data remains safe and secure,” it said.

Source by:-ndtv

AirAsia Announces New Flights, Offers Tickets From Rs. 3,555.

AirAsia has announced the introduction of direct flights from Amritsar to Kuala Lumpur at a starting one way all-inclusive price of Rs. 3,555 for the economy tickets. Under this promotional scheme, AirAsia is also offering premium flatbed flight tickets at a starting price of Rs. 9,555.  The last date to book tickets to avail AirAsia’s offer is today, i.e. Sunday.  Passengers willing to avail the offer must up hurry up and book the tickets today. The direct flights from Amritsar to Kuala Lumpur are commencing from August 16, 2018. The travel period of the offer ends on October 27, mentioned AirAsia on its official website- airsasia.com.

Under this offer, AirAsia is also offering connecting flights at a starting price of Rs. 5,910. AirAsia is offering flight tickets from Amritsar to Phnom Penh via Kuala Lumpur at Rs. 5,910. Also connecting flights on these routes are available at discounted rates: Amritsar-Kuala Lumpur-Kota Kinabalu at a starting price of Rs. 6,644, Amritsar-Kuala Lumpur-Brunei     at a starting price of Rs. 6283.00, Amritsar-Kuala Lumpur-Jakarta    at a starting price of Rs. 6,097,  Amritsar-Kuala Lumpur-Phuket at a starting price of Rs. 5,902). (Also read: AirAsia India’s Offer On Flight Tickets Starts At Rs. 1,699. Details Here)

AirAsia has also mentioned few terms and conditions which the customer must know in order to avail the offer. AirAsia’s new offer requires flyers to make advance bookings. According to the carrier, the discounted tickets are available only for online bookings at airline’s official website-airasia.com. Ticket fares include airport taxes (except for selected airports where airport tax is collected at the point of departure). Seats are also limited and may not be available on all flights. The offer is subject to availability and ‘AirAsia’s Terms and Conditions’.

 

 

Source by:-ndtv

Latest Offers From Airtel, Reliance Jio, Vodafone: Up To 90-Day Validity

Bharti Airtel offers many prepaid recharge plans ranging from 1 hour-validity to that of a year. However, some prepaid recharge plans are among its best-selling unlimited packs, with unlimited data, and unlimited calling benefits. These prepaid recharge plans are priced at Rs. 249, Rs. 448, Rs. 449, and Rs. 509. Intense competition in the telecom sector unleashed by rival Reliance Jio has also made Vodafone India offer prepaid recharge plans with similar data benefits. All these prepaid recharge plans from Airtel, Jio and Vodafone offer similar data and calling benefits. The prices of all these plans, however, vary.

Given below are four best-selling prepaid recharge plans of Airtel:

Airtel Rs. 249 prepaid recharge plan
This Airtel plan offers 2 GB or gigabytes of 3G/4G data per day, according to airtel.in. Local and STD calls and incoming and outgoing on roaming are unlimited. A total of 100 local/ national SMS (short message service) are offered every day. This prepaid recharge plan of Airtel is valid for 28 days.

Airtel Rs. 448 prepaid recharge plan
This Airtel plan offers 1.4 of 3G/4G data per day, said Airtel. Local and STD calls and incoming and outgoing on roaming are unlimited. Hundred local/national SMS are offered every day. This prepaid recharge plan of Airtel is valid for 82 days.

plans

(Some of Airtel’s prepaid recharge plans are among its best-selling unlimited packs, with unlimited data, and unlimited calling benefits.)

Airtel Rs. 449 prepaid recharge plan
This Airtel plan offers 2 GB 3G/4G data per day, according to Airtel’s website. Local and STD calls and incoming and outgoing on roaming are unlimited. A total of 100 local/national SMS are offered every day. This prepaid recharge plan of Airtel is valid for 82 days.

Airtel Rs. 509 prepaid recharge plan
This Airtel plan offers 1.4 GB 3G/4G data per day, according to airtel.in. Local and STD calls and incoming and outgoing on roaming are unlimited. Hundred local/national SMS are offered every day. This prepaid recharge plan of Airtel is valid for 90 days.

Given below are prepaid recharge plans of Reliance Jio with similar benefits

Reliance Jio has nine prepaid recharge plans that offer between 1.5 GB and 2 GB of data, according to jio.com.

Reliance Jio prepaid recharge plan of Rs. 149
This Jio prepaid recharge plan offers 1.5 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 42 GB. Voice calls are unlimited and 100 SMS per day are bundled with this pack. This prepaid recharge plan of Jio is valid for 28 days.

Reliance Jio prepaid recharge plan of Rs. 198
This Jio prepaid recharge plan offers 2 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 56 GB. Voice calls are unlimited and 100 SMS per day are bundled with this pack. This prepaid recharge plan of Jio is valid for 28 days.

Reliance Jio prepaid recharge plan of Rs. 255

plans

(The total data offered in this prepaid recharge plan of Jio is 102 GB.)

This prepaid recharge plan, known as the Jio cricket pack, offers 2 GB high-speed data per day, after which the internet speed gets reduced to 64 Kbps. The total data offered in this plan is 102 GB. Voice calls are unlimited and 100 SMS per day. This prepaid recharge plan of Jio is valid for 51 days. It can be used to access all internet content.

Reliance Jio prepaid recharge plan of Rs. 349
This Jio prepaid recharge plan offers 1.5 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 105 GB. Voice calls are unlimited and 100 SMS per day are bundled with this pack. This prepaid recharge plan of Jio is valid for 70 days.

plans

(Reliance Jio has nine prepaid recharge plans that offer between 1.5 GB and 2 GB of data.)

Reliance Jio prepaid recharge plan of Rs. 398
This Jio prepaid recharge plan offers 2 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 140 GB. Voice calls are unlimited and 100 SMS per day are bundled with this pack. This prepaid recharge plan of Jio is valid for 70 days.

Reliance Jio prepaid recharge plan of Rs. 399
This Jio prepaid recharge plan offers 1.5 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 126 GB. Voice calls are unlimited and 100 SMS per day are bundled with this pack. This prepaid recharge plan of Jio is valid for 84 days.

Reliance Jio prepaid recharge plan of Rs. 448
This Jio prepaid recharge plan offers 2 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 168 GB. Voice calls are unlimited and 100 SMS per day are also added with this pack. This prepaid recharge plan of Jio is valid for 84 days.

Reliance Jio prepaid recharge plan of Rs. 449
This Jio prepaid recharge plan offers 1.5 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 136 GB. Voice calls are unlimited and 100 SMS per day are also added with this pack. This prepaid recharge plan of Jio is valid for 91 days.

Reliance Jio prepaid recharge plan of Rs. 498
This Jio prepaid recharge plan offers 2 GB high-speed data per day, after which internet speed gets reduced to 64 Kbps. The total data offered in this plan is 182 GB. Voice calls are unlimited and 100 SMS per day are also added with this pack. This prepaid recharge plan of Jio is valid for 91 days.

Given below are prepaid recharge plans of Vodafone with similar benefits

Vodafone offers unlimited calls and unlimited data in its SuperPlans range of prepaid recharge plans, according to vodafone.in. Vodafone offers three prepaid recharge plans with 1.4 GB data per day while one of its SuperPlans offers 2 GB data per day.

Vodafone prepaid recharge plan of Rs. 199
This Vodafone prepaid recharge plan offers 1.4 GB 3G/4G data per day. Local, STD and roaming calls within India are unlimited. Hundred SMS per day are bundled with this prepaid recharge plan. This Vodafone pack is valid for 28 days.

Vodafone prepaid recharge plan of Rs. 255
This Vodafone prepaid recharge plan offers 2 GB 3G/4G data per day. Local, STD and roaming calls within India are unlimited. Hundred SMS per day are bundled with this prepaid recharge plan. This Vodafone pack is valid for 28 days.

plans

Vodafone prepaid recharge plan of Rs. 458
This Vodafone prepaid recharge plan offers 1.4 GB 3G/4G data per day. Local, STD and roaming calls within India are unlimited. Hundred SMS per day are bundled with this prepaid recharge plan. This Vodafone pack is valid for 84 days.

Vodafone prepaid recharge plan of Rs. 509
This Vodafone prepaid recharge plan offers 1.4 GB 3G/4G data per day. Local, STD and roaming calls within India are unlimited. Hundred SMS per day are bundled with this prepaid recharge plan. This Vodafone pack is valid for 90 days.

Source by ndtv..

Pension Scheme PMVVY: Investment Limit Doubled, Now Get Rs. 10,000 Per Month Pension

The Union Cabinet, in a meeting chaired by Prime Minister Narendra Modi, on Wednesday approved the doubling of investment limit in Pradhan Mantri Vaya Vandan Yojana (PMVVY) to Rs. 15 lakh, from the current level of Rs. 7.5 lakh. This will help senior citizens earn a pension of up to Rs. 10,000 per month. The Cabinet also approved the time period for subscription of this scheme to March 31, 2020, from May 4, 2018. In Budget 2018, Finance Minister Arun Jatiley had proposed to increase the investment limit in PMVVY or Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakh. Financial planners say PMVVY offers more avenues to senior citizens to earn a steady regular income at times when fixed deposit interest rates are not that attractive.

Here are 10 things to know about new PMVVY (Pradhan Mantri Vaya Vandan Yojana) scheme:

9) The PMVVY scheme also allows for premature exit for treatment of any critical/terminal illness of self or spouse.

10) On such premature exit, 98 per cent of the purchase price will be refunded.

Source by:-ndtv

Over 23,000 bank fraud cases involving Rs 1 trillion in 5 years: RBI

Over 23,000 cases of fraud involving a staggering Rs one trillion have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI).

A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April 2017 to March 1, 2018, it said in reply to an RTI query filed by this correspondent.

The highest ever amount of Rs 28,459 crore is said to have been involved in these cases of fraud reported from April 2017 to March 1, 2018, the central bank said.

In 2016-17, banks had reported 5,076 cases of fraud involving Rs 23,933 crore.

From 2013 to March 1, 2018, as many as 23,866 cases of fraud, of Rs 100,000 or above in each case, were reported.

A total of more than Rs one trillion was involved in all the cases put together, according to the RTI reply.

Giving the break-up, the RBI said 4,693 such cases (involving Rs 18,698 crore) and 4,639 cases (involving Rs 19,455 crore) were reported in 2015-16 and 2014-15 respectively.

In 2013-14, banks reported 4,306 cases of fraud, involving Rs 10,170 crore, the central bank said.

“The reported fraud cases are processed and action is taken according to the facts and circumstances of individual cases,” the RBI said.

The data assumes significance as central investigating agencies such as the CBI and the ED are looking into various big-ticket fraud cases in banks involving industrialists and others.

Among the prominent ones is the over Rs 13,000-crore fraud in the Punjab National Bank (PNB) allegedly committed by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.

The CBI had recently also booked top officials of two public sector banks, a former CMD of the IDBI Bank, former Aircel promoter C Sivasankaran, his son and companies controlled by him in connection with a Rs 600-crore loan fraud in the IDBI.

The CBI has named 15 bank officials who worked at senior levels at the IDBI in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivasankaran in its FIR registered on a complaint from the Central Vigilance Commission.

Managing Director and CEO of Indian Bank Kishor Kharat (who was then MD and CEO of IDBI Bank) and his counterpart in Syndicate Bank Melwyn Rego (then Deputy Managing Director in IDBI Bank), along with then Chairman-cum-Managing Director of IDBI Bank M S Raghavan, have been named in the latest FIR filed by the CBI.

According to government data, the gross non-performing assets (NPAs) of all banks in the country, amounting to Rs 8,40,958 crore in December 2017, were led by industry loans followed by those in the services and agriculture sectors.

The highest amount of gross NPAs was for the country’s largest lender, the State Bank of India, at Rs 2,01,560 crore.

Among the others, the NPA for PNB stood at Rs 55,200 crore and for IDBI Bank, Rs 44,542 crore. Bank of India had NPAs worth Rs 43,474 crore; Bank of Baroda, Rs 41,649 crore; Union Bank of India, Rs 38,047 crore; Canara Bank, Rs 37,794 crore and ICICI Bank, Rs 33,849 crore, according to data presented by Minister of State for Finance Shiv Pratap Shukla in the Lok Sabha on March 9.

Source by:-standard

No more grace marks for medical students? Madras High Court slams practice

The Madras High Court has come down on the practice of awarding grace marks to medical students who fail to clear certain subjects.

Dismissing a petition filed by a third-year MBBS student of a private college in Puducherry, seeking grace marks to enable her to clear the ophthalmology paper, Justice S

Vaidyanathan, in a recent order, said citizens were taken for a ride by such practices.

If the students of ophthalmology were allowed to clear the paper with grace marks and if they were going to become doctors and perform surgeries, the patients would have to regain their eyesight only with the grace of the god, the judge said.

The petitioner, who had failed twice in the ophthalmology paper, had sought a direction to the Pondicherry University to grant her three grace marks to enable her clear it.

She had secured 29 marks in the theory paper, instead of the 32 required to pass.

Noting that up to five grace marks could be granted to a student as per the university rules, she had prayed for the relief.

You might soon be charged for ATM transactions, debit-cards, chequebooks

Image result for You might soon be charged for ATM transactions, debit-cards, chequebooks

The tax department has reportedly asked top banks to pay tax on services offered for free to customers who maintain a fixed minimum balance.

These services include ATM transactions, issuance of chequebooks and debit cards, and refund of fuel surcharge, among others.

But ET reports the additional burden is likely to be passed on to customers, who might soon be charged for such services.

You might soon be charged for ATM transactions, debit-cards, chequebooks

The tax department has reportedly asked top banks to pay tax on services offered for free to customers who maintain a fixed minimum balance.

These services include ATM transactions, issuance of chequebooks and debit cards, and refund of fuel surcharge, among others.

But ET reports the additional burden is likely to be passed on to customers, who might soon be charged for such services.

DGGST has sought tax on services for last 5 years

Currently, these services are chargeable for many customers, but free for those fulfilling certain conditions and maintaining a minimum balance.

These are then treated as ‘deemed services’ under the Service Tax Law.

The Directorate General of Goods and Services Tax Intelligence (DGGST) has now sent show cause notices to several banks, demanding levy on such ‘free’ services retrospectively for the last five years.

How is the tax being calculated?

How is the tax being calculated?

The DGGST has already sent notices to SBI, HDFC, ICICI, Axis and Kotak. Others will get notices too, an official said.

Tax is being calculated after considering charges on these services levied by banks on customers who do not maintain minimum balance.

Tax will be levied on this ‘deemed value’ of the services.

ET estimates the total tax value at Rs. 6,000cr.

What does it mean for banks and customers?

Sources said banks are likely to contest the tax department’s claims. If that doesn’t work, they can take it up with the government.

But in case tax is actually levied, that will mean a high additional burden on these institutions.

They won’t be able to recover the costs from customers retrospectively, but going forward, they will likely start charging them.

 

 

Source by:-newsbytesapp

Is your name, birth date in PF not matching with Aadhaar? Here’s how to correct it

If you tried to link your Aadhaar with your UAN and were unable to do because of mismatch in Name, Date of Borth(DOB) or Gender in UAN data and Aadhaar data then you can use the new functionality provided in the UAN portal to update details. This article explains in detail EPF UAN Correction on how to Correct Name, Date of Birth and Gender in your UAN Online as per Aadhaar if your Aadhaar is not linked with UAN.

Overview of the process to correct Name, Date of Birth, Gender, EPF Details Online

The process involves employee raising the online request by logging onto UAN website.  The request will then be forwarded to Employer you can approve or reject the request online. If the employer approves then request will go to  EPFO Field Office where Dealing Assistant, Section Supervisor and then APFC/RPFC will reject or approve the request.

The EPFO has not yet provided any time limit for processing EPF UAN basic details correction requests. We have raised this issue with EPFO. Also, as this is a new online facility, you may face some technical issues in submitting the online request.

If your details are linked to Aadhaar then you cannot modify your details.

Employee raising the request

  1. Login to Member Interface of Unified Portal using your UAN and Password.
  2. Click on Manage>Modify Basic Details.
  3. Provide the correct details as per Aadhaar (System will verify the details entered with UIDAI- Aadhaar Data)
  4. On clicking Update Details, the request will be submitted to the employer for further approval.
  5. Till the employer has not verified the details, One can also withdraw the request by clicking on Delete Request
  6. After successful verification, your request will be automatically submitted to your employer for further approval.

Employer approving or rejecting the request

Your employer will have to approve the request online. It will then be transmitted to the EPFO field office. The EPF staff will then process the requested corrections.

  • The employer will log in to Employer Interface of Unified Portal.
  • Employer can view the change requests submitted by employees by clicking on Member>Details Change Request
  • The employer can approve or reject the request.
  • If the employer approves the request will be transferred to EPFO field office.

EPFO approving or rejecting the request

  • In the EPFO office, the Dealing Hand will submit his recommendations, Recommended for Approval or Recommended for Rejection with proper remarks, online in the Field Office Interface of Unified Portal.
  • This request will then be verified by Section Supervisor.
  •  Finally, Assistant Provident Fund Commissioner(APFC)/Regional Provident Fund Commissioner (RPFC) can Approve/Reject the case

Earlier process to correct basic details in UAN

if an employee wants to correct his/her basic details against UAN, employee and employer are required to submit a joint request to the concerned EPFO field office for correction of above mentioned basic details of employee.

If your details are linked to Aadhaar then currently, you cannot modify your details. Then you still have to follow the above process.

Step by step process for EPF UAN correction of Name, Date of Birth, Gender Online

Login to Member Interface of Unified Portal using your UAN and Password. Our article New UAN Unified Portal for Employees talks about the new UAN Unified Portal for Employees in detail.

Correct Name , Date of Birth, Gender through EPF Online request

 

Provide the correct details as per Aadhaar (System will verify the details entered with UIDAI- Aadhaar Data)

On clicking Update Details, the request will be submitted to the employer for further approval

Till the employer has not verified the details, One can also withdraw the request by clicking on Delete Request. You can access this option by clicking Manage -> Modify Basic Details -> Pending Requests

If your Aadhaar is already linked to UAN then you would not be allowed to change the details. You would see the view as shown in the image below.

How many days will it take to approve the request for Change of Name, Date of Birth

The EPFO has not yet provided any time limit for processing EPF UAN basic details correction requestsAfter employee submits the request

  • The request is forwarded to Employer you can approve or reject the request online.
  • If the employer approves then request will go to  EPFO Field Office where Dealing Assistant, Section Supervisor and then APFC/RPFC will reject or approve the request.

For many people who have used this facility, it has taken more than 15 days and still the request has not been approved. We have raised the issue with EPFO through our twitter account.

EPFO reply to such concerns is as follows. You can click on you appropriate Zone and get email and contact details of the EPFO.

Source by:-bemoneyaware

Students alert! UGC releases list of 24 fake universities;

The University Grants Commission or UGC has released a list of 24 fake Universities, warning the students to protect themselves from getting fleeced. UGC said that these 24 self-styled institutions are functioning in contravention of the UGC Act and have been declared as fake. This means that none of these universities is entitled to confer any degrees.The list which is now also available on the UGC website www.ugc.ac.in, includes seven institutions from the national capital Delhi. Apart from Delhi, the list has universities from Bihar, Karnataka, Kerala, Maharashtra, West Bengal, Uttar Pradesh, Odisha and Pondicherry.

Here is the state-wise list of fake Universities:

Bihar

1. Maithili University / Vishwavidyalaya, Darbhanga, Bihar.

Delhi

2. Commercial University Ltd., Daryaganj, Delhi.
3. United Nations University, Delhi.
4. Vocational University, Delhi.
5. ADR-Centric Juridical University, ADR House, 8J, Gopala Tower, 25 Rajendra Place, New Delhi – 110 008.
6. Indian Institute of Science and Engineering, New Delhi.
7. Viswakarma Open University for Self-Employment, Rozgar Sewasadan, 672, Sanjay Enclave, Opp. GTK Depot, Delhi-110033.
8. Adhyatmik Vishwavidyalaya (Spiritual University), 351-352, Phase-I, Block-A, Vijay Vihar, Rithala, Rohini, Delhi-110085

Karnataka

9. Badaganvi Sarkar World Open University Education Society, Gokak, Belgaum, Karnataka.

Kerala

10. St. John’s University, Kishanattam, Kerala.

Maharashtra

11. Raja Arabic University, Nagpur, Maharashtra.

West Bengal

12. Indian Institute of Alternative Medicine, Kolkata.
13. Institute of Alternative Medicine and Research,8-A, Diamond Harbour Road, Builtech inn, 2nd Floor, Thakurpurkur, Kolkatta – 700063

Uttar Pradesh

14. Varanaseya Sanskrit Vishwavidyalaya, Varanasi (UP) Jagatpuri, Delhi.
15. Mahila Gram Vidyapith/Vishwavidyalaya, (Women’s University) Prayag, Allahabad, Uttar Pradesh.
16. Gandhi Hindi Vidyapith, Prayag, Allahabad, Uttar Pradesh.
17. National University of Electro Complex Homeopathy, Kanpur, Uttar Pradesh.
18. Netaji Subhash Chandra Bose University (Open University), Achaltal, Aligarh, Uttar Pradesh.
19. Uttar Pradesh Vishwavidyalaya, Kosi Kalan, Mathura, Uttar Pradesh.
20. Maharana Pratap Shiksha Niketan Vishwavidyalaya, Pratapgarh, Uttar Pradesh.
21. Indraprastha Shiksha Parishad, Institutional Area, Khoda, Makanpur, Noida Phase-II, Uttar Pradesh.

Odisha

22. Nababharat Shiksha Parishad, Anupoorna Bhawan, Plot No. 242, Pani Tanki Road, Shaktinagar, Rourkela-769014.
23. North Orissa University of Agriculture & Technology, Odisha.

Puducherry

24. Sree Bodhi Academy of Higher Education, No. 186, Thilaspet, Vazhuthavoor Road, Puducherry-605009

* Bhartiya Shiksha Parishad, Lucknow, UP – the matter is subjudice before the District Judge – Lucknow

About UGC:

The University Grants Commission Act, 1956 under Section 22(1) provides that only a University established by a Central, State/ Provincial Act or an institution deemed to be university under section 3 or an institution especially empowered by an Act of Parliament to confer UGC specified degrees under section 22(3) of the Act. Sub.:- Public Notice on Fake Universities Further, section 23 of the UGC Act prohibits the use of word “University” by any institutions other than a university established as stated above.

 

Source by:-financialexpress

RTGS, NEFT, IMPS: Transaction Limits, Charges And Other Details

internet banking image

At a time when the country is facing cash crunch and ATMs are running dry, the common man is worried and has been reminded of demonetisation days. However, the Reserve Bank of India (RBI) and the government assured the public of no shortage of currency. “Unusually large cash withdrawals” have lead ATMs in some places to run out of cash, the central bank said last week. However, as an alternative, banks provide several modes of transaction, which could come handy in situations like this.

RTGS, NEFT and IMPS are some of the payment systems which facilitate fund transfers.

Here’s all you need to know about RTGS, NEFT and IMPS fund transfers:

Real Time Gross Settlement (RTGS)

According to RBI, RTGS means continuous or real-time settlement of fund transfers individually on an order by order basis, without netting. ‘Real Time’ means the processing of instructions at the time funds are received, rather than at a later time; ‘Gross Settlement’ means the settlement of fund transfer instructions occurs individually, on an instruction by instruction basis. Considering that the funds settlement takes place in the books of RBI, the payments are final and irreversible.

Normally the beneficiary branches are expected to receive the funds in real-time as soon as they are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account within 30 minutes of receiving the fund transfer message.

The RTGS system is basically meant for large -value transactions. The minimum amount to be transferred through RTGS is Rs. 2 lakh. However, there is no upper limit on RTGS transactions.

One can access RTGS services from 9.00 to 16.30 on weekdays and from 9.00 to 14:00 on Saturdays for settlement at the RBI end. However, the timings of banks may vary depending on the customer timings of the bank branches.

The service charges levied by banks for offering funds transfer through RTGS system are:

Inward transactions (credit to beneficiary accounts) – Free, no charge to be levied.

Outward transactions at originating bank branches –

2 lakh to 5 lakh – Rs. 30 per transaction

Above 5 lakh – Rs. 55.00 per transaction

National Electronic Funds Transfer (NEFT)

According to RBI’s website, NEFT is a payment system facilitating one-to-one funds transfer. Under NEFT, one can electronically transfer funds from any bank branch to any individual, firm or corporate, having an account with any other bank branch in the country. Individuals who do not have a bank account can also deposit cash using NEFT. However, such cash remittances are restricted to a maximum of Rs. 50,000 per transaction.

Settlement of fund transfer requests in the NEFT system is done on a half-hourly basis. There are twenty three half-hourly settlement batches which run from 8 am to 7 pm on all working days of the week (except 2nd and 4th Saturday of the month).

The receiver can expect to get the amount for the NEFT transactions within two business hours from the batch in which the transaction was settled.

However, NEFT has no limit – either minimum or maximum – on the amount of funds transferred.

The service charges levied by banks for offering funds transfer through NEFT are:

Inward transactions at destination bank branches (credit to beneficiary accounts) – Free, no charges to be levied.

Outward transactions at originating bank branches (charges applicable for the remitter or sender) –

For transactions up to Rs. 10,000 – Rs. 2.50 (plus GST applicable)

For transactions above Rs. 10,000 up to Rs. 1 lakh – Rs. 5 (plus GST applicable)

For transactions above Rs. 1 lakh and up to Rs. 2 lakh – Rs. 15 (plus GST applicable)

For transactions above Rs. 2 lakh – Rs. 25 (plus GST applicable)

Immediate Payment Service (IMPS)

IMPS is a real-time payment service that one can use throughout the day including holidays. This service is offered by National Payments Corporation of India (NPCI) that offers customers the option of transferring money instantly through banks and RBI-authorised Prepaid Payment Instrument (PPIs) issuers across the country. PPIs are payment instruments that facilitate purchase of goods and services, including financial services, remittance facilities, against the value stored on such instruments.

Unbanked customers can also transfer funds through IMPS by using the services of PPIs, said NPCI on its website.

However, the charges for transfer through IMPS is decided by the individual member banks and PPIs.

Source by:- ndtv

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