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Showing posts from November, 2017

This Chinese library maybe the best in the world

You are at risk to lose all savings from bank. News from - The Hindu, India

It's not from a unreliable source dear fellow Indians.  News from The Hindu newspaper website: The 'bail-in' clause changes the nature of relationship between the customer and the bank. It would mean that money is no longer safe in a bank. An account would lose its sovereign guarantee and instead become an investment. Putting away money in a bank would be akin to buying shares of a company or units of a mutual fund. The customer would need to monitor the level of toxicity of his bank with respect to its losses and accordingly keep switching bank accounts.

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An easy way of skill identification (Joke)

How to recruit the right person for the job::-- Put about 100 bricks in a closed room. Then send 2 or 3 candidates into the room & close the door. Leave them alone & come back after a few hours and analyse the situation. 1) If they are counting the bricks, Put them in Accounts deptt. 2) If they are re-counting the bricks, Put them in Auditing. 3) If they have messed up the whole room with the bricks, Put them in Engineering. 4) If they are arranging the bricks in some strange order, Put them in Planning. 5) If they are throwing the bricks at each other, Put them in Operations. 6) If they are sleeping, Put them in Security. 7) If they have broken the bricks into pieces, Put them in Information Technology. 8) If they are sitting idle, Put them in Human Resources. 9) If they say they have tried different combinations yet not a single brick has been moved, Put them in Sales. 10) If they have already left for the day, Put them in Marketing. 11) I…

Important lesser known rules about PPF (public provident fund)

The Public Provident Fund (PPF) is one of the most popular savings vehicles in India.
Here are some facts and rules which enable you plan better:
Best tax advantages
PPF comes under the EEE (exempt-exempt-exempt) tax status. What this means is that at the time of investment, the interest earned, and proceeds received at maturity are all tax-exempt or free. 
Number of contributions
As the lock-in period of the scheme starts from the end of the financial year in which the deposit was made, if you make an annual contribution you make a total of 16, and not 15, contributions during the tenure of the scheme. 

Let us go back to the example above. The deposit made at the time of opening of account on July 26, 2014, will be taken as your first contribution, the next one in the financial year 2015-16 as the second contribution, 2016-2017 as the third, and so on. 

The last contribution, i.e. the sixteenth, will be made in the financial year 2029-2030. The same goes for monthly contributions, you will …

Credit card non payments in India rise to 59000 crores.

The total credit card outstandings — money spent by card holders and not repaid to the card company or bank — surged to Rs 59,900 crore at the end of September 2017, against Rs 43,200 crore in the same period last year