Moneylife Foundation continues its successful series of seminars on financial literacy. The 101st workshop on ‘How to be Safe and Smart with your Money’ informed participants to avoid schemes that deceive investors and how to invest money in a manner that would give maximum returns
Moneylife Foundation conducted yet another successful, informative and highly interactive seminar on ‘How to be Safe and Smart with your Money’ on Tuesday (10 January 2012). The event, which again witnessed a packed audience, was held at the Moneylife Knowledge Centre.
Sucheta Dalal, managing editor of Moneylife, advised the audience to stay away from schemes that promise extraordinary returns. There are various chain marketing schemes which operate at every level in the country and cheat even the poorest of people. Ms Dalal warned that companies like Amway, Tupperware, Herbalife are also examples of pyramid schemes. According to research, less than half the people are able to sell and make money and end up blaming themselves and not the company.
Ms Dalal cautioned the participants to stay away from plantation schemes, art funds and realty companies offering high returns on deposits. Any scheme offering 3% mare than deposit rate should be scrutinised. She also spoke about the various internet scams that are usually after your money or your identity.
Ms Dalal also emphasised on how one should not lose money to banks. Relationship managers usually work only to earn themselves fat commissions from your investments. Thus most “relationship managers” resort to mis-selling or hard selling a product. In order to be safe one should have all communication documented. Ms Dalal also touched up on area related to credit cards, insurance and credit scores.
Debashis Basu, editor, Moneylife, spelt out the various ways in which one can be smart with money—and presented to the audience the best ways in which one can invest safely. The participants were taken through a four-stage process to investing. Unlike durables there are much more intricacies in a financial product that one needs to pay attention to.
Mr Basu also touched upon five key planning concepts by which investors can plan their investments. Examples were shown on how one could use the power of compounding to their benefit. Inflation is the permanent risk and is difficult for one to avoid. The only way to overcome inflation is by smart investing. One should also understand the risk in various asset classes. The risk involved in various asset classes was explained and how much returns these assets are expected to generate was informed to the participants. How a mix of these assets could be used for different investment horizons to keep you money safe was also discussed.
This seminar on ‘How to be Safe and Smart with your Money’ has been conducted by Moneylife Foundation in various locations across the country. If you have not become a member of the Foundation yet, please visit www.mlfoundation.in for more details. Membership is free of cost, and Moneylife Foundation members also get access to such informative seminars and can utilise the state-of-the-art facilities at the Moneylife Knowledge Centre.
The Mumbai region, which contributes over a third of the overall direct tax collection, has been targeting a 33% increase in income tax collections at Rs2.04 lakh crore for the fiscal, but has achieved a meagre 4% jump in advance tax collections
MumbaiNew Delhi: Amid fears of slippage in revenue, finance minister Pranab Mukherjee has asked taxmen of the Mumbai region, which accounts for one-third of direct taxes mop-up, to pull up their socks to achieve collection target, reports PTI.
The finance minister “exhorted the tax officers to put their best foot forward to achieve the Budget collection target fixed for the Mumbai region,” Income Tax department said in a statement on Tuesday.
The Mumbai region contributes over a third of the overall direct tax collection. It has been targeting a 33% increase in income tax collections at Rs2.04 lakh crore for the fiscal, but has achieved a meagre 4% jump in advance tax collections. In the direct tax segment, advance tax contributes the most.
After taking stock of revenue collection of Mumbai region over the weekend, Mr Mukherjee on Tuesday held a similar meeting of taxmen of North Zone in New Delhi and also asked them to step up the tax collection exercise.
The meeting was also attended by chiefs of Central Board of Direct Taxes and Central Board of Excise and Customs.
Earlier, the finance minister had had meetings with tax officials of East and West zones.
At the Mumbai meeting, finance secretary RS Gujral had said that present times are “very critical” as a “steep decline” in gross domestic product (GDP) growth is resulting in a dip in the levy collections.
He said companies in the banking, finance and insurance sector, which account for half of the collections in the Mumbai region, are facing difficult time and the region will have to depend on sectors like software, pharma, FMCG and infrastructure, which are showing healthy increase, to achieve the target.
“Whether we can go back to 9% very next year is not likely, but I think we should be targeting in India, to do a lot better than 7% that we will do this year,” Planning Commission deputy chairman Montek Singh Ahluwalia said on Tuesday
New Delhi: The Planning Commission on Tuesday said the country’s economic growth in the current fiscal will slip to 7% from 8.5% a year ago and may not touch 9% in the next financial year, reports PTI.
“Whether we can go back to 9% very next year is not likely, but I think we should be targetting in India, to do a lot better than 7% that we will do this year,” Planning Commission deputy chairman Montek Singh Ahluwalia said while addressing an automobile industry event.
Prime minister Manmohan Singh on Sunday while addressing 10th Pravasi Bharatiya Divas in Jaipur had said, “The Indian economy is expected to grow by about 7% this financial year ending 31st March.”
The country had recorded an economic growth rate of 8.5% in 2010-11 and was initially estimated to grow by 9% in the current fiscal. The growth rate projection, however, was scaled down gradually by the Reserve Bank of India (RBI) as well as the finance ministry.
The growth rate in the first half of the current fiscal slipped to 7.3% from 8.6% in the year ago period. In the second quarter the expansion was 6.9%, the lowest in nine quarters.
Mr Ahluwalia said, “We need to revive investment climate to achieve higher economic growth.”
Stressing the need for expediting the infrastructure development required for high growth, he said, “There are big infrastructure projects which are stuck. Those need to be unstuck.”
The government, he added, is trying to identify major investment constraints to boost economic growth.
On monetary policy, Mr Ahluwalia said, “Lower interest rates likely only when fiscal deficit is down.”
It is expected that the fiscal deficit will be more than the Budget estimate of 4.6% of the gross domestic product (GDP) this fiscal.