In most cases, you don't want "binding", you want "value". Binding is used to inject an actual UIComponent into a backing bean and about the only reason you need to do that is if you intend to access or modify raw JSF UI Components. The "value" attribute is what causes the actual backing bean property set/get methods to be invoked.
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I got your point. But now I am stuck somewhere else.
The component I was trying to make shows a java.util.Date value in form of three select <option> tags.
Now it seems like that component never gets updated.
If I try to update the component value in ValueChangeEvent of other component in the form, it never shows any updation,
But if use the updation code in the commandAction method , the component gets updated.
Is there something I am missing about these two events.