Congratulations for the excellent first anniversary issue (Your Financial Rights, 1 November). I had surrendered my Citibank credit card five years ago with no outstanding amount. But the bank still sends statements that show an outstanding and their recovery agents keep hounding me. Please advise.
- Ashok Sharma, Bhopal
All banks have an established complaint redressal system. In most cases customers are given a minimum time frame within which the complaint should be addressed. However, if you don't get any reply from the bank within 90 days of your first communication or are not satisfied with the response, you can approach the office of the banking ombudsman in your area. You can also e-mail the case details to the Grievance Redressal Officer (Nodal Officer) for Citibank India at email@example.com.
The recent participatory notes or P-notes imbroglio could so easily have been avoided. What actually happened is a classic example of how communication and change should not be managed. Sebi would have done well to consult a wider set of people and more importantly been seen to do so.
At an appropriate time, Sebi could have published a comprehensive document providing adequate time for transition and ensuring that all points of concern and ambiguity were fully attended to. The market would then have been spared the extreme reactions witnessed largely because of uncertainty arising from poor communication.
- Kamal Thacker, Kolkata
With Sebi ruling that P-notes with underlying derivatives have to be withdrawn in 18 months, the market may witness some turbulence. However, it won't be a long-lasting one as derivativebased P-notes are highly leveraged — something that contributes to volatility.
I have a medical policy running for seven years and in between I have made three claims. The policy is due for a renewal. Do I have to approach the same branch of the insurance company or can I get it done from any other branch of any other public sector insurance company?
- S Gupta, e-mail
For policy renewal you should ideally go back to the same insurer; the branch need not be the same and neither the city has to be the same. If you are thinking of changing your insurer, do check with the new insurer if it will consider your policy with the same rates, no claim bonus and cover. If it remains the same — go ahead.
The income from gifted assets to spouse attracts clubbing provisions under the Income Tax Act (How Not to Gift-Wrap a Tax, 15 November). But if an asset is gifted to one's fiancee, the income from such gifted assets cannot ever be clubbed since the marriage was not solemnised at the time of gifting. An interesting way to save tax after marriage!
- Mahesh Kapasi, Delhi
A word of advice. The money should be preferably gifted in the form of cheque, a demand draft or a pay order should the taxman seek the source of the gift. If in kind, then keep the cash memo.