Daily Archives: August 11, 2015

FAQs ON XBRL

By | August 11, 2015

 FAQs ON XBRL  1. What is XBRL? XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those… Read More »

KNOW YOUR CUSTOMER GUIDELINES

By | August 11, 2015

KNOW YOUR CUSTOMER GUIDELINES  KNOW YOUR CUSTOMER GUIDELINES (updated up to December 22, 2014) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines. For further details, please refer to the links which are provided below.) Q 1. What is KYC? Why is it required? Response: KYC means… Read More »

INDIAN CURRENCY QUESTIONS AND ANSWERS

By | August 11, 2015

INDIAN CURRENCY (A) Some Basics History of Coins / currency:   I.  Coins II.  Currency: What is the Indian currency called? What are the present denominations of banknotes in India? Can banknotes and coins be issued only in these denominations? Demonetization of higher denomination banknotes. What are the present available denominations of coins in India?… Read More »

US DOLLAR CHEQUE COLLECTION QUESTIONS AND ANSWERS

By | August 11, 2015

US DOLLAR CHEQUE COLLECTION  One of the services rendered by banks as part of their normal banking operations is collection of cheques deposited by their customers, some of which could also be drawn or payable on banks that are outside the country. Such cheques are called foreign currency cheques and, presently, a significant part of… Read More »

SPEED CLEARING Questions and Answers

By | August 11, 2015

SPEED CLEARING (UPDATED AS ON 5-2-2013) Question 1. What is Speed Clearing ? Answer Speed Clearing refers to collection of outstation cheques (a cheque drawn on non-local bank branch) through the local clearing. It facilitates collection of cheques drawn on outstation core-banking-enabled branches of banks, if they have a net-worked branch locally. Question 2. Why… Read More »

INDO NEPAL REMITTANCE FACILITY

By | August 11, 2015

INDO NEPAL REMITTANCE FACILITY SCHEME Q.1. What are the salient features of Indo Nepal Remittance Facility Scheme? Ans : Indo-Nepal Remittance Facility is a cross-border remittance scheme to transfer funds from India to Nepal, enabled under the NEFT Scheme. The scheme was launched to provide a safe and cost-efficient avenue to migrant Nepalese workers in… Read More »

ECS Electronic Clearing Service Questions and Answers

By | August 11, 2015

ELECTRONIC CLEARING SERVICE (ECS) (UPDATED AS ON 12-11-2012) Q.1. What is Electronic Clearing Service (ECS)? Ans : ECS is an electronic mode of payment/receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk… Read More »

Cheques Questions and Answes

By | August 11, 2015

COLLECTION OF INSTRUMENTS 1. What happens if there are delays in cheque clearing? Local Cheques Local cheques are payable within the jurisdiction of the clearing house and will be presented through the clearing system prevailing at the centre. Credit arising out of local cheques shall be given to the customer’s account at the next day… Read More »

NEFT Questions and Answers

By | August 11, 2015

NEFT SYSTEMS Q.1. What is NEFT? Ans: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates 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 participating in… Read More »

RTGS Questions and Answers

By | August 11, 2015

RTGS SYSTEM Q1. What is RTGS System? Ans. The acronym ‘ RTGS ‘ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than… Read More »

ATM Questions and Answers

By | August 11, 2015

ATM’S  Q. 1. What is an Automated Teller Machine ( ATM )? Ans1. Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch. Q.2. What… Read More »

Ind AS 1 (Indian Accounting Standard )

By | August 11, 2015

COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standards (Ind AS)     Presentation of Financial Statements (Ind AS 1) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type… Read More »