No Dearness Allowance hike freeze for Central Government Employees necessary: Manmohan Singh 1

No Dearness Allowance hike freeze for Central Government Employees necessary: Manmohan Singh

Dearness Allowance News: Manmohan Singh believed that it was not necessary to impose hardships on government employees.
Dearness Allowance Hike freeze for Central Government Employees Latest News: Former Prime Minister Manmohan Singh has said he believed that it was not necessary to impose hardships on government employees and armed forces by freezing Dearness Allowance and Dearness Relief hike till July 2021. “I sincerely believe it is not necessary at this stage to impose hardships on government servants and also on the armed forces people,” news agency ANI quoted former PM Dr Manmohan Singh as saying on the Centre’s decision to freeze Dearness Allowance and Dearness Relief hike till July 2021.
The Central Government has decided to freeze DA, DR hike of employees and pensioners in view of the Coronavirus crisis that has taken a huge toll on the country’s finances. Related News The Dearness Allowance hike is made by the government as per the recommendations of the 7th Pay Commission. Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
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How insurance can help you tide over financial insecurities 2

How insurance can help you tide over financial insecurities

Insurance is a tool to reduce the financial impact of unforeseen events and to create financial security.
The importance of insurance to reduce unforeseen financial impact and create financial security holds true in this current situation of financial turmoil, lockdown and COVID-19 scare. Being insured can help a person in multiple aspects of life like Financial Security, Debt Management and Family Protection, amongst others, against unanticipated events.
Over the years, the need for insurance has evolved from protection to risk management. While insurance is a mechanism of risk transfer and sharing by pooling of risks and funds among a group of individuals who are exposed to similar kinds of risks, risk management is a holistic approach for an individual’s insurance needs. Almost anything can be insured but certain things absolutely need to be adequately secured using proper risk management tools. This typically includes life, health, and property. Insurance is a tool to reduce the financial impact of unforeseen events and to create financial security. Insurance is a critical risk management tool to secure the present and future lifestyle of a family. Providing protection and mitigating risk is the simple motive of insurance. Related News Some of the reasons that elaborate the significance of insurance are given below:
Financial Security & Stability
It is critical to be fully prepared to deal with contingencies in life. Life insurance protects the family and itsRead More…

Provident Fund Withdrawal: From TCS to NTPC, what account holders have withdrawn from top exempted trusts 3

Provident Fund Withdrawal: From TCS to NTPC, what account holders have withdrawn from top exempted trusts

Finance Minister Nirmala Sitharaman had given the employees a relaxation to withdraw money from their Provident Fund Accounts on March 28. More than forty thousand members of the exempted Provident Fund (PF) trusts have withdrawn a total advance of Rs 481 crore to tide over the Covid-19 induced lockdown crisis, the Ministry of Labour and Employment said in a statement. In view of the economic hardships caused by the nationwide lockdown, Finance Minister Nirmala Sitharaman had given the employees a relaxation to withdraw money from their Provident Fund Accounts on March 28. The government had allowed an advance non-refundable withdrawal of either up to three months’ wages and dearness allowance or 75 per cent of the outstanding credit limit of the employee account, whichever is less. Exempted PF trusts have risen to the occasion amidst this nationwide crisis and a total of Rs 481.63 crores have been disbursed by these trusts to a total of 40,826 employees, the Employment and Labour ministry said. The aforementioned data was up to the period of 17th March. Since then, more employees may have availed the benefits provided to bail themselves out of the Covid-19 crisis. Related News The top 10 exempted PF trusts mentioned on the government’s list include Neyveli Lignite Corporation, Tata Consultancy Services (TCS), HCL Technologies Limited, NTPC, Power Grid among others. The highest amount of Rs 84 crore was disbursed among 3255 employees of Neyveli Lignite CorporRead More…

Rural Postal Life Insurance bonus declared: Rs 47 to Rs 65 per Rs 1000 of sum assured – Check details 4

Rural Postal Life Insurance bonus declared: Rs 47 to Rs 65 per Rs 1000 of sum assured – Check details

The rates of Bonus will be applicable for the Financial Years 2016-17, 2017-18, 2018-19 and 2019-20. The Department of Posts under the Ministry of Communications has declared the bonus rates on the policyholders of Rural Postal Life Insurance Policies. The objective of the Rural Postal Life Insurance (RPLI) is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. On the basis of Actuarial Valuation of the assets and liabilities of Rural Post Office Life Insurance Fund (RPOLIF) as on 31.03.2017, 31.03.2018 and 31.03.2019, the Director-General (Posts) declared a simple Reversionary Bonus on the Rural Postal Life Insurance Policies on their becoming claims, due to death or maturity at the following rates. Related News The bonus is declared on every Rs 1000 of the sum assured and is payable on death during the term or on the maturity of the policy. Being Simple Reversionary, there is no effect of compounding in the policy. For example, if the bonus is Rs 50 per Rs 1000 in a policy with Rs 1 lakh of sum assured, the annual bonus amount will be Rs 5,000 payable on maturity or on death to the nominee. The rates of Bonus will be applicable for the Financial Years 2016-17, 2017-18, 2018-19 and 2019-20. Interim Bonus will also be payable for all claims arising due to maturity or death until the future valuation is completed.
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ICICI Bank launches voice banking services on Amazon Alexa and Google Assistant 5

ICICI Bank launches voice banking services on Amazon Alexa and Google Assistant

The facility enables customers to undertake a host of banking requirements with just a simple voice command. ICICI Bank today announced that it has integrated its AI powered multi-channel chatbot, ‘iPal’, with the world’s two most popular voice assistant apps–Amazon Alexa and Google Assistant– to enable its retail banking customers to undertake an array of banking services with just a simple voice command. This novel facility offers customers yet another way to connect with their Bank from home at a time when they are advised to stay indoors in the wake of the nationwide lockdown. The launch of voice banking facility comes close on the heels of new digital initiatives undertaken by the Bank namely, chat based banking services on WhatsApp and ‘ICICIStack’, a set of digital banking and APIs (Application Programme Interface), to ensure uninterrupted banking experience to customers—both retail and business. ‘ICICIStack’ offers nearly 500 services that covers almost all banking requirements of customers such as digital account opening, loan solutions, payment solutions, investments and care solutions. Related News To get the benefit of the voice banking offering, customers need to download the Alexa / Google Assistant and link their ICICI Bank account through a secure two factor authentication process. They can then simply speak out their query to Alexa / Google Assistant enabled devices to check their savings account balance and credit card dRead More…

Relaxation in income tax compliances: Here’s how taxpayers will get impacted 6

Relaxation in income tax compliances: Here’s how taxpayers will get impacted

The major relief has been in the form of extension of due dates for filing income tax returns belated or revised for FY 2018-19, and providing additional time for investing in tax relief eligible investments for FY 2019-20. The closure of every Financial Year (FY) and the commencement of the next is the time when most individuals think about their income tax obligations. For FY 2019-20 things have become more complex given the lockdown situation. Investing to save taxes, filing belated income tax returns of FY 2018-19 or revising income tax return to amend or rectify an error in previously filed tax return for FY 2018/19 and budgeting for FY 2020-21, are some of the pressing issues for an individual taxpayer. It is important for taxpayers to understand the impact of the relaxations announced by the government. The major relief has been in the form of extension of due dates for filing income tax returns belated or revised for FY 2018-19, and providing additional time for investing in tax relief eligible investments for FY 2019-20. The due date is now June 30, 2020 for all of this. Related News Let us see how this would help taxpayers. 1. Investments for the FY 2019-20 Individuals can now use the extended window up to 30 June, to make tax saving investments such as contributions to PPF, NSC etc and can claim benefits under Section 80C for FY 2019-20. Similarly, insurance premium payments for medical coverage for self, family and/or senior citizen parents, paid-upRead More…

5 money moves for self employed in times of Covid-19 crisis 7

5 money moves for self employed in times of Covid-19 crisis

Here are some smart money moves for self-employed individuals to ensure financial fitness amid the Covid-19 crisis. With the nationwide lockdown owing to the Covid-19 pandemic, self-employed are most impacted than their salaried counterparts. Given the irregular cash flows and absence of employer-provided group health covers, they are completely on their own to ensure their financial shortfalls and health security in such a situation. While staying physically healthy and preventing the spread of Covid-19 are top priorities for all, managing personal finances is also paramount, especially in case of the self-employed. Let’s discuss some smart money moves for self-employed individuals to ensure financial fitness amid the Covid-19 crisis: Related News 1. Enhance emergency fund While salaried individuals should maintain an emergency fund equalling their mandatory monthly expenses of at least 6 months, self-employed individuals lacking income certainty should maintain this fund on the higher side covering monthly mandatory expenses of at least 9 to 12 months. However, as the Covid-19 pandemic has impacted the global economy, there may be long-term repercussions of the current volatility. In such a case, it is crucial to enhance your emergency fund to be in line with your responsibilities and requirements. Your contingency fund will come to your rescue if you face any loss of income in the near future owing to this pandemic. As emergencies come unannounced, you shoRead More…

WhatsApp Banking HDFC Bank: Check account balance, credit card outstanding sitting at home 8

WhatsApp Banking HDFC Bank: Check account balance, credit card outstanding sitting at home

WhatsApp Banking: The benefit is that the basic banking services are available round-the-clock and even on bank holidays. HDFC Bank WhatsApp Banking: The WhatsApp Banking facility of HDFC Bank is a simple and easy way to conduct certain basic banking transactions sitting at home or office without making a visit to the bank branch. From knowing the account balance to the available credit limit on your credit card to finding the IFSC code of a bank branch, WhatsApp Banking of HDFC Bank allows you to avail many more banking services. The benefit of WhatsApp Banking is that the basic banking services will be available round-the-clock and even on bank holidays. There are no charges levied by the bank. However, data charges may apply when the app is used. Related News WhatsApp Banking Services Like other, HDFC bank WhatsApp Banking allows one to check the balance in the savings account or view the mini statement. One can ask for the latest account statement and even place a request for a new cheque book. For those who are holding the HDFC Bank credit card, they can check the outstanding balance on the credit card or even ask for the card statement. Further, one may view the rewards points accumulated on the card or know the available limit on the card. Those HDFC bank account holders who also have a fixed deposit in the bank can view the FD summary. Also, if you are looking for a car loan, home loan etc, you may ask the bank about the list of documents you need Read More…

Sovereign Gold Bond: Is it a good investment? Find out 9

Sovereign Gold Bond: Is it a good investment? Find out

The Government issues the bonds, and therefore, credit risk for the same is almost zero. Gold has allured a large number of people across the world by its charm and beauty. Gold has a cultural significance and is considered precious. Traditionally people have invested in gold. Many households in India view gold as a good and safe investment, but the storage of gold in physical form is a matter of concern due to safety reasons. Further, storage of gold in bank lockers does attract some fees. To facilitated the Indian citizens to invest in physical gold, the government created an alternative saving option called ‘Sovereign Gold Bonds Scheme’ in 2015 under the Gold Monetization Scheme. The Reserve Bank issues bond on behalf of the Government of India. The gold bonds are released every month from October 2019 to March 2020. The SGB scheme is less risky, convenient, and one has nothing to worry about risks, cost of storage. It is held in Demat form-eliminating risk of loss of scrip etc. and provides more benefit that is significant to investors compared to physical gold or Gold ETFs (Exchange Traded Funds). It is allowed to purchase gold in kilograms not required to hold the metal physically. Investors buy in cash, but the bonds will be redeemed in cash upon maturity. However, the bonds can be purchased during some specific times available. All Indian residents such as Individuals (Single or joint holding), HUFs, Trusts, Universities, Charitable institutions are eligiRead More…

Want to invest in S&P 500 Index? NFO open for international fund investing in top US companies 10

Want to invest in S&P 500 Index? NFO open for international fund investing in top US companies

The NFO is open from 15 April 2020 till 23 April 2020 and the minimum investment is set at Rs.500. International Index Funds in India: If you are looking to diversify your equity portfolio geographically and include some US stocks such as Microsoft, Apple, Amazon, Facebook, Berkshire Hathaway, Alphabet, Visa etc, here is an option for you. Motilal Oswal Asset Management has announced the launch of the Motilal Oswal S&P 500 Index Fund which will be benchmarked to the S&P 500 Index, a US index. The NFO is open from 15 April 2020 till 23 April 2020 and the minimum investment is set at Rs.500. Being an index fund, the Motilal Oswal S&P 500 index fund will invest in the companies that are part of the S&P 500 Index in the same weightage as in the index. As an investor in the fund, one may expect a return close to the returns generated by the S&P 500 Index (US), subject to tracking error. Since Jan 1, 2020, the S&P 500 Index has fallen by about 12 per cent, while the 1-year return has been nearly a negative of 2 per cent. Related News The fund will provide Indian investors exposure to the performance of leading 500 companies listed in the United States. The S&P 500 Index covers approximately 80 per cent of the available market. In 2018, more than 40 per cent of the sales of S&P 500 constituents were reported from foreign countries. As per the fund house, the NAV for the fund will be a combination of two data points – 1) End of the day Read More…