Wednesday, November 16, 2016

Additional 15% tax to be borne by Credit Card and Loan EMI payers wef November 2016

Are you using credit card or has taken any loan from banks, if yes then get ready to see some additional charges being levied on your credit card EMI or loan EMI w.e.f November 2016.

w.e.f November 2016 Govt. Of India has asked the banks to charge extra or additional 15% tax for the interest the bank charges on EMIs.

Now, let me explain you this in better way. Suppose you bought a product using your credit card and converted the same purchase into multiple EMIs, earlier before 1st November 2016, credit card issuing bank used to levy some interest rate on your EMIs and you used to pay the same only along with the actual value of product price divided by the tenure for which you had taken the EMI.

Now, WEF 1st November 2016, all the credit card issuing banks or loan lender banks has to levy another additional tax of 15% (ST 14% + SBC 0.5% + KKC 0.5%) on the interest charged on the EMI.

That is another 15% tax burden on consumer.
Additional 15% tax on credit card or loan EMI
Additional 15% tax on credit card or loan EMIs

No prior notice or circular shared with anyone and Govt. implemented this additional burden on its citizen who voted them to power.

Waiting for your comments and also if anyone needs further clarification do comment below, will update accordingly. ⤋😞

Sunday, November 13, 2016

A world champion in Kick Boxing Tajamul Islam from Kashmir,India

Amid the shutdown and restrictions for more than 3 months in a row in Kashmir, this eight-year-old girl Tajamul Islam from a remote area in the Valley’s north has won the gold at the World Kickboxing Championship in Italy.
Tajamul won the World KickBoxing Championship
Tajamul won the World KickBoxing Championship

Tajamul, hailing from Tarkpora village of Bandipora, bagged medal after defeating her rival from United States in the final. The world championship was held in Italy from November 5 to 11. Tajamul represented Kick Boxing Federation of India in the world event. In the event the talented kid took part in six bouts and remained unbeaten. According to her mentor and coach Fasil Ali, the feat makes Tajamul the world’s youngest kickboxer to win an international gold. “The sub-junior level closes at 14 years of age. Tajamul was the youngest in the category.

The stand-up combat sport, which involves kicking and punching, originated half a century ago in Japan — and, within a decade, became popular in the West as well. Ali has been coaching Tajamul in the native of Tarkpora village, for two years in the backyard of his house.
Tajamul won the World KickBoxing Championship held in Italy
Tajamul Islam

Tajamul’s talent got highlighted last year when she bagged the gold medal in the sub-junior category at the 2015 National Kickboxing Championship in Delhi. That enabled her to gain entry into the Andria world championships, which began early this month. The finals was on November 9. Overall, Tajamul won six games.

Already, Tajamul is a celebrity in her Tarkpora village, 65 kms from Srinagar. A student of Army Goodwill School in Bandipora, her father is a driver.

Tajamul's journey started in 2014 when she joined a local academy that trains young boys and girls in martial arts. She was walking near the stadium when she saw many young boys and girls training. She asked her father to let her join them and her father agrees to it. Soon, she won the state championship, and later the national.

Later When Tajamul wanted to take up kickboxing, her father tried to dissuade her telling her it’s a rough sport and she might get hurt. She persisted promising him that she’ll be better than all the boys. At 7 Tajamul fulfilled that promise by becoming the youngest sub-junior national kickboxing champion. She defeated her 13-year-old opponent to win the title in the 2015 national finals.

Tajamul’s father is not only proud of her daughter but hopes that her daughter will help change people’s attitudes towards girls and sports in her native Kashmir.

Tajamul has broken every stereotype pertaining to young girls and sports. She excels at a contact sport which requires skill, hard training and a lot of physical strength. She trains five hours every day besides studying and pursuing her other love–dancing. Tajamul's brother and two sisters also practice kickboxing.

Tajamul Islam participated in World Kick Boxing Championship which witnessed participation of ninety countries.

Saturday, November 12, 2016

Shantanu Singhal a TedEx Speaker, Philanthropist, Humanist and an Entrepreneur

When the Nepal earthquake struck in April 2015, the destruction was so absolute that it was impossible for Shantanu to remain a passive witness. With the support of family and a knack for marketing, he began a social media campaign to request help. His team raised 1.6 million Indian Rupees (approx. $25,000) plus material donations, and he personally visited the worst affected areas to hand over the proceeds.
relief material for Nepal Earthquake victims by Shantanu
relief material for Nepal Earthquake victims by Shantanu Image Source: Shantanu

After reading about rising farmer suicides in India due to drought, Shantanu created UNNAT, a hydroponics project and experiment in soilless agriculture. One key outcome was the development of a simple kit which can be used to grow several essential crops such as fenugreek, cabbage and spinach. The state government of Uttar Pradesh noticed the potential of UNNAT, and selected the organization for a pilot study that began in August 2016.

The story behind Shantanu growing vegetables without soils goes like this:
Shantanu growing vegetables without soil
Shantanu growing vegetables without soil Image Source Shantanu

It was over a dinner conversation that Shantanu asked his father: “Why do we need soil?” The query arose in the young mind after experiencing rise in concern about shortage of food and space crunch in urban landscape. His question was pertinent and his impressions noteworthy. What he therefore turned to was Hydroponics – the process of growing plants without soil. But he improved on it, by creating a composition that was cheaper.

Before started developing his composition, the boy had researched well. He had read about Aeroponics – a plant-cultivation technique using air; but realised that the method is expensive. Shantanu therefore created a composition (comprising micro-nutrients, seeds and bio-pesticides among others) which not just acts as a substitute for soil but also cheap to procure.

A student of humanities in a Sanskrit School in Delhi, he says his father who works in the field of biotechnology, guided him in his research and experimentation. He experimented with growing veggies like fenugreek, spinach, coriander and tomato at home at first and his biotech father guided him well in understanding the cultivation process.
Shantanu Singhal a TedEx Speaker
Shantanu Singhal a TedEx Speaker

Shantanu also organizes school leadership events and talks, serves as a player and manager of his school’s football team, and works for his school’s Green Brigade Club, Interact Club and Business and Leadership Clubs. 

Thursday, November 10, 2016

Real story behind the Master stroke of demonetizing 500 and 1000 currency notes by PM Narendra Modi

Prime Minister Narendra's Modi's sudden announcement of demonetizing the currency notes of Rs 500 and Rs 1,000 was just a sudden announcement but was very well thought and well planned strategy, according to sources it took around 10 months to execute the plan and finally on the eve of 8th November Prime Minister Modi decided to play his master stroke.
Real story behind the Master stroke of demonetizing of 500 and 1000 currency notes by PM Narendra Modi
New 500, 2000 currency notes of RBI

Modi was well informed about the temporary cash crunch going to happen just after the announcement of demonetizing of 500 and 1000 notes. So, he thought of introducing new currency notes of 500 and 2000. The master stroke played by Mr Modi is considered a strategy to root out multiple menace rampant in the country.

People with huge amounts stashing big notes in their homes mostly unaccounted will now be bound to get them deposited to banks or post offices, thus reducing the in-house black money. Govt has also declared that all cash deposited above 2.5 lakhs will be keenly watched by IT dept and cash deposited above 10 lakhs will be fined up to 200% of the taxable amount.

The demonetization will also root out the menace of fake currency notes of 500 and 2000 widely spread in the country.

There is a story behind this announcement and how one man named Anil Bokil, who was given just nine minutes to speak, resulted in the massive assault on black money.
The man Anil Bokil behind the demonetization proposal of 500 and 1000 notes
The man Anil Bokil behind the demonetization proposal of 500 and 1000 notes

Anil Bokil of Arthkranti, a Pune based financial think tank is the man who reportedly suggested some of the key measure to contain the flow of black money in economy and banning the big currency notes was one  of them. Bokil who reportedly had met PM Modi, a few months back to give a presentation on financial reforms and how to contain the flow of black money. He was given time of just nine minutes to finish his argument, but PM Modi reportedly found his arguments so interesting that he kept discussing for almost two hours.

These were the main recommendations by Bokil:


  1. Except import duty, stop collection of money under 56 different taxes 
  2. Ban big currency notes of Rs 1000, Rs 500 and even Rs 100
  3. All transactions should take place via bank with help of cheque, Demand Draft and online.
  4. Single banking system for revenue collection. 


The reason Bokil reportedly gave behind these suggestions


  1. In India, an average transaction of  Rs 2.7 lakh crore is seen daily which accounts to Rs 800 lakh crore in a year. But only 20 per cent transaction out of this happens via banks, rest all takes place via cash which can't be traced.
  2. Country's 78 per cent population spends only Rs 20 a day. Therefore, they don't require bigger currency notes.

Donald Trump's statement on temporary and complete Muslim ban has been removed from his website

It seems Donald Trump’s team removed the hate statement against Muslims he made from his website to ban all Muslims from the US. On the ballots counting night, when Trump was leading ahead of his counterpart Hillary Clinton, the page linking to his December statement regarding a temporary and complete Muslim ban has been removed.
Donald Trump hate statement against Muslims
Donald Trump hate statement against Muslims

The page now redirects to his page encouraging voters to donate to his campaign. The page was available on the morning of the election on 8 November, according to online caches. But the redirected was added later the same night.

Caches like the Wayback Machine work by crawling websites intermittently and making a copy of what it finds there. As such, it's not possible to say exactly what time the redirect was added, but only that the change had been made between those two times it was crawled.

Mr Trump and his allies have consistently defended the ban, insisting the measure was about Americans’ "safety" and not about discriminating against religion. Videos and speeches defending the ban remain on the Trump campaign website. It is not the first time the Trump team has scrubbed pages from its websites. After speculation rose that Melania Trump did not complete her university degree, her biography page was taken down and started to redirect to Mr Trump’s golf course. Mr Trump won the presidential election on 8 November with 279 electoral votes.

Source: Independent

Wednesday, November 9, 2016

Demonetization of 500 and 1000 currency notes queries, concerns addressed

1. Why is this scheme?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

2. What is this scheme?

The legal tender character of the notes in denominations of  500 and 1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

3. How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

4. Can I get all in cash?
No. You will get up to ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?
The Scheme of withdrawal of old high denomination(OHD) notes does not provide for it, given its objectives.

6. 4000 cash is insufficient for my need. What to do?
You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

7. What if I don’t have any bank account?
You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

8. What if, if I have only JDY account?
A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

9. Where can I go to exchange the notes?
The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

10. Need I go to my bank branch only?
For exchange up to 4000 in cash you may go to any bank branch with valid identity proof.
For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.
In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

11. Can I go to any branch of my bank?
Yes you can go to any branch of your bank.

12. Can I go to any branch of any other bank?
Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000.

13. I have no account but my relative / friend has an account, can I get my notes exchanged into that account?
Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

14. Should I go to bank personally or can I send the notes through my representative?
Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

15. Can I withdraw from ATM?
It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2,000/- per card per day upto 18th November, 2016. The limit will be raised to ₹4000/- per day per card from 19th November 2016 onwards.

16. Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹10,000/- in a day within an overall limit of ₹20,000/- in a week (including withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.

17. Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?
Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.

18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

19. How much time do I have to exchange the notes?
The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.
For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

20. I am right now not in India, what should I do?
If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Yes, you can deposit the OHD banknotes to your NRO account.

22. I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to ₹5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.

23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

24. What is proof of identity?
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

25. Where can I get more information on this scheme?
Further information is available at our website (www.rbi.org.in)

26. If I have a problem, whom should I approach?
You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944

Saturday, November 5, 2016

Why 1 Day ban on NDTV India news channel

Irrespective of all who supporting or not supporting #NDTVBan, watched or wouldn't have watched the show for which 1 day ban is imposed on NDTV. They all know the below info in common:

1. It wasn't a live coverage but a reporting.
2. It wasn't only NDTV but many other national channels who broadcast the same report of coverage of the Pathankot.

Coming to the point #1: A careful examination of legality of ban on any cable channel shows that the ban is on ' live coverage ' of anti terrorist operations of the security forces, ( vide para 6 of the Programme Code of the Cable TV Network Rules, 1994 ) and not on reporting of anti terrorist operations. There is a clear distinction between the two. NDTV did not show any live coverage of the anti terrorist operations, but only reported about them.

Now to the point #2: If there are other news channels who broadcast the same Anti Terrorist Operations of Security forces, why not impose the same ban, why a selectivity?

This one-day ban on leading Hindi TV channel NDTV India by the Centre over its coverage of the Pathankot thus drew sharp condemnation both from opposition parties and media bodies, being called “shocking and authoritarian” and reminiscent of the Emergency days.

The Editors Guild of India condemned the order as a “direct violation” of the freedom of the press, and similar sentiments were expressed by the Broadcast Editors’ Association (BEA). NDTV, while terming the order as “shocking”, has alleged that it has been “singled out” and said it is examining all options in the matter.



The Editors Guild of India strongly condemns the unprecedented decision of the inter-ministerial committee of the Union Ministry of Information and Broadcasting to take NDTV India off the air for a day and demands that the order be immediately rescinded.

The decision to take the channel off the air is a direct violation of the freedom of the media and, therefore, the citizens of India, and amounts to harsh censorship imposed by the government reminiscent of the Emergency, the Guild said in a statement.
The BEA, while expressing deep concern at the government's decision, said that imposing a ban is a violation of the freedom of expression.

Former Jammu and Kashmir Chief Minister Omar Abdullah also lashed out at the Centre, asking if these were the promised "achhe din (good days)".
where the mind is without fear
where the mind is without fear

Note: This is also for the First time a news channel barred over national security.

Friday, November 4, 2016

know Tejaswani Priyadarshani from Rourkela, who invented Air Bike

14-year-old girl Tejaswani Priyadarshani from Rourkela, Odisha, has designed an innovative device that gives a whole new dimension to a bicycle by allowing it to run on air.
Tejaswani Priyadarshani from Rourkela, who invented Air Bike
Tejaswani Priyadarshani from Rourkela, PC: Telegraph

Instead of pedals, the “air bike” runs by propelling air. With a 10 kg cylinder of compressed air mounted on the bicycle carrier, it can run up to a distance of 60 km.

Tejaswani’s innovation comes at a time when the whole world is trying to tackle global climate woes by cutting down the usage of fossil fuels extracted from resources like coal, oil, gas, petrol and diesel; opening greater possibilities of using renewables like solar and wind energy.

Tejaswani, a class-XI student of Saraswati Sishu Vidya Mandir of Rourkela, had this idea when she visited a bicycle-repair shop and saw the mechanics using air guns to detangle knots in a bicycle tyre.

She was helped by her father to carry out the experiments. After experimenting with several design processes, they bought an air tank with an inlet for filling water. A measuring dial was fitted with the tank. A starting knob and a safety valve were also connected to release excess air.

When the knob is turned on, the air from the cylinder is transferred to the air gun placed near the paddle that rotates the gear with the help of six different blades, which also sets the cycle in motion.

The technique used in the cycle can also be applied to motorcycles and cars. The bicycle can also be used by differently abled people. Tejaswani has also won several accolades for her brilliant invention.

Tuesday, October 25, 2016

Who is Cyrus Pallonji Mistry

Cyrus Pallonji Mistry born 4th July 1948, is a Irish-Indian businessman and was the chairman of Tata sons Group, an Indian business conglomerate, between 2012 and 2016.

He was made the Chairman of the company in December 2012 after its previous Chairman, Ratan Tata, formally retired.
Who is Cyrus Pallonji Mistry
Ratan Tata and Cyrus Pallonji Mistry (Left to Right)

He was the sixth chairman of the group and the only the second chairman who did not carry the Tata name, after Nowroji Saklatwala.

Before this, he was the Managing Director of the Shapoorji Pallonji Group. He was also on the board of Tata Sons, the holding company that controls the Tata Group.

Mistry, who has been with the group since 2006 in various capacities, hails from the Shapoorji Pallonji family, the largest private shareholder of the group's holding company Tata Sons.

His appointment as the new chairman to Tata sons group had brought an end to years long search for next heir to step into Ratan Tata's shoe.

Mr. Mistry is the youngest son of construction tycoon Pallonji Mistry, who also owns a significant stake in the group.

He is a graduate of civil engineering from Imperial College of London, and has a Master of Science in Management from the London Business School.

In a sudden turn of events that has stunned the corporate world, Ratan Tata, the corporate icon, who retired in 2012 as chairman of the Tata Group is back at the helm.

Tata Sons, the holding company of the Tata conglomerate, on Monday(24th October 2016) appointed Mr Tata as interim Chairman for four months replacing Cyrus P Mistry.

The Board of Directors at Tata Sons in its meeting on Monday also appointed a panel to search for new Chairman for the Tata Group.

The Selection Committee includes Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya. The Committee has been given four months to choose new Chairman for Tata Sons.
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