When does walletnotify event occur on bitcoind

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I have configured the walletnotify and the blocknotify event on the bitcoin daemon based on the documentation from https://en.bitcoin.it/wiki/Running_Bitcoin, to know any changes to my wallet. Only the blocknotify is executed and the walletnotify is never executed. Can someone advice on what event on the wallet will trigger the walletnotify event?

Bitcoin daemon version currently running on: 0.8.1

bitcoin.conf

rpcuser=bitcoinrpc rpcpassword=bitcoinrpc1 server=1 testnet=1 walletnotify=/home/dev/test_log/log.sh %s blocknotify=/home/dev/test_log/log.sh %s

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