BHIM is here, New UPI app, work in both smartphones and feature phone

How to use #BHIM App?

The work is in progress, amidst the demonitisation spree, the e-wallets, credit cards, net banking and all modes of cashless transaction has a new and potent competitor, ruther I would call it a peer. Government with much fanfair, has launched its new UPI app, #BHIM.

I got a glimpse of it. Here you go with the step by step process.

Step 1. download the NPCI APP #BHIM. from your google play store (Android handset)

Step 2. Register your passcode. choose any 4 digit of your choice

Step 3. choose your bank

Step 4. set up account – The app automatically detects your bank account details. You have to just confirm with your debut card details.

Step 5. key in the details and set up your UPI PIN.

You are good to go.

For people who don’t have a smart phone or don’t want to use the app just yet, your solution is *99#. The USSD code detects your account and gives you 4 options to confirm your bank account. And there on you can’t transact easily, including fetchinh your account balance and seeing mini statement.

Hold on! there is more information in store about the app, which I want to share with you.

1. It works like your debit card , not credit card. So, using other mode of transactions are not getting obsolete.

2. It has a spending limit of 10 thousand per transaction and daily limit of Rs. 20 thousand.

3. I can see 33 banks are supporting this app, including most of the major banks.

4. You can even remind for payments using the app

My point – Great initiative by Indian Government towards financial inclusion and penetrating rural India will be swift on #cashless or #lesscash journey. However, savvy users have many more options which are equally or more rewarding as well as convinient. So, BHIM is going to have its peers running paralally with it in this country with immense diverse population. Welcome aboard #BHIM. You will definitely have a good journey with us.

#CASHLESS #BHIM

December 28, 2016

10 ultimate new year resolution to save money, be healthy and grow rich

It is not exactly the stuff you expect me to write on. But friends this is a holiday season, and I took a break from usual mutual fund, insurance stuff. The year gone by was eventful in many ways. Year of break-ups, Brexit, Tata sons, Trump, demonetisation, cyclone Vardha, not to forget the surgical attack! Most of the event made me sad! Never mind. I am determined to make a cheerful begining this year. And, I just can’t wait sharing those ideas to keep myself busy, with you all. Some money saving, some investment towards a truly rich life.

Second income

1.To pool is cool – I am a bit lazy to be a mumbaikar! But nevertheless canning it everyday is not disreable for your pocket nor a good choice. So, I have decided to use pool cab/share cab to share my ride and save some money. Dude, it’s eco-friendly too!

2. Save and then spend – Saving money is the most difficult thing to do is what I also agree. So, put the MUTUAL FUND SIP date fixed exactly next day to your salary. So that you can’t see the money in your account, consider it as an mandatory expense.

3. Don’t be in hurry – keep calm and enjoy life –Every action may not yield immediate result. Learn to be patient. Similarly, don’t judge your investment a and be restless for profits. Relax.

4. Redesign old clothes, accessories, furniture – The wardrobe cannot stay same for lifetime, however, we can always do some redesigning of your existing clothes and give a fresh look. It will renew your existing cupboard, you may need to buy fewer clothes. You may do similar by refurbishing your furniture, bed and sofas.

5. Share your Pizza – If you cannot give up junk food, at least eat less! Always order when you have a company to share, splitting the bill may not be cool all the time, but sharing food is always!

6. Take up a hobby – Don’t get the feeling of getting bored creeping in you. It’s never made to take up a hobby. It will keep you fresh and happy. It will give your creativity a much needed outlet. Starting from knitting wool, baking cookies, pottery Painting, photography or writing poems. Do what your heart says. You will be a happier person.

7. Do a health check-up – This is for peace. You have the responsibility of your well being. Don’t wait for symptoms. Include a yearly health check-up in your diary. It gives you an upper hand over possible ailments. Stay healthy. Blood donation is also one way of keeping track of your health. It also serves a good social purpose.

8. Donate to your house-help – Philanthropy has been always been a topic of discussion. Why not start at home? Either than looking out for NGOs, share your old clothes, extra groceries, books and furniture to them? It will enhance your goodwill than anything else. Do for somebody who is so closely associated with your daily life.

9. Window shopping is a good therapy – apart from feel good, my aim is to help you all save money (joking) but window shopping is real stress buster, if you haven’t planned a free day. Stop from Amazon or PayTM, but do pay visit to bear by shopping mall for some lone outing or with friends.

10. Enjoy 2017. A new year, a new beginning. Start a fresh.

Wish you all a great year ahead

December 14, 2016

Woman Entrepreneur who dared to follow her dreams and dig into her Savings to build her Business

Investing right can help you follow your dreams, the following interview just reiterates that.

Few stick to their jobs, few take breaks and few daring souls follow their dreams to be an entrepreneur! While writing on various aspects of personal finance, One day I felt that a first hand account of financial planning would be better absorbed by all than any gyan session. So, I planned to interview some Women Entrepreneurs, who left their settled jobs, used their own savings to start new ventures and continued the journey through ups and downs and business cycles. It is not only about managing money or registering growth numbers, it’s also about taking that first step and trusting one’s ownself. This would be a monthly interview series dedicated to budding Women Entrepreneurs around us.

This is a story of lively Gunjan Varma, a loving daughter, a doting sister, a pretty wife and a caring daughter-in law, who started her career as Marketing Trainee at DNA in 2007, fresh out of Symbiosis Institute of Management Studies and launched her own business after 5 years, “Something Else” in 2012, now established in North and Western India.

Tell us about your journey from DNA to Something Else

Gunjan: I completed my MBA from Symbiosis Institute of Management Studies and joined DNA Newspaper in 2007 in Corporate Sales and Print Innovations, Mumbai. I moved to Fever 104 FM at Delhi post that as Manager, Corporate sales in Radio. Both these jobs gave me a small company environment even though they were backed by established Media Houses.

I made an inter sector and function move with Citibank. I joined them as Acquisition Marketing Manager for their S&D Division. The move from Sales to Marketing & Planning and Media to Banking was quite a feat but wasn’t as smooth. I had a team of 10 Sales Managers aligned to me with 15-20 Sales Executives under them. My profile was to create “Sales opportunity Points” for these sales executives on a daily basis through various channels. It was a heavy task but over a 2.5-year period, our division broke-even with the help of an amazing and hard-working team. During this time I had good exposure on Sales & Promotions and to vendors and chanced upon the idea of Gifting which culminated in to “Something Else”. Now, 4 years on, we plan to look at new avenues in to gifting with our Handmade and Handicraft products, Collaborations with various other partners and Consulting.

How did your seed funding come along ?

Before taking the leap, i worked in the corporate sector for 5 years which helped me gain experience and also save. I used my personal savings from here to start my venture and boot strapped it. Its only now that i am seeking external funds.

Who were your pillars of strength during trying times?

My parents have been the reason for where i am today professionally and otherwise. They have always supported me in my decisions and stood by me in good and tough times.

I am fortunate to have met my husband, Kaustav, who changed my perceptions, broke mindsets and made me experience love and life. He is also my strongest critique which pushes me to get better at my game. Along with that, i am lucky to have a few close friends/mentors who just emerge from nowhere whenever i need them in life.

Tell me more about “Something Else” What do you offer?

Something Else is a #corporate gifting firm operational in Delhi and Mumbai catering to clients across India. We have a strong vendor base in North and West India and a steady stream of regular clients.

Our products range from Office Desktops to Promotional Products to Electronic products to Luxury Items and Gourmet Hampers to Handicrafts to Merchandise.

Are you insured?

I do have Health Insurance and a ULIP. I personally do not believe in Life Insurance

Do you invest? What are the avenues?

I started investing early on in life, which i feel is was a smart move i made courtesy my dad. I started my PPF account with in a year of starting work. It is a safe long term 15 year investment which gives best returns and tax saving. I also invest regularly in SIPs, Mutual Funds, Bonds and Fixed Deposits.

For my company, i utilize Liquid Funds which i can access within 24 hours.

What are your long term goals? House/cars/vacations?

I would like to have enough disposable income to live comfortably and be able to travel for atleast 15-20 days, twice a year. We also plan to have a cafe/ retreat in the hills somewhere in the long term. I also want to do philanthropic work for a few causes close to my heart.

Are you saving/investing for it? How?

I have been saving in various financial instruments but the key is to not just save more but rather create more wealth. I believe in creating multiple sources of income, both passive and active. My company currently is my active source of income. I am trying to create other sources through Writing, Public speaking and investing in property.

Any message for the women investors?

Do thorough research from all sources, talk to people and get all facts together to form an opinion about any financial instrument before investing. A lot of times we tend to put our full faith in recommendations by people without fact checking ourselves.

#womenentreupreneur #somethingelse #financialplanning #giftingideas

December 4, 2016

How to have a #second source of income? It can be enjoyable too

I keep attempting ways to share the benefits of saving, investing, spending smartly, I just realised there are other ways of generating #second source of income too apart from investing. The way is simple! to just follow your dreams, hobbies and passion. Not only it can earn you a pocket money, sometimes much bigger than that, but can definitely bring in a sense of joy, rejuvenation, recreation which can boost your self confidence. It can work wonders to your daily mundane life! I have collated some of it through my personal experience and first hand experience of friends and acquintances, who made use of these interests. Few of them started as a hobby and continued, few, made it their main proffesion and way of living.

1. Hobby classes – Does it remind you of the leaflets inserts in your daily newspapers? about cookery, baking, pottery, mehendi tattoos and learning English speaking in just 4 classes? yes I am talking about those classes, which are popular in summer holidays. If you love baking, cooking, or any activity which can be taught in few classes and with minimum material and spending. Plan it in the next vacation season. Go print those leaflets

2. Private tutions –This is a hobby which is nurtured and driven by real passion for it as this is a long term commitment. If you really like a particular subject and having a knack for teaching, you may advertise for it and teach in your free hours over week and weekends to kids or college goers.

3. Blogging and vlogging – A real passion driven hobby it is. Apart from flair of writing, clicking videos, one need to have interest for expressing his/herself in an engaging manner. Monetizing a blog/vlog requires a long term commitment and patience.

4. Photography – This subject is easiest to capture (if you are good at it, ofcourse!) you can build a portfolio on your own by clicking your favourite subjects. For example, if you like wedding photography, make a portfolio of photographs you click on weddings and start out with sharing your work in your network.

5. Painting – Many people don’t have the patience or guts to make it a full-time proffesion, yet you can start out again, and making ir your #second source of income. There are network of amature painters, galleries to help out.

6. Entertainment – like playing guitar? piano or a stand comedian? you can earn your way through enjoying weekend evenings by networking and reaching out to the right people and showcasing your talent by teaming up or going solo.

7. Crafts – Like decorating wedding gifts? or love making your own sling bags? why don’t you just make samples and start out by sharing it in whatsapp and Facebook groups?

8. Chocolate/bakery/catering – This can be a perfect distresser for weekends. If you have a good networking skill, you can take orders for home bake cookies, cakes, ice-creams. If you are well equipped with infrastructure and helping hands, you can take small weekend party/gathering orders for meals and more.

9. Investing – Like saving, investing? buy high dividend paying stocks, also can opt for dividend paying mutual funds. It will generate you some extra income in regular intervals.

10. Hospitality@home – If you have a big home and can spare extra room or two, you can list yourself in airbnb and other sites to host paying guests for short period of time. If you like cooking, your friends and family goes gaga about your skills, you can also organise paid lunch gatherings over weekends by doing small bit self marketing in your network as well as social networks like facebook, Twitter etc

The above mentioned concepts of earning #second income are easier said than done.These hobbies need nurturing and good networking. The better networking skills pay off. So, keep in touch with like minded people and showcase your talent whenever you get an opportunity. Every effort towards these are worth it, if it makes you happy. Stay happy, stay cool.

#second income #extra income #mymoneystreets

http://www.mymoneystreets.com/2016/12/woman-entrepreneur-who-dared-to-follow.html?m=1

November 27, 2016

Note of Rs.500 are still useful

Issuing fresh guidelines on the banned Rs 500, and Rs 1,000 currency notes on Thursday, the Narendra Modi government has stopped the exchange of old notes over the counter at banks from Friday. People will now can only deposit notes in their accounts and then withdraw new currency either through cheques/withdrawal slips or ATMs.

“There will be no over the counter exchange of old Rs. 500 and Rs. 1000 notes after midnight of 24.11.2016,” said the government in a statement.

But, the people can still exchange their old Rs500, Rs1,000 currency notes at the Reserve Bank of India (RBI). The RBI on Friday clarified that it will allow exchange of old Rs 500 and Rs 1,000 notes at its counters up to the limits applicable per person. No last date has been set for such exchanges.

In another significant step, the government has extended the use of old Rs500 note at petrol pumps, government hospitals, and some other public utilities until 15 December. But the Rs1,000 note will no longer be accepted by these utilities.

Here is the list of utilities and services which will still accept the old Rs500 notes:

• Petrol pumps and toll plaza.

• School fees up to Rs2,000 per student in central government, state government, municipality and local body schools.

• Fees in central or state government colleges.

• Pre-paid mobile top-up to a limit of Rs500 per top-up.

• Purchases at consumer cooperative stores such as Safal or milk booths such as Mother Dairy outlets operated under authorisation of central or state governments with identity proof up to Rs5,000 at a time.

• Payment of current and arrear dues to utilities will be limited to only water and electricity and only available to individuals and households.

• Government hospitals for medical treatment and pharmacies for buying medicines with doctor’s prescription.

• At railway ticketing counters, bus ticket counters of government or public sector undertakings and airline counters at airports for purchase of tickets.

• Use at international airports for arriving and departing passengers up to Rs5,000.

• Purchase of LPG gas cylinders.

• Payments towards on-board catering during travel by rail.

• Purchase of tickets for suburban and metro rail travel.

• Purchase of entry tickets monument maintained by the Archaeological Survey of India.

• Payments towards fees, charges, taxes or penalties, payable to central or state governments including municipal and local bodies.

• Payments towards utility charges including water and electricity, but no advance payments.

• Payments towards court fees.

• Payments towards purchase of seeds from designated state-run outlets.

• Payments at crematoria and burial grounds.

• Foreign citizens will be permitted to exchange foreign currency up to Rs5,000 per week. Necessary entry to this effect will be made in their passports. The Reserve Bank of India will issue further guidelines in this regard.

#500 #1000 #demonitisation

News source – livemint.com

November 26, 2016

Did you know about more than 100 rewards for going cashless!

Here at #mymoneystreets I am committed to bring to you best way of utilising your money. This post is an dedication to demonitization.

Demonitisation, banning of Rs. 500; 1000,bank queues, ATM lines, limit on withdrawal etc have become part of our every conversation in last 15 days. Our daily habbits of tendering loose cash for every transaction has become a difficult task, and if you have some notes of Rs.100 on you, you are no less than a local celebrity. Amidst all this, there has been a huge and consistent shift happening towards the way we pay for our bills. With no loose cash to spare, people had been cutting down on unneccesary expenses, forcing it empty retail stores, restaurants, leisure activities. But it cannot continue forever. Thanks to the first movers like #paytm #ola, now numerous retail and B2b businesses opening door for #cashless transactions.

I was astonished to see the local and nationwide convenience offers and discounts spread accross newspapers, Facebook, Twitter, e mailers, messages to promote products and services.

In this post I have listed down more than woo offers running and few might have closed as well just for your reference. Make the best use of it.

Shopping online
Amazon – Offering 15% off on buying Amazon cards as well as other products. Use code -CASHLESS
JABONG – 25% OFF on payment through debit card/ credit cards on purchase over 999
MYNTRA – 25% off on purchase over 1299 on payment by debit card/ credit cards

Flippant – Offering 10% discount

Pizzahut – Offering 1 on 1 free for online transactions.

Shopeesite.com – offering Rs.200 off on online payments
Snapdeal – Offering 10% instant discount on all card transaction. They have come up with other deals as

Homeshop 18 – Offering discount on products ranging from kitchen, clothes, homeware, appliancesetc, upto 60% off

Hopshopdrop.com –offering upto 60% discount.2

Fine jewellery by Sneha Rateria – 15% discount on everything. Code – NOV15

GETMYCOUCH.COM- offering upto 15% extra discount on shopping cashless.

missamore- offering 15% discount on paying through PAYUMONEY

FABULER.IN – fashion website offers 10% discount on cashless payment. CODE – FBSAVE10

JUNKD.IN – online accessories portal offering 10% discount on all online orders

CODE – CASHLESS

Fernsnpetals.com – Offering 15%. USE CODE – FNPFEST15

Craftsvilla.com – Offering discount of extra 10% on online payment

webuynatural.com – e-commerce portal for organic products offering discounts and cashbacks

Voonik.com – Offering upto 60% off on #cashless sales drive
Taruni.in
offering 5% discount on all purchase. CODE – CASHLS
Jazzmyride – online shop for crazy car accesories offers extra 5% off
Krafts kart – discount of 80% on imitation earrings
Dealstantra – offers 15% off upto Rs. 300

Crispydeal – Flat 25% off on grocery

Government initiative to boost cashless payments

Homeloan repayment relief for 60

IRCTC – No fee in debit card payments till 31st Dec.

No transaction fee in debit card/ credit card for merchants

E-wallets

PAYTM For consumers – wallet limit increases to 20,000 from initial 10,000

PAYTM for merchants – New version of the app allowing small merchants to accept payment through credit card /debit card

mycashlesswallet- ewallet offering upto 40% discount/

JIOMoney app – Offering 10% cashback at Reliance Fresh and Reliance Smart stores

Freecharge – NO Collison, nil charges for funds transferring to bank

Mobikwik – partners with NHAI for toll colloection

Mobikwik – Offering upto Rs200 of on recharge and bill payment

Airtel money – Offering 5% cash discount on all utility bill payment
Times cards – (debit/credit) Offering upto 30% off on movies, dining, travel, shopping etc
SBI card Elite offering discounts and benefits at Shoppers Stop, WestSide, M&S

Electronic special

Google Pixel – HDFC BANK credit card/debit card offering 7000/- discount

DELL PC offering interest free EMIs

Retail

Future group announced 5% additional discount on cashless transaction

Spencers – offering discount on cashless
Reliance Fresh – Offering discount on cashless payments
Asmi diamond jewellery – announced 10% additional off on digital payments
Hilite Mall @Kalikut offering 10% discount
Tommy Hilfiger – Offered discounts
Benetton – offered discounts
Marks&Spencer’s – Offering additional cashback of 10%
Pepe offering 5% discount on cashless
PUMA – Accepting cheque payments from loyal customers
BIG Bazaar – CASHLESS transaction rewarded with 5% additional discount
Ocean Fruit Water – Paytm cash Rs. 20/-
Admyrin – An online shop for women offering 10% extra #cashback

Pharmacy
Pharmeasy offers 20% off on all medicines
Oxysquare – a platform for doctors, offer 50% discount ondoctor consultation fee
Apollo pharmacy – FMCG – 5% pharma 10% appollo products 15% discount using IDFC cards
Netmeds – Free medicine delivery and 20% off

FOOD and restaurants –

Zomato offering 15% discount
Theshopofgoodtaste.com offering Rs.250 off on orders above 1500 and Rs.500 off on orders above 2500
Didz app offering discounts on restaurant and pub deals
Mealskart offering discounts and cashback
Dineout card offering cash back of 20%
Gourmet Delight – shop for farmfresh produce, cheese etc offer 10% discount on cashless transactions
Niche cafe bars – Flat 25% off
Veggie 24*7 – 10% discount
Crownit – get extra 20% discount when you pay with crownit
Swiggy – online food aggregator offering Rs. 75 off on first bill above Rs. 1500.
Nature’s Basket – Rs.55 cashback on #rechargeadda
McDonald’s offering frozen coke on cashless transactionsp
Hyderabad restaurant “Chutney’s” offered 25% discount to customers who paid Rs. 100 notes

Dunkin Donught offered 25% off on debit/credit card payment

Foodelite online offering 10% discount

Car/bike

Mercedes Benz – Offering 3 years insurance + 3 years maintenance + 3 years buyback
Maruti Suzuki RItz – cash discount of 35,000 and exchange

Maruti Suzuki Celerio – Cash discount of 25,000 and 10,000 exchange bonus

Maruti Suzuki Swift desire – cash discount and exchange bonus

Wolkswagon offering 0 zero down payment. Exchange benefit 10,000 and loyalty benefit 10,000

Hyundai Verna – Offering 0 downpayment
Hyundai EON offering 0 down payment
Hyundai i10 offering 0 down payment offer till30th Nov
Mahindra SUV Rs.101 down payment for Newgen Scorpio,KUV 100, NEW AGE XUV 500, Bolero, TUV300 offer till 30th Nov
HONDA Cars- zero down payment till 31st Dec
HERO Scooters – Available on Rs. 5000 downpayment. HDFC bank also offering 100% finance

Bajaj Bikes – zero downpayment offers

Cab-service

OLA- offering Rs. 100 off through OLA MONEY.
OLA letting customers pay through credit card/debit card

OLA offering 150 off on HDFC cards

OLA has launched post paid s

MERU offering 25% cash back upto Rs. 150

Leisure and Miscellaneous

PVR Cinema offering 35% off on fnb on mobile app

PVR Cinema offering 20% off on first app transaction

PVR Cinema waived convinience fee on online tickets
CINEPOLIS – Offering 30 % discount on online ticketing

Bookmyshow offering Rs. 150 off on movie tickets

Flat pebble – an online portal for personalor events, offering discounts upto Rs. 2000.
SNAPMINT – A digital lending market place for education, shopping, personal loan, tied up with Edify Furniture and Vijay sales for interest free EMI
QuikrHomes – launched cashless managed rentals

Imagica, theme park- offering host of benefits on cashless transactions
Option pass – Free shopping pass for good, grocery, clothing, flights, hotels at offering upto 25% additional savings
Multiplexes waived parking fee initially
Timesavez offering 15% discount on cleaning services

Air-travel

YATRA.COM offering upto Rs. 1000 discount on HDFC debit/credit cards
Makemytrip offering flat Rs. 800 discount on flight bookings
Jetairways –offered all inclusive fair of Rs.999 for your days till 19th Nov.

Airasia – Big sale week offered fair from 999 till 20th Nov

Airvistara – Offered travel from Rs 999 for 3 days ending with Nov

SpiceJet – offered spicecash award

These offers won’t last forever, so hurryup and make most of this #cashless #fest

November 12, 2016

Women! Be financially aware, even if you are non-earning member

Financial freedom hidden in 10 questions

It’s been a common feature with women friends across, they are updated with the latest accessories, dresses, perfumes, best hobby classes for their children, best smartphones, best discount shopping sites, best restaurant apps, deals for everything under the sun and the moon! But, ask her about what is she doing with her hard earned salary? the reply will be simple – let it go please, my husband takes care of all that.

Great! if your husband is sharing this great responsibility, even better if he is independent and not influenced by the brokers and insurance sellers, but isn’t it high time that you give financial planning a chance or do atleast some basic transactions to get a perspective of things? What if you need to make some financial choice in his absence?

In this post I request all women out there my full time working friends, full time home maker, part time bakers, yummy mummies, aunts and the cute little freshers at work, you all do the hard work of earning money, saving it, managing it as well as spending smartly, you all have the basics of home budgeting on your fingertips, isn’t it necessary to look at your future goals and actively take part in financial planning hands on. I know and understand that things are easier said than done, so we can always take small steps toward a it.

If you are not hands-on, ask your partner/ father/son these 10 QUESTIONS

1. Do you have a contingency fund? where do we look in emergency?

2. How are we saving for future education of our children? what is the investment vehicle? would the investment yield adequate return? What are life goals and time frames- buying property, child education, child marriage, vacations etc

3. Are you a working women, do you have a term-insurance plan?

4. if you are a non-earning member why you require a life insurance? in this case it is an unneccessary expense.

5. Does your aging parents, you, your children have health insurance?

6. Do you use credit cards? what are the due dates? Are you aware of the charges it attracts as penalty on delayed payments?

7. What are the EMI dates for home/personal loan repayments?

8. What are the regular/ monthly investments through mutual funds, reccuring deposits, insurance premiums, PPF contribution etc.

9. Which asset to liquidate first and when? In simple terms which fund to withdraw first from the various investments you have made?

10. Do you know how to invest in mutual funds, fixed deposits, recurring deposits, paying insurance premiums, buying health insurance online?

If you have affirmative answers for the 10 questions above, you are well aware of many things in financial management and well equipped to take informed financial decisions.

If you see scope for improvement, which we all have, we all are human beings, work on it. Do write to me incase you would like me to elaborate on specific topics. In my next post, I will explain the easy way to invest and track your mutual funds.

Stay good. Stay healthy.

#empowered women #financially aware, #financial independence, #moneymanagement #financialfreedom

November 11, 2016

Don’t evade tax, save tax! there is nothing like a relaxed mind and happy soul!

There are many way of looking at a single topic. The currency exchange is definitely tedious with the limit on transactions and long cues. But we salaried and tax payers need not worry much, it i just the currency crunch and loose change crisis, which will eventually solve and change our currency management habbits.

As law abiding taxpayers of India, we can take some learnings from the situation and do some introspection. You may say, I am paying taxes on salary, goods as well as services, then what kind of introspection we need to do?

We create the blackmoney pool with our hard earned taxed money

1. To avoid paying high amounts of taxes on gold jewellery purchase, often encourage cash transaction paving a way to make the whole white money into black by the jeweller

2. To stay away from high fee and taxes we partner with real estate developers to transact in part cash

So, basically our fear of paying taxes create the option for creation of black money.

Apart from avoiding these transactions in future, we should take Tax saving instruments

seriously to get higher, less taxed or complete tax free returns. Apart from the 80c instrument, there are many investment instruments which are tax efficient.

Debt Funds – More efficient for the hiher tax bracket segment
Equity – Return on equity shares as well as mutual funds investments n long term (more than 1 year) period is cmpletely tax exempted, whatever the amount is.
Dividend on equity, equity mutual funds are tax free in the hands of the investors
D-mat Gold – Handling cost, making charges are nil, making it much efficient investment compared to the physical gold. So, it is advisable to go for gold ETFs, or the sovereign gold funds

#save tax #black money #invest in Equity mutual funds

Be a smart investor, stay clutter free, there is nothing like a relaxed mind and happy soul!

November 10, 2016

The 17 special and secured features of the new Rs. 2000 note

The new #Rs. 2000 is in circulation. Here we welcome it with all love and respect. Chances are nil that the note is a fake, as it is just 2 days old, however, there is no harm in understanding the special and security features to get to know the new denomination.

Here’s introducing the new Rs. 2000

Obverse

1. see through register with denominational numeral 2000 can be seen when the note is held against light.

2. Latent image with denominational numeral 2000 which can be seen when the bank note is held at 45 degree angle at the eye level

3. Denominational numeral 2000 in Devnagri

4. Potrait of Mahatma Gandhi in the centre

5. Micro letters ‘RBI’ and 2000

6. Colour shift windowed security thread with inscription ” भारत”, RBI and 2000. Colour of thread changes green to blue when the note is tilted

7. Guarantee clause, governor’s signature with promise clause and RBI emblem towards right

8. Mahatma Gandhi potrait and electrotype (2000) watermarks

9. Number panel with numerals growing from small to big on the top leftside and bottom rightside.

10. Denominational numral with the Rupee symbol, Rs. 2000 in colour changing ink (green to blue) on bottom right

11. Ashoka Pillar emblem on the right

For visually impaired

Intaglio or raised printing of Mahatma Gandhi potrait, Ashoka Pillar emblem, bleed lines and identification mark

12. Horizontal rectangle with raised print on the right

13. Seven angular bleed lines on left and rightside in raised print

14. Year of printing of the note

15. Swachh Bharat Logo with Slogan

16. Language panel towards the centre

17. Motif of Mangalayan – reflecting country’s first venture in the interplanetary space.

Source – Advertisement by Ministry of Finance

November 2, 2016

10 changes at Provident fund in last one year has redefined how Provident fund serves Indian work force

Latest – App to check PF balance, regularising inoperative PF accounts, earning 8.8%

As you are reading my article, which is available only for online readers, chances are very high that you can easily trace and access your unclaimed/ inoperative PF accounts. Many a times its sheer inertia, sometimes documentation issues, complication with previous organisation holds many professionals update the PF account when they quit/change jobs. There are other reasons like shifting cities, relocating to different country or death of the account holders of creating a pool of 42,000 crore in 9.7 crore account. I appreciate the move of Government of India to continuing paying interest on these accounts.

EPF is an important saving cum investment instrument for mre than 10 crore indian employees. With the new rules, employees are benefited for smooth tracking and transactions. A Big Thank you to the Modi Government. It is not all roses without thorns, there were major retaliation by public on few proposal by government this budget, one was taxation on PF accrued.

I have also not yet forgotten the July 2016 proposal of finance ministry of utilising portion of the funds from inoperative accounts to be utilised in senior citizen welfare schemes. Owing to strong opposition and pressure from labour unions, the government actually did an U-TURN and made it an opportunity by regularising the PF accounts. Not only increasing the social security, government also managed to garner some popularity of working class vote bank.

There has been some interesting update on the Employee Provident funds in India during last one year. Listing down some important developments.

·         PF claims in cases of death set to be settled in a week

·         PF claim settlement period brought down to 20 days

·         EPFO does away with employer’s signature for PF withdrawal

·         Employees’ Provident Fund Organisation orders EPF to be released before retirement

·         UAN is a must for smooth transfer of Provident Fund

·         EPFO to pay 8.8% interest on “inoperative” accounts: Govt to issue notification soon

·         Employees’ PF Organisation services soon at 2 lakh common service centres of IT Dept In a move to increase participation in the indian equity market, EPFO has invested over Rs 9000 crore in Exchange Traded Funds

·         No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1.

·         CMPFO launches app to view PF balance

All’s well which ends well. Hope government keeps up with its promises to the working class Indians and doesn’t interfere with this money.

About EPF

Employee Provident Fund is one of the most important employee benefit scheme in India. The product is not an optional instrument. For every registered organisation with 20 employees has to mandatorily register for EPF (except exempted quota). A company can voluntarily register for EPF with employees less than 20.