Why you need to apply for a new cheque book

Considered to be a major milestone in the history of Indian banking, Cheque Truncation System (CTS) aims to make cheque clearance more efficient and reduce the clearance time of cheques to one day, thereby trimming down the floating time considerably. India processes as many as 1.2 billions cheques annually and therefore, the implementation of this system would drastically cut down the waiting period involved. The system will be implemented nationwide from April 1, 2013.

How does it work?

An online image-based cheque clearing system, the collecting bank branch would deploy scanned images along with the magnetic ink character (MICR) of the cheque which will be sent out electronically using their Capture System, removing the need for physical/manual transfer of cheques. The captured images and the data is then signed and encrypted and sent to the Clearing House or the central processing location and thereafter forwarded to the drawee or paying bank.


This helps speed up the cheque collection process that eventually helps provide better and faster customer service.

Key Features of Cheque Truncation System

• User friendly graphic user interface
• Automated coding and endorsing of cheques
• Encryption of data file before transmission to the clearing house or the service branch
• Employs a unique transaction follower process to confirm the status of cheque
• Improved and efficient settlement and prevention of fraud
• Equipped with enhanced archival procedure that stores images and data facilitating report generation along with future enquiry
• Alerts RMs in case of return of cheque due to insufficient funds

Impact of CTS on Customers

Handling of EMIs with the Introduction of CTS

In cases where customers have issues post-dated cheques (PDC) for payment of monthly installments towards an ongoing loan, they would need to issue fresh cheques to the bank or service provider as per the new directive on CTS by the RBI. The replacement of these cheques needs to be done latest by April 1, 2013 and is applicable on all banks and NBFCs.

Encashment of Old Cheques

Customers may need to surrender their old cheque books or cancel them and show proof of cancellation. No replacement fee will be charged by the bank for issuing new cheque books

Apart from these aspects, the system does not, in any way, affect the way things function for a customer. They would continue using cheques as they do currently; however, cheques that have been altered or modified will not be permissible under the new system. The other precautions that need to be taken while issuing or writing a cheque are:

• Ensure that all details are clear and readable, using black or blue ink
• Write the name of the payee, amount and the date and sign the cheque correctly.
• In case you use seals on the cheque, ensure that they are imprinted in a manner that they do not mask or hide the other important fields of the cheque.

Benefits of CTS for Customers

There are many benefits of the cheque truncation system from the perspective of a customer.

• Clearance cycle gets shortened - As this system is being implemented, the physical or manual movement of cheques for clearance has ceased. With cheques being transmitted electronically, the settlement process becomes quicker, facilitating reduction in the clearance cycle.
• The fear of loss of cheques during transfer from the collecting bank to the drawee or payee bank is eliminated.
• Limitations of the current clearance system with respect to jurisdiction and geography are eradicated. This enables integration and consolidation of several clearing locations across various banks offering different service levels into one standard clearance system applicable throughout the country.
• CTS helps reduce the scope of fraud significantly. Moreover, the electronic transmission is quick and allows early detection of fraud or any alteration with respect to the payee, amount or the issuer of the cheque. CTS prescribe minimum security features under ‘CTS-2010 standards’ along with superior verification process that further facilitates in the reduction of frauds.
• The operational efficiency of both the bank as well as the customer is enhanced with the introduction of this system.

Source: BankBazzar.com

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Andrew Blum: What is the Internet, really?

Watch what you say on social media, say lawyers

To avoid hassles while using the social media network, lawyers say social media users should exercise 'some level of care and caution'.

High court lawyer Jamshed Mistry said, "On a larger social platform, one has to ensure that he/she does not put up content that is blasphemous or abusive in nature.

It is better to err on the side of caution."

He, however, added, "The principle of natural justice demands that a person who has put up a comment on a networking site be allowed to give an explanation for it. You cannot immediately book and arrest a person after a complaint, as it would be short-circuiting the procedure of law."

He said, "If the issue is not handled with care, maybe the time will come when one would need to put up a disclaimer with every post on a networking site."

Lawyer Arfan Sait said, "While Article 19 of the Constitution gives you freedom of speech, it is not absolute and has some limitations."

He said, "While putting up something on a networking site, one needs to have basic civic sense and social sensitivity. Also, youngsters should be given basic training about the Information Technology Act that will help them know what content can land them in trouble."

IPS officer turned lawyer YP Singh said that while on most occasions there is 'abusive discretion' - where a complaint is filed for some ulterior motive - something that cannot be stopped, when it comes to objective discretion, one has to tread carefully while putting up something about a religious community or caste.

"There are issues such as religion, caste or even jokes of a sexual nature that need to be handled carefully. One should refrain from using abusive or filthy words on social forums. Also, care should be taken to not share unfounded information or sexually explicit content," Singh added.

Published by HT Syndication with permission from Hindustan Times.

Source: Yahoo India News

Wish you Happy Diwali - 2012

Jagansindia wishes you a Happy and Safe Diwali...:) Have Great Fun:)

Cure for Dengue - Papaya leaf juice

PASS THIS  INFORMATION TO AS MANY AS YOU CAN, IT MAY SAVE LIVES.
 
 
Dengue Fever Remedy
 
 
I would like to share this interesting discovery from a friend's classmate's son who has just recovered from dengue fever. Apparently, his son was  in the critical stage at the ICU when his blood platelet count drops to 15 after 15 liters of blood transfusion.
 
His father was so worried that he seeks another friend's recommendation and his son was saved. He confessed to me that he gave his son raw juice of
 
the papaya leaves. From a platelet count of 45 after 20 liters of blood transfusion, and after drinking the raw papaya leaf juice, his platelet
 
count jumps instantly to 135. Even the doctors and nurses were surprised.
After the second day he was discharged. So he asked me to pass this good  news around.
 
 
Accordingly it is raw papaya leaves, 2pcs just cleaned and pound and squeeze with filter cloth. You will only get one tablespoon per leaf.. So two  tablespoon per serving once a day. Do not boil or cook or rinse with hot water, it will loose its strength. Only the leafy part and no stem or sap.
It is very bitter and you have to swallow it like "Won Low Kat". But it works.
 
 
*Papaya Juice - Cure for Dengue*
 
 
You may have heard this elsewhere but if not I am glad to inform you that papaya juice is a natural cure for dengue fever. As dengue fever is  rampant now, I think it's good to share this with all.
 
 
A friend of my friend had dengue last year.. It was a very serious situation for her as her platelet count had dropped to 28,000 after 3 days in  hospital and water has started to fill up her lung. She had difficulty in breathing. She was only 32-year old. Doctor says there's no cure for  dengue. We just have to wait for her body immune system to build up resistance against dengue and fight its own battle. She already had 2 blood
 
transfusion and all of us were praying very hard as her platelet continued to drop since the first day she was admitted.
 
Fortunately her mother-in-law heard that papaya juice would help to reduce the fever and got some papaya leaves, pounded them and squeeze the juice  out for her. The next day, her platelet count started to increase, her fever subside. We continued to feed her with papaya juice and she recovered
 
after 3 days!!!
 
 
Amazing but it's true. It's believed one's body would be overheated when one is down with dengue and that also caused the patient to have fever  papaya juice has cooling effect. Thus, it helps to reduce the level of heat in one's body, thus the fever will go away. I found that it's also good  when one is having sore throat or suffering from heat.
 
 
Please spread the news about this as lately there are many dengue cases.
It's great if such natural cure could help to ease the sufferings of  dengue patients.
 
 
Furthermore it's so easily available.
 
Blend them and squeeze the juice! It's simple and miraculously effective!!

How Mobile Will Change Business

In the near future, developers say car apps will be big and Facebook may be the social network of the past.

How do you unseat a Goliath like Facebook? The strategy in a nutshell: Think mobile.

According to a survey conducted by Appcelerator and research firm IDC, more than 66% of mobile developers believe that start-ups have a fighting chance against Facebook--if they go mobile first.

"Developers are highlighting a cautionary note that all businesses should pay attention to: Mobile has the power to reshape entire industries and these changes will be swift," the survey reads. "It is not enough to port elements of your existing business model over to mobile. Staying competitive in the era of mobility requires fundamentally re-envisioning traditional business models through a mobile-first lens."

It's worth noting that there have been some attempts already to chip away at Facebook's dominance via mobile apps: fast-growing social network Path is one, which the survey doesn't mention. But these are still early days. The survey's larger point is that every business--not just those in the social media space--will need to take a mobile-first approach in the coming years.

The report surveyed 5,526 mobile developers from August 22-28, 2012 on their perceptions of the mobile space and its future integration with social media and the cloud. According to Appcelerator and IDC, this report compiles the world's largest mobile developer survey conducted to date.

Respondents also weighed in on future mobile predictions: 84% believe they will be building apps for television by 2015 and 74% of developers say they will be building apps for cars by the same date. Above all, most respondents acknowledged the speed at which mobile development is growing and highlighted its importance in the small business community.

"Mobile provides enterprises with an unprecedented opportunity to transform their relationships and build towards competitive advantage--even faster than was possible when Web technologies emerged," the survey says.

But be warned: Mobile "will also leave a wake of casualties among companies that underestimate the speed of disruption."

Source: Maeghan Ouimet from Inc.com

New 4000-mile bus route will connect Birmingham to Kashmir

Mirpur in Jammu and Kashmir will now be directly linked by road with the United Kingdom through a direct bus service, says a report.

A new 4,000-mile bus route connecting the city Birmingham, will pass through seven countries, including Iran, before finally reaching its destination, also known as 'Little Birmingham'.

Passengers embarking on the epic 12-day journey are likely to be charged 130 pounds for a ticket, the Daily Mirror reports.

The service is definitely a good news for the people of Birmingham, which is home to the world's largest population of Kashmiri expats.

According to the report, security concerns have, however, been raised about the route, which will stop over at Quetta, Pakistan.

Top Taliban commanders are said to be hiding in the volatile city, near the Afghan border.
Source: ANI

Apple iPhone 5 Official Trailer

iPhone 5 Releasing on September 21st 2012!!! Hurray!!! Features and Photos

Get set tech fans, Apple is about to reveal the new iPhone 5.

Rumours across the web suggest this latest version will have a bigger screen, better battery life and be ready for 4G.
It's also thought to have a new dock connector which would mean that old iPhone accessories like docks or speakers won't work on the new version.
The launch is today at about 6pm UK time but the new iPhone probably won't be available in the UK for a few weeks.

The smartphone market is getting pretty crowded, with Samsung, Nokia and Apple all competing to be top of the gadgets.

The tough competition from other companies has put more pressure on the iPhone 5 to wow customers and to bring in more money for the tech giant.

Some people are saying that Apple has lost its edge and is playing safe - so it seems tonight's launch will need to be pretty impressive to make an impact.

Source: BBC 

Images courtesy: iMore.com

The new iPhone will be made entirely of glass and aluminum, said Apple's marketing chief Phil Schiller. iPhone 5 will be 18% thinner than its previous model Apple iPhone 4S.

"iPhone 5 is the world's thinnest smartphone," Schiller said. It is also 20% lighter than iPhone 4S. The iPhone 5 sports a larger 4-inch "retina" display, ability to surf a high-speed 4G LTE network. Apple iPhone 5 features a retina display and the screen will have a 1136 x 640 screen resolution, with a 16:9 aspect ratio.

According to Schiller, the iPhone 5 has a better battery life than 4S. While like iPhone 4S, it features an 8 MP camera, it is 25 per cent smaller. iPhone 5 will run on a quad-core Cortex A6 processor. Apple claims that the processor makes the device twice as fast as its predecessor.

iPhone 5 will run on Apple's new operating software iOS 6. The audio system has also been updated to include three microphones.

The event began with Apple's CEO Tim Cook taking centre stage. "We've got some really cool stuff to show you," he said. Cook said that Apple has sold 7 million iPads in the last quarter, which he claimed is more than any PC manufacturer. He also said that Apple customers have already downloaded 7 million copies of Mountain Lion.

Cook announced the opening of an Apple store in the 13th country on Friday. Cook told the audience at the Yerba Buena Centre in San Francisco that its apps store now has more than 700,000 on tap - the industry's largest library.

Apple also is making a lot of headway in a corporate market that has been dominated by struggling Canadian smartphone maker Research in Motion. Cook said almost every Fortune 500 companies was testing or using its iPhones and iPads.

Globally, Samsung leads the smartphone market with a 32.6 percent share followed by Apple with 17 percent, according to market research firm IDC. Both saw shipments rise compared to a year ago, with Samsung riding its flagship Galaxy S III phone.

The iPhone 5 will hitch a ride on the three largest US carriers - Verizon Wireless, AT&T Inc, and Sprint , marketing chief Phil Schiller told a packed auditorium at the Yerba Buena Center in San Francisco. The iPhone 5 is actually the sixth iPhone model. Apple's debut of its redesigned iPhone will test anew its high-stakes strategy of once-a-year upgrades for a product that accounts for about 70% of the company's profits. Almost one year removed from the death of Apple co-founder Steve Jobs, the newest iPhone faces a growing army of competitors looking to grab a piece of a smartphone market.

iPhone sales also are what investors watch the most closely. At 1:40 PM, Eastern Time, Apple shares were up 0.55% at $664.21. 

Source: Economic Times 

NASA | Magnificent Eruption in Full HD

Samsung unveils world's first Windows 8 phone - Latest Gallery and Photos

The announcement at a Berlin electronics show comes amid expectations that smartphone makers may turn increasingly to Windows devices after a US jury decided many of Samsung's Google Android-based phones infringed Apple Inc patents.

Samsung's Windows-based smartphone, introduced on Wednesday, marks the first in a 'big lineup of new hardware' from the South Korean company based on Microsoft's software, Microsoft executive Ben Rudolph said.

Images courtesy: Yahoo India News

Windows 8 spurs new touchscreen hybrid PC designs

PC-makers are showing off a range of new computers aimed at convincing users to upgrade after Windows 8 is released.

Microsoft's operating system features a touchscreen interface prompting manufacturers to restyle their laptops.

HP, Toshiba, Dell, Asus and Lenovo are among those showing off new products.

Efforts are split between models in which keyboards detach from screens, ones in which the keys remain attached but can be hidden behind displays, and traditional fixed clamshell designs.

The hybrid tablet/laptop concept had been championed by Intel at the Consumer Electronics Show earlier this year.

Apple - which makes the bestselling tablet on the market - later suggested that mixing the different types of computer together risked a situation in which "you wind up compromising in both and not pleasing either user".

But some analysts say Windows 8 is specifically designed to work in both modes, so the designs may make sense. The operating system has been scheduled for release on 26 October.

Read more at BBC News Click Here