The Different Modes Of Payment Available to Business and Consumers

Since the inception of the financial structure, different payment options have been made available for the smooth functioning of business and retail transactions. Let us discuss some of the methods that have survived the test of time and others that are recent and developing. What…

What you need to know about NEFT

National Electronic Fund Transfer better known as NEFT is an electronic payment mechanism that allows individuals, including body corporates, to execute monetary transactions across the nation. No platform or geographical limitations Individuals, with the help of NEFT, can transfer money from their bank account to…

Why Do We Need The Bank MICR Code?

The industrialisation of the Indian economy led business transactions beyond the confines of one particular area or banking network. The financial sector saw a surge in the volume of bank dealings from all businesses, big or small, and therefore there was a need to streamline…

All You Need To Know About The Bank SWIFT Code

The International Organisation for Standardisation (ISO) has approved a standard format of Business Identifier Code (BIC) for banks and non-banking institutions, known as the SWIFT code. This code, facilities the business transactions conducted internationally via the said institutions. SWIFT stands for ‘Society for Worldwide Interbank…

Why IFSC Code Is Important For Online Transactions?

Ever wondered what is the significance of the IFSC code that you specify before every direct account transfer? In the Indian banking system, IFSC (Indian Financial System Code) is an alphanumeric code unique to every bank for identifying the bank and its corresponding branch for…

Xiaomi & KrazyBee Join Hands: Instant Loans Introduced, But There’s A Catch!

Xiaomi came to India with an entry-level budget smartphone and a smart idea of selling phones through flash sale. The plan worked and the company didn’t look back thereafter. From a couple of offering to a whole variety of product portfolio for every consumer needs,…

Disadvantages of GST: The downside in implementing GST

The Goods and Service Tax (GST) is all set to change the Indirect Tax scene in the country. Incorporating the vivid and complex tax brackets under one umbrella may seem like a brilliant strategy from the point of view of revenue inflow but in a…

Advantages of GST – The bright side

Goods and Service Tax (GST) has been advocated as the tax that will forever simplify the overly intricate indirect taxation system (viz. excise, VAT and Service tax) prevalent in India. It is said to curb 17 indirect taxes and bring the revenue from such taxes…

What is GST? All you need to know about Goods and Service Tax

After much ado and economical and parliamentary debates the Goods and Service Tax (GST) is being positioned for a roll out from 1st July 2017. The tax mechanism in India, especially the Indirect tax system, is cumbersome and complex. The moto of GST is to…

Advantages and Disadvantages of Demonetization

The immediate demonetization of Rs. 500 and Rs. 1000 currency notes that were announced by Prime Minister Mr. Narendra Modi on 8th November 2016 was a noble move in the fight against black money. But the common consumer has received a severe backlash. Here are…