'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Goyal also announced hiking of tax free gratuity to Rs 30 lakh from existing Rs 20 lakh for employees having service of more than five years.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
The right investment at the right age will help you enjoy a secured post retirement life.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Furnishing of Aadhaar is still mandatory for final settlement of pension
'Thankfully, most investors in India have now seen through this false narrative and are once again deploying their hard-earned money.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
In order to further enhance customer convenience, and to leverage the 24x7 availability of real-time gross settlement (RTGS), NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021, RBI's Shaktikanta Das said.
Indian government may still have reservations over allowing pension funds in stock markets, but retirement savings worth a billion dollars of more than one million Americans have already been invested in Indian equities.
Pension plans by mutual funds have a three-year lock-in like ELSS.
The Sebi chief said that although the idea of an SRO has been challenged in court, he is hopeful of its implementation.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The number of fresh formal jobs generated in a month increased to a seven-month high in April, signalling a recovery in the formal labour market in the country, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday. In April, the number of new monthly subscribers under the Employees' Provident Fund (EPF) sequentially increased by 18.77 per cent to 887,438 from 747,146 in March.
The continuing fiscal stimulus is heavily tilted towards capex, to the extent that it chips away a part of revenue spending. Accounting for other areas of revenue expenditure, such as salaries, pensions, subsidies and defence (committed spend), the room to spend on welfare schemes, health and education will narrow in FY22.
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
In 2019-20, the capital expenditure of Indian Railways (IR) increased 60 per cent over 2016-17. The draft National Railways plan envisages a further increase in IR's capital expenditure, but an analysis by Business Standard shows that IR has come to depend more on borrowings and budgetary support. In 2016-17, while 11 per cent of its capital expenditure (capex) was funded by internal sources, in 2019-20 the ratio dropped to less than 1 per cent. A 2015 Committee on Restructuring Railways had flagged that over-reliance on borrowings could exacerbate the financial situation of Railways.
US and European institutional investors bought a majority of shares in the over Rs 4,800 crore (Rs 48 billion) QIP offering by telecom operator Reliance Communications.
The committee has termed the Employee Provident Fund Organisation's data on number of pensioners subscribed to the Employee's Pension Scheme, 1995 as 'inflated and imaginary'. Top officials of the labour ministry and the provident fund organisation were unable to explain how calculations for pensionary liability were arrived at without knowing the number of pensioners in the country.
Now govt employees to enjoy greater say in how their NPS corpus is invested. Younger employees should raise their allocation to equities in this very long-term investment instrument
Pension is a regular (normally monthly) payment that a person gets when he/she has retired from a job. This regular payment is obtained from an investment fund to which that person, or his/her employer, contributed during the time the person was working.
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
FPIs have turned net sellers in 2022 after being net buyers in the last three years.
At present, the EPFO is mandated to invest 20-45 per cent of its incremental funds - of around Rs 1.5 trillion - in debt-related instruments.
A panel set up by the trustees of India's largest pension fund has recommended an interest rate of between 8.0 and 9.0 per cent for the Employees Pension Fund scheme in 2003-04, a member of the panel said on Thursday.
Finance Minister Ishaq Dar, who presented the budget in the National Assembly, the lower house of parliament, said the government will target a growth rate of 3.5 per cent in the coming fiscal year.
The pensioners have been agitating for last 18 years
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Banks raising one-year deposits at 9.75% to meet MF, pension fund redemptions.
Around 20 lakh pensioners to benefit from govt new pension scheme.
Taxation has played spoilsport despite double digit returns.
The choice should depend on the size of the retirement corpus, stage in life, and state of health.
The self-employed should invest in the National Pension System, a government-backed, low-cost retirement avenue where they can choose the mix of debt and equity that is right for them.
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
A steady demand environment, prudent debt management and faster absorption of office space gave them an edge over others.
The move is likely to help 4.59 lakh housing units across the country.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
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