QUOTE OF THE WEEK:
"A very disquieting aspect of infrastructure usage in the country is that we demand the best infrastructure but want to access them for free" - Dr KC Chakrabarty, Deputy Governor, RBI
YOUR FINANCE DEMYSTIFIED:
Some New Year resolutions’ to help you improve your finances
Did you make any resolution concerning your personal finances last year? If so, how did you do? Did you achieve your financial goals?
Resolution means a 'solution,' i.e solving a problem, with the prefix 're,' which usually means again. We strive to solve a problem again and again and again. Making resolutions to better ourselves come January 1 is a strong desire to the human capacity for hope and optimism - and self-delusion.
While December 31 is a day to reflect on the year gone by, January 1 is a time to look forward to the New Year, use this opportunity to review your financial plans and goals for the past year and make possible improvements where necessary for the New Year... Read more
Good habits to manage your finances
Making investment is not “one-time process”
According to media reports, around Rs. 220 billion of Indian investors’ money is lying unclaimed with insurance companies, mutual funds, corporate houses and banks. Investors made these investments but never claimed them after maturity. Making investment is not a “one-time process”. You can’t just buy an insurance policy or invest in a mutual fund, savings bank account or other financial instruments and forget it. You need to “track your investments” on regular basis.
Keeping a track on your investments regularly is necessary to understand how they are doing so that you can buy or sell at the right time. An updated information about your investments will also help you comply with the income tax laws—you need the buy-sell data for claiming exemptions or paying capital gains tax while filing the returns... Read more
Signs which indicate financial trouble
Did You Know?
What is carpet area, built-up area & super built-up area?
Carpet area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls... Read more
TERM OF THE WEEK
What is a promissory note?
A promissory note means a signed document containing a written promise to pay a stated sum to a specified person at a specified date or on demand... Read more
IN THE NEWS THIS WEEK
RBI to issue Rs. 500 banknotes with rupee symbol
RBI's clarifies on scribbling on banknotes
MFs offload equity worth Rs. 482 crore in November
MFs report net inflow of Rs. 49,008 cr in November
IRDA to bring Common Service Centres to sell policies
There would not be shortage of new products from 2014: IRDA
FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.
In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.
Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.
This portal is but one of the various IIFL initiatives that would be part of FLAME.