How Blockchain Can Revolutionize the Finance Industry

How Blockchain Can Revolutionize the Finance Industry
Technological development in the last few years has been phenomenal. Augmented reality devices, highly intelligent robots, humanoids, CRISPR (gene-editing technology) are not limited to a sci-fi author’s imagination anymore; they’re a massive part of the research and development that has been taking place worldwide. The last decade has seen immense potential in using technology to alleviate human involvement in segments that require high accuracy, reliability and transparency – the financial sector is one of those segments. Researchers believe that blockchain would alter the way financial transactions occur in the world by eliminating the dependency of people on institutions for making these transactions. Blockchains could also solve many pressing problems in the developing world since it is a highly transparent system, and thus, it could help in reducing corruption levels in those countries. However, most of the countries have been slow in adopting the blockchain technology. Many MNCs and global firms have backed the efficiency of this technology in eliminating a go-between in all the transactions which occur globally.

E-nomination Facility by EPFO

If you are a salaried employee, you must be aware of PF deductions. In case you aren’t, just take a peek at your salary slip. If the organization that you work for is registered with EPFO, you will notice a considerable amount being deducted from your total salary every month. That’s your PF or Provident Fund deduction. Don’t get worked up – you are not losing out on the money; it is deposited into your PF account as compulsory savings, and you can easily do a PF balance check from the official website of EPFO whenever you want.

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New PPF Rules

New PPF Rules
A wise man has said that the best saving habit reflects in one who starts saving from their very first paycheck. Well, I inculcated a saving habit even before I started getting my paychecks! I have had a PPF account since I was 18. My parents, being government employees, always considered PPF to be the most reliable investment option. They asserted that a PPF account is the best way to save for the future. They insisted that I deposit the minimum mandatory amount into my PPF account every year. A student back then, I scrimped hard to save a little from my pocket money every month to accumulate enough funds for the yearly PPF deposit. It is a great tool to save and grow your wealth. Before we discuss the new PPF regulations, let’s start with the basics.

Revised EPF Deductions

Revised EPF Deductions

Almost all salaried employees don’t receive an elusive chunk of their monthly salary due to EPF deductions. Have you wondered what are EPF deductions?
Commonly known as EPF, Employee Provident Fund is typically a post-retirement scheme which is accessible to all salaried employees. EPF is managed by the Employees Provident Fund Organisation of India (EPFO). The EPF and Miscellaneous Provisions Act states that a registered company with more than 20 employees is mandated by law to enroll with the EPFO. Employee Provident Fund is considered to be a great savings platform which aids the employees in saving a portion of their salary each month. As against the global average of 40%, women’s contribution in Indian workforce is pretty low (at a dismal 24%). There are several issues keeping women away from the formal workforce. Catalyst, a leading non-profit social marketing agency states that even a small increase of 10% in the participation rate of women in the workforce could increase India’s GDP by 700 billion dollars (1.4% of the GDP)

Important Changes in Tax Rules in FY 2018-19

Important Changes in Tax Rules in FY 2018-19Revival of LTCG tax
The most significant change implemented in the financial year 2018-19 is the revival of the long-term capital gains (LTCG) tax on the investments in the stock market. Now, a 10% tax will be imposed on the profits from stock markets which exceed one lakh in the form of Long-Term Capital Gains (LTCG) tax. These profits could be earned by the sale of stocks and equity-oriented mutual funds, which have been held by an investor for more than a year.

Government Incentives for NRIs to Start Business in India

Government Incentives for NRIs to Start Business in India
India is a promising destination to start a new business. With a thriving market of over 1.35 billion people and an enormous economy, India offers a budding platform for numerous avenues for business.  NRIs (Non-Resident Indian) are the quintessential entrepreneurs that the country needs now. With more than 15 million NRIs and PIOs (Persons of Indian Origin) living abroad, India currently has the world’s largest diaspora. Although India’s NRI pool forms around 1 percent of the country’s population, yet it is an indispensable cog in the wheel of its development. Apart from bringing in economic benefits of remittances of forex, NRIs also bring along a modern and global perspective. Therefore, they not only add technical and domain expertise to domestic startups but also act as angel investors. Moreover, new businesses create jobs, and employment generation is the stepping stone to economic growth. The Indian Government has realized that the NRI population can be instrumental in bringing about development and has thus started leveraging its potential by offering attractive incentives to encourage NRI investment in India.

Budget 2019 – The Middle Class Dream

Budget 2019 - The Middle Class Dream

Presented by the Union Minister for Finance, Mr. Piyush Goyal, on February 1, 2019, the interim Union Budget for 2019 is a much-needed tax relief for the salaried middle class. Income tax concessions for salaried class and lowered peak tax rates for corporates seem to be the mantra for 2019. The alternative focus remained on the farmers and senior citizens.

The Union Home Minister, Mr. Arun Jaitley, has called the Union Budget “historic and for the development of the common man.” The budget has undoubtedly focused on the common man this time, but it remains to be seen whether the Budget measures are implemented successfully.

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59 Minutes Loans

59 Minutes Loans

 We have exciting news for the MSME (medium, small and micro enterprises) sector in India – get loans up to Rs. 1 crore in 59 minutes! The Prime Minister of India, Narendra Modi, has announced a new and dynamic ‘Support and Outreach’ initiative for the MSME sector, which comprises relaxed labor laws, smoother compliance with environmental laws and easy access to credit. In a bid to perk up this huge job-generator sector and to grant them easy access to credit, the Indian Government has promised that loans of up to Rs.1 crore will be sanctioned within an hour – in 59 minutes, to be precise. Read more

Are Millennials Disciplined in Their Finance

Arguably, millennials are considered to be more intelligent and disciplined in terms of finance as compared to their previous generations. Even they are considered to be exercising better financial habits than the baby boomers. Are millennials disciplined in their finance? The answer to this frequently asked question has been given by a recent survey by Schwab Retirement Plan Services, Inc. As per their survey, despite the financial challenges that millennials face, they are taking mature decisions when it comes to saving and investing.

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