FINANCE

 The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.  Was the invalidation of the Non-deposited currency the only object of demonetisation?   Certainly Not .  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.  How has this been achieved? WHEN cash is deposited in the Banks, the anonymity about the owner of the cash disappears.  The deposited cash is now identified with its owner giving rise to an inquiry, whether the amount deposited is in consonance with the depositor’s income.  Accordingly, post demonetisation about 1.8 million deposit...

As you are aware that Registrar of Companies across the India struck off inactive rather non-compliant Companies and disqualified Directors associated with that Companies. Directors associated with these Companies filled several writ petition before various high courts on the ground that opportunity of being heard is not provided to them before taking any action against them. ROC issued notices to Companies concerned but not informed directors associated with them because ROC doesn’t have any database of individual directors. So, as a part of creating database of directors consisting mobile number, email Id and residential address of Directors, MCA issued a new form which is required to be filled every year by every DIN holder. What is Form DIR-3 KYC? Form DIR-3 KYC is the annual form required to be filled with the ROC by every Director Identification Number (DIN) holders regardless he is appointed as a director or not, whether he is qualified or disqualified. DIR-3 KYC is...

Credit cards are a great tool to encash money, make purchases anywhere and increase credit score over time. Most of us, who has the privilege of owning a  credit card  know about the benefits and services it offers on our purchases. Provided we have good financial and spending habits, credit cards empower us to manage our expenditures and maintain a good cash flow. It comes in handy, when in need of some monetary compensation or to pay off any liability. If used wisely, credit cards help in increasing one’s credit score, and credit limit but if the debts are not paid on time then it quickly racks up to take a height of a mountain. You could be surmounted by a huge pile of debt, with no way out.   This plastic money not only needs a right user but also needs a right attitude and an agile mindset for its usage. If you’re thinking what’s the worst that could happen if you miss out on your payments? Then look no further than your neighbors, or family...