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 RBI Caps Withdrawal From Deccan Urban Cooperative Bank: On Friday, February 19, 2021, the Karnataka-Based Deccan Urban Cooperative Bank has been barred by the RBI to grant loans or accept deposits. At the same time, the restriction has been placed with respect to withdrawals which cannot be more than Rs. 1000 from their respective savings bank account for a period of six months. Moreover, the lender cannot engage in any investment nor can incur any liability without the former's permission. It has also asked the lender to refrain from disbursing any payment whether in discharge of its liabilities or otherwise, or dispose of any of its assets except as notified in the RBI direction. "Considering the bank's present liquidity position, a sum not exceeding Rs 1000 only of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn," RBI said in a release on Friday.

 *Itax update* -New *disclosures* asked in the New *ITR forms 1 to 7* are:  *1. House ownership:* Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4. *2. Passport:* One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified. *3. Cash deposit:* For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY. *4. Foreign travel:* If you have spent more than Rs 2 lakh on traveling abroad during the FY, you need to disclose the actual amount spent. *5. Electricity consumption:* If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount. *6. Investment details:*  Details of investment qualifying for deduction under chapter VIA w...

 What are Options: Calls and Puts? (Part 2) An option is a derivative, a contract that gives the buyer the right, but not the obligation, to buy or sell the underlying asset by a certain date (expiration date) at a specified price (strike price).  There are two types of options: calls and puts. the strike price specified in the option contract. Investors buy calls when they believe the price of the underlying asset will increase and sell calls if they believe it will decrease. 2. Put options Puts give the buyer the right, but not the obligation, to sell the underlying asset at the strike price specified in the contract. The writer (seller) of the put option is obligated to buy the asset if the put buyer exercises their option. Investors buy puts when they believe the price of the underlying asset will decrease and sell puts if they believe it will increase. Payoffs for Options: Calls and Puts Calls              The buyer of a call option pays...

Sharing a brief on #SaradaPonzi fraud  #Unquote: SARADA SCAM in 12 points 1. The Saradha Scam is a major financial scam and Ponzi scheme run by Saradha Group, a consortium of over 200 private companies. 2. The group collected around ₹200 to 300o billion from over 1.7 million depositors before it collapsed in April 2013.  3. SIT constituted on 26 April 2014 headed by IPS Rajiv Kumar under Mamata Banerjee's TMC. 4. On 9 May 2014 Supreme Court gave charge of the case to CBI on petition by Congress and Left parties. SC asked CBI to investigate the larger conspiracy angle, the money trail and the regulatory bodies involved in the scam. 5. Rahul Gandhi tweeted on 8 May 2014 that "20 lakh people lost their money in Chit fund scam in West Bengal". On 19 April 2016 he tweeted Mamataji is "protecting those looting Bengal". 6. BJP came to power on 26 May 2014 when Modi and his cabinet took oath, but before that the Supreme Court handed Sarada Scam to CBI. 7. TMC representa...

 Futures and Options...1 Options and futures are both financial products investors can use to make money or to hedge current investments. Both an option and a future allow an investor to buy an investment at a specific price by a specific date. But the markets for these two products are very different in how they work and how risky they are to the investor. A futures contract allows you to buy or sell an underlying stock or index at a preset price for delivery on a future date. Options are of two types -- call and put. ... A call seller has the obligation to give delivery to the buyer at the preset price even if current market price is higher than former. An options contract gives an investor the right, but not the obligation, to buy (or sell) shares at a specific price at any time, as long as the contract is in effect. By contrast, a futures contract requires a buyer to purchase shares—and a seller to sell them—on a specific future date, unless the holder's position is closed befo...

  SATARK NAGRIK FOUNDATION ® (Formerly Alert Citizens Forum of India) A7/303, Saket CHSL, Thane West, Maharashtra, India 400601#8879528575 November 30, 2020 Sub: Suggestions for the Union Budget Madam, With reference to the above, we have to submit as under: 1. Request you to pay Interest on SCSS (Senior Citizen Savings Scheme) in all nationalised banks atleast @ 10 percent at par.  Currently it is paid 7.25 percent.  Interest payable quarterly to be paid  monthly.  2. Raise the limit from 15 lacs to 30 lacs.  As senior citizens will be able to get Rs 25000 monthly interest peacefully and gracefully without depending on their children. Don't deduct tax on this income requesting to fill form 15 H etc.  The period of investment should be for 15 years and not five years.  As the span of life will not be more. Make a provision to this scheme that the interest rates should never be reduced but increased to fight inflation.  3. No returns to be fil...

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