Black money is coming out in India

It’s a sign of changing times. Delhi based business man Satish Sawhney surrendered Rs. 73 crore to Income tax department after IT officers from newly created Directorate of Criminal Investigation raided Sawhney’s bungalows. Income tax team has found that Sawhney had five foreign bank accounts – one in Zurich and one in Singapore and three in the US. On top of all these, he had 8 huge lockers in banks in Delhi. Here is the kicker… Sawhney has hidden the documents about his foreign bank accounts in his SUV under the carpet. IT team didn’t leave anything for a chance.…

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IndiaPay Credit Card from RBI

The Reserve Bank of India will launch an IndiaPay credit card – an Indian version of the China UnionPay card – by the end of next year. “Inspired by the success of the China UnionPay card, we will be launching a similar one in our country to promote the use of plastic money among Indians. The credit card will be especially designed for the common people with low interest rates and risk reduction facilities,” RBI executive director R.B. Barman told reporters. Barman said the National Payment Council of India is working on the registration process of the card. The NPCI…

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How to Avoid Common Investing Mistakes

Investing can be a tricky adventure. Goals must be established, strategies must be adhered to and you must understand the role each fund plays within your overall portfolio. Mistakes can be costly, so navigating the pitfalls is crucial. Following are the common mistakes investors make and a few suggestions on how you can avoid them. Always set clear goals Any strategy should include a specific financial goal and a timeline to reach that goal. You should define what the money will be used for – Retirement, College Tuition, Vacation Home- and plan accordingly. And, although we all wish risk was…

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Ten Tips to Prevent Identity Theft

Follow these tips to guard yourself from the unauthorized use of your account and personal information. » If you get monthly bank account statements, review it thoroughly and report any suspicious activity to your bank. » Report lost or stolen checks, credit or debit cards immediately. » Never provide personal information over the phone or online unless you have initiated the call and know with whom you are speaking. » Do not preprint your driver’s license or Social Security number (if you live in USA) on cheques. » Safeguard credit and debit cards. Memorize personal identification numbers (PIN) and refrain…

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Want to have Rs. 1 crore? Give up your TV!

It is said that it would take approx. Rs. 1 crore for someone to be willing to give up TV for the rest of their lives.  Guess what? If you decided to give up TV and invested the money you saved, you would get that Rs. 1 crore — and probably much more.   Having a TV comes with a variety of costs including monthly cable bill.  Here are a few areas where your TV could drain your finances: Cost of your TV: TVs can cost from tens of thousands to lakhs of rupees for large plasma flat screen TVs.    Multiply it by several times as most…

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Managing Your Money – More info

There are some more sites such as Buxfer.com and BillMonk.com, help college roommates, friends and family members keep running tallies of shared expenses. Another notable site is NetworthIQ.com. User’s information is kept private until they chose to create a public profile in the site. NetworthIQ lets users create profiles based on their actual net worth. They can then compare themselves with others by age, income or occupation, link to other users, and track their progress on a blog. Most of these sites allow members to create discussion groups with other users about specific financial topics. The sites let members create…

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Managing Your Money

It used to be that people shied away from disclosing their financial details. Asking someone’s salary is still a taboo, but some people are willing to disclose not only their salary but almost everything about their financial health. Now, amid the rising popularity of social-networking services such as Facebook and MySpace, a crop of new personal-finance Web sites is letting users post their private personal-finance details and share advice with each other on tracking their spending and making better investment decisions. Some of the sites, such as Wesabe.com and Geezeo.com, include many of the same features offered by popular software…

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S&P upgraded India’s rating to investment grade

International rating agency Standard and Poor’s on Tuesday upgraded India’s sovereign rating from speculative to investment grade. This comes 15 years after the agency downgraded the country in 1991. The agency said the country’s outlook is stable.  S&P upgraded India’s rating from BB+/B to BBB-/A-3. “The upgrade on India’s rating to investment grade reflects the country’s strong economic prospects and external balance sheet and its deep capital market, which supports a weak, but improving, fiscal position,” S&P said in a statement yesterday. According to analysts, the revision in sovereign rating could result in higher allocation of funds for investments in…

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More money to Indian stock market

Manmohan Singh and P. Chidambaram announced yesterday that 5% of pension funds of Government employees will be invested in stocks. That’s the good news for the stock market. Many countries allow Government pension funds to invest in stock markets. Some countries even allow those funds to invest in derivatives and all other exotic instruments. India is slowly opening up pension fund investments. As anyone could expect, communist states already started protesting this move by finance ministry. 5% of pension funds may help the market to move upwards. FIIs still have lot of influence in our market. Many people don’t accept…

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