2% charges on debit card swipe. RBI Rules


Folks ,

yesterday i had been to a shop to purchase clothes for me .

the bill was around 1000 INR and shopkeeper asked for mode of payment .

the moment i said “card”, he said there will be 2% charges extra on the bill .

i asked “why” and he replied because banks will charge us for this .

I tried to tell him that you are not supposed to charge customers for whatever additional charges YOU have to pay to bank.

he kept arguing . he said this rule is not yet implemented.

i showed him the RBI rule , but still he was not convinced . i told him this time i will pay by cash , but next if i visit your shop and pay by card , and if you charge me extra for nothing, i will not keep quite .

OK here is the thing. banks and merchants have mutual contract for using swipe machines and charges should not be levied on customers.my bill amount was less but think about someone who makes a purchase of 50k or higher for any product.. that’s unfair practice

below is the rule. read it carefully

. Levying fees on debit card transactions by merchants – There are instances where merchant establishments levy fee as a percentage of the transaction value as charges on customers who are making payments for purchase of goods and services through debit cards. Such fee are not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants and therefore calls for termination of the relationship of the bank with such establishments.

5. Though many banks have appreciated our concerns and have discontinued with the above mentioned practices/ products, some of them still seem to persist with them. These practices/ products thwart the very principle of fair and transparent pricing of products which beholds customer rights and customer protection, especially, in the more vulnerable retail segment. Such practices thus violate, both in letter and spirit, various provisions of our MC on Interest Rate on Advances and therefore, you are advised to strictly desist from these practices hence forth.

have you come across any such instances ??  comment me back on comment section

10 rs coin banned by RBI ? Reality explained


today , after lunch i went to have buttermilk . when i took out 10rs coin to pay to shop keeper, he denied .

shopkeeper: “sir , we dont accept 10 rs coin. please give us note .“,

me:”huh?? why? whats the problem with this coin?

s:”Sir, its banned by government , dont you know ?

m: “boss, who told you this ?

s:”sir you can see Facebook or whatsapp  messages, i can show you

(shows some posts and images which was circulated in his group..)

me:”did PM announce this ? did RBI announce this ? did finance minister announce this ?

another colleague of shopkeeper:” sir please give note sir , we are receiving counterfeit coins “

me:”this is genuine man , also i donot have change, i only have 500 rs note .”

s:”ok give me”

i gave him 500 rs note and he handed over 490 rs balance to me .

i wonder how ill-informed are people who believe in some fake posts on facebook and whatsapp ..

below is the original circular by RBI(Reserve Bank of India)

rbi

PS:please click on image or zoom to see the above circular more clearly

my sincere advice is to people in india , not to believe in Facebook and whatsapp forward messages and post blindly .. refer different genuine sources and then decide.

if my understanding wrong, kindly throw some light on this so that i can know the reality better .

Question of the day :

Have you been in similar situation where anyone has denied to accept 10rs note ?

comment back & share your experience.

Knowledge Vs Character.


i had been to nearby shop to  purchase some cloths and i observed argument happening between customer and shopkeeper .what saddened me was the lady was crying and went back asking for apology . i rarely see customers apologizing a shopkeeper. while i asked the shop owner what had just happened , he told me something that really was hurting . how ill-informed and insensitive people can be ? i thought.

he said the lady who just left crying had come to purchase something and while transferring the bill amount via debit card the transaction had failed . amount had debited from her account but hadn’t reached the shop owner’s account .

her husband started abusing her over the phone for selecting such a shop to transact.

the shopkeeper tried his best by convincing that it would take 24 hrs to refund by the bank and he would assure that . if at all the refund has not been made by the bank he would personally go to bank and verify it . he even extracted transaction history to assure the customer but customer’s husband did not accept this and started scolding and abusing her wife.

what hurt me was lady said that her husband would beat her up for this and in the worst case wouldn’t let her in home if she failed to get it refunded immediately.

finally shopkeeper payed her via PAYTM and said forget about the money, money can be gained again. be safe with your husband(bill amount was 1000 INR) .

such terrible people like her husband do exit.

he neither had knowledge about internet banking ,nor had any patience to listen or wait for 24 hrs .

he dint even have humanity to treat his wife like that . if people  dont respect their own family members especially ladies , who are they going to respect.

 

 

 

 

What’s your top financial mistakes?


We all love to be financially literate. be financially independent. earn a lot of course spend it too.

But have you planned it well ?

Now I want you to answer one simple question.

What is your biggest financial mistake?

It can be about your investments, buying home etc.

Reason for this is, it might help me or others to understand people’s perspective on financial planning.

We should learn from each other’s mistake. Feel free to share. you can talk more about what is the impact due to that mistake also.

You can also email me here ->infoadmin.supreet@gmail.com for if you want to stay anonymous.

i leave you with the thought -> “there are no mistakes, only learning”-Robin sharma

Is your ‘gonna-buy’ property docs legally verified?


With growing encroachment drive in Bangalore how do you verify that your property is safe?

if you are buying a new property how do you verify the title is good and free from all encumbrances?

ideally I have less contacts with property lawyer and it was taking Himalayan effort to verify each and every document

on my own. so here is what i did.

 

visit http://zippserv.com/

choose a service for legal verification.

choose a lawyer (you can get recommendations over phone also for which lawyer to be selected)

place an order.

zippserv

now you will need to submit the documents. so you can initiate the shipment where the documents are collected at your doorstep

and submitted to the lawyer for verification

 

you would get a written opinion on the property docs verified and get all your queries clarified.

 

here are my experiences

 

very neat process. you don’t find a necessity to go for a visit at lawyer’s place.

queries are clarified in a good way. experienced lawyers. I got this done for 5000 INR.

although they say it takes 10 days. for me it took 20+ days as they came up with missing documents from developers to be submitted and I had to submit them again. But still I was in no hurry and gave lawyer his time to evaluate the documents thoroughly.

builders do try to follow up on you and tell you to speed up the process, I say better wait for a while than regret later upon any faults. Although you should have a word with lawyer to get the status and check if everything looks fine on whatever they have verified.

you can even opt for sale agreement review at an additional cost.

Complete process is hassle free as lawyers put in all their experience in safeguarding your value for money

here are the recommendations I got by the lawyer as a checklist of documents when you buy property

  1. RTC Extracts
  2. Full copy of commencement certificate,
  3. Encumbrance Certificate till date
  4. Layout Plan
  5. Sites release order from competent authority
  6. E-Katha
  7. Tax paid receipts
  8. Endorsement regarding 7A,
  9. Endorsement regarding PTCL
  10. GIFT DEED if any

 

there are many, but these are basic documents to be checked. few are applicable in Bangalore and few are applicable all over India

 

 

after all, when you invest lakhs together for a property you should be ensuring that your hard earned money is safe and your investment is safe.

so investing in a good property lawyers is a must

 

do share me what experiences/challenges you had in the similar process if any.

 How do you safeguard your Property documents ??


propdoc

I had struggled a lot to safeguard and maintain the inherited property document after few of them had been misused by frauds
but now i have found various ways to organize and keep it safe

  • Make multiple photocopies and keep each copy in different places . one at home , one at your parent’s house and one set in the bank locker
  • get an external hard disk and keep all scanned copies in it. save one set in your personal laptop too . whatever you prefer
  • watermark every document . you can use online free service like watermark pdf onine
    or any other offline method
  • watermark
  • you can also save a copy in Google drive or any other cloud which is safer. but make sure you encrypt files or password protect them or add additional level  of security
  • make a master list of all documents.
    Go digital . create online account with government website like Bangalore Water Supply and Sewerage Board (BWSSB), The Bruhat Bengaluru Mahanagara Palike (BBMP),  BESCOM : Bangalore Electricity Supply Company Limited , etc. so that you can get tax paid details, water, electricity bill paid details, and many other details offered online

These are few idea I have for now . do share me if you have different ideas. i will incorporate them .

Spend Analyzer


 

 

I logged in to my bank website check my transaction history and accidentally stumbled upon a link there which read “spend Analyzer”

Now basically what is does it allows you to allocate your budget for a month.

There are various categories given which helps you segregate your expense projection.

Now once allocation is done and you save the changes, you have an option for notification

This helps you get notified when your budget reached the specific Percentage. Let say I set it 90%

Here is the below screen shot

spend analyser

spend2

 

Now let’s look at pro’s

  1. Your expenses are controlled
  2. You will be notified well in advance about your budget completion and there by you can plan well in advance

Cons:

  1. Categories are not sufficient enough
  2. You are unable to add or customize the category

Although I have better ways that I use to plan and regulate my cash flows, but I would like to use this option for a month and see how it works.

PS: figures you see as amount in the screenshot are hypothetical values and not my actual budget projection

I leave you with a thought. How do you regulate your expenses?