Finance

Employees are hoping for ‘Work from Home’ tax relief. Will the FM grant?

Having recently completed a short survey for personal study on #WFH trend, it was almost impulsive that I swiped the article to scan for details. It was about how, in a major policy change for IT, ITeS and BPO/ KPO industries, the Department of Telecom has significantly eased guidelines known as Other Service Provider (OSP) Guidelines....

Read More

Which is the Best Time to Invest in Mutual Funds?

Investors often wonder when to invest in mutual funds. Little do they know that there is no right or ideal time when it comes to investing in mutual funds. Although, an investor should try to invest in mutual funds at the earliest. An investor can choose to invest any day they like. Before choosing a […]...

Read More

Moneyfy – Time to Get Your Money in Action

While we are raised to abide by the principle that investment is good, we are not always pointed in the right direction in terms of tools of investments. This is why picking the right tool becomes particularly tricky for first-time investors considering the many financial options there are in the market. Hence, Tata Capital launched [&hel...

Read More

How to Start a New Business in India– Necessary Steps to Take Care

In the current era of competitive market, every person wants to start its own business but due to inadequate knowledge and experience their business fails in starting 1-2 years. Either they fail due to cash crunch situation, wrong marketing strategies or due to non-compliance of law. During our day to day practice many youngsters contact ...

Read More

How NBFCs Can Venture into Insurance Business

Non-Banking Financial Companies (NBFCs) have been trying to enter the markets of insurance business for a long time. In 2000, the Central Bank of Indian Government, i.e. RBI gave a green light to them and the NBFCs since then are operating in the Insurance sector....

Read More

Momentum of reforms continues during pandemic & will continue: FM

In the present pandemic times when the headwinds to growth have exacerbated, the reforms momentum has continued, and will continue in the future as well, said Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman while addressing the National MNCs Conference 2020 organised by the Confederation of Indian Industry (CII) h...

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COVID 19 Ex Gratia to borrowers for difference in interest : FAQs

The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st ...

Read More

Clarification on news of increase in service charges by banks

There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs).  In this context, the factual position is as follows:   ...

Read More

GIFT IFSC prescribes framework for listing of Depository Receipts

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Depository Receipts (DRs)....

Read More

Draft Loan Agreement

To be printed in stamp paper of Rs.______________ (based on the respective Stamp Act applicable)  LOAN AGREEMENT LOAN AGREEMENT BETWEEN Mr A son of Mr. B, residing at (Address of the loan provider) AND Mr. C son of Mr. D, residing at(Address of the borrower) THIS AGREEMENT made and entered into at(Place—-) this (Date ——...

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In absence of order by Adjudicating Authority within 180 days, Provisional Attachment Order under PMLA ceases to have effect

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) - Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) Sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2002 (ACT) empowers the Director or any other officer not below the rank of the Deputy Director authorized by the Director of Enforcement in this...

Read More

Dishonour of Cheque: Drawee need not wait for 15 days if intention of drawer to not pay is clear

Ravi Dixit Vs State of U.P. and Another (Allahabad High Court) - Ravi Dixit Vs State of U.P. and Another (Allahabad High Court) Learned counsel for the petitioner has submitted that the summoning order is without compliance of provisions of Section 138 of the Act, 1881; the application has been falsely implicated due to enmity and financial dispute with the compl...

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HC denies Bail to MD of IL&FS Transportation in alleged Money Laundering case

Ramchand Karunakaran. Vs Directorate of Enforcement (Bombay High Court) - Ramchan Krunakaran Vs Directorate of Enforcement (Bombay High Court) In Nikesh Tarachand Shah Vs. Union of India,  2018(11) SCC 1, the Apex Court has reiterated the principle concerning grant of bail being the rule and refusal being exception and while dealing with Section 45 of the PMLA Act which ...

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A Trainee Cannot Excluded from Definition of Term ‘Employee’ under Gratuity Act

Irel (India) Limited Vs P. N. Raghava Panicker (Kerala High Court) - The issue under consideration is whether a trainee is excluded from the definition of the term 'employee' under the Gratuity Act? A trainee is not excluded from the definition of the term 'employee' under the Gratuity Act. What is excluded is an 'apprentice'....

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Wind up of six Mutual Fund Schemes by Fanklin should be with consent of unit-holders: HC

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court) - SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court) i) We hold that no interference is called for in the decision of the Trustees taken on 23rd April 2020 of winding up the said six Schemes; ii) We hold and declare that the decision of the Trustees (the Franklin Templeton Tr...

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12 key announcements under AatmaNirbhar Bharat 3.0

Release ID: 1672321 - (12/11/2020) - Ministry of Finance Finance Minister announces measures on AatmaNirbhar Bharat 3.0 Ø A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Ø Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up t...

Read More

Atmanirbhar Bharat Package 3.0

Release ID: 1672260 - (12/11/2020) - Ministry of Finance Presentation of details under Aatmanirbhar Bharat Package 3.0 to support Indian economy in fight against COVID-19 as announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman Posted On: 12 NOV 2020 12th November 2020 Ministry of Finance State of Economy ...

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Notification for Rate of Interest on GPF for Q3 of 2020-21

Notification No. F.No. 5(2)-B(PD)/2020 - (27/10/2020) - It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st October...

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Revision of deceased claim sanction limit in National (Small) Savings Schemes where no nomination exists or no legal evidence is available

SB Order No. 36/2020 - (06/11/2020) - SB Order No. 36/2020 e.F.No.113-02/2019-SB Government of India Ministry of Communications Department of Posts Dak Bhawan, Sansad Marg, New Delhi-110001 Date: 06.11.2020 To, All Head of Circles/Regions Subject: – Regarding revision of deceased claim sanction limit in National (Small) Savings Sc...

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Loans of more than Rs. 2 lakh crore sanctioned under ECLGS

Release ID: 1669449 - (02/11/2020) - The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the e...

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Recent Posts in "Finance"

Employees are hoping for ‘Work from Home’ tax relief. Will the FM grant?

Having recently completed a short survey for personal study on #WFH trend, it was almost impulsive that I swiped the article to scan for details. It was about how, in a major policy change for IT, ITeS and BPO/ KPO industries, the Department of Telecom has significantly eased guidelines known as Other Service Provider (OSP) Guidelines....

Read More
Posted Under: Finance |

Which is the Best Time to Invest in Mutual Funds?

Investors often wonder when to invest in mutual funds. Little do they know that there is no right or ideal time when it comes to investing in mutual funds. Although, an investor should try to invest in mutual funds at the earliest. An investor can choose to invest any day they like. Before choosing a […]...

Read More
Posted Under: Finance |

Moneyfy – Time to Get Your Money in Action

While we are raised to abide by the principle that investment is good, we are not always pointed in the right direction in terms of tools of investments. This is why picking the right tool becomes particularly tricky for first-time investors considering the many financial options there are in the market. Hence, Tata Capital launched [&hel...

Read More
Posted Under: Finance |

How to Start a New Business in India– Necessary Steps to Take Care

In the current era of competitive market, every person wants to start its own business but due to inadequate knowledge and experience their business fails in starting 1-2 years. Either they fail due to cash crunch situation, wrong marketing strategies or due to non-compliance of law. During our day to day practice many youngsters contact ...

Read More
Posted Under: Finance |

Momentum of reforms continues during pandemic & will continue: FM

In the present pandemic times when the headwinds to growth have exacerbated, the reforms momentum has continued, and will continue in the future as well, said Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman while addressing the National MNCs Conference 2020 organised by the Confederation of Indian Industry (CII) h...

Read More
Posted Under: Finance |

How NBFCs Can Venture into Insurance Business

Non-Banking Financial Companies (NBFCs) have been trying to enter the markets of insurance business for a long time. In 2000, the Central Bank of Indian Government, i.e. RBI gave a green light to them and the NBFCs since then are operating in the Insurance sector....

Read More
Posted Under: Finance |

In absence of order by Adjudicating Authority within 180 days, Provisional Attachment Order under PMLA ceases to have effect

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court)

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) Sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2002 (ACT) empowers the Director or any other officer not below the rank of the Deputy Director authorized by the Director of Enforcement in this regard, to pass an order […]...

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Reforms Needed To Expand Tax Net

Tax-to-GDP ratio represents the size of a country’s tax kitty relative to its GDP. It indicates the size of the government’s tax revenue expressed as a percentage of the GDP. A higher tax to GDP ratio means that the government is able to cast its fiscal net wide. It reduces a government’s dependence on borrowings [&helli...

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Posted Under: Finance |

How Can You Get an Estimate of Life Insurance Premium?

Life insurance offers multiple benefits in the form of protection, tax savings, wealth creation, and more. In general, a life insurance policy is simply about having financial assistance ready for you, like a safe haven, to protect not only you but also your family in your absence. These policies are designed to provide financial assistan...

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Posted Under: Finance |

Dishonour of Cheque: Drawee need not wait for 15 days if intention of drawer to not pay is clear

Ravi Dixit Vs State of U.P. and Another (Allahabad High Court)

Ravi Dixit Vs State of U.P. and Another (Allahabad High Court) Learned counsel for the petitioner has submitted that the summoning order is without compliance of provisions of Section 138 of the Act, 1881; the application has been falsely implicated due to enmity and financial dispute with the complainant and that cheques were dishonoured...

Read More

Practical Problems in Two Wheeler Industry in India

Looking at the present GST  Collections, I personally doubt if there can be a rejig in the GST Rates on two wheelers because this is one main source of income which the GOI cannot ignore. It will continue to be taxed in the 28 % Slab....

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Posted Under: Finance |

HC denies Bail to MD of IL&FS Transportation in alleged Money Laundering case

Ramchand Karunakaran. Vs Directorate of Enforcement (Bombay High Court)

Ramchan Krunakaran Vs Directorate of Enforcement (Bombay High Court) In Nikesh Tarachand Shah Vs. Union of India,  2018(11) SCC 1, the Apex Court has reiterated the principle concerning grant of bail being the rule and refusal being exception and while dealing with Section 45 of the PMLA Act which imposes twin stringent condition for off...

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Gold Loans & Frauds

When I was doing my CA Articleship in a small town of Udupi in Karnataka to be precise we used to have lots of Bank Audits because Udupi and neighboring district of Mangalore were responsible for the Formation of 5 Big banks of India which later got merged by the Government of India order, previously […]...

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Posted Under: Finance |

Atmanirbhar Bharat Package 3.0 – Summarised Highlights

Introduction The Indian Economy has suffered heavily due to COVID-19 Pandemic, The Government had provided stimulus package in form of ATMANIRBHAR BHARAT PACKAGE 1.0 and ATMANIRBHAR BHARAT PACKAGE 2.0 in order to review the industry. The government on 12th November 2020 announced Atmanirbhar Bharat 3.0 packages to provide further relief t...

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Posted Under: Finance |

12 key announcements under AatmaNirbhar Bharat 3.0

Release ID: 1672321 (12/11/2020)

Ministry of Finance Finance Minister announces measures on AatmaNirbhar Bharat 3.0 Ø A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Ø Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20% Ø Production Linked Incentive wor...

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FM Gifts ‘Aatma Nirbhar Bharat Stimulus Package 3.0’, on Occasion of Dhanteras

FM Gifts ‘Aatma Nirbhar Bharat Stimulus Package 3.0’, on the Occasion of Dhanteras The festival of ‘Dhanteras’ kickstarts the festivities of Diwali, bringing with it new hopes, aspirations, enthusiasm and vibrancy. According to Hindu mythology, on this day, Goddess Lakshmi emerged from the ocean of milk along with a pot full of Go...

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Posted Under: Finance |

Understanding (Adjusted Gross Revenue) woes

Introduction Some 25 years back on July 31 st 1995, the then CM of West Bengal Sri Jyothi Basu  dialled up Sri Sukhram the then Union Communications minister through (Modi-Telstra) Network which later took an new avatar as Spice Telecom. That time both the outgoing and incoming call were charged at Rs 16 & Rs […]...

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Posted Under: Finance |

Atmanirbhar Bharat Package 3.0

Release ID: 1672260 (12/11/2020)

Ministry of Finance Presentation of details under Aatmanirbhar Bharat Package 3.0 to support Indian economy in fight against COVID-19 as announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman Posted On: 12 NOV 2020 12th November 2020 Ministry of Finance State of Economy – Strong Recovery COVID active cases d...

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A Trainee Cannot Excluded from Definition of Term ‘Employee’ under Gratuity Act

Irel (India) Limited Vs P. N. Raghava Panicker (Kerala High Court)

The issue under consideration is whether a trainee is excluded from the definition of the term 'employee' under the Gratuity Act? A trainee is not excluded from the definition of the term 'employee' under the Gratuity Act. What is excluded is an 'apprentice'....

Read More

Prevention of Money Laundering Act, 2002

In the past when you had to open a Simple Bank account in any branch of PSU / Private Sector Bank in India, apart from filling all the particulars in the Account opening form, you had to fill a space wherein somebody known to you personally had to introduce you to bank and to sign […]...

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Posted Under: Finance |

Due date of Emergency Credit Line Guarantee Scheme extended till 30.11.2020

The Government of India recently had extended the Emergency Credit Line Guarantee Scheme (ECLGS) by a month till 30th November 2020, as the scheme had thus far failed towards meeting the target of Rs 3 lakh crore. The scheme has been launched as part of the Atma Nirbhar Bharat Abhiyan package, which was announced by the Finance Ministe...

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Posted Under: Finance |

Amazon (Gopal Subramanium) vs. Reliance/Future Group (Harish Salve): An Intriguing Battle of Market Share & Nerves

Amazon (Gopal Subramanium) vs. Reliance/Future Group (Harish Salve): An Intriguing Battle of Market Share & Nerves All of us are aware of the much talked about announcement of the acquisition of the Kishor Biyani’s Future Group Retail Business including Big Bazar by the Mukesh Ambani’s Reliance Industries (RIL) for a c...

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Posted Under: Finance |

Wind up of six Mutual Fund Schemes by Fanklin should be with consent of unit-holders: HC

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court)

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court) i) We hold that no interference is called for in the decision of the Trustees taken on 23rd April 2020 of winding up the said six Schemes; ii) We hold and declare that the decision of the Trustees (the Franklin Templeton Trustee Services private […]...

Read More

COVID 19 Ex Gratia to borrowers for difference in interest : FAQs

The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st ...

Read More
Posted Under: Finance |

Notification for Rate of Interest on GPF for Q3 of 2020-21

Notification No. F.No. 5(2)-B(PD)/2020 (27/10/2020)

It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st October, 2020 to 31st December, 2020 bear inter...

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Revision of deceased claim sanction limit in National (Small) Savings Schemes where no nomination exists or no legal evidence is available

SB Order No. 36/2020 (06/11/2020)

SB Order No. 36/2020 e.F.No.113-02/2019-SB Government of India Ministry of Communications Department of Posts Dak Bhawan, Sansad Marg, New Delhi-110001 Date: 06.11.2020 To, All Head of Circles/Regions Subject: – Regarding revision of deceased claim sanction limit in National (Small) Savings Schemes where no nomination exists or no l...

Read More

Clarification on news of increase in service charges by banks

There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs).  In this context, the factual position is as follows:   ...

Read More
Posted Under: Finance |

Types of Business Entities in USA & How to choose right one from it

Whenever a person starts to think to open a business entity in the United States, one and the foremost question arises in the mind that which type of business entities is useful for them. Hence to overcome this type of situation there is a brief explanation done below to understand well in brief about different […]...

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Posted Under: Finance |

Start-up Listing – Opportunity to Organic Growth

Bombay Stock Exchange Limited (BSE) has set up the BSE Start-up Platform according to the rules and regulations of the Securities and Exchange Board of India (SEBI). BSE Start-up Platform offers an entrepreneur, an Investor friendly environment which enables the listing of Small and Medium Enterprises (SMEs) from the unorganised sector sc...

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Posted Under: Finance |

Reasons Why You Need a POS Solution for Your Business

As a medium and small-sized business owner, you have the option to increase the efficiency, profitability, and achievement of your commercial enterprise. You should make sure that you are capable of achieving this in a way that is stable whilst supplying clients with the comfort they deserve. A good Point of Sale solution works as [&helli...

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Posted Under: Finance |

Family Owned business In India

Family held and run businesses are the oldest and most prevalent form of business ownership anywhere in the world. Family businesses form the backbone of any country’s prosperity and economy. In India, keeping business ownership within a family is a deeply-rooted practice since ages. India enjoys a rich and glorious history of family-ow...

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Posted Under: Finance |

Cleaning & Maintenance of Books of Accounts on the occasion of Diwali!

Krishna, the festival of Diwali is arriving. Housewives (Gruhlaxmi) are busy in cleaning and decorating homes. Businessmen are also busy in the market. Accordingly please explain, what should be done of old records of Books of accounts under various Act, so that cleaning of business places can be done....

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Posted Under: Finance |

Loans of more than Rs. 2 lakh crore sanctioned under ECLGS

Release ID: 1669449 (02/11/2020)

The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the expected increase in demand during the on...

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Business Model- Asset Heavy v/s Asset Light

No wonder that modern day businesses are always keen on coming up with new and innovative methods and strategies to scale up faster effectively and efficiently, however, with the fast advent of new technologies and democratization of the world wide web right since 1990’s has given birth to many alternative models of operations, includin...

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Posted Under: Finance |

Where to Set Up a New Business in India?

Any Business should base in a city where they have the best relationships with the business environment. This includes relationships with talent, suppliers, buyers, and investors. Let us understand briefly about some states in India for starting a new venture: – # Capital State of India i.e. New Delhi: – New Delhi is the capit...

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Posted Under: Finance |

Emergency Credit Line Guarantee Scheme – Extension of duration of scheme

Ref No. 3014 /NCGTC /ECLGS NCGTC (31/10/2020)

The Scheme would be applicable to all loans sanctioned under GECL during the period from the date of issue of these guidelines by NCGTC to 30.11.2020, or till an amount of Rs 3,00,000 crore is sanctioned under the GECL, whichever is earlier. ...

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Covid 19: Government of India is in same boat as all of us

All those Businessmen out there, Cheer Up, Even the Union Government of India is in the same boat as all of us, in this corona pandemic. Monthly Review of Accounts of Union Government of India upto the month of September, 2020 for the Financial Year 2020-21 The Monthly Account of the Union Government of India […]...

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Posted Under: Finance |

A Simple Guide to Instant Personal Loans in India

Instant personal loans are one of the most sought after loans in India. They are available to both salaried and self-employed people. Upon showing proof of income, personal loan is disbursed. An instant personal loan is not a burden if utilized properly. It can be taken when there is a shortage of money. But care […]...

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Posted Under: Finance |

Here’s Why 30’s Is the Perfect Time to Buy Health Insurance Plans in India

A medical emergency can heavily impact your emotional as well as financial life. Hence, it is prudent that you buy a health insurance plan early in life. You should even consider buying critical illness insurance and personal accident insurance for specific coverage. Moreover, when you buy health insurance plans in your early 30s, you get...

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Posted Under: Finance |

Practical issues in claiming grant of ex-gratia – Compounded & Simple Interest

The Ministry of Finance has issued a notification (F. No.2/12/2020-BOA.I dated 23.10.2020) announcing the scheme for grant of  ex-gratia payment of difference between Compound Interest and Simple Interest for six months to the borrowers in specified loan accounts (01.03.2020 to 31.08.2020) wherein the following issues are to be addressed...

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Posted Under: Finance |

GIFT IFSC prescribes framework for listing of Depository Receipts

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Depository Receipts (DRs)....

Read More
Posted Under: Finance |

The Big Picture behind No Cost EMI

Everything we buy from E-commerce to Fashion; from Interest-free Insurance payments to our Dream vacations; from Online Courses to Gym memberships, often the seller of the product (or service) offers Equated Monthly Installments (EMI) as one of the payment options. EMI is a periodic payment made by a borrower to a lender towards a loan [&...

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Posted Under: Finance |

7.1% Interest on Deposit under non-government PF, superannuation & gratuity

F. No. 5(2)-B(PD)/2020 (27/10/2020)

Govt notifies 7.1% interest rate on Deposit made under non-government PF, superannuation and gratuity w.e.f. 1st October, 2020. Revised GPF Interest Rate is applicable for the period from 1st October, 2020 to 31st December, 2020 and is applicable on following funds- i) The General Provident Fund (Central Services); ii) The Contributory Pr...

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Investments options for Senior Citizens

One of my journalist friends, who retired after completing 60 years, called me to seek my opinion about safe investment avenues with relatively better returns available for senior citizens. And this is how the idea germinated about this article. Let us discuss the safe investment avenues with better returns which are available to senior c...

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Posted Under: Finance |

Can person with zero credit score get a home loan

My nephew who wanted to take a home loan and whom I had advised to obtain his CIBIL report, called me to express his shock when he found 0 credit score in his CIBIL report. He was worried that with 0 score, which he perceived to be negative rating, he would not be able to […]...

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Posted Under: Finance |

Challenges faced in leverage buyout model by Private Equity firms in India

Private Equity investments have played a major role in corporate growth on a global level. Private Equity firms (PE firms) have usually invested in companies through the financial strategy of Leverage Buyout. However, these firms have to adopt a hybridised and customised model to deal with the ubiquitous role of complex investment regulat...

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Posted Under: Finance |

Govt issues guideline for interest waiver (1.3.2020 to 31.8.2020)

F. No. 2/12/2020-BOA.I (23/10/2020)

Central Government has approved Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Benefits under the scheme would be routed through lending institutions....

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IDFC First Bank offering 7% interest on Saving Bank Account- Inherent Risks an investor should consider

Today, we all are living in a time when interest rates on all deposits are running at a lifetime low or nearby lifetime, an investor who has limited time, lack of financial knowledge always wishes to invest in small deposit schemes of banks/governments looking to earn safe and secure interest income on such deposits/ advances […]...

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Posted Under: Finance |

Retirement Saving – National Pension System (NPS)

NATIONAL PENSION SYSTEM (N.P.S.) BACKGROUND The National Pension System is a defined contribution scheme launched by Pension Fund Regulatory & Development Authority (P.F.R.D.A) in 2004 for government employees & subsequently in 2009 for all citizen. The eligible subscribers are allotted a 12 digit unique Permanent Retirement Accou...

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Posted Under: Finance |

5 Best Ways to Learn Stock Market for Beginners

In this blog, we have covered a few most effective ways to learn the stock market for beginners. FinnovationZ is one of India’s leading platforms that answers all your doubts about investment and trading....

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Posted Under: Finance |

Why the EMI Card is the more preferred payment option during a crisis

Managing one’s finances during a crisis can be a daunting task and it often teaches us a few things about being better at managing our finances. The good news is that today we have many tools at our disposal which allow us to get going during trying times. One such tool is the Bajaj Finserv […]...

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Posted Under: Finance |

SC dismisses PIL against alleged Mis-utilisation of Funds Lying in NCEF

Atul Gulati Vs Union of India (Supreme Court of India)

In the Instant case the PIL has been filed by the Petitioner in public interest against the diversion and misutilization of the funds lying in the National Clean Energy Fund (NCEF) in front of Supreme Court....

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Real Reason Why You Cant Save

In the following article I have elaborated certain mistakes that one does un-knowingly and ultimately leads to financial crises. Here are some of the reasons due to which a person is not able to save or invest. 1. CHOOSING WRONG INVESTMENTS  MISTAKES CORRECTIONS Keeping money in bank account, F.D., R.D. you might be wrong if […]...

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Posted Under: Finance |

Draft Loan Agreement

To be printed in stamp paper of Rs.______________ (based on the respective Stamp Act applicable)  LOAN AGREEMENT LOAN AGREEMENT BETWEEN Mr A son of Mr. B, residing at (Address of the loan provider) AND Mr. C son of Mr. D, residing at(Address of the borrower) THIS AGREEMENT made and entered into at(Place—-) this (Date ——...

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Posted Under: Finance |

HC dismissed WP Filed against Credit Rating Agency as it is Private Body & Not ‘State’ as per Constitution

Mahasemam Trust Vs Union Of India (Madras High Court, Madurai Bench)

The issue under consideration is whether the writ petition filed against credit rating agency by stating that they are not authorised to discharge "Public Functions" as it is not characterised as 'State ' will be sustain in law?...

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2.5 crores subscribers enrolled under APY

AUM through NPS and APY subscribers under Pension Fund Regulatory and Development Authority crosses Rs 5 trillion. 8,186 corporate enrolments with 10.50 lakhs subscribers till 10th Oct 2020. 2.5 crores subscribers enrolled under APY...

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Posted Under: Finance |

New Paint On Door One: A Bond Update

The government has executed a re-think on the outstanding GST compensation issues by announcing intent to borrow itself under the Option 1 amount of INR 1,10,000 crores and allocating this to states as loans. It may be remembered that earlier the center had apparently insisted that, while it will ‘facilitate’ the borrowing for states,...

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Posted Under: Finance |

Domesday Book: U. K’s book on lands Vs India’s Svamitva, digital document for poor

History gleefully laughs at our tax administration which wanted to tax retrospectively and implemented its ideas to have an adverse reaction in Singapore and is planning legal steps further therein. But my mind was drawn to a historic but notorious book, named ‘Domesday Book‘ which contains the minutest details of many parts o...

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Posted Under: Finance |

World Bank: COVID head winds and resurgent efforts

Without splashing its efforts but humbly working with billions of human race, World Bank has set to excel its efforts in meeting head-on collision with the most dangerous economic, unhealthy, or global disaster unheard of or even unpredicted by any disaster team in the world, namely, COVID 19, the most unrepentant event we have ever [&hel...

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Posted Under: Finance |

Misinterpretation of LTC stimulus and its benefits

NA (13/10/2020)

A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in its understanding of how Government LTC works....

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Tax Saving – Public Provident Fund ( PPF)

P.P.F. Account is a LONG TERM SAVING INSTRUMENT provided by the CENTRAL GOVERNMENT, came into force from 1 July 1968. This investment gives us ASSURED RETURNS & PROVIDE OLD AGE INCOME SECURITY TO EVERY ONE. By investing in P.P.F Account we can see the POWER OF COMPOUNDING in the long run. This account is under […]...

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Posted Under: Finance |

Twenty States allowed to mobilize Rs. 68,825 crore

The Department of Expenditure, Ministry of Finance, has today granted permission to 20 States to raise an additional amount of Rs.68,825 crore through open market borrowings....

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How to invest money during corona virus pandemic

The spread of the novel coronavirus has not yet reached manageable levels. Economies are reeling under the shock of lockdowns and social distancing norms. Life has never been so uncertain in the past century. Hence, it is vital to review your financial decisions now. It would be best if you actively looked for the best […]...

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Posted Under: Finance |

Special Cash Package Scheme In Lieu of LTC for Government Employees

1. The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Government employees. 2. What is LTC Scheme? The Leave Travel Scheme is assistance received by the employee from his employer for traveling on leave. The employee and family can visit ...

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Posted Under: Finance |

FM announces measures of Rs 73,000 crore to stimulate consumer spending

Release ID: 1663722 (12/10/2020)

Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted em...

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FM announces Stimulus to boost Demand in Economy: Highlights

(Release ID: 1663675 (12/10/2020)

Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given....

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Issue of 8.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2019 & 2030

No. 5/1/2019-NS (12/10/2020)

The Government of India, hereby notifies the issue of 8.50 per cent Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2019...

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LTC for Central Government Employees during Block 2018-21

F. No. 12(2)/2020-EII(A) (12/10/2020)

It has been decided that cash equivalent of LTC, comprising Leave Encashment and LTC fare of the entitled LTC may be paid by way of reimbursement, if an employee opts for this in lieu of one LTC in the Block of 2018-21 subject to the following conditions:-...

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Prepay the home loan or invest the surplus?

Many of home-loan borrowers are under a dilemma after they are able to accumulate some cash, whether to prepay home loan or to deploy the surplus funds in some other investment products. The answer for such question cannot be a ready-made and has to be tailor made for each one depending on factors like mind-frame […]...

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Posted Under: Finance |

Learning How To Trade: Steps To Follow

There are millions of neophytes who try to invest their money in casinos each year, but in the end, they become poorer but wiser. When they decide to walk away, they will never have reached their full potential. That’s because the majority of them fail because of a common thing – not taking time to […]...

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Posted Under: Finance |

Why Accounts Professionals Should Never Ignore Fitness

Feeling Stressed, Anxious or Overworked Within Your Workspace? If So, Fitness is Your Answer! Did you know that only one in three adults achieve the recommended amount of physical activity each week, and more than 80% of adults do not meet the recommended guidelines for both aerobic or muscle-strengthening activities? Within our daily liv...

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Posted Under: Finance |

Factors that should be considered for selection of suitable form of Business Orgainzation

There are various forms of business organizations. The selection of the most suitable form of business organization is a very crucial decision because each form of organization has its own merits and demerits. Therefore, it is very important to consider these merits and demerits before selecting the form of business organization. The impo...

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Posted Under: Finance |

Impact of Covid-19 on Recovery of Debts by Banking Industry

The battle with COVID-19 is not only to save the country and its people but also to ensure that the banking channels are working round the clock to cater to the needs of the public as well as financial market. Needless to say, that banking system is the backbone of any country and its failure […]...

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Top 3 Features That MSME//Startup/Business Entrepreneurs Should Make Note While Computing ESI

ESIC is a self-financed social security and healthcare insurance scheme for the working class, which has benefited a large number of workers in the unorganized sector who cannot afford the medical expenses.  ESIC is mandatory for a company with 9+ employees. The ESIC department may leverage data from various sources and issue notices whi...

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Posted Under: Finance |

How To Record Expected Credit Loss

SCOPE: An entity shall recognize ECL on following: 1. FA measured at Amortized Cost 2. FS measured at FVTOCI 3. Lease Receivable 4. Contract Asset or Loan Commitment 5. Financial Guarantee Contract MEANING YOU SHOULD KNOW: PROBABILITY OF DEFAULT (PD): It is an estimate of a likelihood of a default over a given time horizon. […]...

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No bail despite 7 year in Jail due to valid order of remand in other 2 cases

Ritlal Rai Vs. Union of India (Patna High Court)

Ritlal Rai Vs. Union of India (Patna High Court) In this case Though the petitioner has already suffered maximum punishment of seven years, so in the present case lodged under the PML Act, he cannot be kept in judicial custody but, because in two cases in which he is still in jail with respect to […]...

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Mistakes MSMEs Should Avoid While Filing Provident Fund Returns

EPF has been issuing notices left right & center. Leveraging data from co departments such as ESI, INCOME TAX & PT they are finding creative ways to slap notices and fines. Ambiguity in law & various interpretations of the law has also led to many companies being fined. But one thing is clear. It is […]...

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FM reviews implementation of Aatma Nirbhar Bharat Package

Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs...

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Revision of interest rates for National (Small) Savings Schemes w.e.f. 01.10.2020

SB Order No. 33/2020 (01/10/2020)

Rate of interest on various Small Savings Schemes (National Savings Schemes) for the third quarter of financial year 2020-21 (starting from 1st October ,2020 and ending on 31th December, 2020) shall remain unchanged from those notified for the second quarter of Financial Year 2020-21...

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Investment Planning: Why Alternative Thinking Required?

After experiencing the worst global financial crisis of 2008 and passing 12 year anniversaries of the crisis, there has been a good opportunity to reflect and learn what had actually happened and can it happen again....

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India’s natural gas exchange guidelines – New economic horizon

India’s first gas exchange — the Indian Gas Exchange (IGX) — was launched on Monday, September 28, 2020. The exchange is expected to facilitate transparent price discovery in natural gas, and enable the growth of the share of natural gas in India’s energy basket. The IGX is a digital trading platform that will allow buyers [&helli...

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Revised Small Savings Scheme interest rates w.e.f. 01.10.2020

F.No.1/4/2019-NS (30/09/2020)

The rates of interest on various Small Savings Schemes for the third quarter of financial year 2020-21 starting from 1st October, 2020 and ending on 31st December, 2020 shall remain unchanged from those notified for the second quarter (1st July, 2020 to 3oth September, 2020) of financial year 2020-21....

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UTI AMC IPO Review

UTI Asset Management Company Limited (UTI) is set to launch its IPO on 29TH September, 2020, the IPO will be open for subscription to the public for 3 days i.e 29-09-2020 to 01-10-2020. UTI AMC is a registered AMC with SEBI, the oldest AMC erstwhile managed under the Unit Trust of India Act, it is […]...

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Posted Under: Finance |

Investment comparison- Select your Investment type

ARE YOU SELECTING RIGHT.? In this article features different investment products have been elaborated along with the comparison of returns according to the investment tenure. This will help the investor to decide for himself to choose the correct product comparing Time, Returns & Taxability each of them. INVESTMENT FOR A LONGER TENURE...

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All you wanted to know about ESG investing

When it comes to investing, as a responsible citizen, one should evaluate our target companies not only based on financial parameters but also on the basis of certain non- financial parameters. For the non-financial parameters, ESG (Environment Empathy, Social Responsibility and corporate governance) can be considered as a good starting p...

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Farmers’ suicides vis-à-vis Rural Banking in India

We are a society with set and preferred precedents. We meet a small boy and ask him what he wants to become when he grows up. We show admiration for him if he says Doctor, Engineer, Scientist, Pilot, IAS or IPS. We say – wow! What a choice! We meet a small girl and ask […]...

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How Accounting Advisors helping Corporates reach their Financial Goals

It’s not a good idea to embark on a journey without a proper plan. It’s unusual to begin something potentially costly and time-consuming without seeking some advice and taking the suitable instruction beforehand. Still, many small business owners neglect to speak to a financial advisor or are reluctant to try to so when they are [...

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Govt notifies Revised Cover page of SB-5 & SB-5A post office passbooks

S.B. Order 28/2020 (24/09/2020)

This office has been receiving references/suggestion that cover page of both SB-5 and SB-5A passbooks used in CBS and non CBS Post Offices should be different for better identification as well as ease of operation....

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Wire fraud at United States of America – lessons to be learnt in India

Wire fraud, known since 1872 gets mentioned for various crimes committed by all including many Indians in the United States of America. I would like to quote from the United States Department of Justice archives and define it as ‘The elements of wire fraud under Section 1343 directly parallel those of the mail fraud statute, […]...

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Discover four factors that influence the value of the US dollar

The US dollar is the most popular currency worldwide. Its rate is affected by several key factors. Here is an overview of these correlations. US Dollar Rate and the Four Factors That Affect It No other currency beats the US Dollar. It is used for most international transactions. Travelers and traders exchange other currencies to […...

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Insure Your Life in 100% Cashless Way!!

Max Bupa Health Insurance has come up with a Brand New Max Bupa ReAssure Health Insurance Plan. which will give you complete coverage not only against COVID-19 but for all medical needs....

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Posted Under: Finance |

Deposit/opening of account through withdrawal form (SB-7) allowed in Post Offices

S.B. Order 32/2020 (23/09/2020)

Regarding acceptance of withdrawal form (SB-7) with passbook for subsequent deposit/ opening of new account for National (Small) Savings Schemes in GDS Branch Post Offices S.B. Order 32/2020 e.F.No. FS-13/1/2020-FS Government of India Ministry of Communications Department of Posts (F.S. Division) Dak Bhawan, New Delhi Dated :- 23.09.2020 ...

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Financial Goals

Many of us are not aware of the term financial goals what does it mean & why it is important to understand this term for better planning of the future. This article will let you know about:- *  What are Financial Goals * Why it is important to have Financial Goals * Certain examples of […]...

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CAMS IPO – Key Aspects Investors Should Consider Before Investing

Computer Age Management Services Limited (CAMS) is set to launch it’s IPO on 21st September, 2020, the IPO will be open for subscription to the public for 3 days i.e 21-09-2020 to 23-09-2020....

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Posted Under: Finance |

Management Information System

'Information by itself is meaningless until it’s interpreted and analyzed to capture insight and harness innovation.' Management Information System popularly known as MIS is a systematic organization and presentation of information that is generally required by the 'Decision maker' of an organization....

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Posted Under: Finance |

Analysis of Venture Capital Assistance Scheme for Entrepreneurs

What is Venture Capital Assistance Scheme? Venture Capital Assistance Scheme or VCAS is ‘financial support in the form of an interest free loan provided by SFAC to qualifying projects to meet shortfall in the capital requirement for implementation of the project.’ Th primary aim of the scheme is to target Agri Business entrepr...

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Order passed by Ignoring Cross Examination Request is unlawful

M. P. Ganesan Vs The Commercial Tax Officer (Madras High Court)

The issue under consideration is whether the order passed by AO by denying the cross examination request of custom banker as well as bank officials is justified in law?...

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HC Quashes Notification Increasing Tax Rate on Petrol & Diesel in Puducherry

K. Devamani Vs. Union of India (Madras High Court)

the petitioner seek quashing of notification for increasing the rate of tax payable in respect of Petrol and Diesel and fixing the same at 28% and 21.8% respectively....

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Land title system in India – Changes required

Every day some economist or other will suggest changes in lands available for industrial growth or moan our backwardness in the system of landholding. It is time to study seriously what is the present system adopted in various states and whether Torren’s system being suggested by some experts is feasible. Luckily respected Mr. Brij Kuma...

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