Moneylife Events
Management students learn how to manage their money and invest smartly
Moneylife Foundation conducted a financial literacy seminar for the students of Guru Nanak Institute of Management Studies in Matunga, Mumbai 
Moneylife Foundation held a seminar on safe and smart investing for finance students of Guru Nanak Institute of Management Studies in Matunga. While most of the attendees, who are students of business administration and finance, would be expected to have a good grounding in matters of finance, there is little in a management education that can prepare them for the intricacies and the realities of personal finance. While many students would go on to work for financial firms, all of them would need to have a good understanding of what it takes to invest safely and in a manner that would deliver prosperity in the long term.
The first session was conducted by Sucheta Dalal, managing editor of Moneylife and founder-trustee of Moneylife Foundation. She pointed out to the students as to how one can avoid financial mistakes so that they do not lose any money. The second session was addressed by Debashis Basu, editor and founder-trustee of Moneylife Foundation. He articulated the simple steps for investing smartly.
Ms Dalal started her session—“Safe Investing and how not to lose money”—with a brief introduction about scams in India. There is no dearth of frauds in India. Freshers are easy targets for scamsters. There are different types of scams – lottery scam, job scam, conference scam and interest waiver scam out to get us. The numbers of scams being reported are infinite.
She informed students about currency notes, security features in a note and how to identify a real note from a fake one. Students who replied to her questions on currency notes received a surprise gift from Ms Dalal.
She also spoke about the dubious chain-money schemes like QNET, Pearls, City Limousines, Japan Life, Speak Asia, which could be clubbed in the category called Pyramid scheme or chain money schemes. These schemes claim to provide extremely high returns luring the unsuspecting savers and then vanish into thin air.
A person’s knowledge or smartness does not guarantee that he/she cannot fall prey to the confidence tricksters, Ms Dalal said. She narrated to the packed audience incidents where “relationship managers” have taken genuine and educated customers for a ride. She also explained how usurious are the rates charged on credit card outstanding. Ms Dalal talked at length about the new phenomena like Phishing and Vishing on the internet that traps the gullible public and robs them of their hard-earned money.
In the second session titled—“Salary Can't Make You Rich, What Can?”—Mr Basu explained the importance of saving regularly to secure one’s future financially. Everybody can make financial decisions, he said if they stick to some simple principles. He explained the principles of compounding under different scenarios. The effect of compounding is slow in the initial periods, but as time passes on, the power of compounding takes over and the wealth created is huge. The key rule is to save as much as possible as early as possible in good financial products.
He illustrated several situations to explain this concept. Many students look to earn a good income when they start work. Mr Basu highlighted that savings has nothing to do with income. It is more important to spend smartly and save as much as possible. 
Where does one invest? Mr Basu explained to keep it simple while understanding returns after tax and post-inflation. As college students have time on their side, he advised them to invest in equity mutual funds and stocks with an investment horizon of 15 years or more and asked them to stay away from gold, real estate and traditional insurance plans.



Agyat Vyakti

7 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover

Agyat Vyakti

8 months ago

Yes together we can destroy qnet.. To help people from trap of online ponzy schemes like qnet which will come in future. Alexa and online site statistics can save you. I reccomend you to read this to save yourself from friends and relative who work for qnet share it . I need to populate this.

All you wanted to know about Startup India scheme
The benefits for startup India includes self-certification and a three-year exemption from inspections, an online portal and mobile app, an 80% in the patent application fee and a single-point hub for hand-holding
Prime Minister Narendra Modi on Saturday launched the "Start-Up India Action Plan" that aims to enable an eco-system to promote and nurse entrepreneurship across the country. What exactly is the plan and the details of the scheme?
So what exactly is Startup India?
Startup India in an action plan to develop an ecosystem to promote and nurture entrepreneurship across the country. This is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation. The campaign was first announced by Prime Minister Modi in his 15 August 2015 address from the Red Fort.
What is a startup?
A startup is an entity, private, partnership or limited liability partnership (LLP) firm that is headquartered in India, which was opened less than five years ago and have an annual turnover less than Rs25 crore. To be eligible for considering as startup, the entity should not be formed by splitting up or reconstruction and its turnover should not have crossed Rs25 crore during its existence. 
What are the advantages?  
Under the Scheme, no inspection would be carried out on start-ups for three years regarding labour laws. In addition, environment law compliance is required only post-self certification.
Are there financial benefits?
In patent costs, the startups can claim an 80% rebate. That means, if a startup applies for a patent, the government will fund the defence of the patent, and give rebate of 80% in the fees. The government will also pay fees of the facilitator for helping the startup obtain the patent. Faster patent registration and protection for Intellectual Property Rights (IPRs) is provided under the Scheme.  Patent filing procedures to be simplified. Significant reduction in fees for filing Patents.
What are the advantages for startups regarding registration?
The government is launching a mobile app on 1 April 2016 and a portal that will allow companies to register in a day. In addition, there would be a single point of contact for Start-up India hub. In addition, there will be single window clearance for clearances, approvals, and registrations.
What is the government’s role in boosting start ups?
The Ministry of Human Resource Development (HRD) and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs). 
What are the special benefits for startups in public procurement?
Startups in the manufacturing sector are exempted from the criteria of prior ‘experience/ turnover’ without any relaxation in quality standards or technical parameters in public procurement (by government).
How much funding is available for this scheme?
Rs10,000-crore fund for new enterprises, equal opportunity in government procurement, a Rs500-crore credit guarantee scheme and easier exit norms. Japanese Softbank, which had already invested $2 billion in Indian startups, has pledged total investments of $10 billion.  
What are benefits under the provision on Income Tax?
Under the Scheme, Income Tax exemption is available for first three years. However, the startup will be eligible for tax benefits only after obtaining certificate from the Inter-Ministerial Board, setup for this purpose.

Is there any exemption in capital gains tax?
Yes. If the money is invested in fund of funds recognised by the government, the investor can claim capital gains tax exemptions. In addition, existing capital gain tax exemption for investment in newly formed MSMEs by individuals shall be extended to all startups.

What is the eligibility for startups?
To become eligible as a startup and get a green signal from the Inter-Ministerial Board, the entity should be the one which aims to develop and commercialise, a new product or service or process or a significantly improved existing product or service or process that will create or add value for customers or workflow. Products, services or process, which do not have potential for commercialisation or is undifferentiated or have no or limited incremental value will not be considered under the Scheme. To be considered as eligible as startup the entity, should be supported by 
  1. a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator established in a post-graduate college in India
  2. an incubator, which is funded (in relation to the project) from GoI as part of any specified scheme to promote innovation
  3. a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator recognized by GoI or
  4. be funded by an Incubation Fund/ Angel Fund/ Private Equity Fund/ Accelerator/Angel Network duly registered with SEBI that endorses innovative nature of the business or
  5. be funded by GoI as part of any specified scheme to promote innovation or
  6. have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of business being promoted



Ganesh Kamat

6 months ago

1)Start-up needs protection from BABUS,
Babus Harassing the youth,
Traders,Farmers, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must,
2)Farmers suicide can get reduced,
by encouraging them to sell their
farm products on Railways to commuter
& roads to motorists, also we need
more Passenger Train, to help farmers
to sell farm products, to nearby Towns.

Ganesh Kamat

9 months ago

Startup must start with ease of business.
So Babus must understand that they get paid for helping the people & NOT creating problem.
Otherwise Startup will be another entertainment show.

1) For Big Tax collections,
take 1% Tax from 20 Taxpayers,
than 20% Tax from one Taxpayer.

2) Simple Tax of 1% on Receipt /Transaction /Interest /Sale
/Gift /Loan /Benefit /Salary /Dividends /Rent /Custom.....
any & all inward cash, Cheque etc.

3) Average say on Rs. 30 L Receipt,
Pay Rs. 0.3 Lac Tax per year.
If Taxpayers = 60 Cr.
Tax collection will be 18 L- Cr.

4) Simple Tax means more Taxpayers, more collection & No refund Problem.

5) At present, we have say @ 3 Cr Taxpayers,
with Collection of say @ 3.5L-Cr,

6) So with 1% Tax, the Taxpayers will work to improve Business / Goods Services/
R.& D./ Social work.So more Employment, make in India, less Farmer Suicide &
Peace of mind to the people.

7) Bank Account number is your mobile number.

8) Tax payment by your mobile number @ RBI a/c,
In bank transaction, the Bank will deposit your 1% Tax by your mobile number @ RBI a/c directly.

9) For cash Transaction pay similar to Post paid Mobile charges,
to your mobile number @ RBI a/c.
Most will pay if the Tax is 1% & simple to pay.

10) Your Bank Account Number should be mobile number & connected to PAN/ AADHAAR /Passport/ Election Card etc.
For Simplicity.

11) Tax collection will be distributed to State & Local bodies, say 10% each, from the place of collection.

12) Also add 1% more (L.P.F.)
Less Privilege Fund,
similar to PPF for,
social / self benefit,
to give Power to the people for Social Cause / in your bad days.

13) In short Pay Rs. 20- for every Rs. 1,000- Received.

i) Rs. 10- as tax to RBI
ii) Rs. 10- in your (L. P. F.) a/c. Could be use for social cause/ for your bad days.

14) L. P. F. (Less Privilege Fund)
of 18 L- Cr, with 60 Cr voters, will reduce dependency on the Government for the Social development.
Fund will be used for the Social cause / in your bad days.

15) Keep faith in 60 Cr voters, as they will take care of their neighbours, in need.
Also most will pay, if Tax is 1? & Simple to pay.
Only Indian can make better India.

16) Can consider more tax for Higher Receipt, say above 0.5 Cr per year, payable at the year ending.

17) All Transactions are Traceable as mobile number is once Bank a/c number & connected to PAN/ AADHAAR
/ Election card.....
So, No Corruption & Black Money Problem.

18) Babus Harassing the youth,
Traders, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must.
For getting Votes.

19) Farmers suicide can get reduced, by encouraging them to sell their farm products on Railways to commuter
& roads to motorists, also we need more Passenger Train, to help farmers to sell farm products, to nearby Towns.

20) Expecting Feedback on How to make India Peaceful Place by Refined, Simple Laws.
No blame game please.
Media/ Babus /Netas /Judicial Role is Eminent along with People.

For "Sare Jaha Se Achha Hindustan Hamara." forward this message.

Dombivali is the most crowded station on Central Railway
Dombivali, Thane, Kalyan, Ghatkopar and Kurla are the top 5 most crowded stations on the Central Railway's suburban network in Mumbai, in terms of number of passengers and revenues, reveals an RTI reply  
Contrary to earlier reports on Thane being the most crowded station on Central Railway suburban network, Dombivali has emerged at the top, as per latest information received under the Right to Information (RTI) Act.
As per the information received by RTI activist Anil Galgali, in terms of the number of passenger's travelling to and from the station and thus generating highest revenue every day, Dombivali remains at the top among 85 station on Central Railway Suburban network.
About 38.56 lakh passengers use the Central Railway's suburban services generating a revenue of Rs2.19 crore every day. Dombivali's contribution in this is 2.34 lakh commuters and Rs14.95 lakh. Dombivali (2,33,635) is followed by Thane (2,25,490), Kalyan (1,80,676), Ghatkopar(1,74,926) and Kurla (1,50,708) as the top five most crowded stations on the Central Line of Mumbai Local, the information revealed.
Central Railway has 121 rakes and makes 1618 train trips every day to carry about 39 lakh commuters. One train carries around 2,383 passengers, Galgali said.
"However," he said, "all Statistics supplied by Central Railway are on an average and during peak hours it becomes double. The train trips are very less in comparison to the passengers travelling everyday on the Central line. Train trips are increased, the chances of accidents of passengers will reduce drastically."


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