સરકારે અદાણી સેઝ રદ કર્યોઃ કંપની ફરી અરજી કરશે

સરકારે સેઝના ત્રણ નિયમોના કથિત

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ભંગ બદલ મુન્દ્રા ખાતે અદાણી ગ્રૂપનો દ્વારા ડેવલપ થઇ રહેલો 1,840 હેક્ટરનો મલ્ટિ - પ્રોડક્ટ સ્પેશિયલ ઇકોનોમિક ઝોન રદ કર્યો છે .

વાણિજ્ય મંત્રાલયના અધિકારીએ જણાવ્યું હતું કે , અદાણી પોર્ટ એન્ડ સેઝ ( એપીસેઝ ) નો પ્રોજેક્ટ ડિનોટિફાય કરવામાં આવ્યો છે કારણકે દરખાસ્ત ઇન્ટિગ્યુઇટી નિયમનું પાલન કરતી નથી અને ટેક્સ ફ્રી ઝોનની મંજૂરી માંગતા પહેલાં સેઝની સાઇટ ખાલી હોવી જોઈએ તે નિયમનો ભંગ કરે છે .

વધુમાં સાઇટ પરિવહનના યોગ્ય સાધનો વગર ચારે બાજુથી ઘેરાયેલી છે . તેમણે વધુમાં જણાવ્યું હતું કે , કંપનીએ આ ત્રણ નિયમોનો ભંગ કર્યો છે . આને કારણે અમે તેમનો સેઝ ડિનોટિફાય કર્યો છે .

અદાણી પોર્ટ એન્ડ સેઝના પ્રવક્તાએ જણાવ્યું હતું કે , ' કંપની 6,473 હેક્ટર જમીન પર મલ્ટિ - પ્રોડક્ટ સેઝ ધરાવે છે જેને ઉપરોક્ત સેઝ સાથે કોઇ સંબંધ નથી . અમે ભવિષ્યમાં વિસ્તરણ માટે વધારાની 1,840 હેક્ટર જમીન માટે મંજૂરી માંગી હતી .

મંજૂરી નકારવામાં આવી હતી કારણકે સત્તાવાળાઓને લાગ્યું કે સૂચિત વિસ્તારમાં કન્ટિન્યુઇટીનો અભાવ છે . અમે ટૂંક સમયમાં આ વધારાની 1,840 હેક્ટર જમીન માટે મંજૂરી માંગીશું .

સરકારી અધિકારીએ પણ જણાવ્યું હતું કે , જો પ્રોજેક્ટ ડેવલપર આ ત્રણેય વિસંગતતાઓ દૂર કરે તો તેઓ નવેસરથી મંજૂરી મેળવવા માટે વાણિજ્ય મંત્રાલયમાં બોર્ડ ઓફ એપ્રુવલનો સંપર્ક કરી શકે છે . મંગળવારે નેશનલ સ્ટોક એક્સ્ચેન્જ પર એપીસેઝના શેર 3.12 ટકા ઘટીને 119.60 ના સ્તરે બંધ રહ્યાં હતા .

સેઝ માટેના કન્ટિન્યૂઇટીના નિયમ મુજબ ડેવલપરે જમીનના એક જ પટ્ટામાં ઝોન ડેવલપ કરવાનો હોય છે . વધુમાં , જમીન કોઇ પણ વાણિજ્યિક માળખા વગર ખાલી હોવી જોઇએ .

તાજેતરમાં ડેવલપર્સની વિનંતીને પગલે કેટલાક અન્ય ટેક્સ - ફ્રી એનક્લેવ્સ ડિનાટિફાય કરવામાં આવ્યા છે . મુખ્યત્વે મિનિમમ અલ્ટરનેટ ટેક્સ ( મેટ ) લાદવા જેવા કર લાભ પાછા ખેંચાવાને કારણે ડેવલપરોએ તેમના ઝોન સરેન્ડર કરી દીધા છે .

દરમિયાન સરકાર સેઝને વધુ આકર્ષક બનાવવા માટે સેઝ માટે નવા નિયમો લાવવાનું વિચારી રહી છે . સરકારે 2014 થી પ્રોફિટ લિન્ક્ડ ટેક્સ ઇન્સેન્ટિવ દૂર કરવા જેવા નિર્ણય લેતા ટેક્સ - ફ્રી એક્સપોર્ટ ઝોનની ચમક ઝાંખી પડી છે

How LIC policy Works ?

There are so many LIC policies with different names ? For example – LIC Jeevan Saral , Jeevan Anand , Jeevan Tarang and many more LIC policies. So almost every person in India holds a LIC policy, but majority of them do not know how these LIC policies works ?

How LIC Policies Work ?

Most of the investors just take things for granted and keep dragging the policies assuming it would be the best thing in their financial life. In this article I will show you how Life Insurance Corporation (LIC) policies work and talk about few aspects like LIC bonus, LIC premiums and different other aspects which will help you in understanding how these policies work.

Moneyback Plans or Non-Moneyback Plans

A lot of LIC policies pay you on a periodic basis like at the end of 4th, 8th and 12th year, and then finally at the end of the maturity period. These policies are Money back policies, the example can be LIC Jeevan Surabhi or LIC Komal Jeevan. A lot people get attracted to these moneyback plans because they get money “many” times in between and it looks attractive to them, but the premiums are generally higher for these policies.
Then there are LIC policies which do not pay you back periodically but only pays you at the end of the maturity period. They are generally termed as normal Endowment plans. Some examples are Jeevan Anand and Jeevan Tarang

LIC Bonus & Additions to your Policy

The biggest confusion I see is generally in Bonus by LIC. One thing which investors in these policies don’t know and don’t care for to find out is that there are different kinds of bonuses in LIC policies and they are calculated differently. Let’s see them one by one.
1. Simple Reversionary Bonuses
Generally when we say “Bonus”, it is this “Simple Reversionary Bonus”, which is declared per thousand of the Sum Assured on annual basis at the end of each financial year. This bonus is declared today, but is paid at the end of maturity period only or on death, whichever is earlier. So for example if you hold a policy of Rs 10,00,000 Sum assured and the bonus for this year is Rs 60 per thousand sum assured, then your bonus amount is Rs 60,000 for this year, but you will only get it at maturity (after many many years) or on death, but by then it’s worth would be much lesser than today (this 60,000 today and 60,000 after 20 yrs).
A very important point to note here is that, if you surrender the policy, you don’t get the actual accrued bonus because it’s the future value, you will only get its reduced amount in today’s term and its very less. Also note that you are eligible to get reduced Accrued Bonus only if your policy has completed 5 premium paying terms. (This thread on our forum discusses Jeevan Anand in good detail)
2) Final Additional Bonus (FAB)

There is another kind of bonus in LIC which is generally called as “FAB” or Final Additional Bonus and it’s paid to those policies which are of a longer duration and has run for more than 15 yrs (The premiums are paid for all 15 yrs). This is generally a token of appreciation for being with the policy for long duration. The FAB is generally not paid for policies which have “Guaranteed Additions” (explained below). Here is an indicative list of FAB.

3. Loyalty Additions
This is again a bonus which is declared for being loyal to the LIC and completing a longer tenure. Generally it’s declared at the end of the policy, but for some policies it might be applicable after completion of 5 or 10 yrs. For example – In Jeevan Saral, the policy holders will earn such additions after a minimum of ten policy years have been completed.  This is usually an amount declared per thousand of sum assured depending on the corporation’s performance. Loyalty additions are totally non-guaranteed.
4. Guaranteed Additions
For a lot of LIC policies there is a term mentioned like “Guaranteed Additions”. These are assured sums which are given to policyholders for a specific period at start or end of some event along with the sum assured at the end of the term. Like for example, , Jeevan Shree-1 policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim.

Surrender Value

Most of the people who buy any Traditional Policies from LIC or any pvt companies’ don’t think a bit about terms and conditions on exiting the policy much before maturity. A general assumption is that they will at least get their paid premiums back with sum interest. I have seen so many cases like that where people are literally shocked to hear that they will get peanuts or nothing from their policy if they choose not to continue the policy. Surrendering of the policy works this way -

You will not get anything back if you stop your policy without paying for 3 years. Almost every traditional policy attains minimum surrender value after the policy has run for 3 yrs.

After 3 yrs, if you surrender your LIC policy, still you will only get a small fraction of your total paid premiums that too excluding first year premiums. So suppose you have a policy which has Sum assured of 10,00,000 for 20 yrs term with Rs 50,000 premium per year. If you have decided to surrender your policy after paying 5 premiums (you paid 2,50,000 in 5 yrs i.e. Rs 50,000 each year), then you will get around 30%-40% of 4 premiums paid (first year premiums are excluded), hence the total would work out to be only Rs 60,000 – Rs 80,000 only + proportionately reduced amount of accrued bonus if any (only because you completed 5 yrs, else you will not get this also).

A very important point to Note : A lot of people do not like to close their LIC policies after paying for 1-2 premiums because they will not get anything back for the 1-2 premiums already paid. They think that they will surrender the policy after completing 3 yrs, so that they will get at least something back. This is total emotional decision and not mathematical, because if you do maths you will see that surrendering the policy after 3 yrs is the worst decision if you have already realised that you should not continue with the policy. For example, if you are paying Rs 10,000 premium per year and completed 2 yrs, you paid Rs 20,000, If you close this policy now, you will lose all money (Rs 20,000), but you can save Rs 10,000 as third premium. If you choose to complete 3 yrs and then surrender, then you have paid Rs 30,000 and you will get back 30% of 2 premiums (first year premium not included), so you get back Rs 7,000 (loss of 23,000 as you paid 30,000 and got back 7,000). Do the math if you completed 1 yr only yourself, its more worst!

Note that surrender value is nothing but your future maturity value reduced to today’s value, so if the maturity value is Rs 10,000 after 20 yrs and if you want it before LIC will pay you the Net present value as per today’s term.

Paid up Policy

A lot of times when you have completed 3 yrs of policy, you might not want to get your money back immediately, in which case you can made your policy paid up (just stop paying premium and it becomes Paid up). When you do this, you can stop paying further premiums but you will get your total premiums paid + accrued bonus any at the end of the maturity period. This might work out better sometimes compared to surrendering if you were going to invest the proceeds in some debt instrument.

What are mortality charges

A lot of agents advertise these policies under the head “Free Insurance Cover“, But all the policies charge premium or charges for providing Insurance cover and it’s called “Mortality Charges”, these are the same charges which are there in Term plans and ULIP’s, but may be in a different way, so nothing is free, some part of premium goes in covering you and rest of it is invested in Debt instruments which can give you assured returns at the end of the maturity.

Loan on LIC Policy

You can also get loans at the time of crisis on your LIC policies, but the maximum loan amount available under the policy is 90% of the Surrender Value of the policy (85% in case of paid up policies) including cash value of bonus. The rate of interest charged on loans is at 9% to be paid half-yearly. Is there any other terms and conditions which you dont understand in your LIC policies ? We can all help you understand it in comments section .

Are you looking for surrendering your LIC Policies ?

By now you must have got a good understanding of your LIC policies and how they work. You can find out the return of your policies using the IRR method taught in this article. If you feel that you want to continue your Policies then well and good. But if you feel that you want to close your policies, do it soon because delaying the decision will cost you a lot in long run. I hope its clear to you how your LIC policy works for you .

How is interest on saving bank account is calculated

A lot of people do not know interest is calculated on their savings bank account.In this article I will explain all the aspects of interest on a savings bank account. Earlier all the banks had the same interest on their saving bank accounts, which was 4% , so a person had no choice in terms of interest rate, you would have got the same return with any bank. But, RBI has recently de-regulated interest on saving bank account and now banks can decide the interest they want to pay on saving bank. This has had a positive impact for customers, because now due to competition, banks like Kotak Bank and Yes Bank have started offering higher interest rates like 6% or 7% and using that parameter to attract lot of customers.

How is interest on saving bank is Calculated ?

Coming to the main question, the procedure to calculate saving bank interest, we will first see how it was done earlier and then we will see how its done now.
Old Method
Earlier, Banks used to pay 3.5% interest on the minimum balance between 10th and last day of the month. This was not a very customer friendly method because if you kept Rs 5,00,000 in your saving account for the whole month and on 26th, & let’s say you take out 4,90,000. You would have got interest only on Rs 10,000 @3.5% , which is just Rs 28.
New Method
Now a new method is used to calculate the interest on saving bank account which is very fair.  From April 1, 2010 , as per the RBI circular on new guidelines on saving bank interest calculation; this is the rule for interest calculation.
“The interest has to be calculated on daily basis for the closing day balance” – It’s that simple. So let’s say the interest rate is 4% , then you will get interest @4% on daily basis for your closing balance and it will get accumulated , but it will be paid back to your account only after 3 or 6 months. While RBI wants all the banks to pay the interest every quarter, each bank has its own criteria , like ICICI Bank pays it twice a year right now in Sept and March.
So now, if you see the same example we discussed above, with the new method of interest calculation, the interest will be 4% on 5 lacs (Rs 1,369) for 25 days (from start of month to 25th) and on 10,000 for next 5 days (Rs 5) (26th – 30th) . So the interest would be total Rs 1,374 . In the old method it was just Rs 28 . Can you see the gigantic difference?

High Interest on Saving bank from some banks

You must have seen some banks are now offering 6-7% of interest rate and they have dual interest rates, like 5.5% below 1 lac and 6% above 6% (in case of Kotak Bank) , which means that you will be getting 5.5% on the amount below 1 lac and only on the difference amount above 1 lac, you will get 6% interest . So if you have a balance of Rs 1,50,000 in your bank (lets say kotak bank) , you will get 5.5% on 1,00,000 and 6% on 50,000 .

You should be more interested in interest below 1 lac

If you see the average amount kept in saving bank account , it should not cross 1 lac for most of the people . While there are people who park their money in saving bank account for some time, but it does not happening with most people. So if some bank is giving higher interest for amounts above 1 lac, that’s a secondary benefit for you, not the basis of selection of bank. Because if you are anyways ready to keep a balance of more than 1 lac, why not just create a short term deposit online,which can be broken anyways or just activate your sweep in account option, so that an amount above a target amount automatically gets converted to FD and earn more money.
Do you now understand how interest on saving bank account is calculated? Will it help you manage your bank money in a better way?

IMPS – Online Money transfer in 30 seconds from your Mobile Phone

IMPS or Interbank Mobile Payment Service is a technology which offers an instant electronic fund transfer service through mobile phones between two banks in India. There are other two money transfer systems called NEFT and RTGS already in India, but they are not a mobile payment system like IMPS and they’ll  take some time to get settled. IMPS is a real time system of money payment.  The service has been developed by National Payments Corporation of India (NPCI), a section 25 company formed by Reserve Bank of India (RBI) and Indian Bankers Association (IBA). Here’s a testimonial from Harsh, who transferred money using IMPS…

Recently I issued a cheque from one of my account and did a NEFT transfer to build balance but NEFT failed to do the job in 48 hours, in the middle of night i started searching for how to do a instant transfer and then I got to know of IMPS. Registration happened instantly in matter of minutes and shockingly money transfer happened in micro seconds even faster than a google search – (via)

The transfer limit through IMPS is defined by RBI in the Mobile Payment Guidelines issued to banks. The customer can transact on IMPS subject to a daily cap of Rs. 50,000/- per customer overall for transactions through mobile for the funds transfer.

How to do Money Transfer using IMPS

All you need to make a transfer through IMPS system is your mobile number and MMID number . MMID number is a 7 digit random number which you get by registering for IMPS facility with your Bank. But make sure your mobile phone is activated before you register for MMID. Note that both sender and receiver should have their phone and MMID number from their respective banks. Once you have that you can transfer the money using sms or internet banking . A lot of banks also provide a mobile application which you can download from bank website and install on your phone. Note that before sending the money to the receiver, you should register them once as you do for any bank account.  The image below gives you good idea on what needs to be done for carrying out an IMPS transfer.

What happens with your do a IMPS Transfer through Mobile ?

When you make a IMPS transfer, your sender mobile first sends this information to the sender bank , which checks the data; whether your MMID is correct or not and if it matches with what it has in its system. If it’s all correct, it debits the money from your bank account and transfers this to the NCPI server, which then transfers it back to the receiver’s bank. The receiver bank goes about checking everything again and then sends the status of the whole transaction to NCPI, which passes it back to Sender’s bank. Both Receiver and Sender are then updated about the transaction through SMS. All this normally takes just about  15-30 seconds for everything to happen and the money gets transferred near instantaneously.

5 Advantages of IMPS over NEFT and RTGS

Let me enumerate 5 major reasons why you want to register with your bank for IMPS and generate your MMID as soon as possible. IMPS offers some major advantages over NEFT or RTGS money transfer and here they are

1. Instant Transfer of Money

When you do an IMPS transfer, it happens instantly within few seconds, so it’s practically real time money transfer, unlike NEFT or RTGS which works in batches and takes time in money transfer. Which means in case of emergencies, you can use IMPS and it will act like a fast money transfer mechanism

2. Transfer without Internet Connection You dont need a internet connection or a computer for IMPS transfer, you can just do the transfer using your mobile phone through SMS or using the mobile application, hence you can do the money transfer even when you are travelling, all you need a mobile connection 3. Money transfer even on Holidays and outside working Hours

You can transfer the money anytime, 24X 7. With NEFT or RTGS , you can’t do money transfer on holidays or even Sundays. You can’t do it outside the working hours defined by the banks. But with IMPS you can literally make transfers in early morning, midnight or whatever time you want.

4. No Need to disclose Bank account number and other details

All you need for making the transfer is mobile number and MMID , so you don’t need to disclose your actual account number or even the bank name.

5. Easy, Simple and Secure

Making a IMPS money transfer is so easy.  All you need is the MMID, Phone number and the amount. The money gets transferred easily so fast. It makes easy for those who fear technology and do not want to deal with it . You can teach this to your parents or some one who is not that technologically advanced.

IMPS Charges

The charges depends from banks to banks . While exact charges details you can find from your respective bank, it seems the charges are extremely low and are on per transaction basis, not on the limit of money. It seems to be Rs 5 per transaction (not confirmed) yet. Apart from the charges from banks for using the service, if you are doing the money transfer using SMS , you will have to pay standard sms charges . However if you use internet or the mobile application, there will be no charges apart from the service charges.

Money Transfer Limit under IMPS

The limit is defined by RBI in the Mobile Payment Guidelines issued to banks. The customer can transact on IMPS subject to a daily cap of Rs. 50,000/- per customer overall for transactions through mobile for the funds transfer. Transactions up to Rs. 1000/- can be facilitated by banks without end-to-end encryption.

Which Banks are part of IMPS Facility

As of now 52 banks are the members of IMPS facility. Some of them have started the IMPS service and some will start it very soon. Those are

• ICICI Bank
• Axis Bank
• State Bank of India
• Indian Bank
• Kotak Mahindra Bank
• Oriental Bank of Commerce
• Union Bank of India
• Andhra Bank
• Canara Bank
• HDFC Bank
• Lakshmi Vilas Bank
• Bank of Baroda
• Indian Overseas Bank
• Bank of India
• Punjab National Bank
• South Indian Bank
• Vijaya Bank
• IndusInd Bank
• UCO Bank
• Federal Bank
• State Bank of Hyderabad
• Citibank
• State Bank of Bikaner and Jaipur
• Punjab and Maharashtra Co-operative Bank
• The Thane Janata Sahakari Bank
• Development Credit Bank
• Dombivli Nagari Sahakari Bank
• State Bank of Travancore
• Catholic Syrian Bank
• Syndicate Bank
• Yes Bank
• State Bank of Patiala
• Allahabad Bank
• Karur Vysya Bank
• The Greater Bombay Co-operative Bank LTD
• Corporation Bank
• IDBI Bank
• Tamilnad Mercantile Bank
• United Bank of India
• Standard Chartered Bank
• Bank of Maharashtra
• Central Bank of India
• Dena Bank
• Dhanlaxmi Bank
• ING Vysya Bank
• Janata Sahakari Bank, Pune
• Karnataka Bank
• State Bank of Mysore
• The A P Mahesh Urban Co-operative Urban Bank
• HSBC Bank

you can look at the latest list of all the banks and their details here  What do you think about this technology ? Will it help in your financial life ? Are you going to use IMPS facility to money transfer through your mobile ?

Can your assets support your for next 30 yrs 

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If you have Rs 50 lacs with you and you want to generate some consistent income for next many years, how many years you can generate income? Think about it! Put some very high level calculations in your mind and try to come up with some numbers! . Will it be able to generate a lac of monthly income for next 10 years or not? Will it be able to generate Rs 30,000 of inflation adjusted income every year for next 30 years or not? Will it be able to generate Rs 30,000 of income increasing at 5% each year for next 100 years or not?
Still wondering ? 
Lets discuss a very basic problem which many people face in financial life. A lot of people at times have a big lump sum amount like 20 lacs, 50 lacs or say a crore! Now they want to know how much income can be generated using that big amount which can be used by their family. This can happen in many situations like following

1. When a person wants to make sure that he wants some kind of passive income out of a big chunk of money

2. A person might have got retired and now he wants to create a pension for himself using the big amount of money he/she has saved

3.  A person wants to leave his job and because of uncertain future , he wants to utilize a big sum to generate a certain cash flow in future

4. You might want to find out how much of life insurance you should take so that your family can start getting monthly income by making a fixed deposit out of the money.

So lets take case of Rs 50 lacs ?

Coming back to our example - Let’s talk about Rs 50 lacs. How much monthly income can it generate? And for how many years? This will depend on three things.

• How much inflation you are considering
• How much return on the investment you are considering
• How much monthly income your want to generate per month

Here are some of the permutations and combinations assuming different values for Inflation , Return on investment and monthly expenses needed and a corpus of Rs 50 lacs in hand.

 

RGESS Tax Saving Scheme – Too Complicated !

RGESS or Rajiv Gandhi Equity Saving Scheme is the new tax saving scheme, for saving taxes. This is mainly  for first time equity investors in securities market. The whole idea for introducing the RGESS scheme is to promote an ‘equity culture’ in India as well as widen the  retail investor base in the Indian securities markets. Look at the below video where a discussion is going on RGESS.
Lets us look at some major points which defines RGESS

1. Maximum Investment Limit and Tax Saving

RGESS scheme is available only to those investors whose taxable limit is less than 10 lacs per year; and the maximum limit of investment is Rs 50,000 per year. The tax advantage will be available on only 50% of the amount invested –  which means that tax saving can be done only on upto Rs 25,000. Which means, if you invest Rs 50,000 and belong to 20% tax slab , you will be able to save 20% money on 25,000 (50% of 50,000) – a Rs 5,000/- tax saving.

2. Applies to new Investors Only

The RGESS Scheme is available only for “new investors”; defined as those whose PAN numbers don’t have equity transactions, which means either a person has not opened a demat account ever, or has opened a demat account, but have never invested in equity before the scheme came into effect. The investment can be done throughout the year, and not restricted to a one time investment, so investing Rs 50,000 in one shot or investing Rs 10,000 in 5 shots , both are eligible. But the big confusion is for those investors who already have equity investments through mutual funds, but do not have demat account ?

3. Lock In period of 3 years

This rule is a little messy. There will be 3 year lock in period for this investment. However if an investor wants to, he can collect “profit” part after a year of investment.  So for the entire first year, you cant sell your shares! And after the first year of investment, he can take out the profits if he so chooses. He can sell all his shares if he wants, but he will have to bring back the same amount through some other stock.  After first year, 2 more years of lock in will apply, and in this period, you have to maintain your balance at the end of first year, which should be minimum of the amount on which you claimed income tax or the balance at the end of the 1st year .
So if a person invests Rs 50,00 , and in next one year

Case 1 : His worth is Rs 55,000 , then he can take out 5,000 and after that he has to keep his balance minimum 50,000 (the amount on which tax exemption is claimed), if a person wants, he can sell off his shares totally, but then again has to come back with 50,000 investment in some other or same stock. He can take out the profits part (above 50,000) if he wants in these next 2 yrs

Case 2 : His worth is Rs 25,000 , then in this case, he has to maintain this 25,000 balance in next 2 years. If you are still unclear, Deepak Shenoy has done a better job in explaining this lock in part, in his article on RGESS.

4. Where can you invest for RGESS Scheme?

You can invest in stocks which belong to

• CNX 100
• BSE 100
• IPOs of PSUs whose annual turnover is not less than Rs. 4000 Crore for each of the immediate past three years
• Large Listed PSU’s
• And any ETF , Mutual fund which are listed and traded in stock exchange and whose portfolio includes stocks which are eligible under RGESS

Should you invest in RGESS ?

Personally, I feel that RGESS has too many terms and conditions to follow, and is not that easy to understand for a common man. Especially a new investor who is anyways afraid of markets and his money being lost. The restriction of “can’t not sell at all in first year” is kind of scary, especially for those who are too risk averse.
Another bad point about RGESS is that it’s a once in a life time investment scheme. Once you become eligible for this scheme, for next year you will not be a “new investor” and hence wont be eligible, so its only for the fresh batch of new investors each year. The only positive point is that for those who were anyways going to take plunge in stock markets will get extra benefit of some tax saving and might instill some compulsory discipline of investing (lock in period).
Let us know what do you think about this RGESS Scheme (Rajiv Gandhi Equity Saving Scheme) , and if it interests you. Will it be a hit tax saving scheme or a flop one? What do you think?

UK નરમ પડ્યું : હાઈ કમિશનર મોદીને મળશે

બ્રિટનની કોમનવેલ્થ ઓફિસે જણાવ્યું છે કે તેના ઉચ્ચાયુક્ત ( હાઈ કમિશનર ) મુખ્યમંત્રી નરેન્દ્ર મોદી અને અન્ય વરિષ્ઠ હસ્તીઓને મળવા ગુજરાત જશે અને ગુજરાત સાથે બ્રિટનના સંબંધ કઈ રીતે આગળ વધારવા તે અંગે ચર્ચા કરશે .

યુકે સરકારનો આ નિર્ણય જે સમયે લેવાયો છે તે મહત્ત્વપૂર્ણ છે કારણ કે મુખ્યમંત્રી નરેન્દ્ર મોદીના વધતા રાજકીય કદ વિશે રાજદ્વારી વર્તુળો પણ નોંધ લઈ રહ્યા હોવાના તેમાંથી સંકેત મળે છે . 2002 માં ગુજરાતમાં કોમી રમખાણો બાદ બ્રિટને નરેન્દ્ર મોદી સાથે સંબંધ કાપી નાખ્યા હતા . અમેરિકાએ પણ મોદીને વિઝા આપ્યા ન હતા .

યુકેની વિદેશ કચેરીના નિવેદનમાં જણાવાયું હતું કે ગુજરાતમાં યુકે વિશાળ હિત ધરાવે છે . ગુજરાતની આર્થિક તેજી માટે મોદીના આર્થિક ઉદારીકરણ અને રોકાણ માટેના પગલાને શ્રેય અપાય છે .

યુકે વિદેશ કચેરીના પ્રવક્તાએ કહ્યું હતું કે , અમે ગુજરાતમાં કામ કરતા કે મુલાકાત લેતા બ્રિટિશ નાગરિકોને અને યુકેમાં રહેતા ગુજરાતીઓને શ્રેષ્ઠ ટેકો પૂરો પાડવી માંગીએ છીએ . ભારત સાથેના સંબંધ મજબૂત બનાવવાના ભાગરૂપે આ મુલાકાત યોજવામાં આવી રહી છે .

નિવેદનમાં 2002 નાં કોમી રમખાણોનો ઉલ્લેખ કરાયો હતો અને જણાવાયું હતું કે , તેનાથી હિંસામાં માર્યા ગયેલા બ્રિટિશ નાગરિકોના પરિવારોને ન્યાય અપાવવામાં મદદ મળશે . અમે રાજ્યમાં માનવ અધિકાર અને સારા વહીવટને ટેકો આપવા માંગીએ છીએ .

યુકે વિદેશ ઓફિસના નિવેદન બાદ મોદીએ ટ્વિટર પર લખ્યું હતું , દેર આયે , દુરસ્ત આયે . હું ગુજરાત સાથે સંબંધ ગાઢ બનાવવાના યુકે સરકારનાં પગલાંને આવકારું છું . ઈશ્વર મહાન છે . તેમની સત્તાવાર વેબસાઇટ પર જણાવાયું હતું કે મોદીના નેતૃત્વમાં છેલ્લાં 11 વર્ષમાં રાજ્યએ પ્રગતિ કરી તેની યુકેએ નોંધ લીધી છે