Government takes measures to Squeeze the Black Money

The Union Finance Minister Shri Arun Jaitley said that it will be harder days for those who indulge in illegal and illicit transfer of money across the border. He said that world is moving towards transparent regime making it difficult to hide an illicit transfer of money through internet or other modes. The Finance Minister said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international forums to cooperate and coordinate with each other in such cases. The Finance Minister Shri Jaitley was speaking at the Enforcement Day function of the Directorate of Enforcement, Ministry of Finance at Vigyan Bhavan here today.

The Union Finance Minister Shri Arun Jaitley further said that the present Government has taken various steps to squeeze the black money including undisclosed assets within and outside the country. He said that our focus is on reasonable tax rates and ease of doing business for incentivising people to abide by laws and avoid evasion of taxes etc.

Earlier speaking on the occasion, Shri Shaktikanta Das, Revenue Secretary said that there are huge challenges before the Enforcement Directorate. He mentioned about three major challenges especially with regard to black money including Hawala transactions through trade based money laundering, accommodation entry cases through fake companies and Ponzi schemes. He said that there is now better coordination and sharing of information among different revenue intelligence agencies including Enforcement Directorate, DRI, DG Central Economic Intelligence Bureau and Financial Intelligence Units among others. He said that Enforcement Directorate has to abridge itself in order to meet these challenges of innovative minds using innovative techniques for illicit transfer of money. He said that intelligence gathering and investigative skills of the officers of the Directorate have to match the innovative minds that are involved in illegal activities. He said that Revenue Department is open for training of officers of the Directorate to upgrade their skills and learn about various new innovative techniques to meet these challenges.

Earlier, in his Opening Remarks, Dr. Rajan Katoch, Director of the Enforcement Directorate said that this Directorate enforces the provisions of two special laws i.e. Foreign Exchange Management Act (FEMA),1999 and Prevention of Money Laundering Act (PMLA), 2002. He said that the Directorate has completed 59 years of its existence and entered in its 60th year as the first Enforcement Unit was formed on 1st May, 1956. He said that since coming into force of PMLA in 2005, the Directorate has traced and attached laundered assets worth Rs, 9003 crores in 492 attachments orders, arrested 51 money launderers and has prosecuted money launderers in 173 cases. Dr. Katoch further said that during 2014-15, the Directorate has completed investigations in 1576 cases and Notices issued under FEMA in 654 cases for an amount of Rs. 7823 crore. He said that the Directorate also finalised FEMA Adjudication proceedings in 818 cases during this period. During 2014-15, Dr. Katoch added that 166 provisional attachment orders were issued for attached laundered assets of Rs. 3657 crores and prosecution of money launderers was launched in 69 cases.

Earlier, the Finance Minister Shri Jaitley also gave awards and Director’s Commendations for outstanding performance and meritorious service to the officers of the Enforcement Directorate as well as to Kolkata and Guwahati Zonal Offices for their best performance and to Ahmedabad and Kochi Zonal Offices for their outstanding performance in 2014-15. -PIB

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5 smart moves before availing a Home loan

5 smart moves before availing a Home loan

Investing in a home is the prime investment most people in the world care about. It is a lifetime dream for any individual. A home loan will be the biggest and most important loan an individual will ever go for in their entire life. This is the primary reason that there is a long list of banks and financial institutions which offer all types of home loans in India. People these days are choosing Home Loans for their different needs. Hence, it's important to make the right decisions when you approach a bank for a home loan to buy your dream house. Here are some important things to watch out for says Brijesh Parnami, CEO Destimoney Advisors

1. Do your own research

Home loans are marketed pretty aggressively by most financial institutions, luring investors with attractive interest rates and schemes. It however pays to take decisions wisely before taking the plunge. It is important to understand the terms and conditions of the loan agreement, penalties, charges etc. Do not hesitate to ask the sales person or the bank to explain or clarify even the slightest information.

2. Set your budget

The first step before embarking on a home-loan application is to decide on your budget. A standard home loan will cover upto 80% of your requirement (the overall cost of the property). You will need to raise a minimum of 20% and also separately, take into account stamp duty, registration charges, brokerage etc.

3. Know eligibility for a home loan

Loan eligibility is calculated based on your ability to pay and the cost of the house. There are a number of ways you can increase your loan eligibility. For instance you may choose longer loan tenure in return for higher eligibility. You may request the bank to club the incomes of close relatives like your spouse or parents.

4. Calculate Interest Rates and other Fees

These rates vary from institution to institution and through certain periods of time through the year when special promotional offers and discounts are in place. Beware of such banking terminology as ‘fixed rate’, ‘floating rate’ and ‘reducing balance’. Discuss these factors thoroughly before deciding on an option that suits you best.

5. Documents need to furnish

One should be aware of the requisite documents for a home loan procedure. Some of the basic documents include Photo Identity, Pan Card, Address proof, Bank Statement, Salary Slip, Form 16 etc. that one needs to submit for availing a home loan.

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State Bank of India Enhances Customer Experience with Datacard® Instant Issuance Debit Card Solution

State Bank of India Enhances Customer Experience with Datacard® Instant Issuance Debit Card Solution

First Integrated Kiosk Solution in South Asia that Offers Self-Service Capabilities for Instant Issuance of Debit Cards

Mumbai, Maharashtra, India and Minnetonka, United States

EntrustDatacard today announced that it has launched the first integrated instant issuance kiosk solution in South Asia with State Bank of India (SBI). This is also the first instant EMV chip card personalization application in Asia – which follows the Reserve Bank of India’s (RBI) regulation.

State Bank of India opened its first set of seven outlets immersed with digital capabilities in prime business districts and shopping malls in Mumbai, New Delhi, Bengaluru, Chennai, Kolkata and Ahmedabad. The sbiINTOUCH outlets appeal to India’s burgeoning millennial population. The technology-savvy customers are attracted to the efficient, self-service nature of these outlets, in which they will manage the majority of their business on their own while SBI staff focuses on more value-added advisory transactions.

“India is in the midst of a major demographic transition and we recognize that our customers increasingly expect digital services to help them manage their financial needs,” said Arundhati Bhattacharya, the chairman of State Bank of India. “Today, more than half of India's population is under the age of 25. By 2020, India's average age will be just 29 years – this is a digital demographic: one that expects businesses to provide solutions immediately. At the same time, the mass affluent – no matter what their age have similar expectations. Indian banks need to provide a strong response to these new demands. These branches are a first step in the journey to offering full digital services across the nation.”

“INTOUCH is the start of SBI’s digital journey,” said S K Mishra, deputy managing director, State Bank of India. “This is our attempt to put our brand SBI in touch with the dreams of the aspirational customer. It is a deep rooted transformation that has three aspects: a transformation of the customer experience we deliver; introduction of device centric technology that is at the forefront of our global peers; and transformation of the behavioral model of our staff-base to be even more customer centric.”

From their compact size to their self-service orientation, SBI’s digital outlets are designed for efficiency. Using self-service kiosks, customers can open accounts and access online banking accounts. The customers can also make use of instant debit card issuance kiosks which enable a secure and real time issuance of a fully personalised debit card.

State Bank of India, the largest public sector bank in India is recognized for innovative banking technology. With the vision of “Next Generation Banking with a difference” SBI has decided to implement instant issuance of personalised debit cards in sbiINTOUCH outlets. Entrust Datacard is one of the partners in enabling this unique branch model for the customers to experience instant issuance of personalised debit cards.

“Banking models are evolving and transitioning to meet the needs and requirements of our younger generations,” said Rajiv Singh, managing director of Entrust Datacard, South Asia. “The Datacard® instant issuance kiosk solution will allow SBI to evolve with the market demands of the massive card growth in India, as well as differentiate themselves by providing a powerful new way to drive revenue and engage customers.”

Entrust Datacard currently has over 20,000 instant issuance branch installations worldwide, and millions of cards are issued on their solutions every year. In addition, the Datacard® portfolio has been combined with the Entrust® software authentication platforms that strengthen security in a wide range of identity and transaction ecosystems. Financial organizations can now rely on this bundled offering to include the physical issuance and personalization technology of card programs; and the logical and digital security features for cardholder data and transaction-based applications.

About Entrust Datacard

Consumers, citizens and employees increasingly expect anywhere-anytime experiences — whether they are making purchases, crossing borders, accessing e-gov services or logging onto corporate networks. Entrust Datacard offers the trusted identity and secure transaction technologies that make those experiences reliable and secure. Our solutions range from the physical world of financial cards, passports and ID cards to the digital realm of authentication, certificates and secure communications. More than 2,000 Entrust Datacard employees serve customers in 150 countries worldwide. For more information, visit www.entrustdatacard.com.

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Western Union Launches New Initiative to Showcase Residents' Journeys in Their Host Countries

DUBAI, UAE, November 19, 2014 /PRNewswire/ --

'My Yellow Brick Road' campaign invites residents to share their personal and professional stories in the GCC

The Western Union Company (NYSE: WU), a world-leading money transfer company, today announced the launch of the 'My Yellow Brick Road' campaign, inviting residents in the GCC many of whom are migrants, to talk about their lives and their journeys in their host countries.

The campaign's theme derives its title from the popular children's novel 'The Wonderful Wizard of Oz'. In the novel the heroine Dorothy is a young girl who leaves her farmhouse and embarks on a magical journey to emerald city travelling along the Yellow Brick Road.

Western Union's 'My Yellow Brick Road' campaign http://www.myyellowbrickroad.net calls on expatriates in the GCC to share glimpses of their personal and professional lives and asks them to share their proudest and happiest memories that illustrate their journey's meaning and accomplishments along their own yellow brick road. The online survey invites respondents to provide responses to multiple choice questions in order to generate interesting stories about their experiences living and working their host country that would move others and inspire them to think of their own successes.


About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of December 31, 2013, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs. In 2013, The Western Union Company completed 242 million consumer-to-consumer transactions worldwide, moving $82 billion of principal between consumers, and 459 million business payments. For more information, visit http://www.westernunion.com

SOURCE Western Union

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Medical Colleges – Money Making Colleges

By G.Gayathri

Why people want to opt for studies, professional or research in other countries than in India, our Mother Land? Because it is not the merit and the knowledge that counts when it comes to studies, there is something else that matters to these institutions - that is Money. Government has imposed many rules and restrictions regarding the fees structure and admissions, but they are just limited to papers.

Merit students are unable to get seats in the medical colleges because they cannot afford to pay donations in lakhs and crore. This is not limited to just one college, university or one place or state, this disease is spread across the whole country, especially to the medical institutions. Once two students were traveling in a train and they were talking about career and jobs and one of them who was a medical student said. If you want to settle down well in life financially there is no better business than education and especially medical colleges you open one medical college by doing anything and you are settled for a life time. This is a real incident and these are the real words as it is spoken by a medical student.

This is the impression that our system and institutions are conveying to our future generation, especially doctors. Medical Profession has very high respect among any other profession and doctors are considered equal to God because they save our life, but today it has become a mere money making profession what a pity. Colleges take money and give admission to students who do not qualify and have no knowledge, and when they come out as qualified doctors they in turn play with the life of the people.


They are qualified as doctors because of money but not because of the knowledge and the interest and respect they have towards the profession. Such people put people’s life at risk along with their money and imagine if such people go out to work in other countries what will be the reputation of our country? None of these things bother the Medical Institutions and Medical Universities. There are many meritorious students, whose dream is to become a doctor, they studied day and night and got the best qualified ranks that entitle them for a seat in medical college, but they had to face the hard truth that merit does not count only money counts.


A film was made on the same subject, where a poor student who is brilliant in studies and whose only dream in life is to become a doctor ends up committing suicide because he has no money to pay the donation. This is a film but there are people out there in real life who are living with the same hard truth unable to digest the hard fact and unable to do anything against this. When will our system and managements get cured of this disease of seeing medical profession as a money making profession only God knows.

If these people, who pay donations and earn doctor degrees, are the future doctors of this country there is nothing left to say. If there is an impression among the people that rules are limited only to books, it is because of things like these keep happening and it doesn’t make any difference to people who are supposed to follow them. Rules are in their place and we keep doing what we have to.

There is a high need for the things to change and more importantly change in the attitude of the people is needed, that earning money by any means is not the only thing in life, there are some things known as Morals and ethics, and we have no right to play with the dreams and life of the future generation.


It is because of this only reason that though there are many people and especially students, who are meritorious, talented and genius but are unable to do anything, and it is for the same reason that talented professionals try to work for other countries and students who are meritorious and talented prefer to study in other countries rather than our own country. Because there they look only for talent and knowledge and in turn encourage students by giving scholarships and offering them scope for research and development. Let us hope that a day will come when the educational institutions of this country will seek for real knowledge and merit rather than money.

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Frugal Living: Choice is Yours

Frugal living the best ways to live as you like, it is not always wrong to consider that frugal living is about reducing all our wants and desires to save something.

Living in budget is the mantra for frugal living,whenever you are having plan to spend more, just quickly go through some of the tips for saving money.

Best thing you can do is to save some amount from your expenses daily, so that you would be able to face any contingency situation unexpected.

Regarding the budget - income and expenditure, you have be tough while saving money if at all your planning to make your life a part for frugal living.

Always remember that it is you who can save a penny, instead of spending it. Saving is the straight forward ways for progress.

Lets consider, what would happen barring the concept of frugal living, nothing major change but you would having less or no money left to meet some emergency or to any consistent expenses in life.

In life, there is need for consistency all the time be it the income or expenditure. The regular inflow of income make you comfort.

And you can't check the outflow - expenditure completely, but you can be selective - that is what frugal living is all about.

Cut your expenses as much as possible, but not to that extend where your life would feel about the scarcity of everything in life.

One can lead a good life by adopting frugal living tips and implementing those into day to day life.

While shopping check out for best deals there, so that could save money.

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Top 4 Ways to Earn a Big Pay Cheque

We can never say that wealth is everything in life, but it does play a very important role in making our life easy. We all work hard day and night spending more time in the office, than with our loved ones at home, for what? Just to make sure we secure wealth and to make our loved ones future secure.


But we know that fact that earning big amounts of money is not that easy as it sounds. But we can’t help wondering why some people are more successful in earning more, with the same capabilities and skills as we have, and we remain where we are. Well if we carefully study what is it that they are doing that makes them wealthy, and even we start doing it, then we can also become wealthy. Let us look at those points.

1. Become a Master: People don’t get paid more, just like that they have certain skills and expertise that makes them master in their field of work and so they get paid for it. So if your aim is to manifest wealth, look into yourself what can you master?

2. Sharpen Your Axe: Once you identify your area of mastery, concentrate and focus on improving and sharpening those skills. Do whatever it takes to be an expert in it, read more gain knowledge, practice have your hands on it and gain expertise. If you should be paid more than others than you should deliver that which other are not able to deliver.
3. First Create Wealth in Your Mind: You can manifest anything outside until you have first manifested it in the mind. Yes every action is a result of thought and if it is action that leads to more income, first you should have thoughts about wealth or more income in the mind. So, have thoughts of wealth in your mind and nurture them.


4. Have Confidence: Have confidence in your skill, in your expertise and above all have faith that you deserve to be wealthy, or deserve to earn more. Because you have made yourself deserving by working on those areas and if you are expecting high returns, it is because you are delivering more or may be the best.

So, working hard is not enough, work smart, gain more skills, knowledge, expertise, focus your thoughts on wealth and see how you will not get more income.

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Money Attitude: Right or Wrong?

If there is one thing of concern to everyone in today’s time it is money, money and more money. Right from an ordinary wage earner/ an employee dependent on the pay cheque, or entrepreneur or corrupt politicians and system. Every one’s only main problem is life is how to secure more and more money and how to lead life comfortably.

Money in itself is not bad. It is our attitude towards money that is making us corrupt and forgets morals. If we go back to the history of money, it was invented to make the life a human easy. But on the contrary now it has made our life difficult to live. The main reason behind this is the ever increasing prices and corrupt system that is responsible for concentration of money only with a particular organization or a person.

If any country needs to prosper there should be a flow of money, like water when flows, it quenches the thirst, gives rise to crops, increases life. But when it gets stagnated it becomes polluted and useless. So, individuals who wish to prosper and want to see the nation and world prosper should, earn only that much that is required for a descent living of their family. If one’s income levels are very high than required, it should be distributed in the needy.

In India, in our scriptures it is written as to how to spend the money. It is said earning money is not wrong especially if he is a house holder; it is his responsibility to earn money and to look after the needs of the family members. In the income a part of the money should be kept aside for future needs such as, education, marriage, health concerns, retirement etc., some portion for any unforeseen emergencies, and some portion for the society, for charitable cause. And some money for spiritual concerns.

This is how we need to budget the wages or income that we earn honestly and morally. Money earned in this way and spent in the above mentioned way, always leads to the betterment of the individual and the society at large. But only if we follow this, the other main attitude that we need to have if we want to prosper financially is to always think, hear and do good with money. When you spend money, feel happy that by God’s grace you are able to pay bills and buy things. When you receive money in any form feel happy that by his grace you have earned or received it.

When receiving money, or when receiving wage or income or a gift, let it be a rupee even, don’t feel that it is only small money what will I do with this. Feel happy and be grateful to God that he has blessed you with that. If you continue to exhibit this attitude towards money at all the times and in all circumstances, you will see that circumstances will change for betterment and you will prosper in finances.

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Barter is the easiest medium to cater your needs without money

Barter is a medium in which goods or services are directly exchanged for other goods and/or services without a common unit of exchange (without use of money).

The companies buy and sell products and services to each other using an internal currency known as barter or trade Rupees. For example- A three star hotel made staying and food arrangements for a big client of a corporate, the hotel expects return of its services from corporate, which in turn provides its products worth service charges to hotel.

It is estimated that over 350,000 businesses in the United States are involved in barter exchange activities. There are approximately 400 commercial and corporate barter companies serving all parts of the world and the % volume is as high as 40%. In India still the percentage of barter business is around 15 to 20%.

There are many reasons to use a good barter exchange:

1. Increased purchasing power
2. Increased revenue
3. Preserving cash
4. More clients (both from the barter exchange and from cash-business referrals from barter clients)
5. Better cash flow
6. Greater marketing opportunities
7. Improved efficiency

Benefits of Barter

INCREASE SALES

Barter promotes your business to thousands of businesses in the barter network who are all potential customers, and helps you add on extra business over and above your existing customers. Businesses use barter to purchase different products or services that they need or want with our interest free trade credit and pay for their purchases with their goods or services.

PRESERVES CASH

Saving Cash is the primary principle of Barter. Barter permits you, as a business person, to pay for what you need with your own goods or services, This helps you to conserve cash and working capital for other priorities.

Bartering helps reducing cash flow, overhead cost and operational costs. Several services offered through barter like Housekeeping, travel, advertising, accounting services etc relate to your overhead costs. Getting these services through barter helps you save cash. Businesses always need cash and barter always helps in preserving your cash.

INCREASE YOUR PURCHASING POWER

With barter the actual cost of the products or services you purchase on barter is actually the wholesale price of your Barter Trade Credits earned. Generating sales with built-in profits makes the cost of your purchases more economical on Barter.

SURPASS YOUR COMPETITORS

Barter helps you to expand your customer base,generate additional sales, improve cash liquidity and increase profits,thus surpass your competitors and gain a winning edge.

IMPROVE YOUR INVENTORY MANAGEMENT

Bartering allows you to effectively improve your inventory management by converting excess inventory into valuable products or services. If you barter, you avoid having to liquidate excess inventory through drastic discounting. If your small business experiences seasonal markets, barter provides a profitable way to use the inventory on a regular basis. Barter provides a system to put that excess to use in profitable ways. Barter accomplishes this objective by matching your products or services with businesses looking to purchase them on trade.

PR 24x7 Network Limited the leading communication company of the country is strong believer of barter and provides services to clients on the basis of exchange of services with products of the clients. A good number of clients apart from receiving companies’ regular PR services are also dealing with its services by bartering their products/services. Barter has been proved catalysts to many clients and company as after using it in transaction; the results were fantastic at both corners- and that too without involvement of a single rupee.
 
For more information on barter, Please contact-Atul Malikram-9755020247

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Personal Finance blues, top five tips

Money is everything and without it every task is incomplete. Personal finance is the science of managing the money in an efficient manner to gain or to being frugal. There are many tips and rule to be rich, and fact is that one can’t be rich over a night or a month. The process involves consistence practice and dedication in managing personal finance and money. Income and expenditure are the two greatest ways to accumulate and disperse money.

There is a good saying a penny is saved is a penny earned. And that is fact indeed, well there is no scientific rule to prove but personally that can be experience. It is also subject to certain conditions alike applicable with many theories in economics.

If you’re reeling under burden and looking for alternative option to manage your personal finance, then there are no short-cut mantras to fix it. But few tips you could follow to do-it-yourself (dIY). Here are top five tips; one could follow to check the imbalances in his or her personal finance;

1) Spend Less: when the income is low and the list of expenses goes up like anything, there is no way but to spend less. This is the great mantra to save something from the outlay that you have already planned for spending. Of course, this may not be applicable in the case of medicine or health concerns, where you can’t control. But in the other general cases, one could control on the spending and explore the best possible ways to have multiple income sources.

2) Best deals: Look for the best deals for the goods your planning to shop. Compare the price of various stores and outlets, before purchasing blindly those good and items. The best thing you can do is the look for the discount advertisements on the newspapers or free ads magazines.

3) Online shopping: Internet has become a major player in shaping the personal finance managements. Online shopping can save your lot of money. And the advantages of online shopping are time management and less marketing expenditure – traveling expenses. Most of time is being spend on the transport while outing for market, and all should visit from outlet to another to get their goods and items.

Visit couple of e-commerce sites or online shopping portals you can find varieties of items within few minutes spending there instead of running here and there in the market. There may be some limitations to the online shopping in some parts in the nation, but it could be the best option for many shoppers.

4) No credit: The most important thing one should keep in mind that the liability over shopping is the big burden. Many think they use their credit card initially and later-on pay to the credit card account, but that does not work often.

Having credit card has many advantages but also many demerits on the flip side. Credit card is the flexible in shopping but the burden of repay weighs high, whenever one plans to repay. If one fails to manage credit on credit card, the buyer may be trapped in it. Plan properly how to handle credit on credit cards. And also avoid purchasing goods on credit from retailer.

5) Cheaper Items: Look for substitute and cheaper items if possible while shopping. But the quality should not be compromised at all. Try to find the best alternative for the goods you are looking for. The globalization has made the market big today and alternative are available in the every market. Prefer goods having lower prices compare the tax levied on the goods and try to cut those if possible.

These five tips will help to manage your personal finance. Next time you visit to any outlet make sure you’ve prepared your mind over your expenses and personal finance tips.

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Top Five Tips to Save Money from Expenses?

“A penny saved is a penny earned” is true indeed. It is very hard to save from the household budget, no matter if you could be the best planner. In most cases, the house hold budge is being managed by women.

And they have been very keen in saving and cut off expenses from the big list. Women can save huge money if they wish to do so.

In many cases, they have been very good at managing the family and personal finance. Here are few tips to help you to save money from you expenses:

1) Plan Your Expenditure: First jot down those good and services you need and make an outlay of expenditure. Once that is done, you can figure out the exact amount you need for your expenses. While preparing outlay simply cut down your luxury items. No don’t feel about it, you can add those into list in your mid review if required, after all living better way is the life.

2) Look for Substitutes: While preparing a list of goods and services, look for the best substitute options you could go for. It is not bad always to look for substitute in your monthly expenses. There are many families saving huge chunk from their money option substitute or alternative products.

3) Search for Discounts and Offers: Shopping is incomplete without discount and discounts. Companies have been offering discounts for their customers, and to retain them. There will be discounts in every outlet, if not then once ask for the discount, you’ll get. Try to have some discounted all the items on your list.

4) Shop Online: Shop online for the goods and it would be much better if there is free home delivery. That could save you gasoline expenditure. There are many eCommerce sites have been offering huge discounts and assurance of free home delivery. These options could save your time as well as your money.

5) No Tips: Offering tips could be good, but if you’re striving hard to save a penny, so don’t waste that by paying tip. By paying Tips you’re purchasing the goods or service at higher price that it should be. Yes, it is for the promotional purpose but you need to take care about your habit if you’d like save some penny from your expenditure.

There are tips to save money from your expenses. And if you know any tips that could be included in this article, please comment below the article.

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BSE Sensex and NSE Nifty end in Flat

Both BSE and NSE stock market were ended on flat on Wednesday, the Sensex ended at 20,005.00 points gaining around 14 points (0.07%) and Nifty edged up 5.85 points at 6055.75 points (0.10%).

The rate cut on Tuesday however helped the stock market initial gain, but both the markets were ended in flat following the warnings over the Indian economy health by the RBI.

In the morning trade on Wednesday, the BSE Sensex zoomed around 11 and but could not maintain the momentum. On the other hand, Nifty was bit volatile and turned red before lunch and post-lunch session, but managed to end in green.

BSE Sensex and Nifty bother were above the 20k and 6k marks, respectively today at closing time.

Among the sectoral indices, the major gainers were BSE Realty Index (1.39%), BSE CONSUMER DURABLES (01.24%), BSE OIL & GAS (1.06%) and the loser were BSE CAPITAL GOODS (-1.24%), BSE POWER (-0.68 %), BSE AUTO( -0.49%), BSE TECk( -0.18%) and BSE PSU Index (-0.07%).

Top Nifty gainers on Wednesday were: DLF (3.00 %), CIPLA (2.41%), ACC (2.31%), SESAGOA (2.26%) and AMBUJACEM (2.26%).

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Understanding Personal Finance in New Way

Understanding Personal finance is the sure fire way to secure is your future. Money is everything and without it future is insecure, right? So, start learning new methods to have best personal finance practices to balance your life and money.

Managing money or best practices in personal finance involving income & expenditure, is important as having secure income. The basic principle of personal finance is to balance the income and spending wisely, are the basic lessons in this arena.


During crisis, you best management over your finance will save your for a long time without hurting your current level or standard of living. If you’d like to focus on improving your personal finance, then your first target would be liabilities you have in any form – credit card, long-term insurance principals, and to be paid bills.

Always try to having minimum payout especially during the time of crisis, since those wouldn’t give you any return rather making you further tense.

Cut down you liabilities and focus on the income part, and in short term that can’t be fetch as much you need for a comfort living but by cutting the other site you can really reap the benefit of having more income.

There are many best practices those can be termed as new ways for having best personal finance practices. And involving decision of family members is the newest form that, you can have while chalking out new plans.

Never believe that you are the best at decision making, some other in your family, like spouse may have very good hidden plans that can save you from deepening further during crisis.

Sometimes, I also do feel that women are best at saving as much as they tend to spending in shopping’s! Hey, just listen to them and open you mind, you’ll learn few new lesion on personal finance management.

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Black money and its impacts

In our country Black Money refers to money that is earned on the black market on which income and other taxes have not been paid to the Indian government. It is the kind of money which is unaccounted and is circulated around people involved with Black marketing. India leads the list with $1500 Billion black money in Swiss banks and is closely followed by Russia and UK with $470 and $390 billion in Swiss treasury. And, with no shock we know that the people involved are top Indian industrialists, politicians, and IPS & IRS officials.

How do these people earn so much of money which is not accounted under Government watch and lands in Swiss banks? It’s definitely not by the right means and following the rules and regulations. Simple ways from where black money comes:

• Tax: When you don’t notify government about your earnings and don’t pay Tax for it 
• Bribe: When you take Public’s hard earned money to do a job blinding government radar. 
• Political Corruption: When politicians put most of government sanctioned money into their pockets instead of using it for people. Sell government’s properties without noticing government

The ways and means of earning black money are numerous and in-ending as we see each day in front of our eyes. There isn’t a single field or profession where the people are not earning black money. Means may be many and professions or ways are different each time. But all have the same base, immorality and cheating to the other person or people. There are many direct and indirect effects of black money on the citizens of a country. People who are accumulating money are getting richer and government funds decrease day-by-day. Government has to increase the prices of products and services for which normal mid-class earners are put into trouble. They can’t afford such price hikes and on the other side can’t demand more salary or payout instantly.

Sometimes we people are responsible for this financial situation. If people are not paying taxes then where from the govt. will get money to undertake development works, increase employment or encourage entrepreneurs. We should not pay bribes to corrupt officials or politicians and should go in the right way. We know it will be a long run path, but there will be success at the end. We should find ways to aware people about the impacts of black money on them. It will be good for us to look for ways to come out of this and make India as pure white nation where ideas will not be ignored and our money will be used for our development and Nation’s development. There are many movies on Black money and from them south superstar Rajnikant’s Sibaji has explored the issue deeply in such a commercial and fun oriented film.

So from now on try to be a white-note earner and also encourage others about earning in white.

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Is the Budgeting Exercise of any Use?

To run a home with four or five people, with a limited income, we need to plan and budget. Just think about a nation, its people vast and never ending needs. Without a budget we hardly know where we will go and land. When we budget, we know where we need to spend the money, and how much what the priorities are. Without budget you never know how much you need to spend and in what areas.

There are definitely many uses of the budgeting exercise. First, it helps us to have a look at the needs of the country, what are our basic needs how much do we need and to what time to do what? All these details we come to know only when we budget. There will be many aspects that need to be taken care of, when we think of a country. Peoples, educational needs, health needs, loans taken from the other countries and World Bank. Budgeting for infrastructural development, completion of projects.

On top of it resources and funds should be set aside for the development of research and most important of all, for the security and safety of the nation, funds should be allotted to the defense. Funds should be set aside for subsidies, natural calamities. And the list goes on and on. It is just impossible to run a country and to take it on a progressive way, if there is no budgeting.

You don’t know the priorities, when you don’t budget, you don’t know where you need to spend the money. You never know if you will be spending money on unnecessary, matters. So the uses of budgeting are limitless, and the truth is that budgeting is a need, not an option that we have, to see if we have any uses we will budget or otherwise no.

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Money motivates people more than any other factor at the work lace

By all means yes, money definitely plays a major part in motivating human resource, as far as motivation factor is concerned, that too in the work place. It is only the need for the money, that makes people work, either it be for a thousand rupees or lakhs or corers, quantity doesn’t matter, but it is THE motivating factor. If there is plenty and more than sufficient any one would hardly want to work.

It is definitely a point that, there are other factors such as, you feel proud when you work for a reputed company, you feel better at place where the work environment is better, your chest would go wide, when you know, you are working for a great or noble or innovative cause, but, when you don’t have enough to meet your needs, you definitely give priority to money first and work at a place, where you are paid more.

So, it would not be wrong to say, that money definitely becomes the first priority and is the motivating factor to work, People pay more attention to work when their needs are met and when they are comfortable, they have a sense of commitment, when they know that the company they are working for bothers about them and their needs, they develop a sense of respect and love towards such a organization or company or people they are working for.

So, money is the motivating factor at the work place and has a lot of influence on the people who are working.

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LIC to invest in Vijaya Bank

Business News: The public sector bank - Vijaya bank cleared on Wednesday about the allotment of shares worth Rs 147 crore to Life Insurance Corporation (LIC) on Wednesday, according to media reports.

Vijaya Bank has allotted 2,28,72,258 shares at Rs 64.27 to the LIC on a prefential basis. The shares of Vijaya Bank were traded at Rs 54.35 at NSE & BSE on Thursday (at 12:30pm). However, the shares were traded at Rs 54.80 on Wednesday because of the allotment of shares to LIC.

The infusion of capital from LIC to Vijaya Bank would help the bank over its performance in the market.

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Police I-T sleuths seized Rs 2.5 crore in Ranchi

India News: In a significant development, the police and Income Tax sleuths have seized Rs 2.5 crore from a car in Ranchi, Jharkhand, according to media reports. Two unidentified people were arrested in this connection and the investigation has been going.

It is noteworthy that, polling for two Rajya Sabha seats has been underway in the state while the cash was seized. However, so far there has been no official confirmation over the cash that might be linked with the Rajya Sabha polling in the state, as the investigation is underway.

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SBI hikes Int Rate on FDs

Business News: The State Bank of India (SBI) has hiked the interest rate on the short term fixed deposits up to 1 per cent. Now the deposits of seven to 90 days will attract interest of 10 per cent, and similarly the deposits for a the period 91-197 will get 9.75 per cent and 8 per cent on the fixed deposits for 181 to 1 year. The hike in the interest rate will be effective from 28 March 2012.

However, the impact of hike in the interest rates on fixed deposits weighted high on the shares of the State Bank of India, the indices fell by 1.62 per cent at BSE Sensex on Wednesday.

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NPCI launches RuPay the cheapest Debit Card

Business News: National Payment Corporation of India (NPCI) has launched the cheapest debit card - RuPay on Monday. The debit card will have direct competition with the major players like Visa and MasterCard in the financial market.

The debit card RuPay will be a good option for the banks as well, which can give them big relief from being paying high participation fees to other cards. The customers of five public sector banks - State Bank of India, Axis Bank, Bank of India, Bank of Baroda and Union Bank will have this facility.

However, the RuPay has not been entered into the arena of credit cards, it is believed that by next fiscal the RuPay will launch its credit card making payment options more easier in India. In India there are around 2 lakh RuPay ATM and micro-ATM cards available in India.

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