Monday, December 30, 2013

The Maternity Benefit Act of India – 1961

Maternity Benefit act 1961 - Introduction:


The main purpose of The Maternity Benefit Act of India – 1961 is to product the motherhood of the woman employee and providing the health maintains of woman and the child. Maternity Benefit Act is very important as woman working power is increasing day by day. But working woman aware about the Maternity Benefit in India, It’s a big question mark.

Purpose of the Maternity Benefit Act of India – 1961

An Act to regulate the employment of woman for certain periods before & after the child birth (Delivery) and providing for maternity benefit and other benefits too.

Maternity Benefits act 1961 applicability:

The Whole of India except the state of Jammu & Kashmir. Appropriate Government

1)    In relation to mines – Central Government  and State Government

2)    Other establishments in a State – state Government: The employee who is having ESI benefit will not be eligible for this benefit under this act.

Main Features & Important Provisions of Maternity Benefit Act


1)    This benefit is for 12 weeks ( 6 weeks before & after child birth)

2)    A woman should not be engaged in work in any establishment up to  6 weeks from her delivery or miscarriage.

3)    NO woman shall entitle to this benefit unless she has worked with the employer for min 160 days in 12 months before her expected date of delivery.

4)    A woman should not be assigned to any work which is of hard nature or long hours of standing, or is likely to cause her miscarriage

5)    Employee will be entitled to receive benefit of medical bonus (Rs.25/day) from employer.

6)    A woman suffering from illness arising out of pregnancy, delivery, premature birth of child of miscarriage shall be entitled for additional one month leave with wages.

7)    In case of death, benefit will be paid up to that day & in miscarriage case the total 12 weeks will be payable.

8)    Every woman who returns to duty after delivery shall be allowed for 2 nursing breaks apart from her regular break to feed her child until the child attains 15 month of age.
 
For More Information on Maternity benefit please visit
 
 
 
Thanks,
 

Saturday, December 28, 2013

2014 Holiday List - India

Herewith we have enclosed 2104 Holiday list for India.

below given 2014 holiday list may vary from state to state, you have to refer to the individual state 2014 holiday list.

Date Week Day Name
01-Jan-14 Wednesday New Year's Day
13-Jan-14 Monday Id-E-Milad
26-Jan-14 Sunday Republic Day
28-Feb-14 Friday Maha Shivaratri
17-Mar-14 Monday Holi
18-Apr-14 Friday Good Friday
23-Apr-14 Wednesday Mahavir Jayanti
01-May-14 Thursday May Day
14-May-14 Wednesday Budhdha Purnima
28-Jul-14 Monday Id-Ul-Fitr
29-Jul-14 Thursday Rath Yatra
10-Aug-14 Sunday Rakhi (Raksha Bandhan)
15-Aug-14 Friday Independence Day
17-Aug-14 Sunday Janmashtami
29-Aug-14 Friday Ganesh Chaturthi
02-Oct-14 Friday Gandhi Jayanti
04-Oct-14 Saturday Dussera & Id-ul-Zuha or Bakri Id
23-Oct-14 Thursday Deepavali
25-Oct-14 Saturday Muharram
06-Nov-14 Thursday Guru Nanak Jayanti
25-Dec-14 Thursday Christmas Day

Saturday, December 14, 2013

Why PAN Card is mandatory


PAN card is nothing but your permanent account number, It’s very important for day to financial activities. If you want to open bank account, planning to buy mutual funds etc., let see few important areas where you need PAN Card



1)   If you’re buying / Selling any property more than Rs5L if need to have PAN

2)   Purchase/ Sale of vehicle ( Other than two wheeler)

3)   Deposit of more than Rs50000 as FD in banks

4)   Bank / Post office savings is more than Rs50000

5)   Agreement value more than Rs100000

6)   For Opening Bank account

7)   If your bill for staying / Food / Accommodation is more than Rs 25000

8)   DD value is more than Rs 50000

9)   Income Tax filling

10) To register for commercial / Services tax

11)  Mutual Fund Investments

12)   Applying for phone connection including cell phone connection

13)   For Credit Card Application

14)   For Applying loan

15) Opening DEMAT account etc.,

Saturday, November 30, 2013

What is Credit Card


It’s a Plastic Card with dimension of 85.6 MM & 53.98 MM inches, In today world the above said card size deciding most young people’s life. By using the card you can buy or avail any services and important thing is you can the money after a month or so...

 

There are many banks providing Credit Cards. With great marketing strategies it easily goes to the targeted working segments. Most of the credit card providers are slightly wary from others. So its better to take some time to research on this before taking any Credit Card.

 

Warren Buffett about Credit Card and Credit

 

Living on credit cards and loans won't make you rich. Warren Buffett has never borrowed a significant amount -- not to invest, not for a mortgage. He has gotten many heart-rendering letters from people who thought their borrowing was manageable but became overwhelmed by debt. His advice: Negotiate with creditors to pay what you can. Then, when you're debt-free, work on saving some money that you can use to invest.

 

How to get a Credit Card

 

Its really simple to get a Credit Card by simply filling up the application forms, if your application approved by banks you will get the Credit Card within a month or so. But bank will see your age, Income, Credit History & CIBIL Score etc.,

 

You should know following points before / After you get a Credit Card

 

Credit Limit

 

Banks will defiantly will fix a Credit Limit for you,  For example 50,000 you cannot exceed this limit certain banks will allow you to exceed this limit with charges.

 

Credit Period

 

Banks will allow to repay the money with certain period of time 40 – 50(Differ from bank to bank) days with no interest, but if you’re not paying you have to pay interest from the date of purchase.

 

Minimum Payment Due

 

In your statement you can see minimum payment due, most of the banks will give this option to pay only 5% or little extra from the total bill and balance you have to pay with next bill with interest.

 

Credit Limit / Cash Limit

 

Credit Limit and Cash limits are two different things in your credit card, Credit Limit will allow you purchase or avail any services and pay through card. Cash Limit is for withdraw money directly from bank ATM by using your Credit Card.

 

Still there are lot more you have to learn before taking credit card!!!

 

Advantages of Credit Card

 

It is very easy for transactions

No need to carry cash all the time

Very useful when it is very emergency like medical importance

Its like a quick loan

Reward points

 

Disadvantages of Credit Card

 
Crossing your Credit Limit

High interest Charges

Many of them no understand how Credit Card works

Many of them are little bit scary about Credit Card because of not knowing completely

Online Security

Tips for Credit Card Holder

Don’t use when you’re unable to pay back within the credit period

Pay your credit card bill on time and maintain good credit history

Read the terms and conditions

Keep your monthly credit limits and don’t cross those limits
Go through your credit card statements.

Type of Loans


A Loan is where you borrow money from Bank, Credit Unions & Financial Institutions etc.; the borrowed money has to be paid with certain period of time with certain percentage of interest.

Loans are two types

Secured Loans

Unsecured Loans

Secured Loan:

Security loans are paid based on your propriety or valuables are held as security. On secured loans if you’re unable to pay the lender can take your assets and may be going for auction after certain period of time.

Secured Loan Example:

Mortgage - Mortgage is a legal agreement between you and money lender he is agreeing to pay you money by mortgaging your building, house etc.,

Unsecured Loans:

 Unsecured Loans are paid on basis of your credit in other words the lender trusting you that you will can able to pay back the money. In this kind of loans security are not compulsory Other than your credit worthiness.

Unsecured Loan Example:
Bank Over Draft (OD) – Bank OD you can use your bank to pay your needs with certain ceiling. And you have repay it with interest.

Saturday, November 2, 2013

Company Deposit



The money deposited by an investor with company for a fixed term with prescribed rate of interest that is called as company deposit. Financial Intuition and Non-Banking companies also accept such deposits. You can better return than fixed deposit with banks but compare with banks risks more in company deposit.

Again you have to do little bit of research about the company and than you can invest in that company. If you don’t have time and no knowledge of analyzing the company and don’t want to take any risk better you can approach bank for FD’s.

How bank process your Loans – Basic Information about CIBIL



If you want to know how know how banks process your process, then you should understand what is CIBIL and CIBIL Scores.

CIBIL

Credit Information Bureau (India) Limited, CIBIL is a Credit Information Company (CIC) founded in 2000 August. And it is the India’s first Credit Information Company. CIBIL collects and maintains records of an individual‘s payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to lenders in order to help evaluate and approve loan applications.

What is CIBIL Score?

CIBIL issue three digit scoring for each individual based on the transaction updating with the banks, the score ranges from 300 – 900, it is indicating the credit worthiness of that individual person. According to CIBIL more than 90% of the loans are approved to whom the score is more than 700. Individual with credit background will have higher score. 

What is Loan Approval Process in regard with CIBIL?

CIBIL plays very very important role in loan approval process. Don’t thing if swiped credit card with some bank and not repaying for more than credit period, if you’re not repaying on time or not maintain proper transactions with banks. Your CIBIL score will go down and cannot get your future loans approved if your scores are less.

Do we have access for CIBIL score?

Yes, anybody can get the CIBIL scores by paying rupees 470. And you can get the score by applying through online. Its advisable before applying for any loans we can check our score and then we can proceed further.