Workmen Compensation Act

Workmen Compensation Act

   August 21, 2012       Unknown

---

Workmen’s Compensation Act, 1923

This provides for compensation to workmen or their survivors in cases of industrial accidents and occupational diseases, resulting in disablement or death. The Act was recently amended and renamed as Employee Compensation Act, 1923. It covers persons employed in factories, mines, plantations, mechanically propelled vehicles, construction works and certain other hazardous occupations listed out in schedule II of the Act.

In addition, schedule III contains a list of diseases and persons in occupations where infection is possible. Qualifying persons are eligible to claim compensation under this Act. This law applies to the unorganized sectors and to those in the organized sectors who are not covered by the Employees State Insurance Scheme. The Act is administered by the State Governments through Commissioners for Workmen’s Compensation. The Commissioner is required to dispose of the matter relating to compensation within 3 months of reference.

Minimum Compensation in case of death is Rs. 120,000 and in the case of permanent total disablement is Rs. 140,000. The monthly wage ceiling is at present Rs.8, 000. Maximum compensation can go up to 50% of the monthly wage multiplied by relevant age factor as specified in the act.

Compensation should be paid early. Delay beyond 1 month will attract interest and penalty of up to 50% of the compensation. Certain other offenses attract fine of up to Rs. 5,000.In cases where the employer does not accept the liability for compensation to the extent claimed, he shall be bound to make provisional payment based on the extent of liability which he accepts.

Employer is not liable in case the disablement of workman is three or less days, except in case of death when the injury is caused due to influence of drink or drug taken by the workman or upon his willful disobedience to obey safety rules or removal of safety guards by him.

Maternity Benefit Act, 1961

The Maternity Benefit Act, 1961 (MBA) regulates the employment of women in certain establishments for a prescribed period before and after childbirth and provides certain other benefits, including leave, to a woman who has undergone miscarriage, illness arising from pregnancy, and delivery and/or premature birth of a child. This is applicable for organizations not covered under ESI Act.

The Act provides for 12 weeks of paid leave as maternity leave and 6 weeks in case of miscarriage or termination of pregnancy. In addition to the provisions for leave and cash benefits, the Act also makes provisions for matters like light work for pregnant women 10 weeks prior to her delivery, nursing breaks during daily work till the child attends age of 15 months, etc.

The female employee should have served the institution for a minimum period of 80 days in 12 months preceding the date of expected delivery. The benefits are calculated on the basis of daily average wage for the period of absence of the employee. There is no wage limit for coverage under the Act.

The Payment of Gratuity Act, 1972 (PGA)

It provides for the payment of gratuity to all employees earning wages to do any skilled, semi-skilled, unskilled, manual, supervisory, technical or clerical work, whether the terms of such employment are express or implied, and whether or not such employees are employed in a managerial or administrative capacity.

It applies to factories and other establishments employing ten or more persons. On completion of five years service, the employees are entitled to payment of gratuity of 15 days wages for every completed year of service or part thereof in excess of six months subject to a maximum of Rs.1 million. The wage ceiling for coverage under the Act has been removed since 24.05.1994.

Read More

LAWS RELATING TO SOCIAL SECURITY

LAWS RELATING TO SOCIAL SECURITY

   August 21, 2012       Unknown

---

Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (EPFMPA)

It was enacted to ensure the financial security of employees in an establishment by providing a system of compulsory savings. A provident fund, required to be established under the EPFMPA, is a contributory fund created to secure the future of employees post retirement. Employees are also allowed to withdraw a part of their PF before retirement. Central Board of Trustees, Employees’ Provident Fund is responsible for administering the EPFMPA. The act is applicable all over India except the state of Jammu and Kashmir. The schemes provided under this act are-

Employee provident fund scheme (EPF) 1952.

Employees’ pension scheme (EPS) 1995

Employees deposit linked insurance (EDLIS) 1976.

Establishments with 20 or more workers should register with Employees provident fund organization which comes under any of the 180 industries specified in the Act. EPF, EPS and EDLIS are calculated on Basic salary, dearness allowances, cash value of food concession and retaining allowances, if any. As per the EPF ceiling limit, the employer is liable to pay contribution only on Rs.6500/- irrespective of the basic salary.

Scheme Name Employee contribution Employer contribution Government Contribution

Employee provident fund 12% 3.67% 0

Employees’ Pension scheme 0 8.33% 1.16%

Employees Deposit linked insurance 0 0.5% 0

EPF Administrative charges 0 1.1% -

EDLIS Administrative charges 0 0.01% -

Employer must remit the contribution deducted to the government before 15th of the following month and are required to submit periodical returns within specified time. Employers are liable to pay interest on late payment of EPF, EPS, EDLI and Administrative charges.

Employees State Insurance Act, 1948 (ESI)

The ESI provides healthcare and cash benefits to employees in the event of sickness, maternity and employment injury. Health and medical care facilities are provided to the workers through a network of hospitals, annexes and dispensaries located throughout the country. The scheme is administered by an apex corporate body called the Employees’ State Insurance Corporation. It offers full medical care to workers and their dependants without any ceiling on individual expenditure. It offers a special package of full medical care to retired/disabled insured persons for self and spouse for a nominal contribution of Rs.120/- per annum. It provides economic protection through cash payments in the event of sickness, temporary/permanent disablement, and maternity, death due to employment injury or occupational disease and unemployment.

It is applicable to the factories employing 10 or more persons irrespective of whether power is used in the process of manufacturing or not. It is applicable to various classes of establishments, industrial, commercial, agricultural or otherwise in nature and includes establishments, such as, Medical and Educational Institutes, shops, hotels, restaurants, cinemas. The existing wage-limit for coverage under the Act, is Rs.15, 000/- per month (with effect from 01.05.2010).

Employees earning upto Rs. 70/- a day are exempted from payment of their share of contribution. The State Governments, as per provisions of the Act, contribute 1/8th of the expenditure of medical benefit within a per capita ceiling of Rs. 1200/- per Insured Person per annum. Any additional expenditure incurred by the State Governments, over and above the ceiling and not falling within the shareable pool, is borne by the State Governments concerned.

ESI Contribution Rates.

·       Employees-  1.75% of wages

·       Employers-  4.75% of wages

An employer is liable to pay his contribution in respect of every employee and deduct employee contribution from wages and shall pay these contributions at the above specified rates to the Corporation within 21 days of the last day of the Calendar month in which the contributions fall due.

Contribution period and Corresponding Cash Benefit period

Contribution Period Cash Benefit Period
1st April to 30th Sept. 1st January of the following year to 30th June.
1st Oct. to 31st March 1st July to 31st December of the year following

Read More

LAWS RELATING TO INDUSTRIAL RELATIONS

LAWS RELATING TO INDUSTRIAL RELATIONS

   August 21, 2012       Unknown

---

Industrial Disputes Act 1947 (IDA)

It is the main legislation for investigation and settlement of all industrial disputes. The Act enumerates the contingencies when a strike or lock-out can be lawfully resorted to, when they can be declared illegal or unlawful, conditions for laying off, retrenching, discharging or dismissing a workman, circumstances under which an industrial unit can be closed down and several other matters related to industrial employees and employers.

The Act is administered by the Ministry of Labour through its Industrial Relations Division. The Division is entrusted with improving the institutional framework for dispute settlement and amending labour laws relating to industrial relations. It works in close co-ordination with the Central Industrial Relations Machinery (CIRM) an attached office of the Ministry of Labour and is headed by the Chief Labour Commissioner (Central).

According to the Act, the term ‘industrial dispute’ means any dispute or difference between employers and employers, or between employers and workmen, or between workmen and workmen, which is connected with the employment or non-employment, or the terms of employment or with the conditions of labour of any person.

Trade Unions Act, 1926 (TUA)

The Act provides for the registration of trade unions of employers and workers, and is administered by state governments. Registered trade unions are conferred a legal and corporate status. It was amended in 2001, pursuant to the amendment, a trade union of workmen can be registered only if at least 10% or 100 (whichever is less, subject to a minimum of seven), workmen engaged or employed in the establishment or industry to which it is related, are its members. Unions are allowed to have their political funds.

The Industrial Employment (Standing Orders) Act, 1946

The IESA applies to all industrial establishments employing 100 workers or more. The IESA and IDA both exclude managerial and administrative employees. Regulations concerning termination of employment are also found in standing orders made pursuant to the IESA. Standing orders are written documents dealing with terms and conditions of employment. Drafted by employers in all establishments, standing orders are documents on which trade unions or workers are given an opportunity to object. They are certified by the government Certifying Officer, who adjudicates upon the fairness and reasonableness of the provisions of any standing order and upon its conformity to the model standing order (MSO). The text of the standing orders as finally certified under this Act shall be prominently posted by the employer in English and in the language understood by the majority of his workmen on special boards to be maintained for the purpose at or near the entrance through which the majority of the workmen enter the industrial establishment and in all departments thereof where the workmen are employed.

Read More

LAWS RELATING TO WAGES & BENEFITS

LAWS RELATING TO WAGES & BENEFITS

   August 21, 2012       Unknown

---

Minimum Wages Act 1948

The Act contains list of all employments for which minimum wages are to be fixed by the appropriate Governments. It includes non-agricultural employments and employment in agriculture. It empowers appropriate Government to fix the minimum rates of wages for specified employments. Recently with effect from April 1, 2011 the National Floor Level of Minimum Wage has been raised to Rs. 115 per day.

Payment of Bonus Act 1965

The payment of Bonus Act is applicable to every factory and every other establishment in which 20 or more persons are employed on any day during an accounting year excluding some categories of employees as contained in the Act. PBA mandates payment of bonus to every employee in an accounting year, in accordance with the provisions of this legislation, provided that he or she has worked in the establishment for not less than 30 days and draws a salary or wage not exceeding Rs.10, 000 per month.

Minimum bonus shall be 8.33% of salary/wages earned or Rs. 100 whichever is higher, it is payable on completion of 5 years after 1st Accounting year even if there is no profit. If the allocable surplus exceeds the amount of minimum bonus, then bonus shall be payable at higher rate subject to a maximum 20% of salary/wages. Computation of bonus is to be worked out as prescribed in the Act. Bonus shall be paid within 8 months from the close of accounting year. A register showing the computation of the allocable surplus, another register showing the set-on and set-off of the allocable surplus, and register showing the details of the amount of bonus due to each of the employees, the deductions and the amount actually disbursed must be maintained.

Payment of Wages Act, 1936

Enacted during the British Rule in 1936 on the recommendations of the Royal Commission on Labour, the Act regulates the payment of wages to workers and ensures that they are disbursed by the employers within the stipulated time frame and without any unauthorized deductions. Enforcement of the Payment of Wages Act is primarily the responsibility of the State Governments. The Central Government is responsible to enforce the Act only in mines, railways, oilfields and air transport service by virtue of Section 24 of the Act.

Inspectors are appointed under the provisions of the Act who conduct regular inspections to ensure that the employers pay the wages timely and correctly. Defaulting employers are advised to pay full wages in time.  In case of non-adherence to the advice, there are provisions to prosecute.

The Act lays down that the wage period exceeding one month should not be fixed and payment of wages must be made before the entry of specific day after the last day of the wage period.  The specific day is the seventh day of a month where the number of workers is less than 1000 and tenth day in case the number of workers is 1000 or more.  All wages must be paid in current legal tender.  The wages can also be paid by cheque or credited to the bank account of the employed persons with the written authorization of the letter.  The beneficiary under the Act are, however those who are in receipt of wages below the Rs. 10,000/- per month.

The Act provides that the wages of an employed person shall be paid to him without any deductions except those authorized under the Act.  Deductions permissible from wages inter-alia relates to unauthorized absence from duty, deductions for house accommodations, recovery of advances and statutory dues etc.

Read More

LAWS RELATING TO WORKING CONDITIONS

LAWS RELATING TO WORKING CONDITIONS

   August 21, 2012       Unknown

---

Factories Act, 1948

This regulates health, safety, welfare and other working conditions of workers in factories and it is enforced by the State Governments through factory inspectorates. The Directorate General Factory Advice Service & Labour Institutes (DGFASLI) functions as a technical arm of the Ministry for coordinating with the State Governments. DGFASLI conducts training, studies and surveys relating to safety and health of workers through the Central Labour Institute in Mumbai and other Regional Labour Institutes. The Act is applicable to all factories including government factories using power and employing 10 or more workers and 20 in the case of factories not using power on any day of the preceding 12 months.

Some of the provisions under the Act include the following grouped under the chapters stated below

1. Compulsory approval, licensing and registration of factories – The occupier shall notify the Factory Inspectorate at least 15 days before the commencement of operations in the premises providing information such as location, nature of operation, number of workers employed, rated horsepower installed or to be installed.
2. Health measures – Every factory- shall be kept clean and free from effluvia arising from any drain, privy or other nuisance and in particular accumulations of dirt –  Shall arrange for waste treatment and effluents generated during manufacturing, provide adequate ventilation, lighting and optimum temperature to provide reasonable condition of comfort -Shall prevent overcrowding and provide facility for wholesome drinking water.
3. Safety measures – Every dangerous part of any machinery shall be securely fenced and constantly maintained. No person shall be allowed to work at any dangerous machine without proper training or full instruction regarding potential dangers and precautions required.  Every hoist and lift shall be of good mechanical construction, sound material and adequate strength, properly maintained, and thoroughly examined by a competent person in prescribed intervals.
4. Welfare measures- Provision shall be made for – Separate and adequate washing facilities for male and female workmen. Facilities for sitting for workers obliged for work normally in standing position. First Aid-box, one for every 150 workmen, under charge of a trained person. Ambulance room for factory ordinarily employing more than 500 workmen. Suitable and adequate Rest Shelter or a Rest room and Lunch room to be provided in factories ordinarily employing more than 150 workers. However, the provision shall not be required, if canteen according to sec 46 has been provided. Canteen at factories employing 250 workers or more, crèche of prescribed standards at factories employing 30 or more women. Factory ordinarily employing 500 or more workers, are required to appoint a Welfare officer, whose duties, qualifications and conditions of service are prescribed under the State Factory Rules.
5. Working hours – not more than 48 hours in any week and not more than nine hours in a day. For working hours beyond the prescribed limit, the overtime work will be entitled to twice ordinary wage and allowance. A compulsory rest of at least half an hour between each period of work and such period of work shall not exceed five hours. Compensatory holiday in lieu of weekly holidays deprived and such compensatory holiday must be given within the same month or two months following the month when the weekly holiday was missed.
6. Annual leave provision – One day leave for every 20 days of work for an adult worker one day for every 15 days of work in the case of child worker. To be entitled for this the worker should have worked for a period of 240 days or more during the previous calendar year. Maternity leave for women not exceeding 12 weeks.
7. Employment of women and young persons – No woman worker shall be required to work at night but this is not applicable to persons holding position of Management or supervision or who are employed in confidential positions in a factory as may be defined by the State Government. No child below 14 years shall be employed in factories.

A child who is over 14 years of age, in order to work in factory must be certified to be fit for work in a factory by a Certifying Surgeon. The certificate is valid for one year and is to be kept in the custody of the manager and the child or the adolescent has to carry with him while at work, a token giving reference to such certificate. Such child workers must not work for more than four and half hours on any day and during night. The period of work is also not to be spread over more than two shifts of five hours each. Every child worker is to be compulsorily allowed a weekly holiday.

1. Accident and occupational diseases – the manager of the factory shall send notice to prescribed authorities within the prescribed time limit in the event of an accident that causes death or injury preventing a person from working for a period of 48 hours or more immediately following the accident. Likewise if any worker in a factory contacts any disease specified in the third schedule the manager of the factory shall send a notice, not later than 4 hours to the prescribed authority.
2. Dangerous operations – A Site Appraisal Committee considers applications for grant of permission for the initial location of a factory, involving hazardous process or an expansion of any such factory. Disclose information regarding dangers, including health hazards and measures to overcome such hazards arising out of hazardous substances, to the Chief Inspector of Factories, local authority and the general public in the vicinity. Prepare health and safety policy, emergency plan etc. The occupier must maintain accurate and updated medical record of the workers, appoint qualified, experienced and competent supervisors to supervise handling of hazardous substances. Pre-employment and post-employment medical examination of workers, at regular intervals.
3. Obligations and rights of employees- No worker shall willfully interfere with or misuse any appliance, convenience or other things provided in a factory for the purposes of securing the health, safety or welfare of the workers or willfully and without reasonable cause do any thing likely to endanger himself or others, or neglect to make use of any appliance or other things provided in the factory for the purposes of securing the health or safety of the workers therein. Contravention will entail imprisonment up to 3 months or fine or both.

LAWS RELATING TO WORKING CONDITIONS : source

Read More

Guide to Employment Law in India 1

Guide to Employment Law in India 1

   August 21, 2012       Unknown

---

The labour policy in India is influenced by international conventions, recommendations of national and international conference, constitutional rights, recommendations made by commissions, labour unions etc. There is generally a protectionist approach, in favour of employee, in statutes governing the labour and employment.  Labour is a subject in the concurrent list under the Constitution of India therefore the Central and State Governments are empowered to enact legislation in this regard subject to specific matters being reserved for the centre.

This scenario has resulted in a large number of statutes regulating different aspects of labour right from wages, compensation, resolution of disputes, social security, occupational safety etc. There are over 50 Central Government Enacted Acts and over 200 State Government enacted statutes. Ministry of Labour and Employment is responsible for formulation and administration of the rules and regulations and laws relating to labour and employment. Familiarising with the employment laws and regulations will be immensely useful for a foreigner setting up an enterprise in India, or any employer employee for that matter. The following article is a bird’s-eye view of some of the important employment laws that will be of significance to employers and employees.

Source

Read More

Indira Rajaraman: The power grid knockout

Indira Rajaraman: The power grid knockout

   August 21, 2012       Unknown

---

The immediate cause was the inability of the Regional Load Dispatch Centre (RLDC) to control overdrawing of power by states connected to the grid. The RLDC was not empowered to operate circuit-breakers, and could only warn erring states. The erring states were too powerful politically for the RLDC to do anything other than sound repeated warnings.

Why should politics have anything whatever to do with something as routine as drawing electricity from a grid? Clearly, if technical systems of this type have not been ring-fenced from political pressures, a regional chieftain could hold the entire country to ransom, pulling down the country if he or she is displeased. Something is seriously wrong with the structuring of the Indian federation.

I have written repeatedly about the desperate need for an inter-state platform where states could meet regularly on their interconnectedness on a number of issues. The Constitution actually provides for such a platform in the form of an Inter State Council (ISC) under Article 263, but the Council came into being only in 1990. The ISC provides in principle a forum where states could meet on issues, and decide in concert on ceding to technical bodies like the RLDC the right to operate traffic signals in a purely rule-bound manner.

This kind of process, whereby members of a group cede to an external authority the right to enforce discipline among the group, in a way that cannot be legally challenged by a displeased member, is very common. In academic departments in American universities for instance, where yearly salary fixation based on productivity involves contentious and unpleasant decisions, it is not uncommon for faculty to agree to an externally appointed Head, who functions in effect as a constitutional dictator.

In practise, the ISC has atrophied through disuse into a somnolent institution tucked away somewhere in the folds of the Vigyan Bhavan office complex. The ISC commissions studies of various kinds, but by the time the study reports fall due, the personnel at the ISC have changed several times over. Every once in a while, the ISC acts as the local partner of the Canada-based Forum of Federations, for conferences on what are sometimes quite topical issues. The conference is held, but there is no follow-up.

Around 10 years ago when I lobbied strenuously for a revival of the rightful role of the ISC, I got two responses. One was that the National Development Council (NDC) provides the platform I was looking for. The second was that when an issue involving state co-operation comes to the fore, temporary platforms spring up to deal with it.

The NDC is a large unwieldy body that meets sparingly, with a set agenda typically centred around approval of national Five-Year Plans. Meetings of the NDC have ritual value like meetings of the United Nations General Assembly, but lead to no systematic resolution of problems.

Temporary platforms do indeed get formed when there is a pressing issue calling for co-operation and consensus between states. The most recent and successful of these is the Empowered Group of State Finance Ministers, which shepherded the coming on board of all states on the value added tax (VAT), and is presently carrying forward – with many a hookup – the further move to a dual-track Centre-state goods and services tax (GST). And of course river water disputes are governed under a separate Constitutional provision (Article 262).

Even so, there are many issues that arise from time to time, each one possibly a problem confined to just a few affected states, that do not by themselves justify a separate temporary platform. But these could if ignored snowball into a general sense of isolation and dis empowerment, which could severely hamper the co-operation needed for any federation to endure. The number of states affected by any single issue could be small, but the problem itself could be large and of overwhelming importance to them.

Thanks : source

Read More

Ministry of Labour & Employment

Ministry of Labour & Employment

   August 20, 2012       Unknown

---

Ministry of Labour & Employment

 

2.94 LAKH ESTABLISHMENTS ON THE REGISTER OF EMPLOYMENT EXCHANGES

 Lok Sabha

As per the Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 all establishments in the public sector and such establishments in the private sector engaged in non-agricultural activities where ordinarily 25 or more persons are employed to work for remuneration are required to be covered. The number of establishments as on 31.3.2005 were 2.94 lakh on the employer’s register of Employment Exchanges of which 1.72 lakh were in public sector and 1.22 lakh were in private sector. 

Working Group consisting of representatives of Central and State Governments review the functioning of Employment Exchanges in the country and take corrective measures as and when necessary.

This information was given by the Minister of State (Independent Charge) for Labour & Employment, Shri Oscar Fernandes in a written reply in Lok Sabha today. 

MLD/LK/L-220(LS-2.94lakh estab on register of empl exch)(19.3.07)

Thanks : source

Read More

Money Transfer | Remittance Services

Money Transfer | Remittance Services

   August 20, 2012       Unknown

---

Online Money Transfers Work

It is simply a completely electronic way of transferring money from one bank account to another bank account. Data is exchanged; paper money is not. Using a debit card at a store transfers money from your checking account into the store's banking account. Direct deposit payroll moves money from your employer's bank account into yours. Both of these transactions are examples of online money transfer.

The procedure of online money transfer is as follows:

1. Online money Transfer can be made to a friend or family member or use it to pay a bill that is due soon. 

2. Make sure you have a reliable internet connection. You should not use a public computer to do online money transfers. Do online money transfer only from your home or your office computer to which only you have access to.

3. Go to the website of the company you use to make online money transfer. Next, enter the country you are sending money to as well as the person's name and location. Fill in the amount of money that you want to transfer.

4. Continue to select if you are a new customer or a returning customer. If you already have an account, you can proceed to transfer the money. If not, you will be prompted to create an account, which will include your personal information such as name, mailing address and a bank account to link to. 

5. You can pay for the transaction either by making a payment directly from your bank account, or with a debit or credit card.

6. Confirm the amount and verify all information is correct.

7. Send the request to transfer money. You will receive a confirmation e-mail to verify that the transfer was successful. The person you sent the money to will also be notified.

Remittance Processing

Remittance processing is the process of sending money to remove an obligation. This is most often done through an electronic network, wire transfer or mail. The term remittance refers to the amount of money being sent to remove the obligation. A remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. The advice may consist of a literal letter or of a voucher attached to the side or top of the cheque. 

Remittance processing involves streamlining your receivables processing, getting faster access to funds or slashing your payment processing costs. Remittance services can streamline your internal processes by providing timely reporting and automatic updates to your AR systems through secure electronic transmissions. What’s more, remittance processing speeds access to critical information from paper receivables, allowing you to be more agile, pro-active and customer-focused. A remittance processing platform should efficiently and accurately handle wholesale, whole-tail and retail lockbox transactions as well as exceptions items.

Remittance Processing provides you with the ability to receive payments, apply them to your payer's account, and deposit the checks in your bank.

Read More

Internet Money Transfer

Internet Money Transfer

   August 20, 2012       Unknown

---

With the advancement of the internet, online money transfer has gained an immense popularity. The convenience and ease to send money online such as online banking from anywhere in the world, has made it an indispensable facility for most people. Paying Bills Online – provides you with the facility of paying bills online directly from your checking account, credit card account, and home equity line of credit or from your money market account. To be able to avail online money transfer facility, you will need to set up pay to accounts or payees for which you would need copies of your bills. Through this, you can send money online without any delays by simply making use of the facility and completing a simple formality. You can keep your bill payment histories in an electronic format to eliminate any other paperwork. 

Electronic Fund Transfer – this facility is provided to allow online money transfer between numerous accounts maintained within the same bank. You can transfer money from your checking to your savings account to your credit cards, investment accounts or to your line of credit. You can also transfer funds from your account into someone else’s account.

Other facilities – you can also access your account anywhere in the world by using the linked account feature of online banking. Linked accounts also allow you to send money online from your savings account to cover your overdrawn checking and credit account.

Read More

Money Transfer Services in India

Money Transfer Services in India

   August 20, 2012       Unknown

---

Online money transfer is where the old-fashioned concept of wiring money converges with the modern technology of electronic funds transfer The quickest and safest way of Money Transfer Services is via bank wire, the procedure for such a transfer is as follows:

1. The person who wishes to execute the Wire Transfer Services advises their bank of the amount of money to be paid as well as the bank details of the payee; these details will include the IBAN and BIC code. 

2. Once the sending bank has received all the relevant details and authorization they will transmit a message, via a secure system, to the receiver's bank that it effect payment as per the instructions given. 

3. Wire transfer services usually takes three business days for the funds to clear. 

Online money transfer services is the modern-day equivalent of wiring money: You can use these wire transfer services to send someone money instantaneously simply by transferring money (or the data that represents that money) from you to another person. Usually involving little more than contact information -- such as a cell phone number or an e-mail address -- for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure, Web-based service via any computer with Internet access. There's no need to go to a money wiring office, telegraph station or even a bank. The price of money transfer services will vary according to such factors as the country the money is being sent to, the amount the payment is for etc.

Read More

What is Bank Wire Transfer

What is Bank Wire Transfer

   August 20, 2012       Unknown

---

Wire transfer is a method of online money transfer from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Online money transfer systems are intended to provide more individualized transactions than bulk payment systems. Bank wire transfers are often the most expedient method for transferring funds between bank accounts.

A bank wire transfer is effected as follows:

The entity wishing to send money online approaches a bank and gives the bank the order to transfer a certain amount of money. The sending bank transmits a message, via a secure system, to the receiving bank, requesting that it effect payment according to the instructions given.

The message also includes settlement instructions. Either the banks involved must hold a reciprocal account with each other, or send money online to a bank with such an account, a correspondent bank for further benefit to the ultimate recipient.

Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediate banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than what the sender sent. Each party in an online money transfer must be identified by the bank. It is hard to send money online anonymously, so it’s harder to pull off a scam with a bank wire transfer. In addition, if you send money online, payments are more certain - banks only do online money transfer if the sender has available funds, and it is difficult for the sender to pull the money back.

Read More

Sean Lahman: Evolution preceded revolution in digital cameras

Sean Lahman: Evolution preceded revolution in digital cameras

   May 07, 2012       Unknown

---

Steve Jobs didn’t invent the MP3 player. The Wright Brothers weren’t the first to fly. And the incandescent light bulb had been around in one form or another for 50 years before Thomas Edison came up with his version.

We tend to think of inventors as people who create things that are entirely new, but that’s rarely the case. More often, innovation comes from a series of smaller, incremental improvements.

“That was certainly true in my case,” said James McGarvey, who was honored last week as the Distinguished Inventor of the Year, an award given annually by the Rochester Intellectual Property Lawyers Association.

McGarvey was recognized for his work to invent and commercialize digital single lens reflex cameras (D-SLRs) at Eastman Kodak Co. “The first D-SLR was not a big invention,” he said. “It was a series of small inventions.”

The challenge began when a government client approached McGarvey, asking if he could put Kodak’s one megapixel sensor — used in high-end video cameras — in a 35mm camera body for some sort of covert operation.

“Because I was an avid photographer and a SLR user, I knew how a film camera worked,” he said. “I asked myself, ‘What do I need to make something that works the same way?’ ”

In 1988, McGarvey hand-delivered the top-secret camera (I’m imagining it in a case handcuffed to his wrist) and never saw it again.

He ended up building three more prototypes the next two years and by 1990 began showing those cameras to news photographers at trade shows for feedback. “The reaction was intense,” McGarvey said.

McGarvey was granted patent No. 4,916,476 for that first design, the first of many he received.

The first digital SLR — the Kodak Professional Digital Camera System (DCS) — hit the market in 1991, and was an instant hit.

“The impact of Jim’s work cannot be overstated,” said Kenneth Parulski, chief scientist at Kodak. “Some of the world’s most famous photos, from Super Bowl touchdowns to the 9/11 tragedy, were captured by sports and press photographers using D-SLR cameras that Jim designed.”

McGarvey made tremendous strides in a short period of time, and by the mid-1990s had implemented almost all of the features present in current-day digital cameras. “The only significant addition in the last 15 years has been the ability to shoot movies,” he said.

Sean Lahman: Evolution preceded revolution in digital cameras 

Internet Giant Social Media

Read More

Gadgets drive online ad spend

Gadgets drive online ad spend

   May 07, 2012       Unknown

---

The proliferation of digital devices has helped boost online advertising revenue by 19 per cent to $713 million in the March quarter.  Online advertising would make up about 22 per cent of total ad revenue by year’s end, Interactive Advertising Bureau Australia chief Paul Fisher predicted.

“We’ve always said the largest single driver is consumer behaviour,” Mr Fisher said.

Advertisers were shifting more of their marketing budgets towards digital platforms as consumers took to online video, social media and “concurrent usage” (using two or more screens from TVs, PCs, smart phones and tablets), he said.

Mr Fisher said online advertising was on track to exceed $3 billion this year. Search and directories remains the dominant category, generating $395.7 million in the March quarter, up 21.4 per cent year-on-year, and representing 55.5 per cent of total online advertising.

Directories, which consists of a minority of the category, grew at a faster rate than search. Industry sources say Google accounts for more than 95 per cent of search revenue. General display advertising was the second-fastest growing category, recording 18 per cent growth to $153.7 million in the quarter and representing 21.6 per cent of total online advertising.

Within the display category, video posted $11.6 million in ad revenue for the quarter, up $0.6 million from the December quarter. However, email-based advertising dropped by $2.6 million to $7 million over the same period.

Motor vehicles continued to be the highest-spending industry sector, generating 20.4 per cent of total online display ad revenue. This was up from 17.4 per cent in the December quarter.

Finance was the second-highest sector, posting 13.3 per cent of total online display, up from 12.9 per cent in the December quarter.  Real estate rose from a 7.9 per cent to an 8.4 per cent share, while fast moving consumer goods rose from a 6.8 per cent share to 8 per cent.

Computers and communications was edged out of the top five industry categories, generating 7.2 per cent of general display revenue in the March quarter, down from 9.7 per cent in the previous quarter.  

“The retail and government sector online spend continues to flatline, which is surprising given both are facing tough marketing and communications conditions,” Mr Fisher said. “There is a real opportunity for these sectors to invest their advertising budgets online.”

Online classified advertising was the slowest growing of the three main categories, posting revenue growth of 13 per cent for the March quarter year-on-year. Classifieds generated $163.5 million, representing 22.9 per cent of total online ad revenue.

CPM-based pricing (cost per thousand) remained the dominant expenditure type, representing 74 per cent of the total online ad spend, compared to 26 per cent for direct response.

Online advertising seems to be maintaining its growth trajectory. The 19 per cent growth for the 2012 March quarter compares to 17 per cent growth for the first quarters in each of 2011 and 2010.

IAB Australia announced it would release online video measurement data later this year.

Gadgets drive online ad spend

Internet Giant Social Media

Read More

28,000 phones disconnected for making pesky calls

28,000 phones disconnected for making pesky calls

   May 07, 2012       Unknown

---

Almost 28,000 telephones have been disconnected and over 44,000 notices issued to unregistered telemarketers till April 24 for sending pesky calls and messages, according to the government.

"Government is aware that several calls and SMSs are being sent from private numbers i.e. by subscribers not registered as a telemarketer. 44,810 notices have been issued to unregistered telemarketers and 27,984 telephones have been disconnected till April 24, 2012 since inception of the regulation i.e. Sep 27, 2011," Communications Minister Kapil Sibal said in a written reply to the Rajya Sabha.

In order to provide relief to millions of mobile subscribers nagged by telemarketing companies, the government last year brought into force a regulation -- The Telecom Commercial Communications Customer Preference Regulations, 2010 -- barring such communications.

According to the Telecom Regulatory Authority of India (TRAI), if pesky calls or messages are sent through individual numbers then notice will be served to the customers while the number will be disconnected on second violation.

The guidelines regulating commercial calls levy hefty penalties on offenders including fines ranging from Rs.25,000 to Rs.250,000 depending on the number of times the violation is detected. On sixth violation, the telemarketer's connection is to be terminated and get blacklisted for two years.

All telemarketing firms are now easily identifiable as their phone numbers will hence forth begin with '140'.

To avail the service, customers have to get registered with the National Customer Preference Registry, earlier known as the National Do Not Call registry, by dialling toll free number 1909. They can also send a SMS -- 'start 0' -- to the same number to get registered.

28,000 phones disconnected

BSE Index Analysis

Hot Bollywood Masala news

Prabhakar - improve Think analysis

Daily News update Analysis

Housewares Plastic Kitchenware India

DLF Indian Premier League

World Fashion Shopping Trend

Read More

Star Walk - ipad calls interactive astronomy

Star Walk - ipad calls interactive astronomy

   May 07, 2012       Unknown

---

Internet Giant Social Media

A new ipad calls for a brand new batch of apps that show off the gadget’s new powers –a  screen that allows ebooks to be sharper than the printed word. To show off that high-density Ratina display and a fancy new A5X processor, these are the apps you need on your new iPad .......

[[[ Category: Education
Updated: 20 April 2012
Version: 5.7.2
Size: 151 MB
Languages: English, Arabic, Chinese, Dutch, French, German, Italian, Japanese, Korean, Russian, Spanish
Developer: Vito Technology Inc.]]]
Requirements: Compatible with iPad.Requires iOS 3.2 or later

Star Walk  for  $4.99

The astronomy app Star Walk is not a new app but when used on the new iPad it is nothing short of stunning. Star Walk can identify up to 300,000 stars on the iPad’s screen and is ideal for youngsters and adults alike. By simply holding your iPad into the sky, the app labels out the constellations, the solar system, stars, and satellites.

The app also includes a celestial calendar that informs how to plan star gazing by listing events such as full moons, meteor showers and upcoming partial eclipses.

The most interesting feature of the app is the Augmented Reality technique where it overlays data from the app on top of the image (of the sky) as captured by the iPad camera. Using this, user can align the image of the sky with that of the sky in the app.

This helps in pinpointing the position of satellites, finding stars or constellations.

You get the social bragging rights to show off your iPad and how a photo of your current location is overlaid with the app-generated sky, giving you real time results of what is right above you. There are some stunning pictures of the day (sun, etc) that makes for a super high resolution view of a celestial scene.

note :

Winner of Apple Design Award 2010, featured by Apple as Best Apps of 2009, 2010 and in iPad TV commercials***

Read More

Mobile fun - Talking comics are here

Mobile fun - Talking comics are here

   April 26, 2012       Unknown

---

Internet Giant Social Media

             Little Eric does not have to peer into comic books to read the adventures of his hero-Nagraj. He can now lean back and let the comic play itself with sounds and dialogues-on his mobile phone.

             Mobile content provider Planet 41 Mobiventures says that it sells as many as 10,000 ‘motion comic’ books per day. It has the rights for mobile versions of titles offered by Raj Comics – like Super Commander, Doga, Hitchiker and others. These comics are available in Hindi and English.

            Somil Gupta, co-founder of planet 41 Mobiventures said that they were hitting notes of new-age consumers who prefer digital content over print editions. The price difference too helps.

            The print editions of these comics range from 50-100, whereas the digital versions
are sold at 10 per book.

             In the animated version, it takes away the text bubble, and re-draw the vacuum that it creates. It also lip movements and hand movements to these comics, and use voice artists to spell the dialogue. The company also adds sound effects like lighting, explosion effects.

            “This is done in the US by Marvel Comics, in India,” said Gupta. Currently, the books are available for Tata Docomo and Idea Cellular customers. The company is planning on expanding it across operators, soon.

            The comic book will be delivered in the form of a URL via an SMS. The comic opens on a WAP browser, and works only on the mobile. Since the company has no means on charging the consumer online, the URL cannot be used on the computer.

           “People would not want to use their credit cards for such small amounts. On the mobile, it will get deducted from the pre-paid balance or add to the bill,” said Gupta.

 

            Gupta feels that URL is a better form of delivery than creating an application. He feels that charging and selling is tougher as many forms of the applications across platforms like Android, iOS have to be created, and also duly promoted. “Now we can go directly promote the content,” he said.

 

           The comics sell quite well in the North like UP, Punjab, Delhi and Uttaranchal where Raj Comics are popular. Planet 41 wants to expand it to the South by translating them in Tamil, Telugu, Kannada and Malayalam. Also, these comics are directed towards children who are older than ten years.

           The company want to gain consumers across age groups with more titles. It is in talks with amond Comics which has famous characters like Chacha Chaudhary, Pinki, Shaktimaan and Captain Vyom. They want to bring in Lotpot comics on mobile as well, and cater to children who are as young as six or seven.

The company has two versions of comics on mobile. The non-animated version is simpler where they expand the text bubble of the comic to make it easier to read.

Read More