Search Results

The central government began providing free rations to low-income families during the Corona pandemic, but the government has discovered that many ration cardholders are not eligible and are taking advantage of the free rations. Simultaneously, many cardholders who are eligible for the scheme are not receiving the benefit. The government has instructed ineligible individuals to surrender their ration cards immediately. According to reports, if an ineligible person does not surrender his ration card, he will face legal action following an investigation. Citizens who live below the poverty line and earn less than Rs. 10,000 per year are issued BPL cards. Who is required to surrender his or her Ration card? If an individual owns a plot larger than 100 square metres, a flat or house, a four-wheeler car or tractor, and a family income greater than two lakhs in the village and three lakhs in the city, he or she should obtain a ration card from the Tehsil and D.S.O. office. Eligibility Yellow Ration Cards (Maharashtra) * Families earning up to Rs. 15,000/- per annum * No family member should be a physician, lawyer, architect, or chartered accountant. None of the family members should be professional taxpayers, sales tax collectors, or income tax collectors, or otherwise liable to pay such taxes. * The family should not own a four-wheeler vehicle. * Each family member should not own more than two hectares of Jirayat land, one hectare of seasonal irrigated land, or half a hectare of irrigated land (double in drought-stricken areas). Eligibility Saffron Ration Cards (Maharashtra) * Families with an annual income of more than Rs.15,000 but less than Rs.1 lakh * No family member should own a four-wheeled mechanical vehicle (excluding taxi). * The family as a whole should not own more than four hectares of irrigated land. Cards for Priority Household (P.H.H.) (Maharashtra) Beneficiaries under TPDS who declared their annual income in a prescribed form in 2011 and had an annual income of not more than Rs.59,000/- in urban areas and not more than Rs.44,000/- in rural areas were eligible to receive the benefit under Priority Household (P.H.H.) Cards. The general regulation was published on 17.12.2013. The "Public Household" stamp was applied to the upper right side of the first page of the beneficiaries' saffron ration cards.

Overseas colleges' tuition fees, which were already significantly higher than those in India, have skyrocketed in the recent two decades. Even though most large banks and a few non-banking financial organisations offer loans for abroad schooling, the risk of lingering in debt is increased by huge loan amounts and limits on work visas. A comprehensive examination of loan features and one's financial capacity is even more critical when applying for loans for overseas study. Lending Amount If you're taking out a loan, you should be able to cover all of your costs, including the cost of a laptop, books, and other supplies. There is a maximum credit amount of Rs 1.5 crore available for overseas education courses. To reduce your overall interest expense, try to secure a larger loan amount with a bigger profit margin. Scholarship and assistantship funds can also be used as a margin contribution by lenders. Term of Repayment Loan payback terms for overseas education loans might be as long as 15 years, just like those for domestic education loans. It is not the date of the loan disbursement that determines the repayment payment for an education loan, but rather the beginning of each equated monthly instalment (EMI). Borrowers also have the option of a one-year moratorium on making EMI payments, which includes the course time. Interest begins to accrue as soon as the loan is disbursed, and this interest is then added to the principle. Students taking out college loans should endeavour to pay back the interest accrued during the moratorium period. They would be able to save money in the long run by doing this. Margin money The percentage of the tuition cost not covered by a student loan is referred to as "margin money." The borrower is responsible for funding this portion of the loan on his or her own. Your scholarship or assistantship money can also be included in this sum. For loans of up to Rs 4 lakh, lenders often do not require any collateral. For loans of more than Rs. 4 lakh, lenders typically demand a 15% deposit to cover the expense of studying abroad. Interest rate In most cases, borrowers can expect to pay a variable interest rate on their school loans. There is a tendency to charge a greater interest rate on loans taken out to attend prestigious foreign institutions than on loans taken out to attend Indian institutions. Interest rates for education loans for international courses currently range from about 8% per year onwards, depending on the type of course, institution, academic performance, security supplied, and the credit score of the borrower/co-applicant.. Lenders charge a basic interest rate on the loan balance during the moratorium period. During the moratorium period, lenders also give a 1% discount on interest payments. Calculate EMIs by predicting future earnings The placement history and average wage of the chosen educational school should be examined. Take into account the host country's restrictions on work visas as well. Using this information, you'll be able to figure out how much money you'll be making each month and how long you'll need to repay the debt. If you don't pay your EMIs on time, your credit score will suffer, making it harder for you to get future loans. Remember that loan prepayments are always free of charge. Calculate your ideal EMI and loan term with the help of online education loan EMI calculators. Benefits from Tax Deduction Section 80E of the Income-tax Act allows individuals to claim tax deductions for school loans taken out for themselves, their spouses, or their children, or for minors placed under guardianship. Only eight years after the beginning of EMI repayment can this discount be taken advantage of. The repayment of an education debt is a long-term commitment, and borrowers should aim to pay it off in eight years or less. Borrower's collaterals/guarantee For loans of up to Rs 4 lakh, lenders often do not require collateral or third-party guarantees. Lenders may require a third-party guarantor and collateral for education loans between Rs 4 lakh and Rs 7.5 lakh. The third-party guarantor and security requirement may be waived by some lenders, however, when the lender is pleased with the loan applicant's ability to repay or net worth. For loans beyond Rs 7.5 lakh, lenders may need collateral in the form of real estate, bank deposits, mutual funds, insurance policies, and other similar investments.

Financial markets around the world have been rattled by a rise in prices, the ongoing Covid-19 outbreak, and the conflict in Ukraine. Fuel prices have already risen dramatically, and there are now concerns that interest rates on loans will rise as well. Are you in the market for a home or a car, whether you're an existing customer or a new one? This information must not be ignored. Banks have recently increased the MCLR (Marginal Cost of Funds Based Lending Rate), and this could mean that loans with floating interest rates will become more expensive. What are the best options for a person in this situation? MCLR or an external benchmark will almost certainly be used if you take out a loan with a floating interest rate. There is no MCLR for fixed-rate loans. The RBI has mandated that retail and MSME loans be linked to an external benchmarking system as of October 1, 2019. However, for corporate and other sorts of loans, it remains an alternative. Only loans with fluctuating interest rates are affected by MCLR. It doesn't apply to interest rates that aren't variable. Customers can check their bank's MCLR on their own. Without RBI approval, banks are unable to make loans below the MCLR. There is a direct correlation between an increase in the repo rate and an increase in interest rates for MCLR-linked floating rate loans. Several well-known lenders have recently raised their MCLR, which indicates that floating-rate home loans and car loans may soon be more expensive. The rising cost of funding has compelled the banks to make this move despite the RBI repo rate being steady.

As the name suggests, life insurance is a contract between an insurer and a policyholder. Premiums paid by the insured during his or her lifetime guarantee that the insurer will pay a set sum of money when that insured person dies. If you want to ensure that your loved ones are financially secure in the event of your death, you should consider purchasing life insurance. The proceeds of a life insurance policy might be used to pay for final expenses, settle debts, or just to get by. It all comes down to what you need and what you want a policy to do for your family. Before making a decision on whether or not to get life insurance, it is essential to understand the many options available. Let's take a closer look at the many kinds of life insurance policies. Term Life Insurance Insurance policies that are purchased for a specific period of time, such as 10, 20, or 30 years, are known as term plans. This type of insurance does not have any cash value, hence it is less expensive than traditional insurance. This strategy is only beneficial if and when the occurrence occurs. Term Insurance Plan with Premium Return Term insurance is a type of insurance that reimburses you for your premiums if you live to the end of the policy period. Endowment Policy is another name for this plan. All that an endowment policy has in excess of a term insurance plan is the added benefit of a lump sum payment in case the insured lives to maturity. Unit Linked Insurance Plan There are a number of ULIPs that fit both of these requirements. These plans not only offer life insurance, but they also allow policyholders to build money via the process. One portion of the premium goes toward life insurance, while the other is used to build wealth. With this strategy, you can take out the money that's been set aside for "wealth accumulation." Money Back Policy It's possible that buying an insurance coverage for a loved one in India is a long-term investment strategy. Life insurance, on the other hand, typically does not allow for early cash withdrawals. When it comes to dealing with the liquidity problem, a money-back policy comes into play here. The benefits of this insurance are spread out over the policy's length and are based on a range of factors. Whole Life Insurance Policy In contrast to other plans that expire after a set period of time, a whole life insurance policy provides survival benefits to the insured for the remainder of his or her life. In this type of insurance, the policyholder has the option of taking a portion of the money or borrowing a set amount. Whole life insurance varies from other types of insurance in that it protects the insured until he or she reaches 100 years of age. Child Insurance Plan In order to help you meet the financial demands of your child, a child plan combines investments and insurance. Investing in a child's future needs, such as education, might be made easier with a child insurance coverage. Your hard-earned money may be invested in a number of funds according on your financial condition and long-term goals in these schemes, which can begin as soon as your child is born. Annuity/ Retirement Plan Financial stability and the accumulation of wealth can be achieved through retirement or annuity plans, which are insurance contracts. Depending on the policyholder's desire, the premiums paid under this insurance will be accumulated as assets and distributed to the policyholder in the form of annuity or lump sum payout. During the period of the policy, if the insured individual dies unexpectedly, the insurance proceeds go to the nominee.

When our family members requested that we serve as guarantors for their loans, how many of us got ourselves into trouble? When a primary borrower does not have an excellent credit record, lenders require a guarantor. There is an inherent risk aspect that all lenders want to minimise when it comes to lending money and money on credit. The policy of requesting that their customers provide a guarantee who can take over the loan's responsibility in the event of an abnormality is the result of this. Loan guarantors who earn enough and are financially capable of repaying the loan amount demanded by different lenders are subject to varied laws. The loan amount and the terms and conditions of the loan, especially whether it is a home loan or an unsecured personal loan, must be carefully considered regardless of the reason for taking on the obligation of repaying the debt if the borrower dies or is otherwise unable to return the amount. Because the lender initially liquidates the primary borrower's assets in the event of default by the primary borrower or the incapacity to repay by the co-borrower, this results in the primary borrower's assets being liquidated first. When it is impossible for the lender to retrieve the outstanding loan amount, it will notify the guarantor and ask them to pay the rest. Taking on the responsibility of a loan guarantor entails a degree of risk. It's like taking on an unwelcome obligation that will eat away at your profits in the long run. ' This means that instead of being selfless, you must be smart while agreeing to pay back a loan. Verify the borrower's credentials, including their work status, income, regularity of ITR filing, and physical fitness. Accepting the role of guarantor does not relieve you of the responsibility of taking all reasonable safeguards. The borrower can be asked to obtain loan protection insurance, such as a mortgage insurance policy, or any other to cover the borrower's financial obligations in the event of his or her untimely death. Other than these, you must take care of the following things before signing up as a loan guarantee before signing up. Ensure that the borrower is able to pay back the loan A guarantor is required by the lender since the borrower is at significant risk of defaulting on the loan. Regardless of how well you get along with the borrower, you need to find out more about his financial situation. Find out how much of the borrower's existing assets he or she needs to have on hand in case a liquidity check is needed. Ask for a copy of the borrower's credit report or the bank's credit score to see if he or she is a trustworthy borrower. If the applicant's credit score is less than 650, do not guarantee the loan amount. Owed to the fact that you may be held liable for the full amount due if the borrower or co-borrower defaults on the loan, Please avoid if you need a loan yourself You'll have a harder time getting a loan if the bank finds out that you've already signed on as a guarantee for someone else's debt. With a good credit score, borrowers can get lower interest rates on loans from lenders. As a result, credit rating agencies may reduce your rating if you agree to serve as a loan guarantor. As a result, you won't be eligible for lower-interest loans. Insurance for the safety of your loan Lenders will contact the guarantor if a borrower defaults on their loan payments. A loan guarantor who fails to meet his or her responsibilities will be declared a "wilful defaulter" and prohibited from obtaining future loans. If the borrower does not have enough money to repay the loan, you should ask them to get a loan protection insurance plan. Because of the borrower's financial circumstances or premature demise, you will no longer be responsible for repaying the debt. Don't disregard the warning signs that anything is wrong It's understandable if you'd like to maintain ties with your family and friends, but money can be the greatest divider of all. In order to get rid of someone, offer to lend him money, and later ask for it back. Money may disclose a lot about you, which is why you shouldn't disregard any warning signs you receive about it. If the borrower's credit looks inadequate, decline to be a guarantor. For those who plan to borrow money in the near future, it's best to avoid being a loan guarantor in the first place. If a borrower refuses to purchase loan insurance, it is a red flag that the borrower is unconcerned about repaying the debt or is taking his or her obligation to the lender lightly. If you don't have insurance, you'll be forced to pay back the loan, which might put a strain on your wallet in the long run.

Premature Redemption of Sovereign Gold Bonds: The Reserve Bank of India (RBI) has announced the dates for premature redemption of Sovereign Gold Bonds (SGB). The Central Bank has issued a press release detailing the details of tranches due for premature redemption during H1 of 2022-23, i.e. from April 1 to September 30, 2022, as well as the window for submitting requests for premature redemption. Premature redemption of Sovereign Gold Bonds (SGBs) is allowed five years from the date of issue, on the day on which the next interest is payable. - According to the RBI, a request for pre-mature redemption must be sent to the Receiving Offices (RO) or the Depository through DP (in the case of dematerialized securities) at least 10 days prior to the next interest payment date. - The request must be reviewed to ensure that the details are correct, and it must be sent to RBI via the E-Kuber Portal at least four days before the interest due date. - At maturity and in the event of premature redemption, the bonds will be redeemed in Indian Rupees at the rate published by the India Bullion and Jewellers Association Limited, with the redemption price based on a simple average of the closing price of gold of 999 purity for the previous week (Monday to Friday) for SGBs issued under tranches 1 to 9 and the previous three working days for tranches issued thereafter. - The redemption proceeds will be credited to the customer's bank account.

The new ITR filing rule states that if the amount of TDS and TCS in a year exceeds Rs 25000, an Income Tax Return (ITR) must be filed. To bring more people into the tax bracket, the government has increased the scope of income tax reporting. According to the Ministry of Finance's announcement, more income groups and those with income will now be required to file income tax forms. More people will be pulled into the tax net as a result of the new reforms. The new rules will take effect on April 21, 2022. According to the latest notification, if a company's sales, turnover, or revenue exceeds 60 lakhs, the company must file a return. Even if a professional's annual salary exceeds Rs 10 lakh, an ITR must be filed. Aside from that, even if the sum of TDS and TCS exceeds Rs 25000 in a year, an income tax return must be filed. However, for taxpayers aged 60 and up, the TDS + TCS ceiling has been maintained at Rs 50,000. According to the new announcement, if the amount deposited in a bank savings account is 50 lakh or more in a year, the depositors must also file tax reports. The government hopes that the new amendments will broaden the scope of income tax reporting, allowing more people to fall into the tax net.

SBI has released online security instructions for clients. Here are three short considerations to consider: 1. Always check the address bar of the bank's website for "https." 2. Avoid using open Wi-Fi networks to conduct online banking transactions in public areas. 3. When you're finished with your task, always log out and quit the browser. SBI also has six important login security tips. These are the ones. 1. Use passwords that are both unique and complicated. 2. Remember to update your passwords on a regular basis. 3. Do not reveal, save, or write down your user ID, passwords, or PIN. 4. Keep in mind that your bank will never ask for your user ID, passwords, card number, PIN, passwords, CVV, or OTP. 5. To avoid storing user IDs and passwords, disable your device's 'Auto Save' or 'Remember' option.

The subscription period for the initial public offering (IPO) will begin on April 27 and end on April 29. On April 26, anchor investors can participate in the offer for one day. In collaboration with merchant bankers, the business has set the price range for the offer at Rs 516 to Rs 542 per equity share. The company plans to raise Rs 1,580.84 crore through a public offering at the top of the pricing range. The IPO consists of a fresh issue of shares worth Rs 280 crore and an offer-for-sale (OFS) by promoters and investors of up to 2.4 crore equity shares. Ramesh Kancharla, Dinesh Kumar Chirla, and Adarsh Kancharla, the company's promoters, would sell a total of 87.26 lakh equity shares via the OFS. The OFS would offer 1.46 crore equity shares to investors British International Investment Plc (previously known as CDC Group Plc) and CDC India. Out of the total offer, the company has set aside three lakh equity shares for its employees, who would receive them at a discount of Rs 20 per share over the final issue price. Rainbow will use Rs 40 crore of the net fresh issue proceeds to redeem its NCDs, and Rs 170 crore to build additional hospitals and buy medical equipment. The proceeds from the OFS will be distributed to the selling shareholders. The company has set aside half of its public offering for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail investors to subscribe. Investors would need to apply for a minimum of 27 equity shares, and then in multiples of 27 shares after that. As a result, the least investment by retail investors for a single lot (27 shares) would be Rs 14,634 and the highest investment in 13 lots would be Rs 1,90,242, as retail investors are only authorised to spend up to Rs 2 lakh. Rainbow began as a 50-bed paediatric hospital in Hyderabad, Telangana, in 1999, under the guidance of Dr. Ramesh Kancharla, the original proponent, to meet the need for child healthcare. In India, it currently runs a multi-specialty paediatric and obstetrics and gynaecology hospital chain with 14 hospitals and three clinics in six cities. As of December 2021, it had a total bed capacity of 1,500 beds, with 641 full-time doctors and 1,947 part-time/visiting doctors. It may seek to grow its hospital network in the future by acquiring brownfield assets or developing greenfield sites. In Hyderabad, Telangana, the company claims to have successfully implemented a hub-and-spoke strategy. It is also implementing a similar hub-and-spoke concept in Bengaluru, Karnataka, and wants to replicate this approach by adding spokes in Chennai, Tamil Nadu, and New Delhi-NCR, where it has hub hospitals. The paediatric healthcare market in India is expected to grow at a CAGR of 13% from Rs 1.01 lakh crore in March 2021 to Rs 2.1 lakh crore by the end of financial year 2026, according to CRISIL Research, while the maternity healthcare market is expected to grow at a CAGR of 9.42 percent from Rs 37,800 crore in FY21 to Rs 59,300 crore in FY26. The gynaecology hospital chain's earnings increased by 228 percent year over year to Rs 126.4 crore in the nine months ending December 2021, while revenue increased by 56.6 percent to Rs 761 crore. However, profit for the fiscal year ended March 2021 fell 28.5 percent to Rs 39.57 crore from the previous year, while sales fell 9.6 percent to Rs 650 crore. On a consolidated basis, its borrowings (current and non-current) totaled Rs 40.68 crore as of December 2021. Dr. Ramesh Kancharla, the company's promoter, is the Chairman and Managing Director, with over 23 years of expertise in paediatrics, paediatric gastroenterology, liver disorders, and liver transplantation in the United Kingdom and India. Dr. Dinesh Kumar Chirla, a certified neonatologist, is the other promoter on the board of directors. Head of Strategy Mahesh Madduri is a Chartered Accountant with a Master of Science in Industrial Administration from Carnegie Mellon University in Pittsburgh, Pennsylvania. Dr. Rohit Manipal Bhojaraj, Chief Operating Officer, is a certified physician and management professional with over 16 years of experience in the global healthcare sector, having graduated from the Indian Institute of Management in Ahmedabad. Gowrisankar R, Chief Financial Officer, is a Chartered Accountant with over two decades of financial and accounting experience in the Indian healthcare industry. Promoters owned 62.19 percent of the company's stock. Rainbow is sponsored by financial investor CDC, the UK's development financing agency, which owns 30.45% of the company's shares. Rainbow will complete its IPO share allotment by May 5, and refunds will be credited to unsuccessful investors' bank accounts by May 6. By May 6, equity shares will be credited to qualifying investors' demat accounts. On May 10, equity shares will be listed on the BSE and NSE for the first time. The issue's book-running lead managers are Kotak Mahindra Capital Company, JP Morgan India, and IIFL Securities, while the registrar is KFin Technologies.

Campus Activewear IPO: Campus Activewear IPO will open tomorrow, April 26. The issue will be available for subscription starting Tuesday, April 26 and will be available through Thursday, April 28. The company plans to sell its shares for between Rs 278 and Rs 292 per equity share. The company's promoters, Hari Krishna Agarwal and Nikhil Aggarwal, will sell roughly 12.5 million equity shares in the OFS, while TPG Growth III SF Pte Ltd and QRG Enterprises will sell up to 29.1 million shares and 6.05 million shares, respectively. IPO for Campus Activewear: Lot Size The issue, which is wholly an offer-for-sale (OFS) from the business's promoters and existing shareholders, would raise Rs 1,400. They want to sell 4,79,50,000 shares in the OFS, each with a face value of Rs 5. The company will not benefit financially from the offering. Dates of Listing and Allotment The final distribution of IPO shares will take place on May 4, while refunds will begin on May 5. On May 6, shares will be credited to demat accounts. The IPO is expected to go public on May 9th. Campus Activewear, based in Delhi, develops and distributes a wide range of footwear, including running shoes, walking shoes, casual shoes, floaters, slippers, flip flops, and sandals, in a variety of colours and styles. Campus Activewear sells their items both online and in brick-and-mortar locations. With over 400 distributors in 28 states and 625 cities, it has a pan-India trade distribution network. In addition, the corporation has 18,200 retailers in India. Financials In fiscal 2020-21, the company reported a net profit of Rs 26.86 crore, down 57% from the previous year's bottom line of Rs 62.37 crore. Revenue dropped by around 3% to Rs 715.08 crore. The company declared a net profit of Rs 84.80 crore for the nine months ending December 31, 2021, with total revenue of Rs 843.94 crore.

Recurring deposits are one of the best investment solutions for conservative people who can't save a huge chunk of money. A recurrent deposit (RD) is a sort of investment that allows you to put money aside on a regular basis while earning interest. A recurring deposit can be set up at a bank or at the post office. The maturity amount for RDs is the sum of the principal and interest earned over the investment period. Every three months, interest is compounded. The savings must be deposited into the account once a month. According to the India Post website, a monthly deposit must be at least Rs 100, with multiples of Rs 10 as a minimum. The applicable interest rate will be 5.8% per annum, compounded quarterly, beginning April 1, 2020. The account matures after 5 years (60 monthly deposits) from the date of opening. The rate of interest on RDs is the same as that on term deposits for public and senior persons, according to the SBI website. According to HDFC Bank website, "You can start with an investment of Rs1,000 and in multiples of Rs.100 after that. The maximum you can invest in a Recurring Deposit account is Rs 1,99,99,900 a month." Interest rates vary from 2.90 to 5.50 percent. ICICI Bank offers recurring deposit interest rate between 3.50-5.60 percent on various tenors. HDFC BANK RD Interest Rate

Many of us make payments with our debit and/or credit cards; if not directly, we add the debit or credit number to make a UPI payment or direct payments. As the number of people who use their cards to make purchases has increased, so have the number of occurrences of card-related fraud. The Reserve Bank of India (RBI) has taken a number of efforts to enhance the safety and security of card payments in India. The RBI has mandated that issuers transmit warnings to cardholders for every card transaction so that they are aware of what is happening with their cards. It is recommended that cardholders sign up for SMS/email alerts, says RBI. According to RBI’s booklet “ BEWare”, here are the precautions to be taken when using debit or credit cards. If you are not going to use your credit or debit card for a long, you should deactivate different services, such as online transactions for both local and foreign transactions, and activate them just when you need to use the card. If the card isn't going to be utilised, the Near Field Communication (NFC) feature should also be turned off. You must carefully examine the amount displayed on the POS machine screen and the NFC reader before entering your PIN at any POS site or while using the card at an NFC reader. Allowing the seller to swipe your card away from your sight while making a transaction is never a good idea. At a POS or ATM, cover the keypad with your other hand while entering the PIN. FAQs According to RBI 1) How are the transactions carried out through cards protected against fraudulent usage? All CP and CNP transactions on cards issued in India are secured with AFA. This AFA can be in any form and few commonly used forms are PIN, dynamic one-time password (OTP), static code, etc. The requirement of AFA is not mandatory for transactions where outflow of foreign exchange is contemplated. Similarly, in case of CP transactions (except ATM transactions) using NFC contactless technology, transactions for a maximum value of 2,000/- per transaction are allowed to be undertaken without AFA requirement, Subject to adherence to EMV standards. 2) What are the liabilities of a card issuer in case of fraudulent use of a card by an unauthorised person? In case of CNP transactions, RBI has mandated providing AFA for domestic transactions. If a transaction has taken place without AFA and the customer has complained that the transaction is not effected by her / him, the issuer bank shall reimburse the loss to the customer without demur. Further, liability of a customer in case of an unauthorised electronic transaction is limited as per the provisions of RBI. 3) What are various methods of using a card at a PoS terminal? Ans: A card can be swiped (Magnetic-Stripe card), dipped (Chip based card) or tapped (Contactless Near Field Communication {NFC} Card) at a PoS terminal