Saturday 27 August 2011

Central Govt. plans to introduce Rs.10 - plastic notes

The government of India said it has decided to introduce 100 crore polymer bank notes in denomination of Rs 10 on trial basis.

It will be on field trial basis at five locations in the country, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
"A final decision will be taken depending on the results of the field trial," he said.
The Reserve Bank had floated a global tender for introduction of 100 crore plastic currency in 2009.
The polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.
Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam

Follow your passion

Don't give in to social pressure and marketing tricks; pursue the career that you like best.
Though it is a slow turning tide, the mad rush for engineering and medical seats is declining. Many who were interested in the arts, humanities and commerce were forced into science streams once they completed Std X, or by then were irrecoverably convinced that the ultimate aim in their lives is to be an engineer or doctor.
Then came the MBA boom, do any U.G. course— Bio-technology, Computer Science, Mass Communication, Engineering—it doesn't really matter, but after that an MBA in ‘something' is sure to raise your ‘value in the job market'. These trends have made education a strategy to top the pay roll and the interests and aptitude of the students are not given a thought.
Not just a job
Passing the exams and getting a job in these fields might be easy, but many find it difficult to continue in the field. The increasing number of engineering, MBBS and MBA graduates, choosing professions like photography, writing, journalism and designing, is a proof for this.
“Basically the prestige and financial security attracts many to courses like engineering. Very few take it up with real interest and rarely do they enter jobs in their field of specialisation; most of them end up in the IT field. I was not interested in the job and so quit it after a year,” says an engineering graduate who took up journalism as his profession.
Those who decide to follow their passion and dare to tread the less travelled paths mostly go through a tough time convincing their parents, friends and relatives. Nandhana V., 25-year-old photographer and editor, says, “My father and older sister asked me to go for Chartered Accountancy because they thought it has good scope for a girl. You don't have to run around, but sit at a place and clients will come to you. So I joined CA. But listening to my lecturers talk about money all the time and, thinking about their lives, I decided that I don't want to become like them. I wanted to do something through which I could express my creativity and not just have money and accounts in my life. Actually what my dad decided is good in terms of comfort and economic security, but my heart was not in that. When I explained this and discontinued the course, my parents understood and supported me.”
Support from parents and friends is an important factor. Arun Kumar, a 23-year-old Assistant Film Editor, says, “I feel lucky to have such free-to-go parents. They let me go ahead with my decision to study Visual Communication and helped me in getting more information about the course. My brother also lent a helping hand. My friends in school thought that I had gone crazy. Few relatives still ask me, “We still don't get this... why did you chose this field?” Popular opinion and peer pressure also influence students to go for the most preferred courses. “One of my friends decided to do MBA because many of her friends were doing it and she thought it is cool and prestigious,” says Nanthana.
Wrong attitude
The general attitude towards pure science, arts and humanities is still not very encouraging. According to Nirmal Roy, a research scholar in Economics, there are many misconceptions about streams like economics, people are not aware of the opportunities, especially in rural areas. Even though many are interested in the field, for many reasons including pressure from parents, they opt for other courses. With a post graduation in economics you could find well-paid jobs like financial analysts, academicians, risk managers, research and data collection. If you get into research it will open up more opportunities. Many people don't know that there are places that offer fellowships in economics even at M.A level. But, now people prefer to get into jobs soon and no one has the patience to do P.G. and continue research.
Shashikala, a psychology teacher, says that not many people prefer this field, especially we could find very few boys taking up this course. “There is a misconception that the course is very simple and it's just common sense. Though it is not a lucrative field you could find a job as counsellor, teacher, or choose to train under a mentor and later open a clinic of your own. Many specialise in Psychometric study, a trend that is catching up now. Some people prefer to go for social work after this which will give them more job opportunities.”
Choose right
It is true that there are a number of innovative and unconventional courses available now, but a good understanding of the field and opportunities available is essential before opting for them.
There are many courses that are marketed as upcoming and lucrative, but after completing the courses the students are at a loss when they realise that there are very little opportunities in the field or the pay is way below their expectation.
Jinshad who has done a course in Lift Technology and Safety Engineering said that he had to resign because of financial problems. “Though, a few manage to find good jobs, there are very few options in the field and the pay is not as expected,” he said.
V.Uma who has completed a Diploma in Chemical Engineering says that very few girls had opted for the course, but she decided to pursue it. After completing the course she realised that most companies were not willing to take women candidates in the field and working in dyeing units and cement factories is hazardous to the health as well
V.S.Arun Kumar, Assistant Film editor
On field: It is an open field. Film making deals with lot of creativity, whereas film editing requires technical knowledge as well. There is no proper working time, sometimes we spend days sitting inside the editing suite. You have to put in a lot of hard work. And the worst deal is the pay; it will be very less in the beginning. You have to keep an open mind towards work. I worked for a movie, but wasn't paid a penny. But while joining itself they had told me not to expect any salary for a year or two. This is how the industry works. So you should make up your mind before entering this filed. Tough life guaranteed. People are slowly getting to know about opportunities in the field, the competition is high now and only the best can survive.
Where to study: There are many private institutes that offer editing courses. There are many film schools in our country like FTII Pune, L.V.Prasad Film and Television Academy, Chennai, Whistling Woods International and Tharamani MGR Film Institute, Chennai.
What I've learnt: One thing that I have learnt being in the filed is wherever you study, all that matters is your portfolio. Even if you don't go to any film school, but have a nice portfolio then you will be soon assisting somebody. The percentage of marks scored is the last thing they consider. Good communication skills, out of the box thinking and knowledge about the work are the basic requirements. Internship is also one very important factor in shaping your career. There are film editors, ad agencies, production houses, PR firms that offer internships.
Hari Narayanan, B.FA. Professional Photography, Brooks University, California
My decision: Photography has always been my passion. I was looking for good courses in photography, and Light and Life Academy(LLA), Ooty, looked interesting, but then they had only one year courses. I didn't want to learn just the basics but to do an intense course to master the art of photography, so, the next option was the Brooks Institute, where Iqbal Mohamed, Atul Kasbekar, Dilip Bhatia and many other famous photographers in India had gone to.
Where to study: The best course in India is LLA's one year photography programme. They have the finest range of experienced faculty.
Rare choices
Design: Graduate Diploma Programme in Design (GDPD) in National Institute of Design (http://www.nid.edu/) offered in:
Industrial Design: Product Design, Furniture & Interior Design, Ceramic & Glass Design
Communication Design: Graphic Design, Animation Film Design, Film & Video Communication, Exhibition (Spatial) Design.
Textile, Apparel And Lifestyle Design: Textile Design
Post-Graduate Diploma Programme In Design: 17 design programmes including Animation Film Design, Film & Video Communication and Transportation & Automobile Design.
Theatre: National School of Drama(http://nsd.gov.in/) : Three-year full-time Diploma Course for entrants intending to make theatre their profession.
Dr. Babasaheb Ambedkar Marathwada University, University of Mysore; Faculty of Fine Arts, Rabindra Bharati University;University of Rajasthan, Gandhi Nagar, Jaipur; Sambalpur University, Jyoti Vihar, Burla; Faculty of Performing Arts, M.S. University of Baroda, Vadodara; Pondicherry University, Kalapet, Pondicherry; Osmania University, Hyderabad; National School of Drama, Bahawalpur; Bhartendu Academy of Dramatic Arts (autonomous Training Institute, Deptt. of Culture) Satyajit Ray Film & Television Institute.
Archaeology and heritage: Master in Archaeology and Heritage Management, Master in Conservation, Preservation and Heritage Management and P. G. Diploma in Conservation, Preservation and Heritage Management at the Delhi Institute of Heritage Research and Management (http://dihrm.delhigovt.nic.in/).
Environmental Science : Pune University, Jawaharal Nehru University, Delhi; Anna University, Guindy; University of Madras, Chennai; Tamil Nadu GD Agricultural University, Coimbatore; Cochin University of Science and Technology, Kochi.
Msc. Wild Life Biology & Conservation: National Centre for Biological Science , G.K.V.K Campus, Hebbal.
Postgraduate program Astrophysics & Radio Astronomy: National Centre for Radio Astrophysics, Pune
Planning and Architecture: Courses — B.Arch, Bachelor of Planning, M.Arch, Master of Planning, Master of Building Engineering and Management, Master of Landscape Architectur

Companies look for leadership traits

Students not just falter only in communication skills but majority lack knowledge in their core subjects, say experts
At 23, athul,  a graduate in computer science engineering, from a reputed private engineering college, finds himself at crossroads. He could not get into a company via the campus drives and neither has he had the inclination for higher studies. His academic track record is impressive, but he says that he faltered in the interviews due to lack of good communication skills.
A recent survey by NASSCOM says that only 25 per cent of the students churned out from the numerous engineering colleges are readily employable. While at the same time, China is scoring ahead, ticking at almost 85 per cent on the employability quotient.
It is not just that the students falter only in the arena of communication skills, majority of them lack knowledge in their core subjects, be it mechanical engineering or computer science engineering, says the Centre Head of Mahindra Satyam Ravi Eswarapu. “Companies look for certain skills, and the skill sets differ from company to company. Companies like Google and Yahoo may look for skills in core subject areas, whereas companies like Infosys, Wipro or for that matter Mahindra Satyam might look for graduates who are okay with the subjects but are good in communication skills. Whatever may be the matter, a majority of the students lack the requisite skill sets,” says he.
IT scenario
Despite the depressing atmosphere in Europe, US lowering its dependency on India and slashing its billing rates and competitors like China, Philippines and Mexico catching up fast – The IT industry is growing and will grow. Ravi points out that the domestic sector will play a major role in the coming years. He says that there is no dearth in quantity, but the quality is very low. “The percentage of entry level hiring is steady and will be growing, but at present many of the companies are switching on to low cost alternatives such as B.Sc. (computer science). The idea is, when the same work can be extracted from a B.Sc. graduate, why invest on hiring an engineer and spending the same amount of money on training,” he says.
It is estimated that IT and ITES companies in India spend millions on training for the entry level entrants.
Skill sets
The problem of skill sets is not very pertinent with tier-I institutes, it is more relevant and prevalent in tier II and III institutes. Considering engineering entrants in the IT sector, skill sets can be divided into five categories- technology, process, project management, soft skills and academic excellence. When it comes to technology most of the IT companies come with the assumption that the candidates would have programming knowledge of C, C++, Java and HTML, Database Management System, Data Structures and Algorithms.
The companies also look for candidates who have the basic understanding of software engineering, business and system requirements management, software design, software testing, software quality management, software configuration management and software reverse engineering.
The companies feel that the candidates should have the knowledge of project management concepts.
Knowledge of English language, both in oral and written format, is a must. Further companies look for leadership traits, business etiquette, team player features, attitude, passion towards work and meeting etiquette.
Most of the HR managers test the candidates grip over area of specialisation, understanding of mathematics and statistics and project work.
“Project work plays and important role in the recruitment of a candidate and students should not take project work lightly. More than the project that one has done, the recruiters look for the comment given the assessor,” points out Ravi Eswarapu.
Principal of Pydah College of Engineering and Technology R.P. Das adds, “project work is an integral part of the engineering study. And it is disheartening to note that students do not pay any interest. It has already been found out that there are many hubs that sell project works to students for a handsome fee. Neither this practice nor the ‘cut and paste' culture are a healthy trend. And that is one reason why we have introduced the idea of doing projects within the campus and we give all support, including mentorship,” says Prof. Das.
Ravi Eswarapu feels that the skill gap can be reduced only by the institutes and at the institutes. “Most of the institutes do organise some programmes but they turn out to be ineffective. The institutes should not take it up as ‘one time' programme. They should start a well-defined programme from the second year itself and should combine it with the normal academic routine. The programmes should be designed close to reality and targets should be set. A barometer should be in place to measure the progress,” says he.

Courtesy : The Hindu newspaper

company secretaryship - course


Company secretary course and prospects

A Company Secretary is a professional like a Doctor, Engineer or Chartered Accountant.The major role of a Company Secretary is to ensure that whether the Company complies with all applicable laws and endeavours. A  Company Secretary is also required to give expert advice to companies  on matters of Company Law, FEMA, Corporate Tax and issue of shares. For that reason a Company Secretary  is having a high esteem within and outside the organizations.
As per the Companies Act , a company with minimum paid up capital of  Rs. 5 crores or more is required to appoint  a whole time Company Secretary . The Company Secretary so appointed will be a noteable personnel in the company. The Company Secretary plays a vital role in announcing meetings of the board of directors and share holders and implementing decisions made in the meetings. Moreover , the Company Secretary acts as  a vital link between the board of directors , shareholders and government and the general public.
In modern age, Company Secretary means a person having superior authority and act as a link in coordinating all the factors in an organization.  Being a professional , all the members in an organization keeps an eye watch on him for his advices and suggestions .
Institute of Company Secretary
The Institute of Company Secretaries of India was established in the year 1980 under an act of Parliament. Before the Act, the institute was an organization established under Section 25 of the Companies Act . With the implementation of the Company Secretaries Act , 1960, the  Institute became the ultimate authority to develop and regulate the profession. The Institute is headquartered in New Delhi with four regional offices in  Delhi , Calcutta, Mumbai and Chennai.
The Institute also has more than 70 chapters in different cities . In Kerala, the chapter offices are at Trivandrum , Ernakulam, Trissur, Palakkad and Kozhikode. This institute conducts the company secretary exams in 3 stages – Foundation, Executive and Professional. The membership in the Institute (ACS) can be gained after passing the examination and completing the requisite practical training . The course can be pursued by non-graduates, employees, women and those who are pursuing other courses.
The content of the course
The examination conducted by the Institute should be passed to become a Company Secretary . A smart candidate can pass the examination within three years. The exams are conducted in three stages: (1) Foundation (2) Executive (3) Professional. A candidate with Plus Two or equal qualification can join the foundation course at any time. The candidates registered before March 31 can write the exams in December and those registering before September 30 can write the exams in June next year. Plus Two candidates can pursue the course by applying for temporary registration. But the exams should be passed within 6 months from the date of registration and the evidence should be provided to the Institute.The subjects are Business Law, Management, Accountancy and Economics. In order to pass the exam 40% marks in each subject and 50% aggregate should be obtained.
After completing the Foundation, the second stage ie; Executive Programme can be pursued. Graduates, non graduates and those who have completed the final of Chartered Accountant and Cost Accountant can register as a student at any time without writing foundation exam and minimum mark stipulations. But non Commerce graduates and post graduates will have to successfully complete the Foundation course subjects by oral or postal tuition. Candidates registered before 31st August 2010 and can write all the subjects of Executive Programme in June 2011. The subjects in this stage are General laws, Taxation, Accountancy, Company law, Economic Law and Labour law. After passing these exams, the candidate can pursue Professional programme. The requisite practical training insisted by the Institute should be completed along with this.
Job Opportunities
The question as to which is the professional course where the job opportunities are high. The answer is Company Secretary course. The Company Secretaries are in demand even during recession. The reason for this is the ever expanding companies and shortage of Company Secretaries. In India , there are about 10 lakh companies but the company secretaries are below 20000. This itself shows the job opportunity for company secretaries. Big corporates are offering lakhs of  rupees as salary for candidates who have passed the course and completed requisite practical training . 

The job opportunities for company secretaries are still very high . The company secretaries are considered in various superior designations in the central government. The Indian Bankers Association motivates the candidates who have passed the Company Secretaryship by promoting to office cadre in addition to increment. Moreover various central government and state government organizations are appointing company secretaries. Universities and educational institutions appoint company secretaries as professors and directors. In addition to the position as a Company Secretary, he also acts as a member of Director Board , Vice President or CEO in some companies.
Area of Practice
Candidates who have passed company secretary course can practise independently by obtaining certificate of practice from the institute . As per the Companies Act , a company with paid up capital of 10 lakhs to 5 crores is compulsorily required to conduct compliance audit  every year by a practicing Company Secretary. Through this audit, the Company Secretary has to verify whether the company complies with all legal provisions or not. The documents to be filed by a company to the central government as per law are to be certified by a practising professional . Moreover a Company Secretary is considered as an expert in Foreign Exchange Laws, SEBI Laws, Labour laws, Pollution Control Laws, Banking, Insurance, International Laws, Corporate Taxation etc.
The practising area of the company secretaries will further strengthen with the passing of the Companies bill which is under consideration of the Parliament.
Other details
The prospectus with detailed information and application form is available at the Chapter office of the Institute. The fees for Foundation is Rs 3600, for Executive Programme Rs 6500 and for Professional Programme Rs 7500. The course fees should be sent with the application form in the form of Demand Draft favouring the “The Institute of Company Secretaries of India” payable at New Delhi. The candidates handing over the application form and demand draft at the Institute’s office or Chapter can obtain temporary registration and study materials immediately. 50% discount in fees is available for SC/ST and physically handicapped candidates. In Kerala the examination centres are at Trivandrum , Kochi and Kozhikode

Saturday 13 August 2011

Transactions using mobile phone

ഇനി കാര്‍ഡ് വേണ്ട ഫോണ്‍ മതി


സാന്‍ഫ്രാന്‍സിസ്‌ക്കോ: കാര്‍ഡുപയോഗിച്ച് പണമടയ്ക്കാനുള്ള സൗകര്യം തന്നെയായിരുന്നു ഷോപ്പിങ് രംഗത്ത് ഈയടുത്ത കാലത്തുണ്ടായ ഏറ്റവും വലിയ വിപ്ലവം. ആവശ്യത്തിലേറെ പണം കൈയില്‍ കൊണ്ടു നടക്കേണ്ടതില്ലെന്ന് വന്നതോടെ കാര്‍ഡില്ലാത്തവര്‍ ചുരുക്കമായി. എന്നാല്‍, ഈ രംഗത്ത് പുതിയൊരു പരീക്ഷണത്തിനൊരുങ്ങുകയാണ് 
ഇന്റര്‍നെറ്റ് സെര്‍ച്ച് എന്‍ജിന്‍ കമ്പനിയായ ഗൂഗിള്‍.

ഷോപ്പിങ് നടത്തുമ്പോള്‍ കാര്‍ഡിന് പകരം തങ്ങളുടെ ആന്‍ഡ്രോയിഡ് മൊബൈല്‍ഫോണ്‍ ഉപയോഗിച്ച് പണമടയ്ക്കാനുള്ള സങ്കേതമാണ് ഗൂഗിളിന്റെ പണിപ്പുരയില്‍ ഒരുങ്ങുന്നത്. ഇതിനായി ഗൂഗിള്‍ പ്രമുഖ സാമ്പത്തിക സേവനദാതാക്കളായ സിറ്റി ഗ്രൂപ്പുമായും മാസ്റ്റര്‍കാര്‍ഡുമായും യോജിച്ച് പ്രവര്‍ത്തിക്കാനൊരുങ്ങുകയാണെന്നും റിപ്പോര്‍ട്ടുകള്‍ സൂചിപ്പിക്കുന്നു. ഇത് സംബന്ധിച്ച് കമ്പനികള്‍ ഇതുവരെ പ്രതികരിച്ചിട്ടില്ല.

തുടക്കത്തില്‍ സിറ്റി ഗ്രൂപ്പിന്റെ ഉപഭോക്താക്കള്‍ക്കായിരിക്കും സേവനം ലഭ്യമാവുക. ഗുഗിളിന്റെ ആന്‍ഡ്രോയിഡ് ഫോണുകളിലെ ഒരു മോഡലായിരിക്കും സേവനങ്ങള്‍ക്ക് തിരഞ്ഞെടുക്കുക. റീട്ടെയില്‍ ഷോപ്പുകള്‍ക്ക് ഉപഭോക്താക്കളെ സംബന്ധിച്ച് കൂടുതല്‍ വിവരങ്ങള്‍ ലഭ്യമാവുമെന്നതാണ് ഈ സേവനത്തിന്റെ പ്രത്യേകത. അതുകൊണ്ട് തന്നെ പിന്നീട് പുതിയ ഓഫറുകള്‍ സംബന്ധിച്ചുള്ള കാര്യങ്ങളും മറ്റും ഇവര്‍ക്ക് എഴുപ്പത്തില്‍ അയച്ചുകൊടുക്കാനും പുതിയ സേവനം വഴിയൊരുക്കും. കൂടാതെ ഉപഭോക്താക്കള്‍ക്ക് ക്രെഡിറ്റ് കാര്‍ഡും ഫോണും ഒരുമിച്ച് കൊണ്ടു നടക്കേണ്ട ബുദ്ധിമുട്ടും ഒഴിവാകും.
 
courtesy : Mathrubhumi

Sunday 7 August 2011

SBI introduces paper less banking


ഇനി 'പേപ്പര്‍രഹിത' ബാങ്കിങ്‌


അടുത്ത തവണ ബാങ്കില്‍ പോകുമ്പോള്‍ ചിലപ്പോള്‍, പേ-ഇന്‍-സ്ലിപ്പും വിത്ത്‌ഡ്രോവല്‍ ഫോമും റെമിറ്റന്‍സ് ഫോമുമൊന്നും കണ്ടെന്നു വരില്ല. രാജ്യത്തെ ഏറ്റവും വലിയ ബാങ്കായ സ്‌റ്റേറ്റ് ബാങ്ക് ഓഫ് ഇന്ത്യ, 'ദി ഗ്രീന്‍ ചാനല്‍' എന്ന പേരില്‍ പേപ്പര്‍രഹിത ബാങ്കിങ് സൗകര്യം ആരംഭിച്ചു. ഇതോടെ, ക്യൂ നില്‍ക്കാതെ തന്നെ ഇടപാടുകാര്‍ക്ക് ഇടപാട് നടത്തി മടങ്ങാം.

എടിഎം/ഡെബിറ്റ് കാര്‍ഡ് ഉപയോഗിച്ചാണ് എസ്ബിഐ പേപ്പര്‍ലെസ് ബാങ്കിങ് ഒരുക്കുന്നത്. ശാഖകളില്‍ സ്ഥാപിച്ചിരിക്കുന്ന ട്രാന്‍സാക്ഷന്‍ പ്രോസസിങ് ഡിവൈസില്‍ (ടിപിഡി) കാര്‍ഡ് സൈ്വപ്പ് ചെയ്യുക വഴിയാണ് ഇത് സാധ്യമാകുന്നത്. കടകളിലും മറ്റു വാണിജ്യ കേന്ദ്രങ്ങളിലും സ്ഥാപിച്ചിരിക്കുന്ന പോയിന്റ് ഓഫ് സെയില്‍സ് (പിഒഎസ്) മെഷീന് സമാനമാണ് ഇത്. എന്നാല്‍ എടിഎം കൗണ്ടറുകളില്‍ നിന്ന് വ്യത്യസ്തവും. പണം നിക്ഷേപിക്കാനോ, ഫണ്ട് ട്രാന്‍സ്ഫര്‍ ചെയ്യാനോ നിലവില്‍ എടിഎമ്മുകള്‍ക്കാവില്ല. എന്നാല്‍ ടിപിഡിയില്‍ ഇത് സാധ്യമാണ്.

40,000 രൂപ വരെയുള്ള ഇടപാടുകള്‍ ഇത്തരത്തില്‍ നടത്താം. പണം നിക്ഷേപിക്കാനോ പിന്‍വലിക്കാനോ മറ്റൊരാള്‍ക്ക് ട്രാന്‍സ്ഫര്‍ ചെയ്യാനോ ഈ സൗകര്യം ലഭ്യമാണ്.

തുടക്കത്തില്‍ 5,000ത്തോളം ശാഖകളിലാണ് എസ്ബിഐ പുതിയ സേവനം ലഭ്യമാക്കുന്നത്. ഭാവിയില്‍ കൂടുതല്‍ ശാഖകളിലേക്ക് ഇത് വ്യാപിപ്പിക്കും. എസ്ബിഐയ്ക്ക് നിലവില്‍ 14,437 ശാഖകളാണുള്ളത്.

ഓരോ ശാഖയിലേയും മൊത്തം ഇടപാടിന്റെ 10 ശതമാനമെങ്കിലും ഗ്രീന്‍ ചാനല്‍ കൗണ്ടറുകള്‍ വഴിയാകുമെന്നാണ് ബാങ്ക് കണക്കാക്കുന്നത്. എടിഎമ്മുകളെക്കാള്‍ ചെലവ് കുറവാണെന്ന സവിശേഷതയുമുണ്ട്. ഒരു എടിഎം മെഷീന് ഏതാണ്ട് നാല് ലക്ഷം രൂപ വിലയുണ്ട്. എന്നാല്‍ ടിപിഡിക്ക് 7,000 രൂപ മാത്രമേയുള്ളൂ.


Courtesy: Mathrubhumi daily

New RBI guidelines to banks for ATM


എടിഎം പരാതിപരിഹാരം വൈകിയാല്‍ 100 രൂപ


എടിഎം ഇടപാട് സംബന്ധിച്ച നിങ്ങള്‍ ഉന്നയിക്കുന്ന പരാതി ഏഴ് ദിവസങ്ങള്‍ക്കുള്ളില്‍ പരിഹരിച്ചില്ലെങ്കില്‍ പ്രസ്തുത ബാങ്ക് പ്രതിദിനം 100 രൂപ വെച്ച് നഷ്ടപരിഹാരം നല്‍കേണ്ടിവരും. റിസര്‍വ് ബാങ്കിന്റെ പുതിയ മാര്‍ഗ്ഗനിര്‍ദ്ദേശപ്രകാരമാണ് ഇത്. ജൂലായ് ഒന്ന് മുതല്‍ ഇത് പ്രാബല്യത്തിലായി.

അക്കൗണ്ടില്‍ നിന്ന് പണം കുറയുകയും എന്നാല്‍ അത് ലഭിക്കാതിരിക്കുകയും ചെയ്താല്‍ പരാതിപ്പെടാം. എടിഎമ്മില്‍ രേഖപ്പെടുത്തിയ തുകയെക്കാള്‍ കുറച്ചാണ് ലഭിക്കുന്നതെങ്കിലും പരാതി നല്‍കാം. തെറ്റായ ഡെബിറ്റിനും ഇത് ബാധകമാണ്.

പ്രശ്‌നമുണ്ടായി 30 ദിവസത്തിനുള്ള പ്രസ്തുത ബാങ്കില്‍ പരാതി നല്‍കിയാല്‍ മാത്രമേ നഷ്ടപരിഹാരം ലഭിക്കുകയുള്ളൂ. നിലവില്‍ എടിഎം സംബന്ധിച്ച പരാതികള്‍ പരിഹരിക്കാന്‍ 10 മുതല്‍ 20 ദിവസം വരെ എടുക്കുന്നുണ്ട്. പുതിയ നിയമം പ്രാബല്യത്തിലായതോടെ, നഷ്ടപരിഹാര ഇനത്തില്‍ വന്‍തുക ബാങ്കുകള്‍ക്ക് ചെലവാകും.

Courtesy: Mathrubhumi daily 

Saturday 6 August 2011

Commerce Exhibition


COMMERCE EXHIBITION

Commerce club has conducted an Exhibition in 2010. The exhibition was inaugurated by our PTA president Sri.K.Sundaran and our Principal G.Vincent presided over the function. Sri. Padmanabhan, Standing committee member- Education, of Perumatty panchayath, was present in the occasion.




Sri. K.Sundaran inaugurating the exhibition by lighting the lamp



Students of commerce stream - KKMHSS Vandithavalam

Sri.G.Vincent, Principal, K.K.M.S.S. adressing the students



Sri.Padmanabhan, Standing committee chairman - Education, Perumatty Grama Panchayath, lighting the lamp

Sri. G. Vincent Principal , K.K.M.H.S.S, Lighting the lamp


Ancient coin collection exhibited 


Debit & Credit cards





A model ATM

Different application forms used in a bank

 A show organized in the exhibition










Our teacher - Sri. Unnikrishnan, Hsst Economics



Monday 1 August 2011

XII year accounting Notes


Accounting for Partnership – Basic Concepts

A business can be organized in different forms.

  1. Sole Proprietorship
  2. Partnership
  3. Company

 The major limitations of Sole proprietorship form of business is
- Limited Capital
- Limited Managerial ability
- and Limited risk bearing capacity

Making business a partnership firm is one way to overcome the above limitations.
The basic accounting formalities to be followed in partnership accounting is similar  to that of sole proprietorship business. Ie., the preparation of profit and loss A/c and Balance sheet. But it differs in the following areas.

  1. Distribution of profits among the partners
  2. Maintenance of capital accounts and
  3. Regarding adjustments when the firm is reconstituted.

So the question what is a Partnership is relevant here!
Indian Partnership Act 1932 defines Partnership as “the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”
The persons who have entered into partnership individually are known as partners and collectively as ‘Firm’.

Features:

  1. To or more persons.
There must be at least 2 persons to form a partnership. Maximum limit is 10 for banking business and 20 for any other business.

  1. Agreement between partners.
A partnership is always based on an agreement, without which there won’t be any partnership business. Agreement can be oral or written.

  1. Business.  The partnership business should be for carrying on some legal business

  1. Sharing of profits.  The agreement must be for sharing the profits of the
business. The ration in which the profits are to shared must be clearly stated in the partnership. In the absence of a ratio the profits will be shared equally.


  1. Business must be carried on by all or any one of them acting for all.
Here the partnership is based on the concept of mutual agency relationship. Ie., a partner is both an agent( he can, by his acts, bind other partners) and a Principal(bound by the acts of other partners).

Partnership deed

A partnership agreement is formed by an agreement. This agreement can be oral or written. If it is written it is called Partnership Deed. But law doesn’t say that the agreement should be in the written form. But it is always advisable to be in the written form in order to avoid the future conflicts and confusions.

Assignment:
You along with your friends joined hands to form a partnership business. Prepare a partnership deed which contains all the details of your agreement.

Provision in the Act if there is no Partnership Deed or Deed is silent on the following aspects:

1.      Profit sharing: The partners will share profits equally if there is no ratio for profit sharing is stated in the partnership deed irrespective of their capital contribution.

2.      Interest on Capital: No interest on capital will be given to the partners if the Partnership deed is silent about it. Interest on capital will be given only out of profits but not out of losses even if the deed provides so.

3.      Interest on Loan: Partners are entitled to interest @ 6 % per annum for the loan given by them to the firm, other than the capital. They are entitled to get this interest even if the firm in loss.

4.      Interest on Drawings: No interest can be charged if the deed is silent is charged in this respect.

5.      Remuneration to partners (salary): No partners are entitled to any salary or commission for participating in the business.

Partners Capital Accounts

All transactions relating to the partners are recorded in their respective capital accounts. There are 2 methods of maintaining capital accounts of partners.

1.      Fluctuating Capital Method
2.      Fixed Capital Method


Fluctuating Capital Method

Under this method only one capital account is maintained for each partner. All items affecting the partner’s accounts like interest on capital, drawings, interest on drawings, salary, commission, share of profit etc is recorded in this account.

Fixed Capital Method

Under this method 2 accounts are maintained for each partner.

  1. Capital Account
  2. Current Account

Capital account will remain fixed, unless some additional capital is introduced or some capital is withdrawn from the business. All other items such as interest on capital, drawings, interest on drawings, salary, commission, share of profit etc is recorded in the current accounts of partners. Here it should be noted that the current account balance will fluctuate year after year but the capital account will almost remain fixed.


Difference between Fluctuating capital method and fixed capital method

Sl.no
Fluctuating capital
Fixed capital
1

Only one a/c is maintained

Two a/c are maintained ie., Capital a/c and current a/c

2..



Fluctuates year after year



Capital a/c almost remains fixed, but current a/c will change

3.






All adjustments are done in this a/c. Ie., Interest on capital, interest on drawings, drawings, share of profit etc

All adjustments like Interest on capital, interest on drawings, drawings, share of profit etc are done in current account.

4.

Usually firm maintains their capital a/c under this method.

It should be specifically mentioned in the partnership deed to maintain this type of capital account

DISTRIBUTION OF PROFIT OR LOSS AMONG PARTNERS

The profit ascertained from profit and loss a/c is taken into another account named PROFIT AND APPROPRIATION ACCOUNT.

PROFIT AND APPROPRIATION ACCOUNT:

This is an extension of profit and loss account. All amounts due to partners and due from partners, transfer to reserve etc are recorded in this account. So PROFIT AND LOSS APPROPRIATION ACCOUNT is prepared to show how net profit is distributed among the partners. In this account net profit, interest on drawings etc is credited and salary, commission, interest on capital etc is debited. The balance available will be distributed among the partners in the agreed ratio.

Journal Entries:

  1. For transfer of net profit:
                 
Profit and loss A/c                                          Dr
                        Profit and loss Appropriation A/c

For transfer of net loss:

Profit and loss Appropriation A/c                   Dr
                        Profit and loss A/c
      
  1. Interest on capital:

Interest on capital A/c                                     Dr
            Partners Capital A/c
                        (Interest on capital provided in capital a/c)

                        Profit and loss Appropriation A/c                   Dr
                                    Interest on capital
                        (Interest transferred to Profit and loss Appropriation A/c)

  1. Partners salary:
                 
                   Partner’s salary A/c                                        Dr
                              Partner’s capital
                  (Salary due to a partner)
                 
                  Profit and loss appropriation A/c                    Dr
                              Partner’s salary
                  (Salary transferred to profit and loss appropriation A/c)

  1. Partners Commission:

Partners commission A/c                                 Dr
            Partner’s capital
(Commission due to a partner)

                        Profit and loss Appropriation A/c                   Dr
                                    Partners Commission
                        (Commission transferred to profit and loss appropriation A/c)


  1. Interest on drawings:

                  Partner’s capital A/c                                        Dr
                              Interest on drawings

                  Interest on drawings A/c                                Dr
                              Profit and loss Appropriation A/c

Proforma of profit and loss account:



Profit and loss Appropriation A/c
Particulars
Amount
Particulars
Amount
Profit and Loss A/c(Net loss)

Salary

Commission

Interest on capital

Capital A/c(Profit)

Xxxx

Xxxx

Xxxx

Xxxx

xxxx
Profit and loss A/c (Net profit)

Interest on drawings

Capital accounts(Loss)

Xxxx

Xxxx

Xxxx


xxxx
xxxxx



Calculation of Interest on Capital:

Interest on capital is generally calculated on the opening balance of partner’s capital accounts, if partnership deed provides for it. Calculation is done depending upon the amount and the duration (period).
For Eg:
Raju started business on 01/01/2008 with a capital of Rs.20000. If the accounts will be closed on 31/12/2008, then interest will be calculated for 1year.
Suppose he starts business only on 01/06/2008, then interest will be calculated for 6 months only, if the accounts are closed on 31/06/2008.

 Interest on Drawings:

Interest on drawings may be charged if partnership deed provides for it. The interest is calculated for the period from date of withdrawal to date of closing.

Guarantee of profit to a partner:

Sometimes a new partner or existing partner is guaranteed a minimum amount as share of profit by other partners. The guaranteed partner is entitled to receive the guaranteed share or actual share whichever is higher. But if in any year if the actual profit is less than the guaranteed amount then the other partners must compensate the shortage.