Make your Credit card more secure

To make online transaction process more secure through VISA/MASTER Credit Cards, RBI has made mandatory extra level of authentication called VBV (Verified by Visa) or MSC (Master Card Secure Code) password from 01st August 2009 onwards. This password is required to use while you are making an online transaction. All customers are requested to visit your respective card issuing bank’s website or VISA/MASTER sites and register your card for Verified by Visa or Master Card Secure Code to get your password.

For VISA Credit Card registration process, click on the following link
http://www.visa-asia.com/ap/sea/cardholders/security/activate.jsp

For MASTER Credit Card registration process, click on the following link
http://www.mastercard.com/us/personal/en/cardholderservices/securecode/sign_up.html

Inter-Bank ATM free of charge from April

The Reserve Bank of India circular, which has made inter-bank cash withdrawals for bank account holders through automated teller machines (ATMs) free of charge irrespective of bank in which they have account, has become effective from April 1 onwards. The newly-announced measure is expected to benefit countless ATM users countrywide, along with making the ATM usage more popular.

While ATM users from any bank will no longer be required to pay any charge for withdrawing money from an ATM, the banks have yet to decide upon a standardized rate that they would charge their counterparts for facilitating the proposed service.

Thus far, the charges pertaining to the inter-bank withdrawal facility was passed on by the banks to their clients. Lenders had either entered into bi-lateral or multi-lateral agreements, or were using national electronic fund transfer (NEFT) for speedy inter-bank fund transfers, at an economical cost.

There are some issues for the users, if the card gets stuck or cash not dispensed the user has to contact the service providing bank or the ATM owner. The users bank is not responsible for these scenarios.

Highlights of Interim Union Budget 2009-10

The following are the highlights of the interim budget for 2009-10 presented in Parliament by Finance Minister Pranab Mukherjee.

• Growth forecast at 7.1 per cent for 2008-09
  
• Total expenditure for FY'10 seen at Rs 9,53,231 crore
  
• Plan expenditure estimated at Rs 2,85,149 crore.
  
• Non-Plan expenditure pegged at Rs 6,68,082 crore.
  
• Revenue expenditure at Rs 8,48,085 crore.
  
• Centre's net tax revenue pegged at Rs 5,00,096 crore.
  
• Revenue deficit 4 per cent of GDP.
  
• Fiscal deficit at 5.5 per cent of GDP.
  
• Major subsidies estimated at Rs 95,579 crore.
  
• Two per cent interest subsidy for exports extended till Sept for employment oriented sector.
  
• Defence allocation at Rs 1,41,703 crore.
  
• Rs 30,100 crore allocated for rural employment scheme.
  
• Bharat Nirman allocated Rs 40,900 crore.
  
• Rs 12,070 crore for National Rural Health Mission.
  
• Rural drinking programme allocated Rs 7,400 crore.
  
• Rural sanitation programme gets Rs 1,200 crore.
  
• Rs 14,000 crore for rural infrastructure development.
  
• Mid-day Meal scheme allocated Rs 8,000 crore.
  
• Rs 6,705 crore for Integrated Child Development Scheme.
  
• Sarva Sikhsha Abhiyan allocated Rs 13,100 crore.
  
• Urban renewal mission gets Rs 11,842 crore.
  
• Government to recapitalise public sector banks.

Sixth pay commission highlights

The highlights of the 6th Pay Commission report that was submitted to the government of India:

The tenure of the Commission was till April 4, 2008. Implementation of the revised pay scales from January 1, 2006.

• To remove stagnation, introduction of running pay bands for all posts in the Government presently existing in scales below that of Rs 26,000 (fixed).
• Four distinct running pay bands being recommended -- one running band each for all categories of employees in groups 'B' and 'C' with 2 running pay bands for Group A posts.
• The posts of Secretary to Government of India/equivalent and Cabinet Secretary/equivalent to be kept in distinct pay scales.
• A separate running pay band, designated as -1S scale, is not to be counted for any purpose as no future recruitment is to be made in this grade and all the present Group D employees not possessing the prescribed qualifications are to be upgraded and placed in the Group 'C' running pay band PB-1 after they are suitably retrained. Group D employees possessing the minimum prescribed qualifications to be placed in PB-1 pay band straightaway.
• Minimum salary at the entry level of PB-1 pay band to be Rs 6660 (Rs 4860 as pay in the pay band plus Rs 1800 as grade pay). Maximum salary at the level of Secretary/equivalent to be Rs 80000. The minimum: maximum ratio 1:12.
• Every post, barring that of Secretary/equivalent and Cabinet Secretary/equivalent to have a distinct grade pay attached to it. Grade pay (being a fixed amount attached to each post in the hierarchy) to determine the status of a post with a senior post being given higher grade pay.
• The total number of grades reduced to 20 spread across four distinct running pay bands; one Apex Scale and another grade for the post of Cabinet Secretary/equivalent as against 35 standard pay scales existing earlier.
• At the time of promotion from one post to another, the grade pay attached to posts in different levels within the same running pay band to change. Additionally, increase in form of one increment to be given at the time of promotion. A person stagnating at the maximum of any pay band for more than one year continuously to be placed in the immediate next higher pay band without any change in the grade pay.
• Annual increments to be paid in form of two and half percent of the total of pay in the Pay Band and the corresponding grade pay. The date of annual increments, in all cases, to be first of July. Employees completing six months and above in the scale as on July 1 to be eligible.

Get the detailed report on gov. of India site http://india.gov.in/govt/paycommission.php