BANK PROMOTION EXAMS - RAPID READING EXERCISE – PART:: 11

RAPID READING  EXERCISE – PART:: 11

CIVIL PROCEDURE CODE

01.  Summons are to be issued to defendants:  within 30 days from the date of filing suit

02.  Written statement has to be filed by the defendants within – 30 days of service of the summons which can be extended to 90 days by the court

03.  Time fixed for any act under the code can be extended not exceeding – 30 days in total

04.  The plaintiff has to produce documents and pay requisite fee within – seven days of orders of the court

05.  If the summons are returned plaintiff has to apply for a fresh summons – within seven days of return failing which suit shall be dismissed

06.  Adjournments will not be granted for more than – three times during the hearing of suit

07.  Summons can be served by Private Courier-  approved by High court/district court or through email, fax registered post-ack due

08.  No appeal can be filed other question of law – if the suit amount does not exceed Rs. 10000.00

09.  No second appeal can be filed from the decree of money suit if the amount – does not exceed Rs. 25000.00

10.  No arrest of Judgment debtor can be made if decree amount – does not exceed Rs. 2000.00

11.  No arrest of judgment debtor in a civil suit can be made -  irrespective of the amount if she is a lady

12.  If the decreed amount exceeds Rs. 2000.00  - but does not exceed Rs. 5000.00 arrest can be made for a period not exceeding six weeks

13.  If the decreed amount exceeds Rs. 5000.00 – arrest can be made for a period not exceeding three months

14.  Fine for non-compliance of summons -  is Rs. 5000.00

15.  In execution of decree by civil court  - basic things like cooking  vessels. Clothers, personal ornaments as per religious use , tools for making livelihood, family pension, gratuity wages of labourers, dwelling house wages of labourers etc cannot be attached

16.  In execution of decree by civil court – if the house is mortgaged it can enforced

17.  In execution of decree by civil court – the salary to the extent of first Rs. 1000.00 and 2/3 of remainder cannot be attached

CONSUMER PROTECTION ACT- 1986(COPRA)

18.  Deficiency means -  any fault, imperfection, shortcoming in quality/nature/manner of service

19.  Complaint has to be filed -  within two years from the cause of action

20.  District forum – claims upto Rs. 20 lakhs

21.  State commission – claims of above Rs. 20 lakhs upto Rs. 1 crore

22.  National commission – claims of above Rs. 1 crore

23.  Bank has to file its version – within 30 days of notice

24.  Non compliance of orders of forum will attract – a fine of upto Rs. 10000.00 or imprisonment of three years or both

25.  Appeal to be filed against orders of District Forum in State forum – after depositing 50% of amount granted by State Forum or Rs. 35000 whichever is less

26.  Appeal against the orders of National Forum – can be filed before Supreme Court after depositing 50% of decreed amount by the National Commission or Rs. 50000 whichever is less

27.  Limitation for filing of appeals – 30 days from the orders

BANKIING OMBUDSMAN SCHEME

28.  In order to proceed under the scheme – the customer has to first write to the bank

29.  If the bank has not replied within one month or rejected the complaint or if the reply of the bank is not satisfactory to the customer – then he can prefer complaint with the banking ombudsman

30.  Limitation for filing Complaint is  - one year from the date  of reply from the bank

31.  When no reply is received from the bank  - then one year and one month from the date of complaint

32.  The award by Banking Ombudsman would be  - actual amount of loss or Rs. 10 lakhs whichever is less

33.  Bank has to settle complaint – within one month of receipt of the same

34.  Bank has to honour award  - within one month from the date of acceptance of award by the complainant

35.  Any person aggrieved by the award – may prefer an appeal within 30 days before the appellate authority (RBI Deputy Governor)

36.  In case the bank has to file appeal – they have to obtain permission of Chairman and Managing Director and in his absence permission of Executive Director for preferring appeal

HRD MEASURES OF THE BANK

37.  Study circle – is a forum to expand the knowledge horizon of employees and it helps employees know various information through persons skilled in those areas

38.  Brainstorming sessions – it is a forum to obtain feedback and elicit ideas/views/suggestions on relevant topics through discussions it instills thinking process

39.  Circle Management Board – To formally review all aspects of Circle/s functioning and determine ways and means to improve the working and to monitor the level of implementation of various ideas, schemes, programmes etc.

40.  Employees’ suggestion scheme – It is a scheme through which various suggestions are obtained from all sections of employees. Suggestions are obtained in regard to changes/modifications in procedures/systems of our bank

41.  Branch visits/interface – To review and monitor the branch’s functioning and to guide the personnel in all matters

42.  Training – To induct the employees, develop skills, impart knowledge on functional and behavioural areas and to develop potentiality and personality of the individual

43.  Quality Circle – It is a voluntary group of employees working in the same work area coming together to solve work related problems

44.  Employees Recognition Scheme – All employees are motivated to take part in various developmental activities like deposit mobilization, recovery, clientele build up and they are awarded for their contributions by enrolling them in various clubs like Chairman’s Club, ED’s Club and GM’s club etc

45.  Staff Meeting – To foster team building and to provide a forum for individual development. Corporate objectives can be propagated and the talents of employees can be recognized. It promotes a two way communication and is an useful tool for improvement in work culture

46.  Entry interview – To introduce the details of history and culture of the bank to the new entrant and to make the new entrant comfortable to the new atmosphere

47.  Exit interview – To get a free and frank feedback from the person leaving the organization and to bid a warm farewell to the outgoing employee

FOREX – AT A GLANCE

48.  FEMA 1999 – came into effect from 01.06.1999

49.  Schedule I – prohibited “TXN”

50.  Schedule II – Central Government permission required

51.  Schedule III – deals with purpose, limits where RBI permission is required in cases like – gifts exceeding USD 5000; donations exceeding USD 5000; Private visits exceeding USD 10000 per financial year; private visits exceeding USD 25000 per occasion

52.  Release of forex upto USdollar 1 lakh – for medical treatment

53.  Education, emigration and employment – mere documentary proof exchange can be released

54.  For beyond documentary proof for release of forex – RBI permission is required

55.  LRS -  Liberalised Remittance Scheme for individuals

56.  Individuals can remit – Usdollar 2 lakhs per financial year

57.  Individuals can conduct – any permissible current account and capital transact tions

58.  Who can open LRS ? – a banker can allow any customer who has completed one year of satisfactory dealings can open(provision of PAN is a must)

59.  Each individual in a family – can individually enjoy the limits indicated

60.  NRIs – any person residing abroad for more than 182 days during the preceeding financial year; any person going abroad for gainful employment or circumstances indicating indefinite period of stay abroad; wife accompanying Non Resident Indian abroad is also treated as NRI; Officials deputed to Embassies, UNESCO etc; Indian students going abroad for studies abroad whether he earns or not

61.  Persons of Indian Origin – Foreign Nationals whose parentage can be traced back to India; parents or grant parents holding Indian passport or citizen of India

62.  Foreign tourists visiting India – can open Non Resident Ordinary account for six months period

63.  RBI permission is required – to retain the account beyond six months period

64.  Foreign Nationals visiting India with work permits for studies, for business and their spouse accompanying them to say in India – can open domestic savings bank accounts and KYC has to be satisfied

65.  For students – certificate from educational institution is a must

66.  For opening accounts of Nationals belonging to Pakistan, Bangladesh – RBI permission is required

67.  Foreign nationals of Foreign Origin – are eligible to open NRO account

68.  QA 22 account – discontinued

69.  Foreign entities can also open – NRO account

70.  TDS in NRO account – normally 30%; educational cess: 3%

71.  Interest income can be repatriated  - subject to payment of income tax

72.  Repatriation upto USdollar 1 million per financial year – for all bonafide purposes subject to documentary proof

73.  NRO – casual overdrawings: No limit/no ceiling as per FEMA – as per discretion of the bank

NON RESIDENT EXTERNAL ACCOUNT

74.  TDS – not applicable to NRE account ( no tax liability on income earned through interest)

75.  Joint accounts – NRI along with NRO not permitted

76.  NRE account – letter of authority can be issued to NRO

77.  Letter of authority holder – only for local payments

78.  Power of attorney holder in NRE account – apart from local payments investment is also permitted

79.  Loans to power of attorney holder – permitted with specific provision and independent permission is required

80.  Power of attorney holder – cannot open/close the account

81.  Transfer from NRE to NRE account – permitted freely if depositor himself gives instructions

82.  NRE TOD – Rs. 50000/- as per FEMA guidelines

83.  NRO TOD – No limit

84.  NRE term deposit – LIBOR SWAP rate prevailing on last day of the month applicable to USD for the corresponding maturity plus 175% basis points

85.  FEDAI displays the rate  - in their website

FCNR(B)

86.  LIBOR – swap rate prevailing on last day of the month applicable to respective currency for corresponding period plus 100 basis points

87.  Banks are generally permitted to open accounts in – US dollars,GBP, Euro, AUD, CAD, YEN

88.  FCNR (B) accounts not opened in – Yen in Canara Bank

89.  FCNR FDR – minimum one year

90.  FCNR KDR – minimum one year + one day

91.  FCNR FDR – Interest payable at the time of maturity if accepted for a minimum one year

92.  If interest is to be paid before maturity date like monthly/quarterly interest etc – minimum period is one year + one day

93.  No interest is payable – if closed before one year

94.  Joint deposits – If one party dies and the account is closed, no penalty is levied

95.  Latest guidelines – party is closing FCNR account before maturity in US dollar; but want to invest in EURO, then penalty will be 0.5%(however normally penalty is 1%)

96.  Loan against NRE deposit – maximum loan NRE/FCNR:Rs. 20 lakhs only irrespective of number of deposits held by the depositor

97.  Opening of account in third currency – is permitted

98.  Loan is granted – in native currency (say rupee)

99.  Interest on loan if it is remitted in Indian rupees – BPLR minus 3.5%

100.Loan in Indian Rupees – not to be credited to NRE account and only to NRO account and loan in foreign currency amount can be credited to NRE account or repatriated – however, closure of loan account from NRE account or adjustment of deposits