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Old 15th October 2013, 06:58   #1306
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Most transactions these days are tracked by banks and reported out to IT by means of daily and monthly reports. One of the reasons why a PAN number is insisted for any large value transactions. In fact even closing or part payment of loans have to be declared and substantiated with proof of source of funds. IT won't 'probe' , but can send you a note asking explanations if they have any queries. So long as the returns are in order and have been submitted on time and in proper there is no reason to worry at all. Just like the 2 L on credit cards spends they have a few other criteria as well that they track. This is my take with my limited knowledge.

When making large transactions repeatedly with the credit card, one is never asked for a PAN number or anything. This is because one has already fulfilled one's bank's KYC norms and the credit card is a KYC compliant instrument.

It is however, a matter of concern that despite one's having paid one's taxes and filed one's returns etc, that a flag is raised to the IT Dept, if one's expenditure goes above a silly Rs 2 lacs per annum on the credit card!

Many people, me included, have gotten used to making all purchases on the card and paying it off each month, because it is far more convenient!

This 2 lacs stricture is downright idiotic, because a normal family would tend to spend around Rs 15000/- per month on its grocery and utility bills - this itself comes to Rs 1.8 lacs per annum. Add all the other discretionary expenditure and travel, and fuel and whatnot and most people typically would be spending much more than this Rs 2 lacs in a year!

I think most of our laws and rules are hopelessly archaic and require a massive revamp!
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Old 15th October 2013, 11:06   #1307
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Flipkart is right now running a 5 day offer for Stan chart credit & debit cards, including Manhattan cards as follows. It looks really good to me. Usually (from my previous experience in buying a Samsung galaxy grand phone on similar offer) the purchase amount gets converted into EMI & the cash back is credited after 1-2 months. The EMI account can be easily closed by full payment without any difficulty.

I'm looking to buy a camera worth around 30K & this offer saves a substantial amount! To top it all, on various goods like cameras flipkart is offering 10% off in addition to the card offer.
What do the informed members here think?

From the flipkart site - Offer Terms & Conditions:
  • Get Extra 15% Cashback on purchases of Rs. 10,000 or more on domestic Standard Chartered credit and debit cards (including Manhattan credit cards) starting from 15th October 2013 and ending on 19th October 2013. Following which, you will still be able to get Extra 10% Cashback from 20th October 2013 till 3rd November 2013 on purchases of Rs 10,000 or more.
  • This offer is valid on purchases from all sellers on flipkart.com
  • The maximum cashback that can be redeemed on a card (including all add-on cards) during the offer period is Rs. 5000
  • For an order to be eligible for the cashback, it should be paid for in-full by a Standard Chartered credit or debit card. Partial payment by Wallet or eGiftVoucher not applicable
  • The cashback will be credited to your credit card/bank account before 30th November 2013
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Old 15th October 2013, 14:25   #1308
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Originally Posted by shankar.balan View Post
It is however, a matter of concern that despite one's having paid one's taxes and filed one's returns etc, that a flag is raised to the IT Dept, if one's expenditure goes above a silly Rs 2 lacs per annum on the credit card!
Technically speaking, a flag is raised only if the expenditure on the card is more than 2 lakhs AND the income reported (and tax paid) by that PAN is less than some other threshold. The matter of concern here is the violation of privacy ostensibly to combat tax evasion.
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Old 15th October 2013, 14:49   #1309
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My CC transactions have crossed this limit in the last two years, still it did not reflect in my AIR ( annual information report)
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Old 15th October 2013, 16:10   #1310
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My CC transactions have crossed this limit in the last two years, still it did not reflect in my AIR ( annual information report)
I have a suspicion that only if a single card crosses the threshold it may be reported.
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Old 15th October 2013, 20:13   #1311
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Technically speaking, a flag is raised only if the expenditure on the card is more than 2 lakhs AND the income reported (and tax paid) by that PAN is less than some other threshold. The matter of concern here is the violation of privacy ostensibly to combat tax evasion.
Violation of privacy I agree. And do not endorse at all.
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Old 15th October 2013, 22:48   #1312
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Really frustrated with the Standard chartered Bank, it's been more than a year, everytime I request to increase credit limit they keep on saying apply after 6 months, they just give same message always on email (like copy/paste) - going to close this card this month, no respect for trustworthy honest customers
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Old 16th October 2013, 09:52   #1313
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@unknown; Go up the ladder. I think the bottom rung is a call centre. Their CC division sucks. They seem to be a law unto themselves, and operating independent of the banking division. Else talk to your relationship manager, and go through him.
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Old 16th October 2013, 12:05   #1314
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Really frustrated with the Standard chartered Bank, it's been more than a year, everytime I request to increase credit limit they keep on saying apply after 6 months, they just give same message always on email (like copy/paste) - going to close this card this month, no respect for trustworthy honest customers
Same story here. After waiting for 6 months, I sent all the documents and they just want more and more. Payslip, income tax computation, ITR documents. After all the documents that could be requested were requested, and I sent them, there was a long lull.

After repeated mails to card.services and a lot of calls to cust care, someone in the escalation matrix says, I need to fax the copies and not email. Earlier I was told that scanned copies from registered email would do.

Anyway, I stopped dealing with them. They are good for nothing.
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Old 16th October 2013, 12:29   #1315
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I redeemed a part of my HDFC Credit card points for an American Tourister Backpack. I am impressed with the backpack I received. Very good quality - model CITIPRO 6. It had an MRP tag of Rs.2500 and I used about 7000 points for this.

Anybody looking for a backpack / laptop bag with HDFC points do check this out.
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Old 17th October 2013, 20:14   #1316
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Originally Posted by sgiitk View Post
@unknown; Go up the ladder. I think the bottom rung is a call centre. Their CC division sucks. They seem to be a law unto themselves, and operating independent of the banking division. Else talk to your relationship manager, and go through him.
I don't own a banking account with them so really have no way to get help
Penpavan
Their service really isn't upto mark, i'm closing my card.
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Old 17th October 2013, 22:57   #1317
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Really frustrated with the Standard chartered Bank, it's been more than a year, everytime I request to increase credit limit they keep on saying apply after 6 months, they just give same message always on email (like copy/paste) - going to close this card this month, no respect for trustworthy honest customers
Let me know if you need help. I once had similar frustrating issues with Stan Chart and wrote to some senior people there which worked wonders. It's good to keep this card as there are some great offers such as the flipkart 15% cash back.
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Old 18th October 2013, 09:47   #1318
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I got an sms from SCB yesterday about non-EMV cards being deactivated after 30/10. While mine has come that of my wife and my MC Titanium have not. I am raising stink at the top.
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Old 18th October 2013, 10:15   #1319
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I got an sms from SCB yesterday about non-EMV cards being deactivated after 30/10. While mine has come that of my wife and my MC Titanium have not. I am raising stink at the top.
What RBI has told banks is to replace all magstripe cards with chip cards if the card has been used internationally at least once. If your other cards have not been used internationally, the bank needn't replace it. Haven't heard of blanket withdrawal of magstripe cards yet - likely a bank-specific move.
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Old 18th October 2013, 10:19   #1320
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Originally Posted by fiat_tarun View Post
I redeemed a part of my HDFC Credit card points for an American Tourister Backpack. I am impressed with the backpack I received. Very good quality - model CITIPRO 6. It had an MRP tag of Rs.2500 and I used about 7000 points for this.

Anybody looking for a backpack / laptop bag with HDFC points do check this out.
Awesome!
I was looking to redeem around 17500 points!
I am not able to make up my mind.

I don't see a petro card option of something like that.

Any suggestion?
I am thinking the backpack (you mentioned) + remaining converted to Croma coupons.

Ace.

Last edited by driverace : 18th October 2013 at 10:24.
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