CANARA BANK, RSTC, CHENNAIPRE PROMOTION TRAINING -2011

• 15G/15H RELATED MATTERS

FORM 15G CAN BE SUBMITTED IF THE TAXABLE INCOME DOES NOT EXCEED THE TAXABLE INCOME FOR THE RESPECTIVE CATEGORY OF ASSESSEE

Individual (other than women) below 60 years – Rs.180000/-

Woman residents less below 60 years –Rs.190000/- Resident individuals of more than 60 years – Rs.250000/- Resident Individuals of more than 80 years – Rs.500000/-

Can an NRI submit Form 15G/H for exemption of TDS ? NO . NRIs not entitled to submit Form 15G/15H for

tax exemption –HO cir 92/2011

SUBMISSION OF FORM 15G/15H – HO CIR 407/2010

PERIODICITY OF OBTENTION OF FORM 15G OR 15H FROM THE ELIGIBLE DEPOSIT ACCOUNT HOLDERS

The periodicity of obtention of Form 15G or 15H from the eligible deposit accountholder is given below for the benefit of our Branches.

a. As on 1st April every year. b. At the time of each renewal of deposits

within the Financial Year, wherever applicable. c. At the time of making fresh deposits within

the Financial Year, wherever applicable.

TDS CERTIFICATE 16/16 A – 235/2010 TDS CERTIFICATES TO BE ISSUED PROMPTY

WITHIN THE DUE DATES AND BRANCHES/OFFICES SHOULD MAINTAIN RECORDS FOR HAVING ISSUED THE SAME

As per the Notification, the due date for furnishing TDS certificate to the employee or deductee or payee is revised as under:

Salary(Form 16) - Annual By 31st day of May of the financial year

immediately following the financial year in which the income was paid and tax deducted.

Non-salary(Form No 16 A) - Quarterly Within 15 days from the due date for furnishing

the statement of  TDS

HO CIR 311/2010

QUOTING OF NSDL TIN RECEIPT NUMBER IN FORM 16 & 16A.

1. All Branches/Offices are instructed to quote NSDL TIN Receipt Number instead of Provisional Receipt Number while issuing of Form 16 & 16 A for the FY 2010-11 onwards.

2.    The format of Form 16 & 16A for the FY 2010-11 is available in HO circular 228/2010.

3.    Form 16 & Form 16A have to be issued within the due date as per HO circular 235/2010 and records for having issued to be maintained by our Branches/Offices.

HO CIR 111/2011 – CHANGE IN IT RULES 1) CHANGE IN QUALIFYING AGE OF SENIOR CITIZENS:

The qualifying age for senior citizen under I T Act is reduced from existing 65 years to 60

years. Kindly note that to avail the benefit of senior citizen, the resident individual

should complete 60 years at any time during the Financial Year.

2) INTRODUCTION OF NEW CATEGORY OF SENIOR CITIZENS:

A new category of Resident Individual (Senior Citizens) is introduced under I T Act with

age 80 years or more. The tax slabs for all Resident Individual, who is of age of 80 years

or more, are furnished in Annexure I.

3) CHANGE IN RESIDENT INDIVIDUAL & HUF INCOME TAX SLAB LIMITS:

The Income Tax slab limits for Resident Individual and Hindu Undivided Family (HUF)

have been changed in Finance Act, 2011. The new Income Tax slab limits with effect from 01.04.2011 are given in the Annexure I for immediate information of our branches/offices.

AVOIDANCE OF TDS RELATED CUSTOMER COMPLIANTS – HO CIR 25/11

Non-filing or improper filing of e-TDS return or Correction statement by our branches results in Customer Complaints such as :-

     Customers not being able to avail the credit for the tax deducted by our Branches/Offices.

     Customer's   Income tax assessment may not be completed

     Refund of tax, if any, can   not be given  by the Income Tax Department.

     Levy of penalty by Income Tax authorities.  

CANARA VIKAS

Smart Card issued by our Bank is called Canara Vikas . Smart Card is used in Bio Metric Hand held machine for

deposit and withdrawal of funds from SB accounts. It bears the name and address of the account holder. The account number and the date of birth of the customer is

also printed on the card. It is a contact less card with 4KB to 32KB capacity. It holds 10-16 applications like SB, RD, Loan account, Health

Insurance. Life insurance,Vehicle insurance etc. It can hold latest 10 Transactions in the account. It bears magnetic strips on the backside, which enables the

card holder to operate the account through the Bio metric ATM.

This card is used in Bio metric hand held machine, operated by the Business Correspondent/Customer Service Provider.

BIO-MATRIC ATM / HAND HELD MACHINES AND CANARA VIKAS CARD Payments and receipts through smart cards By BC The Business Correspondent shall also accept the

remittance of cash to the credit of SB/Loan accounts and also disburse small value cash fromSB account, through the smart card (Canara Vikas) used in Bio metric Hand Held Machine/Biometric ATMs etc.

The BC shall disburse the pension/NREGP wages and other benefits as specified from time to time, to the beneficiaries whenever the Bank takes up such activities on behalf of Government, institutions etc as a part of the duties of BC

BENEFITS OF SMART CARDS

Withdrawal of money from SB account/payment of pension/wages at doorsteps or in the villages in a transparent manner.

Timely payment of pension/wages. Saving of Man days for visiting the post

office/Banks. Saving of Transport cost/Out of pocket expenses Operation of the account at leisure time. Saving of precious time of the customer. Operation of the account through Bio metric

methods which is more secured than thePIN

PAYMENT OF DW / IW IN CBS HO CIR 294/2010 BAR SHOULD NOT BE RAISED ON THE DRAWEE BRANCH OR

ACCOUNTS SECTION.

The Master Data will be uploaded to CBS by DIT Wing.

Dividend/interest/redemption/refund payment instruments will be processed and paid by the drawee branches/offices. Branches/offices will invoke respective options as detailed below in the document. Instrument will be paid and related CASA A/c of Pooling Branch will be debited online. The entries will be passed in CBS through IBGL (200001004).

1. FP-8326 – D W Liquidation by GL for single instrument. 2. FP-8327 – D W Liquidation against CASA Account for single

Instrument 3. FP-5521 – Payment through Inward Clearing

HO CIR 385/2010 UNCLAIMED ARTICLES/CASH FOUND IN THE BRANCH/OFFICE PREMISES:

An inventory of the articles is to be prepared Articles are to be placed in Double Lock Cash found – denomination has to be noted and

credited to SL Suspense Account Efforts to trace the true owner are to be made A report has to be sent to the Circle Office giving full

details of the articles/valuables/cash found and steps taken to trace the owner.

The expenses incurred are to be recorded in the Register. Bank can exercise particular lien over the articles/valuables for the expenses incurred.

MONEY MULES – HO CIR 418/2010 Money mules are individuals with bank

accounts recruited by fraudsters to receive cheque deposit or wire transfer for the purpose of money laundering.

Money mules receive cheque deposits or wire transfers and then transfer these funds to accounts held on behalf of another person or other individuals, minus a certain commission.

Branches should strictly follow the KYC /AML/CFT guidelines to prevent abuse of banking system by money launderers using money mules.

MONEY MULES- PRECAUTIONS Valid Identity and address proof documents should be obtained

while opening of accounts.  Proper introduction should be obtained while opening the

accounts.  In case thanks giving letter is returned undelivered, appropriate

action should be initiated.  Where Introducer has not come to the Bank in person, NF 154

should be sent by Registered post Ack. Due.  Branches should fix Risk category / Threshold limit for all new

accounts and the same has to be updated in the system on a continuous basis.

 STR alerts should be attended on a regular basis and the suspicious transactions should be escalated.

 Risk category/ Threshold Limit are to be modified appropriately, wherever required, on the basis of the alerts/ additional information.

 High risk accounts and new accounts are to be subjected to close monitoring, and

Legality of large transactions, that are inconsistent with the normal and expected activity of the customer, is to be verified.

CUSTOMER CONFIDENTIALITY AND CREDIT CARD 405/2010 Reserve Bank of India has instructed that

Banks should give the customer an option to decide as to whether he is agreeable for the bank sharing with other agencies, the information furnished by him at the time of applying credit card.

Branches to obtain the Declaration regarding Most Important Terms and Conditions (MITC) / Disclosure of Personal Details along with the prescribed Application for Canara Credit Cards with the check boxes duly ticked.

Canara Credit Card Applications without Declaration Form and the option check boxes not ticked will not be processed

CREDIT CARD RELATED MATTERS

What is MITC ? Most Important Terms and Conditions As per HO 405/2010 all the Credit Card

Applicants have to sign a Declaration regarding a) Most important terms and conditions b) Authorisation for disclosure of personal

details Declaration cum Undertaking Permission to disclose information to CIBIL and

other Credit Bureaus / Financial Institutions etc Sharing of Information with Other outside /

Outsourcing Agencies

BONUS POINTS FOR CREDIT CARDS CARDHOLDER WILL EARN ONE POINT FOR EVERY PURCHASE TRANSACTION OF RS.100 DONE THROUGH THE CANARA CREDIT CARD. THE VALUE OF EACH BONUS POINT EARNED IS RE.0.50.

a) The customer may seek redemption of bonus points any time before last day of February every year, if he has qualified for redemption.

b) The threshold limit for redemption of bonus points has been reduced from 1000 points to 300 points.

c) Where the cardholder does not seek redemption of bonus points, even though he has qualified for redemption, the accumulated bonus points in multiples of 100 points will be redeemed automatically to the credit of their card accounts.

d) Bonus points not qualified for redemption as on last day of February every year would lapse.

e) As one time measure, bonus points not qualifying for redemption would be allowed to be carried forward till February 2012.

UTILITY PAYMENTS THROUGH IMB Account Holders with Net Banking Facility No registration required from Bank side Registration may be required at the Billers Website Click Hyper link Bill Payment in our Website System will show default CASA Account and the Amount

payable Once the user verifies and confirms that the details are

correct, system will take to Transaction password screen. Once the user enters the transaction password, system

executes the transaction. A message is displayed to the customer stating the

successful status of his payment with unique transaction reference number. The customer is then provided with an option to print the receipt and then directed to the biller's website through the Bill Desk Payment Gateway Interface.

E FILING OF IT RETURN THRO’ OUR BANK WEBSITE

Canara Bank customers will be offered Tax Spanner packages at the discounted fee as mentioned below :

 Tax Spanner Quick @  Rs 100 (plus applicable tax)

 Tax Spanner Advanced @  Rs150 (plus applicable tax)

 Tax Spanner Professional @  Rs 300 (plus applicable tax)

PROMPT SERVICE TO PENSIONERS – 266/2010 Payment of pension to all the pensioners / family pensioners

on any of the last four working days of the month for which pension is payable except in the month of March when it is payable on the first working day of April.

Prompt payment of increased Dearness Relief and arrears of Dearness Relief.

Revision of pension and payment of arrears and pensionary benefits on receipt of revision authorities from pension sanctioning authorities without any delay.

Necessary steps are taken to commence payment of family pension to the spouse / other dependents in the case death of pensioners without any delay.

Details of payment of pension / arrears, copies of statement of arrears paid etc., are made available to the pensioners.

Prompt redressal of any other grievances of the pensioners.