PAN Card – The country’s need of the hour
Posted by admin on Sep 11, 2010
Income Tax is a matter of high concern for all of us. It’s one of the major sources of income for the Government of any country. A country’s overall growth depends on how its citizens pay taxes. It’s our moral duty to pay taxes on due time. But in India, many businessmen, investors, professionals find tricks to avoid this. Sometimes few big shots come into picture for an overdue of heavy amount of income taxes. This is the reason why the Government is unable to deliver proper services to its citizen and employ ways to cover up by imposing additional taxes. So, it increases the suffering of the mediocre people.
Many investors, companies invest money in the share market, mutual funds etc. and suck the honey out of it. Govt. remains totally unaware of their activities due to the improper tracking system. The big scams in the share market happen, because the concerned department can’t scan them out in time. Thus the Indian Economy keeps deteriorating day by day due to these black money makers. The value of Indian currency keeps descending on a regular basis.
Loan recovery – Are banks taking right steps? RBI issues new Norms
Posted by admin on Sep 10, 2010
We take personal loans, house loans, credit card loans, mortgage loans etc. from different banks for our urgent need. Sometimes we can’t keep ourselves away from the attractive loan offers by the bank. In some cases borrower fails to pay the installments in time due to some unexpected financial condition.
The usual steps that banks take to recover money: To collect money from the defaulters, banks start with phone calls as reminder with a soft tone. After few days they hand over the job to “Recovery Agents” (few companies are there that work as the representative of the bank to recover the money) for further follow up. The recovery agents start with harsh phone calls threatening the defaulters. If the defaulter still unable to pay, they send tough collectors directly to defaulters’ residence / office.
Banks perspective: Banks act like our best friend who stands in front of us with a handful of money honey when we require it. But they are professional friends, so it’s quite obvious that they will expect timely refund of the dues. In case of non-payment they follow various steps for its recovery.
The present scenario: The situation has worsened by few cheaters who simply deny repaying or run away after taking loans. As a result, collection agents are treating all the defaulters in the same way. Recently few people committed suicide for being harassed in front of their colleagues and family members. On the other hand, banks are rushing to offer loans with minimum documentation, not even considering the repayment capacity of the borrower. Some people are taking out the cream of it and few are falling in the trap.
Credit card – Our fight back with the banks’ policy
Posted by admin on Sep 10, 2010
A Credit card is the most sensitive product of a bank. Most of the time, we can’t avoid the attractive offers that come with it and enter the world of credit. Only two years ago few banks offered credit cards, but now almost all banks are into the credit card business. Therefore the credit card business definitely provides the banks with more revenue, but do we analyze what we expect from a credit card and exactly where we are driven to? I am trying to explain few things on the whole concept:
Glimpses of Credit card packages that make us jump to our toes:
• Interest free credit period (around 50 to 60 days)
• A financial instrument that can be used almost everywhere, no tension of carrying cash
• Payments can be made partly or in installments.
• Earn reward points that can be utilized to get free gifts and even flight tickets
Now its time for banking with Private Banks
Posted by admin on Sep 10, 2010
A day becomes worst for me when I visit or transact with any Govt. Undertaking Bank. I think many of you have had bitter experiences banking with Indian Nationalized (Govt. undertaking) Banks. Some people are banking with such banks, keeping in mind of Govt. support. Knowing the customer’s weak point, the bankers continue to misbehave with their customers without hesitation. I have seen many, especially old age people (and people who are not well aware of banking formalities) being harassed at the bank premises.
With the globalization of business, the banking scenario has changed a lot today. Now we have the opportunity to enjoy world class banking even from home. Reserve Bank of India (controller of all banks in India), is taking initiatives to create a competitive environment in the banking sector.
But the basic reason for staying with a nationalized bank is the Government support. In spite of the negative factors, like low interest rate, misbehavior, etc. people are rushing towards the nationalized banks only for the safety and security of their money. As a result, such banks are earning huge profits every year. Ultimately the banks’ management team is unable to get the idea about public satisfaction level.
Welcome to your personal finance guide
Posted by admin on May 26, 2008
How many of us plan to manage our personal finance? Within the array of limited earning, we keep on thinking to save money, but practically end up with few available balance in our bank account. It’s really tough to save money after incurring all monthly expenses. Even the scenario is same with the people of high income group. For them, they monthly expenses have always been in the higher side. With the increasing trend of price of commodity day by day, situation is going beyond our control; because for most of us, income doesn’t increase in accordance with the market condition. Ultimately people fall in the debt trap through credit cards and all.
In fact there is no proper format for financial planning, but I believe that timely investment in better place can give us better or even maximum return. Generally we use the following options for managing our personal finance:
• Open a bank account (savings a/c)
• Create life insurance policy