The State Bank of India has been told to pay Rs. 11 lakh by the Delhi consumer commission for disregarding an order from an Italian company of dishonoring cheques from a lost chequebook. The charge was levied on SBI by Delhi State Consumer Disputes Redressal Commission president Barkat Ali Zaidi and member M.L. Sahni. The… Read More »
Home loan and car loan rates are expected to rise in April. This is due to the sudden increase in interest rates by the RBI on 19th March 2010. The rate hike preceded by a month prior to the monetary policy is announced. The decision to increase the rate is due to increasing rate of… Read More »
Credit Information Bureau of India (CIBIL) has tied up with 31 major micro finance institutions (MFIs) of India to set up credit information bureau for MFIs. The MFIs form a portion of the Micro Finance Institutions Network (MFIN). MFIN has just been established as a regulatory authority of the MFIs. Arun Thukral, Cibil’s Managing Director… Read More »
Increasing competition in the luxury residential property sector, India’s biggest realty player DLF said it will sell having a price tag of Rs 4 crore per flat in the center of the National Capital. The company is selling 150 luxury apartments subsequent to the introduction of the 3rd phase of its housing project, Capital Greens… Read More »
Mahindra finance, the financial services division of the Mahindra Group has introduced a new product ‘Loan against gold’ in Kerala. Vice-Chairman Uday Phadke said that the design of the product is such that the clients can avail of loans against gold jewellery. This will save them from having to sell off their gold jewellery to… Read More »
Tax incentives are given to encourage savings/ investments. Savings form part of your overall financial plan which in effect means tax planning is a subset of financial planning. Your financial plan will set objectives for you based on your aspirations, your life style, your age group, size of family etc. The question you need to… Read More »
The timing came as a surprise to markets as it expected announcements on the rate front but only during its annual monetary policy announcement scheduled for April 20. RBI is of the opinion that monetary policy changes have a lag effect, so making announcements in a timely manner helps to avoid taking strong measures at… Read More »
Income from winning a lottery, crossword, horse race, gamble or bet is not exempt. Tax at the rate of 30% is applied. Further, no expense allowance is possible against such an income. E.g. cost of lottery tickets purchased during the year cannot be deducted from the lottery winnings. Also, no basic exemption limit and no… Read More »
The Government has said that it is left to the Board of Directors of Life Insurance Corporation (LIC) to determine if they want to go for a banking license or not. R Gopalan, secretary, department of financial services said, “The LIC board will have to decide that first. Let the board decide, discuss and debate… Read More »
Beating rival Mercedes as the numero uno luxury car manufacturer in India last year, BMW is set to increase manufacturing capacity at its Chennai plant as it targets sales exceeding 4,000 units in 2010. Peter Kronschnabl, President BMW India said, “In 2010, we aim to achieve double digit growth. In absolute numbers we want to… Read More »