What is a Dormant Account or What is an Inoperative Account ?
In layman’s language dormant means inactive and inoperative means which is not being operated i.e. no transactions have been undertaken recently. In terms of RBI guidelines “ A savings as well as current account should b e treated as inoperative/ dormant if there are no transactions in the account for over a period of two years”.
The Indian Financial system Code (IFSC) is an alphanumeric code that uniquely identifies a bank’s branch participating in the Electronic Funds Settlement Systems in India- the Real Time Gross Settlement (RTGS), the National Electronic Funds Transfer(NEFT) & Centralised Funds Management System (CFMS).IFSC is used by these systems to rout the messages to the destination banks / branches. Bank-wise list of IFSCs is available with all the bank-branches participating in interbank Electronic Funds Transfer. IFS code is unique for each branch. IFSC Code consists of 11 Characters.
Virtual currencies, or digital cash, are gaining popularity as a new way to purchase goods or services. They are not regulated or issued by a central bank. The most popular virtual currency is Bitcoin, which soared above $ 1,000 for the first time on 27th November.
What is Bitcoin ?
It is a digital currency that is created and exchanged independently of any government or bank. The currency is generated through a computer program and can be converted into cash after being deposited into virtual wallets. In 2008, a programmer known as Santoshi Nakamoto (which is probably not his real name ) posted a paper outlining Bitcoin’s design and later in 2009 released software that can be used to exchange Bitcoins using the scheme. That software is now maintained by an open-source community coordinated by developers.
Ans :- The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under :- Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below:
Whether the guidelines issued on 'no-frills' account with 'nil' low minimum blaneces will continue even after the introduction of 'Basic Savings Bank Deposit Account'?
No. In supersession of instructions contained in RBI's earlier circular on No Frill accounts, banks have now been advised to offer a 'Basic Savings Bank Deposit Account' to all their customers vide a new circular dated August 10, 2012, which will offer minimum common facliities as stated therein. Banks are required to convert the existing 'no-frills' accounts' into 'Basic Savings Bank Deposit Accounts'.