February 26, 2018

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Sridevi's Death Certificate states cause of death as accidental drowning

The recent news came from the Dubai says that Forensic report says actor died of accidental drowning, states Gulf News

Those who came late, on Saturday, Boney, who produced Mr India, which gave Sridevi one of her most remembered roles, flew back to Dubai to surprise his wife with a dinner, the paper reported.
He reached the Jumeirah Emirates Towers Hotel around 5.30pm (Dubai time) and woke her up and they chatted for about 15 minutes, the report said.
Sridevi then went to the bathroom to get ready. When she didn't come out for 15 minutes, Boney knocked on the door. He did not get any response and forced open the door, to find her lying motionless in the bathtub that was full of water.
"He tried to revive her and when he could not, he called a friend of his. After that, he informed the police at 9 pm," Khaleej Times quoted a source as saying. The police and paramedics rushed to the site, but she was pronounced dead. 
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January 18, 2018

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Bank accounts available for NRIs in India

If you are residing out of India it is quite possible that you are curious about NRI accounts. NRI's are Non-resident Indians is a term used to define who are living in abroad for a period of time for pursuing higher education or handling business. Reason for a living could be any, however, dealing financial matters is a mandate for everybody.
NRI Banking accounts have several salient aspects. Money transfers, trade exchange, taking benefits of different schemes- for all this, one should have an NRI bank account. There are different policies involved when it comes to an NRI bank account opening and different processes as well for all of the banks. Let’s look at the options available in some of our leading banks

ICICI NRI banking Account

Filling up an application form which can be found online

1. Next, fill up all the fields
2. Accept the terms and conditions
3. Upload necessary documents
4. And, that's it! Your part of work is finished here and one of the bank representatives will call you for further process.
5. Once the account is open and funded, it became operational.
Document that needs to be submitted in case of online submission in ICICI NRI Account-

For FATF countries-
1. Passport
2. Work Permit/Residence permit
3. PAN Card
4. FATCA/CRS declaration – it can be downloaded from bank's official website
5. CKYC Annexure – it can be downloaded from bank's official website

HDFC NRI Account

Once you land on the website for NRI accounts, you will see multiple options for savings, current, deposits account and one for returning Indians. One can choose as per the guidelines and advantages we discussed above.
Difference between ICICI and HDFC accounts is that latter one has a lesser amount of average monthly balance. You must have 10,000 for urban and 5,000 for semi-urban.

Citibank NRI account

Citibank provides luring offshore features and transactions are made possible without any contributions from Citibank subsidiary, branch or affiliate in that particular country. Despite that, rules of the residing country could affect the regulations of Indian bank laws.

Let us discuss different types of NRI bank accounts available-

NRE account – Non-Residential External

These are tax-free accounts and could be joint accounts also with other NRI. Choosing NRE accounts to have its own advantages like if you want your savings free from repatriation.

NRO account - Non-Residential Ordinary

If you want to park your earnings originating in India in rupees, go for this account. This is not tax-free like NRE one and it is possible to have a joint account with someone from India. Basically, under this account, you can manage rent, dividends etc.

Some general FAQ's regarding NRI bank account opening
In which currency account can be handled? One can maintain the accounts in rupees and in any foreign currency. As we have discussed above, if your originating income coming from India, you could go for NRO accounts and take the benefit of saving your income in rupees otherwise NRE accounts for foreign notes.

1. Is it possible to credit foreign currency traveller cheque to NRE accounts?

Only authorized dealers can credit the cheques which are brought up by the account holder. He/she might be travelling and need to withdraw cash through cheque, it is advisable to locate the authorized dealer and work with them.

2.   What is the power of attorney basic function?

Power of attorney could be any local person whom some right could be given like making local payments on behalf of the account holder. He/she can only make local payments or invest in the account.

3. Is funds repatriation free outside India?
Absolutely free in NRO account, however, interest earned during the financial year 1994-95 is remitted to some extent.

4. Is there any country excluded from opening bank accounts?
Citizens from Pakistan and Bangladesh need to submit approval from Reserve Bank of India before they can proceed to open the account. Also, post offices in India also facilitate the accounts to be functional for NRI's. These accounts are fully operational and need to be maintained by some authorized dealer.

5. What is the process of taking loans?
Only authorized dealers can grant loans which should be subjected marginal requirements. It must include fund based/non-fund based facilities also.

6. What is the process when an NRI change its status to a resident?
NRE accounts funds can be transferred to RFC accounts immediately when he/she lands in India.

7. What all bank accounts can be opened by a tourist?
Tourist can only open NRO account both savings and current. He/she can also transfer some of the funds from outside India through online transfer or cheque. Interest would be applicable if time period exceeds six months and there has been local funds investment involved.

8. What is SNRR account?

Any individual who is living abroad and is interested in some business opportunity in India is entitled to open SNRR account i.e. Special Non-Resident Rupee Account. There are many restrictions on this account like the transfer from NRO account to SNRR is not possible. All the transactions have to abide the taxable rules existing in India. A person can face legal actions if find breaking any of the laws.

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January 1, 2018

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How to Quickly Check your Name in the National Register of Citizens for Assam

The National Register of Citizens for Assam has come out with the first draft of citizens recognized in the state of Assam as Citizens of India. In total over 3.29 crore people applied for registration out of which 1.9 crore people have been included in the provisional list.
While it has cleared things for some residents of the state, it has added to the confusion for rest who have not found their name in this list.

How to Check your Name in National Register of Citizens in Assam

Option 1: Go to NRC Seva Kendras

To start with you can go to the any of the NRC Seva Kendras which have been specifically designed to help with this information. These kendras are likely to be open between 10am to 4pm between 2nd January  to 31st January 2018

Option 2: Check Online
If you are looking to take a far easier route to find your name in the first draft of NRC Assam, visit the following site

Also you may also visit www.assam.gov.in 

How to Quickly Check your Name in the National Register of Citizens for Assam

Option 3: Using Call or SMS

One can choose to call the relevant numbers namely 15107 (if you are dialling from inside Assam) or 18003453762 (if you are calling from outside Assam). One can also choose to SMS to check status by typing their ARN and sending the same to 9765556555

Note: This is just the first draft and even if you do not find your name in it, there is no need for panic. Please visit NRC Seva Kendras to know what to do next. 
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November 26, 2017

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Greater job opportunities and a broad based economic growth is what we need in India: Raghuram Rajan

The ex-RBI governor and renowned economist Raghuram Rajan on Sunday put forward an argument advocating greater employment opportunities and a broad-based economic growth policy instead of short-term solutions like reservations, to ensure that no community feels discriminated.

According to Rajan the reason why so many communities feel left out and discriminated is that there are not enough job options and the economic growth is not broad-based. Our focus needs to be on an ultimate solution and not on the short-term solutions like reservations which are convenient and can break the fabric of the country, thus doing more harm than good.

Image result for raghuram rajan
Image Source - Twitter

The comment by Rajan was made in the light of the Patidar Andolan that has been going on now for more than a year by the Patidar community of Gujarat, who have been demanding reservations in jobs. This is a phenomenon that has been taking place in multiple areas of the country now. The powerful castes in most of the communities have switched to agitation and mass inconvenience to ensure their demands are met. One of the most recent examples can be the Jat agitation, where the govt. finally ended up giving community reservations in Jobs.

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November 23, 2017

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Cheque books to go nowhere: Assures Finance Ministry

After speculations of the govt. planning to ban the cheque books to promote digital transactions, the finance ministry clarified that nothing of this sort is going to happen anytime soon. The cheque books will continue to remain operational for the coming times.

After abruptly launching the process of demonetization last year, to curb the black money menace and counterfeit currency, followed by GST implementation this year, it was reported that the government is now contemplating a ban on cheque books. However, in one of its recent tweets, the ministry clarified that no proposal of this kind is being considered.

Image result for cheque book
Image Source - The Hindu

The push for a digital, cashless economy is being given since the days of demonetization when a lot of people switched to make chashless transactions either through e-wallets or plastic money. The rumored move of banning the cheque books was also considered to be yet another attempt for pushing digital transactions and moving one step ahead towards the cashless economy.

The assurance of not banning the cheque books comes out as a relief for all those traders and business owners who were not making much use of digital means for making payments and were still relying majorly on cash and cheques. 
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November 22, 2017

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Threat of bankruptcy looming over EPFO due to pension outflow

The constant demand for increased demands by the employees has led to the Employee’s Provident Fund Organization to announce that it has no more capacity to raise pension of employees up to their expectations.  As it will not only make the organization bankrupt but will also put the investment of users in its schemes in jeopardy.

The 1995 Employee’s Pension Scheme was introduced with a provision early last year, giving the beneficiaries an opportunity to contribute 8.33% of their actual salary to their pension, instead of salary ceiling. Thus putting a cap on their salary at Rs 15, 000.

Image result for epfo
Image Source - EPFO 

According to the erstwhile commissioner of the organization, there are approximately 1- 2lakh people who get salaries on the basis of the contributions they make. However, after computing it was realized the even though the PSU staff did not make any contributions, they still got more salaries, and the EPFO staff even after making contributions was paid less.

If the pension hike is implemented by the organization it will most likely go bankrupt, as not all members have made the required contributions, mainly because the scheme was not promoted very well in the EPFO. 
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After banning Rs 500 and 1000 notes Modi govt now planning to ban cheque books

In its yet another attempt towards increasing digital payments in India and taking it towards a cashless economy, the Modi led government is now contemplating to ban cheque books in near future. This would leave citizens with very limited offline means of transferring money.

According to the secretary general of CIAT (Confederation of All India Traders), Parveen Khandelwal, there is a high probability of the cheque books being banned in the coming future, to encourage people to make greater use of digital modes of payment.

Image result for cheque book ban
Image Source - NDTV

‘Digital Rath’ the recently held joint initiative of Mastercard and CIAT also promoted the idea of Digital India and the cashless economy, by informing traders about the ease and benefits of making digital payments. As of now a lot of money goes into getting the currency printed and then keeping it safe.

If the ban on cheque books is implemented it could be another big blow to traders and business owners, as a majority of transactions after demonetization are happening through cheques. Although more than 90% of the demonetized cash has been brought back in circulation, digital transactions have also increased. If the cheque books are also banned, it will certainly boost digital transactions but will again bring in mass level inconvenience. 
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