NEFT and RTGS in India

In the above advertisement, one point is given as - Fund Transfer (RTGS/NEFT). In my cheque book of ICICI Bank, RTGS/NEFT IFSC code is printed on cheques. Naturally, it gives curiosity to know about RTGS and NEFT. I have compiled these two things as follows in a simple manner and hope it will be useful to readers.

NEFT:
It stands for National Electronic Fund Transfer System introduced by Reserve Bank of India. It is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. This fund transfer takes place among the member banks and financial institutions throughout India. Most of the banks are members of NEFT. RBI publishes the list of bank branches participating in the NEFT on its website http://www.rbi.org.in/scripts/neft.aspx

Main advantages are as under.
Transfers funds from one account to other bank accounts across India.
DDs/ cheques are not needed in case of Net Banking.
It is faster, safer, efficient, economical, easier and reliable system.
Can get confirmation of fund transfer through e-mail or SMS.

You should have account in a bank to avail this facility. Or if you do not have account in a bank still you can avail this facility for cash transaction up to Rs. 50,000/-. But, beneficiary must have an account at the destination bank branch, as basically NEFT is an account to account funds transfer system.

At least, following items will be required.
Beneficiary’s Name, Beneficiary branch and bank name, Beneficiary’s Account type and Account no. , Beneficiary’s Branch IFSC. Here, beneficiary means a person to whom the payment is directed.

IFSC is short form of Indian Financial System Code. It is an alpha numeric code designed to uniquely identify the bank branches in India. Unlike MICR code which has 9 digits to identify the bank-branch, IFSC is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.

There are two ways to do NEFT.
Fill the application form along with details of cheques/Debit instruction, name and account number to whom the money is to be transferred, IFSC code of bank/branch where funds are to be remitted.
NEFT ONLINE. Through Net banking facility, you can transfer funds to other bank accounts across India. You have to register to avail this facility. Some banks allow this even without registration.

In NEFT, settlement takes place at a particular point of time. For example, it takes place 6 times a day during the week days (9.00 hours , 11.00 hours, 12.00 hours, 13.00 hours, 15.00 hours and 17.00 hours) and 3 times during Saturdays (9.00 hours, 11.00 hours and 12.00 hours). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time, i.e., if the transaction initiated later during the day, money would be transferred next day.

RTGS:
It stands for Real Time Gross Settlement. It is also used to transfer money from one bank to another but on a ‘Real Time’ and on ‘Gross’ basis. This is the fastest possible money transfer system through the banking channel. ‘Real Time’ settlement means payment transaction is not subjected to any waiting period and money can be transferred to other bank account within 2 hours. The transactions are settled as soon as they are processed. ‘Gross’ settlement means the transaction is settled on one to one basis without bunching with any other transaction. Transactions are processed continuously throughout the RTGS business hours. Considering that money transfer takes place in the books of the Reserve Bank of India the payment is taken as final and irrevocable.

RTGS is mainly used for high value clearing. In this system minimum transfer money required is Rs. 1 Lakh. There is no upper ceiling limit for RTGS. In NEFT, there is no minimum or maximum amount of transfer money.


There is no charge for inward transactions. For outward transactions for Rs. 1 Lakh to Rs. 5 Lakh – charge is not exceeding Rs. 25 per transaction and for Rs. 5 Lakh and above – charge is not exceeding Rs. 50 per transaction.

Following is the list of different countries and their RTGS systems:

Albania	AECH, RTGS
Australia	RITS
Bulgaria	RINGS
Canada	LVTS (Final settlement by evening)
Chile	LBTR/CAS
Croatia	HSVP
Czech Republic	CERTIS
Hong Kong	CHATS
Iran	SANTA
Israel	Zahav
Kuwait	KASSIP
Macedonia	MIPS
Poland	SORB
Russia	BESP
Saudi Arabia	SARIE
Singapore	MEPS+
South Africa	SAMOS
Switzerland	SIC
Turkey	EFT
UK	CHAPS
US	Fedwire

Gift Cards

Gift cards are some times the best choice to gift on different occasions. One of the main advantages is that the receiver does not get repetitive gifts. It may help them to buy things as per their requirement and necessity. Moreover, these cards have some validity period. So, there is a plenty of time to think upon.

These cards are prepaid cards, i.e. gift amounts are preloaded onto the cards when they are purchased. These cards are not credit cards and there are no bank accounts involved. No PIN (Personal Identification Number) is associated with these cards. Hence, these cards cannot be used to withdraw cash at ATM. Normally, expiry date is printed on these cards. When purchases are made, amounts are deducted from the cards until the balance reaches to zero.

Most of the Indian banks provide this facility. Here are some of them:

Corporation bank issues Visa gift Card for a minimum of Rs.1,000/- and thereafter in multiple of Rs. 500/- subject to a maximum of Rs. 5,000/- which is accepted at all VISA enable merchant establishments in India.

Central Bank of India issues MasterCard gift Card for a range of Rs. 500/- to Rs. 50,000/- which is accepted at all MasterCard enable merchant establishments in India.

State Bank of India issues Visa gift Card for a minimum of Rs. 500/- and thereafter in multiples of Rs. 100/- subject to (1) For individuals – a maximum of Rs. 20,000/- and (ii) For Corporate- a maximum of Rs. 5,000/- per employee/beneficiary. It is acceptable at all VISA merchant establishments in India, Nepal and Bhutan.

Different Banks provide different types of facilities. Like some banks provide SMS alerts, e-mails etc. Some banks provide outstanding balance at their ATMs. Some banks provide balance enquires on mobile phones and so on.

More information on: www.corpprepaidcards.co.in
http://www.centralbankgiftcards.co.in/
http://www.prepaidsbi.com/

e-mail: dc@corpbank.co.in
prepaid@sbi.co.in

DTH with MPEG-4 and DVB-S2

Digital Video Broadcasting – Satellite – Second Generation (DVB-S2):

DVB-S2 Satellite modulation is an enhanced specification of DVB-S standard for digital satellite transmission system. This adoption is for the growing demand of HDTV, and would enable commercial launch of HDTV services. There are other areas also which may benefit from it like satellite broadband, HITS platforms, professional applications for data transparency, etc. DVB-S2 (EN 302307) was ratified by ETSI (European Telecommunications Standards Institute) in 2005.

Moving Picture Experts Group-4 Advance Video Coding:

MPEG-4 AVC (H.264) is a standard for video compression.

MPEG-4 is a patented collection of methods defining compression of audio and visual (AV) digital data. It has many “parts”, each part standardizes various entities related to multimedia, like audio, video and the file format.

H.264/AVC is the latest block-oriented motion-compensation-based codec standard. H.264 is most popular for its use on Blu-ray Disc, HD DVD and videos from iTunes Store.

More information on: www.etsi.org

www.dvb.org

www.­videocond2h.­com

LED TVs

LED TV or LED backlit LCD television uses LED backlighting instead of the standard cold cathode fluorescent lamps (CCFL) used in most LCD televisions.

The main difference between conventional LCD and LED LCD is in backlighting techniques. It is because of this, the picture qualities change along with other characteristics.

According to the colour, the LEDs can be divided into two methods, White LED backlight and RGB LED backlight.

When White LED backlight used, it is called Edge-LED lighting. The principal benefit of Edge LED television is the ability to build thinner LED LCDs as thin as 9.9 mm.

When RGB LED backlight is used, it has an advantage of displaying realistic colours.

Advantages:

1. It possesses wide colour range and Exceeds NTSC color gamut, especially when RGB-LED backlighting is used. [NTSC: Technical standardization of analog television system was set up by National Television System Committee (NTSC). It is/was in used in most of the United States, Japan, South Korea, Tiwan while in Europe and rest of the world, it is PAL and SECAM]
2. Excellent life expectancy as manufacturers claim. They say its life is about 100,000 hours which is double the life expectancy of CCFL LCD TV.
3. Replaces colour wheel on DLP TVs.

They can produce a very bright image with greater contrast and deeper blacks compared with LCD TVs. Actually, LED TV can better handle darker tones. Sometimes as dark as 100%.

They consume much less power. About 40% less compared with LCD TV of a similar size.

Quality of fast moving video playback depends on response time and refresh rate. LED LCDs have higher refresh frequency and response time. In fact, look for these while making purchase. Actually, Refresh Rate and Response Time are properties of LCD Panel and nothing to do with the backlighting.

The main benefit of Edge LED lighting system is the ability to build slimmer LED TVs as thin as 9.9 mm.

The light source is also environmentally friendly because it uses no Mercury.

Disadvantage:

1. At present, they are expensive.

Projectors

There are various types of projectors. Slide projector, overhead projector (variant of slide projector), CRT projector (uses cathode ray tubes), LCD projector (uses LCD light gates), DLP projector (uses Texas Instruments’ DLP technology), LCOS projector (uses liquid crystal on silicon), D-ILA Projector (uses Direct-drive Image Light Amplifier based on LCOS technology.), LED projectors (uses an array of Light Emitting Diodes as the light source).

LCD projector is used for displaying video, images or computer data on a screen or other flat surface. Often, projection screen is used. It is a modern analog of the slide projector or overhead projector.

Newer technologies, such as DLP (Digital Light Processing) and LCOS are becoming more popular in video projection. These projectors are light-weight, can be connected to many different devices and have powerful projection ability.

LCD projectors project images by shining light through transparent LCD cells.

DLP projector projects images by reflecting lights against hundreds-of-thousands of tiny mirrors called digital micro-mirror devices (DMDs). Each mirror reflects one pixel in the resolution of the projected image. Thus, pixel-to-pixel relationship ensures superior quality picture. Here, instead of passing light source through a liquid crystal cells like LCD projector, light is reflected off the panels called DMDs. Thus, it is ‘reflective’ technology.

In another word, the DMD chip, also known as an optical semiconductor, contains a rectangular array of hundreds-of-thousands of tiny actuated microscopic mirrors. These mirrors can reflect an all-digital image onto a screen or other surface in coordination with graphic signal, light source and projection lens.

LCOS combines the LCD and DLP technologies. It is a reflective technology that uses liquid crystals instead of individual mirrors.

The model shown above is HS102G of LG Company. The approximate cost in Indian Rupees is Rs. 60,000/-.

More information on: http://www.in.lge.com/

Coir is green business

Above advertisement, published on the World Environment Day – June 5 with the following slogans, makes us thinking.

Use coir and coir mats which replace one million tonnes of plastic every year.

Save water - use coir pith.

Save soil - use coir geotextiles.

Save trees - use coir ply hoard.

Coir Board is a statutory body established by the Government of India under a legislation enacted by the Parliament namely Coir Industry Act, 1953 (45 of 1953) for the promotion and development of Coir Industry in India as a whole.

Its purpose is to provide a one-stop information resource on coir industry to all entrepreneurs dealing with coir and coir products.

Coir is a natural fibre extracted from husk of the coconut, with or without retting. It is highly stretchable, durable, strong and unaffected by moisture and dampness. It has been traditionally used in the making of ropes and mats. Also used in making carpets, fibre, pith/peat, rubberised coir, matting, yarn, curled coir, geo-textiles, rugs etc.

Coir pith is used in nurseries and floriculture farming, mainly due to its water retention quality for a longer period.

Rubberised coir is a coir pad sprayed with rubber latex or with natural rubber which bonds the fibres together to be used as upholstery padding and packaging.

Based on the quality of fibre used, coir yarn is available in different forms for various industrial and agricultural purposes.

More information on: www.coirboard.nic.in

Building a sweet home.

It is extremely important to use high grade steel in a construction of a house. The steel structure used in the construction should be of superior seismic resistance properties.

 

If you are going to build a residential house, here is some information which may be useful to give basic ideas about steels.

 

To create a concrete structure to bear all kinds of load and stresses, steel reinforcement/strengthening is used. This steel reinforcement is generally used in the form of bars or rods.

 

Bars are available in cold twisted deformed bars or TMT bars. TMT is short form of Thermo Mechanical Treatment, and is the latest technique.

 

Different grades of bars are available, like grade Fe 415, grade Fe 500 etc. Here, 415 and 500 indicate stresses of 415 N/mm² and 500 N/mm² respectively. Most commonly used is grade Fe 415.

 

Some companies produced TMT bars with low carbon levels than specified to get excellent ductility, high bendability and superior weldability. Like Fe 415 grade bars details from TATA TISCON is as under.

 

Chemistry	Unit	IS:1786	TATA TISCON*
		Fe 415
Carbon	%	0.03**max	0.17-0.24
Carbon equivalent  (C + Mn/6)	%	-	0.38 max
Sulphur	%	0.060 max	0.050 max
Phosphorous	%	0.060 max	0.045 max
S & P	%	0.110 max	0.090 max
Nitrogen	ppm	-	100 max
*(Typical Values for 90% of heats)
*(In case of weldable bars the carbon content should be 0.25% max)

 

 

Ductility is the property of metal which permits it to be reduced in cross sectional area without fracture. Bend tests are carried out to ensure that a metal has sufficient ductility to stand bending without fracturing. Due to lower carbon content, it has better welding capability. Although, a number of factors affect weldability including chemistry, surface finish, heat-treating tendencies, etc.

 

Some companies have brought TMT and corrosion resistant steel (CRS) bars with added features.

 

Bars are available in the size range of 8,10,12,16,20,22,25,28,32,36, and 40 mm. For general house constructions, bars of diameter 6 to 20 mm are used.

 

Here are some standard sizes and useful data of TATA TISKON products.

 

Section (mm)	Nominal weight (kg/meter)	Nominal length (Mts/MT approx)
8	0.395	2531
10	0.617	1620
12	0.888	1126
16	1.58	633
20	2.47	405
25	3.85	260
28	4.83	207
32	6.31	159
36	7.99	125
40	9.85	102

 

More information on:

 

http://www.buildnova.com/buildnovav3/productcatalogue/SteelBrocures/TataSteel.htm

http://www.askacc.com/reinforcement.asp

 

 

50% depreciation on a new commercial vehicle purchased between 1st January 2009 and 31st March 2009 in India:

The above advertisement says “Purchase your dream car between 01.01.09 and 31.03.09 and avail depreciation benefit by 50% instead of normal rate of 15%”.

Here is some information about 50% depreciation on a commercial vehicle.

As per Income-Tax (Third Amendment) rules, 2009 - Amendment in new Appendix 1 (Notification no. 10/2009 dated 19-1-2009), New commercial vehicle which is acquired on or after the 1st day of January, 2009 but before the 1st day of April, 2009 and is put to use before the 1st day of April, 2009 for the purposes of business or profession, would be eligible for depreciation at the rate of 50%. This does not apply to second hand vehicle purchased.

“Commercial vehicle” means- heavy goods vehicle, heavy passenger motor vehicle, light motor vehicle, medium goods vehicle and medium passenger motor vehicle but does not include maxi-cab, motor-cab, tractor and road-roller.

Companies and individuals can avail this benefit.

In case of a company or a partnership firm, commercial vehicle should be purchased from its fund and should be registered in the name of its director or partner.

In case of an individual taxpayer, Commercial vehicle means vehicle used for business or profession like Lawyer, doctor, etc do but not salaried employees.

For a vehicle purchased between 1st January 2009 and 31st March 2009, depreciation can be availed for financial year 2009-10 and onwards at same rate of 50%.

The effective rate of depreciation for current FY 2008-09 will be 25% (Half of the prescribed 50%), since the new car will be used for less than 180 days in this year.

The normal 15% depreciation will continue to apply for the vehicles purchased on or after April 1, 2009.

More information on: http://www.incometaxindia.gov.in/

Update 1[Sept 21, 2009]:

The above benefit is extended until September 30, 2009 vides Notification No. 37/2009 dated 21.04.09. By March 2011, you can virtually write-off by way of depreciation nearly 75% of your car. From 2011-12, under the proposed Direct Tax Code depreciation will be only at 15% per annum.

Motor car running and maintenance expenses or depreciation is no longer liable to fringe benefit tax (FBT). The Cost Inflation Index for 2009-10 is 632.

Real - Litchi Nectar

Available in 1 litre and 200 ml tetra packs from DABUR Foods Ltd of Dabur India Limited.  Litchi nectar reportedly contains vitamin C, carbohydrates and essential minerals.  Its nutrition facts per 100 ml are as under.

 

Energy	60 Kcal
Protein	NMT 1 g
Fat	Negligible
Carbohydrates	NLT 15 g
Sodium	0.2 mg
Vitamin B1	0.008 mg
Vitamin B2	0.008 mg
Vitamin C	30 mg
Calcium	1.0 mg
Iron	0.1 mg

 

It provides nutrition, energy and prevents dehydration.

 

Real Litchi Nectar is made with best Litchis to ensure consistent quality around the year.

It is 100% preservative free juice and offers consumers the great taste in a hygienic and attractive tetra pack. 

It is great alternative choice for breakfast as well as a refreshing drink for mid-morning and late afternoon breaks. . Real is available in the largest range of 8 juices: orange, mango, pineapple, grape, guava, mixed fruit, tomato and the litchi.

After the successful launch of ‘Real’ brand in the country, Dabur Foods successfully marketed Real Indian fruit variants like Mango, Pineapple and Guava by launching in Wool worth stores in Australia, and crowned its foothold with a presence in 450 outlets. The company is now extending its presence in the Middle East and South-East Asian countries too. Dabur Foods is also exporting pulps and concentrates of fruits such 
as Mango, Guava and Pineapple to the Middle East and European Markets. It is now focusing on its expansion in exotic Indian fruit varieties such as Litchi, Pomegranate, Watermelon and Pink Guava.

More information at http://www.dabur.com

 

Dabur Foods uses the latest spin cap tetra pack, cold fill technology and spill-proof double seal cap for packaging Real. These features have multiple benefits, like fresh taste and nutrition and 100% preservative free, etc.

 

Few facts about Tetra Pack from Tetra Pak:

 

1.      Tetra Pak is a multinational food processing and packaging company of Swedish origin.

2.      Fresh foods sold in special Tetra Pak containers retain their freshness by a special packaging technology. The food undergoes a process of packing and sealing that eliminates bacteria growth till the packet is opened and comes in contact with the atmosphere. 

3.      Tetra Pak uses a special packaging technology that seals the food to eliminate bacteria growth. The food remains fresh without added preservatives till the packet is opened and comes in contact with the atmosphere.

4.      Once opened, the contents from a Tetra Pak should be refrigerated. The life varies from one product to the other. See the instructions on the packaging to make sure you do not keep the food beyond its prescribed life.

 

More on: http://www.tetrapak.com