How to pay Amex thru CitiBank Online

Go to Banking -> Bill Pay -> Register New Biller, -> Select
City -> Bangalore- (dropdown)
Utility -> Others
Biller -> Amex ( there is another entry called SBI )
Proceed, one time.
Pay the amount -
Enter your account details etc. and submit.

IPV - Rani Abbakka. Indian Navy -Coast Guard inducts "Inshore Patrol Vessel."

IPV means - Inshore Patrol Vessel, which means a boat/ship which will patrol oceans surrounding India.

A total of 5 such ships are projected to be built, The first such ship is called "Rani Abbakka" and was built at Vishakapatnam ( A.P) India, This ship will guard the Indian Eastern Region.
This ship was commissioned on 3rd week of Jan 2012.

It is 50m long,  has 5 officers and 34 naval men and will be under the commandant based in Chennai.
http://www.youtube.com/watch?v=eQ4f2VtPMWI


This ICGS ship was indigenious ( meaning it was designed and built completely ) in Hindustan dockyards in Vishakapatnam, A.P India.

(ICGS = Indian Coast Guard Ship )

The ship will be deployed extensively in the eastern region to ensure the safety and security of India’s maritime interests.

Who was Rani Abbakka: 

Rani Abbakka was a queen, ruler in Karnataka (near Mangalore called Ullal ) She fought the portuguese back in the 16th Century.
Read more about Rani Abbakka here,   http://ignca.nic.in/nl001903.htm

http://www.whatisindia.com/abbakka/index.html

Origin of Republic Day.

Today is Indian Republic Day ( Jan 26th ). It is a national holiday all over India, and with this the schools and other establishments are closed - however, schools will have a tribute in this regard and school children will attend schools in the morning in uniforms will attend schools to hoist flags, and there will be small celebration, distribution of sweets, Invited special guests will either participate, and talk about the country, its accomplishments and then the children are let go.

So, what is this Republic Day ? and why is it celebrated.
India was ruled by the British for 200 years and as part of the freedom struggle - it was granted freedom on 15th  August 1947, but India did not have it's own constitution. It depended on Modified colonial Govt of India Act 1935.  Also, India was headed by King George VI .
Before this, the seeds of an Independent nation was set at Lahore session at Indian National Congress -midnight of Dec 31st 1929 - Jan 1 1930. The tricolor flag was hoisted and the nationalists present there took a pledge to celebrate the Purna Swaraj every year on Jan 26, while continuing to fight for Sovereign democratic Republic of India.

The Independence was achieved in 1947. A committee was formed, Dr BR Ambedkar was the chairman, who along with others drafted the new constitution.
The Indian constitution included 395 articles ( rules ) and 8 schedules ( some amendments ) This was adopted on 26th Nov 1949 and officially on 26th Jan 1950.
The day the constitution of India became effective ( and also became a sovereign democratic republic ) is now called the Indian Republic day.
 This also meant that India achieved a true independence day on this day.
Rajendra Prasad became the first president of Free India.
Today the Indian constitution has 397 articles and 12 schedules.

In this regard, Is the Jan Lokpal bill one such article ?

Yes, one of such article i.e Article 253 reads as "Legislation for giving effect to international agreements Notwithstanding anything in the foregoing provisions of this Chapter, Parliament has power to make any law for the whole or any part of the territory of India for implementing any treaty, agreement or convention with any other country or countries or any decision made at any international conference, association or other body"

http://www.indiankanoon.org/doc/741672/ 

So what has the International agreement got to do with the corruption bill ( aka Jan Lokpal bill ) ?
---X-- Cut and Paste --X---
According to the UPA ( United Progressive Alliance )....
The Lokpal and Lokayuktas Bill 2011 was brought under Article 253 of the Constitution to fulfill India's international obligation arising from ratification of United Nations Convention Against Corruption (UNCAC).


What does Ratification mean :
"The confirmation or adoption of an act that has already been performed. "

Where are we now.. in this bill ?
Both the bills are not included under the article, due to differences amongst the congressional members i.e the Rajya Sabha and the Lok Sabha.

How to apply for Electric Meter Transfer , if you bought an apartment in BLR

This topic covers if you are owning an apt in Bangalore.
Things you will need:
- a Photocopy of the Sale deed.
- A file containing some required documents obtained from the Electric Contractor's union.
- Keep the Original sale deed handy  so that the engineer can validate it.
- 100 rupees for meter transfer
- and a smile on your face.

First , get the previous owner's meter bill.
In it you will find the RR # ( which is the number used for reference with the State Electricity board )
next, get the local electrician to find where your meter is physically located:
Here, find the Make , Model , Current Reading of the electric meter - note it down.
Go to the Electric Union Contractor's office ( near TVS showroom, Blr North, CBI Road) get a few forms by paying the fees.
(they include the Indemnity bond, transfer bond and a requisition letter - all for 400 rupees - at the time of this writing. )
Fill in the application, Indemnity bond,with the help of the folks at Soujanya at Bescom. ( they are helpful)
and then validate it with the Jr Engineer - along with the original sale deed.
Once it is done - they will want you to pay 100 rs transfer fees.
Keep the receipt handy, the meter change acknowledge should arrive in a week they say.

How tax deduction works on home loan.

Home Loan - the one you get after the house is purchased (within 30 days of closing ) OR before purchasing the home. ( Low interest  - upto 11% )
Mortgage - After the 30 days of closing - OR after the house is bought - High Interest -15%
e.g: Cost : 40 L
Loan amount : 35 L
EMI - Rs 30K ( or 3.6 L a year )
Interest paid during the year - 2.4 L
Principal - 1.2 lakhs( which comes to 1.2 + 2.4 = 3.6 L above )
If One property - self occupied
- as the house is self occupied - the net value is taken as nil.
- Interest paid on home loan is deductible - Max allowed in 2011-2012 is 1.5L and not 2.4 Lakhs
-So, Income (Loss) under the Head 'Income from house property is 1.5 L - This can be setoff against salary or business Income  
+ the principal repayment , subject to a max of 1L can be claimed under Section 80C ( along with Provident fund and Insurance etc )

Case 2:
Two properties -one self occupied and one let-out.
In addition to one above , if you buy another and rents it out.
Cost : 50L
Loan - 40L
EMI  - 40K ( or 4.8 L a year )
Interest paid is 4.5 L
Principal repaid - 30,000
Rent  received is 50K
Municipal tax - 20,000 per annum
First property is self occupied.
Tax Computation:
For first property - as house is self occupied - the net value is nil.
Interest paid on home loan is deductible, Max allowed is 1.5 L
Income under head' Income from house property ' is 1.5 L

For Second property:
Gross annual value is 6 lakhs ( or 50,000 per month rent )
Less: municipal tax : 20K
Net annual value is 6 L - 20,000 = 5.8 lakhs
Less deductions : 30% of 5.8 lakhs  = 1.74 L

So, net annual value is : 4.06 lakhs ( ?? how )
Less : Interest paid on home loan - 4.5 Lakhs ( not restricted to Rs 1.5 L )
Net income from house property- 44,000
Total loss under Income from house property is 1.5 L + 44,000 : rs 1.94 lakhs
Principal repayment subject to max of Rs 1 ( for both the houses ) can be claimed under 80C

What is Capital Gain Relief :
In case you sell or transfer property, you have to pay C/Gain .
Different rates apply if the house is short-term or long-term.
Long term is assets held for > 36months before they are sold.
 Indexation (??) is available only on long term C/gain. It implies adjusting the cost of purchase of the unit against the cost of purchase of the unit against the cost inflation index as on the date of sale.
Short Term is taxed as regular income.
To avoid Capital Gain - purchase a new property within 3 years of sale.
OR invest them in specified bonds.
Source: Times of India - Grihapravesh edition - 21 Jan 2012.

Is the UID project still on ?

No noise lately !

http://economictimes.indiatimes.com/tech/software/uid-is-game-changer-put-it-back-on-track-som-mittal-president-nasscom/articleshow/11520818.cms

How to import Calendar in Lotus notes

Odds and Ends

Odds & Ends
Two sons work for their father on the family's farm. The younger brother had for some years been given more responsibility and reward, and one day the older brother asks his father to explain why.

The father says, "First, go to the Kelly's farm and see if they have any geese for sale - we need to add to our stock."

The brother soon returns with the answer, "Yes they have five geese they can sell to us."

That father then says, "Good, please ask them the price."

The son returns with the answer, "The geese are £10 each."

The father says, "Good, now ask if they can deliver the geese tomorrow."

And duly the sone returns with the answer, "Yes, they can deliver the geese them tomorrow."

The father asks the older brother to wait and listen, and then calls to the younger brother in a nearby field, "Go to the Davidson's Farm and see if they have any geese for sale - we need to add to our stock."

The younger brother soon returns with the answer, "Yes, they have five geese for £10 each, or ten geese for £8 each; and they can deliver them tomorrow - I asked them to deliver the five unless they heard otherwise from us in the next hour. And I agreed that if we want the extra five geese we could buy them at £6 each."

The father turned to the older son, who nodded his head in appreciation - he now realised why his brother was given more responsibility and reward.

Moral of the story: Take initiative & ownership, think outside the box, anticipate, add value to service. Reward is definitely yours.