Dec 142016

NO service charges for online card transactions up to Rs 2,000

India, one of the most promising developing nations in the world has attracted lot of economic experts all around the world as current Prime Minister of India took few bold decisions in recent past. The most highlighting one is the demonization for higher Indian currency notes Rs.500 and Rs.1000 following that Mr. Modi who is the current Prime Minister of India conveyed that RBI (Reserve Bank of India) will launch new higher value currency note Rs.2000 with more secured features.

NO service charges for online card transactions up to Rs 2,000

Bold Initiatives Taken by Government of India

While addressing the demonization of Rs.500 and Rs.1000 to the fellow citizens, Mr. Modi also hinted that the process of banning these notes from pubic will makes all black money holders in before the justice. Also this demonization process will leads India’s economy towards new level in near future. Followed by the demonization below listed are the few of bold initiatives taken by the central government of India

  • Implementing limitation on cash exchange and cash withdrawal from banks and ATM’s after the demonetization of Rs.500 and Rs.1000. By doing so, black money holders suffers a lot to exchange their holding as all bank accounts and old currency exchanges are monetized by Income Tax department.
  • On witnessing the people purchasing gold with their black money, central government implements strong protocols on the existing gold limitations for Indian families and individuals. Also the announcement hinted that raids and other process will initiated over the people and bank account holders who changed or deposited huge amount of money in this demonization period.
  • In order to get rid of the black economy, the central government requests people to go for cashless transactions and offered various relaxations for people who performs cashless mode of transactions.

Initiatives taken for Cashless Transaction by Central Government of India

S.No Facts and Benefits of going Cashless Details Information
1 Corruption free Going towards Cashless economy would leads to corruption free society
2 Boost Economy Going cashless would reduce the cost of maintain the paper money by government
3 Dethrone of Terrorism & Criminals Going Cashless would enables easy tracks for finding terrorists and criminals in society
4 No Fake Currencies To be frank, cashless economy is the anti-biotic for fake currencies.
5 Eco-friendly Cashless Economy save lots of trees, which are cut down for making paper cash

 After banning Rs.500 and Rs.1000 rupees notes from public, government suggest people to opt for card transactions in order to avoid finance lock in this crunch situation. In fact, the limitation of money withdrawal from ATMs is implemented in order to drive people towards the cashless transactions.

In addition, current ruling NDA government approves various private sectors to involve in the payment banking sectors. Owing to that, the telecom giant of India Airtel network owned by the Bharti groups started their own Payment banking sector well before the PayTM who expected to launch such services in India earlier.

In order to ease the situation the central government of India offers various relaxations on online mode of payments in fact, central government of India temporarily holds the service charging process for certain period, so that normal people too can avail the benefit of online mode transaction without playing any extra amount as service charges.

Steps taken by RBI (Reserve Bank of India)

Since, the demonization process will hit nation’s inflation ratio, the RBI keen on keep the inflation mark within control. Recently, RBI has reduced its interest amount for money investment features offered by the nationalized banks in order to increase the money floating among the public.

Also, few days before RBI introduced new policy of giving relaxations of getting rid of service charges for lower cash transaction up to Rs.2000 from debit or credit cards.

Relaxed norms announced by RBI for lower transactions up to Rs.2000

On 06th of December 2016, the reserve bank of India announced about relaxing the norms which are carried for authentication process. The experts across the nation widely believed that by implementing this new norms will increase the small value online transactions among the middle class families. Also the impact of this AFA (Additional Factor of Authentication) will be the strong motive to get majority of normal people to get involved in the cashless transactions.

New Norms applicable only for Small value transactions up to Rs.2000
AFA Additional Factor of Authentication
Limits sent of performing CNP transfers Rs.2000
CNP Card Not Present

By introducing such relaxation, the low level merchant will get benefits as it ease the process of payments in cashless mode.

Conditions for the Relaxation in the process of online card Transactions

  • In order to avail the relaxation offered by the Reserve bank of India for the lower transactions up to Rs. 2000, the card network must provide such payment authentication solutions.
  • The transaction carried above the threshold limit of Rs.2000 set by the RBI wont comes under this new relaxation procedure and it will be proceed with the usual procedures.
  • Also, the number of such easy mode of low cash transfer can be limited by the card network. The limitation may be fixed upon daily basis or weekly or monthly, it’s fully up to the card network.

In the recent statement released from the RBI has clearly quoted that the respective banks and card issuing authority have their own rights of restricting their own customers by using such ease mode of AFA in terms of number of usages in a certain fixed time period.

What to do? For avail this AFA

Customers need to register at one time with the merchant with their card details and thereafter for every purchase made from the respective merchant would not requires card to pay the amount. With such additional factor of authentication, customers can able to do card less transactions also it helps them to save their precious time.

This process of introducing AFA for lower cash transactions with merchant is highly welcomed by various merchants and publics.  In fact, the Uber president Mr. Amit Jain welcomes the move taken by the RBI by quoting as the government’s new policies are in right directions to encourage the citizens to enjoy the benefits of using cashless economy.


With such useful and strong initiatives taken by the current central government led by Mr. Narendra Modi, it is assured that people of India would able to avail more and more benefits from the latest technology. And the India is moving in the right path of achieving the goal of Digital India which is set by the current Prime Minister of India, Mr. Modi.

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Dec 012016

Urja Ganga Gas Pipeline Project

It is quite understood that the Modi Government wants to make India a fully developed country which is economically, socially and politically strong. From the time Narendra Modi has come to power he has launched a lot of projects and scheme for the benefit and development of the people of the country. Now one knows quite well that for any country it is important to have good energy source and structure as the economy of the country.

Urja Ganga Gas Pipeline Project

The Urja Ganga Project has been proposed in order to sort out the problem raised behalf of utilizing unclean and safe fuels. A lot of businesses and industries require fuel and it is one of the main elements of growth of any country’s economy. The current ruling party’s CM Mr. Narendra Modi recently launched the Urja Ganga project in Varanasi. A grand launch function was organized in Varanasi where Prime Minister Modi launched many development projects together. He talked but the budget that would be required for the project and said that project will be finished on a fast forward basis.

Urja Ganga Project Benefits

Under this project gas pipeline will be place in Varanasi that will provide piped cooking gas to the people of Varanasi. The project of placing the pipe line is supposed to be completed within the year 2020.

The gas pipeline which is purposed to lay underground would supply eco-friendly gas fuels for several thousand kilometers and it will cross above 5 cities in the eastern part of India. Once the project is completed the people of these cities will get gas supply in the houses. There is a lot of benefits that is being associated and expected from this project. The main fact is that the project will help in the renewal of many declining fertilizer industrialized units in these cities. Apart from houses getting natural gas directly, the gas pipeline would also help in the shift of vehicles in using CNG mode. This will include around half a million vehicles using CNF mode which will solve the fuel problem in the country.

The launch event of Urja Ganga project in the City of Varanasi

During the launch the NDA government also announced that they were keen on launching many other schemes and project that would aim at benefiting the families falling under the Below Poverty Line category. The launch event of Urja Ganga project held along with the stone foundation ceremony for second rail line electrification in between the routes from Allahabad to Varanasi.

Being a hometown of Indian Prime Minster Mr. Narendra Modi, the Varanasi city often listed in the headlines on getting various beneficiary schemes by current NDA government. On that list current Urja Ganga project gets added. And resident of the Varanasi would able to enjoy the uninterrupted gas pipelines connection which going to be laid by the GAIL (The Gas Authority of India Limited).

While addressing the people in the event, Modi said that his government is making all efforts to design the best scheme for the people of the country. He said the focus is now on making all the basic necessities available to all the people of the country. He also gave a grant of Rs.5000 crore for the people of Kashi.

Objective of the project

During the launch Prime Minister Modi said that the main objective of this project is to bring about development in the Eastern region of the country. The project will make possible the concept of providing reasonable PNG connections to the Indian households and CNG for vehicle. Here are some of the major and specific objectives of the project-

  • The first and the main objective of launching this project is to improve the living standards of the people of Varanasi by providing them with healthy cooking gas. This project will cover a lot of people and benefit them all as it include states like Odisha, West Bengal, Bihar and a few others.
  • With this Urja ganga project several thousands of households and vehicles which are running with LPG and CNG gases would be benefited under this project. The aim is to set up around 20 CNG stations for the vehicles to get rid of the diesel and petrol problem.
  • The objective of this project is also to reduce pollution. This will happen because the CNG vehicles will be promoted with the launch of this project. Also the economic will grow as CNG is much cheaper.
  • With the help of this project the many factories of Gourkpur will be revived and will also provide more employment opportunities for many people.

Important details about the project

  • As per the official’s statement, it has been notified as around 51 thousand crore was needed to lay gas pipeline under this project Urja Ganga project successfully.
  • The aim would be benefit the villagers around these cities as well and help all the BPL families in getting gas connections.
  • It has been announced that the first phase of the project will start in the month of December 2018. Once this happens the city of Varanasi will be transformed into a high profile city.
  • 800 kilometers of gas pipeline will cover Varanasi alone which means that the project would focus on the benefit of the people in Varanasi. In the coming 5 years this project would provide accessibility of LPG gas cylinders to around 5 lakh people.
  • It has been announced that in Uttar Pradesh a gas pipeline of covering a distance of 338 kilometers will be laid which will be enough for fulfilling the needs of the state. Then in Bihar a gas line of 441 kilometer will be laid which will include the rural areas as well. In Jharkhand the gas line will be of 500 kilometers. Then in West Bengal the distance covered by the gas line would be of 542 kilometers.

Specification for Varanasi

This project will benefit the people of Varanasi to the maximum. Here is the details about it.

In Varanasi the pipeline network of 800 inch will of steel due to its hard and durable nature. With the help of this around 20000 vehicles can be converted to the CNG mode which will come as a sense of relief for many people as CNG is much cheaper than petrol. Also all the families of Varanasi will get healthy cooking gas which is much better.

Future Plan

The Gas Authority of India Limited (GAIL) has already has the gas pipeline network of about 11,000 Km and with this Urja Ganga project the numbers would get raised rapidly. Similarly, in nearby future, GAIL plans to lay more number of gas pipelines across the nation as the extension of the current ongoing project Urja Ganga Project.

Though, experts has the second thought on considering the safety precaution while running a gas pipelines nearby the people area, still the safety protocols followed by GAIL is pretty much encouraging to experience the benefits availed behalf of laying those underground gas pipelines.


The launch of this project will surely lead to the progress and development of many Eastern Indian cities and mainly Varanasi. It is estimated that 6500 people will get better job opportunities with this project. Also the CNG that will be made accessible with this project will help raise employment opportunities in the Hotel and in Diary businesses.

Another most important benefitting factor of this project is that it will help in the reduction of pollution. When all these factors are taken into consideration, it can be said that the Urja Ganga Project comes will great scope and if executed well, it will benefit a lot of people.

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Nov 212016

Har Ghar Bijli Yojana in Bihar

There are still a lot of home in the rural and semi-rural areas of the country where electricity has not reached yet. The Indian Government is making a lot of efforts in making electricity available to all the houses of the country. So a scheme has been launched with a motive of providing electricity to the Indian households.

Name of the scheme Har Ghar Bijli Yojana
Scheme launched by Bihar Chief Minister Mr. Nitish Kumar
Objective of the scheme Provide electricity to all the households of Bihar State
Scheme launch date 15th November 2016
Scheme duration 2016-2018

Har Ghar Bijli Yojana in Bihar

The Har Ghar Bijli Yojana has been launched with an objective of providing light to all houses in the state of Bihar by providing electricity connection. The reason for launching this scheme is because many houses in Bihar are still without electricity.

This is a progressive scheme launched by the Nitish Kumar Government and is a part of the Seven Nischay policy that brought him to power this time. This scheme will be implemented in the state of Bihar on a fast forward and priority basis. It has been announced that as a part of this scheme around 20 million of houses in the state would get electricity connection. There are families who do not belong to the BPL category but still do not have electricity connection. So this Yojana will cater to them.

Objective of the scheme

There are many houses in Bihar where there is no electricity connection. Now these families have to face a lot of problems as they do not have electricity connections. Under this scheme all the families of Bihar which do not yet have electricity connection will be covered. Financial help will also be provided to them. Apart from this the overall objective of the scheme is to provide a better lifestyle to the people of Bihar and take the state towards development.

During the launch of the scheme Nitish Kumar said that the consumption of electricity has increased in the past 10 to 12 years. But then there are still many household that do not have electricity. So under this scheme the target would be to provide electricity connection to such families and households.

Features of the scheme

  • Under this scheme around 50% of the families who live in the rural areas and being to the Above Poverty Line category and do have electricity connections will be covered.
  • The families who belong to the BPL category will not be included in this scheme. This is because they are already being covered under the centrally sponsored Deen Dayal Upadhyaya Gram Jyoti Yojana.
  • All the households of the state, apart from the ones being covered under the Deen Dayal Upadhyaya Gram Jyoti Yojana, will be covered under this scheme.
  • Free electricity will be provided to the beneficiaries but then this will mean only the electricity connection and installation charges will not be taken. But the monthly bill has to be paid by the beneficiaries as per the usage.
  • Now if any family does not want to take up electricity connection then the head of the family will have to give a written statement along and will have to mention the reason for the denial of electricity connection.
  • Providing of electricity to all the beneficiaries has to be completed within the end of the year 2018. Incase this does not happen the agencies that are responsible for providing electricity to the beneficiaries would be cased.

Saat Nischay

The Har Ghar Bijli scheme is a part of the ‘seven Promises’ that was made by the Chief Minister of Bihar when he came into power. He recognized certain development necessities in the state and had said that the primary focus of his government will be make sure that these necessities are fulfilled.

The Seven Nischay includes- building proper roads and drainage, providing electricity to all households, working on youth development, building toilet and do away with open defecation, stretching higher education scope in the state, providing fresh drinking water to all, and empowering women of the state.

The Har Ghar Bijli is the last Yojana to have been launched as a part of the Saat Nischay. But then the government of Bihar would make sure that all household get electricity connection within the end of year 2018.

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Nov 182016

Mukhyamantri Teerth Darshan Yojana (Jharkhand)

The Government of Jharkhand approved for the Mukhyamantri Teerth Darshan Yojana for the residents of the state on the 30th of August. This is a scheme that is aimed at providing Teerth Yatra to the old people of the state who cannot go themselves due to financial or other problem.

Scheme Name Mukhyamantri Teerth Darshan Yojana
State Government which Implements the Teerth Darshan Yojana State Government of Jharkhand
Number of Devotees picked for first slot under Teerth Darshan Yojana 1000
Who announced the details about first slot of devotes under this scheme Mr. Amar Kumar Bauri
With whom the state government collaborated to make this Teerth Darshan a successful one IRCTC

Mukhyamantri Teerth Darshan Yojana (Jharkhand)

Objective of the Mukhyamantri Teerth Darshan Yojana in Jharkhand

There are many backward and poor people in the state of Jharkhand who want to go for pilgrimage tours but are not able to due to many reasons. This is very depressing for many people of different religious communities. So to help such people visit important religious places the government of Jharkhand has implemented this scheme in the state.

This scheme is applicable in few other states of India as well, including Madhya Pradesh.

Features of the scheme

  • Under this scheme the categories of people that would be included are- poor people, economically and socially backward people, and senior citizens of the state.
  • Under this Yojana the eligible citizens of the state are taken to religious destinations in the country. In the first slot of the Yojana around 1000 people of the state were taken to Puri and Bhubaneswar.
  • All sorts of medical, food and lodging facilities is given to the devotees during the Yatra. The travel and accommodation is taken care by the IRCTC department. The Jharkhand Government has tied up with IRCTC for this Yojana.
  • Any person from the state of Jharkhand, who clears eligibility criteria, will be able to avail this Yojana and make a trip free of cost. The State government will take care of all the expenses. People will be free to choose the religious place that they want to visit.
  • Under this scheme the eligible beneficiaries will be able to choose two religious places that they want to visit, and the rest will be taken care by the state government. The chosen place can be within the state or outside the state but has to be within the country limit.
  • This facility can be availed once in a lifetime by the citizens and it is applicable for the people above the 60 only. In case the pilgrim is above the age of 65 years then he or she can be accompanied by an attendant.
  • Only the people who are not applicable for any income tax or any other tax will be applicable for this scheme. Also the person will be considered for the trip of he or she is physically and mentally fir to take the trip.

The first trip under this scheme

As a part of this scheme 1000 eligible people of the state went to Puri and Bhubaneswar, without spending any money on the trip, as it was taken care by the state government of Jharkhand. Puri is has the temple of Lord Jaganath and is one of the most visited pilgrimage places of the country. Food an accommodation was all arranged by the state government in collaboration with IRCTC. Another group of people will be again taken to Puri in the month of February.

The Chief Minister of Jharkhand said that this scheme would benefit a lot of people who want go for such trips but cannot, mainly due to financial problems. So this scheme would provide them all with an opportunity to go for a pilgrimage to the place that they want you and that too free of cost. The preferred candidates for this Yojana is the people who belong to the BPL categories and do have any other source for availing such trips.

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Nov 132016

Government to keep eye on Jan-Dhan accounts for large deposits

As Prime Minister recently banned the higher values currency Rs.500 and Rs.1000 notes. It create a big tension in the middle of those people have black money and who had not paid tax on time. These people are trying to find out solution of the problem which they are facing because of this ban. A few of them think that they can save them from income tax officer inquiry by depositing their 500 and 1000 notes in Jan-Dhan account.

Government to keep eye on Jan-Dhan accounts for large deposits

Witnessing High Cash Flow in Jan-Dhan Bank Accounts

In literal the Pradhan Mantri Jan-Dhan Yojana is for poor people. But after seeing that fraud people are going to take benefit of this Pradhan Mantri Jan-Dhan Yojana, government plans to look into cash deposits in bank accounts opened under the Pradhan Mantri Jan Dhan Yojana. High authority said that if bank find a large inflow in any of Jan Dhan account then inquiry will be done by authorities.

According to the reports received from trustable sources, there are around 25 crore Jan-Dhan accounts all over the India. Govt said that if there is suddenly a big “deposits in Jan Dhan accounts in one area, we will find out where this cash has come from. As al the processing in banking are monitor by camera and live video recording is done in all the banks so it is easy to identify the fraud peoples.

Reason Behind this Fraud

  • Since, the government announced its state of tracking the cash deposit which is above the threshold limit of above Rs.2.5 Lakhs. People are seeking the leaks available to get themselves hide.
  • The Account holder of Jan-Dhan which are experienced the sudden cashflow have be approached with cash bribes in order to do the cash deposit in their respective accounts.

As the maximum limit of deposit in Jan Dhan account is 1 lakh and if somebody deposit more than this amount then the threshold limit, RBI ask the entire bank to keep their eyes on such kind of peoples.

So it is clear that govt is fully ready to deal with fraud people who had not deposit their tax on time and to people who have income from illegal activities. So now it is duty of every Indian that co-operate with govt so that our society will be free from the frauds.

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Nov 102016

Buzz Credit Card by Axis Bank

These days, online shopping becomes one of the hot trends for modernized youths and adults. To be frank, people are getting to forget the traditional mode of shopping as the convenient of online shopping attracts them a lot.

Axis Bank’s Innovative Thoughts

On considering those facts and changes expected by the customers and modern peoples of India, Axis Bank join hands with the online shopping legend Flipkart and launched its new ‘Buzz Credit Card’ which is referred as the contactless card from the Axis bank officials. This all new contactless card which is ‘Buzz Credit card’ is especially launched in order to assist the needs of modern people in their online shopping activities.

Buzz Credit Card by Axis Bank

S.No Things Need to Know about Axis Bank’s Buzz Credit Card Details
1 Name of the Credit Card Launched by Axis Bank Buzz Credit Card
2 Worth of Gift Voucher received as welcome offer from axis bank Rs. 1000
3 Percentage of Discounts which can be availed using Buzz credit card in Flipkart 5%
4 Number of restaurants tie-ups with Axis bank to offers 15% discount for Buzz Credit Card Above 5000+ restaurants across India.

Speciality of Axis Bank’s Buzz Credit Card

Along with the various welcome offers like getting Flipkart’s gift voucher worth of Rs. 1000. The newly released Axis bank’s Buzz credit card has various exiting features which are about the discussed below. Meanwhile, the welcome offer of getting Flipkart’s gift voucher can be availed if the consumer prefers to purchase 3 times within the initial 45 days after getting this new Buzz Credit card from Axis bank.

  • Consumers of Axis bank’s all new Buzz Credit card can avail the benefit of getting around 5% discount on their purchase from the new credit card. Simultaneously, the discount would be limited to the maximum amount of Rs.200 on monthly basis.
  • A consumer who prefers using Axis bank’s Buzz Credit card would get (6 or 2) eDGE loyalty reward points for their every purchase made for Rs.200. However, this can’t be applicable for spending money for travel in online.
  • Also the Axis bank’s new Buzz Credit card has the Dining Delights option by which consumers able to get around 15% discount for their dinner in more than 5000+ restaurants all across the nation.

At the same time, consumers are highly advised to read the terms and conditions before applying or utilizing the Axis Bank’s all new Buzz Credit Cards. The terms and condition would enable readers/viewers to understand the features and offers which can be availed using the card pretty clearly.

 Impact of Axis Bank’s New Buzz Credit Card in the market

As the globe turning digital and particularly Indian Prime Minister Mr. Modi Ji, urges people of India to opt cashless transaction for their every purchase, the release of new buzz credit card from Axis bank along with the online shopping portal giant Flipkart’s tie-up provides various benefits and enabling customers to enjoy these festival seasons by online shopping.

At Launch Function

Sangram Singh, the Axis Bank’s head of Cards & Payments exclaims the growth of the e-commerce and their customer’s online savvy activities had forced them to introduce such online shopping friendly credit card. Also he added by listing the exiting features and benefits for Buzz credit card at the event.

On the other hand, the Head Category Design Organization of Flipkart Mr. Kalyan Krishnamurthy conveyed as the newly released Axis Bank’s Buzz Credit Card not only offers discount price for consumers while purchasing in flipkart also it provides high number of reward points and flipkart Gift Vouchers for every purchasing in online.

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Nov 082016

Last date to deposit or exchange Old Rs 500 and 1000 Notes |How to Deposit and Exchange Old rs 500 and Rs 100 Notes | Old Rs 500 and 1000 Deposit and Exchange Form

Well, the increased currency is presently a burning issue right now. Few days ago there was the news of introduction of 2000 rupee note in India. But finally that idea was banned in India. And that has resulted in a major question whether the 500 and 1000 rupee notes will exist in India. And the answer to this question is, these 500 and 1000 rupee notes will be discontinued. Now, we know you are looking for answers why the notes are going to be banned? The reasons are as follows:

New Rs 500 Note and New Rs 2000 Notes

Increased restriction is a primary reason. For instance, you will have to show your PAN card number while depositing more than Rs 50000 in cash in any bank. And because of this, the black money stays out of reach of banks. Previously, the co-operative banks were the safe haven for tax evasion. Because there was no TDS deduction. But now they deduct TDS from every individual. You will also have to show your PAN if your cumulative deposit is more then rs 50,000.

The second reason is, if the high demolition notes are withdrawn it will also reduce the generation of black money in future. Because, it will become difficult for anti socials to deal in cash, especially for the large deals that are done in crores. Smuggling of currency notes from outside India will also become difficult. This is really important for our national security because the terrorist organizations make use of the black money for financing. And these deals with black money are done on high demolition notes for financing.

The European Central Bank has already banned the printing of 500 Euro notes. And those notes have been already banned in the name of Bin Laden notes because of its association with terrorist funding. The currency notes leave no trail and offer anonymity and this is why the step has been implemented right now. From today midnight, the 500 and 1000 rupee notes will be banned.

Process to Depsit Exchange Rs 500 and Rs 100 Notes

The Good news is you can deposit your old notes in banks and post office in you have account with them. You can deposit you hard earned money till 30th Dec 2016 in banks and post office. If you miss this window then you still have the time to deposit your money in RBI till 31st March 2017. Exchange of Old notes can be done till 24th November only with a daily limit of rs 4000.

So if you wish to deposit your money within time then you will have to fill the form shown below. In which you will have to fill the Bank Name , Bank Branch and your details like account Number and total number of old notes that you want to deposit.  You can Use this form in All Government banks Like SBI, PNB etc and all Private banks like ICICI, HDFC etc.

deposit exchange form old rs 500 1000 notes

You can take a print out of this form and it will solve your purpose. The exchange Limit has been set as Rs 4000  for old Notes this seems to mainly done for people who do dot have bank accounts. In any case you will have to carry a photo copy of your ID prof with you.  All the process will be video recorded so it is advised not to deposit anybody elses money in your account as it would lank you in some legal trouble.

Documents Required for Deposit or Exchange of Old Rs 500 and 1000 Notes.

  • Photo copy of ID Prof Like (Aadhar Card, MNREGA card, PAN Card, etc)
  • Dully filled Deposit form

It has been also declared that you can deposit any amount of money in your account in the time frame given but if you are not able to tell the source of such income then he/she would be penalized as per land of law.

Bank and ATM withdrawal Limit

After banning old notes there has been a withdrawn limit in cash withdrawal. This has been done for initial days only due to lack of supply of new notes.  The maximum amount that you can take from bank is rs 24,000 weekly. From ATM you can withdraw only rs 2500 daily.  Last date to exchange old 500 and 1000 notes is 24th November 2016.

Drawbacks of Depositing Old Money in banks and Post office

You may have to stand in line for some time as there are a large number of people doing so in banks. You should have a legal record of all the money that you are depositing. Income Tax department is keeping all their eyes on all these deposits. If they your deposit amount does not tally with your earning then you will be penalized or even jailed. So if you have a black money in hand either you have to destroy them or face legal trouble.

How will Indian People benefit from this move

If the initial hiccups are ignored then there are only positives coming out of banning old notes. Some of these benefits are listed below

  • Most of the black money would be wiped off
  • People in future will be scared to hold black money as this move could be repeated in future
  • All the transactions that were happening in black will now be forced to do legal transactions and this will increase Indias GDP
  • Fake currency would be removed from Main market.
  • Funding of cross border terrorism will be impacted.
  • As GDP will increase then Rs is going to be stronger.

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Nov 052016

Odisha to provide loan at 1% interest to SHGs (Self Help Groups)

As the central government led by NDA government keen on improving entrepreneurship among youths by introducing various schemes across the nation. State governments too taken some effective steps to increase the employment ratio among their state’s youths by encouraging the talented youths to get involve in their own businesses.

On accounting that fact, recently the state government of Odisha introduced new beneficiary scheme of lending loans to SHG’s (Self Help Groups) in the state that too particularly handled by women with the low interest rate of 1%.

Who are all valid to get 1% loan in Odisha Farmers and Women Self Help Groups
Number of eligible Women SHG’s in Odisha Around 1 Lakh
Maximum Loan amount that can be availed by women SHG Rs.3 Lakh
Interest rate for women’s SHG Loan up-to 3 Lakh 1%

Self Help Groups in Odisha:

Women Self Help Groups in Odisha empowers women workers in the state, under the scheme Mission Shakti Program women from the rural areas of the state Odisha able to shine in the careers also they revolutionized  as the socio – economic agents of the state.

Majority of the women SHG are based on the hand craft manufacturing home based small scale businesses.  It is estimated that around 1, 00,000 SHG’s are identified as eligible to avail the benefit announced by the chief minister of Odisha recently.

Chief Ministers Financial Help to Self help groups in Odisha:

The chief minister of Odisha Mr. Naveen Patnaik recently announced as the women Self Help Groups in the state of Odisha are now eligible for availing financial aid of up to Rs.3, 00,000 Lakh with the lowest interest of 1% from financial sectors.

Speech of Chief Minister of Odisha Mr. Naveen Patnaik During the event

The chief Minister of Odisha Mr. Naveen Patnaik lay foundation and started various projects and beneficiary schemes in the Jaipur district. Followed by the function of the stone foundation on constructing the government medical college at the cost of whooping 300 crore allotted by the state government in the district of Keonjhar in the Odisha state.

  • While addressing the public during the meeting held on Keanjhar district, the Odisha chief Minister Mr. Naveen Patnaik elaborated the benefits of availing lot interest financial aid from state government by SHG’s.
  • Also, he added that the state government led by him in Odisha has taken several strong initiatives to protect and to improve the empowerment of women in the state of Odisha.
  • In addition to that, he also included the government stand on providing ration cards and land records in the ration cards in the name of the women as representatives of family.
  • On his speech the Chief Minister Naveen Patnaik notified the steps taken by his government in the development of agriculture in the state. Recently, on implementing his commitment Mr. Patnaik announced the agriculture loan for farmers of Odisha at the interest rate of 1%.


This newly introduced beneficiary scheme by the chief minister Mr. Patnaik would boost women in the state to get involved in the self help group activities. Also the announcement came during the event held at Keonjhar districts surely boost the state’s growth and would provides various benefits for farmers and state’s infrastructures.

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Nov 042016

ICICI Prudential Balanced Advantage Fund

A rational investor prepares himself for high risk always. Having said that I must say they keep searching for the plans that involve lower risk yet earns high return. When we talk about capital formation we often choose the risky projects because high risky projects have the maximum chance to gain lump sum capital. But if this does not happen (as it is a risky plan) then the investor may face the all time biggest fall. But ICICI has come up with something easy and with minimum risk that an investor can enjoy high yielding in future.

ICICI Prudential Balanced Advantage Fund

ICICI has launched a new investment plans for those who are not in favour of risky projects. The Dynamic Asset Allocation mechanism is something that helps the investor to allocate their capital according to market volatility and also the mechanism will take care of their long term allocation that won’t get affected by short-term market ups and downs.

Dynamic Asset Allocation Mechanism

Generally by dynamic asset allocation we mean a combine investment plan. In this mechanism the investor invests in specific assets for long period of time. Under this mechanism the investors are required to maintain the invested portion by selling and purchasing parts of assets time to time.

ICICI prudential has brought an investment plan that will help the investors to maintain their portion of capital even if there are unpleasant market fluctuations.

ICICI Prudential Balanced Advantage Fund

  • ICICI Prudential Balanced Advantage Fund (BAF) is the new investment functioning strategy by the company has come up in the market. The plan has some features. They are:
  • It is an open ended equity fund plan. The minimum application amount will be Rs. 5000/-. Additionally Re. 1/- in multiples will be charged along with the application amount.
  • There is another additional amount for the application. The minimum additional application amount is Rs. 1000/- plus in multiples of Re. 1/-. The redemption amount will be Rs. 500/-.
  • The monthly instalment will be Rs. 1000/- with 5 PDCs (post dated cheques) need to be paid to the organisation for the future investments. If you choose for quarterly investment plan then the amount will be Rs. 5000/- with 4 PDCs.

What to expect from the plan?

  • The plan will yield compounded yearly return of 15% which is more than CRISIL that is 10%. Also if you compare BAF with conventional FD then the result will be hopeful as well. FD gives you return of 9% per year when BAF is providing 10.8% minimum or it can be 16.2% or 18.3%. This is surely a good result for any risk-averse investor today.
  • Because it is a long term plan so you can easily save bulk tax here. The short-term investments allow you to bear 15% tax yearly which is missing here.
  • The plan is suitable for every market as well. If you are in wealthy market then it creates enough capital for you and if you are witnessing a downfall then it restricts the limits as well.

Reasons to give it a try

  • The first and foremost reason to go for it is the rate of return this plan is offering. It also beats the benchmark set by CRISIL in 2015 of 10%. On the contrary to CRISIL BAF is offering 15% annual return which is definitely a boon to consider.
  • Secondly it promises you to buy in low rate and sell them to high rate. According to the BAF they have price to book value that helps your plan to shift from equity to debt. This leads to high return and of course chances of high selling price will get increased.
  • This plan is swift and can be called a substitute for typical saving accounts. You can withdraw money as per your requirement. In a certain interval you can enjoy your capital generated from BAF.
  • To balance the portfolio there are large as well as mid cap stocks include in this plan. This balances the losses incur in the portfolio. Also it has steady dividend record since last 3-4 years. This definitely signifies a good investment record.

Cons of the plan

  • It is a long term plan. If you are ready to block your money for long time then this plan can be considered otherwise you must not jump into this.
  • In case of auto withdrawal like saving accounts I must tell you one thing here. You need to choose a frequency plan before heading towards the BAF. Whatever frequency plan you will choose you can take out money accordingly unlike saving account from where you can take out your money anytime.

BAF – quick details

Name ICICI Prudential Balanced Advantage Fund
Type Open ended equity fund
Application amount 5000/- + 1/- multiples (min)
Additional application amount 1000/- + 1/- multiples (min)
Redemption amount 500/- (min)
Entry Load Nil
Exit load (20% units for 18 months from allocation)

(more than 20% for 18 months from allocation)

More than 18 months


1% of application NAV


Monthly instalments 1000/- + 5 PDC
Quarterly instalments 5000/- + 4 PDC
Annual return 15%
Market type Any

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Oct 092016

Airtel and Jio iPhone 7 Free Plans

Telecom Company Airtel will be providing iPhone 7 for just Rs. 19, 990. The monthly plan for buying this iPhone will start at Rs. 1,999. An individual will also be able to get free and unlimited local and international calls along with 5 GB internet data with 3G/4G speed and other useful features.

Reason behind Airtel’s launch of iPhone 7 at Rs. 19, 990

Apple has recently launched iPhone7 and iPhone 7 plus. These two iPhones are currently available in India and several ecommerce sites are also selling the iPhones with lucrative cashback and exchange offers.

Thus, Airtel has also stepped up into the field and now they will be selling the iPhone 7 for Rs. 19, 990 under a contract of 12 months.

Airtel and Jio iPhone 7 Free Plans

How to avail the Airtel iPhone 7 offer

If an individual wishes to buy the iPhone 7 which has the storage of 32 GB and which is priced Rs. 59,998, they will have to pay an initial down-payment of Rs. 19, 990. Then an individual will be obliged to choose between three Airtel infinity plans priced at Rs. 1, 999, Rs. 2, 499 and Rs. 2, 99 per month. After the completion of one year, a user will be able to return their iPhone or else they will also be able to purchase the iPhone by making a balloon payment which will cost them Rs. 24, 000. If an individual opts for the balloon payment they will be paying an amount of Rs. 80, 000 for one year even if they opt for the lowest priced Airtel Infinity Plan.

Benefits of different Airtel Infinity Plans

Airtel Infinity Plan costing Rs. 1, 999, 2, 499 and 2, 999 per month will provide an individual with the feature of unlimited local and international calls and also, the infinity plans will provide 5GB, 10 GB, 15 GB 3G/4G Data respectively.

Details of iPhone 7 & iPhone 7 plus offers by Airtel

Model Storage Total Price (Rs.) Down Payment (Rs.) Infinity Plan options (Rs. Per Month) Balloon Payment (Rs.)
iPhone 7 32 GB 59, 998 19, 990 Rs. 1, 999/2, 499/2,999 24, 000
iPhone 7 128 GB 69,998 29, 490 Rs. 1, 999/2, 499/2,999 24, 500
iPhone 7 256 GB 79, 998 35, 990 Rs. 1, 999/2, 499/2,999 28, 000
iPhone 7 Plus 32 GB 72, 000 30, 792 Rs. 1, 999/2, 499/2,999 25, 200
iPhone 7 Plus 128 GB 82, 000 37, 292 Rs. 1, 999/2, 499/2,999 28, 700
iPhone 7 Plus 256 GB 92, 000 43, 792 Rs. 1, 999/2, 499/2,999 32, 200

Reliance Jio’s iphone 7  Free offer

Reliance Jio is also offering iPhone 7 with an annual plan costing Rs. 18, 000 to the buyers. They will also provide home delivery service. This offer of Reliance will be valid till 31st December, 2017. An individual will be able to buy previous versions of iPhone too. Also, a user will be able to get the facilities stated below with their iPhone.

  • Unlimited local and international calls.
  • Unlimited SMS
  • 20 GB 4G Data per month
  • Unlimited High Speed Data at night (2-5 AM)
  • 40 GB Wi-Fi data on Jionet Wi-Fi data
  • Complimentary access to the premium apps of Reliance Jio.

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