Have you nominated for your Online Profile and Digital Assets?

Never Forget to Nominate 

After having worked for more than 35 years in Banking Industry, I know the importance of Nominations in Bank Accounts so that the balances in your saving account, fixed deposit account or articles kept in Lockers and Safe Custody are handed over to the nominated persons as per your mandate was given at the time of opening of account or even if it is changed by you thereafter.

When I started my blogging journey after my retirement from my banking service in April 2012, I developed a taste for blogging as I found this platform as a good media to share my knowledge with the public in general. I used to make profiles and forget the profile and password as well. This was a big problem to keep track of all your activities on the web through owned profiles. For any online shopping, comments to articles or publishing articles under your own authorship verified by Google. I used to think as to what will happen to my forgotten abandoned profiles. I tried searching on the internet but could not find any satisfactory reply. I used to read Google Help for long hours and on slightest doubt, I used to send my feedback. After learning ways and means to earn money online out and pursuing my hobby for writing and sharing my experience I did not find it difficult to get verified as an established Author subject to fulfilling the following criteria:

• Never hidden my real identity. Proved real identity to Google’s satisfaction through submission of ID, Address Proof and owning each and every word, sentence, paragraph or article created by me anywhere on the web. One can check track of all my activities on the web through my Google+ profile alone.
• Ultimately Google Adsense, keeping in view my clean record, approved me as a publisher for their one of the most popular and premium advertising media for its AdWords customers from across the globe.  I had to pass through stringiest quality control measures for such publishers and Google verified my Mobile Number, Landline Number and exact location of my work through Satellite and Google Maps.
• Finally Web Question Answers Rajpura found a place in Google Maps Business Listings.
• With continued working on the web, I set up Samadhan Kender in 2015 and finally settled for the professional online CIBIL consultancy website at CIBIL Consultants. Now the client base of CIBIL Consultants has risen up to more than 1000 within 3 months time and more and more clients are reaching us to Tell us their CIBIL Problems.

What is the purpose of writing this entire story?

I firmly believe that when you are reading this story, first of all, you need to be convinced that whatever has been communicated above is cent percent truth so that you can afford to continue with the very subject matter of the topic "You have Nominated for your Online Profile and Digital Assets or not" in the same manner as individuals nominate for their Bank Accounts, Insurance Policies, Demat Accounts, Will in case of properties, Provident Fund accounts as lacs of crores of rupees remain lying with Banks, Insurance Companies, EPF organizations, mutual funds, unclaimed dividend and fixed deposit with big corporate entities, due to unavailability of information about legal heirs. In the absence of nominations, I have seen the legal heirs going from pillar to post to claim the amounts belonging to deceased nears and dears and forefathers.

The above scene dates back to an era of manual keeping of accounts by the above organizations and now when the whole transition from manual account keeping to automated accounting system has taken place, the scene has changed altogether. Do you think that the manual records of unclaimed accounts could have been preserved by the organizations when there were no KYC guidelines in vogue? Inactive accounts are similar to unused articles lying dumped in the house and while selling the unused scrap no household will ever like to scan the dumped materials. In countries like India there is an urgent need of Central Regulatory Authority to deal with such unclaimed or inactive accounts and such assets should be treated as National Assets managed by Central Regulatory Authority of India to be named as Unclaimed Assets Regulatory Authority of India, which may invest these assets under framed laws for the authority so as to protect the interests of the claimants. These assets need not be allowed to remain with Banks, Insurance Companies, EPF organizations or corporate as these assets need to be protected against all market risks and may be utilized for national development instead of borrowing by Govt. of India at higher rates of interests.Acting on my feedback the Government of India has set up The Depositor Education and Awareness Fund Scheme, 2014 - under Section 26A of Banking Regulation Act, 1949

What are Digital Assets owned by inactive Online Profiles?

Coming to my online journey for establishing me as an approved GoogleAdsense Publisher and author at many publishing platforms likes HubPages and India’s top educational site like IndiaStudyChannel, the same question came to my mind that what for I am authoring the articles as in the past, when there were no eBooks or online publishing platforms, the authors used to author books and publishers used to publish their work and the royalty from such published works used to be shared by the publishers and authors. In the present online scenario when the publisher and the author is one and the same person, then during lifetime any income out of advertising gets shared amongst host sites and the publisher-cum-authors. If the sites are self-hosted then the whole earnings go to the publisher-cum-authors, who work as affiliates of top advertising media like Google Adsense, Amazon, Linkshare, Adsplay International and other hundreds of advertising networks working globally. To have a regular source of income authors-cum-publishers have to make their online profiles connected to their email accounts like Gmail, Facebook Twitter, Blogger, WordPress and other social networks which distribute the writings of such authors-cum-publishers. Though such networks do not share their income with such online publishers-cum-authors, yet they send traffic to the published work of such authors-cum-publishers and it is at the sole discretion of the author to provide a link to share his or her published knowledge articles on social networks.

Now the basic question in the topic attracted my attention as we often think about death, especially our own. We start making plans, wills, and nominations as it very important for the legal heirs, successors, we may leave behind. We do not worry much about liabilities as the successors inheriting assets is liable to extinguish the liabilities also, no doubt out of the assets inherited. What bothers the individual is the tangible, intangible or digital online assets. I wrote a detailed article about What to do with Inactive Accounts at HubPages - Futuristic Approach and sent the similar Feedback to Google the great in February 2013 to provide the facility of Nomination in their Gmail account settings. On my feedbacks in 2012 and 2013, the great Google has accepting Nominations in all Gmail accounts so as to have access to all Google Products of the Gmail Account holder. Facebook has also activated the facility of Nomination in Facebook Accounts in India also. If you have any questions, you may Ask Such Question at WQA and I will be very happy to respond to your valid questions.

In April 2013 the Google introduced Inactive Account Manager where the user has the option to activate the Inactive Account Manager so as to tell the Google as to what to do with Gmail messages and data related to other Google Products and services on account of inactivity in the account for any reason, whatsoever.

The user has the option to either get the data deleted say after a duration of inactivity in the account or to set up trusted contacts to receive data from some or all of the Google services like Blogger, Gmail, Google+ Profiles, Google+ Pages, and YouTube. It is just like making nominations in Google account settings and if the User had inserted his or her owned content in Contributor Links then the trusted contact will have the access to reactivate the contributions through password resets as passwords will be received in the inactive Gmail account accessible by the trusted contact. Google, before taking action on inactive accounts will send a text message to the verified and registered mobile of the user, whose account has gone inactive due to any reason including hospitalization, death, insanity or any reason whatsoever. What are you thinking now, activate the inactive account manager and set up trusted contacts?

Similarly acting upon my continuous follow-up, the Facebook started the concept of Legacy Accounts in India.

Have you ever earned from an online Hobby?

The title of the post may appear to be funny but it is true that you can earn through an online hobby. I am not talking about playing online rummy or online lottery games. It is all about your writing skills and common sense guided by an experienced blogger. As the curtain is going to fall on the year 2017 in just next 91 days when the hour and minute hands of the clock will overlap each other at midnight of 31st December 2017 to usher in New Year 2018 with bursting of crackers, twinkling lights and rockets going up in the sky, I thought it fit to write a post for the fresh and new bloggers who might be ready to join us in 2018 with an intention that they may earn through their online hobby of content writing and undertaking surveys. Most of the bloggers cheat and template the new bloggers by making them believe that they can earn thousands of $$ dollars through blogging and advertising either through AdSense or other advertising networks. But it is a mirage and distant dream as I was also lured by the so-called money making machines while sitting in the comfort of your bedroom. Frankly speaking, it is very very difficult to earn through online content writing as you need to market your content also. Hereby marketing I do not mean that you are to sell your online content through payment gateways. By the way, why the online audience should buy your content if they do not want to even read it. First of all, make your online content worth its value to be read by millions of people and that is possible only if you optimize your content to be displayed by major search engines like Google, Bing, Yahoo and Ask. To start with your online hobby I would like to share my performance since 2012 by honestly telling you my income and expenditure details during 2012-2017 and my investment in terms of hours of work during 2012-2017 and now I have ended up setting us by big commercial enterprise at CIBIL Consultants where I am making thousands of dollars per month to be distributed to my team members:

Expenditure:

Domain Registrations and Renewals	29,287-00 *See Popular Domains Below
Hosting Plans and Renewals 2012-2022	44,913-00
Developer Console from Google	1,578-00
Google Application for Business	Free Courtesy Google Inc
Google Ad-words Advertising	2,482-00
Facebook Advertising	12,624-00
Other Miscl Expense	9,116-00
GlobalTestMarket
Total 2012-2017 (5 years)	1,00,000-00

*[My popular domains are www.webquestionanswers.com, www.moneymultiplierindia.com, www.mycloudlinks.com, www.expertreviewchannel.com, www.myeveryminutediary.com, www.xpertconsultants.in, www.samadhankender.com, www.cibilconsultants.in and matching domains]

Income:

Remuneration received from Global Test Market	12,356-00
Earning from IndiaStudyChannel where I have contributed More than 30 content articles	5,810-00
Income from Advertising through Google Adsense	19,288-00
Income from HubPages	1,988-00
Other Income from online Consultancy Hobby during 2012-2017	69,558-00
Total 2012-2017 (5 years)	1,09,000-00

Out of the total earned an income of Rs.9000-00, I have paid Rs.9000/- to the developer for helping me to make my upcoming Global Website, a successful venture. I plan to increase my earnings to Rs.50000/- in the year 2018 and not to pocket even a single pie as my online hobby keeps me busy and also meets with the internet expenditure to make it a "No Profit No Loss" venture.

The tricky, smart and experienced technocrat bloggers will put screenshots and images of cheques altered in Photoshop to make them look alike that they earned thousands of $$ dollars from AdSense or online content whereas Adsense clearly bans the publishing of AdSense accounts and sharing these accounts on the web. It is just to lure you to click their ads or advertisements just to find that the smart advertiser will ask for money in US $$ dollars to let you know the secret of earning thousands of dollars $$ online in the comfort of your bedroom. But I have published my balance sheet in the most transparent way so that you can also Learn to Earn, Online or Offline by Ethical Means.

What are Benefits of Pre Mature Voluntarily Retirement?

In the year 2000, the Special VRS scheme was introduced in the banking industry and was made very attractive and lucrative. The bank employees opted for the VRS without applying any mind or without calculating the Breakeven point to arrive at an age which will be best suitable for taking the VRS. At that time interest rates on deposits were at the rate of 12% per annum and the VRS optees got a 1% staff rate extra. The VRS optees never imagined that interest rates on deposits will get reduced to a low of 8 to 8.50 % and that depreciating rupees will erode the purchasing power of the VRS amount encashed by the VRS optees. [The Rate of Interest has been further reduced to a mere 6.25 % as on October 2017 when this article is being updated by the author] At that time I calculated that if one had remaining service of 5 to 6 years then it may sound feasible to opt for VRS in 2000 when extra emoluments in lieu of the remaining service were being offered. Anyhow the VRS 2000 was a one-time option and after that, the VRS optees were deprived of extra emoluments in lieu of remaining service. Had the IBA and the Banks kept the VRS open even after 2000 to date then I am sure that the whole banking industry would have undergone change with new and young faces replacing the old and senior bankers.

Due to certain personal circumstances, I had to opt for VRS in the year 2012 without expecting any extra emoluments for my remaining service of around 60 months. But before opting for Voluntary Retirement I made my own calculations so that I had not had to repent afterwards. Though I am not in favour of early voluntary retirement and remaining active till the date of superannuation at the age of 58 or 60, I want to share the few benefits of the early VRS (say 5 years before the date of superannuation and after completing service of more than 30 years) for those members who might be planning for their retired life:

1. The gratuity of Rs.Ten lac [which is now enhanced from Rs.10 lacs to Rs. Twenty Lacs now in 2017] which was payable on superannuation will be encashed by the retiree 5 years in advance as there will be no change in gratuity due to a ceiling amount of Rs.10 lac and if we calculate the future value of Rs.10 lac (received prematurely) as on date of superannuation it will work out to Rs.16 lac approx if invested in the Bank FD at the rate of 10% inclusive of staff rate. The visible undisputed benefit of Rs.6 Lacs [Loss of Rs.4 Lac for those who are eligible to get a Gratuity of Rs.20 Lac].
2. If VRS is taken early then the commutation factor is higher and the retiree gets a higher commutation pension value. Now check the future value of the total commuted value of the pension by adding compounded interest at the rate of 10% (compounded quarterly) for the remaining number of years of service and deduct from it the actual commuted pension payable at the age of 60 or 58 years. The difference is a clean profit for getting retirement at an early age.
3. If VRS is taken 3-5 years in advance the individual can also look after the family affairs especially marriages and settlements of children. An individual can also look forward to an alternative at a younger age, keeping in view the average age of bankers, as per the latest study report, is estimated at 65 years.
4. As the Pension amount is very less as compared to Salary, the incidence of Income Tax will also reduce from 30% or 20% to 20% or 10%.
5. [I think the cumulative effect of items at Serial Number 1, 2 and 3 will be almost "No Profit No Loss in the current scenario when the Gratuity is increased to Rs.20 Lacs.]
6. Now you will laugh at my calculations. The commuted basic pay gets restored after 15 years and if you took the normal retirement it would have been restored at the age of 75 whereas longevity of life is reduced due to the ageing process. But in case you took the VRS at the age of 55 then your full pension will get restored 5 years in advance at the age of 70 and as per the latest study report, the average age of bankers is estimated at 65 years. Now hypothetically invest the increased amount of pension on account of the restoration of the full amount into a Recurring Deposit account for 5 years and you will be richer by the amount of maturity value of this recurring deposit.
7. Due to early retirement, your monthly pension will be much less than the monthly salary on which you might be paying TDS salary ranging from Rs.4000 to Rs.7000 per month and this amount of loss of TDS will be to the Income Tax Department as your pension account will not attract TDS after normal investments U/s 80CC.
8. You might be having accumulated P.Leave or Earned Leave for a maximum period of 240 days and the bank never gives interest on this intangible asset but when you opt for VRS you have the opportunity to get it cashed similarly as you would have done on the date of superannuation. This means that you will be getting a Leave Encashment amount 5 years in advance making you richer by the interest in monetary terms getting added to the leave encashed amount 5 years in advance.  
9. Last but not least, by taking early retirement you can shout "Hello Pension, Bye Bye Tension" to plan for a tension-free retired life. Medical studies have revealed that the average age of a pensioner increases by 5 to 10 years as compared to that of any person in active service.

The above calculations are made on certain assumptions and one must check his or her conditions before opting for VRS. We provide free counselling to persons thinking to opt for VRS. What are you thinking now? To ask further questions on the issue you are welcome to Register at our Main Site where our Experts and Super Specialists are waiting to answer your questions free of cost.

This article was originally written in May 2012 by the author and it has been reviewed or updated in October 2017 for any material changes in assumptions.

Have you read the T & C of Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana

Our beloved Prime Minister Narendra Bhai Modi has launched the Pradhan Mantri Jeevan Jyoti Bima Yojana as a measure of providing social security and life cover to individuals between the age of 18 years to 50 years. The scheme has been launched with much fanfare to make it successful. The nationalized banks are making all-out efforts to make the scheme successful as it is the cheapest Life Insurance Cover for any individual. The Bank customers are not being provided any Insurance Policy individually as the issuing bank will manage the Master Policy for its customers. 

Neither the customers are aware of the "Terms and Conditions" nor the hidden clauses. To create awareness among the prospective buyers of PMJJBY I was prompted to write this article as I enquired about the "Terms and Conditions" of the very cheap and popular social security measure. Though I am not eligible under the scheme, having crossed the maximum age bar of 50 years, though I thought it my duty to share the "Terms and Conditions" with public audiences so that they do not feel cheated as is the case with such popular schemes. While taking the Life Cover under PMJJBY from your Bank, please keep the following things in mind:

1. Bank People may get your signatures in the prescribed form to debit the cost of insurance that is Rs.330-00 + Service Tax for life cover of Rs.2.00 lac. Before signing debit voucher please ensure that your bank balance does not go below the "Minimum Balance" prescribed by your bank lest you may feel cheated when subsequently minimum balance charges are debited to your account.
2. Please ensure that correct "Date of Birth" is incorporated in your Bank Records so that your nominees do not get into any difficulty if at a later stage it is found that you were not eligible under the scheme as per Clause which reads as "The savings bank account holder of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) and who have given the consent to join the scheme during the ‘enrollment period’ are eligible to join the scheme".
3. As per clause (5) of the scheme which reads "Satisfactory evidence of health as required by the Corporation shall be furnished by every eligible member, at the time of his entry into the Scheme, after the ‘ Enrollment Period’, as incorporated in the “Consent-cum-Declaration Form” for joining the scheme". As evidence of health is to be provided by the Saving Bank account holder - ask your bank as to who will bear the cost of - medical checkup if any to prove evidence of health lest the heavy cost may be debited to your saving account without your knowledge and you may feel cheated once again.
4. Clause (6) of the scheme reads as " Renewal premium is chargeable as per the rate decided from time to time on Annual Renewal dates". It clearly indicates that rate of Insurance Premium can be increased forcing you to opt out of the scheme. Ask your bank that there will be no change in Renewal Premium. Further Clause (19) which reads as "The rate of premium and conditions of Assurance under which the Corporation is prepared to arrange the Scheme shall be subject to an agreement between the Bank and the Corporation. The conditions of acceptance of risks and rates of premium may be amended by the Corporation from time to time on any Annual Renewal Date subject to 3 months notice being given to the Bank" also deprives the Bank customers of its right to argue.
5. Make Proper Nominations to receive the insured amount of Rs.2,00,000/- in case of any eventuality.
6. Please ensure that your bank account remains active and has sufficient balance on the renewal date lest the Life Risk gets suspended due to either insufficient balance or inactive account.
7. Clause (12) of the scheme stipulates that "The “Bank” or “Corporation” reserves the right to discontinue the Scheme at any time or to amend the Rules thereof on any Annual Renewal Date subject to giving one month’s notice. Any amendment to the Rules of the Scheme will be done based on mutual agreement between “Corporation” and “Bank”. This Clause reminds me of the Rajalakshmi Unit Scheme of UTI (RUS-92) in which the UTI in connivance with the then Government of India under the Finance Ministry of Ex-Prime Minister Manmohan Singh cheated the minor girl child through legislation passed in a way determinantal to the interests of the beneficiaries of the RUS-92 scheme.

I also caution my fans, audiences, and the public, in general, to check the "Terms and Conditions of Insurance" as I am of the confirmed opinion that Insurance is no substitute to Social Security.

Is Legal Heir and Nominee are the Same?

I wonder how many of us are aware of this legal twist……... Read on

Will your Nominee get the money on your death?

Did you think that the nominee is the person, who will get all the money legally from your Life Insurance Policy and Mutual funds investments?

Yes! That is exactly what you think if you are not aware of the legal aspects.

We assume a lot of things that sound like they are obvious, but are not true from the legal point of view.

Today, we all concentrate on nominations in financial products.

1. For whom are we earning?
2. For whom are we investing?
3. Who, do we want to leave all our wealth to, in case something happens to us?

It might be your children, your spouse, parents, siblings, etc., or just a subset of these.  You also might want to exclude some people from your list of beneficiaries! So, you think you will nominate person X in your Insurance policy, and when you are dead and gone, all the money goes to person X and he/she becomes the sole owner? You are wrong, dude!

It does not work that way. Let us see how it actually does!

What is a Nominee?

According to law, a nominee is a trustee, not the owner of the assets. In other words, he is only a caretaker of your assets.

The nominee will only hold your money/asset as a trustee and will be legally bound to transfer it to the legal heirs.

For most investments, a legal heir is entitled to the deceased’s assets.

For instance, Section 39 of the Insurance Act says the appointed nominee will be paid, though he may not be the legal heir.

The nominee, in turn, is supposed to hold the proceeds in trust and the legal heir can claim the money.

A legal heir will be the one who is mentioned in the will.

However, if a will is not made, then the legal heirs of the assets are decided according to the succession laws, where the structure is predefined on who gets how much.

For example, if a man during his lifetime executes a will... In the will, he mentions his wife and children as legal heirs, then after his death, his wife and children are the legal owners of his assets.

It is essential that one needs to execute a will.

It is the ultimate source of truth and replaces the succession law.

The nominee can also be one of the legal heirs.

Important: Mention the Full Name, Address, age, and relationship to yourself of the nominee. Do not write the nomination in favor of the wife and children as a class. Give their specific names and particulars existing at that moment. If the nominee is a minor, appoint a person who is a major as an appointee giving his full name, age, address, and relationship to the nominee.

Why is the concept of a Nominee?

So, you might be wondering, if the nominee does not become the sole owner, why does such a concept of a nominee exist at all?

It is pretty simple. When you die, you want to make sure that the Insurance company, Mutual fund, or your Shares should at least get out of the companies and go to someone you trust, who can further help, in the process of passing it to your legal heirs.

Otherwise, if a person dies and has not nominated anyone, your legal heirs will have to go through the process of producing all kinds of certificates like death certificates, proof of relation, etc., not to mention that the whole process is really cumbersome! (For each legal entity! The insurance company, the mutual funds, the shares, for the real estate).

So, to simplify, if a nominee exists, these hassles do not happen, since the company is bound to transfer all your money or assets to the nominee.

The company then goes out of the scene & then, it is between the nominee and legal heirs.

Example of Nomination: Vijay was 58 years old and died recently in an accident. As his children were settled, he wanted to make sure that his wife is the sole owner of all the monetary assets. This includes his insurance policy and mutual funds. So, during his lifetime, he nominated his wife as a nominee in his term insurance policy and mutual funds investments. However, after Vijay’s death, things did not turn up the way he wanted. The reason being Vijay did not leave a will. Though his wife was the nominee in all his movable assets, as per the law, his wife, along with his children, were the legal heirs and all of them had an equal right to Vijjay’s assets.

One simple step which could have saved the situation was that Vijay should have made a will that clearly stated that only his wife was entitled to get all the money and not his children.

Nomination in Life Insurance: A policyholder can appoint multiple nominees and can also specify their shares in the policy proceeds. Nomination in life insurance has one limitation, as insurance policies are bought to secure your financial dependents, your first choice of the nominee has to be your family members. In case you want to nominate a non-family member like a friend or third party, you will have to show/PROVE to the insurance company that there is some insurable interest for the person. This happens because of a Clause called PRINCIPAL OF INSURABLE INTEREST in insurance. Note that the provision of nomination in life insurance is related to Section 39 of the Insurance Act.

Note that as per the LIC website:

The nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive the policy money in the event of the policy becoming a claim by the assured’s death. The Nominee does not get any other benefit except to receive the policy money on the death of the Life Assured.

A nomination may be changed or canceled by the life assured whenever he likes without the consent of the Nominee.

Make sure, you have a nominee for your policy for easy settlement of the claim, if you do not have any nominee mentioned in the policy, it can turn out to be a disaster for your dependents to get a claim.

Nomination in Mutual Funds:

In the case of mutual funds, you can nominate up to three people, who can be registered at the time of purchasing the units. While filling in the application form, there is a provision to fill in the nomination details.

Even a minor can be a nominee, provided the guardian is specified in the nomination form. You can also change nominations later by filling up a form that is available on the mutual fund company website. Nomination in mutual funds is at the folio level and all units in the folio will be transferred to the nominee(s). If an investor makes a further investment in the same folio, the nomination is applicable to the new units also.

A non-resident Indian can be a nominee, subject to the exchange control regulations in force from time to time.

Nomination in Shares:

Quiz for you: Now you know what a Nominee means and who actually gets the money. So, if there is a husband H, with wife W and nephew N, and he has nominated his nephew N to be the nominee of his shares in the Demat account, who will have the legal right to own the shares after the husband’s death? If your answer is wife, you are wrong in this case!

In the case of stocks, it does not work the usual way, if a will does not exist.

In the verdict, Justice Roshan Dalvi struck down a petition filed by Harsha Nitin Kokate, who was seeking permission to sell some shares held by her late husband.

The Court noted that as she was not the nominee, she had no ownership rights over the shares. Ms. Kokate’s lawyer had argued that as she was the heir of her husband who had died intestate (without a will), she should have ownership rights of the shares, and be able to do anything with them as she wished.

In this case, Ms. Kokate’s husband had nominated his nephew in favor of the shares. Justice Dalvi, however, noted that under the provisions of the Companies Act and the Depositories Act, Acts which govern the transfer of shares, the role of a nominee was different.

A reading of Section 109(A) of the Companies Act and 9.11 of the Depositories Act makes it abundantly clear that the intent of the nomination is to vest the property in the shares which include the ownership rights thereunder in the nominee upon nomination validly made as per the procedure prescribed, as has been done in this case.

It means that if you have not written a will, anyone who has been nominated by you for your shares will be the ultimate owner of those stocks... The succession laws on inheritance will not be applicable... but, in case, you have made a will, that will be the source of truth.

Nomination in PPF:

Let me give you some shock first. If you have Rs 10 lakh in your public provident fund (PPF) account and you have not nominated anyone for your PPF account, your legal heirs will get a maximum of Rs 1 lakh only!

Yes, it is so important to have a nominee, now you get it.

You can nominate one or more persons as nominees in PPF. Form F can be used to change or cancel a nomination for PPF. Also, note that you cannot nominate anyone if you open an account for a minor.

Nomination in Saving/Current/FD/RD Account in Banks:

FDs also comes with a nomination facility. While opening a new account, there is a column for nomination in the same form and you should fill it out. You can nominate two persons with the first and second options. Note that in case you have not done any nominations till now, you should request Form No DA-1 from your Bank which is used to assign a nominee in the future. (Examples of Banks like ICICI Bank, HDFC Bank, and Canara Bank).

In the same way, to change/cancel the nomination, you need to fill up Form no DA-2.

Read about Corporate Fixed Deposits:

As per a famous case, A Bench of Justices Aftab Alam and R M Lodha in an order said that the money lying deposited in the account of the original depositor should be distributed among the claimants in accordance with the Succession Act of the respective community and the nominee cannot claim any absolute right over it.

Section 45ZA (2) (Banking Regulation Act) merely put the nominee in the shoes of the depositor after his death and clothed him with the exclusive right to receive the money lying in the account. It gives him all the rights of the depositors so far as the depositors' account is concerned. But, it by no stretch of the imagination makes the nominee the owner of the money lying in the account, the Bench observed.

CONCLUSION:

The nomination is one important aspect you should seriously consider when checking for the financial products you have bought or plan to buy in the future. It’s important to make sure that your loved ones do not face legal issues.

Who is Responsible for "YES BANK" Failure?

Hello Public, While making a statement on Yes Bank Crisis, P Chidambaram former Finance Minister said "“I understand the Finance Minister has made a statement blaming the UPA. That’s normal for a government living in ignorance. Does the Finance Minister know the numbers? If she does, will she please explain how the loan book jumped in five years from Rs 55,633 crore to Rs 2,41,499 crore? Who knows, the FM may blame the UPA for the miraculous jump between 2014 and 2019".

From the Sequence of Events - it is somewhat CLEAR to the PUBLIC that it is due to POLITICAL INTERFERENCE of the Governments in power, be it UPA or NDA, that Banks like Yes Bank are allowed to go BANKRUPT. How can the Reserve Bank of India escape from its responsibility of SURVEILLANCE on the country's Banking System which is the backbone of the Indian Economy? The Culprits - Board of Directors of Yes Bank, the Auditors of Yes Bank, and the Regulators in the RBI need to be sued for Criminal Negligence and Dereliction of Duty. Yes, Bank failure is not OVERNIGHT but it is due to long patronage and protection by successive Governments and RBI Governors who continuously allowed things to deteriorate.

Will Reserve Bank of India, the Financial Regulator will wake up to take Corrective Steps in respect of the existing remaining Banks well in time so that the hard-earned money of the depositors are not distributed among greedy Corporate who fund their Political Master for their ill designs.

Do not Ignore Complimentary Amazon E-Voucher from Yes Bank

Have you received an email from yesfirst@yesbank.in sending Complimentary Amazon Voucher? If Yes, do not ignore it as it is worth its value in Cash. When I received the email I ignored it as spam message but after giving a second thought I tried to encash the Amazon e-voucher worth ₹5,000. I was surprised as it worked and my Amazon Pay account was credited with INR 5000 instantly. Even then I doubted if I could use this money for online shopping at Amazon. I tried purchasing items online, paying mobile bills and my Joy knew No Bounds when all the payments were successful and I enjoyed shopping for Rs.5000 without spending anything from my Pocket. Thanks, Yes Bank for the Complimentary Gift which made my Day.
Lesson Learnt - Never Ignore Complimentary Gifts from Yes Bank. Documentary evidence is attached

Future Retirees befooled to Lose as IBA inks Wage Revision

In my, every minute diary dated 24/02/2015 I had raised the issue of Retirees/Pensioners as the Bank Retirees Pension is frozen on retirement as it is not revised as per bipartite wage revisions between the IBA and the Bank Unions. One of the parts of my earlier post dated 24/02/2015 read as under:

"While revising the wages, the pensioners are denied the benefit of revision as pensioners can not strike work to force the government to recognize their long unblemished service of 35 to 40 years. Pensioners would have not demanded any revision in their pensions had the cost of living been arrested by the Government. It is unjustified on the part of any government to freeze the pension of Bank Pensioners. One more interesting fact is that a person who took birth on 31/10/1952, due to God's wish and not his or her on choice, retired on 31/10/2012 will not get the pension as payable to his or her counterpart retiring on 01/11/2012 due to none of his or her fault. To remove such anomalies Government should revise the pension of bank pensioners on every wage revision."

As per the broad settlement inked by IBA with Bank Unions, the final agreement was to be inked within 90 days that is up to 23/05/2015 along with residual issues including the issue of revising the pension of the existing retirees and pensioners. But the existing bank pensioners have been left high and dry to fend for themselves and the bank unions are likely to ink the final wage revision with IBA on or before 25/05/2015. I fail to understand the intentions of the Bank Unions and IBA to keep on deferring the final wage revision for 90 days. I think that Bank Unions and IBA do not like to make public the final agreement before signing so that the bank employees may not critically examine the settlement. In this era of "Right to Information," the bank employees have every right to know the blueprint of the final agreement well before signing it by the IBA with Bank Unions.

As per unconfirmed reports, a new interesting scenario about the fate of future retirees has emerged and it has been inferred by calculative bank employees that future retirees of the banks will get a lesser pension as compared to the retirees who retired on or before 31/10/2012. The IBA has thus killed two stones with one bird. The existing retirees who retired on or before 31/10/2012 will not press for revision of their pension as their pension will get reduced whereas the existing employees will be a loser by getting a lesser pension as per the classic example below:

November 2012	November 2012	Shortfall or Surplus
9TH BIPARTITE	10TH BIPARTITE	Not Applicable
B.PAY = 20100	B.PAY= 32850	NA
B.PENSION=10050	B.PENSION=16425	NA
DA=76.50%=7688.25	DA=10.90%=1790.32	NA
LESS 1/3 = 3350.00	LESS 1/3 = 5475.00	NA
NET PEN = 14388.25	NET PEN=12740.32	(-) 1647.93
MAY 2015	MAY 2015	NA
9TH BIPARTITE	10TH BIPARTITE	NA
B.PAY=20100	B.PAY=32850	NA
B.PENSION=10050	B.PENSION=16425	NA
DA=110.70%=11125.35	DA=33.70%=5535.22	NA
Total = 21175.35	Total= 21960.22	NA
LESS 1/3= 3350.00	LESS 1/3 = 5475.00	NA
NET PEN= 17825.35	NET PEN=16485.22	(-) 1340.13

As illustrated above apart from injustice done to the existing bank retirees and pensioners without resolving their demands/issues - the IBA has, under 10th Bipartite Settlement, added insult to the injury of the future retirees as the negative impact of the settlement, as above, will result in lesser pension to post 30/11/2012 retirees but for the increase in commuted value of the pension.

Therefore it is time for the existing retirees and future retirees to join together and continue the fight against the mighty forces behind the denial of genuine demands of retirees.

Breaking News: As per latest information received from unconfirmed sources the Allahabad High Court has, on 18/05/2015, stayed the signing of the final wage revision by IBA with Bank Unions on the basis of appeal file for and on behalf of All India Bank Retirees Federation.

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