2010 was indeed an eventful year from the personal finance perspective. The year had its share of controversies, forward looking policies as well ones which will pinch your pocket more in days to come.
Here is a look at top 10 news items of 2010
1) ULIP makeover
The controversial spate between the Insurance Regulatory and Development Authority and Securities Exchange Board of India over regulatory oversight and agent commissions has made the insurance regulator come out with a series of changes in the ULIP structure, that have been put into effect from September 1, 2010.
2) New income tax slabs
In 2010 annual budget, the government has brought about relief for the common man by widening the tax slabs.
3) Investment limit in IPO increased
Stock market has been on a high this year with the IPO season not far behind. The big guns from the public sector made their presence felt in the stock markets starting with the listing of Coal India, Manganese Ore India and the follow on offers (FPOs) of Power Grid and SCIL.
4) Section 80CCF
This financial year 2010-11, tax payers have been blessed with a new income tax deduction in the form of section 80CCF, which allows tax deduction of up to Rs 20,000 apart from the regular section 80C
5) Reintroduced KYC guidelines
Beginning from January 1, 2011, know-your-customer (KYC) norms will be mandatory for all retail investors -- existing and new (including NRIs and non-individuals), irrespective of the amount you are investing.
6) BPLR to base rate
The Reserve Bank of India (RBI) replaced the benchmark prime lending rate (BPLR) system with the base rate system. Under the BPLR, banks used to illogically charge their existing and new customers at different rates. Now, banks with lower base rates would be preferred by borrowers.
7) Now, invest in Silver (the electronic way)
Investing in silver electronically (through ETFs) had not been possible in India till 2010. After the success of e-Gold, National Spot Exchange Ltd (NSEL) has launched e-Silver, the second in the e-series products designed to promote savings and investment by small investors.
8) Service tax on new home purchases
Investments in real estate have just got more expensive! Since April 2010, an additional amount in the form of service tax is being collected from buyers on under-construction properties.
9) More interest for savings account
The money lying in your savings bank account will work better for you from 2010. The RBI has issued an announcement to change the terms of interest calculation for savings bank account deposits, effective April 1, 2010.The new method of calculation is a paradigm shift from the conservative method of calculation, thereby offering the depositor almost twice the amount of interest.
10) Gold prices skyrocket
Global prices of gold have been steadily going upwards since last decade. The demand seems to be growing from the fear of inflation.
Source : Rediff Business
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