Union Budget Highlights

Here are the highlights of Union Budget 2017. The Budget broadly focussed on 10 themes.

The 2017 Union Budget, presented by Finance Minister Arun Jaitley on Wednesday, was broadly focused on 10 themes — the farming sector, the rural population, the youth, the poor and underprivileged health care, infrastructure, the financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest.

budget-highlights


Demonetisation

  • Demonetisation is expected to have a transient impact on the economy.
  • Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
  • The effects of demonetisation will not spillover to the next fiscal.
Agriculture sector

  • A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver. 
  • NABARD fund will be increased to Rs. 40,000 crore. 
  • Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.

Rural population

  • The government targets to bring 1 crore households out of poverty by 2019.During 2017-18, five lakh farm ponds will be be taken up under the MGNREGA.
  • Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers' income.
  • The government proposes to complete 1 crore houses for those without homes.
  • The country well on way to achieve 100% rural electrification by March 2018.
For youth


  • Will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
  • Focus will be on 3,479 educationally-backward blocks.
  • Skill India mission was launched to maximise potential. Will set up 100 India International centres across the country.


For the poor and underprivilege health care.


  • Rs. 500 crore allocated for Mahila Shakthi Kendras.
  • Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
  • A sum of Rs. 1,84,632  crore allocated for women and children.

Infrastructure and railways


  • A total allocation of Rs. 39,61,354 crore has been made for infrastructure.Total allocation for Railways is Rs. 1,31,000 crore.
  • No service charge on tickets booked through IRCTC.
  • High speed Internet to be allocated to 1,50,000 gram panchayats.


Energy sector


  • A strategic policy for crude reserves will be set up.
  • Rs. 1.26,000 crore received as energy production based investments.
  • Trade infra export scheme will be launched 2017-18.


Financial sector


  • FDI policy reforms - more than 90% of FDI inflows are now automated.
  • Shares of Railway PSE like IRCTC will be listed on stock exchanges. 
  • Bill on resolution of financial firms will be introduced in this session of Parliament.


Fiscal situation


  • Total expenditure is Rs. 21, 47,000 crore.
  • Plan, non-plan expenditure to be abolished; focus will be on capital expenditure, which will be 25.4 %.
  • Rs. 3,000 crore under the Department  of Economic Affairs for implementing the Budget announcements.

Funding of political parties


  • The maximum amount of cash donation for a political party will be Rs. 2,000 from any one source.
  • Political parties will be entitled to receive donations by cheque or digital mode from donors.


Defence sector

  • The defence sector gets an allocation of Rs. 2.74,114 crore.


Tax proposals

  • The Income Tax Act to be amended  to ensure that no transaction above Rs 3 lakh is permitted in cash.
  • The limit of cash donation by charitable trusts is reduced to Rs 2,000 from Rs 10,000.


Personal income tax


  • Existing rate of tax for individuals between Rs.  2.5- Rs 5 lakh is reduced to 5% from 10%.
  • 10 % surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore. 

What Can Affect The Value Of Your Investments?

What Can Affect The Value Of Your Investments?

Whatever it is that you invest in usually, there is always the possibility that your investment won’t work out quite as you hoped. The truth is, no matter how careful you are, how much research you have done, or how certain you are, you never know whether any investment will pay off. Technically, an investment is always a gamble. Still, most of the time you can be pretty sure about the outcome of an investment, at least roughly. But there are four main things which can dramatically affect anything you might be invested in before you even know it. And knowing what those are can help you to plan for the future in a more promising way. Let’s take a look at the main things that can affect the value of your investments.

investing

Market Fluctuations

We will begin with the most obvious - but the most common - cause of your investment changing value. Market fluctuations are always happening, no matter what market it is that you are talking about. It is in the nature of a market that it fluctuates, as that is how the whole system works. Still, sometimes it can fluctuate more than at other times, and often that can lead to a significant and sudden change in the value of your investments. It is worth bearing in mind that you need to pay close attention to the market you are invested in, as it dictates first and foremost how much is in your pocket.


Tax

Something that people often forget about is that you need to pay tax on many types of investment. Most investments have some kind of tax, and without taxing these at all the whole system wouldn’t be viable. But you would be amazed at how many people completely overlooked this when they carry out their investments for the first time. When you are calculating your likely returns, remember to account for any tax you might have to pay. If you are struggling to figure it out, get a tax attorney to help you.

Interest

The interest that there might be on any kind of investment can go up and down, and it can do so in such a way that it can actually make a huge difference to how much your investment is worth. Keep a close eye on the interest rates that are relevant to your investments, as they can make a big difference, and they can change quite suddenly. Knowing this should protect you against any sudden misfortune.

investing

World Events


There are all sorts of world events which can affect investments of all kinds, and there is little that you can do about these, of course. They are often unpredictable, and yet can cause a huge amount of devastation to people who have investments. It is a good idea to pay attention to the world nes, especially at times of crisis, as you might want to sell fast before things get much worse. Paying attention to world events soon becomes a must for anyone who wants to make the most of their investment.

What is Unified Payment Interface?

Unified Payment Interface (UPI), which will help move India towards a cashless economy, is now live and will be available in next two to three working days with all 21 banks.

What is Unified Payment Interface?
Unified Payment Interface  (UPI) is developed by National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India.

How does it work?
This is how new UPI will work for you. A unique UPI ID is created by using your phone number that is linked to your bank account. This ID is just like an ordinary email ID.  To send money from any party, all the sender has to do is open the banking app installed in his or her phone, go to ‘Send money’ section, and facilitate transactions through UPI mode. In the recipient details, the sender needs to add id of the recipient The money gets transferred instantly to the bank account of the recipient once approved by the sender.

Unified Payments Interface


Features:
  • UPI will turn your smartphone into a payment bank. All you need is a smartphone and your banking app to send and receive funds instantly or to make a payment while any retail purchase.
  • Since it has been launched keeping cashless transaction, you no longer will have to wait for hourly batches of NEFT to send or get funds or seek Mobile Money Identifier (MMID) code for IMPS transactions anymore.
  • Shopping becomes less cumbersome even if you are not carrying or credit or debit cards. 
  • UPI-based money transactions are available 24/7 including holidays. 
Android UPI app:
The UPI app will be available on the Google Play Store in next two to three working days for the customers to download and start using for 19 banks.