9th issue e-gyan may, 2014.pdf

8/19/2019 9th issue e-gyan May, 2014.pdf

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STATE BANK LEARNING CENTER MASULIPATNAM

STATE BANK LEARNING CENTER MASULIPATNAM

E-GYANSTATE BANK LEARNING CENTER

MASULIPATNAM

E-GYAN, PART-9

May-2014


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e-gyan by SBLC, Masulipatnam, May, 2014 Page 2

FOREWORD

Alexander the Great, after having conquered half of the world, was still very sad.

When ased for the reason, he said, !" never new success could #e such a failure.$

"n this context, success was really a failure. %uccess &ade the seeer loo outside

oneself for satisfaction. 'e did not loo at who was the seeer. (he seeer was

#usy seeing so&ething outside. "t is lie an old lady who was searching for a coin

under the street light. %he has dro))ed it inside her hut, #ut decided to search

under the light #ecause it was dar inside the hut.

Only when you have learned to loo within will real *oy o)ens. Discovering the

inner source of *oy is the real success. "n the state of dee) slee) all of us are ha))y

and that ha))iness co&es not fro& outside #ut fro& within.

Our s&all contri#ution to the %+" co&&unity in the direction of creating awareness

is the current release of eG-A for /ay, 0123 which e&)hasi4es on conce)tual

clarity, )rocess integrity and )rocedural consistency in the field of day to day

#aning )ractices and ex)lores the causes and consequences of various ty)ical

situations.

'o)e you lie it5

We dee)ly acnowledge the ins)iration derived fro& our De)uty General /anager 67ircle Dev Officer %hri.Radharishna Raya#hara& , Asst General /anager 8'R9

%hri. R.%.. /urthy and 7hief /anager 8:6D9 %hri. /.%ai#a#a which resulted inco&ing out with the eeditions.

D.%-A/ ;RA%AD

A%%"%(A( GEERA: /AAGER

%(A(E +A< :EAR"G 7E(ER

/A%=:";A(A/


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PRIORITY SECTOR LENDING – TARGETS AND CLASSIFICATION

(As on February 01, 2014)

Compiled by Sri M Sai Chakradhar, Chief Manager (Training))

1. What is meant by Priority Sector?

Priority sector refers to those sectors of the economy which may not get timely and adequatecredit in the absence of this special dispensation. Typically, these are small value loans tofarmers for agriculture and allied activities, micro and small enterprises, poor people for

housing, students for education and other low income groups and weaker sections.

2. What are the different categories under priority sector?

Priority Sector includes the following categories:

(i) Agriculture(ii) Micro and Small Enterprises(iii) Education(iv) Housing(v) Export Credit

(vi) Others

3. What are the Targets and Sub-targets for banks under priority sector?

Categories Domestic commercial banks / Foreignbanks with 20 and above branches (Aspercent of ANBC or Credit Equivalent ofOff-Balance Sheet Exposure, whicheveris higher)

Foreign banks with less than 20branches (As percent of ANBCor Credit Equivalent of Off-Balance Sheet Exposure,whichever is higher)

Total Priority Sector 40 32

Total agriculture 18 No specific target.

Advances to WeakerSections

10 No specific target.

4. What constitutes 'Direct Finance' for Agricultural Purposes?

(i) Loans to individual farmers [including Self Help Groups (SHGs) or Joint Liability Groups(JLGs), i.e. groups of individual farmers] engaged in Agriculture and Allied Activities, viz., dairy,fishery, animal husbandry, poultry, bee-keeping and sericulture.

(ii) Loans to Corporates including farmers' producer companies of individual farmers,


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partnership firms and co-operatives of farmers directly engaged in Agriculture and AlliedActivities, viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericultureup to anaggregate limit of `2 crore per borrower.

(iii) Loans to small and marginal farmers for purchase of land for agricultural purposes.

(iv) Loans to distressed farmers indebted to non-institutional lenders.

(v) Bank loans to Primary Agricultural Credit Societies (PACS), Farmers’ Service Societies(FSS) and Large-sized Adivasi Multi Purpose Societies (LAMPS) ceded to or managed/controlled by such banks for on lending to farmers for agricultural and allied activities.

5. What constitutes 'Indirect Finance' to Agriculture?

(i) If the aggregate loan limit per borrower is more than `2 crore in respect of para. (4) (ii) above,the entire loan will be treated as indirect finance to agriculture.

(ii) Loans upto `5 crore to Producer Companies set up exclusively by only small and marginalfarmers under Part IXA of Companies Act, 1956 for agricultural and allied activities.

(iii) Bank loans to Primary Agricultural Credit Societies (PACS), Farmers’ Service Societies(FSS) and Large-sized Adivasi Multi Purpose Societies (LAMPS).

6. What constitutes Micro and Small Enterprises under priority sector?

Bank loans to Micro and Small Manufacturing and Service Enterprises, provided these unitssatisfy the criteria for investment in plant machinery/equipment as per MSMED Act 2006.

Manufacturing sectorEnterprises

Investment in plant and machinery

Micro Enterprises Do not exceed twenty five lakh rupees

Small Enterprises More than twenty fivelakh rupees but does not exceedfive crore rupees

Service IndustryEnterprises

Investment in equipment

Micro Enterprises Does not exceed ten lakh rupees

Small Enterprises More than ten lakh rupees but does not exceed twocrore rupees


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7. What is the loan limit for education under priority sector?

Loans to individuals for educational purposes including vocational courses upto `10 lakh forstudies in India and `20 lakh for studies abroad are included under priority sector.

8. What is the limit for housing loans under priority sector?

Loans to individuals up to `25 lakh in metropolitan centres with population above ten lakh and`15 lakh in other centres for purchase/construction of a dwelling unit per family excluding loanssanctioned to bank’s own employees.

9. What is included under Weaker Sections under priority sector?

Priority sector loans to the following borrowers are considered under Weaker Sectionscategory:-

(a) Small and marginal farmers;

(b) Artisans, village and cottage industries where individual credit limits do not exceed `50,000;

(c) Beneficiaries of Swarnjayanti Gram Swarozgar Yojana (SGSY), now National RuralLivelihood Mission (NRLM);

(d) Scheduled Castes and Scheduled Tribes;

(e) Beneficiaries of Differential Rate of Interest (DRI) scheme;

(f) Beneficiaries under Swarna Jayanti Shahari Rozgar Yojana (SJSRY);

(g) Beneficiaries under the Scheme for Rehabilitation of Manual Scavengers (SRMS);

(h) Loans to Self Help Groups;

(i) Loans to distressed farmers indebted to non-institutional lenders;

(j) Loans to distressed persons other than farmers not exceeding `50,000 per borrower toprepay their debt to non-institutional lenders;

(k) Loans to individual women beneficiaries upto `50,000 per borrower;

10. What is the rate of interest for loans under priority sector?

The rate of interest on various priority sector loans will be as per RBI’s directives issued fromtime to time, which is linked to


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Top 10 economic challenges that Mr Modi Govt. faces Compiled by: S.Sivajee,Mgr(Trg).

Prime Minister Mr Narendra Modi has promised to unblock stalled investments in power,road and rail projects to revive economic growth that has fallen to a decade low ofbelow 5 per cent.

Here are the list of Top 10 economic challenges that Mr Modi Govt. faces:

Goods and Services Tax (GST):

India's most ambitious indirect tax reform would replace existing state and centrallevies with a uniform tax, boosting revenue collection while cutting businesstransaction costs. GST, which could boost India's economy by up to twopercentage points, has so far faced resistance from various states, includingthose governed by the BJP who fear a loss of their fiscal powers. The BJP aimsto address state concerns and implement GST in an "appropriate timeframe".The Congress party would back the reform in opposition, a senior party membertold Reuters earlier this month. The reform needs broad backing because itrequires a change in the constitution.

Central bank policies:

A Reserve Bank of India panel in January proposed key changes includingtargeting consumer price inflation and making a committee responsible formonetary policy, and not the RBI Governor alone. This would require changes tothe RBI Act. The BJP top brass has not spoken widely on the issue, but it willlikely be a tough sell for RBI Governor Raghuram Rajan. He has the backing ofsome global agencies like the International Monetary Fund. Mr Modi'sgovernment may also look to eventually separate the debt management function

from the RBI, on the grounds that debt management sometimes conflicts with thecentral bank's monetary policy stance.

Privatisation:

The new government is likely to focus on selling its holdings in state-run firmsthat could raise much-needed revenues to trim India's ballooning fiscal deficit andboost economic growth. The rising stock market helped New Delhi raise morethan $3 billion (Rs. 18,000 crore at 60 rupees per dollar) via stake sales in the


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fiscal year to March 31 - but that was only a third of the government's originaltarget. The outgoing government announced plans to raise Rs. 56,900 crorethrough asset sales in 2014-15. This could help achieve a lower fiscal deficittarget of 4.1 per cent of GDP. These estimates may be revised by the nextgovernment.

Subsidies:

Mr Modi's government needs to examine how it subsidises basic commodities if itis to contain the fiscal deficit and avoid a ratings downgrade. Subsidies cost an

estimated 2.2 per cent of India's GDP in 2013-14. The BJP in its manifesto said itwill seek greater fiscal discipline without compromising on the availability of fundsfor development.

Labour:

The BJP wants to reform labour laws to boost job-intensive manufacturing andcreate as many as 1 crore jobs a year for young Indians entering the workforce.Changing the law would be politically tricky, though, and Mr Modi may seek toencourage competition between India's states to boost job creation.

Defence:

More foreign investment in defence would help India reduce imports, moderniseweapons systems and speed up deliveries of hardware it needs for operationsand training. India, the world's biggest arms importer, now allows 26 per centforeign ownership in defence, and proposals to exceed that limit are consideredonly for state-of-the-art technology. The BJP has said it would allow somegreater foreign investment in defence industries.

Insurance:

Attempts to raise the cap on foreign investment in India's $45 billion (Rs. 2.70lakh crore) insurance sector, to 49 per cent from 26 per cent, have metresistance from employees at state-controlled insurers and their political backers.A BJP leader said in March the party had held talks with Congress to break thedeadlock.


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Banking:

The new government will need to help state-run lenders battling rising bad loanscaused by the slowing economy, rising interest rates and project delays.Stressed loans in India - either bad or restructured - total $100 billion (Rs. 6 lakhcrore), or about 10 per cent of all loans. Fitch Ratings expects that ratio to reach14 per cent by March 2015. Rising bad loans threaten to choke the gradualrecovery in Asia's third-largest economy, according to the OECD. The interimbudget in February set aside Rs. 11,200 crore to help the sector meet key capitalratios, but analysts say more money is needed.

Power:

A BJP-led government may implement the so-called Gujarat model of distributingelectricity that has been widely praised for delivering reliable 24-hour powersupplies in the state. Mr Modi provided different power feeds to farmers,households, and companies instead of a uniform feed in his home state.

Gas pricing:

In January, India notified the new gas pricing formula that could double the pricesof locally produced gas from April 1, but the poll regulator stopped thegovernment from raising the prices until the elections are over. RelianceIndustries and its partners BP and Niko Resources last week issued a notice ofarbitration to the government seeking implementation of higher gas prices. TheBJP-led government may review the formula on the lines suggested by a seniorparty leader last year and announce the date of implementation of new prices.

** ** **

Source : NDTV Profit .


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e-gyan by SBLC, Masulipatnam, May, 2014 Page

INDIAN BANKING AT CROSSROADS –CHALLENGE OF RISK MANAGEMENT FROM GLOBALISATION TO

FINANCIAL INCLUSION

Compiled By Sri. R.Prabhakara Rao, Manager (Training)

Most business activities and operations are driven by considerations of

returns or profitability. However t h e se ar ch for returns exposes the

businesses to risks. Also risks escalate and multiply with returns sought –banks are no different; only the element of riskiness in the banks’ business and

operations is higher as they not only carry out their operations with

borrowed money and with high leverage but also attempt to provide a vast

range of financial services.

Banks perform multifarious functions. However financial intermediation and

maturity transformation are by far the most significant activities performed by

banks. Banks essentially have a liquid liability profile, as against an illiquid

asset profile, which makes them vulnerable to runs and in this process

alone, they generate or are exposed to different types of risks. Credit,

market and operational risks are t h e three pr imary risks that have a substantial

bearing on the performance of banks. There are a number of other types of

risks, emanating both from within and without that the banks are exposed to in

their day to day functioning.

As the banks perform this role of intermediation in fiduciary capacity, ensuring

a balance between the risks and returns assumes significance and the effort

towards achieving this balance can b e referred to as risk management. The

various financial crisis of the past brought to the fore the importance of

robust risk management practices in financial institutions including

banks. Progressive technological developments and advanced modelling


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techniques have, however, rendered risk management a highly complex andsophisticated discipline lately.

Risk management can be defined as a function of risk identification,

measurement, monitoring and reporting to ensure that the returns are

appropriate to the risk undertaken and the risks undertaken are

commensurate with the risk appetite and risk tolerance. Risk

management has to ensure that the bank holds adequate capital and

reserves to make sure that its solvency and stability are not threatened,

both in the short and the long run.

As a response to the global financial crisis, a package of reforms collectively

referred to as Basel III has been unleashed as part of the global

regulatory effort to enhance the soundness and resilience of the banking

system. These reforms focus on capital, liquidity, leverage and macro prudential

aspects of banking risk management. Basel III, on one hand, attempts to

improve the quality and quantity of loss absorbing capital that a bank

holds and aims at increasing the risk coverage of the capital framework, in

particular for trading activities, securitisations exposures to off-balance

sheet vehicles and counterparty credit exposures arising out of

derivatives. On the other hand, it has devised regulation for dealing with

systemic risk by prescribing countercyclical capital requirement, to contain

pro-cyclicality and a framework for G- SIBs and D-SIBs has also been laid

down to manage risks arising from inter-connectedness.

An internationally harmonised Leverage Ratio has been introduced as a

simple back-stop facility to complement the risk based capital framework in

order to contain build-up of excessive leverage in the system and

comprises of 3% loss absorbing capital relative to all of a bank’s assets,

including off-balance sheet assets without risk weighting. Certain

enhancements have also been introduced to the Basel II framework by


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raising standards for the supervisory review process and public disclosures under Pillar 2 and 3, together with additional guidance in the areas of sound

valuation practices, stress testing, liquidity risk management, corporate

governance and compensation. The liquidity requirements include a minimum

liquidity coverage ratio (LCR) intended to provide enough cash to cover funding

needs over a 30-day period of stress. As such under LCR, the banks will be

required to hold a buffer of high-quality liquid assets sufficient to deal with

cash outflows encountered in acute short-term stress scenario. At the

long-term spectrum, the net stable funding ratio (NSFR) is intended to

address maturity mismatches over the entire balance sheet for upto one year

and provides incentives for banks to use stable sources to fund their

activities. The proposals for the G-SIBS are tougher, to include combinations

of capital surcharges, contingent capital and bail-in debt as also strengthened

arrangements for cross border supervision and resolution in view of the higher

complexity, connectedness and riskiness.

The Reserve Bank too has adopted a proactive and calibrated

approach towards demanding and facilitating robust risk management efforts

by the banks. Reserve Bank has been adopting a considered approach of

limiting the systemic risk originating from both the pro- cyclicality as well as

interconnectedness dimensions. For example, countercyclical measures

were adopted as early as 2004 to stall heating up of certain specific

sectors by increasing the risk weights and provisioning ratios forsensitive sectors such as capital market, housing, commercial real estate

during the period when the boom was building up. Several measures

were taken to reduce the inter-connectedness among banks on the one

hand and between banks and NBFCs on the other, to address the cross-

sectional dimension of systemic risk and regulatory limits have been placed on

exposures to capital market exposures. Such macro-prudential approach,


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which was not widely prevalent then, s a v e d the domestic economy from the

adverse shocks during the height of the crisis.

Implementation of Basel III Capital Regulations has commenced in India from

April 1, 2013; and it will also be in phases, and would be fully implemented as

on March 31, 2019 close to the internationally agreed Basel III transitional

arrangement.

As against the minimum Tier 1 leverage ratio of 3 per cent proposed

by the Basel Committee of Banking Supervision (Basel Committee) during

the parallel run period beginning from January 1, 2013 to January 1, 2017,

the Reserve bank has prescribed a minimum Tier 1 leverage ratio of 4.5

per cent during the parallel run period. The leverage ratio framework is

being revised i n line with the recent proposals of the Basel Committee.

A survey on banking risk management, conducted under the aegis of the

Inst i tut e of International Finance, sees a renewed focus on risk culture. It reports

that risk culture is now at centre stage and banks have made significant

progress toward changing their risk governance frameworks in the wake of the

financial crisis. Board risk committees are nearly universal, and members have

received appropriate training in risk management. The role of the chief risk

officer has broadened, while its seniority and status have been enhanced.

They now report either to the chief executive officer or jointly to the CEO

and risk committee. However, th e survey lame nts that the industry continues

to wrestle with the process of embedding risk culture beyond the boardroom

and into business units while ensuring adequate risk transparency.

Risk appetite continues to be an essential part of risk governance, but the

industry continues to be challenged to embed risk appetite into business

decisions. The financial services industry recognized during the financial


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crisis that boards needed to changefocus

from share price and pro

fitability

to the risks entailed in their strategies. Also, chief risk officers needed to be

empowered to create cultural change within their organizations.

One of the challenges that banks face in developing comprehensive risk

measurement models are the scarcity of available historical and time series

loss data and the quality, completeness and reliability of the data available.

The regulatory initiatives as also the banks’ individual efforts in this direction have

certainly improved the risk management standards in Indian banks in the

last few years. Since the initiation of structural reforms in the Indian

banking sector in 1991, the reach and business volumes of Indian banks

have increased many fold; the operations have grown and assumed higher

degree of sophistication. The Indian banks' current capital base and liquidity

position are broadly comfortable, as a starting point, vis-a-vis the Basel III

guidelines

Asset quality is an important parameter to measure the health of the banks

and concomitant with asset quality is the provisioning coverage that

banks hold against stressed assets. Asset quality of the Indian banking

system had improved significantly since introduction of prudential norms,

S AR F A E SI Act, CDR Mechanism, Credit Information Companies, etc.

All Indian banks, including foreign banks in India, migrated to the

standardized approaches of Basel II by March 31, 2009 in two phases.

Large sized Indian banks and banks with international presence have

been encouraged to adopt the Basel II advanced approaches for

computation of capital for credit, market and operational risk.


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A n o t h e r very significant aspect of the bank operations, just as in any

corporate entity, and that is the commercial aspect viz., profitability

management. Profitability in banks, as in the corporates, is reflective of the

financial well-being, health and robustness of the entity and has a direct

bearing on its capital formation ability. On the flip side, if the bank’s strategies,

business models, planning and operations and risk management are weak,

obsolete or outdated or not in tune with the macro-economic environment,

the income flowing there from may be low or may end up in losses. Profitability

is impacted by the business decisions of the bank, the business model it

pursues, quality and type of asset base as also by operational efficiencies

and any noteworthy s h i f t in its strategies and policies. The risk profile of a

bank can also be gauged from its income and expenditure statement to

a great extent. However, currentl y alignment of the risk management and

profitability management ob jectives is not so much in focus.

Over the years and especially in the wake of the learnings from the global

financial crisis, banks have enhanced their efforts in the direction of

improving risk management practices as I have enumerated earlier.

However, going forward much work still remains.

SOURCE: Excerpts from delivered by Shri R Gandhi on the occasion of seminar on Banking organized by

Indian Merchant’s Chamber Assistance.


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DISCLAIMER

“We have made every effort to provide best solutions for the queries raised by

the operating staff in KHL. However, the readers of this magazine are advised

to go through the Bank’s Circulars, publications and seek advice from the

Controllers or experts before taking any action or decision based on the

information, material contained in this e-magazine.SBI/SBLC do not accept any

liability for any damage or loss of any kind, howsoever caused or of any

nature whatsoever as a result (direct or indirect) of the use of the information,

material contained in this e-magazine.”

We solicit suggestions/ feedback to [email protected] for improvement of this

magazine, e-gyan.

SIR, ONE OF OUR BORROWER HAS APPROACHED OUR BPROUTFIT FOR

CONVERSION OF EXISTING CASH CREDIT LIMIT TO TERM LOAN. PLEASE

CLARIFY WHETHER WE CAN CONSIDER THEIR REQUEST. PLEASE ARRANGE

TO PROVIDE US VIDE CIRCULAR REFERENCE FOR CONVERSION OF EXISTING

CASH CREDIT INTO TERM LOAN FOR OUR REFERENCE AT THE EARLIEST.

Sir, Cash Credit is payable on demand, if at the time of review/ renewal if the branch

officials feels that the account is not running according to the terms of sanction, we may

call up on the entire advances, if required we may fix limit reduction programme at the

mutually agreed period not exceeding upto 36 months, with the approval of the

sanctioning authority, this way we can help the borrower, but there is no such facility like

converting a CC into Term Loan.

How can we send a statement of softcopy to a customer? Also how to update mail id in

cif

Sir, Please go through the following menu. Reports->Initiate request for host reports->

screen no.69088 will open. Give the following details: Function: Create Institution Code

:3 In the field `Request branch input branch code. In the field `Report ID: Input IN055A,

Give details in the fields` From date, `To date and Give account number in respective

field and then Transmit. System will generate a reference number. You can find the

statement in the branch server, which can be copied as a soft copy.


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DEAR SIR, FOR A CURRENT ACCOUNT INB FACILITY HAS BEEN AS KHATA, ASCUSTOMER REQUESTED FOR TRANSACTION RIGHTS, IT HAS BEEN

UPGRADED TO VYAPAAR. BUT THE CUSTOMER IS ONLY A SINGLE USER, HOW

TO CHANGE IT TO SARAL? PLEASE ADVICE

Sir/ Madam, One should be cautious while providing INB Access as there are lot of

financial implications as the transfer limits are also high, you can now deactivate the

CINB Vyapaar facility in Branch Interface and issue Saral in CBS. If the problem is not

solved, please seek assistance from CINB Department available in Alternate Channels.

DEAR SIR PLZ PROVIDE STAMP DUTY CIRCULAR IN AGRI SEGMENT SIR HOW

MUCH STAMP DUTY FOR AB 1 IN CASE AG TERM LOAN SIR HOW MUCH STAMP

DUTY FOR AB 1 IN CASE AG CASH CREDIT

Sir, Bank is not issuing stamp duty circular. Stamp duty is state government issue, so

you can get it from Sub Registration office. For AB1, it is 0.50% of loan amount for TL

and CC. I will send soft copy to your e-mail regarding stamp duty for various segment

and facility.

What is the maximum premium to be paid by a KCC Borrower under PAIS ? ANSWER

IN WINGS--RS.5 IN SBLC,DEOGARH--RS.15 WHAT IS THE CORRECT ANSWER?

The premium under PAIS is Rs.15.00 per borrower per year which is to be shared @

Rs.5.00 by borrower and Rs.10.00 by bank. The premium can also be paid in advance

for a period of 3 years ( as earlier the KCC is to be issued for 3 years), so the premium

for 3 years was Rs. 45.00 ( shared atRs. 15.00 by borrower and Rs.30.00 by bank )

Sir, We propose to break open 70 lockers. In this connection we need appropriate

format of panchanama certificate for witnessing the event.

Sir, For the instructions regarding breakopen of lockers please refer to e-Circular

NBG/PBU/LIMA-SDL/23/2007 - 08 dated Thursday,November 22,2007, wherein the

relative annexures are also enclosed.


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If one opens PPF account in the name of his mentally handicapped minor son, whatwill be the procedure for payment of proceeds at the time of maturity, when the boy

becomes major; similarly, what is the operational procedure for the SB accounts

opened in the name of mentally handicapped persons

Sir/ Madam, As per Master Circular on Savings Bank Accounts (opening of accounts)

2.8. Accounts in the names of persons with Austism, Cerebral palsy, Mental retardation

and Multiple disabilities i. As per the Multiple Disabilities Act, 1999 a legal guardian so

appointed can open and operate the bank account as long as he remains the legal

guardian. ii. The provisions of Mental Health Act, 1987 also allows appointment ofGuardian by District Courts. iii. Branches are therefore advised to rely upon the

Guardianship Certificate issued either by the District Court under Mental Health Act or

by the Local Level Committees under the above Act for the purposes of opening /

operating such accounts. Branches have to ensure giving proper guidance so that the

parents / relatives of the disabled persons do not face any difficulty in this regard. The

same rules will be applied for opening of PPF account also.

Dear sir, if both wife and husband works in state bank of india in award staffdesignation, are they both eligible for LFC, can they both claime LFC in different

financial years?? thanking you sir

Dear Sir, Please go through SB Times>Human Resources>What's New>HR Handbook

Volume II> Chapter 12 (Leave Rules). Page No 211 and 223 clarify the query. It says

that, "Where the husband and wife are both working in our bank, although each will be

entitled to home travel concession/leave fare concession in his/her own right, the family

including the husband and wife taken together will not be eligible for the concession

more than once in the relative period."

9th issue e-gyan may, 2014.pdf

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