All things Money Thread


Some very important financial tips that everyone should know ....

1. Avoid buying property on loans as it eats most of your earnings unless you have a clear plan for its repayment. It's important to monitor cash flow. Though, the house will be your asset, your liability will be much more.

2. Start a SIP at a very young age. Try to save atleast 15–25 % of your earnings.

3. Avoid buying a car unless you use it everyday.
4. Do not let this sentence scare you. “Mutual fund investment are subject to market risk. Please read the offer documents carefully before investing”. Most people avoid investing in mutual funds just because of this one warning. Yes, there is a market risk, but look at the history and growth of mutual funds.

5. Try having a simple wedding.

6. Atleast 20% of your wealth should be liquid so you can utilize it when necessary.

7. Considering inflation, you are actually losing money if it is in savings bank account. Do not keep huge money in savings bank account.

8. If you invest in stocks, pay due attention.

9. If you invest in stocks have a separate account for delivery investment and Intraday investment. It is easy to monitor this way and also makes tax calculation easy

10. Do not have a belief that property and car make you rich. Its what you save and invest, that is important.

11. Never invest in insurance for returns. Insurance is not an investment option. It is a risk management tool.

12. Never use credit cards for lavish spending. Use credit cards intelligently and for needs not for wants.

13. Cancel all credit cards before you die. Or inform family about all your accounts, credit cards, loans and saving now itself. Even a small residue will cost your family much.

14. Invest on yourself and then on other investments.

15. Always try to balance your earnings with your savings first, then on spending and loans. Never take unnecessary loans. Always have reserve and utilise them and unless no other go never take loan.

16. Always have a plan for future events on your career, life, spending and finance.

17. Always have a reserve on your savings for contingency and urgent situations.

18. Your personal life and health are the most important investment. Do have a regular health check and do healthy workout every day. Stay healthy and live happily.

19. Always remember death can come please do buy adequate term Insurance if you have dependents.

20. Prepare a Will. It may avoid unnecessary fights after you die.


Cashless card transactions and security loopholes

Published at January 04, 2018 12:35 AM

Weak spots in credit card security makes it easy for fraudsters to retrieve sensitive card information
Mukhtar Ahmad Farooqi

Almost every adult today possesses plastic money in the form of debit, credit or prepaid cards. These cards, e-wallets and other digital platforms are witnessing a surge in their volumes to embrace digital payment solutions and Digital India’s vision of cashless economy.
Digital money transactions are executed through debit cards, credit cards, internet banking, e-wallets, UPI (Bhim), AEPS (Aadhaar Enabled Payment System), cheque etc. for shopping (on e-commerce sites or through POS in offline mode), bill payments, education, banking etc.
To encourage digital payment platforms after demonetization, government even reduced transaction charges levied by banks on merchants on debit and credit cards.
Banks have phased out magnetic stripe card security and have moved to Chip Card Security standard to make transactions more secure and authenticated. This standard called as EMV (which stands for Europay, MasterCard and Visa) includes a microchip in the card that protects buyers against fraudulent transactions.
In case of online transactions card issuing companies are using 3DS (which stands for 3 Domain Secure) protocol which is a program designed to reduce card fraud and shift liability for fraud from online merchants to the card issuing banks. 3DS is used by Visa and MasterCard under the names “Verified by Visa,” and
“Master Secure Code” respectively.
In this program cardholders register their cards by entering the card number, birth date, and passcode. When a cardholder makes a purchase at a site that uses 3DS, he enters the code which is verified by the issuing bank and is never shared with the merchant site.
Even though the banks or card issuing authorities are using above mentioned security protocols and standards still there are few loopholes that hackers use to steal sensitive information. The only thing required to block these loopholes in the system is properly educated user.
First of all we will look into these techniques of fraud and then discuss about the ways of preventing such frauds. There are many kinds of card frauds particularly related to credit cards and are categorized into two categories:
CNP(card not present): This occurs when the card holder’s information is stolen and used illegally(online transactions) without physical presence of card, and is a result of phishing mails or other forms of hacking where a cardholder is usually of unaware of how information was stolen which we will discuss later on.
Card present: This is less common and takes the form of Skimming where in a dishonest seller swipes a consumer’s card into a device that stores the information and then consumer’s account is charged.
In addition to the above there are other ways like packet sniffing and session hijacking that hackers use to steal information particularly when there is any kind of data breach of email or e-commerce site.
According to the researchers of University of Newcastle, there are few weak spots in the credit card security which makes it easy for fraudsters to retrieve sensitive card information like date of expiry or CVV number.
This technique is known as Distributed Guessing Attack in which the guesses for the card’s CVV number across multiple sites is spread out with each attempt narrowing the possible combination until a valid expiration dates and CVV numbers are determined.
The similar technique is believed to be responsible for the hack of thousands of Tesco customers.This is very rare but we need to be careful particularly while performing transactions on foreign sites that bypass the 3D Secure gateway and only require CVV number like Ali Express.
Similarly, cyber security breaches in Japan-based Hitachi Payments Services compromised 3.2 million cards in 2016.
The various preventive measures that one can take to avoid such type of frauds are:
1. Online preventive measures
Only go to established e-commerce sites that are safe and shop only on those that are SSL (Secure Sockets Layer) certified that can be identified with lock symbol in URL box of browser.
Make sure that website uses
“https” protocol where‘s’ stands for secure instead of only ‘http’.
While making any online transaction look for a site that uses payment verification tools such as MasterCard Secure Code or Verified by Visa.
On an individual level we can safeguard transactions by installing anti-virus software on our computer and smartphone to keep out malware.
Do not use debit cards for e-commerce transactions instead use credit cards.
Try to hide CVV on the site by masking it by asterisks because foreign sites use CVV as the only point of verification.
Register for SMS alerts as the bank will alert you to any online card transaction or ATM withdrawals the moment these take place.
Avoid using unsecured W-Fi networks or public Wi-Fi as these are easy targets for identity theft cases in online transactions.
Always log out from online accounts to ensure data security and avoid storing confidential passwords on your mobile phones.
Keep changing your passwords from time to time to reduce the probability of identity theft.
1. Offline preventive measures
Never reveal your PIN, CVV or password to anyone and make sure not to respond to e-mails or SMSes or phone calls that ask for crucial personal or card-related details.
Check your bank or credit card statements on regular basis so as to detect any unauthorized transaction through identity theft and alert the bank immediately.
At shops or petrol pumps, make sure that the card is not taken by the salesperson to a remote location where you cannot see it as the card information can be easily copied and stolen.
Ensure that you never sign a blank receipt.
What to do if cheated
Now the question arises if one thinks that he/she has been cheated, then we should follow the following steps and not panic:
If there is a case of card identity theft or a fraudulent offline or online transaction, report the loss immediately to the bank or card provider and have the card blocked. The banks may tell you to fill the chargeback form for the fraudulent transactions.
If the bank does not respond within a week, approach the nodal officer of the concerned.
If there is no response from the bank within 30 days, contact the banking ombudsman appointed by the RBI (
In case all the above measures fail then we can approach the court of law for redressal.
All the information that I have provided to the readers in this article is just for the purpose of creating awareness about the security features of digital transactions and preventive measures that we need to take safeguard our hard earned money from fraudsters not the otherwise and don’t forget that prevention is better than cure.
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Big Daddy

Super User
Seems like India is shutting the door for NRIs and foreigners living in India. I believe that I cannot open a bank account in India if I do not have an adhaar card. I do not know but may be the opportunities for buying cars, homes, etc. may also be limited for NRIs. If that is the case then Aadhar may actually discourage NRIs/foreigners from living in India for any significant amount of time.

India may be losing a significant amount of investments that way. Many of these investments are also sources of foreign exchange.


Seems like India is shutting the door for NRIs and foreigners living in India. I believe that I cannot open a bank account in India if I do not have an adhaar card. I do not know but may be the opportunities for buying cars, homes, etc. may also be limited for NRIs. If that is the case then Aadhar may actually discourage NRIs/foreigners from living in India for any significant amount of time.

India may be losing a significant amount of investments that way. Many of these investments are also sources of foreign exchange.
Sooner or later I hope some doors will be opened for NRI / Foreigners.
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Visually-impaired facing difficulty in identifying new Rs 50 notes, currency lack features: Govt
Updated: Jan 05, 2018 | 14:35 IST | Source - ET Now Digital

New Delhi: The government admitted that the new Rs 50 banknotes lack features to aid the visually-impaired in identifying the currency.
“New notes and coins usually have distinguishable identification features for the convenience of the visually-impaired,” a senior finance ministry was quoted from the Business Standard .

However, the new Rs 50 series banknotes do not have any such feature, except for its distinguishable size.
The RBI had introduced the new Rs 50 notes on August 18 last year.
The new Rs 50 currency notes will be of dimension 66 mm x 135 mm and will bear motif of Hampi with chariot and will carry the signature of Urjit R. Patel, Governor, Reserve Bank of India. The base colour of the note is Fluorescent Blue.
Where it went wrong?
Due to the change in dimension and size, it is very difficult to identify the new Rs 50 note by the visually-impaired people.
Old notes of Rs 50 had an intaglio square on left side, which could be felt by touch
The recently introduced Rs 2,000 and new Rs 500 notes featured a rectangle and a circle on the right side.
Earlier in December last year, the Delhi High Court had asked the government and the RBI to examine the new currency notes and coins, observing that the visually impaired were facing hardship in identifying and using them.
A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar told the government and the RBI to reconsider the issue and if possible examine the new currency notes of Rs 200 and Rs 50 denominations as the visually-impaired people were finding it difficult to use them due to their size and the tactile marks.
“This is something, which has been overlooked. Even we have seen it and found that it is difficult for the visually impaired persons to identify due to the change of size of notes also,” it observed.
The court asked the Centre to place its view before the bench on the next date of hearing on January 31.
Besides, the RBI seeks approval for design, material, and form of bank notes from the Central government after seeking recommendations from its Central Board, under the RBI Act 1934.


Having a bank account is going to cost you. Starting January 20, be prepared to shell out a lot more for bank transactions that you previously availed for free. These charges will be levied pan India and will be automatically debited from your account. And, a separate fee will be levied for intersol transactions -- those made in branches other than the parent branch, where one holds an account.
Both private and nationalised banks will be implementing a new set of charges, along with an additional 18 per cent GST, on services like withdrawal, depositing money, KYC, change of address and mobile number, and net banking and cheque book requests.
Senior bank officials attached to Bank of India confirmed the development, and said that they have already received an internal communication on the revised charges.
Banks justify move
A senior officer, who did not wish to be named, said, "We follow the RBI guidelines and as per the norms, the respective bank's board decides on the charges that need to be levied after considering all the parameters. Once the board approves, the charges will be finalised."
While the development is unlikely to go down well with account holders across the country, bankers have justified the move, claiming that there is a need to revise charges on bank services especially those availed at non-parent branches.
Net banking customers, however, will be spared the intersol charges. A senior bank official from a nationalised bank, said, "The move will encourage paperless banking and over a period of time, even cheques and demand drafts will be completed done away with. ATMs and kiosk machines have been put up, where updating passbooks, transfer of funds can still be done with no charges."
'Charges are atrocious'
However, city lawyers and tax experts have accused banks of taking "unilateral decisions" that will directly impact the public, who are already burdened with heavy taxes, low interest returns and price hikes.
Advocate Uday Warunjikar said that banks are now turning into profit-making institutions. "The consumer's rights need further protection as banking organisations are now behaving like private money lenders. While the Banking Regulation Act empowers authorities to frame the rules, the banks cannot introduce auto debit facility for each banking transaction without amending the guidelines issued by the RBI," said Warunjikar.
Sushil Solanki, former service tax, principal commissioner, Mumbai, said that while applying GST was justified, the extra charges that they have decided to levy on banking transactions outside the parent branch is not ethical. "It is not practical for banks to expect that a person, who has a parent account at Nariman Point branch, will visit the same branch for day-to-day banking work. This is tantamount to blackmailing," said Solanki.
Advocate Godfrey Peminta of Watchdog Foundation labelled the move as "atrocious. "Moreover, auto debiting from the account without the consent of the account holder is like keeping the customer in the dark about the loot," he said.
Charted accountant MH Nahar said that the move of charging the public will adversely impact the "middle class". "They keep updating their passbook and senior citizens are not even net savvy. You can't expect them to be paying each time they go and update their passbook."
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New Bank Charges to be applied in 2018
111ideas Jan, 04, 2018 Bank No Comments.

Cash Deposit, Cash withdrawal and passbook updation charges in bank starting from 20th June 2018
The charges will be applicable from 20 Jan 2018. All charges reflected without GST. Auto Debit charges will be automatically debited with GST. We have to add GST along with charges which required to debit manually.
NOTE – For Staff, Ex-staff, Diamond and Platinum customers, charges are not to be levied.
1. Cash withdrawal from Bank
(a) Cash withdrawal upto maximum Rs. 50,000/- allowed only to account holder by self-cheque. Charges is Rs. 10/- per transaction (Auto Debit).
(b) Cash withdrawal upto maximum Rs. 10,000/- allowed to 3rd party holder by cheque. Charges is Rs. 10/- per transaction (Auto Debit).

2. Cash Deposit in Bank
(2) Cash Deposit – Cash deposit of maximum Rs. 2 lakhs per day in CD / CC / OD and any amount in SB account.
Charges –
(a) For SB account upto Rs. 50,000/- per day free. For amount in excess of Rs. 50,000/-, Rs. 2.50/- per thousand or part thereof. Minimum Rs. 50/-.
(b) For CA / CC / OD / Other accounts upto Rs. 25,000/- per day free. For amount in excess of Rs. 25,000/-, Rs. 2.50/- per thousand or part thereof. Minimum Rs. 50/-.
bank charges 2018
(3) Passbook updation – Rs. 10/- per updation (Auto Debit).
(4) Balance Statement – Rs. 25/- per statement (Auto Debit).
(5) Cheque Book Request – Rs. 25/- per request (Auto Debit).
(6) Signature verification / Photo Attestation – Rs. 50/- per request.
(7) Issue of DD / PO / ECS – Rs. 25/- per request (Auto Debit).
(8) Cheque Deposit – Rs. 10/- per cheque plus speed clearing charges.
(9) Fund transfer (NEFT, RTGS, etc) – Rs. 25/- per request for amount upto Rs. 2.00 lakhs. Rs. 50/- for amount above Rs. 2.00 lakhs (Auto Debit).
(10) Interest Certificate – Rs. 50/- per certificate.

(11) Communication Address / Mobile Number updation – Rs. 25/- per request.
(12) KYC Updation – Rs. 25/- per request.
(13) Duplicate Passbook / FDR Receipt – Rs. 50/- per request.
(14) Request for Internet / Mobile Banking / Insta PIN / Star Token / Password Un-blocking – Rs. 25/- per request for Internet / Mobile Banking and Rs. 10/- per request for Insta PIN / Other requests.
(15) Request for Debit Cards – Rs. 25/- per request (Auto Debit).
(16) Stop Payment Instruction – NO Charges.
(17) Standing Instruction – NO Charges


The topic of bank charges has dominated column inches in the business press after it was revealed that the country's largest lender, State Bank of India, earned a hefty income of Rs 1,771 crore in just 8 months from depositors who had failed to maintain the minimum balance. ET takes a look at some of the charges levied by the top PSU and private sector banks.


Brisbane becomes first Australian Airport to allow cryptocurrency transactions

Feb 2, 2018 4:08 PM

Brisbane: An official press release from Brisbane Airport confirms that Australia finally got its first Airport that accepted cryptocurrency tokens such as Bitcoin for making transactions.

The airport was keen to offer an unprecedented digital currency airport experience to its travellers, and hence partnered with retailers on its terminals to allow transacting via Bitcoin, Dash, Ethereum and other digital currencies. The official release lists retailers on the runaway the Airport, partnered with TravelbyBit, a cryptocurrency payment system provider.

Retail outlets include the likes of Botanist, Spoon, Windmill & Co, Forte Espresso, Australian Way, Merino Collection, Carry On, and Dreamtime Journey.

Roel Hellemons, GM with the airport said, “many people around the world have made money investing in cryptocurrencies and a lot of these people travel internationally, so it makes sense to offer a digital currency experience within our terminals.

Caleb Yeoh, the CEO of TravelbyBit, the technology company that enabled the airport to go crypto, said, “we are building a genuine use case for cryptocurrencies in the tourism industry. The application of digital currencies in this sector makes a lot of sense

Yeoh also added that it made sense to travel with cryptocurrencies since travellers faced hassles with different currencies and exchange rates. “Digital currency for world-wide travel. It’s simple, safe and there’s no bank fees,” he said.

The Australia Finance Ministry does not have any reference to bitcoins or crypto-currencies, but Michael Keenan, Australia's justice minister was in news, six months ago, for proposing reforms on a potential crackdown on digital currency in the country. According to the story, published on Financial Times, Keenan sought reforms to stop "the movement of money to criminals and terrorists".

Bitcoin has already witnessed a crackdown from government agencies and lawmakers. The current week, valuations have already dipped over 30% after the Budget announcement in India, and speculations of more crackdown in Japan. Hence the news of a cryptocurrency-accepting airport comes as a pleasent surprise.

Brisbane becomes first Australian Airport to allow cryptocurrency transactions