Archive for February, 2012

IRDA Plans to Develop Electronic Re-Insurance Platform

Tuesday, February 28th, 2012

With a view to improving transparency in re-insurance, IRDA on Tuesday 21st February, planned to introduce an electronic re-insurance platform for insurers. The chairman of IRDA said that they had taken up a programme of an exchange, interlinked e-platform on which re-insurance broking transactions can be executed. The chairman of IRDA stated that once the […]

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Aadhaar Enabled E-Payment System Soon In India

Tuesday, February 28th, 2012

On Thursday 23rd February, The Chairman of Unique Identity Authority of India, recommended setting up a network of 1 million micro ATMs across India in order to provide systematic platform-based approach for the electronic payments via Aadhaar. It suggested that all government transactions over Rs.1,000 should be made or received by electronic means. These million […]

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Buyer’s Guide – Medical Insurance

Sunday, February 26th, 2012

Many people in India don’t realise the need for buying medical insurance until and unless they meet with an accident or suffer from a lifestyle disease or illness. These people realize the need to get health cover after facing the vulnerable situation of high medical bills and hospitalisation payments that are incurred from just one […]

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Direct Equity Investing vs. Investing in Equity Schemes

Thursday, February 23rd, 2012

Many people prefer investing directly into equity markets by buying shares as against giving the money for mutual funds to invest on their behalf. This direct equity investing takes the form of 1. Day trading – trying your luck by buying and selling the same day 2. Buying based on non-fundamental factors, news flow, with […]

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How to Choose an Equity Mutual Fund Scheme?

Thursday, February 23rd, 2012

After you decide your amount of money to be invested in equities, how do you decide which specific scheme is right for you? Which type of equity scheme is right for you? All equity schemes can be divided into 2 categories – based on number of industries they invest money across. A) Diversified schemes (invest […]

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Budget 2012: Reduction in Lock-In Period for Bank FDs Soon

Thursday, February 23rd, 2012

The Finance Minister has agreed to consider the proposal for reduction of lock-in-period for banks’ fixed deposits to 3 years from 5 years. It means that the maturity period for fixed deposits availing tax benefits under section 80C of the Income Tax Act, for 5 years is reduced to 3 years. Earlier, bank officials had […]

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Foreign Bank Deposits Likely To Come Under Wealth Tax: Budget 2012

Wednesday, February 22nd, 2012

On 21st February, The Finance Ministry, decided to include foreign bank deposits under taxable assets in wealth tax, in the coming budget 2012-13. The proposal is to expand the ambit of wealth tax, and there are some proposals likely to be incorporated in the coming budget, which are awaiting approval from Direct tax Code (DTC). […]

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Banks Cut Interest Rates on Education and Home Loans

Wednesday, February 22nd, 2012

The country’s largest lender, State Bank of India (SBI) has decided to cut interest rates on education loans by up to 1 percent on Monday 20th February. The interest rates are then reduced by 0.25 percent to 11.25 percent for loans up to Rs.4 lakh. While for loans ranging from Rs.4 lakh to 7.5 lakh, […]

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Planning to Purchase Insurance? – Do it Sensibly

Tuesday, February 21st, 2012

In today’s world, insurance is an essential product everyone should purchase. It helps us take care of our financial needs during unexpected emergencies and saves us against financial hardships. Unexpected events may come in the form of a sudden accident, life-style disease, vehicle theft/damage, etc. So, you need to understand the purpose and need of […]

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Debit Cards Used in Different Countries

Sunday, February 19th, 2012

Debit cards find usage in numerous financial transactions – be it purchasing goods or paying utility bills. The convenience of not having to carry cash and an increased number of automated banking machines has made debit cards popular. Different types of debit cards are used in different countries. Although the most widely used brands worldwide […]

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White Label ATMs Soon In India: RBI

Thursday, February 16th, 2012

The Reserve Bank of India (RBI) on Tuesday 14th February, issued draft norms for permitting non-banking institutions to set up, own and operate money dispensing machines – ATMs. These ATMs rolled out by non-banks will be in the nature of White Label ATM (WLA), providing ATM services to customers of all banks. The non-banking institutions […]

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EPFO May Fix Minimum Guaranteed Pension at Rs.1000

Wednesday, February 15th, 2012

Retirement Fund body EPFO (Employment Provident Fund Organization) is likely to fix the minimum pension at Rs.1,000 per month for all workers covered under EPFO. The Central Board of Trustees (CBT) headed by Labor Minister, will meet on 22nd February, to take a call on the EPFO proposal of fixing minimum pension at Rs.1,000 per […]

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Uniform 6% Road Tax on Vehicles Soon Across India

Tuesday, February 14th, 2012

The Government recently suggested that the states should levy uniform 6 percent one-time road tax on sales price of cars, taxis and two-wheelers, unlike the present system of levying taxes varies from states to states. The Union Transport Minister in the council meeting said, most of the states have agreed to impose a minimum 6 […]

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Home Loans May Get Tax Exemption on Interest Paid up to Rs.3 Lakh

Tuesday, February 14th, 2012

With rise in property prices and interest rates, the government is considering raising the tax exemption limit on interest paid on home loans to up to Rs.3 lakh annually from the existing limit of Rs 1.5 lakh in the coming budget 2012, which is scheduled to be unveiled in Parliament on 16th March 2012. The […]

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Bonds are Among Most Dangerous Assets: Warren Buffett

Monday, February 13th, 2012

Here is a piece of advice from one of the world’s wealthiest person. Warren Buffett, the billionaire chairman and CEO of Berkshire Hathaway, says that bonds are one of the most dangerous assets on inflation risk. He notices that over the past century these debt instruments have destroyed the purchasing power of bond holders in […]

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