Saturday, March 30, 2013

What Is RTGS System?





What is RTGS System?

The acronym “RTGS” stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. This is the fastest possible money transfer system through the banking channel. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

How RTGS is different from Electronic Fund Transfer System (EFT) or National Electronics Funds Transfer System (NEFT)?

EFT and NEFT are electronic fund transfer modes that operate on a deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time. For example, NEFT settlement takes place 6 times a day during the week days (9.30 am, 10.30 am, 12.00 noon. 1.00 pm, 3.00 pm and 4.00 pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours.

Is there any minimum / maximum amount stipulation for RTGS transactions?

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions. No minimum or maximum stipulation has been fixed for EFT and NEFT transactions.

What is the time taken for effecting funds transfer from one account to another under RTGS?

Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

For More Details Please Contact Office :- 2895 32 32 / 2894 87 47 Fax :- 2890 63 63 Mobile :- 9821411063 Skype Id:- neeta.shah30 Email: neeta@aasharealtors.co.in Blog: aasharealtor.blogspot.in Web: www.aasharealtors.co.in Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai - 400103.

Friday, March 29, 2013




Legal Paperwork For Rental Property.     

Leasing a residential apartment in Mumbai generally is very simple. Most of the buildings are Co-operative Housing Societies which work under certain guide lines set up by the Government and most of these bodies function as an independent organization with the Model bye-laws and other rules and regulations as passed by the General Body for the best functioning of the Building Society. 

The societies in Mumbai, generally if they are well run issue a Share Certificate and that is one of the Key ownership proofs and in the absence of a Share Certificate in the name of the Owners or your flat Owner the Second best proof is the Agreement for Sale/Sale Deed and of course the society may have a monthly or a quarterly bill raised in favour of the apartment owner which is another bonafide proof that he/she is the owner. 

Generally if you are entering into a Company lease, these are the following documents you will require from your flat owner ;
  • Copy of Share Certificate (remember that you would require both front and back side)
  • Copy of the Agreement for Sale/Sale Deed
  • Last Paid Society Bill
  • Last Paid Electricity Bill
  • Last Paid Telephone Bill (If Any)
These are the most important papers you would need to determine the ownership of the apartment owner. Besides, a lot of owners may be overseas and they may have given Power of Attorney to their relatives and friends or agents to execute the leave and license agreements.




  For More Details Please Contact Office :- 2895 32 32 / 2894 87 47 Fax :- 2890 63 63 Mobile :- 9821411063 Skype Id:- neeta.shah30 Email: neeta@aasharealtors.co.in Blog: aasharealtor.blogspot.in Web: www.aasharealtors.co.in Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai - 400103.

Monday, March 25, 2013

Changes in Stamp Duty




There’s some bad news for those living on rent in Mumbai as well as their 

landlords. Stamp duty for rentals as well as leave-and-licence agreements are 

set to rise following state finance minister Ajit Pawar’s budget on 20th March. 

However, experts pointed out that if the security deposit on flats is lowered, 

then stamp duty can be reduced.

Currently, there are different rates of stamp duty charged according to various 

slabs. The new system will do away with all slabs. In Mumbai, well over a 

million leave-and-licence agreements are signed every year and these generate 

a huge stamp duty collection. Incidentally, this is the first time, the 

government has considered the interest earned by a landlord for investing the 

refundable deposit in the bank or fund as “income”.




For More Details Please Contact Office :- 2895 32 32 / 2894 87 47 Fax :- 2890 63 63 Mobile :- 9821411063 Skype Id:- neeta.shah30 Email: neeta@aasharealtors.co.in Blog: aasharealtor.blogspot.in Web: www.aasharealtors.co.in Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai - 400103.