Personal Finance

ECS Electronic Clearance Service (eCS) The Electronic Clearance Service (eCS) is a centralised electronic system for facilitating cargo clearance procedures in India. It is a key initiative of the Indian Customs Department under the Ministry of Finance. Key Features of eCS: Single Point of Entry (SPOE): eCS allows importers and exporters to clear their cargo […]

A deceased account is an account that belongs to a person who has passed away. There are a number of legal and financial considerations that surround deceased accounts. Legal considerations: Estate law: When a person dies, their assets are distributed according to their will or intestate law if there was no will. The executor of […]

Electronic Fund Transfer (EFT) Electronic fund transfer (EFT) is a type of payment transaction that occurs electronically between banks or other financial institutions through a network of computers. It is a fast, convenient, and secure way to transfer funds between accounts. Types of EFT: Immediate Transfers: Funds are transferred from one account to another in […]

Definition: A customer information file (CIF) is a centralized repository of customer data maintained by a company. It typically includes a wide range of information about each customer, such as: Basic Customer Information: Name Address Phone number Email address Date of birth Gender Occupation Industry Account number Customer segment Transactional Data: Purchase history Order details […]

The Internal Revenue Service (IRS) is a United States federal agency responsible for collecting taxes and enforcing tax laws. It is part of the Department of the Treasury. Key functions: Tax collection: Collects taxes on income, property, and businesses Tax enforcement: Enforces tax laws and regulations Tax processing: Processes tax returns and provides tax refunds […]

Nostro account is a term used in international banking to describe the account that a foreign bank maintains with its correspondent bank in a particular country. It’s like a sub-account that specifically holds funds for a particular foreign bank. Here’s a breakdown of the term: Nostro: meaning “our own” in Latin. Account: a financial account. […]

A boutique is a small, privately owned store that specializes in high-end and fashionable goods, typically clothing and accessories. Here are some key characteristics of a boutique: Size:* Typically small, with one or two floors, and a total area of around 1,000 to 20,000 square feet.* Can range from intimate and cozy to spacious and […]