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June 2000
VALUE THAT LITTLE PIECE OF PAPER
Modern life has brought along intrepid development in all sectors of human life. But one cannot deny the fact that complexities are also an intrinsic part of modern life. The matter of perception now is how to perform well and succeed in all our endeavours. In today’s fast-paced life where so many things are to be done, we should have the adroitness to manage everything well. Almost all things require evidence—a proof of authenticity and validity. In many cases, it is a written statement or a document. But, many times in hour of need, we are unable to locate these documents. Such situations may throw every thing out of gear and there are chances of losing many things, at times even the entire property. Such inconveniences arise when the documents are lost, is placed or mutiliated. The changing lifestyle has made it more necessary for us to retain the important documents more wisely and safely. Finding the right thing at right place avoids waste of time, and it is not stressful or time consuming.
Discipline leads to sure success, and systematic approach makes life more easy and comfortable. It paves way for reaching our goals, our personality and habits play a pivotal role. Habit, is a must. Habit as we know is like second nature and good habits enhances our performances and personality. Take the case of Smita Kulshreshtha, who lives in a small house with her two children and husband. She files every important paper methodically. There’s never a situation, when she or her family have to turn the house upside down to look for an important document. This is because they have separate files for Income Tax returns, property-related papers, NSC papers, FDs, document related to saving account, credit/debt cards, warranty cards of consumer durables, telephone bills, electricity bills, rent receipts and medical bills. Keep separate files for educational certificates. The end result is total peace and no chaos in day-to-day life.
At our work place also, it is advisable to go for systematic documentation, no matter how small the job is. A systematic approach is must for growth and productivity. Such habits should be inculcated an a early stage and be taken seriously. One should understand the importance of safe keeping of documents so that it is easy to locate these when one needs.
It is advisable not to part with original documents of property. There have been cases when people have duplicated such papers and disposed of land/flats without the knowledge of the owner. Some times, we keep our documents in proper place but this is of no use if in our absense, these are not located by others in time of need. In case of joint bank accounts, the other person must also know where have you kept the cheque book and other papers.
Similarly name of the bank, account and locker number should also be known to the spouse. It is also advisable to nominate your children to your investments. SBI has recently announced that it has unclaimed bank lockers whose payment has not been made for more than 30 years! Anyone above 21 years of age, who acquires movable/immovable property should have a will in order to avoid the law from intervening to distribute the property/wealth. Things may happen not as you want. A will, definitely is a very important document and should be made intelligently. Above all, it should be retained properly. We all crave for a shelter, a place which gives us comfort. Many people purchase flats or houses on power of attorney. In such a situation, all original documents given by the housing authority, like documents of original allottee, payment receipts, allotment letter, and last instalment letter, registered will, special and general powers of attorney and such other documents should be kept safely. A proper filing system should be adopted as losing any such document can be real tough.
Retaining documents needs no effort, nor it takes much space. In fact it is one way which reduces our work, pressure and makes life easier. Fixed Deposit receipts, Public Provident Fund receipts should be retained safely. The papers may seem insignificant but they help to remind the maturity date of deposits. In case the FD is in joint name, the place where the receipts are kept with the date of maturity should be made known to the partner. Nomination for PPF and Gratuity Fund should be made in favour of spouse in order to avoid any disturbances.
Proper documentation should be there for Income Tax, Wealth Tax, and earlier tax files. All these files should be retained methodically. If we can not produce the necessary documents to the Income Tax authority on demand, Tax department can impose tax penalty. We put money in insurance policies to ensure that our future and that of our family is protected from the unexpected risks. All documents related to LIC and GIC must be filed properly. Premium receipts and maturity dates should be recorded. Photostat copies should also be retained. Your spouse should also know the details of your share certificates, bonds and other financial instruments. Separate files should be maintained for telephone, electricity bills, water bills, along with rent receipts, original receipts of TV, Refrigerator, AC and such items. There may be many other documents which need to be kept safely with utmost care. Regular review is also necessary from time to time to do away with the unnecessary papers, if any. Proper filing helps us locate important papers conveniently. Anybody can acquire this good habit, which has many advantages besides keeping our home neat and clean. This also gives peace of mind. Apart from reducing stress, our valuable time is also not lost in looking for a document in time of need and we can avoid the last minute hassles.
• Maintain separate files for all documents like Income Tax, contract notes pertaining to shares, debentures, deposi-tory statements and property related documents.
• Make separate files for statements of bank saving accounts, credit-debit cards, PPF etc.
• One should also have separate files for utility bills, telephone, electricity, water bills and warranty cards of consumer goods.
• From time to time review all the documents and do away with the unnecessary ones.