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If you do not receive your tax refund within a reasonable time which normally is within a maximum of one year from the date of filing the tax return,you can either visit the tax departments office for the follow up of the refund or you can write a letter (along with the copy of acknowledgment of the tax return) to the concerned income tax assessing officer. If it is still not redressed then you may write a letter to the jurisdictional chief commissioner of the income tax with a copy to the grievance cell and the concerned income tax officer.

I want to transfer the balance on my current credit card? Are their any risks?

Dhiraj Beri,Lucknow

Check for hidden charges or if the bank charges a transfer fee in addition to the processing fee. The low interest rates the banks offer on balance transfers may be for an introductory period (say 3-6 months) and once this period is over,it may return to the normal rates. It is important to note that the credit limit of the card on which your new due is,will be reduced proportionately. Also remember that the balance transfer amount will be limited to a maximum 80 per cent of your credit limit.

What is foreign exchange trading?

Avinash Kumar,Delhi

Commonly referred to as FX in short,the forex market is by far the largest in the world with over trade worth $4 trillion on an average day. Simply stated,this implies exchange of currencies of foreign countries with the purpose of trading. In India,there are three aspects of forex starting with the RBI which is the overall regulator,the bank to bank or interbank trading and bank to customer or merchant rate transaction. An interesting fact about forex is that it cannot be done at the individual level and all transactions have to be done through a bank only.

How does top-up loan work?

Vasudha Sharma,Pune

A top up loan basically allows you to avail a loan amount on top of your home loan. The usual loan tenure is about 10 years and is often offered only after a few years into the home loan disbursal,as this gives a fair idea about your repayment track record,which means no defaults down the line. The logic behind a top up loan is the fact that you have already started repaying your loan; hence your outstanding loan amount with the bank has already begun decreasing with each payment.

The expert is CEO,Bankbazaar.com
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