Com-Exultant : Finance and Research

  Power of Attorney Definition: Power of Attorney (POA) implies a legal authority which designates a person the power to take decisions on behalf of someone else. It is essential in the event when the principal is incapacitated or not present in person to take a decision. The Power of Attorney Act 1888 regulates power of attorney. Basically, POA is binding in nature. This means that it is a legal document in writing that a person drafts and authorizes another person to perform all the legal and financial transactions on the former’s behalf. These transactions may include: Receiving rent, Debt, Make an appearance and application in court or in front of an officer of registration . In a nutshell, through a power of attorney, one can appoint another person to manage the assets, financial matters, medical and so on. There are different types of POA, which decide the kind of affairs over which the holder has got power. Further, irrespective of the type of POA, if the ...

  RBI, plays a crucial role in protecting the interests of bank customers. RBI introduced the Banking Ombudsman Scheme (BOS) on June 14, 1995, to protect customer's interests. This scheme acts as a quick and affordable way to resolve customer complaints about shortcomings in banking services. The scheme has gained wider acceptance among bank customers over the years. An Ombudsman known as the grievance-man, or someone who deals with complaints. This is a senior official appointed by the RBI for a maximum of three years at a time, to investigate and resolve customer complaints against banks. As of November 2023, there were 24 Ombudsmen with offices mainly in state capitals at RBI locations. The Banking Ombudsman Scheme is administered by RBI through different Banking Ombudsman Offices across the country, including rural and semi-urban areas, to make it accessible to more people. The scheme has been revised five times since it started, with the most recent updation in July 2017. ...

  Bank Reconciliation Statement Introduction: Bank Reconciliation Statement (BRS) refers to a statement which an entity prepares on a particular date to match the bank balance indicated in the cash book with the balance shown by the bank’s passbook, by displaying the reasons for differences between the two. The entity can prepare BRS any time during the financial period, as per the requirement. Significance of Bank Reconciliation Statement §   It is a useful mechanism for internal control of an entity’s cash inflows and outflows, that facilitates the identification of frauds and errors, if any, occurred while entering the transaction in the cash book or the passbook. §   It helps to ascertain any unnecessary delays in the cheque clearance. §   It helps to know the exact position of the bank account. §   It also prevents cash embezzlement, as there are instances when the cashiers only pass entries in the books but don’t deposit the money...

  LOGISTICS MANAGEMENT Logistics management refers to the comprehensive planning, organization and controlling of physical flow, storage and movement of materials, equipment, supplies, finished goods and related information from the point of origin to the point of consumption, to satisfy the customer’s needs, at a profit. The movement of goods implies the forward and reverse flow of goods or materials. It is a segment of supply chain management, as it occurs at various stages of the supply chain. Elements of Logistics Management: There are eight important elements or say components of logistics management which are discussed below:   Order processing Order processing plays an important role in logistics management. It covers order preparation, order entry, order filling, order status reporting, a quality checklist of the product, delivery schedule and location of delivery. Factors to be considered: Cost of order processing Capability of the company in pr...

  Budget 2024   Budget Day is an eagerly anticipated event in India, with both businesses and the general public waiting with bated breath to understand the schemes and initiatives that could potentially benefit them. This year, due to the elections, Budget 2024 has been announced later than usual i.e. February 1. The FM announced the Final Budget on 23rd July 2024. She stated that this year’s budget is focused on employment, skilling, MSME and the middle class. She also stated the priorities of the budget which were as follows: Productivity and Resilience in Agriculture Employment and Skilling Inclusive Human Resource Development and Social Justice Manufacturing and Services  Urban Development Energy Security Infrastructure  Innovation, Research and Development  Next Generation Reforms There were also many reforms under Direct taxes and Indirect taxes in the Budget. Highlights: 1. Budget 2024 proposes overhaul of Capital Gains Taxes - Short term gains 20% o...