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Ref: DBOD.BP.BC No. 56 / 21.01.001/ 2005-06

Collection of Account Payee Cheques -Prohibition on Crediting Proceeds to Third Party Account

 

Please refer to our circular DBOD.BP.BC.No.56/21.01.001/2005-06 dated January 23, 2006 in terms of which banks are prohibited from crediting ‘account payee’ cheques to the account of any person other than the payee named therein.

 

2. In view of concerns raised that these instructions are not being adhered to, we reiterate that banks shall strictly adhere to the instructions contained in our circular referred to above and not collect account payee cheques for any person other than the payee constituent.

 

3. With a view to mitigate the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, relaxation was extended vide our circular DBOD.BP.BC.No. 47/21.01.001/2010-11 dated October 1, 2010. In terms of the said circular, banks may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. The above relaxation will continue as hitherto, subject to the conditions outlined in the circular dated October 1, 2010 referred to above.

 

4. Banks may note that the above prohibition and relaxation shall also extend to drafts, pay orders and bankers’ cheques.


The Reserve Bank of India issued a notification on Friday saying that from April 1, 2012, banks, drafts, pay orders and bankers’ cheques will have to be presented within three months of the date of issue of these instruments.

The change has been prompted by instances of misuse of the payment instruments.

Banks have been instructed to print the change on the cheque leaves and drafts that will be issued from April 1, 2012

Ref: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6805&Mode=0

Searching…

BE PATIENT

This is a true story which happened in the States. A man came out of his home to admire his new truck. To his puzzlement, his three-year-old son was happily hammering dents into the shiny paint of the truck. The man ran to his son, knocked him away, hammered the little boy’s hands into pulp as punishment. When the father calmed down, he rushed his son to the hospital.

Although the doctor tried desperately to save the crushed bones, he finally had to amputate the fingers from both the boy’s hands. When the boy woke up from the surgery & saw his bandaged stubs, he innocently said, ” Daddy,I’m sorry about your truck.” Then he asked, “but when are my fingers going to grow back?” The father went home &
committed suicide.

Think about this story the next time someone steps on your feet or u wish to take revenge. Think first before u lose your patience with someone u love. Trucks can be repaired.. Broken bones & hurt feelings often can’t.. Too often we fail to recognize the difference between the person and the performance. We forget that forgiveness is greater than revenge.

People make mistakes. We are allowed to make mistakes. But the actions we take while in a rage will haunt us forever.

A Family Story‏

A teacher from a primary school asks her students to write an essay 

about what they would like God to do for them.


At the end of the day while marking the essays, 

she reads one that made her very emotional.


Her husband, who had just walked in saw her crying 

and asked her what happened.


She answered: ‘ Read this essay’


“Oh God, tonight I ask you something very special: 

Make me into a television. 

I want to take its place. 

Live like the TV in my house. 


Have my own special place and have my family around me.

To be taken seriously when I talk. 

I want to be the centre of attention 

and be heard without interruptions or questions.


I want to receive the same specail care that the TV receives 

when it is not working. 

Have the company of my dad when he arrives home from work,

 even when he is tired.

 

I want my mom to want me when she is sad and upset, 

instead of just shouting at me or ignoring me. 

I want to feel that my family just leaves everything aside,       

every now and then, just to spend some time with me. 


Lord I don’t ask you for much…. I just want to live like every TV”


At that moment the husband said ‘ Poor child. 

What horrible parents’ 

His wife looked up at him and said,

‘That essay is our son’s’.

Q to MBA guy: How to Kill an Ant?
Asked in exam for 15 marks….

Student:Mix Chilli Powder withSugar&keep it outside theAnt’s Hole.
After eating, Ant will search for some water near water tank.Push ant in to it.

Now ant will go to dry itself near fire.When it reaches fire, put a bomb into the fire.Then admit wounded ant in ICU.Remove oxygen mask from it’s mouth n kill the ant.

MORAL:Ddon’t play with MBA students they can do any thing for15 marks

It doesn’t matter whether you are trying to succeed at work, in your relationship or with your wealth the principles are the same. Accredited nutritionist and exercise physiologist Caitlin Reid provides you with the top six tips that will help you succeed no matter what.

1. Know what you want

You must have the desire to succeed. This means you need to know what you want in life and be able to identify the actions that you need to take to achieve your goals. Goals provide a guide to your destination in life and without them, others determine where you’ll end up.

2. Never give up

Persistence is the number one thing for being successful. It’s easy for people to become disheartened when they are criticised or encounter a hurdle while trying to achieve their goals, but to be a true success you must persist through the criticism, rejection, pressure and failure. A fighting spirit will make you succeed.

3. Believe in yourself

To be successful you need to have a positive outlook and believe that you can achieve your goals. When you feel good about yourself, you react more confidently to life’s challenges. If you believe in yourself and push yourself through shyness and self-doubt you will succeed more far than you will fail. Believe and you will achieve.

4. Never stop learning

Successful people never stop learning. They learn from their mistakes, new experiences and other people. Learning at every opportunity increases your knowledge in old and new areas and keeps you ahead in your field. Read books, acquire new skills and seek additional training and it will definitely set you apart from the rest.

5. Do what you love

To do something well you must at least like it, but it helps to love it. Being passionate about the things you spend your time on is energising and motivates you to succeed. Do what you love, and success will come.

6. Avoid conditional happiness

Too many of us believe that if some problem resolved itself we would finally be happy. But striving for happiness without sitting back and finding happiness at this particular point in your life is no way to live. Successful people avoid delayed gratification and don’t sit around waiting for problems to resolve. Successful people find happiness at every instance, rather than just when they think things are going right for them.

 

We recently celebrated Indian Independence Day on 15 August. I cherish the freedom and celebrate Indias growth towards global recognition. Going back in history, Indian freedom struggle lasted nearly a century. The last 25 years of the struggle was lead by Mahatma Gandhi on the concept of non-violence. India is one of the unique countries which gained freedom without much bloodshed. I think there are lot of management lessons which corporate world is implementing presently which were prevalent in the freedom struggle.

In this post I am exploring Mahatma Gandhis leadership and management style, and linking it to the current management practices.

1. Walk the talk

Mahatma Gandhi preached the concept of simple living and high thinking, although he came from an affluent Indian family. He came up with various austere living standards and requested his followers to adopt them. His kept his life open to public scrutiny. People may debate regarding his personal choices but no one would raise questions on his ethics and integrity. Irrespective of the difficulty involved, he always was able to take the high moral ground and never compromised on his personal values. In the present corporate world we respect the leaders who are able to walk the talk, demonstrate ethical and principled behavior and lead by example.

2. Think out of the box

The strategy and tactics adopted during the Indian independence struggle were unlike any other country’s revolution. Some of the concepts were:

  Non-violence  - A war fought on the basis of principles without any bloodshed.

 Civil disobedience- Court arrest if the British officials are threatening imprisonment for demanding your rights.

 Non-cooperation- The message given was maintain your jobs with the British Empire, however do not support it regarding its practices against Indian people. Managements today are advocating out of the box thinking and competing strategically. The organization which implements a unique strategy generally wins the market.

3. Brand building

Mahatma Gandhi’s personal brand has lasted 60 years after his death without any investment. He created a brand of a simple moral man living life on the principle of Ahimsa (non-violence). His home spun cotton clothes, wooden shaft, leather slippers, vegetarian meals and home at the ashram all embodied his personal brand. His character and communication depicted his core values to the masses. We must acknowledge that fact that very few leaders in history have as strong a brand image as Gandhi. The corporate world is spending huge sums on advertising to build the corporate brand. We hear Tom Peters and other management gurus talking about building the “Brand You”.

4. Competitors size doesnt matter

The Indian freedom struggle gained ground by the idea of a few committed individuals who wished to bring about a change. They envisaged taking on the might of British Empire who had the resources, funds, weapons and management capability. The Indian leadership team acknowledged the strengths of the British Empire and devised a strategy which minimized those strengths. They built a strategy on the following:

Non-violence which required no weapons;

Asked masses to contribute for the independence and live frugally, hence survived on minimal resources;

Developed local leadership across all regions under Congress banner. Using a similar strategy Barrack Obama won the American president elections when he had no funds and support. Also, one notices small IT companies (e.g. hotmail) which developed into big names just by pioneering a unique product and leveraging the market properly.

5. Build dream teams

Indian Congress Party besides Gandhi had a number of other accomplished leaders. Namely, C. Rajagopalachari, Jawaharlal Nehru, Vallabhbhai Patel, Subhash Chandra Bose and others. These leaders all had different personalities and ideologies, however worked for a common cause. Gandhi and Nehru complimented each other tremendously and mostly operated as two in a box. Senior leaders acted as mentors for the younger generation. The party had leaders at grass root level, and people were encouraged to develop leadership traits. Business world is focusing on building dream teams with leadership at all levels. The Human resource Departments are focused on concepts of two in a box, alternate leaders, chief mentors and succession planning.

6. Engage and empower people

Mahatma Gandhi in his speech on the eve of Dandi March said -Wherever there are local leaders, their orders should be obeyed by the people. Where there are no leaders and only a handful of men have faith in the programme, they may do what they can, if they have enough self-confidence. He encouraged common man to show leadership and commitment under the overall umbrella of Congress. He united the people by specifying the mission, vision and code of conduct of Congress. The masses were committed to the cause and in all his symbolic protests he involved people participation. The corporate world’s biggest challenge is of disengaged employees due to actual or perceived lack of empowerment. It is becoming apparent that success or failure of the organization is increasingly dependent on a healthy organization culture which encourages employee participation.

7. Accept and encourage diversity

The British are generally blamed for implementing divide and rule policy in India. On the contrary, India already was already divided into various regions, religions and castes before the British rule. Mahatma Gandhi in his struggle for independence attempted to unify the country. He encouraged the princely states to join hands, brought Hindus and Muslims on the same platform and removed caste barriers for joining the freedom moment. He supported gender equality and encouraged women to actively participate in the movement. His wife, Kasturba Gandhi played a pivotal role in getting women’s participation. With less than 10% women in senior management positions in the corporate world, the mantra today is to bring more women on board. With globalization the concept of accepting and encouraging diversity has taken hold.

8. Dont make it personal

In the Quit India speech in 1942, Mahatma Gandhi stated- Then, there is the question of your attitude towards the British. I have noticed that there is hatred towards the British among the people. The people say they are disgusted with their behavior. The people make no distinction between British imperialism and the British people. Deal with the issue and not the person; this is the corporate mandate today. Mahatma Gandhi pioneered this thought process. In all his communication and dealings he stood up against British Imperialism. He however, had friendly relationships with Britishers and never made a personal attack in his speeches. On the other hand, he continuously advocated decent and humane behavior even towards ones enemy. His thought process was- address the issue at hand and keep a positive attitude towards a person from the competing camp. In nut shell, there is a lot to learn from the Indian freedom struggle for the corporate world. It had unique dimensions which are gaining hold now as corporate best practices. History is the best teacher, if we are willing to learn from other peoples successes and failures.

A saint asked his disciples,

‘Why do we shout in anger? Why do people shout at each other when they are upset?’

Disciples thought for a while, one of them said,
‘Because we lose our calm, we shout for that.’

‘But, why to shout when the other person is just next to you?’ asked the saint….
‘Isn’t it possible to speak to him or her with a soft voice?
Why do you shout at a person when you’re angry?’

Disciples gave some other answers but none satisfied the saint.

Finally he explained,
‘When two people are angry at each other, their hearts distance a lot. To cover that distance they must shout to be able to hear each other. The angrier they are, the stronger they will have to shout to hear each other through that great distance.’

Then the saint asked,
‘What happens when two people fall in love? They don’t shout at each other but talk softly, why? Because their hearts are very close. The distance between them is very small…’

The saint continued,
‘When they love each other even more, what happens? They do not speak, only whisper and they get even closer to each other in their love. Finally they even need not whisper, they only look at each other and that’s all…. That is how close two people are when they love each other.’

MORAL: When you argue do not let your hearts get distant, do not say words that distance each other

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