The Indian Army Eternal vigilance is the price of liberty. Our armed forces guard our borders so that the nation can sleep in peace. But in the process they often end up neglecting their finances. Regular transfers and a high-stress job that demands a lot, both mentally and physically, leaves little time for money matters. While their lifelong medical requirements are taken care of, other aspects of their finances get neglected. Many fall prey to mis-selling by unscrupulous agents that saddle them with expensive life insurance policies. Take the case of Gurugram based Colonel Purushottam Kumar (retd.). He retired from the army in 2015 after three decades of service. In 2001, he was mis-sold a Unit Linked Insurance Plan (ULIP) . The premium allocation charge (charges deducted by the insurance company towards the agent’s commission and other charges, the rest being invested in the policy) was 20 percent. Compared to this, mutual funds charge only about two percent. Kumar … [Read more...] about Armed forces personnel must secure their finances for a comfortable retired life
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India has a rich literary history. It is a testimony to the fact that our society puts great impetus on education and learning. Right from a young age, the importance of education is taught to children so that they can excel academically and secure a successful career. Given the cultural significance of education, Indian parents are determined to provide the best educational facilities for their children. Need for education financing Given the rising inflation and educational expenses , it becomes difficult to meet the financial requirement via savings alone. A savings approach alone may not be sufficient to anticipate the unforeseen costs. Moreover, the rising cost of living and the desire to pursue education from the top tier universities have further added to overall academic expenses. This gives rise to the need for education financing and, today, we have many specialists who are supporting every requirement with the appropriate solutions. Parents can easily avail … [Read more...] about Financing your child’s higher education? Here’s how you can do it systematically
Representative image Industry bodies have requested the Finance ministry to provide clarity, speed up applications and ultimately provide more handholding on a plethora of tax issues. This includes input Tax Credit, GSTR 2A/2B, classification of Goods and Services under HSN, and the Monthly Payment of Taxes Scheme, among others. "In the light of recent economic developments and uncertainty, all major industry bodies have requested the government to ease tax issues and provide more handholding. They have also requested that the deadline for filing taxes under the Income Tax Act, Companies Act and GST Act be extended," an official in the know said. These issues have also been brought up during recent meetings held by Finance Minister Nirmala Sitharaman with industry bodies. "There are unresolved issues with Input Tax Credit, QRMP, GST Returns among others and it is important that the Government facilitate ease of doing business. There is a need to address the issues in the … [Read more...] about Industry requests Finance Ministry for more handholding on filing GST, other taxes
Prableen Bajpai Serving to ferry the goods and chattels, the ‘trunks’ bearing the black paint symbolize a constant in the lives of defence personnel. The only thing that changes on these trunks with each posting is the information printed on them, which reads, from Silchur to Mamum, Phaileng (Mizoram) to Ambala Cantonment, Pune to Leh, and so on. During my school years, I felt both excited, and a bit sad, when my dad’s posting orders would come. The orders to move meant a complete reshuffle of our world. Although peppered with unwitting eagerness regarding the possible adventures that lay ahead, leaving behind friends and starting from the scratch each time was hardly easy. Despite the hardships, I didn't want to leave this world and I married someone who adorns the olive green. My journey with the black boxes began again. Over the years, I have seen the brighter side of army life and its adversities. Money matters on the backburner The amazing life that the armed forces … [Read more...] about How members of armed forces must plan their personal finances
Prableen Bajpai In the first part , we told you about how financial planning for the armed forces is important. Although the system takes care of them in more ways than one, many armed forces personnel still fall prey to mis-selling because of lack of financial awareness and proper guidance. An officer posted at Abohar, Panjab (we were at the same station a few years back) told me three things that struck me as unique to an armed forces personnel. -A lot of information is available on investment. But we have no idea when to withdraw our funds in case we need them. For instance, is it better to withdraw DSOP or just stop a mutual fund’s systematic investment plan (SIP) when money is needed? -Lack of clarity with respect to investment in house and property. Should a house be bought just to save tax on the house loan? Is it good to have a loan liability? Close -Two major events warrant a change in financial planning for an officer. First is marriage, second is … [Read more...] about 9 personal finance commandments that those in armed forces must follow
Even if a portion of the freefloat comes into the market, the risk isn't negligible, said CNBC-TV18's Prashant Nair. (Photo by Pixabay/Pexels) There is a massive free float that can hit the market in the coming months, according to data presented at a CNBC-TV18’ Editors’ Roundtable on August 6. Stocks worth Rs 1 lakh crore or Rs 1 trillion will be freed from the Securities and Exchange Board of India ( Sebi ) mandated lock-in period. Even if a portion of this is sold by the investors, the risk to the market isn’t negligible, said Prashant Nair, National News Editor. He reiterated that, while the entire batch of the stocks may not come into the market, a percentage of it is likely to. Also read: Zomato stock tanks 13% as lock-in ends Shares of companies such as Paytm, Delhivery, PBFintech and Nykaa bought by private equity investors and venture capitalists before the IPOs have to be held by these investors for a period of time, according to a Sebi rule. This … [Read more...] about Rs 1 lakh crore worth of free-float to loom over markets in coming months
Share to Twitter Share to Linkedin Nick Chandi is the CEO of ForwardAI , which offers easy, versatile business data access and analysis for banks, lenders and fintechs. Traditional and nontraditional lenders have a variety of loan and financing options available for small- to medium-sized businesses (SMBs), from equipment and inventory financing to a business line of credit and merchant cash advances. But events like Covid-19, global supply chain issues, geopolitical conflicts, inflation and talks of a recession have pushed lenders and borrowers alike toward relatively more conservative loan options, like revenue-based financing (RBF). RBF promises a percentage of a business’s future revenue to the financier until a fixed, predetermined amount is reached. This amount is often the value of the original loan, plus a flat fee. Clearco (formerly Clearbanc) co-founder and president Michele Romanow believes that in 2022, business leaders are likelier to … [Read more...] about Should Your Company Offer Revenue-Based Financing Options?
You can pay for a major home repair like a new roof or a renovation like a kitchen remodel in a number of ways. Among them, a home equity loan allows you to access your home equity and provides generally lower rates than the rates on other loans. Using your home equity has a number of advantages, but it also has downsides to consider. Mainly, when you use your home as collateral, you risk losing it to foreclosure if you can't repay the loan. Learn more about how to use a home equity loan to pay for major home repairs, as well as more about the pros and cons of this financing strategy. Key Takeaways Home equity loans are installment loans secured by your home. One advantage of using home equity loans to finance a home improvement project is that they generally offer low, fixed interest rates. Alternatives to using a home equity loan include a home equity line of credit (HELOC), a personal loan, or a credit card. What is a Home Equity Loan? A home equity loan … [Read more...] about Is a Home Equity Loan the Best Way to Finance Major Home Repairs?
Mid-size and small housing finance companies (HFC) that are focused on affordable housing have failed to inspire faith among investors despite staging a smart recovery from the pandemic and growing their balance sheets at a quick pace. Shares of lenders such as Aavas Financiers Ltd, Aptus Value Housing Finance India Ltd and Repco Home Finance Ltd are down a massive 15-30 percent year-to-date. Larger peers such as LIC Housing Finance Ltd, PNB Housing Finance Ltd and Can Fin Homes Ltd have fared well. Unsurprisingly, at the crux of investor worries is the rising interest rate cycle. Investors believe that as policy rates climb, these lenders would face the twin challenges of keeping their margins intact as also the quality of their loan book. The going so far has been good for them though. Affordable housing has emerged as a key growth catalyst for HFCs in the aftermath of the pandemic. The largest non-bank home loan lender Housing Development Finance Corp. Ltd (HDFC) too has … [Read more...] about Why affordable housing finance companies seem expensive to investors?
Photo by Mohamad Shahril Basri/The Edge - A + A SERDANG (Aug 6): The Government has allocated RM50 million for individuals including graduates who are keen to start a home-based food business under the PEMULIH NewBiz Financing Programme. Prime Minister Datuk Seri Ismail Sabri Yaakob said the financing programme through Agrobank is also for the purchase of machines for food business or the purchase of motorcycles for the purpose of food delivery through the e-hailing platform. Ismail Sabri said up to RM5,000 would be offered for the first stage and RM10,000 for the second stage. "Applicants will be given a moratorium for the first six months and charged a 3% profit rate for the seventh month with a maximum financing period of up to 60 months or five years," he said when launching the 2022 Malaysian Agriculture, Horticulture and Agro Tourism Exhibition (MAHA 2022) here on Saturday (Aug 6). Also present was Agriculture and Food Industries Minister Datuk Seri Dr … [Read more...] about Govt allocates RM50m for PEMULIH NewBiz Financing Programme