Krunal Patel
22 February 2012 at 17:57
Is there any Law which can Ask Bank to waive off Overdue Charges for Retired person who had cleared all his Home Loan EMI & close the Loan Account.
What can bank do to recover its Overdue charges if that Person is not capable of paying that Overdue charges.
Is there any procedure to make settlement? If yes how ?
Please send in your advice.
Thanks
anckoora
22 February 2012 at 16:03
Dear Sir,
My employer had taken a FDR of 1 crore @9.5% int.p.a. ( compounded quarterly) for 1 year & 4 days. On FDR, Maturity Amount was mentioned as Rs.1,09,95,610/- and below it a note was written as " Interest component of the maturity amount will be subject to TDS, if applicable. The Maturity might vary to the extent of TDS deducted".
On maturity, Bank gave credit of 1,08,92,817/- and gave me statement of TDS deducted which was Rs.99,223/-. Now if I make total of these two, Gross Maturity Amount (before TDS deduction ) comes to Rs.1,09,92,040/- - which is short by Rs.3570/- as compared to what is gross amount written on FDR (1,09,95,610/-).
When I asked bank, they say that "this difference is due to our interest compounded quarterly and TDS deducted thereon quarterly and this TDS amount is not given credit of in principal amount. Thus we get short credit of interest every quarter and hence at the time of maturity this difference will come.”.
But my argument is that " since FDR is generated from software & software knows terms & conditions of this FDR, why maturity amount on FDR is coming higher by Rs.3570/- ?
In short I must get credit of 1,08,96,387/- ( maturity amt as mentioned on FDR 1,09,95,610/- less TDS as per bank statement of Rs.99,223/- ). Actually I got credit of 1,08,92,817/-, i.e., short by 3570/-.
Can I claim from Bank, this Rs.3570/- as they are bound to give maturity amount (after TDS deduction).? And how ?
Dear all experts, pl. study this case carefully & give me your valuable opinion on this querry.
anckoora
Vishal Gupta
22 February 2012 at 12:10
15 years ago, a Government bank advanced loan to a co. with 3 directors having equal equity., amount 37 lacs, interest 16%, security kept land whose current worth is around 1.5 crores.,.co. got closed soon after operating 3 years,,., nobody cared about rest of documnetation procudre., now one directors receives an informal offer from loan recovery officer stating pay 92 lacs releasing all the property docs... wat remedy does the director hav nw??
Dhruv
20 February 2012 at 18:14
Dear All,
In a case, the Managing Committee, Chairman and the Secretary has not filed Form M-20 bond, the indemnity form with Registrar and has been managing the affairs of the society since last one year. Now what is the way out?
We received a legal opinion to reverse all the major acts done by the Committee in last one year, resign, appoint a new Committee and then again record all the major acts done by the previous Committee. My question is, Is it necessary to go to such a length for a small glitch in a procedure or is it possible to ratify all the acts done by the Committee during the last year.
Kindly help.
anckoora
20 February 2012 at 14:20
Dear Sir,
My employer had taken a FDR of 1 crore @9.5% int.p.a. ( compounded quarterly) for 1 year & 4 days. On FDR, Maturity Amount was mentioned as Rs.1,09,95,610/- and below it a note was written as " Interest component of the maturity amount will be subject to TDS, if applicable. The Maturity might vary to the extent of TDS deducted".
On maturity Bank gave credit of 1,08,92,817/- and gave me statement of TDS deducted which was Rs.99,223/-. Now if I make total of these two, Gross Maturity Amount (before TDS deduction ) comes to Rs.1,09,92,040/- - which is short by Rs.3570/- as compared to what is gross amount written on FDR (1,09,95,610/-).
When I asked bank, they say that "this difference is due to our interest compounded quarterly and TDS deducted thereon quarterly".
But my argument is that " since FDR is generated from software & software knows terms & conditions of this FDR, why maturity amount on FDR is coming higher by Rs.3570/- ? "
In short I must get credit of 1,08,96,387/- ( maturity amt as mentioned on FDR 1,09,95,610/- less TDS as per bank statement of Rs.99,223/- ). Actually I got credit of 1,08,92,817/-, i.e., short by 3570/-.
Can I claim from Bank, this Rs.3570/- as they are bound to give maturity amount (after TDS deduction).? And how ?
Dear all experts, pl. study this case carefully & give me your valuable opinion on this querry.
Dhruv
20 February 2012 at 12:59
Dear All,
I have a doubt regarding the classification of the undernoted transaction as a Capital or a Current Account Transaction.
A resident Indian expired leaving behind a house property in legacy. An Estate of the deceased was formed whose all -3- beneficiaries are all NRIs but the executor is an Indian resident. Now the house property is sold with vendors being the Estate and -2- beneficiaries (the third beneficiary could not be present in India) and separate bank accounts were opened in India of the -2- beneficiaries and of the Estate. Now the funds are to be remitted abroad. How will the transaction be classified as when
a) The beneficiaries remit the funds from their accounts in India to their accounts abroad? And
b) The Estate remits funds from its account in India to the beneficiaries abroad?
Kindly help.
Asha
20 February 2012 at 09:25
Dear Professional collegues,
Good Morning,
Can you please guide me on POST AMALGAMATION FORMALITEIS...
THANKS N REGARDS,
amit
19 February 2012 at 17:29
I Purchase Good @ 5% Vat
I sales Goods @ 2% cst against c forms
with that u get tax credit
I want to know how can i claim that refund
In case i want to file an rti application to which authority shall i file. please provide address
Isaac Gabriel
19 February 2012 at 17:19
The cell Phone companies arbitrarily deduct from the balance of the customers towards songs,horoscopes,jokes etc and the hapless customer is at disadvantage.Similarly the insurance companies inform about the commencement of insurance policies and charge amounts arbitrarily without the consent of the customers.Is there any legal remedy for this?
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Board reolution vs general power of attorney
DEAR FRIENDS,
THE DIRECTOR/MD OF A COMPANY USUALLY HAS TO SIGN NUMBER OF DOCUMENTS INCLUDING BANK OPERATIONS, DELAING WITH GOVT. DEPARTMENTS ETC. FOR WICH BANKS AND OTHER AGENCIES INSIST FOR A BOARD RESOLUTION.
MY MD ALWAYS QUESTIONS WHY HE HAS TO GIVE A BOARD RESOLUTION FOR EVERYTHING SUCH AS BANKING OPERATIONS ETC. WHY CAN N'T A GPA WORK FOR THAT. THOUGH HE IS CORRECT BUT BANKS AND OTHER GOVT. AGENCIES DO NOT ACCEPT GPA.
THOUGH IT IS A ACADEMIC QUESTION. BUT STILL IF ANYONE CAN THROUGH SOME LIGHT WHETEHR A COMPANY CAN GIVE A GPA TO ITS MD/CHAIRMAN INSTEAD OF A BOARD REOLUTION.
THANKS
P.C. JOSHI