The moment you walk into a bank, know that the charge meter has been turned on
By the time you begin flipping through the pages of this issue of the Finapolis, you will already be under a new tax regime – One Nation-One Tax. In every sphere of life, from attending to daily chores to paying for what you bought — be it a utility item or a service, everything is under the new regime of Goods and Services Tax (GST). So are banking services, which have been raised from 15% to 18%.
Banking services too are an essential part of daily lives. The advent of newer schemes bought more and more people — who had hitherto stayed away from banking — into the fold.
Banking has indeed become very complicated. If someone says, “Oh, no! It is simple. Just follow the steps and there you go,” it’s just a run-of-the-mill statement that bulldozes the doubts and flattens them. But, it cannot remove the doubts. You can’t brush your doubts and, at times apprehensions, under the proverbial carpet and indulge in self-deception that all is hunky dory.
Banking is indeed knotty now what with the customer being fleeced from all sides. It’s not just the GST that is going to pinch the pockets of an average middle-class person –salaried or self-employed or whatever; a whole gamut of cardinal issues pertaining to banking have been made chargeable. It’s not as simple as it looks.
Nobody seems to have a thorough knowledge of complete info to disseminate to laymen on what service is chargeable and what is not. Bankers, even those at the helm of affairs, have indeed politely refused to respond to queries sent to them by Team Finapolis without citing reasons. A mail to Chanda Kochhar, MD & CEO, ICICI Bank, also remained unanswered at the time of going to print. As it appears, there seems to be no clarity on some of the pertinent questions, which were raised.
That anonymous deposit
Diese Geschichte stammt aus der July 2017-Ausgabe von The Finapolis.
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Diese Geschichte stammt aus der July 2017-Ausgabe von The Finapolis.
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7 Ways to Prevent Text Neck
Our head is heavier at an angle than it is at a neutral position. That means our increasing usage of smartphones for reading, texting, etc is putting undue pressure on our spine
How To Take Your Networking To Next Level
Networking is one of the best ways to use your time
5 Fun Ways To Save Money
There are several simple ways to reduce spending and rack up more cash. Sukanta Kundu lists some interesting ones.
In Search of Higher Returns Amid Falling Rates
As Bank Deposit Rates Fall, Even Conservative Investors Are Switching Assets. Where Can They Go?
National Savings Certificates Help as Interest Rates Fall
National Savings Certificates (NSCs) have been among the most popular tax-saving options for ages. In spite of the advent of market-linked investment products such as equity-linked savings schemes (ELSS), the certificates have retained their charm for certain sections of society. In this column, let us discuss the various facets of this special instrument of investment.
What Drives Us to Invest?
I had made the journey from economics to finance. As part of Keynesian economics, we were taught about the three motives to hold money: the transactions motive, the precautionary motive and the speculative motive; all through my teaching career that remained part of my Keynesian economics. But two decades, later when I immersed myself into the world of investment, I had to develop my own tools to understand the new discipline and make my investors understand the working of their own minds. One night as lay turning on my back, poring over the day’s happenings, suddenly I made a strong connection between what I had studied years back and the problem I was grappling with now: the motives.
Ask The Finapolis
Col. Sanjeev Govila (retd) of Hum Fauji Investments answers readers’ queries on investments, taxation and personal finance. Do you have a question you want answered? Email your question to feedback@thefinapolis.com
Input Tax Credit To Benefit End-customer
Looking at the scale of India, it is reasonable to expect 3-5 years for the system to stabilize
Will GST Really Spike Up Your Bills?
As goods and service providers can claim input tax credit, your net tax bill will reduce say experts
The Bull Run Is Here To Stay
Karvy Finapolis’ event —“Is this the mother of all bull runs?” — evoked a thunderous response from investing public recently in Hyderabad.