Foreign Remittances

1.1.   What is Foreign Remittance?

1.1.1.      Foreign remittance can be defined as ‘the purchase and sale of freely convertible foreign currencies as admissible under Exchange Control Regulations of the country’. Remittance is the act of transmitting money to a distant location to fulfil an obligation. Foreign Remittances are of two types, the Foreign Outward Remittance & Foreign Inward Remittance.

1.1.1.1.            Foreign Outward Remittance : The sender uses a bank or foreign exchange company to send money to foreign country.

1.1.1.2.            Foreign Inward Remittance: Similarly when the funds send by a person into his parent country where he resides such remittances are known as Foreign Inward Remittance.

1.2.   How does Foreign Inward Remittance takes place?

Foreign Remittances are transfer of funds involving exchange of one currency into another. Remittance can be

·         Inward – By way of Wire Transfer, Cheques, DDs coming from Migrant Workers, NRIs, PIOs

·         Outward – By way of Wire Transfer, DDs for Personal / Business Remittances by residents,

v  In respect of IWR, India retains the top position for over a decade now.

v  Remittances contribute to economic growth and to the livelihood of the needy people

Methods of Remittance

·         TT (SWIFT )

·         Foreign Currency DDs / Cheques

·         Rupee DDs issued under Rupee Drawing Arrangements (RDA)

·         e - Remittance

·         Union Express

·         FC / FCTC

SWIFT: (Society for worldwide Interbank financial telecommunications)

·         SWIFT – is a non profit making co-operative society, came in to existence in May 1973 with 239 member banks – head quarter in Brussels, Belgium

·         It is meant for exclusive use of financial telecommunication by banks and FIs with amazing speed, data accuracy, and total safety

·         As of now, around 25000 FIs are connected through SWIFT

Centralization of Foreign Cheques for Collection

To speed up the process of collection of Foreign currency Chqs / FDDs / TCs, Union bank has established CCC at Overseas br, Mumbai & Overseas Br, Ernakulam

Operational Guidelines:

·         All branches (A, B & C) to obtain application in triplicate from customers depositing foreign currency cheques / FDDs – one copy to be returned to customer as acknowledgement

·         Only customers having account with the branch to be entertained (except TCs)

·         Instrument to be endorsed as “Payees account credited / will be credited on realization”

·         The originating branch to confirm the aspects like KYC, and FCRA.

·         Photocopy of instruments, both front and reverse should be retained at the branch

·         The originating branch will control the instrument manually with FBC / FBP No. and will give the name of the branch on the instruments.

·         Foreign Currency Cheque Deposit Slip  cum application sent to CCC (Centralised Collection Centre – Mumbai / Ernakulam) for all operational and RBI reporting activities.

·         Branches will forward the instruments along with cheque deposit slip on currency wise and destination wise basis to CCC on daily basis by Courier / Speed Post

·         CCC will send cheques to different banks for collection.

·         Cheques may be sent under cash letter basis / collect and credit basis to correspondent bank / drawee bank as per the need.

·         High value cheques above USD 10,000 will be handled only on final collection basis (Guaranteed Final Payment Mode) and not on cash letter basis.

·         Requests for credits before the cool off period of 15 days can be entertained on the specific request of the originating Branch

Special Provisions for USD Chqs (Cir lr. 6051 dt 13.02.09):

·         For Cheques / FDD up to USD 500/-

·         Instant credit on sighting in Nostro a/c without cooling period

·         Conditions: Individuals / SB – minimum 6 months operation

·         Branch to confirm / report on covering schedule for instant credit

• Cheques / FDD above USD 500 /-

·         Credit to a/c after cooling period as below

·         Cheques drawn in Newyork                            : 7 days

·         Cheques drawn in other centers of USA       : 15 days

·         cheques drawn on banks in other countries: On realisation from Nostro bk

Note: Value dated credit (date of credit to Nostro a/c) will be given to all SB a/c holders for personal transactions only

·         Entries relating to collection items will be picked up by CCC on 7^th / 15^th day from the value date in case of USD instruments payable in USA, and

·         CCC will debit POB Account Treasury Br. and will credit the customer’s account net of charges, through intersol

·         For cheques drawn in other currencies, credit will be given by CCC on actual realisation / receiving credit to Nostro a/c of the correspondent Bk. 

Purchase Items

• Where the cheque is to be purchased, the branch will forward the instrument with their FBP no. to CCC.

·         The CCC will obtain the rate and credit the Rupee equivalent to party’s account through intersol, to the debit of office (FBP) account.

·         Upon sighting the credit in nostro, the CCC will debit POB a/c Treasury Br.for the original amount of the cheque at controlled / purchased rate and credit the FBP controlled at originating branch through intersol.

·         The contra entry relating to collection or purchase at CBS branch will be reversed by CCC

·         Short Realization if any will be recovered from the party through intersol at TT selling rate

·         In case of insufficient balance in the account or the account being a loan account, POB will be raised on the branch for the same

1.2.1.      POB on the Treasury Branch in such cases will be for the net amount ( FBP Amount – POB on “C” branch for short realization)

  Inward Remittances - Regulatory Requirement:

·         Generally no restrictions on inward Remittance. except that it should be received through authorized banking channel (Exception - FCRA 2010)

·         NRIs Can send Remittances to their / resident a/cs – No limit

   

Bringing Forex during personal visits – Declaration (CDF):

·         For foreign currency exceeding USD 5,000/- and FC/FCTC exceeding USD 10,000/- or equivalent during visit to India, CDF (currency declaration Form) to be produced.

·         Residents receiving Foreign currency / TCs as gift / services rendered can retain up to USD 2,000/- (overall) and to surrender over and above the limit to AD within a period of 180 days

·         Residents can also park these funds in RFC(D) a/c

Provisions of FCRA – 2010

·         No foreign contribution shall be accepted by any candidate for election, correspondent, columnist, cartoonist, editor, owner, printer or publisher of a registered news paper, judges, govt. servants, members of any legislature, office bearers of political parties

·         Organizations of political nature, not being a political party, require prior permission of Central Govt. 

·         Contributions from Indian citizens abroad (NRIs) will not be treated as Foreign Source and do not attract provisions of FCRA

·         Contributions by non-resident foreign citizens of Indian, or non Indian, origin do attract provisions of FCRA even though the money comes from their NRO / NRE / FCNR accounts in India

·         Credit to registered account with Central Government only

·         All associations engaged in welfare activities in economic, educational, religious, social, charitable fields  receiving Foreign Contributions have to get themselves registered with Ministry of Home Affairs

·         Application in Form FC-8 giving details of bank and account number

·         Home Ministry grants registration and marks a copy to bank

·         Unregistered association to take prior permission from Home Ministry before accepting foreign contribution (Application in Form FC-1A). Copy of permission marked to bank.

·         Not more than one account for receiving foreign contribution

·         Banks to furnish Half Yearly Returns ( March and September) furnishing details of Foreign Contribution credited to registered accounts.

·         All branches to submit the said statement in prescribed format before 30^th April / 31^st October to IBD, CO, Mumbai, and confirm this to their ROs.

Unearthing Potential in Human Being.

When we are working in an Institution we come across several sections of persons who are differing in their views and opinion while working at some project. There are several people who may come to a consensus whereas other may vehemently oppose the same view. Have we ever observed why such opinions are formed and who possesses the potential to complete the project efficiently and within optimum time? Some may say they have the potential, but in reality do they have it?

The answer to this question lies in unearthing the potential in human beings. This can be done two ways by unearthing the Potential / Talent in self / human being  and by unearthing the potential of others.

A)    The following tips will help unearth potential in a human being:-

1. One should think what one loves to do. Realizing the God-given talent is paying attention to what is already inside oneself.  One must pay attention to everything done and notice what activities naturally lock in their focus. These things are where the hidden talents lie.

2.      Do it yourself. Experiment, explore, investigate. Try doing different things and entertain different activities. Even try on different personalities. We all have different gifts – some are good at music, others at science, others at writing, and others at machinery. No talent is better than any other, and all are blessings from God.

3. Try different things
1. Try something new. Get out of your routine and think out of the office matters. If you can’t think of anything to do, surf internet until you find an activity that you would like to try. The exposure to different things will help you discover what things stir your interest.
2. Take some personality tests. Few of the sites for personality test are http://www.personalityquiz.net/; http://www.mygeniustest.com/; http://psychcentral.com/personquiz.htm;  http://www.quibblo.com/quiz/345iWY2/What-is-Your-Secret-Talent etc.
3. Learning Styles such as visual, auditory, reading/writing, and tactile / kinesthetic also help in unearthing the talents.

4.      One must Listen to what others say

     Take note of the Observations of other people what they notice, think about oneself i.e. complements or criticisms about him.You don’t need to let other people direct your life, but if you hear someone say, “You’d make a good politician” or “You ought to be a teacher,” pay attention. Other people can often see things in us that we don’t recognize, so seriously consider what others happen to say.

5.      Matters of interests such as the TV shows, articles, news items etc in which a person is interested reflect on the talents that have been put by us in the background more than in the spotlight. One should Think about what they really enjoy doing such as singing, teaching, building things, organizing, listening to and helping other people, cleaning etc. Some of these may not sound like talents, but they are.

6.    Explore frustrations  Areas of weakness to be identified and improved upon. One must notice what makes him/her angry and frustrated and then that area needs to be fixed. They may feel excited and enjoyment in solving their own problem, plus they can help others overcome that same frustration. One must be prepared to be able to fix what was wrong in them. Life is too short to spend it doing work which they don’t enjoy. People are meant to be happy, but many never develop into all that they can be.

7.      Motivate oneself to find ones own hidden talents:

     One should stop excusing their unhappiness and start finding  reasons to change and improve. Jotting down of matters, ideas, capturing of thoughts etc in a notebook helps in finding the hidden talents. All such items which we have thought of but could not achieve should be listed. Write down how much better life would be if you were engaged in things you find fulfilling. Look at your lists until you get motivated to find the real you.

8.      Develop yourself

     After understanding the matters which one likes most and more often practice it more to develop the skill in that area. This will help understanding the depth of the talent.As you get closer to unearthing your hidden talents, develop yourself by learning the most about what you have found. One must keep track of all developments and learn from their successes and pitfalls. As the knowledge develops one will be able to focus his/her attention better to fine tune the nascent talent.

9.   Share your skills with peers, colleagues and if required develop proficiency under experienced people, teachers mentors etc.

B)    In order to bring out the talent in others the following steps would be beneficial:

1. Explore : Every individual has something unique and special to offer. Explore what they have to offer by talking to them- seeing their perspective and ideas. Understand the inner strengths of the incumbent and the type of work he/she can do.
2. Listen: Too often, we spend more time imparting wisdom, talking about ourselves, or telling stories of success without giving chance to other to put their point of view. It's important to listen carefully to the people who are looking up to you. If you don't hear what they need or want, the wisdom you choose to impart, and the stories you decide to tell will be unfocused and off target.
3. Goals: Assign a set Goal for effective performance. A goal is a helpful guideline that gives concise clear instructions on how to carry out or get to a completion point of a task.
4. Delegate: Delegate by giving the staff the autonomy to build a small team to work upon the assigned goals. Assign full accountability for the results of the challenge. Responsibility for team success brings out the best in a person.
5. Believe & Trust: Belief and compassion are strong emotions and key to underpin any logical activity. Have trust. One needs to be free and independent of judgement and biases to grow and nurture their talent. If we provide others with enough trust, they in turn will trust themselves and work on their talent. Trust is a key factor but in order to have that trust in someone else, our Ego must be set aside. Trust is key to the growing relationships of both  internal and external day to day functions. Growing trust with customers is just as important as growing trust from your peers, management, and subordinates alike.
6. Mentoring: Whenever required necessary guidance to be provided to pave the way. By assigning a specified task you help guide, lead, and direct them in the directions they need to go in order to fulfill the obligations of the assigned duties.
7. Encourage: Obviously encouragement and praise contributes to future effort and performance.
8. Opportunity: Extend the opportunity to the incumbent to exhibit their talent / potential by giving Opportunity or assigning the task directly. It definitely expose the ability of person .
9. Updation: Staying current, knowledgeable, effective, and productive is the need of hour. We need to be continuously educating / updating ourselves and our team members. This will help improvement of their skills.

Personality test.

http://psychcentral.com/images/person_friend.gif

Road to Sucess ... Learning Tips from World Cup 2011...

In my earlier Blog entitled "How to achieve sucess " I had given several tips on how to achieve sucess in one's life. If we reflect back and analyse the performance of Indian Team who won the World Cup2011 yesterday, the same have appeared to be true. Analysis of My Previous Blog and  learning Tip from yesterday's win can be summed up as under:

1. Set a Goal for the work to be done. - The Indian Team had a set goal to win the World Cup.

2. Should look forward and think high. - The Mission was to Win World Cup 2011 by defeating World class teams.

3. An action plan is to be drawn for achieving the set goals.- Accordingly hats off to the Team Coach Gary Kirsten and Captain M.S.Dhoni who had drawn a succesful plan by Good fielding, Restricting Runs, Good Batting not letting loose, & throwing Bat.

Strategies to be developed and reviewed in times of need : M S Dhoni entering at No. 4 and played Captain's inning.

4. Power of Positive Attitude :Nothing else than positive attitude leads to sucess. Yuvraj emerged as the Hero of the Tournament, despite his previous bad performance not being in form. 

5. Most important asset is Passion: Our batsman have put in their best with zeal and passion (जूनून) 

6.Team Work plays an important Role. - Splendid Team Work Display by the Indian Team.

• Doing one’s job the best one can.- Gautam gambhir, Virat Kohli & above all M.S.Dhoni have displayed their batting calibre, Harbhajan & Yuvraj with their bowling did perform well. 
• Being thorough, yet making speed. Marching onward despite defeat, and fighting staunchly, but keeping sweat.- Serve, strive through strain and stress. And when we do all this It’s doing your noblest.:-  Despite the fall of Wickets of Virendra Sehwag & Sachin, the turning point by Gautam Gambhir & M S Dhoni's  struggle for win till the end. 
• Delegation of duties / Role to be played by each person & Co-ordination of the various types of Jobs.- The entire team has successfully played their role, be it The captian, The coach, The Bowlers or the Batsman resulting in a win.
• Honest implementation of duties assigned.- Gautam Gambhir's 97 and M S Dhoni's 91, Taking of wicket's by Yuvi's & Har Bhajan led to victory. 
  

  7. The most important factor is the Time Schedule which should be strictly observed and any time over-run should be plugged in.- Match was won in the 48.2 overs as against 50 overs.

  
  

8. Jubilant Celebration of the successful completion of the Goal / Event.:- Jubiliant Celeberations not only by the Team, but at & in each Corner of the country, specially when it made Sonia Gandhi to Dance (Read the article in Dainik Bhaskar under article/NAT-people-shows-happiness-like-diwali.)

So dear friends in order to achieve succcess we should necessary implement the following:

1. Set a Goal / Mission for achieving success in life.
2. An action Plan to be drawn Strategies to be reviewed based on the available situations.
3. Be Positive Never Say No.
4. Have Passion to win always.
5. Never hesitate to take risks if required.
6. Put in all the best with full honesty and dedication.
7. Team Work with full zeal to ensure dependency on a single factor is not met and alternate solutions are availabe i.e. Disaster Management.
8. Motivation of the Team members for ensuring success.
9. Maintaining the Time Schedule, Completion of the project within the deadline.

Good Luck to One and All For the future.

NEVER READ IMPOSSIBLE AS IMPOSSIBLE BUT READ IT AS

I AM POSSIBLE.

६२वा गणतंत्र दिवस- बदलता परिद्रश्य

आज हम ६२वा गणतंत्र दिवस मन रहे हैं |

जहाँ एक ओर हमें अपने गणतंत्र दिवस से कुछ शिकायतें हैं, जैसे कि भ्रष्टाचार  का बोलबाला है , गरीब और भी गरीब हो रहा है | समाज के कुछ पिछड़े तबके के लोग अभी भी बुनियादी जरूरतों से महरूम हैं | हमारे धर्म गुरु आज अपने मज़हबों  में जो भी शिक्षा दे रहे हैं वह आजादी के दीवानों के द्वारा देखे गए सपनो से बिलकुल भिन्न एवं लीग से हट कर है| आज हमें जो भी शिक्षा मिल रही है उसे में कहीं न कहीं कमी है और वह जोड़ने के बजाये विभिन्न प्रांतीय वर्गों में बटने कि ओर ले जा रही है| राजनीति में स्वार्थ एवं आदर्शों का ह्रास तथा नैतिक मूल्यों का पतन ही नज़र आरहा है| हमारे पूर्वजों ने जो सपनों को देखा था राजनीति उससे दूर हटती नज़र आ रही है |     

हमें फिर भी अपने  गणतंत्र दिवस पर गर्व महसूस होना चाहिए | आज़ादी के वक़्त हमारे पूर्वजों ने जिस वैज्ञानिक और आर्थिक संरचना की नीव डाली थी, उसकी बदौलत हमारा भारतवर्ष आज पूरी दुनिया में एक उभरती हुई ताकत है जिसका सभी समर्थ एवं ताकतवर देश लोहा मानते हैं | आज भारत की एक अग्रणी देशों की श्रेणी में गिनती की जाती है |  हमने एशियाड   तथा कामनवेल्थ खेलों का आयोजन कर साबित कर दिया की हम भी किसी से कम नहीं हैं | महंगाई जरूर बढ़ी है पर प्रत्येक व्यक्ति की आमदनी में भी इजाफा हुआ है,तथा वैज्ञानिक विकास हुआ है | चाहे कोई भी क्षेत्र  हो,  चाहे शिक्षा हो, डिफेंस हो, बैंकिंग हो, परिवहन श्रेणी हो हमने निरंतर प्रगति की है |

हमें अपनी संस्कृतिक गतिविधियों को जारी रखते हुए उसकी रक्षा करना है | हमें अपनी समस्यायों  से जूझते हुए उनका समाधान करते हुए प्रगति एवं उन्नति की ओर बढ़ते रहने की जरूरत है | हमें आगे भी कामयाबी पाने से कोई नहीं रोक पायेगा | 

अतः शिकायतें अपनी जगह भले ही हों हमें खुद पर एवं गणतंत्र पर गर्व करने की पर्याप्त वज़ह हैं|