Archive for October, 2012

Stages in Personal Finance – Step by Step Process to Get Control of Your Financial Situation

Wednesday, October 31st, 2012

Indian middle class is growing significantly in the recent past. Lakhs of people from poor and lower middle class are getting into middle class – thanks to rapid economic growth spurred by outsourcing of jobs to India. Though many of them are earning decent income, they are struggling to manage their money properly. Most people […]

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8 Mistakes that Lead People to a Bad Financial Situation

Thursday, October 25th, 2012

Are you happy with your personal finance? Are you able to manage your money properly? If not, don’t worry. This article will help you point out your mistakes with your personal finance. Many people like you, though earn a good salary, often struggle with their personal financial planning. In India, you can see many middle […]

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RBI Tops as Most Known Regulatory Body Among Indians: Survey

Friday, October 19th, 2012

According to a survey by NGO – CUTS International, the Reserve Bank of India is the most popular regulatory body among Indians followed by TRAI (Telecom Regulatory Authority of India) and CERC (Central Electrical Regulatory Commission). The study shows that awareness about the regulatory bodies is limited to recognition of their names and knowledge about […]

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Investment Advisers Need to get CIBIL Credit Report for Continuing their Services

Friday, October 19th, 2012

Investment advisers need to have a good credit report and to have a thorough research capacity to get permission to practice as advisers to investors who wish to invest in stocks and capital markets. After consulting with regulators such as RBI, IRDA and PFRDA, market regulator SEBI (Securities and Exchange Board of India) has decided […]

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Paying Tax to be Included in Fundamental Duties

Friday, October 19th, 2012

The Finance Ministry proposes that paying tax should be made a Fundamental Duty. There are only 33.73 million tax payers in India, which means less than 3% of the total population pays taxes. There are 11 Fundamental Duties enumerated for citizens in the Indian constitution. Paying taxes is also to come to the list. India’s […]

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66% Internet Users Change Mind About Financial Products: Survey

Friday, October 19th, 2012

According to a survey by Google India, a majority of Internet users change their mind about products and brands after online research for financial services. The survey report shows that, two-third of the Internet users use online source when researching for financial products. The report further shows that while doing online research, 66% of the […]

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Seven Banks are Among Top-10 Mutual Fund Commission Earners

Friday, October 19th, 2012

As per the latest disclosure of commission and expenses made by the industry body – Association of Mutual Funds in India (AMFI), there are seven banks among the top-ten distributors list in terms of commissions paid to them. When it comes to earning commissions from sale of mutual funds of various fund houses, seven banks […]

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CIBIL Introduces New Version of its Credit Score

Monday, October 8th, 2012

Credit Information Bureau (India) Limited (CIBIL) has launched an upgraded version of its credit score named ‘CIBIL TransUnion Score 2.0’. The new version of credit score is introduced for new borrowers. Unlike its older version, this upgraded credit score aims to predict the repayment capability of the new borrowers who has credit history of less […]

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IRDA Warns Insurers Against Refusal of Third Party Cover

Saturday, October 6th, 2012

Insurance regulator IRDA (Insurance Regulatory Development Authority) asked general insurance companies not to refuse third-party motor insurance. According to the chairman of IRDA, private sector insurers are trying to avoid writing third-party motor insurance policies because of the high claim ratio in the commercial vehicle space. This is resulting risk for public sector companies as […]

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Seven Out of Ten Equity Mutual Funds Declined in Past One Year : AMFI

Friday, October 5th, 2012

Many mutual fund investors have either redeemed or stopped putting new money in equity mutual funds because of lackluster capital markets and under performance of funds. According to the industry body, Association of Mutual Funds in India (AMFI), 16 lakh investor folios have been closed in the past one year. Equity funds, irrespective of their […]

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RBI Revises Categories of Prepaid Payment Cards

Thursday, October 4th, 2012

The Reserve Bank of India (RBI) rationalised the categories and limit of prepaid cards to three categories from the earlier five categories. The prepaid cards also known as semi-closed pre-paid or pre-paid debit cards are convenient alternatives to cash and cheques. These are issued by banks and Non-Banking Financial Companies (NBFCs) on payment of specified […]

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Mutual Fund Companies Cannot Launch Multiple-Plans for One Scheme : SEBI

Thursday, October 4th, 2012

Market regulator SEBI asked mutual fund houses to stop launching multiple-plans for one scheme. As per SEBI guidelines, the single plan structure would apply to all new mutual fund schemes with effect from October 1, 2012 while existing schemes with multiple investment plans can accept fresh subscriptions only under one-single plan. While the fund houses […]

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Investors to Get No-Frills Demat Accounts From Oct 1

Thursday, October 4th, 2012

Come October 1, investors will be able to open no-frills demat accounts for trading in stocks, mutual funds and other securities without any annual maintenance charges for holdings up to Rs 50,000. Further, if the value of their portfolio exceeds 2 lakh, the charges would be capped at a maximum of Rs 100 a year. […]

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SEBI Abolishes 7 Entities from Market for Unfair Trade Practices

Wednesday, October 3rd, 2012

Market regulator SEBI banned seven entities, including 3 individuals from the securities market for indulging in unfair trade practices. SEBI found these entities were involved in circular trading of shares of Temptation Foods, Cals Refineries, Bang Overseas, Confidence Petroleum India, Shree Precoated steels (presently known as Ajmera Realty & Infra India). The banned entities are […]

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Service Tax on AC, Freight Rates to go up From Oct 1 : Finance Minister

Wednesday, October 3rd, 2012

According to a notification from the Finance Ministry, service tax on AC and freight services will go up by 3.7% from October 1. According to Railway Ministry, fares of AC first class, executive class, AC-2 tier, AC-3 tier, AC chair car are set to increase rates by 3.7%. This will apply to the tickets that […]

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