I Is your cheque book CTS-2010 compliant?

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Is your cheque book CTS-2010 compliant?

We are in the month of December already, and we are quite sure that many of you would be jotting down your "to-do list" for the next calendar year. But here's something that requires your immediate attention, for you to handle your financial transactions comfortably, before you exude hope for prosperity in the New Year.

Beginning next year, i.e. from January 1, 2013 Cheque Truncation System (CTS) would be implemented, whereby flow of the physical movement of cheque (issued by a drawer to the drawee branch), will be eliminated in the truncation process. Instead an electronic image of the cheque will be sent along with the relevant key information. Thus going forward from January 1, 2013 you may not be able to use your old cheque leaves, if they aren't CTS complied. 

So, if you have sent a request for issuing a new cheque book, say a couple of months back or more, and have enough cheque leaves even at present, you must check whether they are CTS complaint before you issue a cheque intended to be honoured anytime in 2013. 

As per the guidelines the new cheques need to have: 

Cheque printer details along with CTS-2010 mentioned (on the extreme left hand side, near the side where you detach a cheque leaf from the cheque book);

Bank's logo and details (on the left hand side corner);

VOID pantograph (just below where the account number is mentioned);

Rupee symbol "" (where the amount in figures needs to be written); and

Signature space indicator mentioning "please sign above"

In case if your cheque book does not reflect the aforementioned details you must obtain a new CTS complied cheque book at the earliest, and surrender the non-compliant one to the bank. If you have availed a home loan and / or auto loan and issued post-dated cheques instead of opting for direct debit, then you will be required to replace such post-dated cheques with the CTS-2010 compliant ones before December 31, 2012. To avoid this hassle you could easily switch to the direct debit / ECS mode where the Equated Monthly Installment (EMI) amount would be debited from your account every month. 

Moreover, it is noteworthy that one needs to be careful while writing new cheques, since those with alternations in crucial fields such as payee's name and amount in figures or words will not be processed under the new system. A new cheque will have to be issued, if such alterations are sighted. 

We are of the view that, cheque truncations could speedup the clearing process and thereby provide better service to customers and reduce the scope of clearing related frauds and also marginalise cost related to collection of cheques. So, one would experience a more efficient, secure and a quicker clearing process under CTS.

Modern Technology to Combat Infiltration and Smuggling in Border Areas

Infiltration and smuggling on the India’s borders with Pakistan and Bangladesh is checked considerably by means of fencing and floodlighting along the borders. BSF is manning 2289.66 km. of Indo-Pak and 4096.70 km. of Indo-Bangladesh borders. These borders particularly, Indo-Bangladesh borders is marked with high degree of porosity which are exploited by trans-border smuggler/miscreants. However, all possible efforts are made to plug the gaps along Indo-Pak and Indo-Bangladesh borders, with the erection of fencing and installation of floodlights on these borders. In addition to the above, the Government has installed Hi-Tech Surveillance equipments such as Long Range Reconnaissance & Observation System (LORROS), Battler Field Surveillance Radars (BFSR) Hand Held Thermal Imagers (HHTI), Night Vision Device/Goggles (NVDSs&NVGs)a etc. Constant efforts are being made to procure the modern surveillance equipments for further enhancing the border domination. BSF has not submitted any wish list to the Government to check infiltration across the borders. This was stated by Shri Mullappally Ramachandran, Minister of State in the Ministry of Home Affairs in written reply to a question by Dr. Janardhan Waghmare in the Rajya Sabha today.

Throughout its history, China has expanded and contracted with predictable regularity. Expansion was necessary to create defendable borders around the heartland. But the arrangement left the heartland vulnerable to internal revolt, which inevitably led to contraction. This pattern of conflict between China's heartland and surrounding buffer zones is fundamental in understanding the nation's modern challenges. Follow the new leadership as they perform this balancing act, especially as the global economic crisis drives down international consumption of Chinese exports.

oint Statement at the End of Home Minister Level talks between India and Bangladesh

Ministry of Home Affairs04-December, 2012 19:50 IST

Joint Statement at the End of Home Minister Level talks between India and Bangladesh

The following Joint Statement was issued here today at the end of Home Minister level talks between Union Home Minister Shri Sushilkumar Shinde and Minister for Home Affairs of Bangladesh, Dr. Muhiuddin Khan Alamgir: “India and Bangladesh attach highest importance to their bilateral relations. Both leaders reiterated their commitment to further expand and strengthen mutual cooperation in the security and border related issues. Both the Home Ministers reaffirmed their commitment not to allow the territory of either country to be used for any activity inimical to each other’s interests. Both sides noted with appreciation the cooperation between the two countries and the action taken to address the menace of terrorism and extremism in a more effective manner by both sides. It was agreed to enhance cooperation to address the security concerns and also to implement the Coordinated Border Management Plan (CBMP) signed between the two countries to control the illegal cross border activities. Both sides reviewed the functioning of the nodal points for sharing of information on security related matters and expressed satisfaction at its working. Both sides noted that the action was being taken for repatriation of sentenced prisoners to either country under the agreement for transfer of sentenced prisoners. Both sides agreed to allow development work within 150 yards of zero line. Similarly, both sides agreed that Extradition Treaty, which is under consideration by both Governments, may be finalized at an early date. It was agreed that Revised Travel Agreement (RTA) as well as extradition treaty will be finalized and signed in January, 2013 during the proposed visit of Indian Home Minister to Dhaka. Responding to the request of Bangladesh side for tracking, apprehending and handing over of the killers of the Father of the Nation of Bangladesh Bangabandhu Sheikh Mujibur Rahman, India reassured them that it would extend all possible cooperation in this regard, if they are in India. Incidents of deaths and loss of life on the border are extremely unfortunate and regrettable. We have put in place mechanisms which have greatly reduced the scope for such incidents and have strengthened mutual trust and goodwill among the border guarding forces and people living in the border areas. The number of such incidents has steadily come down in the last few years. However, even one loss of life is too many. To ensure that no incidents take place in future, India and Bangladesh must work jointly together and further enhance cooperation between our border guarding forces to eliminate illegal trans-border activities. Both sides agreed not to resort to firing unless fired upon or attacked by terrorists or armed criminals. Both sides agreed to further enhance the level of cooperation and vigilance to control the smuggling of fake Indian currency notes. Both sides also discussed the urgency of stopping the smuggling of narcotics and psychotropic substances. Both sides agreed that the next Home Minister level Talks would be held in Dhaka, in January, 2013.”

Indian GAS sector- what is wrong ??

 The demand for energy is ever-growing. While crude oil has been a cause for global concern with its uncertain supplies and incredible price run, natural gas seems to have come to the rescue. Natural gas currently serves around 21% of global energy needs. With high gas shale discoveries and low cost of production, the gas is fast going to replace conventional sources of energy. But that is the scenario in the developed economies. Let us see where India stands in this regard.

Oil and gas business in India is plagued with too much uncertainty, thanks to the lack of clear policies in the sector. With penetration of natural gas in India much lesser than the global average, the country has a huge potential demand for natural gas. However, there is not much happening on the supply side. Few years back, the landscape seemed to change with Reliance Industries announcing huge natural gas discoveries in KG D6 block. The gas supplies surged to above 60 million standard cubic metre per day (mscmd) and were projected to go even higher (80 bcm in a day by FY13) . However, what happened was the opposite. The production witnessed a consistent decline to less than 24 mscmd. And with that dwindled India's energy security.

The share of imported gas has risen to 25.5% in FY12. If things don't change for the better, India will become a net importer of natural gas in the next two years. It is important to note here that the cost of imported gas currently is at least three times that of domestic gas. And it further comes with the risk of over reliance on outside countries and little bargaining power for a resource as crucial as energy that is considered to be the backbone of a nation's economy. As per the latest estimates of the petroleum ministry, the share of imported LNG could rise further to 41% in the current fiscal and to 50% in the next. By FY15, natural gas imports are likely to surpass domestic production.

With all these statistics, an important question here is what went wrong with the domestic gas supplies? The reason for stagnation is not the absence of energy reserves in the country. Had that been the case, companies like UK's British Petroleum would not have shown interest in partnerships with domestic players. The real reason that has blocked India's energy potential is lack of remunerative prices. For KG- D6, at US$ 4.2 per mscmd of gas (almost one third of the price at which gas is imported ), the gas exploration business is not viable for the companies to continue. Hence, for any development to take place, the government needs to come up with reasonable and clear policies on gas prices. While this will imply an increase in domestic gas prices and higher input costs for power and fertilizer sector, one must not forget that we anyway are heading there with increasing reliance on costlier gas imports. Instead, if we incentivize the gas exploration backhome by rationalizing gas prices, there might be a chance that prices come back to reasonable levels as domestic supplies start coming across

by J Mulraj

Badhtey Kadam 2012 concludes at MG Marg

GANGTOK, 03 Dec:(source Sikkim Now)

 The flagging-in ceremony of Badhtey Kadam 2012 campaign on this year’s theme “Cultural and Social Integration of Persons with Disabilities” was held today here infront of Tourism Department at MG Marg.
The programme, coinciding with the World Disability Day which also falls today, was organized by Social Justice, Empowerment & Welfare Department and District Collectorates in collaboration with Spastics Society of Sikkim [SSS]. Mayor, KN Topgay was present as the chief guest on the occasion.

The campaign was earlier flagged off by the Mayor on 27 November from MG Marg. An SSS team led by Ram Prasad toured all four districts to create awareness on disabilities in urban and rural areas in the districts.

In his address, the Mayor stressed upon the importance of awareness in empowering the disabled and to ensure their rights and happiness. He further stressed that it is the duty of every individual to look after them by ensuring their rights and by providing them equal opportunity.

“Everyone should work for them not just on paper but from the heart,” said Mr Topgay. He also assured to provide all possible help and support from his side for the welfare of the differently abled.
In his welcome address, SSS general secretary, Dr BP Dhakal briefly spoke on the theme of the Badhte Kadam 2012 campaign. He informed that during the campaigning, the team created awareness on rights, acts and programmes related to the differently abled among other issues.

SSS In-charge, Ram Prasad also gave the report of the campaign in all four districts. Likewise, SSS students presented the Badhte Kadam anthem and students of the Hearing Impaired School, Sichey presented songs on the occasion.

The programme ended with the vote of thanks by SSS treasurer, CP Dhakal.

Data Source: The Economist

2012 was a dull year for property markets

2012 was a dull year for property markets. Price appreciation in this year slowed with the top 7 cities witnessing a rise of only 1-3%. Highest rise was seen in Pune and NCR. However, Bangalore and Hyderabad saw a modest rise in property prices. Though there was no price correction which was widely anticipated slowdown in price increases is more than welcome. It is interesting to note that despite launching 160,000 odd residential units prices in India's top seven cities did not correct. This number is higher than about 154,000 odd units that were launched in the previous year. No correction despite heavy supply signifies that the demand for real estate in the top seven cities of India is really high. However, in some cities like Mumbai prices have reached unsustainable levels. Thus, it would not be wrong to assume that the prices might correct sooner if not later. ( J Mulraj)

 

 The Food Civil Supplies Office will set up counters for filling up of family Ration Card at the following venues (from 9 am to 4 pm) to enable all those consumers who failed to fill up the forms in the first phase w.e.f. 3^rd December to 29^th December 2012.

Sl. No.  Center                                                            Venue

1.        Gantok and surrounding areas           Paljor Stadium

2.        Ranipool and surrounding areas        Ranipool Food Godown

3.        Singtam and surrounding areas          Community hall- Singtam Bazar

4.        Makha and surrounding areas            Food Godown

5.        Rangpo and surrounding areas           Food Godown

6.        Rhenock and surrounding areas         Food Godown

7.        Rongli and surrounding areas            Food Godown

8.        Pakyong and surrounding areas         Food Godown

No application forms will be made available after the 29^th December 2012, as per the press release issued by the Food Civil Supplies and C.A. Department, Government of Sikkim. 

Source: Financial Express, Ministry of Commerce & Industry

Time for reforms in the labour laws?

 As per the CIA World Factbook, the median age in India is 26.5 years. Nearly 65% of the country's 1.2 billion plus population falls within the age of 15 to 64. The younger lot - aged 0 to 14 - makes up about 30% of the population, while the elders form the balance. With the over 65 years aged population forming about 5% of the total population, India can be termed as a young nation. The country's population is growing at a pace of about 1.3%. A large, young working population is one of key factor that is driving India's consumption story and therefore the country's growth levels. However, there are reports with a view that while the nation has witnessed strong growth levels over the past decade - especially when compared to the world average growth levels - the employment figures have not really moved up.

And with India churning out more and more of the 'employable workforce' year after another, and with not enough jobs to absorb the same, the country seems to be heading for an employment crisis. Putting it in numbers, the Financial Times reported that about 10 m jobs are needed annually to absorb new entrants to the labour force. As per estimates of the Federation of Indian Chambers of Commerce and Industry, India's working-age population is set to rise from 749 m to 962 m by 2030.

Also adding to the woes (in current times) is the slowing down the of export reliant businesses, which over the past few years, have either shut shop or down-sized significantly. Plus, with the overall growth rates and investments slowing down coupled with the uncertain outlook, employers are just not hiring.

As reported by the Financial Times, many economists believe that a key reason behind the labour crisis is the demand itself. With Indian companies being well aware of the labour laws - which are tilted in favour of the workers, employers are simply not hiring them on a fulltime basis.

On the other hand, the supply side seems to be hampered by the poor quality of education and training. This leads to lower supply of skilled workers for the service and high technology industries. As mentioned by the management of HCL Technologies, a minimum of six months is needed to be spent on training a student to make him employable.

A long term solution for the above abovementioned issues are obvious - investment towards improving education and an overhaul of the labour laws, the latter being a touchy topic from a political perspective. But if one does take a long term outlook - that of the country seeing a 200 m increase in the workforce over the next two decades, then some definitive action needs to be taken. Reforms in the labour laws seem to be the answer.

India joins project on creating artificial life

India joins project on creating artificial life

New Delhi’s Institute of Genomics and Integrative Biology will now be a part of the international project

by Jacob P. Koshy


Updated: Fri, Nov 30 2012. 11 37 PM IST
SourceMINT

New Delhi: Aiming for a place at the high table of scientists in the quest of creating artificial life, India will join an ambitious international project that aims to develop a synthetic version of yeast, which apart from leavening bread and brewing wine could be used to clean up coal or exude biofuel.
The “Synthetic Yeast 2.0 project” is spearheaded by the Johns Hopkins University in the US and includes Tianjin University and Tsinghua University (China); Imperial College London, The University of Edinburgh (UK); Hong Kong University, Hong Kong University of Science and Technology, Chinese University of Hong Kong (Hong Kong); Institut Pasteur (France); and Louvain la Neuve (Belgium).
It will now include New Delhi’s Institute of Genomics and Integrative Biology (IGIB) and a $1 million contribution from India, according to Samir Brahmachari, director general, Council of Scientific and Industrial Research (CSIR).
IGIB is a lab of CSIR, India’s premium research organization.
“It’s a well established project and we just about managed to sneak in,” said Brahmachari, “but this is a long-term, ambitious project that will significantly expand our capabilities at futuristic biotechnology.”
A formal memorandum of understanding (MoU), or in-principle agreement, for India’s participation in the project is yet to be signed, he added.
Manufacturing synthetic or lab-created yeast is part of an emerging field of biotechnology called “synthetic” biology, where rather than tweak the DNA of living organisms—as in genetically modified plants—scientists attempt to build new organisms from scratch.
The most significant work in this field has been done by J. Craig Venter, whose eponymous research centre has in the last two years not only duplicated an entire bacterium, but also booted up, or brought to life, a natural yeast cell that had its vitals synthesized in a laboratory. “Life is basically a result of a software process,” Venter said in an interview to Mint in 2010.
For the synthetic yeast project, the US scientists have zeroed in on S.cerevisiae, a type of yeast, as the basis for a synthetic genome. This organism has 16 chromosomes and a relatively compact and well-understood genome.
To borrow an analogy coined by biologist Matt Ridley, if DNA is the alphabet on which the code of life is written, chromosomes are the pages and the genome is akin to a book, which is read and translated by a series of molecules, including ribosomes and RNA to synthesize proteins and eventually, complex organisms.
One person familiar with the project, who didn’t want to be identified, said that each participant labs across the world will synthesize one chromosome and the resultant yeast wouldn’t exclusively belong to any group or country in particular.
“The artificial yeast will be nobody’s property,” said this person. “But if a group were to modify this yeast to make it absorb, say methane or for any particular industrial application, that could become proprietary. There can be a wide variety of applications.”
He said the MoU was likely to be signed before the year ends. Though there are no deadlines on when this brand of artificial lab will move beyond being experimental science, investigators connected with the project say that if successfully synthesized S.cerevisiae would be the first artificially created eukaryotic cells, which are the billion-year-old ancestors of all animals.
Project leader Jef Boeke, who heads the initiative out of Johns Hopkins, didn’t respond to an email for comment as of press time. But a detailed description of the scope of the project on his lab’s website says that apart from industrial applications such as ethanol production, the synthetic yeast genome “can be used to answer a wide variety of profound questions about fundamental properties of chromosomes and genome organization... The availability of a fully synthetic genome will allow direct testing of evolutionary questions not otherwise approachable.”
For India to gainfully contribute to the project, it would have to establish a systems and synthetic biology centre, Brahmachari said. “We’ve already got a Rs.100-crore approval from government but it will take most of the 12th Plan period (2012-17) for the project to come up.”