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9814915812

(Ashok Goyal – Retd Chief Manager PNB)

CIBIL Consultants 448 Dalima Vihar Near Lakshmi Narain Mandir Rajpura 140401 Punjab.

Aadhar Enrollment, Updation and Print, Voter ID Print and Updation, Passport Appointments, Deposit and Withdrawals from Banks, SBI – CSP Services, Money Transfer Western Union, Ria and Transfast, PAN Cards, DigiLockers, Astrology, Utility Bills, Railway and Cheap Air Tickets, Pension Payments, Life Certificates.

samadhankender@gmail.com

9316077749 (Navneet Sood) and 9914540600 (Vipan Gupta)

Samadhan Kender, Patiala Road, Near Bikaner Mishtan Bhandar, Rajpura 140401 Punjab.

Friday, November 25, 2016

Exchange 500 and 1000 notes at Samadhan Kender

Exchange 500 and 1000 notes at Samadhan Kender 

Government of India vide its notification on exchange of old currency notes of 500 and 1000 rupees stopped the exchange facility throughout India. But Samadhan Kender is encouraging the public in general to deposit old currency notes of Rs.500 and Rs.1000 and get back the new currency immediately in denomination of Rs.500, Rs.100, Rs.50, Rs.20 or Rs.10 as per availability. Public can visit the Samadhan Kender along with the following documents:
  • Customer should tell the name of the Bank with which he or she is maintaining the Bank Account which is properly linked with either Aadhaar Card or PAN Card.
  • Customer should bring the original Aadhaar Card.
  • Customers can deposit the old currency notes of any denomination in their account maintained with Indian Commercial Bank up to limit of Rs.2500 per day per account per customer.
  • Customers can also withdraw any amount up to Rs.2500 per day per customer per account subject to weekly ceiling of Rs.24000 from such accounts.
  • Through the above process the customers can virtually exchange their old currency of Rs.500 and Rs.1000 up to weekly ceiling of Rs.24000 subject to availability of cash at State Bank of India - Customer Service Point being run at Samadhan Kender through Aadhaar Enabled Payment System popularly known as AEPS.

Thursday, November 10, 2016

Income Tax Deptt Keeping Vigil on Cash Txns!

Do you know that IT Department is monitoring Cash Transactions?

With the demonetization of 500 and 1000 rupee notes, the Prime Minister, Narender Modi has given a hard blow to the corrupt and hoarders of black money. But demonetization alone is not the solution to curb corrupt practices and black money as people again find ways and means to evolve escape routes to befool the Income Tax authorities. To get rid of black money and corrupt practices, the government not only needs to be vigilant 24x7x365 but also make provisions for harsh penalities like imprisonment so that no one can think of corrupt practices and everybody is forced to be honest in dealings. While I will be discussing a few suggessions to take steps so that now onwards there is no creation of fresh black money. As of now the IT authorities appear to have taken step to keep vigil on cash txns through income tax website. New Menu with "Accounts with Cash Transaction" has been added in the Income Tax efiling and all your cash Transactions in Accounts with valid PAN Number will be visible in the menu.

Suggessions to Curb Black Money:
  • There is no system that doctors give digitalized receipt for the treatment and prescription given to the patients. Government should make it compulsory to register the patients online through Aadhaar ID and accept payments only through Digital Platforms.
  • Similar guidelines should also apply to Lawyers, Architects, Contractors and there should be complete ban on acceptance of Cash Payments by professionals.
  • Biggest source of black money is real estate and registrars enable the transfer of property at lower price whereas the actual deal is many times the transfer price. This facilitation not only causes loss of stamp duty to the state governments but is the biggest source of corruption as facilitators i.e. registrars, tehsildars and the connencted people get their share from the beneficiaries i.e. sellers and purchasers. Let the Government devise ways and means to plug the loopholes in the system.
  • The law enforcing machineries must set an example for the public in general and they should not find favors to favor the law breakers. In this category all vigiliance authorities like Income Tax, Police, CBI, Licensing Authorities, Jail Authorities, Judiciary must set an example before the public and they must command respect from the public by leading clean and public friendly life.
  • Politicians should be easily approachable by the electorate and they should maintain grievances registers to follow up the grievance redressal mechanism of the concerned department.
  • Harsh law need to be formulated so that anyone is to think twice before resorting to corrupt practices or commiting any economic offense.
  • If economic offences are brought to "Zero Tolrence" level then there will be big fall in other crimes and economic offences lead to money power translating into muscle power and crimes against the society.
  • Government should bring down the rates of taxations so that more and more people opt to pay taxes happily. Government will have to take risk by making a start. 
  • Agriculture is not taxable where as defence forces salay is taxable as a common man. Government must abolish the taxation immunity to the agriculture sector as big bigs park their black money in agricultural sector. Government can, if it wants to, keep the small and marginal farmers out of tax bracket.
  • All those entities, individuals or legal entities, who make cash transactions to befool the revenue authorities, should be heavily taxed in such a way that they are not able to create black money through cash transactions.

Wednesday, November 9, 2016

Cash Transactions at Samadhan Kender

Due to demonetization of 1000 and 500 rupee notes by Government of India, following services at Samadhan Kender will get disrupted:

1. Payment to Pensioners through Apna Dhan: Payment to pensioners will be limited to Rs.1000 per pensioner after the banks start making payments without any restrictions. However in case such payments are to be deposited with us for credit of some other account then there will no restriction on payments as per extant guidelines.

2. Payment through Western Union and Transfast: Payments even up to less than Rs50000-00 will also be made only through account payee cheques till normal cash payments without restrictions are restored in banks.

3.  CSP of State Bank of India: CSP is not allowed to accept old currency notes of Rs.500 and Rs.1000 from the customers. However, normal deposits will be accepted in denomination of Rs.100, 50, 20 and 10. New currency notes of Rs.500 and Rs.2000 will also be accepted.

4.  Working Hours: Samadhan Kender remains open on all week days including Saturdays and Sundays from 10 AM to 7 PM which will now be extended up to 8 PM.

Inconvenience is sincerely regretted. Please bear with us...

Tuesday, November 8, 2016

How to get Unique KYC ID at CERSAI

Now every financial institution and banks have been asked to complete the KYC of all the existing accounts. Banks and financial institutions have been asked to register the KYC details of the customers with Central Registry to general the unique CKYC registration number so that deduplication process is completed by December 31, 2016. Only Banks and Financial institutions have been allowed the Login facility by the Central Registry. In my opinion, if this login facility, is allowed to individuals and entities then they could generate the 14 digit CKYC number themselves. 

How to complete the De-duplication:

The GOI through Central KYC Registry at CERSAI can provide a suitable platform to the individual and legal entities to link all their financial products like bank accounts, loans, mutual funds, Demat accounts, Investment portfolios with the CKYC Number generated by themselves in a highly secured and protected platform to be provided by Central Registry. This process can be used to:
  • Auto filling of the 14 digit CKYC Number in all the accounts and financial products linked to the CKYC Number.
  • In case any account or financial product does not get linked to this Unique CKYC ID then the account holder can submit the 14 digit CKYC Number to the bank or financial institution so that there is no duplication.
  • In my opinion to achieve the de-duplication process of KYC and to generated Unique CKYC ID or Uniform Customer Identification Code (UCIC).
  • Moreover, this is an ongoing process and it has no scope for any laxity by individual or banks and financial institutions.
  • Let the banks and financial institutions should not allow opening of accounts without unique CKYC numbers for new financial products and existing financial products may be frozen till the implementation of CKYC whole-heartedly.
  • In respect of accounts of deceased, missing, insane, hospitalized and in a semi-conscious stage the accounts must be frozen and operations allowed after adopting the legal procedures.
  • Important of all, banks and financial institutions should also not allow even credits and deposits in accounts where 14 digit CKYC numbers are not fed to club all the accounts of specific individuals.
  • 14 digit CKYC number should also be made compulsory for accepting deposits by corporates, limited companies, and partnership firms. The balance sheets of sole prop firms, partnership firms, limited companies, trusts, and societies must indicate the 14 digit CKYC numbers of owners, partners, directors, trustees, unsecured or secured depositors and every inter-account transfer should move withing entities or individuals with 14 digit CKYC holders.

Cash Back is Black Corruption?

Can Cash Back schemes create black money and encourage corruption?

Cash Back ! Cash Back ! Cash Back !  Today everybody is attracted towards cash back and looks for goods and services offering Cash Back. For example, if any Government of Corporate employee is to travel from New Delhi, the smoke capital of the world, to Bengaluru then he or she will just surf for the costliest tickets offering highest cash back as the cost of the ticket is borne by the employers and cash back is pocketed by the employees. Now I am just thinking of Cash Backs which can be seen in many contexts like:

Source of Legalised Corruption: Cash Back is a source of legalised corruption as cash backs are designed to suit the requirements of the corrupt officials. The corrupt officials are asked to create their personal wallet account with merchants selling the goods or services. Cash back is ploughed back in such wallets whereas the cost of goods and services bought through such wallets are borne by the Government or Corporate sectors. For example, if anyone is buying an ordinary air ticket of Rs.3000 at a higher cost of Rs.5000 then the airline may not only offer cash back of Rs.2000 but also allow complementary food during the stay. Don't  you smell something fishy in the transaction? Yes, it is a direct greasing of the palm by offering lucrative cash back. Higher the cash back, more the chances to attract the greedy individuals, who treat the whole transaction as an honest deal.

Creation of Black Money: Such cash backs are source of undisclosed income or say black money in the hands of reciepants of Cash Back. These cash backs are neither taxable nor added under the head "Income from other Surces". Even if cash backs is received by genuine marketers, the cash back can not be termed as "Discount" as discounts are deducted from the bills. Take the case of reimbursable medical bills paid by the genuine patients. Cash Back received by patients is source of black money which is never disclosed in IT Returns.

Miscl Cash Backs: Payment Gateways like Freecharge and PayTM allow cash backs on funding the accounts by individuals. For example, freecharge offers me 5% cash on funding my freecharge account with a maximum of Rs.50-00. I deposit Rs.1000 on 1st of every month in my freecharge wallet and get income tax free credit of Rs.50-00 in my freecharge wallet and when I use this balance to pay my bills I get another cash back, ranging from 2% to 10%, and that too exempted from income tax.

What is your opinion about Cash Backs offered by merchants selling goods and service? Are they tempting the honest tax payers to violate tax laws knowingly or unknowingly.

Monday, November 7, 2016

What is CKYC and UCIC for Financial Products?

What is CKYC Number registered with CERSAI:

CKYC is the unified 14 digit KYC Number so as to deduplicate the multiple KYC or eKYC numbers allotted to any individual. Central KYC Registry is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity. As per Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, Rule 9 (I) (1A), every reporting entity shall within three days after the commencement of an account-based relationship with a client, file the electronic copy of the client’s KYC records with the Central KYC Registry. 

There are three account types in the Central KYC form – Normal, Simplified and Small.
The account type can be gauged from the nomenclature of CKYC identifier issued to the customer.
  1. For Normal Account, any of six officially valid documents (PAN, AADHAAR, Voter ID, Passport, Driving licence, NREGA Job Card) can be submitted for the ID of the customer.
  2. For Simplified Measures Account, there are additional OVDs that are allowed as per RBI circular RBI/2015-16/42 dated July 1, 2015 - Point no. 2.3(i) & (ii) and point 3.2.2 I.A (iv) & (v). The KYC identifier for Simplified Measures Account will have a prefix “L”.
  3. For Small Account types, only personal details and photograph duly certified by the customer are required to be submitted. The KYC identifier for Small Account will have a prefix “S”.
Author's Opinion : The implementation of Unique Customer Indentification Code (UCIC) of RBI and now guidelines about CKYC Registry appear to be a distant dream to check the financial and other crimes. Had the GOI formulated policy about issuance of two types of SIM Card that Minor SIM Cards and Major Sim Card before allowing the Reliance JIO to lauch its JIO SIM without going into the reprecussions of its misuse.

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