Getting a forex card

 

How to Obtain a forex card

A forex card is a safe option to carry while travelling abroad. It also protects against exchange rate fluctuations during the travel period. It is very easy to obtain a forex card and it can be bought from any authorised dealer or bank.

Form

A prescribed form must be filled by the traveller. This can be downloaded from the bankdealer website or from the nearest branch. Some banks also provide for online application for forex cards.

Type of cards

A multi currency card allows more than one currency to be loaded. A student card bundles insurance and discounts on educational material. Choose a card according to your requirements.

Information

Personal details of the traveller, dates of travel, passport number, PAN, types of foreign currency to be loaded on the card should be filled in. Amount of forex to be loaded should be mentioned in the form.

Fees

A card issuance fee may be charged by the bank at the rates prescribed from time to time.

Documents

The application needs to be supported by a copy of one's passport. A copy of the air ticket may be required. A cheque or debit instruction for the amount to be loaded with the fees needs to be submitted. It takes about 4 -5 days to process and receive personalised forex cards.

Reloading the card

The card can be reloaded with additional forex by filling up a reload form and submitting a cheque or a debit instruction for the required amount.

An existing bank account is not required with the bank to obtain a forex card.

Banks provide online access to view statements and reload the forex card online.

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

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Strategic Asset Allocation (SAA)





SAA is a portfolio building method which is completely aligned to investor objectives (return) and constraints (risk).

SAA involves detailed assessment of an investor's goals and their preferences toward risk through discussions and questionnaires.

It is usually implemented by determining the risk and return profile of the investor and assigning a model portfolio that reflects their preferences.

SAA involves periodic rebalancing resulting either from the shift in allocations due to performance of asset classes over time or change in investor needs leading to changes in desired allocation.

Asset class selection does not take into account any positive or negative views of asset class performance in the near future.

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

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Tax Saving with Aditya Birla Sun Life Balanced Advantage Fund

Aditya Birla Sun Life Balanced Advantage Fund (An Open ended Asset Allocation Scheme) not only offers a balanced approach to investments but also provides equity taxation benefits on investments.

This fund is structured in a way that the minimum exposure to equity is at 65% which allows the fund to be eligible for tax benefits under Equity on the entire amount invested after 1 year of investment. (Holding Mutual Fund investments in equity oriented funds for more than 1 year classifies it under the Equity category hence the outcome being Long Term Capital Gain or Long Term Capital Loss which is not taxable).

UTI Short Term Income Fund

 

UTI Short Term Income Fund seeks to generate steady and reasonable income, with low risk and high level of liquidity from, a portfolio of money market securities and high quality debt with maturity upto 4 yrs.

With one- and three-year returns of 10.12 per cent and 9.67 per cent, the fund has displayed an exceptional consistency in performance over two full rate cycles. Over three years, the fund has beaten its benchmark by a considerable 60 basis points and the category by 72 basis points.

UTI Short Term Income Fund actively juggles weights between sovereign debt, AAA and AA corporate bonds, commercial paper and call-money exposures to manage reasonable returns. The fund's relative weights between these instruments have been very dynamic. 

UTI Short Term Income Fund is active with its duration, too, shifting it in the range of one-four years in the last one year depending on rate calls. This could explain its higher returns vis-a-vis the peers. 

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

For further information contact SaveTaxGetRich on 94 8300 8300

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Hgh Return Investment Plan to maximize Wealth for NRIs

   Start SIPs Online 

NON RESIDENT INDIAN (NRI) …. Let's talk about you and India.

Are you an NRI? The answer is YES, if you are an Indian citizen having an Indian passport and is staying out of India. Whatever reasons being it a job or business or education or even for any other reason you have to stay out of India for more than 6 months, then according to definition of NRI you can be categorized as a Non Resident Indian or an NRI.

Ok that's great, but what if I am not holding an Indian passport, but my father or mother is?

No worries, then you become a Person of Indian Origin (PIO). If any of your ancestor was an Indian citizen by virtue of the Citizenship Act of 1955, and you have the document to prove it then you can be issued a PIO card. Your grandfather or great grandfather (not being a citizen of Pakistan/ Bangladesh / Sri Lanka / Afghanistan/ China / Iran / Nepal or Bhutan) but has Indian origins then you are entitled to a PIO card. A PIO card holder does not need to have a visa to enter India.

So who is an Overseas Citizen of India (OCI)? Well, if we take a look at the facilities offered we can say it is a different name of PIO and you get an OCI card for it.

What is the advantage of being an NRI?
Yes, the obvious question is why get an NRI status? Why should one take the pains of getting PIO/OCI card if you are not staying in India or are not born in India nor you are coming back to India?

Well the answer would be India is a great country and offers certain privileges to an individual having his/her roots in India in some form but, is staying out of India. As an NRI you can explore the investment opportunities in India. As a smart investor you may eye on best investment plans for NRIs  – Real Estate, Shares, Fixed Deposits or Mutual Funds. In India foreigners are not allowed to invest directly as individuals, they can only do so through a company or an entity. That is why, if you want to participate in the growth story of your country, India and enjoy the best investments in India, you have to take an NRI status.

OK, so what seems to be the future of India in next 10 to 20 years?

India is on a Superfast growth trajectory and she is on a roll which cannot be stopped. She is making her mark stronger by everyday as a world leader. Under the brilliant leadership of Prime Minister Mr.Narendra Modi our new government is doing some real spadework to create deep rooted change of belief systems as far as corruption is concerned. The Demonetisation was a great bold step towards this future which our freedom fighters must have visualised in their fight for independence. The government is working on some great initiatives which were either not thought of or not implemented due to lack of courage. Swachh Bharat Abhiyan is one initiative to clean up the country. Providing toilets to all by 2020 is another great initiative. On the economic front the transportation is being strengthened by building roads, a mere 2km/per day during the congress tenure to 41kms/day and with a vision to build 100 kms a day. In railways the high speed trains are being introduces on some special corridors. The implementation of AADHAR card to 1 billion people not only gives identity on a single card, it is ensuring that the subsidies reach the end users. Indian foreign policies have been giving such a feel good factor that we are emerging as the FDI capital of the world ahead of China. We are seeing a stable rupee appreciating steadily against other currencies.

Fine you have me convinced! If I am not an Indian passport holder but I have my roots to India as mentioned above, then how do I get an NRI status?

Simple … apply for a PIO card at an India consulate in your country. There are certain documents required for the same as documentary proof of your father or grandfather or great grandfather. Your address proof, birth certificate, photographs and some other documents are necessary according to NRI status rules. Take proper care and understand the application process while doing it.

Once you get the PIO the next step will be to apply for a PAN card.
You can apply directly online on the Government of India site: (http://www.incometaxindia.gov.in/Pages/tax-services/apply-for-pan.aspx )

But, it is advisable to take help of an Indian certified Chartered Accountant or CA while applying for a PAN card. Even we can help you get the same. (You can shoot us a mail)

Now, once you get these 2 cards, PIO and PAN cards then you have the valid documents to start the process of investing in INDIA.

The next item on the agenda would be opening a Bank Account in India.
There are 3 types of Bank accounts that an NRI can open, namely:

1. NRE ACCOUNT
2. NRO ACCOUNT
3. FCNR (B) ACCOUNT

 

In brief what each one is:
NRE ACCOUNT – This is an account where funds can be transferred to and from your foreign account. The amounts received here are repatriable to your foreign account with conditions applied.

NRO ACCOUNT – This is a local account which is used for incomes and expenses to be made in India. Money lying in this account is not repatriable to your foreign account.

FCNR (B) – This is like an NRE account in nature but is for a period of 1 to 5 years only; Funds lying here are repatriable and is normally opened for term deposits.

PIS ACCOUNT – You also have to open a Portfolio Investment Scheme (PIS) Bank account if you are intending to Trade in the stock market. This way you authorize the bank to pay to the Broker directly from this account for any purchases made in the stock market and to collect the payment against the shares sold from the broker. You have to transfer funds from your NRE/NRO account into this account and the funds will be treated as per the definitions of NRE/NRO above.

So depending on your requirement you can open a NRE or a NRO ACCOUNT.

Many INDIAN BANKS are there who would be happy to open your account. The Indian banks are fully equipped and transactions are done online. The documents required would be first your PIO card or Indian passport, Pan card, address proof, your foreign bank account details, photos etc. They will run some verification of yours in your current country. We can help you open an account with an Indian Bank. Send us your query for any problem opening an account Or it is wise to contact a expert before facing any problem (Definitely Us). Well jokes apart send us mail for any problem opening an account, we will be happy to help!!

One thing more, Like others, there is a regulatory body that monitors NRI funds movement in INDIA? Yes of course – FEMA – Foreign Exchange Management Act is the regulator. You will have to sign a FEMA declaration too. Remember, the RBI – Reserve Bank of India, monitors the trades of NRIs in the Indian companies on a daily basis.

 

So now we would have our PIO card, a PAN card and a Bank account.
We are good to start doing investments in India. But the obvious question would be what you invest in India?

Well this depends on the size of your investment and the purpose of your investment, apart from making your wealth grow. We will talk in brief of the NRI investment options and the advantages of each kind of investments.

FIXED DEPOSITS : The interest rates in India are high compared to other developed countries. As an NRI you will still get an interest rate of around 7% per annum on fixed deposits. This will vary a little from bank to bank.

The purpose of FDs is simple to have money saved in India with zero risk and guaranteed returns on investment. Investment size can be of any amount.

SHARES :You can also invest in blue chip company stocks. The returns from equity /stock markets are not guaranteed but if done consistently over a period of time in quality stocks then you can see a 15 to 20 % return per annum. As an NRI you cannot speculate in any futures market. There are limits of NRI investments allowed in any listed stock and they keep changing as NRIs buy /and sell shares of a particular company. But as an NRI you cannot buy more then 10 % of the equity of a company. Best is to ask your broker about the same to know the daily lists. You can start with as small an amount as 3000 $ and build a portfolio over a period of time. You can choose to start making your money earn more money with us. Feel free to knock us to know, how to invest in stocks in India.

REAL ESTATE : Why should one invest in real estate in INDIA? This is the first obvious question.

Some reasons are listed below, not all will suit you but even if one of them suits you, then you should invest in Properties in India.

• I am making money which I need to invest to get decent returns on.
• I am not sure of my future in the country I am in at currently.
• I need to buy a flat back in India for my parents
• I want to retire back in India.
• I may shift back to India in the near future
• I had parental property which I disposed, and I need to reinvest the funds.
• India is shining under the present Government and will do so for the next 15-20 years.

If you have any of these reasons or the ones we missed out then you should definitely invest in India. The price range for a good property is anything between $60,000 to $ 2,50,000. This range is for quality developers in Tier 1 & Tier 2 cities of India. The price range also gives you the appreciation possible over a period of time.

So where should one buy a property?

First choice should be based on the city which is your hometown or the city which you are planning to retire or the city which you know about and are comfortable about.

The second choice should be based on the amount to be invested. Different cities in India will have prices based on the growth in the city. For a city like Mumbai and New Delhi prices will be higher because these are fully matured cities, Mumbai being the financial capital and Delhi being the political capital of the country. Bangalore is the tech hub of the country but Pune is catching up. Chennai and Kolkata are the affordable cities of the country. The new kid on the block and growing on the fast track is Ahmedabad.

Based on the above decision on a city, finally choose a Class "A" developer who is of national repute and has a reputation of timely and quality delivery.

A good developer is a must as you are investing a large sum of money. Because a faulty selection could leave us with a bitter experience after investing in real Estate. Contact us to help you select all of the above for real estate investing.

MUTUAL FUNDS (MF) : These are vehicles for investing in stocks and bonds. If one is not aware how and what to buy in the stock markets then one can invest in a mutual fund which is professionally managed by an asset management company (AMC) which appoints a Fund Manager and the MF buys and sells the stocks based on the investment philosophy of the MF.

The AMC is governed by SEBI, the Securities and Exchange Board of India.

Buying a mutual fund is like buying a small slice of a big cake. The owner of a mutual fund unit gets a proportional share of the fund's gains, losses, income and expenses vis a vis his unit. The net asset value (NAV) is the total value less all expenses of 1 unit of the MF for a particular day, since it is calculated every day. The NAV depends on the performance of the fund.

What should be looked at while investing in a MF?

First check, if the fund invests in debt or equity as debt gives more or less fixed returns whereas equity gives more volatile returns based on stock market conditions. Also look at the NAV of the fund, the sector the fund invests in, the past track record of returns being generated by the fund, the AMC of the fund.

Based on the same decide how you want to invest in the MF, in small proportions at regular interval called SIP – systematic investment plan or a lump sum amount in one short. We are here to guide you in your mutual funds investments.

TAXATION : The first thing you need is a PAN card. Which is required at various points of your financial transactions. As per Indian tax laws, a 'Non-Resident' is defined as an individual who was present in India for less than 60 days during the relevant tax year, and in case of Indian citizens who leave India (during the year) for the purpose of employment outside India, such limit to break Indian residency is replaced by 182 days. For a NRI employees leaving India to work outside India: The compensation income received by non-resident Indians in a bank account overseas is not subject to tax in India.

For an NRI investor any Indian sourced income in the form of interest on deposits, rental income on property in India, profit from trading in the stock market, etc. shall however continue to be taxed in India (as per domestic tax laws). A non-resident individual, whose income during the tax year comprises only of investment income or income by way of long-term capital gains or both, does not necessarily need to file an income tax return in India. Also, a return is not required if the necessary tax has already been deducted at source from such income. For all your Tax obligation formalities on any financial transactions in India you need a Chartered Accountant. We have on our panel an expert for the same, Connect to him.

So, if you are a NRI and you want to know more about investment opportunities in INDIA — you have come to the right place. 12annas.com has a team of experts who will guide in your investment strategy

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

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Call us on 94 8300 8300

How Does SIP Work?

 

How Does an SIP Work?

Systematic Investment Plan (SIP) is the buzzword among investors who are pouring in close to `5,000 crore into equity mutual funds through the SIP route every month. Experts say an SIP is the most effective way of investing, especially for retail investors.

Let's find out more about SIPs and how they work.

1. What is an SIP?

An SIP is a specific amount, in vested for a continuous period at regular intervals, generally on a monthly ba sis. Using this method, an investor buys units of a scheme at a pre-de cided frequency . SIPs, which help investors take part in the stock market, obviate the need to time the market, and also bring a disci pline to their invest ment methodology .

2. When can I start an SIP?

In an open-ended mutual fund scheme, you can start an SIP any time you want. Just fill up the application form along with an SIP mandate and submit it to the point of acceptance. It generally takes 10-30 days for the bank to reg ister your SIP mandate and start it. Some fund houses allow you to

3. For how long can you run an SIP?

Most fund houses stipulate a minimum of six months for an SIP . Investors can choose any tenure they wish or they may even opt for the `perpetual option', which means the SIP will continue till the investor gives an instruction to the fund house to close it. Financial planners suggest investors to link each SIP to a goal and continue with it till the goal is reached.

4. Can you change the SIP amount?

An investor can increase or re duce his SIP amount, by first cancelling the existing mandate and giving the revised one. Fund houses do not charge any penalty for stopping the SIPs.

5. Can I invest lumpsum in a scheme in which I have an SIP running?

Yes, you can add a lumpsum amount to the same scheme in which you are running an SIP. It does not affect the SIP.

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

For further information contact SaveTaxGetRich on 94 8300 8300

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You can write to us at

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PRINCIPAL GROWTH Fund

PRINCIPAL GROWTH Fund has no market-cap bias but, currently, it has a higher tilt towards mid-caps compared to its peers. The fund manager adopts a strict bottom up stock selection approach with no sector calls. He prefers firms which are dominant in their sectors with earnings profile that beat the sector as well as market expectations.

The portfolio is heavily diversified with a long tail as a result of a conscious approach to distribute risk thinly across stocks with lower market-cap.

PRINCIPAL GROWTH Fund top bets are index heavyweights, but the portfolio construction is benchmark agnostic. The fund's longer-term track record is not impressive, but it has put in a strong showing in recent years, making it a worthy candidate in the flexi-cap category.

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

For further information contact SaveTaxGetRich on 94 8300 8300

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You can write to us at

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Invest in Mutual Funds to earn more

 

Bank Deposit Rates are cut

Many individuals are concerned about more banks following the example set by State Bank of India BSE 0.71 % and reducing interest on savings bank deposits and fixed deposits. Many of them, especially retired folks who bank on interest income to take care of their living expense, believe that further reduction in deposit rates are likely to put their finances under severe strain.

 

The public sector leviathan cut interest rates on savings bank deposits by 0.50 per cent on Tuesday. The move, coming two days before the Reserve Bank of India's monetary policy review, probably heralding a change in savings bank deposit rates, as many large banks take cue from the public sector major. A rate cut by RBI tomorrow may result in cuts in term or fixed depoists, too.

But should investors be worried? Well, a little bit may be, but not more that that. To begin with, one should not keep a lot of money in savings bank account. Remember, savings bank account mostly offer measly 4 per cent per year. That doesn't even beat the inflation. Even term deposits barely beat the living inflation. So, it would be a better idea if you can turn your attention to mutual funds to earn a little extra return.

If you are parking the money for a year or little over a year, you may take a look at arbitrage funds. Arbitrage funds look to exploit the price difference of securities between the cash and future market. These schemes are treated as equity schemes for the purpose of taxation. That means if investments are held over a year, they qualify for long-term capital gains tax. Long-term capital gains tax on equity schemes is currently nil. Arbitrage funds offered 6.31 per cent return in the last year.

Investors can also take a look at various debt schemes, depending on their investment horizon. Debt mutual funds are riskier than bank deposits, but they may also offer marginally higher returns. They score on after tax returns if investments are held over three years. Investment in debt funds held over three years qualify for long-term capital gains tax of 20 per cent with indexation. The indexation benefit helps to reduce tax considerably, especially when inflation is high.

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

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Call us on 94 8300 8300

 

SBI Magnum Balanced Fund

With markets recording new peak almost every day, there is a great deal of caution among retail investors. Some are worried about an imminent fall while there are many who believe that strong liquidity in markets may arrest any fall. For those who are worried, investment in balanced schemes are a good option. Balanced schemes provide reasonably good exposure to equities and debt. Among balanced schemes, SBI Balanced Fund has given encouraging performance in the past three-year and five-year periods in comparison with its peers and benchmark index.

SBI Magnum Balanced Fund scheme has given 14.7% and 19.2% returns in the past three-year and five-year period, respectively, while its peers have given 14% and 16.6% returns in the same period. On the equity side, the scheme has healthy exposure to large cap and mid-cap companies . On the debt side, the scheme has good exposure to government and AAA-rated securities. Long-term investors can consider investing in the scheme with a time horizon of least three years.

In the past six months, the SBI Magnum Balanced Fund has invested in diversified large and mid-sized companies which have reasonably good earnings' growth. A few of these prominent companies are Allcargo Logistics, Apollo Hospitals Enterprise, Colgate-Palmolive (India), Gillette India, ICICI Bank, IRB Infrastructure Developers and Thermax.

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300