Inoperative / Dormant Bank Accounts in India

Problems regarding banks having inoperative accounts has been recognised since a long time back and instructions have been given to banks as far back as 1977 that any deposit (read non-borrowing) that are totally inoperative (without any customer induced debit / credit) for over two years should be maintained in a separate ledger of inoperative or dormant accounts. In the interim, circulars were also issued informing banks that in absence of customer induced operation for more than a year, Banks should proactively follow up on the whereabouts of the customer or legal heirs in case the customer is dead and ascertain from them reasons for no transactions in the account. Crediting of a savings bank deposit interest is not a customer induced operation and debiting folio charges to current accounts or account maintenance charges is not a customer induced operation.
The Reserve Bank of India has issued a circular as recently as August 22, 2008 to all commercial banks regarding inoperative accounts. This circular is available in the Reserve Bank of India website and for your convenience I have linked it here for easy reference.

For the bank account to be considered as operative any of the following transactions should be considered. These are transactions at the instance of the account holder:-

1. Issue of cheque against available balance in the account.
2. Deposit of cheques / demand drafts into the account for clearing.
3. Deposit or withdrawal of cash from the account.
4. Issue of demand drafts by debit to the account.
5. Credits by ECS into the account. Account holder may receive credits from sources like dividend from shares, interest from bonds, deposits, debentures or other securities that may be credited directly to his account by the payer.
6. Credit of interest from any other deposits in force with the same bank or branch. In case customer has an active fixed deposit account with the bank from which interest is regularly credited to a savings bank account by customers' standing instruction, in the view of this author, this should be regarded as a customer induced credit. Payment of savings bank interest into the savings bank account would normally not be a customer induced credit.
7. Debits against standing instructions. In case standing instruction is given to debit amounts from the deposit account and pay to third parties by ECS mandate or to transfer to another account in the same bank (an example is a recurring deposit account in your name or family members' name or say even locker rentals), in the opinion of this author these too should be construed as customer induced debit. However, in case of lockers, your account would be debited once a year to pay the rental. It is mandatory for a locker holder to operate the safe deposit locker at least once in a year. After your last visit to the bank to operate the locker, you should again visit the bank within a year. If your locker operation is normal as above and your account is debited for payment of locker rental, then in the opinion of this author, this should be construed as a customer induced debit. It is better you operate your locker once a year between the renewal dates.

Even if the transactions are routed via net banking or by using ATM cards, they would be treated as customer induced transactions.

The important points in this notification issued by the Reserve Bank of India is that to avoid any frauds Bank has to proactively follow up the whereabouts of the customer. Inoperative or dormant accounts are susceptible to frauds by people who open accounts to use it for nefarious activities at a later date. However, there could also be genuine reasons why account remains inoperative. A person could have temporarily relocated due to change in job or gone abroad for a new job. This notification puts the onus of tracing the account holder on the bank and also conveying to the account holder to route transactions through the account. The most important point that benefits the customer is the payment of interest. In case a term deposit account matures and is unclaimed it would still continue to earn interest at savings bank rate. Bank will have to continue paying interest to a savings bank account even if placed in the inoperative ledger. Till now, banks were gladly avoiding paying the interest on such occasions and enjoying the money from these accounts free of charge. If the account is made operative again, 'nil' charges are levied for doing so. However, bank will have to follow the KYC norms as they would for opening a new account and ask you for your address proof and what work you do. Many banks had been classifying accounts with no operation for as low as six months as inoperative and not paying interest and in fact debiting charges for maintenance and reactivation. It is clear now that the banks cannot do this anymore until Reserve bank revises its norm allowing them to do so.

As pointed out earlier, there could be genuine reasons you may not be able to operate your account. You may be relocated temporarily for say one or two years in a new job or transferred at your current employment. You may take up an assignment abroad. In the latter case, it is mandatory for you to inform your bank and classify your account as Non Resident Ordinary (NRO) Account. If you are going out for a period of more than 6 months and do intend to come back in say 1 - 2 years, the simplest way to keep your account active is open a recurring deposit account for 3 years and leave sufficient balance for 3 years monthly installments. Give a standing instruction to debit your account the installments and also give an instruction to credit your account back at maturity. If you have to stay out longer, inform your whereabouts to the bank and again renew your recurring deposit with the same standing instructions. If you are abroad, maybe a foreign exchange remittance to your account will keep it active. This is not the only way. If you subscribe to Internet banking, you can credit your account by deposit of cheque at your temporary location and use the funds to pay your utility bills, credit card bills etc. You may have to pay a small price for this service, but it is worth the convenience. After all a regularly operating deposit account with sufficient credits and debits is important if you want to avail of loans etc. at a later date.

Please leave your comments to this post. In case you have any difficulty that may be specific to your case, maybe a discussion should help you sort out your difficulties.

'Know Your Customer' norms followed by Banks in India

Opening a new bank account is a hassle these days especially for the retail customers. The customer is required to provide identity documents and address proofs etc. before the bank is able to open the account. For those who are rooted to a particular address, this is a one time formality. For people who go on changing their address or are in transferable jobs, this can really be cumbersome as the choice of address proof becomes very limited especially if you stay in rented homes. Please avoid getting annoyed at the banker for asking you to provide these details. The banks have to meticulously follow the procedures as they are answerable in case there is any problem in future regarding the accounts they open. There are a lot of financial frauds taking place these days that hurt the economy of the country. Perpetrators of terrorism and crime against society always try to use official channels to move tainted money. The Banks obviously are the first choice medium to move proceeds of crime, terror funds and also to propagate financial frauds. Therefore it is very important for the Banks to be well acquainted with their customers and collect proper proof of identification as well as address, usually residential address of an individual or office address for businesses along with the residential address of the owner(s) of the businesses.

Although I have frequently mentioned banks as the service provider to follow these norms, please note that these norms also have to be followed by other service providers (credit cards, insurance, mutual funds, investment agencies and brokers). Everywhere there is movement and parking of money involved, it is important for the service providers to follow the Know Your Customer (KYC) norms.

Usually, you have to provide the Bank with 2 RECENT color photographs along with a document that acts as a photo ID. Valid passport, Election Commission ID Card, Motor Vehicle Driving Licence (MDL), Income Tax PAN Card etc., are the most acceptable forms of identification that any bank will accept.

For your address proof, the Passport or the Election Commission ID Card or MDL is also good enough as long as it is valid. You can also provide the Bank with Electricity Bill, Gas Bill, Land Line Telephone Bill in your name, your employer's letter confirming your address if you are employed by a PSU or a reputed Limited Company, Leave and License Agreement (duly registered or stamped as per laws of the state), ration card, account statement of your existing bank showing your address. Normally, these documents should be recent (less than three months old) so that it can be assumed that they are still in effect in your name. Some banks may also ask you for a payee's account cheque issued from your existing bank that will be cleared before opening the account. This helps them in determining the authenticity of the signatures. To make themselves a little safe, some banks (especially the nationalised banks) insist on an introduction by an existing account holder of the same branch or another local branch of the same bank, having an ACTIVE account in operation since more than 6 months. They refuse to accept introduction from dormant or inoperative account holders. Most of the banks send chequebooks and ATM/debit cards to the address you provide them. This helps in satisfying them regarding authenticity of your address. A recent Income Tax scrutiny order is also an acceptable proof of address.

It is a requirement for Banks to collect your PAN Number to open an account in your name. However, if your income is below taxable limits without applying any deductions, applying for a PAN card is optional for you and you can alternatively file the declaration in form no. 60/61 available with the bank. However, you will have to give alternate identifying documents listed above. If it ever becomes mandatory for you to obtain an income tax PAN number, please provide the same to your bank to update your profile. During normal course you may place fixed deposits with the bank that will earn interest. If you are required to obtain a PAN number due to reasons of crossing the threshold limit of income, you are no longer eligible to furnish Form 15 G or 15 H for non deduction of Income Tax at Source. Banks have to deduct income tax at source from your interest if it exceeds a certain limit specified by the department from time to time. It is mandatory for Banks to furnish your PAN number while filing their returns with the department and they get into a very tight spot if they are unable to file their returns for want of your PAN number. It affects the tax credit to their other customers as department does not effect credits until the deductor has filed their return. They have a threshold to comply with. Furnishing your PAN number will ensure that even your taxes deducted are credited at the income tax department. Also note that furnishing a wrong PAN number (that includes indicating you do not have a PAN number even if you do have one) is punishable with a fine under the Income Tax Act.

For certain class of financial providers like mutual funds or stock brokers or share depositories, PAN Card issued by the Income Tax Department is mandatory irrespective of your income. In addition to this, you may be required to provide other identifying numbers depending on the quantum of your investments.

Please answer the questions the bankers ask you even if they may be of a personal nature regarding who live with you, the work you do or regarding your employers and what work you do for them. They need to ascertain for future what quantum of transactions you will be doing through your account. The banker has to follow the provisions of the Anti Money Laundering Act and for this act the onus is entirely on the bank to report certain transactions as suspicious transactions to the Reserve Bank of India and knowing what you do by asking a few questions that you may deem as invasive can possibly facilitate smooth running of your account in future as they would like to avoid inconvenience to you by unnecessarily reporting what could be your genuine transactions as suspicious. I will be discussing the features of Anti Money Laundering Act to be followed by various financial service providers in future posts.

Please be truthful in answering the questions asked. Avoid creating impression while answering these questions. If you try to build an exaggerated impression, you may get cornered with a request to place moneys in certain investment products and declining this request is an uncomfortable start to your relationship with the bank.

Business accounts may be required to furnish their Sales Tax Registration / Income Tax Returns /Service Tax Registration etc. while opening the account. Accounts will be opened even without immediate availability of these documents, but for your convenience, please provide your bank with these documents in due course as soon as you obtain any or all of them. This helps the Bank in complying with provisions of the Anti Money Laundering Act. If you are registered with sales tax, obviously you would be having a turnover of transactions to match. Paying your sales tax through your bank indicates that transactions you have done in your account are genuine when corelated with your tax payment.

Now that you have opened your account, please enjoy the services the bank offers you. Remember that you must have regular customer induced credits or debits (net banking / atm channels are also acceptable modes to induce credits / debits to your account ) to continue classifying your account as active. Inoperative or dormant accounts need to provide identity proof and address proof again to allow debits. A visit once in a way to the bank for some service (depositing a cheque, collecting a demand draft) at least helps if you have to sign for the service. The banker is assured of your existence. In case you regularly fund a savings bank account, please also make a withdrawal occasionally. Withdrawal by means of signing proves that you are indeed alive and this is what the banker has to verify given the fact that they have to pay interest to live persons.

If you establish a borrowing relationship with your banker they will regularly verify your details and standing and they are entitled to receive from you your current documents and even financial statements as long as a lender - debtor relationship exists. Financial service providers also use courier services rather than regular mail to send you correspondence. Every year they will definitely send you a couple of mailers through local couriers as they get an acknowledgement of delivery of mail to the address for their records. The only problem arises if both husband and wife are working and children go to school. Chances are that the courier delivery agents will always be at your doorsteps when no one is at home. It is very likely you would have provided your home address for individual accounts. Therefore you must ask banks to note down what time you are usually available to accept courier deliveries. This way you can be saved of any inconvenience as you are likely to receive cheque books, statements (even though you may opt for email statements) and even income tax deduction at source certificates by courier if you place any term deposits.

There will be many more posts I will make in this blog regarding banking, insurance and other financial services. Please do subscribe to the feeds by clicking the appropriate links.

Free Credit Period for Credit Cards issued in India

Recently I got a call from my business associate telling me that his credit card issuer had all of a sudden advanced the due date of his statement by 4 days keeping the billing cycle unchanged. He was under the impression that Reserve Bank of India had stipulated that a card holder should get at least 20 days to pay his dues as per the statement and now this is 16 days. As he was not aware of this his due date lapsed and he was levied a penalty of Rs.400 for an outstanding amount of little over Rs.600 and he was levied interest as well right from the day he charged the card till the date he paid the dues. He was so upset that he wanted to approach the Reserve Bank of India and the Consumer redressal forums.

At his behest I checked up from the Reserve Bank of India Website and learnt that Banks have to give at least a fortnight to the cardholder to clear his dues. A fortnight is 2 weeks or 14 days. Therefore bank was well within its rights to reduce the time limit for paying the dues. What remains to be seen is whether adequate notice had been given to the cardholder regarding the change. While issuing the card the card issuer may have specified an interest free credit of 20-50 days provided the full outstanding is paid before due date. The action of pre poning the due date is change in terms and conditions as there is a reduction in interest free period. Now it is 16 days to 46 days instead of 20 to 50 days. Even if the card issuer has got acceptance from the card holder that issuer can make changes without any notice, the Reserve Bank of India rules state that card issuer has to give sufficient notice in writing of any changes in terms and conditions and charges that can adversely affect the card holder. The Banks usually show the card holders their signed consent if matter goes into dispute but what the card holders usually do not know because of immense pressure on them is that the law of the land prevails over signed terms and conditions and card issuer has to serve adequate notice as that is the law of the land even if the card holders have waived this condition in the application signed by them. Some of the card issuers will innocuously display in their statements the changes in terms and conditions in such a way that the card holder will never be aware of it and they are able to boost their revenues by means of exorbitant charges. If they bill a thousand card holders the exorbitant charges, chances are that only say a measly 20-30 card holders who really look at their statements will dispute the charges. They will reverse the charges as an obligation to those who complain but they get unjustifiably enriched by those who do not.

The only suggestions I could offer my friend and what even you should follow in case you are faced with the same situation are:-

1. Read the statements carefully especially if it indicates any changes in rates or terms and conditions. Read all printed matter with the billing mailers thoroughly and check interest calculations. Card holder has the right to demand the interest calculations as per the law.
2. Avoid discarding mails especially from your card issuer as a junk mail and trashing them without reading. Same applies for emails also from your card issuer. Do not trash them. Read them carefully. Card issuers usually prefer to trick you by innocuous ways of communication so that you make a mistake by your ignorance and get charged exorbitantly to boost their revenues.
3. Thirdly, the amount involved is too small to pursue with consumer courts or even the Banking Ombudsman. Usually if you do keep records of justifiable expenses you make in following up the matter with the bank and costs for approaching the forums, the Banking Ombudsman awards payment of these expenses if the matter is decided in your favour. Remember that Credit Card disputes is the only Banking service for which the Banking Ombudsman has the jurisdiction to make an award for mental agony caused and you can approach the Banking Ombudsman nearest to the place of your residence irrespective of where the processing office of the card issuer is located. Approach only if need arises and Bank frequently gives you trouble in late credits for no fault of yours and levy of exorbitant charges.
4. Even if the Banks are on the wrong side and they know it particularly in your case, do note that they have the financial resources to pursue matters in appeal right through to the Supreme Court. There are chances that they may enrol or offer to enrol your lawyer on their panel of lawyers and assure them lucrative assignments like property search, examining documents or drawing agreements so that your lawyer bound to refrain from pursuing your case if he is on their panel. Instead of taking the dispute further, even a telephone banking officer processes requests to reverse such exorbitant charges if you speak with them using methods of adequate reasoning. They will make it look like an obligation. Put aside ego as this is the best way to resolve the issue even if Bank is at fault. Why go through so many procedures that cost time and money.

I am using credit cards since 28 years. In fact the Diners Club Credit Card is my first credit card that was approved for me during the days it was run privately by Shyam Sunder Agarwal and his wife Perveez Agarwal. I use it till today even after it has changed hands to Citibank and this is the only credit card I used extensively and rarely had problems, all insignificant and easily sorted out. People are surprised at this. I hope that Citibank's services will not deteriorate for me or any of their card holders.

I will continue with more posts in this blog about more financial services. Please keep on visiting this blog for credit card related issues. You can comment with questions also. Being a seasoned credit card user, many people come to me for consultations on how to solve their problems and worries.

Financial services: A necessary evil?

SI Financials is a project of Sunil Chowdhary, proprietor of Stone International (SI). Stone International will shortly be completing three decades in the natural stone business from India. These three decades have been spent on providing value to customers initially by selling quality products and gradually extending the scope of activities to selling services that most businesses prefer to outsource professionally to service providers. We managed to grow phenomenally as service providers at a much faster rate in a shorter span of time than the growth we witnessed in just buying and selling products. However, our success in providing services is mainly due to the experience gained by us through nearly three decades of international trade.

For any business or individual the main driving force behind success is money. Money and finance have become the necessary fuel for any activity. You need money and finances to earn more money. Even a very simple activity of earning salary or wages requires money. A person who offers his/her services for a salary or wage needs money and finances to keep himself/herself going and be able to continue working to earn more money.

The purpose of this blog is purely informative. The products and services offered by Stone International can be viewed in detail on the web site http://www.stoneint.in/ . This blog has been created to suggest ways and means of using financial services judiciously in your quest to multiply your money and finances as well as retaining it.

Those of you who fly regularly will realize that carrying a full load of fuel does not make the aircraft cover the longest range that it is designed to fly. Fuel is weight. To carry weight the aircraft needs fuel. In the aviation industry there is an adage ‘it costs fuel to carry fuel’. Similarly, in your quest to earn more money, you have to spend money. The ability to spend money will eventually be created from your ability to generate money as well as your ability to systematically retain it to spend as and when needed without letting it lose its capability of generating more money To fly an aircraft requires very complex calculations on the amount of fuel to carry, the number of passengers and weight of cargo and moreover all these parameters depend on the external calculation. It is the same situation for running a business or an individual life. The more complex the business or living the more complex is the activity of earning, using, spending (including statutory payments like taxes) and retaining your money. At every stage the money moves or is being retained, it may cost money to move money or it may cost money to retain money. Our goal is to ensure that it costs us the minimum at each stage and possibly continue to generate more money while being retained.

When you drive your car, you are inadvertently making calculations on running it whether your calculations are right or wrong. If the aviation industry makes wrong calculations while operating their aircrafts it will cost lives of people availing their services as well as money. Large and complex businesses can collapse totally if wrong calculations are made. They can be compared to the aviation industry. The financial life of an individual or a small business is akin to running a car. It requires calculations at all stages and will most probably still run whether right or wrong. The very purpose of putting up this blog is to guide visitors who are individuals or running small businesses to calculate, use and retain their finances wisely at a minimum cost or better still, maybe profit out of such calculations.

The contents of this blog have been written keeping in mind individuals and small businesses in India. However, outside India this blog will be useful for non resident Indians as well as foreigners who would like to learn more about the financial situation of average Indian citizens and businesses. Some pages may be useful to foreigners in similar situations in their own countries. Do keep in mind that most of the laws referred to are laws prevalent in India and one can use the contents of this blog to make a comparison.

In India, following are the financial services used by individuals and small businesses during course of their existence. Our purpose is to guide the visitors to optimize the use of these services and to settle disputes in the best possible ways with service providers rendering these services.

1. Banking Services
2. Insurance Services:
3. Investment Services (Including Mutual Funds and Brokerage Services for securities):-

Individuals and small businessmen need to use the above mentioned financial services regularly. However, due to the vast resources and financial clout that most of these service providers enjoy, the interests of the small consumers is seldom looked after by anyone be it the executive regulators, judiciary or the bureaucracy. Most of the financial service providers get away only due to the inability of consumers to pursue matters in taking them to task mainly because the size of transactions are small. Some financial services providers deliberately make errors for small or marginal values that may skip detection. In case detected by their customer they adjust. In case it skips detection they profit. Rules and Regulations exist only on paper but are rarely put to practice. I would like to extend as much help as I can to such hapless consumers in resolving disputes amicably with the financial service providers using to the fullest extent available legal or procedural means. This tantamounts to getting what exists on paper into action. However, I maintain distance from anyone whom I feel is a wilfull defaulter trying to involve me in settling disputes with financial service providers to unjustifiably enrichen himself / herself.

Large businesses and corporates having a huge quantum of transactions have very little use of my services as they have enough resources and clout to deal with financial sevice providers. However, I welcome suggestions from individuals running large businesses or working with corporates to leave their valuable comments and suggestions as they would be useful to the small businesses and individual. I can possibly help people working with corporates on an individual basis.

Whatever I post in this blog is based on Indian conditions. However, in addition to Indian visitors leaving their most valued comments, I would appreciate it very much if visitors from other geographic locations will also leave comments and throw some light on similar situations in their countries. These posts will definitely transform into discussions.

In case you wish to contact me, you can use the IM option in my profile or other options in the Contact page of my business website. You could send in your questions or details of your problems and I could transform it into a meaningful solution through further posts / discussions.

Creative Commons License

Please refer to the Creative Commons License below to know the terms of how the posts made by this author may be used. Usage of any or all these posts have some restrictions and conditions as detailed in the attribution.


This work is licensed under a Creative Commons Attribution-Share Alike 2.5 India License.

Privacy Policy

This blog is controlled by Sunil Diwanchand Chowdhary, the sole proprietor of Stone International. Therefore, the Privacy Policy displayed in the website of Stone International http://www.stoneint.in also applies to this blog. Please read the Privacy Policy of Stone International available at http://www.stoneint.in/privacy.htm to know how Stone International treats your personal information and other information collected from you through this blog or the main website. For your convenience, some important points relating to the privacy policy specifically for this blog are also listed below:-
Personal Information is that information about you which identifies you individually such as your name, address, telephone number, fax number, email id etc. No automatic means are used to collect personal information that identifies you personally. Personal information collected from you are voluntarily.submitted by you manually. These are submitted by you mainly through our feedback form in our main website available at http://www.stoneint/contact.htm and any submission of personal data through that feedback form or other contact options is governed by the Privacy Policy displayed in that site. We welcome you to submit the feedback form if you have any questions you would like us to post our comments above or you could use any contact options in that page if you would like to contribute any posts that we may display with whatever identification you allow us to display or simply as a guest post. Please refer to our Privacy Policy to know how we use your personal information. To delete any post that you have authorised us to display with your name, please send an email requesting deletion of the post or your name from the post.

Information Collected Automatically through this blog:-

As this blog is hosted on Blogger ( http://www.blogger.com/ ) that is controlled by Google (http://www.google.com/) you are requested to read the privacy policies displayed by these sites as they collect a your personal information whenever you log in to their services with your Google Account or Open ID Account). Refer to Google Privacy Policy to learn how Google uses Personal Information that you submit to them while using their services and your options to opt out.

Google does not share your Personal Information with us. If you authorise Google to share your personal information with us, our Privacy Policy posted at http://www.stoneint.in/privacy.htm will apply to such data.

We have arranged with Google through their Adsense program to use space designated by Blogger for serving third party advertisements on this blog. Google uses cookies including the DoubleClick DART cookie to serve ads on this blog. Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy. Please visit DoubleCick DART Cookie FAQ site to learn more about various cookies and their information collection mechanism (technology) as well as instructions on how to opt out of such cookies.

Terms of Use

It is mandatory for all websites to display Terms of Use and a Privacy Policy. Therefore, I am posting these important documents as the initial posts in this blog and have titled this post as Terms of Use. The next post will be the Privacy Policy before we start.

First, an introduction. You may have already viewed my profile. There are chances that you have landed in this blog through my business website http://www.stoneint.in/ that is under my business name 'Stone International', my sole proprietorship concern. This blog is controlled by me through my proprietorship concern Stone International. Therefore the Terms of Use displayed at http://www.stoneint.in/terms.htm is also applicable to this blog. In addition to the Terms of Use in the Stone International website, there are specific terms of use applicable to this blog:-

1. This blog is hosted by Blogger. Therefore you are bound by the Blogger Terms of Service displayed on their website. As Blogger is owned by Google, you are additionally bound by Google Terms of Service displayed on their website.
2. You can post your comments to posts to which readers may comment. To post your comment you may log in through your Google Account, Blogger Account or Open ID account. You may also be bound by the Terms of Service (by whatever name called) of your OpenID host.
3. I despise profanity, obscenity and remarks having racial implications. In case any comments posted by visitors contain profanity, obscenity or racial remarks, I will simply delete them and exclude people posting such comments from my list of friends.
   
4. In case I feel the need to moderate any comments and change them for clarity, I will do it.
   

Third party advertisements are served on this blog in spaces designated by Blogger through Google and its Adsense program. In case you click on the links or advertisements placed by Third party Advertisers, you will be leaving our blog and entering a Third Party web site. Please read the Terms of Use and Privacy Policy displayed on the third party web site. Our relationship is with the Third Party Advertising service provider Google and Google has contracted with the targetted third party web site or its owners to serve their ads in this blog. The links displayed on our website are on an 'as is what is basis' and should not be construed as an endorsement by Stone International and / or its proprietor Sunil Chowdhary of the advertiser(s) or their product(s) and / or services(s). You are under no obligation to make any purchases from the third party websites. In case you opt for carrying out financial transactions with the advertisers or any third party websites linked through us, it will be solely at your risk. Due to legal compulsion, I am compelled by law to deviate from my policy and use these highly negative words.

These Terms of Use may be revised and displayed on this blog without any notice to you and such revision will be deemed to have been read by you.