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.