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How to Series

CKYC –  (Central Know Your Customer) mandatory for new Mutual fund investors

Last updated : 11th February, 2017 From Feb 1, 2017, new investors in mutual funds will have to do CYKC (Central Know Your Customer) before investing. The CKYC will replace the existing KYC.   What is CKYC? Central KYC Registry, or CKYCR, is the new central KYC process that will replace the multiple KYC process exists for various financial transactions, such as opening bank accounts, buying life insurance, and investing in mutual funds. The government has authorised the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI) to manage the CKYC Registry process. What is the ... Read More »

[How to ] check and respond Income Tax Notice for large Cash deposit

Last updated : 11th February, 2017 Income Tax department has launched “Operation Clean Money / Swachh Dhan Abhiyan initiative., to investigate the large cash deposits made after demonitization. They are sending notices to more than 18 lakh people. If you have deposited large cash after demonitoization, the chances are that you will or may already have got a notice from Income Tax. You need to respond within 10 days of getting the message. If you have made large deposit, but have not received any message yet, please check your e-filing account to see if there is any notice for you.  You ... Read More »

Pradhan Mantri Awas Yojana 2017 – New Home Loan Intetest Subsidy

Last updated : 4th January, 2017  Prime Minister Modi has now enhanced the scope and benefit under Pradhan Mantri Awas Yojana (PMAY) in 2017. This is done to boost the affordable housing and middle income category of the housing sector. The scheme was initially launched in June 2015 to provide ‘Housing for All by 2022’, offered beneficiaries an interest subsidy at the rate of 6.5% for a loan amount of up to Rs 6 lakh. Now the scope and benefit of this scheme is now enhanced as follows: In Urban Areas – Loans of up to Rs 9 lakh taken ... Read More »

BHIM App – How to Setup, Use, Transfer Money – Step by step guide

Last updated : 2nd January, 2017 Prime Minister Narendra Modi launched BHIM app on last Friday for promoting cashless transactions. BHIM (Bharat Interface for Money) is a mobile payment app and an aggregator for all UPI Based services offered by banks.  BHIM is a digital payments solution app based on Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI). It is not a mobile wallet like Paytm or Mobikwik as you can send money to anyone with or without BHIM App as long as they have bank account. It uses UPI through which all the major banks ... Read More »

Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 – Undisclosed Income declaration deposit scheme

Last updated : 24th December, 2016 Pradhan Mantri Garib Kalyan Yojana (PMGKY) – Undisclosed Income declaration deposit scheme Government has brought in second income disclosure income called Pradhan Mantri Garib Kalyan Yojana. The new IDS has been notified along with other provisions of the Taxation Laws (Second Amendment) Act, 2016, on 16th December and has come into effect from 17th December, 2016. You can declare your unaccounted income under this scheme from 17th December 2016 to 31st March, 2017.  Key Features of Pradhan Mantri Garib Kalyan Yojana People can declare their undisclosed or black money under PMGKY Scheme till 31st March, ... Read More »

How to convert black money into white money

Last updated : 20th November, 2016 Government has banned Rs 500 / Rs 1000 notes to tackle the problem of black money, corruption, fake currency. Many people are now searching for ” How to convert black money into white money”. It is one of the leading search term on Google. I do not encourage black money or methods mentioned below to convert black money to white money. Now people may be reaching you to get their black money converted or giving you lucrative offers. The intention of this post is to raise awareness that some of these methods are common ... Read More »

How to withdraw PPF from another bank branch

Last updated : 5th November, 2016 Can I withdraw PPF from any SBI branch?  Do you want to withdraw PPF without visiting the home branch where you opened your PPF account? Have you moved from that city?  Lot of members have sent my enquiries as to how to withdraw PPF from other SBI branch. In this post, I will share details about PPF withdrawal from any branch without visiting the base or home branch. Step by step guide for PPF withdrawl Download Form C for PPF withdrawal  –   ppf-withdrawal-form-c Get following documents – Proof of ID and address (Aadhar, Passport, ... Read More »

How to update contact details in LIC policy

Last updated : 30th September, 2016 In today’s fast changing world, many people change jobs and move to different places and cities, it is important to update the new contact details for all your investments. Traditionally it was very difficult to change the details with the public sector banks or insurance companies. Most of the people in India will have at least one LIC policy in their family either for own or any other family member and if you wanted to change something on the policy, that was nightmare. With LIC becoming more customer friendly, if you have correct mobile ... Read More »

[How to] transfer PF Acount Balance online

Last updated : 7th October, 2016  From Oct 2013, You can apply for transfer of your EPF account from one employer to another employer ONLINE using EPFO OTCP (online transfer claim portal). The process of applying for PF transfer online is simple : Check eligibility for online transfer  (at least one of the employers should  have their digital signatures registered with the EPFO) Register yourself as a member at EPFO site, Fill up the online transfer form—Form 13—and Submit it for attestation with the employer that has registered its digital signature. After your details are verified by your employer, EPFO ... Read More »

[How to] withdraw PF Balance

Last updated : 7th October, 2016 When can I withdraw my PF Balance ? As per PF rules, when you switch job, you only have ONE option – “TRANSFER to new Employer PF Account”. PF withdrawal is only allowed, if you are unemployed for at least 2 months. However, many employees withdraw money from old PF Account just by declaring that they are out of job for 2 months. They submit the withdrawal form after 2 months of leaving the last employer. As the PF data is not centralised, or no unique PF ID number is in place, it is ... Read More »

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