Google Pay users in the U.S. can now send money to GPay users in India and Singapore, Google said on Tuesday, making its first push into the …
Google Pay US users can now send money to users in India and Singapore
Looks an interesting development and Indian NRI’s may have the convenience of remitting money back home while sitting in their bed rooms.
March 2020 was the time when the deadly corona virus had started uprooting the strong pillars of health system across the globe. The wave later named as COVID 19 didn’t spare even the mighty nations like USA, the sophisticated fashionable region like Europe and the pioneers of change in future economy like India and China. . Complete lockdowns, unprecedented causalities, gory scenes of people crashing on ground and scattered dead bodies sent shivers down the spine.
The lock down did everything wrong for the businesses and the people in general spreading scare and people prayed for two time meals for their families in the under developed countries. Air traffic, Transport Industry, Entertainment and other such events paved way for a thriving business for consumer items, online shopping platforms
However a new breed of investors better known as Millenniums proved the game changer for stock markets as well as the cryptocurrency during the torturous times. All Governments pushed enough liquidity in the system to bolster the crippled health system as well as providing relief to the suffering people across the globe.
With dollars dropping in their accounts and work from home culture developed by the companies provided these youngsters an opportunity to experiment and remain busy during the lazy hours. The high number of D’mat accounts/trading accounts opened by the stock broking companies surpassed all records. Money started flowing in the stock markets as the stocks struggled to regain their lost glories.
DOW/SENSEX along with other global indexes crashing down to the historical lows in March 20, started picking up in the second half of the year. The brave souls who weathered the storm for a few months were duly rewarded for heir patience and perseverance as the markets started their upward journey..
Liquidity played major role in convincing the new sets of customers to venture out and try their hands in stock market which was a relatively safe investment. but a large number of youngsters showed inclination towards cryptocurrency which inspite of being riskier game provided handsome return in short period of time
Dow Zone crashing down to 23800 level in March 2020 picked up smartly and has already achieved historical heights by climbing to 34000 level. Amazon, Tesla, Google and other stocks doubled in valuation in a short time of just 9 months.
Bitcoin trading @USD 9000 and Ethereum available for less than USD300 in the early part of 2020 galloped and by the end of the year, there was multi dimensional growth in these coins. Though the main role of investment remained with the institutional investors but there was a considerable interest by the millenniums too. The Bitcoin has gone beyond USD 60000 and Ethereum beyond 4000 levels taking these coins beyond the reach of common investors. .
The businesses are closing down, the factories are running at reduced capacity, the offices have been working @50% , restaurants, malls and markets all closed in India. The hospitals and health infrastructure is overwhelmed with the number of COVID infections spiraling up as positivity ration has attained monstrous dimensions of more than 35%. More than 10 variants threatening the nations have caused anxiety forcing countries to close their borders for international traffic.
The situation more or less is similar across the globe with a little bit of relief coming from different versions of corona vaccine available now. Its not going to be an easy job for the authorities to vaccinate their large population in short future but there is a hope to curbthis menae for the time being
Like in 2020, one thing is apparently evident that the lockdowns and restrictions are going to encourage the new breed of investors to try their hands in the stock markets. We can see the global indexes rising with each passing day either in the name of vaccination or better financial results shown by the companies for the year ended 31 march 2021.
DOW crossing 34000 and SENSEX touching 50000 levels again is an indicator to the continued interest of millenniums and liquidity in the system. Companies ae also taking a cue by dolling out dividend, splits or bonus shares to their investors. This rosy picture certainly brings in more investors to hoping for better returns from their investments
On the other side hundreds of exchanges and thousands of coins and tokens in the crypto market keep luring the young investors for putting in their money to reap rich dividends.
There have been reports from all across the globe about poaching and hacking by the hackers.as the system is prone to frauds and stealing. It is not a Bank account or stock trading account where any mischief can be taken care of by the regulator. A slight oversight can see your wallet getting emptied and you have no recourse for the recovery as all the transactions are made through a code where no regulatory authority is involved.
Number of transactions in cryptocurrency have increased manifold not only in US, Australia, Europe but country like India where the Government has been planning to ban the Crypto currency through its Parliament.
The volumes have increased by more than 100 % resulting in total traded value in India. The unprecedented turnover of more than 350 million in a single day on wazir x created a sort of history in the first week of April Bitcoin the leading digital currency despite suffering reverses last week after scaling heights of +$65000 is trading @ $57000. is being speculated to touch $100000 in a near future.
The times when everyone is closeted in his room not daring to venture out for a stroll in open air, this idea of investment in stock market and crypto seems to be worth trying.
Stay safe and have a better luck
Great relief for Bankers as they had to keep limitation live by running after the defaulters and defaulters used to avoid and evade signing the BC for wrong motives The Supreme Court on Thursday ruled that balance sheets can amount to acknowledgment of debt under Section 18 of the Limitation Act
— Read on www.barandbench.com/news/litigation/supreme-court-v-padmakumar-nclat-balance-sheet-acknowledgment-of-debt
It reminded me of March 20 when the global markets crashed on the apprehensions of coronavirus alleged to have been transmitted from Wuhan, China. Indexes alarmingly collapsed to lower levels and stocks sent shivers down the fragile spine of investors globally.
However, the brave souls who showed confidence and resilience in the financial markets were soon rewarded as the markets rebounded scaling new heights after a few months. Dow Jones, Nasdaq, Sensex, and all global indices not only retrieved their lost glories but also attained unprecedented levels.
Dow crossing 31000 and Nasdaq easing past 13000 levels was like leading from the front. The investors reposing confidence in the fundamentals having invested with due diligence were suitably rewarded as the stocks picked up during the pandemic multiplied their wealth multiple times.
Tesla, Amazon, Zoom in USA and Reliance, Bajaj Finance, TCS from India jumped to higher levels. Exactly after 11 months, we have witnessed another collapse again. It started from China and like a virus butchering the US, Australia, and Asian markets in no uncertain manner.
India following the Asian markets lost 1939 points on BSE and more than 500 points on Sensex. It was a double shock for Indian investors as many lost big money on Wednesday due to a glitch at the NSE resulting in interruption of business for more than four hours. Poor guys!! suffering losses for none of their faults. Huge losses accrued to the traders and today’s fall has added miseries to these investors again. US markets will be opening later tonight to decide the direction of global markets on Monday.
Bond yields to the extent of 1.61% have made the big investors exiting stock markets and preferring bonds for safe investment. This migration of funds will certainly impact the market sentiments. All markets will be watching Dow movements tonight and any good news will help recovery on Monday.
My genuine advice for the investors to maintain their composure and sit tight by selecting a few Cherry picks with cheaper valuation on the way. However, traders to sit on the sidelines for a few sessions and watch only the movements in this volatile turbulent market. Those who can’t resist the temptations must keep themselves covered by marking a stop loss to minimize the exposure. Avoid playing index and bet on the fundamentally strong stocks with lot of promise and potential. There are many in the market that you need to identify
Good luck! Friends
Success usually comes to those who are too busy to be looking for it….
This beautifully worded and very well explained blog from Etmoney may help many tax payers in India who are still not clear about the option they should exercise every year.
www.etmoney.com/blog/new-tax-regime-or-old-what-should-you-pick/.
PayPal Q4 Transaction Revenue Rose 11.8% in 1st Quarterly Report Since Adding Crypto In the last quarter of 2020, PayPal acquired 16 million in web …. Crypto is going to be a darling currency for everyone to embrace in future?
PayPal Q4 Transaction Revenue Rose 11.8% in 1st Quarterly Report Since Adding Crypto
When we talk of a rich person, a highly sophisticated guy travelling in a latest mercedes driven by a well dressed chhauffer, spending lavishly and living in a spacious house situated in the posh locality comes in our mind?
When we talk of a rich person, a highly sophisticated guy travelling in a latest mercedes driven by a well dressed chhauffer, spending lavishly and living in a spacious house situated in the posh locality comes in our mind?
Most of the people will vouch for him being a rich person from all worldy possessions. Whereas, this is not always the fact as we will deliberate upon
3) Frugality could be another yard stick as truly rich man would love to preserve the hard earned money by travelling economy or wearing ordinary clothes but the rich looking man would love to spend more to match in style
4) A rich man believes in creating duplicates by sharing his knowledge but on the other side a looking rich like person would love to spend and keep his activities a close guarded secret
5) A rich man would talk little but love to be heard by millions and on the other side the feel like rich man will flaunt his possessions everywhere without bothering about people listening to him
6) A rich man is an ambitious individual who achieves everything by taking along his team. He will be a family man but on the other side a feel like rich man will adopt an individualistic approach without bothering about the team. He rarely finds time for the family
7) A truly rich man has abundant wealth of patience, knowledge, confidence, a strong sense of philanthropy and desire to excel besides the money of course.
Dear readers: Do you agree with me? This is how I perceive and sum up my observations about the richness Please share your own personal inputs to enrich others. Do you think the front workers i.e Doctors, Nurses,Police, teachers, Food delivery guys and others helping us in the current pandemic situation are the Rich people? We are beging for our health and safety from these brave souls
When you want to buy a refrigerator or a television, you can walk to the nearby electronics store or visit an e-commerce website like Amazon. But …
India’s Zetwerk raises $120 million to scale its B2B marketplace for manufacturing parts
Financial freedom generally denotes having resources, investments, and cash so that you can afford the kind of life you want. Individuals can take small steps each day towards this goal by following a budget and paying close attention to their finances.
How to move about?
Let’s find our way to Financial Freedom!! It’s not only your income but the habit of savings that make you financially independent. Don’t wait for your salary hike or scaling of the business. Just realise the significance and strength of small savings!! Regular savings of @10% per month can accumulate funds aggregating more than a month’s salary in your account in just 10 months? Not a big science only simple mathematics, you need to believe in yourself!
Are You Managing Your Money Well?
Look back at your total salary last year? Were you not managing your life comfortably? You have already received your annual increment and maybe a promotion too, Right? Additional few dollars dropping in your Bank account has not made any difference except the frequency of dining out or buying a household item to improve your lifestyle. You have already exhausted by spending comfortably throughout the month and there is still a week to go when the next salary gets into your account?
How do people react ?:
This is what a decently employed person keeps doing till he confronts a serious problem of virtually no balance left in the account. He has to resort to quick high-cost borrowing for each and every activity involving money. This could be for hospitalization, child education, home repairs, loss of a job or any other emergency requirement.
#1. The only way to save is Auto Debit/Transfer:
Open another account with your bank and start saving by setting up auto debit instruction in your salary account today. This is the only and best way to avoid spending whatever you get in your Bank account.
For example, the net salary of Rs.50000/- is credited into your account on the 7th date of every month. An auto tranfer of 10% i.e Rs.5000/- will be automatically clicked on the same day leaving behind Rs.45000/- in your account. Hopefully, you will organize yourself to ensure all expenditute within the said amount.
#2 Set Up/Plan Your Budget:
No business, No state, No Country, and for that matter no family can survive without planning a budget. It’s a simple exercise of matching your likely expenses with the income/salary being credited in the Bank account every month. Though the living expenses remain on tips it is advisable to adopt a habit of writing in your diary every month. This will provide you an opportunity to have a look at the expenses for exploring chances of taking leverage on cutting down expenditure during a particular month.
“The goal isn’t more money. The goal is living life on your terms.” –Chris Brogan
Never allow your debt to surpass 10% of annual income; If your total annual salary/income comes out to be Rs.1200000/- then the short term debt should not go beyond 120000/- at any given time under any circumstances.
Earning and spending without having a clearly defined budget is like driving a vehicle carrying your family without knowing the destination and checking on the fuel required for your journey.
#3 Explore Extra Income Source:
The current pandemic condtions have made the world wiser and adaptable to the new environment as everything has kept moving though not as smooth as it should have been.
There is no dearth of finding an additional source of income that can supplement your resources for enjoying financial freedom. It depends on your resolve only that can initiate and identify utilizing the extra few hours at your disposal. This could be earning a few dollars by using your professional qualitifcation, hobbies by subscribing to the portals like freelancer, Udemy, and many others paying for the services on offer 24x7x365:
Hi friends, do you have any other way of accomplishing financial freedom. Your feedback will be an enriching experience for me as well the readers. No one is a complete individual or professional in any field and I am not the exception.
Have a wonderful day ahead,
https://www.success.com/10-meaningful-quotes-about-achieving-financial-freedom/
your idle gold ornaments lying in the locker for years? Leave aside your emotional inhibitions and look for getting liquid cash within a few hours. It doesn’t require voluminous paperwork for satisfying your Bank either. You can carry the old/out of fashion and out of use gold jewelery to the nearest Bank or Gold Financing Company for a quick loan on easy terms in a few minutes.
Do You Need Urgent Money?
You have the easiest option of converting your idle gold ornaments lying in the locker for years into cash. Leave aside your emotional inhibitions and look for getting liquid cash within a few hours. It doesn’t require voluminous paperwork for satisfying your Bank either. You can carry the old/out of fashion and out of use gold jewelery to the nearest Bank or Gold Financing Company for a quick Gold loan on easy terms in a few minutes.
Is there any Maximum limit?
Every NBFC/Bank has its own prescribed policy for fixing the maximum and minimum loan exposure it usually ranges from Rs.1000/-to Rs.50 lakh. for a single customer. Muthoot Finance the leading player in Gold Loans has no upper limit: https://www.muthootfinance.com
How Much Will It Cost?
Gold Loan is a secured loan offered on a very affordable low-interest rates ranging from 7% to 19% depending upon the amount of loan and its repayment period. You can repay the loan along with interest in 36 installments, being the maximum permissible time limit. SBI has a customer-friendly gold loan scheme: https://www.sbi.co.in/web/personal-banking/loans/gold-loan
What will be the maximum eligibility?
RBI has a fixed LTV(Loan to Value) ratio of 90% meaning thereby that Banks can finance loans to the extent of 90% of your gold value that is derived from the average 22ct. gold Jewelry price prevailing in the market over the last 30 days. Maximum eligibility of loan amount depends on the weight of your gold ornaments which is multiplied by the per gam rates of the gold. Normally, Banks come up with a per gram rate on regular basis. Let’s take an example :
Weight of Your jewelry: 150gm; Rate fixed by the bank: Rs.3100/ per gram
Total eligibility of loan: 3100×150=Rs.465000/-
Can Gold Coins/Gold Biscuits also be pledged?
Please note that the RBI has not allowed loans against gold bullion i.e gold bricks, gold biscuits, etc. Banks will accept only gold ornaments for extending loan facility
How and Where to Go?
Though a number of companies have started online gold financing business, I will recommend you to visit any branch of the authorized Bank/Company in your vicinity for availing of the loan facility. Muthoot Finance, Mannapuram, IIFL, HDFC Bank, ICICI Bank, Federal Bank, and a host of other NBFC’s extending this facility have hundreds of branches to cater to the needs of customers. You can google for the nearest branch
What is the standard procedure:
Generally, all Banks/NBFC’s have a uniform operating system in place as appended below:
What about the safety of the Jewelry:
All the Banks/NBFC’s have a robust security system taking care of the safety norms. The pledged ornaments are sealed and signed before finding their way into the vault. No one except an authorized representative has access to the strong room where all the ornaments are stored. There is virtually no chance of any pilferage or mixing up the packets.
When do the companies auction ornaments?.
Who auctions the gold ornaments?
Auction: Though not a pleasant experience for gold ornaments occupying a specific emotional value in the hearts of every Indian, the lenders exercise their option of auctioning the pledged securities after exhausting all available avenues as under:
You will be informed at least 21 days before the date of auction preferably by a registered post on the last available address in the company records. You still have an option to get your ornaments released by visiting the concerned branch of the company at least one day before the auction.
Notice of auction will be carried out in the two local newspapers. One of the newspapers may be in vernacular language in which you have signed the documents
The company will conduct auction through independent, professional and Board approved auctioneers only
The company can not participate in the auction process but an authorized representative of the company will remain present during the process of the auctioning.
A complete record like date, time, venue, details of sales, details of bidders present, maximum bid amount, details of the maximum amount bidder in whose name the bid has been concluded shall be prepared for all audits and future verification by the regulator i.e RBI
Auction price per gram shall be in line with the gold jewelry prices on the preceding day subject to the quality of the pledged gold
The borrower/customer can participate in the auction and place his bid like any other bidder on the same terms and conditions.
Any balance of this auction proceeds is utilized to settle mandatory taxes and auctioneer’s commissions. It is a mandate agreement to comply with the Sales Tax Laws of the state where the auction is conducted
After carrying out the auction, the company will inform the customer about the total amount auctioned along with any other relevant details. The surplus amount, if any, after payment of a prescribed fee to the auctioneers, local taxes, and any other related expenditure, will be credited into the account of the customer.
The auction process will be made transparent as per the guidelines of “The association of gold loan companies for public auction(India)” under the overall prescribed RBI policy on gold loans,
The Banks don’t insist for any declaration for end use of the loan amount sanctioned against the gold ornaments. You can use it for any purpose like investments, child education, payment of high cost debt, domestic ceremony or whatever you feel like. This is another simple way to repair your credit history.
Some of my friends from countries other than India might be surprised to find the entire post dedicated to the Indian conditions only. Yes, you are right! but believe me, all parameters are more or less the same in all the countries for availing gold loans by the customers. I can come back again on this topic if need be. Till then enjoy reading and keep me posted with your valuable feedbacks
https://www.muthootfinance.com
Stay Safe and keep reading
MoneyXTension: Financial Freedom 