Category Archives: Blog

Ola E-Bike Service: Fare is Only ₹5 per KM, Major Announcement for Delhi & Hyderabad

Ola E-Bike Service

Ola E-Bike Service: Ride-hailing platform Ola has launched e-bike service s in Delhi and Hyderabad. The company has also announced the price for e-bike services. As per the official statement, ola bike fares start from ₹25 for 5 km ₹50 for 10 km and ₹75 for 15 km.

There is a relief news for people using cab services to travel in the city. Because, now you will have to pay less for the ride. Ola has announced to start its e-bike service. After the success of this service in Bengaluru now there are preparation to start this service in Delhi and Hyderabad also.

Ola unvealed e-bike service in Delhi and Hyderabad under its ride hailing platform. The company said that if this project is successful than the fleet of e bike services will be expanded. The most special thing about ola e bike service is its low fare. E- bike will prove to be more economical for people travelling by petrol bike as it will save them a lot of money.

The fare for ola e bike service in Delhi and Hyderabad has been kept very low. It is Rs.25 for the first 5 km Rs.50 for first 10 km and Rs.75 for first 15 km. If this fare is calculated then it comes to rupees 5 per km. Ola saif that e-bike service will be the most economical sustainable and convenient service for transportation within cities.

The company also plan to deploy 10000 E-bikes in Delhi and Hyderabad in next 2 months. Hemant Bakshi, CEO of Ola mobility, said, “This service of Ola is in line with our vision to serve 1 billion Indians through electric vehicles.”

Safest Banks in India: Safeguard your Savings against risk


Banking is an essential service that we all rely on for our financial needs. Whether it is saving, investing, borrowing, or transacting, we need a bank that can offer us convenience, security, and trust. But how do we know which bank is the safest in India? How do we ensure that our hard-earned money is in good hands and protected from any risks?

How to Find the Safest Bank in India

In this article, we will explore some of the factors that determine the safety of a bank and how to compare different banks based on their safety ratings. We will also look at some of the safest banks in India as declared by the Reserve Bank of India (RBI), the central bank and regulator of the banking sector.

What makes a bank safe?

A bank is considered safe if it has enough capital, liquidity, and profitability to withstand any shocks or losses that may arise from its operations. A bank also needs to have good governance, risk management, and compliance practices to prevent any frauds, scams, or malpractices. A bank also needs to follow the rules and regulations set by the RBI and other authorities to ensure its stability and soundness.

Some of the indicators that can help us assess the safety of a bank are:

  • Capital adequacy ratio (CAR): This is the ratio of a bank’s capital to its risk-weighted assets. It measures how well a bank can absorb losses from its assets without becoming insolvent. The higher the CAR, the safer the bank. The RBI requires all banks to maintain a minimum CAR of 9%, but some banks may have higher requirements depending on their size and importance.
  • Asset quality: This is the quality of a bank’s loans and investments. It reflects how likely a bank is to recover its money from its borrowers and counterparties. The lower the ratio of non-performing assets (NPAs) to total assets, the better the asset quality. NPAs are loans that are overdue or unlikely to be repaid. The RBI classifies NPAs into three categories: substandard, doubtful, and loss assets.
  • Liquidity ratio: This is the ratio of a bank’s liquid assets to its total liabilities. It measures how easily a bank can meet its short-term obligations and cash demands from its customers and creditors. The higher the liquidity ratio, the more liquid the bank. The RBI requires all banks to maintain a minimum liquidity ratio of 4%, but some banks may have higher requirements depending on their liquidity profile.
  • Profitability ratio: This is the ratio of a bank’s net profit to its total income. It measures how efficiently a bank generates income from its assets and operations. The higher the profitability ratio, the more profitable the bank. The RBI does not prescribe any minimum profitability ratio for banks, but it monitors their performance and intervenes if necessary.

How to compare different banks based on their safety ratings?

One way to compare different banks based on their safety ratings is to use credible sources that provide objective and reliable information on various aspects of banking. Some of these sources are:

  • Global Finance: This is a New York-based trade publication that publishes an annual ranking of the World’s Safest Banks based on an evaluation of long-term foreign currency ratings from Moody’s, Standard & Poor’s, and Fitch Ratings. The ranking covers 500 banks from around the world and includes 14 Indian banks as of 2022.
  • Moody’s: This is a global credit rating agency that assigns ratings to banks based on their ability to repay their debt obligations and their likelihood of defaulting. The ratings range from Aaa (highest) to C (lowest) and are accompanied by outlooks (positive, stable, or negative) and modifiers (1, 2, or 3). Moody’s also publishes reports and analyses on various aspects of banking.
  • S&P: This is another global credit rating agency that assigns ratings to banks based on their creditworthiness and their probability of defaulting. The ratings range from AAA (highest) to D (lowest) and are accompanied by outlooks (positive, stable, or negative) and modifiers (+ or -). S&P also publishes reports and analyses on various aspects of banking.
  • Fitch Ratings: This is yet another global credit rating agency that assigns ratings to banks based on their financial strength and their vulnerability to defaulting. The ratings range from AAA (highest) to D (lowest) and are accompanied by outlooks (positive, stable, or negative) and modifiers (+ or -). Fitch Ratings also publishes reports and analyses on various aspects of banking.

By using these sources, we can compare different banks based on their safety ratings and choose accordingly.

How Global and Local Events Impact the Banking Sector in India

The banking sector is the backbone of any economy, as it provides essential financial services to individuals, businesses, and governments. However, the banking sector is also exposed to various risks and uncertainties that can arise from global and local events. These events can have positive or negative impacts on the banking sector, depending on their nature, magnitude, and duration.

In this article, we will discuss some of the major global and local events that have affected or can affect the banking sector in India, and how the banks have responded or can respond to them.

Global Events

Global events are those that occur outside India but have implications for the Indian economy and the banking sector. Some of the recent global events that have impacted or can impact the banking sector in India are:

The Covid-19 pandemic

  • The Covid-19 pandemic has been one of the most disruptive global events in recent history, affecting almost every aspect of human life and activity. The pandemic has caused widespread lockdowns, travel restrictions, social distancing measures, and economic slowdowns across the world, leading to reduced demand, supply chain disruptions, income losses, and increased health expenditures. The pandemic has also increased the uncertainty and volatility in the global financial markets, affecting the flows of capital, trade, and remittances.
  • The Covid-19 pandemic has had a mixed impact on the banking sector in India. On one hand, the pandemic has increased the demand for digital banking services, as customers have shifted to online platforms for their banking needs. The pandemic has also provided an opportunity for banks to innovate and offer new products and solutions to cater to the changing customer preferences and expectations. On the other hand, the pandemic has also increased the credit risk and operational risk for banks, as many borrowers have faced difficulties in repaying their loans due to loss of income or business disruption. The pandemic has also posed challenges for banks in maintaining their liquidity, capital adequacy, profitability, and asset quality.

To mitigate the impact of the pandemic on the banking sector and support the economic recovery, the Reserve Bank of India (RBI) has taken several measures, such as reducing the policy repo rate, providing liquidity support through various instruments, allowing moratoriums and restructuring of loans, relaxing prudential norms and regulatory compliance requirements, enhancing supervision and monitoring of banks’ performance and risk management practices, and encouraging banks to adopt digital technologies and strengthen their cybersecurity frameworks.

The US banking crisis

  • The US banking crisis refers to the recent failure of two large US-based banks, Silicon Valley Bank (SVB) and Signature Bank, due to their exposure to long-term bonds that lost value due to rising interest rates. The failure of these banks triggered a panic among depositors and investors, leading to a run on other banks and a sharp fall in stock prices. The US government intervened to take over SVB and Signature Bank and prevent a systemic collapse of the US banking system. The US banking crisis also had spillover effects on other global banks that had business ties with SVB and Signature Bank or were exposed to similar risks.

The US banking crisis has had a limited impact on the banking sector in India so far. According to RBI Governor Shaktikanta Das, Indian banks have negligible exposure to SVB and Signature Bank or their subsidiaries. Moreover, Indian banks have a lower proportion of investments in long-term bonds compared to loans in their asset portfolios. Therefore, Indian banks are less vulnerable to interest rate shocks than US banks. However, Das also cautioned that Indian banks should remain vigilant and monitor their interest rate risk positions closely. He also said that RBI is closely watching the developments in the global financial markets and is ready to take appropriate actions if needed.

The interest rate movements

  • The interest rate movements refer to the changes in the interest rates in different countries or regions that affect the cost and availability of funds for banks and their customers. The interest rate movements are influenced by various factors, such as inflation, economic growth, monetary policy, fiscal policy, exchange rates, market expectations, etc.
  • The interest rate movements have had a significant impact on the banking sector in India. On one hand, the interest rate movements have affected the profitability and competitiveness of Indian banks, as they have to adjust their lending and deposit rates according to the market conditions. The interest rate movements have also affected the valuation and riskiness of banks’ assets and liabilities, especially those that are linked to floating or variable interest rates. On the other hand, the interest rate movements have also affected the demand and supply of credit in the Indian economy, as they have influenced the borrowing and saving decisions of households, businesses, and governments.
  • To manage the impact of interest rate movements on the banking sector and the economy, the RBI has used various tools, such as the policy repo rate, the reverse repo rate, the marginal standing facility rate, the cash reserve ratio, the statutory liquidity ratio, the liquidity adjustment facility, the open market operations, etc. The RBI has also issued guidelines and norms for banks to measure and manage their interest rate risk in their banking book and trading book.

Local Events

Local events are those that occur within India but have implications for the banking sector. Some of the recent local events that have impacted or can impact the banking sector in India are:

The bank privatization

  • The bank privatization refers to the proposal by the government to privatize some of the public sector banks (PSBs) in India as part of its disinvestment plan. The government has identified four PSBs – Bank of Maharashtra, Bank of India, Indian Overseas Bank, and Central Bank of India – for privatization in the current fiscal year. The government aims to reduce its stake in these banks to below 50% and transfer their management control to private investors.
  • The bank privatization has had a mixed impact on the banking sector in India. On one hand, the bank privatization is expected to improve the efficiency, profitability, governance, and innovation of the PSBs and make them more competitive and resilient. The bank privatization is also expected to reduce the fiscal burden on the government and free up resources for other developmental needs. On the other hand, the bank privatization has also raised some concerns and challenges for the PSBs and their stakeholders, such as employees, customers, unions, regulators, etc. These include issues related to valuation, due diligence, asset quality, social obligations, labor relations, regulatory compliance, etc.
  • To facilitate the bank privatization process and address its challenges, the government has set up a high-level committee under NITI Aayog to prepare a roadmap and criteria for selecting and selling PSBs. The government has also assured that it will protect the interests of all stakeholders and ensure that no PSB customer is adversely affected by the privatization.

The cyberattacks

  • The cyberattacks refer to the malicious attempts by hackers or criminals to breach or disrupt the information systems or networks of banks or their customers. The cyberattacks can have various motives and objectives, such as stealing money, data, or identities, extorting ransom, disrupting services, damaging reputation, or advancing political or ideological agendas.
  • The cyberattacks have had a serious impact on the banking sector in India. According to a report by IBM Security, India witnessed the highest number of cyberattacks on the financial sector in 2022, accounting for 60% of the total attacks in the Asia-Pacific region. Some of the major cyberattacks on Indian banks in recent years include the Cosmos Bank heist in 2018, the City Union Bank fraud in 2018, the Punjab National Bank data breach in 2019, the Canara Bank malware attack in 2020, and the J&K Bank phishing scam in 2020.
  • The cyberattacks have exposed the vulnerabilities and gaps in the cybersecurity systems and practices of Indian banks and their customers. The cyberattacks have also caused financial losses, reputational damage, legal liabilities, and customer dissatisfaction for the banks and their customers.
  • To prevent and combat cyberattacks on the banking sector, the RBI has issued various guidelines and directives for banks to strengthen their cybersecurity frameworks and capabilities. These include setting up a cybersecurity operation center, conducting regular audits and tests, reporting incidents and breaches, implementing security controls and measures, creating awareness and training programs, etc. The RBI has also set up a Cyber Security and IT Examination (CSITE) cell to monitor and supervise the cybersecurity preparedness of banks. The RBI has also collaborated with other regulators and agencies to share information and intelligence on cyber threats and incidents.

D-SIB

Another local event that has impacted the banking sector in India is the Reserve Bank of India’s (RBI) list of Domestic Systemically Important Banks (D-SIBs), which are banks that are too big to fail and have strict regulations to ensure their stability. The RBI has been identifying and disclosing the D-SIBs since 2015, based on their size, interconnectedness, substitutability, and complexity. The D-SIBs are classified into four buckets, with increasing requirements of additional common equity tier 1 (CET1) capital as a percentage of risk-weighted assets. The higher the bucket, the higher the systemic importance and the additional capital requirement.

As of 2022, the RBI has identified three D-SIBs in India: State Bank of India (SBI), HDFC Bank, and ICICI Bank. SBI is in bucket 3, requiring an additional CET1 capital of 0.6%, while HDFC Bank and ICICI Bank are in bucket 1, requiring an additional CET1 capital of 0.2%. The RBI has also disclosed that Axis Bank, Kotak Mahindra Bank, and Punjab National Bank are among the other banks that are being monitored for their systemic importance.

The D-SIBs have a mixed impact on the banking sector in India. On one hand, the D-SIBs enjoy a competitive advantage and market confidence due to their perceived safety and government support. They also have access to a large customer base, diversified product portfolio, and economies of scale. On the other hand, the D-SIBs also face higher regulatory scrutiny and compliance costs due to their additional capital requirements and enhanced supervision. They also have to balance their social obligations and commercial objectives in serving the diverse needs of the Indian economy.

Some of the top banks for your Reference is:

Bank NameAssets (in crore)Market Share (in %)Customer Base (in million)Products and ServicesRatingsAwards
State Bank of India51,77,54522.6490Savings, current, fixed deposits, loans, cards, insurance, investments, remittances, etc.A- by S&P, Baa3 by Moody’s, BBB- by FitchBest Bank Award by Business Today-KPMG, Best Public Sector Bank Award by CNBC TV18
HDFC Bank17,99,5067.956.8Savings, current, fixed deposits, loans, cards, insurance, investments, remittances, etc.BBB+ by S&P, Baa3 by Moody’s, BBB- by FitchBest Large Bank Award by Business Today-KPMG, Best Bank Award by Forbes India
ICICI Bank15,73,8126.948.9Savings, current, fixed deposits, loans, cards, insurance, investments, remittances, etc.BBB- by S&P, Baa3 by Moody’s, BBB- by FitchBest Private Sector Bank Award by CNBC TV18, Best Digital Bank Award by IBS Intelligence
Axis Bank10,10,3254.430.5Savings, current, fixed deposits, loans, cards, insurance, investments, remittances, etc.BBB- by S&P and FitchBest Retail Bank Award by The Asian Banker

Conclusion

The banking sector in India is one of the most dynamic and diverse sectors in the economy, catering to the needs of various segments of customers and stakeholders. The banking sector in India is also influenced by various global and local events that can have positive or negative impacts on its performance and stability. Therefore, it is important for the banks and their customers to be aware of these events and their implications, and to take appropriate measures to mitigate the risks and leverage the opportunities. The banks in India also need to constantly innovate and adapt to the changing customer preferences and expectations, and to enhance their efficiency, profitability, governance, and resilience. By doing so, the banks in India can contribute to the growth and development of the Indian economy and society.

Banks will Remain Closed for 15 Days in April Month, Check Details


Bank Holiday 2023: RBI has released list of bank holiday for month of April 2023. If you are planning to visit bank for any work then you need to plan in advance as bank will remain closed for the 15 days in April 2023.

Bank Holiday April 2023

List of Bank Holidays 2023

Date DayStatusReason
1st April, 2023SaturdayClosedAnnual Maintenance
2nd April, 2023SundayClosedSunday
4th April, 2023TuesdayClosedMahavir Jayanti
5th April, 2023WednesdayClosedBabu Jagjivan Ram Birthday(Telengana)
8th April, 2023SaturdayClosedSecond Saturday
9th April, 2023SundayClosedSunday
14th April, 2023FridayClosedBabasaheb Ambedkar Jayanti/Bohag Bihu
15th April, 2023SaturdayClosedVishu/Bohag Bihu/Himachal Day/ Bengali New Year
16th April, 2023SundayClosedSunday
18th April, 2023TuesdayClosedShab-e-Qadr
21st April, 2023FridayClosedEid-ul-Fitr(Ramadan Eid)/Gadiya Puja/Jumat-ul-Vida
22nd April, 2023SaturdayClosed4th Saturday of Month
23rd April, 2023SundayClosedSunday
30th April, 2023SundayClosedSunday

Bank Holidays in March 2023

DateDayStatusReason
25th March, 2023SaturdayClosed4th Saturday
26th March, 2023SundayClosedSunday
30th March, 2023ThursdayClosedRam Navami

RBI Official Link

For more information about bank holidays, you can also visit official website of Reserve Bank of India at https://rbi.org.in/Scripts/HolidayMatrixDisplay.aspx. You will find details for the all holiday here.

Also read Big Relief to Employees, Government took Big Decision on NPS

Big Relief to Employees, Government took Big Decision on NPS


NPS- Representational Image

In a big relief to the employees finance minister Nirmala Sitharaman announced on Friday that the National Pension Scheme(NPS) will be reviewed under the chairmanship of the Union Finance Secretary, for which a committee will be formed. The committee will find a solution to the pension problems.

Addressing the Lok Sabha, she said that many such reports hav been received that there is a need to reform the National Pension Scheme for the government employees.

“Representation have been received that the National Pension System for the government employees need to be improved. I propose to set up a committee under the finance secretary to look into this issue of pension and evolve an approach which addresses the needs of the employees while maintaining fiscal prudence to protect common citizens. The approach will be designed for adoption by both central and state governments”

Nirmala Sitharaman(Finance Minister)

National Pension System Drawbacks

The National Pension Scheme (NPS) is a voluntary, defined contribution retirement savings scheme.It was launched by the Indian government in 2004 to provide retirement benefits to all citizens of India.NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and is open to all Indian citizens aged between 18 and 60 years.

Despite its benefits, the National Pension Scheme also has some drawbacks that investors should be aware of. Some of these drawbacks include:

  1. Limited investment choices: One of the significant drawbacks of the National Pension Scheme is its limited investment choices. NPS investors can only invest in equities, government bonds, and corporate bonds. This limited investment portfolio may not be suitable for investors who are looking for more diverse investment options.
  2. Limited liquidity: The National Pension Scheme has limited liquidity options. Investors cannot withdraw their entire investment before retirement, except in specific cases like terminal illness. This lack of liquidity may be a significant concern for investors who require regular access to their investments.
  3. Taxation on withdrawal: Although the National Pension Scheme offers tax benefits at the time of investment, withdrawals from NPS accounts are taxable. This means that investors will have to pay taxes on the amount they withdraw during retirement, which can reduce the total value of their investment.
  4. Lack of clarity on pension amount: The National Pension Scheme is a defined contribution scheme, which means that the final pension amount depends on the performance of the investment portfolio. Therefore, it is challenging to predict the pension amount with certainty. This lack of clarity may be a significant concern for investors who are looking for more predictable retirement benefits.

In conclusion, while the National Pension Scheme offers benefits, including tax benefits and retirement benefits, it also has several drawbacks, such as limited investment choices, limited liquidity options, taxation on withdrawal, and lack of clarity on pension amounts. Hope with this announcement, new committee will be able to address these issues.

Also read General Budget 2023: Income Tax Exemption Limit Increased from Rs 5 lakh to Rs 7 lakh, Finance Minister gave Statement

New Crypto Rule in India: What You Need to Know


New Crypto Rule in India: The Indian government has recently notified a new rule that brings the crypto sector under the Prevention of Money Laundering Act (PMLA), 2002. This means that crypto exchanges, custodians, wallets, and other service providers will have to comply with the anti-money laundering and counter-terrorism financing regulations, such as verifying the identity and address of their customers, maintaining records of transactions, and reporting suspicious activities to the authorities.

The new rule, which came into effect on March 9, 2023, is seen as a positive step by the Indian crypto industry, as it provides more clarity and legitimacy to the sector, which has been facing regulatory uncertainty and legal challenges for a long time. The industry hopes that the new rule will pave the way for a comprehensive crypto bill that will recognize and regulate crypto assets as a new asset class in India.

Chronology of Crypto Tax Levied by the Indian Government

The Indian government has been grappling with the issue of how to regulate and tax the crypto sector for a long time, as the popularity and adoption of cryptocurrencies have grown rapidly in the country. Here is a brief timeline of the major events and developments related to crypto tax in India:

  • 2017-2018: The Reserve Bank of India (RBI) issues a circular banning banks and financial institutions from dealing with or providing services to crypto entities, effectively cutting off the access of crypto exchanges and users to the banking system. The Income Tax Department also conducts surveys on some of the leading crypto exchanges and issues notices to thousands of crypto investors, asking them to disclose their income and pay taxes on their crypto gains.
  • 2019-2020: The Supreme Court of India quashes the RBI circular, restoring the banking access for the crypto sector and giving a boost to the industry. However, the government also introduces a draft bill in the parliament, proposing to ban all private cryptocurrencies and create a digital rupee as the official digital currency of the country. The bill is not passed and remains pending.
  • 2021: The government indicates that it will not impose a blanket ban on cryptocurrencies, but will regulate them as a new asset class. The government also forms an inter-ministerial committee to study the various aspects of crypto regulation and taxation. The crypto industry also forms a self-regulatory body, the Blockchain and Crypto Assets Council (BACC), to engage with the authorities and promote best practices and standards.
  • 2022: The government announces in the Union Budget 2022 that it will tax the income from the transfer of crypto assets at 30%, treating them as winnings from horse races or other speculative transactions. The government also imposes a tax deducted at source (TDS) on crypto transactions above a certain threshold. The government also clarifies that no deductions, except the cost of acquisition, will be allowed, and no losses in crypto transactions will be allowed to be carried forward. The government also states that it will introduce a bill to regulate crypto assets and create a digital rupee in the next session of the parliament.
  • 2023: The government notifies a new rule that brings the crypto sector under the Prevention of Money Laundering Act (PMLA), 2002, requiring the crypto service providers to comply with the anti-money laundering and counter-terrorism financing regulations. The government also passes the Crypto Currency and Regulation of Official Digital Currency Bill, 2023, which recognizes and regulates crypto assets as a new asset class, and creates a digital rupee as the official digital currency of the country.

Also Read Income Tax Notice: Tax notice will come for these 5 Transactions

Impact of Crypto under PMLA on Personal Finance

The new rule also has some implications for the personal finance of the crypto users and investors, as they will have to follow certain norms and guidelines while dealing with crypto assets. Here are some of the key points to note:

  • The new rule covers a wide range of transactions involving crypto assets, such as exchange between crypto and fiat currencies, exchange between different crypto assets, transfer of crypto assets, safekeeping or administration of crypto assets, and participation in and provision of financial services related to crypto assets.
  • The crypto service providers, such as exchanges, wallets, custodians, and intermediaries, will have to perform the know-your-customer (KYC) verification of their clients and users, and maintain records of their transactions and identity details for at least five years.
  • The crypto service providers will also have to report any suspicious or unusual transactions to the Financial Intelligence Unit (FIU), and cooperate with the authorities in case of any investigation or inquiry.
  • The crypto users and investors will have to provide their accurate and complete information to the crypto service providers, and update them in case of any changes. They will also have to comply with the tax rules and regulations applicable to their crypto income and assets.
  • The crypto users and investors will have to be careful and vigilant about the source and destination of their crypto funds, and avoid any involvement in any illegal or fraudulent activities, such as money laundering, terrorism financing, tax evasion, or cybercrime.
  • The crypto users and investors will have to bear the risk and responsibility of their crypto transactions, and be aware of the volatility and uncertainty of the crypto market. They will also have to diversify their portfolio and invest only what they can afford to lose.

The new rule that brings crypto under PMLA is a welcome step by the government, as it provides a regulatory framework and clarity for the crypto sector, and also safeguards the interests of the crypto users and investors. However, the new rule also imposes some obligations and duties on the crypto users and investors, and they will have to be more diligent and prudent in managing their personal finance involving crypto assets.

The Indian government has taken a gradual and cautious approach to crypto taxation, starting from a hostile stance to a more accommodative and supportive one. However, the crypto sector still faces some challenges and uncertainties, as the tax rules are complex and evolving, and the regulatory framework is not fully established. Therefore, the crypto users and investors in India need to be vigilant and informed about the legal and financial implications of their crypto activities, and follow the guidelines and norms issued by the authorities and the industry.

Hope this article will be able to provide you information you need.

Linking of PAN-AADHAR: You are going to Loose Your PAN Registration if You don’t do This


Linking of PAN-AADHAR

Linking of PAN-AADHAR: The deadline to link your Permanent Account Number (PAN) and Aadhaar is March 31, 2023. Do note that now there is a penalty applicable for linking PAN with Aadhaar. If you link your PAN with your Aadhaar now, then you are liable to pay a late fee of Rs 1,000 as the last date for linking without penalty was June 30, 2022 which is already past.

Why You Should Link Your PAN and Aadhaar Card Before March 31, 2023

Linking of PAN-AADHAR: PAN (Permanent Account Number) and Aadhaar (Unique Identification Number) are two important documents that every Indian citizen should have. They serve as identity proofs and also help in various financial transactions such as filing income tax returns, opening bank accounts, applying for loans, etc.

However, having these documents is not enough. You also need to link your PAN and Aadhaar card before March 31, 2023. This is a mandatory requirement as per Section 139AA of the Income Tax Act 1961. If you fail to do so, you may face some serious consequences such as:

  • Your PAN will become invalid and you will not be able to use it for any purpose.
  • You will not be able to file your income tax returns or claim refunds.
  • You may have to pay a penalty of up to Rs 10,000 for violating the law.
  • You may face difficulties in availing various government schemes and subsidies that require Aadhaar authentication.

Therefore, it is advisable to link your PAN and Aadhaar card as soon as possible. Here are some easy ways to do it:

How to Link your PAN and Aadhaar Card Online

Linking of PAN-AADHAR: One of the simplest ways to link your PAN and Aadhaar card online is through the official website of Income Tax Department www.incometax.gov.in. You can also use other websites or apps that offer online PAN-Aadhaar linking services such as HDFC Bank or UTIITSL.or

https://eportal.incometax.gov.in/iec/foservices/#/bl-link-aadhar

To link your PAN and Aadhaar card online, you need to follow these steps:

  • Visit the website or app that offers online PAN-Aadhaar linking service.
  • Enter your PAN and Aadhaar number along with other details such as name, date of birth, gender etc.
  • Verify your details by entering an OTP (One Time Password) sent to your registered mobile number or email id.
  • Submit the request and get a confirmation message on successful linking.

How to Link your PAN and Aadhaar Card Through SMS

Another convenient way to link your PAN and Aadhaar card is through SMS. You can send an SMS from your registered mobile number to either 567678 or 56161 with the following format:

UIDPAN<space><12 digit Aadhaar number><space><10 digit PAN>

For example: UIDPAN 123456789012 ABCDE1234F

You will receive an SMS confirmation on successful linking.

How to Link your PAN and Aadhaar Card Through Web Portal

A third option to link your PAN and Aadhaar card is through a web portal provided by Income Tax Department eportal.incometax.gov.in or incometaxindiaefiling.gov.in. This option requires you to register on the portal with your PAN as the user id if not already done.

To link your PAN and Aadhaar card through web portal, you need to follow these steps:

  • Log into the portal with your user id, password and date of birth.
  • A pop-up window will appear to link PAN with Aadhaar or go to ‘Profile Settings’ on the Menu bar and click on Link Aadhaar.
  • Enter your details such as name, date of birth, gender etc. as per both documents.
  • Tick on ‘I agree’ checkbox after verifying all details carefully
  • Click on ‘Link Now’ button You will get a message stating that “Your request has been submitted successfully”.

Benefits of linking your PAN and Aadhar card

Linking of PAN-AADHAR card has many benefits such as:

  • Simplifying the process of filing income tax returns
  • Reducing errors in verification of identity
  • Preventing frauds and misuse of documents
  • Enhancing transparency in financial transactions

Also read Metro Card Recharge: Now you can Recharge your Metro Card Through Whats App, Check How

What will happen if you don’t link your PAN and Aadhaar by March 31, 2023?

Here is a possible article about the consequences of not linking PAN with Aadhaar:

The government has made it mandatory for all taxpayers to link their Permanent Account Number (PAN) with their Aadhaar number by March 31, 2023. This is to prevent tax evasion and frauds using multiple PAN cards. If you have not linked your PAN and Aadhaar yet, you should do it as soon as possible to avoid any inconvenience and penalty.

According to the Income Tax Department, if you do not link your PAN and Aadhaar before March 31, 2023, your PAN will become inactive. This means that you will not be able to use your PAN for any financial transactions where quoting of PAN is mandatory. Some of these transactions are:

  • Filing income tax returns
  • Opening a bank account
  • Applying for a loan or credit card
  • Buying or selling property or shares
  • Making cash deposits or withdrawals above Rs 50,000
  • Investing in mutual funds or insurance

If you link your PAN to your Aadhaar after March 31, 2023, you will have to pay a late fee of Rs 1,000 as per Section 234H of the Income Tax Act. This fee will be in addition to any other penalty that may be imposed by the Income Tax Department for non-compliance.

Therefore, it is advisable to link your PAN and Aadhaar before the deadline to avoid any hassle and extra cost. You can link your PAN and Aadhaar online through the e-filing portal of the Income Tax Department.

Who are Exempted from PAN-AADHAR Linking

However, some categories of people are exempted from linking their PAN with Aadhaar. These are:

  • Non-residents as per Income Tax Act
  • Individuals above 80 years of age
  • Individuals residing in Assam, Jammu & Kashmir and Meghalaya
  • Individuals who do not have an Aadhaar number or have applied for one but have not received it yet

If you belong to any of these categories, you can furnish a copy of your passport, voter ID card or driving license instead of Aadhaar while filing your income tax returns.

To check whether your PAN and Aadhaar are linked or not, you can visit https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/AadhaarPreloginStatus.html and enter your PAN and Aadhaar number. You will get a confirmation message if they are linked successfully.

Linking your PAN and Aadhaar is a simple process that can save you from a lot of trouble later on.

So don’t delay it any further and do it today!

Metro Card Recharge: Now you can Recharge your Metro Card Through Whats App, Check How

Metro Card Recharge: Metro Being the Life Line of cities, lakhs of people travels by metro train. To make travel easier Metro Rail Corporation keep updating their services.

Metro Card Recharge

Due to the crowd, you have to stand in a long line. But, now you will be able to book, recharge or cancel metro tickets through WhatsApp only . However, this facility has been started only in four cities of the country.

How to Recharge Your Metro Card Online and Through WhatsApp

Metro cards are smart cards that can be used to pay for metro train fares in various cities across India. They offer convenience, security and savings to the commuters. However, recharging metro cards can sometimes be a hassle, especially when there are long queues at the ticket counters or recharge machines.

Thankfully, there are some easy ways to recharge your metro card online and through WhatsApp. Here are some steps you can follow to avoid the hassle of recharging your metro card offline.

Recharge your metro card online

One of the simplest ways to recharge your metro card online is through the official website of Delhi Metro Rail Corporation (DMRC) www.dmrcsmartcard.com. You can also use other websites or apps like Paytm that offer online metro card recharge services.

To recharge your metro card online, you need to follow these steps:

  • Visit the website or app that offers online metro card recharge service.
  • Enter your metro card information such as card number and balance.
  • Select the amount of rupees you want to recharge your card with. You can choose from various options ranging from Rs 100 to Rs 3000.
  • Make the payment using your debit/credit card, net banking or wallet.
  • After successful online recharge, you will receive a confirmation message on your registered mobile number or email id.

Recharge your metro card through WhatsApp

Another innovative way to recharge your metro card is through WhatsApp. DMRC has recently launched a new service that allows commuters to recharge their metro cards through WhatsApp. This service is available for both Android and iOS users.

To recharge your metro card through WhatsApp, you need to follow these steps:

  • Save the DMRC’s official WhatsApp number +91 9911556677 on your phone contacts.
  • Open WhatsApp and send a message “Hi” to this number.
  • You will receive a welcome message with a link to register for this service.
  • Click on the link and fill in your details such as name, email id and mobile number.
  • You will receive an OTP on your registered mobile number. Enter it on the registration page and submit it.
  • You will receive a confirmation message with a link to recharge your metro card.
  • Click on the link and enter your metro card information such as card number and balance.
  • Select the amount of rupees you want to recharge your card with. You can choose from various options ranging from Rs 100 to Rs 3000.
  • Make the payment using any UPI app such as Google Pay, PhonePe or Paytm UPI.
  • After successful payment, you will receive a confirmation message on WhatsApp.

Benefits of recharging your metro card online and through WhatsApp

Recharging your metro card online and through WhatsApp has many benefits such as:

  • Saving time and avoiding queues at ticket counters or recharge machines
  • Getting cashback offers and discounts on online payments
  • Recharging anytime and anywhere with just a few clicks
  • Tracking your transaction history and balance easily

Whats App Recharge Facilities in 4 Cities

At present, this facility is started in 4 cities which includes Mumbai, Bangalore, Hyderabad and Pune Metro. Users of these four cities can recharges their card by using Whats App chatbot.

Also Read Loan Restructuring Vs. Loan Refinancing: A Guide for Borrowers

Good News for SBI-HDFC-ICICI Bank Customers- RBI have made these change in UPI Transaction Limit


UPI Transaction Limit: Unified Payments Interface (UPI) has become one of the most popular modes of digital payments in India, offering a quick, convenient, and secure way to transfer money between bank accounts. However, different banks have set different transaction limits on UPI transfers, which can vary based on factors such as the type of bank account, the user’s transaction history, and the purpose of the transfer. In this article, we will discuss the transaction limits set by some of the major banks in India on UPI transfers.

Transaction Limit of Banks on UPI

UPI transactions also have certain limits that vary across banks. Depending on the bank, it could be anywhere from INR 10,000 to INR 1 lakh per transaction. For instance, the maximum amount you could transfer in a single transaction using the BHIM UPI app is INR 1 lakh, and you could only transfer to a maximum of INR 1 lakh in a day. Some banks also have limits on the number of transactions per day or per month.

  1. State Bank of India (SBI): SBI, the largest bank in India, has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  2. HDFC Bank: HDFC Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  3. ICICI Bank: ICICI Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  4. Axis Bank: Axis Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 20 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  5. Punjab National Bank (PNB): PNB has set a daily transaction limit of Rs. 50,000 per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  6. Kotak Mahindra Bank: Kotak Mahindra Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.

Benefit of UPI Transaction Limit by Banks

The benefit of UPI transaction limit by banks is that it helps to prevent fraud and misuse of the system. By imposing a limit on the amount and frequency of transactions, banks can reduce the risk of unauthorized transactions or cyberattacks. It also helps to maintain the stability and efficiency of the UPI network by avoiding congestion or overload.

However, some users may find the UPI transaction limit by banks inconvenient or restrictive. For example, if they want to make a large purchase or pay a high bill using UPI, they may have to split their payment into multiple transactions or use another mode of payment. They may also face issues if they exceed their daily or monthly limit due to multiple transactions with different merchants or service providers.

Therefore, UPI transaction limit by banks has both advantages and disadvantages for users. It is important for users to be aware of their bank’s UPI transaction limit and plan their payments accordingly. They can also check with their bank if they can increase their limit based on their usage pattern and credit history.

These transaction limits are subject to change at the discretion of the banks, and may also depend on the type of bank account, the user’s transaction history, and the purpose of the transfer. It is advisable to check with the respective bank’s customer service or website for the latest transaction limits before making a UPI transfer.

Also read: EPF- Employee Provident Fund Explained

Key Changes Made by RBI for UPI Transaction

There are a few new rules of RBI on UPI transaction that have come into effect recently or will come into effect soon. Here are some of them:

  • The threshold for the contactless card transactions through cards and UPI will be increased from Rs 2,000 to Rs 5,000 from January 1, 2021. This is done to encourage digital payment which is truly safe and secure.
  • The transaction limit for payments through UPI for retail buying of government securities and IPO applications will be enhanced from Rs 2 lakh to Rs 5 lakh. This is proposed to facilitate greater retail participation in these instruments.
  • The customers will have to provide additional factor authentication (AFA) for recurring online transactions using cards, wallets or UPI above Rs 5,000 from October 1, 2021. This is done to improve customer convenience and safety while making recurring payments.
  • The Reserve Bank has launched UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users on March 8, 2022. This is done to promote financial inclusion and digital literacy among the masses.

In conclusion, UPI has revolutionized the way digital payments are made in India, but the transaction limits set by different banks can sometimes pose a challenge for users. It is important to be aware of these limits and plan transactions accordingly to avoid any inconvenience or delays. With UPI usage continuing to grow, it is likely that these transaction limits will also evolve to keep up with the changing needs of customers.

General Budget 2023: Old Tax Vs. New Tax Regime- Which one is Better?


Old Tax Vs. New Tax Regime: With the announcement of Budget 2023-24, Finance Minister Nirmala Sitharaman has said she is making new tax regime as default regime. However, citizens will have option to avail the benefit of old tax regime.

General Budget 2023: Old Tax Vs. New Tax Regime

The amount of taxes you pay is likely to change ahead. Finance Minister Nirmala Sitharaman in her budget speech has made key major announcements for hard-working middle-class citizens who pay taxes. These are called new income tax slabs and the Centre has decided to make it a default tax regime. However, the old income tax slabs regime has not been abolished as well. Instead, taxpayers now have the option between the two regimes when paying for their taxes. But which one is better?

What is the new income tax slabs regime?

Firstly, FM cleared the air over the rebate on an income of ₹5 lakh which is free from taxes in both old and new tax regimes. This will change ahead!

Sitharaman has proposed to make the exemption limit to ₹7 lakh under the new tax regime — which means that up to this income amount a taxpayer will not be required to pay any tax.

Further, she proposed of change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to ₹3 lakh.

Hence, the new tax rates are:

  • Income slab of ₹3 lakh: No tax levied
  • Income of ₹3 lakh to ₹6 lakh: 5% tax rate
  • Income of ₹6 lakh to ₹9 lakh: 10% tax rate
  • Income of ₹9 lakh to ₹12 lakh: 15% tax rate
  • Income of ₹12 lakh to ₹15 lakh: 20% tax rate
  • Above ₹15 lakh income: 30%.

Additionally, the FM has proposed to reduce the surcharge rate from 37% to 25% on the highest tax rate in the country of 42.74% — which is among the highest in the world. With the reduction in the surcharge rate, the maximum rate would be 39%.

Also, FM proposed to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of ₹15.5 lakh or more will thus stand to benefit by ₹52,500.

But FM also said, “we are also making the new income tax regime as the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.”

What are old income tax slabs?

The old tax regime have following tax slabs which have been opted by many citizens instead of announcement of new tax regime in previous year.

  • Income up to ₹2.5 lakh: Exempted from tax
  • Income of ₹2.5 lakh to ₹5 lakh: 5% tax rate
  • Income of ₹ ₹5 lakh to ₹7.5 lakh: 15% tax rate
  • Income of ₹7.5 lakh to ₹10 lakh: 20% tax rate
  • Income of above ₹10 lakh: 30% tax rate

Which one is better?

Before understanding which is a better regime, you need to first understand which factors will be taken into consideration for calculation of income tax amount.

According to India’s leading tax and financial services software platform, Clear’s calculation, without any deduction claims, the new tax regime is beneficial. A taxpayer saves more taxes under the new tax regime. It needs to be noted that this would be without any deductions that are available in old regime.

Also Read General Budget 2023: Income Tax Exemption Limit Increased from Rs 5 lakh to Rs 7 lakh, Finance Minister gave Statement

In the older regime, a tax rebate is applicable till income of ₹5 lakh under section 87A of the IT Act. The maximum rebate comes to around ₹12,500. Now, this rebate is added to income tax payable above ₹5 lakh. Hence, only the income class of ₹5 lakh salary, does not pay any taxes.

Examples:

For example, Mr. XYZ has a salary of ₹10 lakh and decided to choose the old tax regime. Let’s suppose, tax deductions under sections 80C, 80D, and 24 (b) cumulatively come to around ₹2.5 lakh. Taking into consideration the deduction amount, the taxable amount is around ₹7.5 lakh ( ₹10 lakh minus ₹2.5 lakh tax benefits).

Tax amount on income of ₹7.5 lakh:

Till ₹2.5 lakh income: Nil Tax

Income tax slab between ₹2.5 lakh to ₹5 lakh: 5% tax rate on ₹2.5 lakh (the difference between ₹2.5 to ₹5 lakh) which comes to around ₹12,500

Income tax slab between ₹5 lakh to ₹10 lakh: 20% tax rate is levied on the remaining ₹2.5 lakh, taking the amount to ₹50,000

Taking the above into consideration, the tax amount that needs to be paid would be ₹62,500 ( ₹12,500 + ₹50,000).

But if deductions are not included in the old regime:

– Till income of ₹2.5 lakh, no tax will be levied.

– ₹12,500 tax between income bracket of ₹2.5 lakh to ₹5 lakh

– 20% levied on the remaining ₹5 lakh which falls under the income tax bracket of ₹5 lakh to ₹10. The tax amount here comes to around ₹1 lakh.

Taking these into consideration, the tax payable amount would be ₹1,12,500 in the old regime.

Under the revised new tax regime: 

Taking the same example into consideration, the taxable amount will be ₹10 lakh.

– ₹0 to ₹3 lakh: No Tax

– ₹3 lakh to ₹6 lakh: Tax rebate of ₹15,000 (5% under section 87A)

– ₹6 lakh to ₹9 lakh: 10% tax rate which leads to ₹30,000

– ₹9 lakh to ₹12 lakh slab: The remaining ₹1 lakh amount falls under this bracket, hence, the tax amount here would be ₹15,000

The tax amount payable would be ₹60,000 ( ₹15,000 + ₹30,000 + ₹15,000) in the new revised regime.

Hence, without the tax deduction amount claimed, the new regime is much better for taxpayers to save on taxes. But if deductions are included, then old regime is more beneficial.

For example: If your salary comes to around ₹20 lakh. Under this salary income, the highest tax rate of 30% is same for both new and old regime, however, the tax amount varies. 

Old regime:

Under the old regime, without claiming tax deduction benefits, here’s how your tax amount will be.

  • Income till ₹2.5 lakh: No tax
  • Tax on income slab from ₹2.5 lakh to ₹5 lakh: ₹12,500 payable (5% of ₹2.5 lakh).
  • Tax on income slab from ₹5 lakh to ₹10 lakh: Tax amount to come around ₹1,00,000
  • Above ₹10 lakh: 30% levied on the remaining amount of ₹10 lakh – the amount comes to around ₹3,00,000.

The tax payable amount is ₹4,12,500 ( ₹12,500 + ₹1 lakh + ₹3 lakh) on a salary of ₹20 lakh in the old regime.

New revised regime:

  • Same example:- No tax till ₹3 lakh
  • ₹15000 between income slab of ₹3 lakh to ₹6 lakh (5%)
  •  ₹30,000 between income tax slab of ₹6 lakh to ₹9 lakh (10%)
  •  ₹45,000 between income slab of ₹9 lakh to ₹12 lakh (50%)
  •  ₹60,000 between income slab of ₹12 lakh to ₹15 lakh (20%)
  • ₹1,50,000 on above ₹15 lakh (30% on ₹remaining ₹5 lakh)
  • The total tax payment comes to around ₹3 lakh ( ₹15,000 + ₹30,000 + ₹45,000 + ₹60,000 + ₹1.5 lakh).
  • Similar is the case with other income salaries. 

From the above it can be seen that individuals earning salaries upto ₹7 lakh are biggest beneficiary in new regime. 

“Taxpayers who want to avoid the hassles of claiming traditional deductions, who usually do not opt for HRA or claim other reimbursements via an employer or do not want to invest in traditional 80C, may now see the new regime as an option.

“Taxes are lower yet old regime may still play out better for taxpayers, all depends on how well structured their CTC is, to allow for reimbursements and claims and how well they can maximize the exemptions available to them. Nevertheless, the messaging is clear, the government is aiming to move towards the new tax regime.”

FAQ- New Tax Regime Vs. Old Tax Regime

Ques: Which tax regime is better old or new?

Ans- Old vs new income tax regime: Those who claim less than ₹3.75 lakh exemption will save money in the new tax regime, a ministry official explained. “So, a taxpayer who claims deductions less than ₹3.75 lakh while filing the annual I-T returns will be advised to opt for the new tax regime as declared in the Budget.

Ques: What is the benefit of new tax regime?

Ans: The new tax regime was announced for individuals who were unable to claim the benefits of the deductions and tax exemptions available. It also helps to ease the compliance burden for the salaried taxpayers. Currently, the new tax regime offers 6 tax slabs and lower tax rates as compared with the old income tax regime.

Ques: What is the drawback of new tax regime?

Ans: Deductions of leave travel. House rent allowances deductions. Many special allowances will now no longer have deductions such as children education allowance, hostel allowance, uniform allowance and many more. No deductions on allowances to MPs/MLAs.

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General Budget 2023: Income Tax Exemption Limit Increased from Rs 5 lakh to Rs 7 lakh, Finance Minister gave Statement


India’s Finance Minister Nirmala Sitharaman (3R) looks on as she leaves the Finance Ministry for the Parliament to announce the 2020-21 union budget, in New Delhi on February 1, 2020. (Photo by Prakash SINGH / AFP)
  1. General Budget 2023: Now under the new tax regime, no tax till annual income up to Rs 7 lakh – FM Sitharaman

Finance Minister Nirmala Sitharaman has made a big announcement regarding tax slabs. Now under the new tax system, no tax will have to be paid till the annual income of up to Rs 7 lakh. Till now this limit was 5 lakh rupees.

FM Sitharaman proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime

Govt to enhance grievance redressal mechanism for direct tax payers

An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000

No tax for income up to Rs 3 lakh; 5 percent tax on Rs 3-6 lakh; highest tax rate of 30 percent on income above Rs 15 lakh under new tax regime.

An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax, down from Rs 1.87 lakh under new tax structure

Govt to provide higher limit of Rs 2 lakh per member for cash deposit and loans by Primary Agricultural Credit Societies

Govt proposes to reduce highest surcharge rate from 37 percent to 25 percent in new tax regime.

Finance Minister Nirmala Sitharaman has made a big announcement regarding tax slabs. Now under the new tax system, no tax will have to be paid till the annual income of up to Rs 7 lakh. Till now this limit was 5 lakh rupees.

2. PM Awas Yojana:

Big announcement in the budget on PM Awas Yojana, Finance Minister made this announcement

3. Farm sector receives major boost as FM renews thrust on rural India

Finance Minister Nirmala Sitharaman proposed increase in the agriculture credit target in the Budget 2023 to Rs 20 lakh crore, with an emphasis on industries such as animal husbandry, dairy and fishery. She also proposed a sub-scheme of PM Matsya Sampada Yojana with a targeted investment of Rs 6,000 crore. 

4. No News on Bank Privatisation 

More than an hour into the Budget 2023 speech, FM Nirmala Sitharaman has not touched up on any key banking sector reforms including the long held promise of privatization of public sector banks. To be sure, this is no surprise. Ahead of the 2024 general elections and considering the politically sensitive nature of the move, the Government was expected to keep mum on the bank privatization issue. However, one must remember that privatization of at least two PSBs was a key announcement in Sitharaman’s last budget. A year later, this is nowhere discussed. Is bank privatization totally off the agenda or is the FM keeping the big announcement to the last?

5. Boost for Infrastructure

FM Sitharaman has proposed to hike the capital expenditure by 33 percent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 33 percent of the GDP.100 critical transport infrastructure projects, for the last and first-mile connectivity for ports, coal, steel, fertilizer and food grains sectors have been taken up on priority with an investment of Rs 75,000 crore, including Rs 15,000 crore from private sources.

6. Calamity Cess on Cigarettes 

Cigarettes get hit by a steep 16 percent increase in the calamity cess imposed on them. This will lead to an increase in cigarette prices and could hurt volume growth in the near term. ITC will get affected but so will other tobacco stocks

7. DigiLocker Expansion for fintech Companies

Finance Minister Nirmala Sitharaman has announced the expansion of the Government digital certificate depository Digilocker services for the fintech sector. This is a boost for fintech startups as so far the DPI only allows individuals to store and share their certificates, such as academic records, driving licence, PAN cards. Documentation availability will be the focus for the DigitLocker expansion for the fintech sector, The fintech sector has been facilitated by digital services, PM Jan Dhan Yojana, Indian Stack and UPI,” Sitharaman said

8. Fintech Sector update

Digital payments rose 76% in transaction and 91% in value terms in 2022

Rs 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.

Fiscal support for digital public infrastructure (DPI) will continue in 2023-2024

The scope of documents available in DigiLocker for individuals will be expanded

An entity DigiLocker will be set up for use by MSMEs and large businesses

PM VIKAS scheme will now include access to digital payments and social security

Subsidy for UPI expected to jump two-folds to Rs 2,137 crore in FY23 over previous fiscal

Allocation for digital payments promotion remains stagnant at Rs 1500 crore for last three years

9. Cost of Products

Which imports are now cheaper: Aero planes and other aircrafts; Gold (including gold plated with platinum) unwrought or in semimanufactured forms, or in powder form; Base metals or silver, clad with gold, not further worked than semimanufactured; New or retreaded pneumatic tyres, of rubber, of a kind used on aircraft of heading; Platinum, unwrought or in semimanufactured form, or in powder form; Waste and scrap of precious metal or of metal clad with precious metal; several aquaculture inputs; Some TV, camera parts 

Which imports are more costly: Vehicle (including electric vehicles); Silver Dore; Naphtha; styrene, Vinyl Chloride Monomer, Compounded Rubber, Articles of precious metals, Imitation Jewellery, Electric Kitchen Chimney, Bicycles, Toys and parts of toys (other than parts of electronic toys)

10. Proposals for energy sector

FM Sitharaman has proposed an outlay of Rs 35,000 crore to achieve energy transition and net zero objectives and listed green growth among seven priorities of the government.

With an outlay of Rs 19,700 crore, National Green Hydrogen Mission will facilitate transition of economy to low carbon intensity, reduce dependence on fossil fuel imports and make the country adopt technology and market leadership in this sector.

Government will provide viability gap funding for 4,000 MWh battery energy storage systems.

Detailed framework for pumped storage projects will be formulated.

Inter state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with an investment of Rs 20,700 crore, including the central government support of Rs 8,300 crore.

A green credit programme will be notified under the Environmental Protection Act.

Is the Rs 7-lakh tax-free income limit only for the new tax regime?

Finance minister has proposed that individuals with an income of up to Rs 7 lakh will not have to pay any tax under the new tax regime. They will be eligible for a rebate under section 87A that is currently available to individuals with income of up to Rs 5 lakh, she said during her Budget 2023 speech.

Finance Minister Nirmala Sitharaman on February 1 announced that individuals with an income of up to Rs 7 lakh will not have to pay any tax under the new tax regime.

They will be eligible for a rebate under section 87A that is currently available to individuals with income of up to Rs 5 lakh, she said during her Budget 2023 speech.

No rebate for taxpayers opting for the older tax regime

If you, like most other tax-payers, have been opting for the older, with-exemptions tax regime that offers tax breaks under section 80C among other things, you will not be eligible for this rebate on the enhanced income limit. You will get a rebate under the old regime only if your income is less than Rs  5 lakh.

Loan Restructuring Vs. Loan Refinancing: A Guide for Borrowers

Loan Restructuring Vs. Loan Refinancing: Both terms are quite confusing and can be understand as interchangeable or synonym for each other. Well it is not as both terms are quite different and serve specific purpose. In this article we will understand both of term in details so that you will not confuse in future.

Loan Restructuring Vs. Loan Refinancing: A Guide for Borrowers

What is Loan Restructuring?

Consider an example that, a small business owner in India who operates a clothing store may have taken out a loan to purchase inventory, but due to the COVID-19 pandemic, the store has experienced a significant reduction in footfall and revenue. The business owner may be unable to meet the loan repayment schedule and would have to consider loan restructuring as an option.

Loan restructuring is the process of renegotiating the terms of a loan between the lender and borrower. This can include changes to the interest rate, payment schedule, or the length of the loan. The goal of loan restructuring is to make the loan more affordable for the borrower, allowing them to continue making payments and avoid defaulting on the loan.”

Let’s Understand Further-

  • Reason for Restructuring :
    • a) Financial Hardship: One of the most common is financial hardship. If a borrower has experienced a loss of income or unexpected expenses, they may no longer be able to afford the terms of their loan.
    • b) Difference in Interest Rate: Some borrowers may have taken out a loan at a higher interest rate than they could have qualified for at the time, and wish to refinance for a lower rate.
  • Who will Benefit: Loan restructuring can be beneficial for both the lender and the borrower.
    • a) For the lender– it can help prevent default on the loan and reduce the risk of losing money.
    • b) For the borrower– it can make loan payments more affordable and prevent the negative consequences of default, such as legal action.
  • Options under Restructuring for Individual: There are several options available for loan restructuring.
    • a) Term Modification: One of the most common restructuring is a modification, in which the lender agrees to change the terms of the loan.
    • b) Reduced interest rate
    • c) Extended loan term
    • d) Change in payment schedule
  • Options under Restructuring for Businesses: For Businesses loan restructuring can include
    • a) Debt forgiveness or debt-equity swaps– Debt forgiveness is when a lender forgives a portion of the debt, which can be beneficial for businesses that are struggling to make loan payments.
    • b) Debt-equity swaps– A debt-equity swap is when a lender takes an ownership stake in the business in exchange for debt forgiveness. This can be beneficial for businesses that need to raise capital but may not be able to qualify for a loan.

Under the RBI’s loan restructuring scheme, the business owner could request a reduction in the interest rate or an extension of the loan repayment period, making the loan more affordable and manageable.

Overall, loan restructuring is an important tool for borrowers and lenders to help manage loan payments and avoid default. It can be beneficial for both parties, allowing borrowers to make loan payments more affordable and lenders to reduce the risk of losing money. If you are experiencing financial hardship or wish to lower your interest rate, consider reaching out to your lender to discuss loan restructuring options.

It’s worth noting, that loan restructuring is not always an option, the lender might not agree to do so and the borrower might not qualify. It’s important to understand the terms and conditions of the loan agreement and the lender’s policies on loan restructuring before making any decision. It’s also important to seek professional advice, before making any decision regarding loan restructuring.

Also read Insurance Portability- Meaning, Advantages & Disadvantages

Loan Restructuring in Indian Businesses

In India, loan restructuring has become a common practice for businesses that have been impacted by the economic downturn caused by the COVID-19 pandemic. Many businesses have seen a significant reduction in revenue and cash flow, making it difficult for them to meet their loan obligations. In response, the Reserve Bank of India (RBI) has introduced several measures to help businesses restructure their loans.

One such measure is the loan restructuring scheme announced by the RBI in August 2020, which allows eligible borrowers to restructure their loans without being classified as defaulted. Under this scheme, borrowers can request a one-time restructuring of their loans, which can include changes to the interest rate, repayment period, and other terms and conditions.

Also Read OPD Insurance- Why it is important in your medical Insurance Policy?

What is Loan Refinancing?

Consider a situation, a home-owner in India may have taken out a home loan at a high-interest rate several years ago. Over time, interest rates have dropped, and the borrower may wish to refinance the loan to take advantage of the lower interest rate. By refinancing the loan, the borrower can lower their monthly payments and ultimately pay less interest over the life of the loan.

Loan refinancing is the process of replacing an existing loan with a new one. The new loan typically has different terms and conditions than the original loan. The goal of loan refinancing is to improve the overall financial situation of the borrower, by reducing the interest rate, monthly payments, or overall cost of the loan.”

Lets Understand Further-

  • Reason for Refinancing: Refinancing can be done for a variety of reasons,
    • a) Lower Interest Rate– the most common reason for refinancing is being to lower the interest rate and monthly payments. For example, if a borrower initially took out a loan at a high-interest rate, they may wish to refinance to a loan with a lower interest rate, which will result in lower monthly payments.
    • b) Increase Time Duration: Additionally, some borrowers may want to refinance to a loan with a longer repayment term, which will also lower the monthly payments.
    • c) Consolidation- Another reason to refinance is to consolidate multiple loans into a single loan, this can make it easier to manage the loan payments and simplify the borrower’s financial situation. This is especially useful when borrowers have multiple loans with different interest rates and repayment terms. By consolidating these loans into a single loan, borrowers can take advantage of a lower interest rate and more favorable repayment terms.
  • Options Under Loan Refinancing: There are different types of loan refinancing options available, such as
    • Home Mortgage Refinance
    • Student Loan Refinance,
    • Auto Loan Refinance,
    • Personal Loan Refinance and
    • Business Loan Refinance.

Each type of loan has its own set of terms and conditions, and borrowers should consider the specific needs and goals of their financial situation before deciding which type of loan to refinance.

In recent years, The Reserve Bank of India (RBI) has introduced several measures to help borrowers refinance their loans. For example, the RBI has introduced a scheme for priority sector lending that allows eligible borrowers to refinance their existing loans with more favorable terms and conditions. Additionally, the RBI has introduced a scheme for external commercial borrowings (ECBs) that allows borrowers to refinance their existing ECBs with more favorable terms and conditions.

Also read EPF- Employee Provident Fund Explained

Pro & Cons of Loan Restructuring

It is very important to consider various factor before opting for Loan restructuring or Loan refinancing as there are various factors involved with it. Some of the pro and cons associated with loan restructuring are-

Pros of Loan Restructuring:

  1. Reduced monthly payments: By restructuring a loan, the borrower may be able to reduce their monthly payments, which can make it easier to manage their debt and make ends meet.
  2. Lower interest rate: Restructuring a loan can also mean a reduction in the interest rate, which can result in lower overall cost of the loan.
  3. Avoiding default: For borrowers who are struggling to make their loan payments, loan restructuring can help them avoid default and prevent negative consequences such as foreclosure or bankruptcy.
  4. Flexibility: Loan restructuring allows borrowers to customize the terms of their loan to fit their specific needs and financial situation.

Cons of Loan Restructuring:

  1. Cost: Restructuring a loan can come with additional costs such as legal fees, appraisal costs, and other charges.
  2. Credit score impact: Restructuring a loan can have a negative impact on a borrower’s credit score, particularly if the loan was restructured to avoid default.
  3. Long-term consequences: While loan restructuring can provide short-term relief, it may not address the underlying financial issues that led to the need for restructuring in the first place.
  4. Not always possible: Some borrowers may not qualify for loan restructuring, particularly if their credit score is too low or their financial situation is too dire.
  5. Depend on the lender: Loan restructuring is dependent on the lender’s policies and willingness to work with the borrower.

It’s important to weigh the pros and cons of loan restructuring before making a decision. Additionally, borrowers should seek professional advice and consider the terms and conditions of the loan agreement and the lender’s policies on loan restructuring before making any decision.

How to Navigate Loan Restructuring and Loan Refinancing

Navigating loan restructuring and loan refinancing in the Indian market can be a complex process, but there are a few steps that can help guide you through the process.

  1. Understand your options: Before you begin the process, it’s important to understand the different options available to you. This includes loan restructuring, loan refinancing, and debt consolidation.
  2. Review your current loan: Take a close look at your current loan and the terms and conditions that come with it. This will help you understand the implications of loan restructuring or refinancing.
  3. Assess your financial situation: Before you make a decision, it’s important to assess your current financial situation and understand your ability to repay the loan.
  4. Seek advice: Consult with a financial advisor or a loan specialist to get expert advice on the best course of action.
  5. Compare offers: Once you have a clear understanding of your options, it’s important to compare offers from different lenders to find the best deal.
  6. Negotiate with your lender: After you have chosen the best option, negotiate with your lender to get the best possible terms and conditions.
  7. Review the terms and conditions: Carefully review the terms and conditions of the loan before signing any agreements.
  8. Keep track of your payments: Keep track of your payments and make sure that you are keeping up with the new repayment schedule.

It is always recommended to consult with a financial advisor or a loan specialist before making any decision.

Impact of Loan Restructuring and Loan Refinancing on Business Operations and Growth

Loan restructuring and loan refinancing can have both positive and negative impacts on a business’s operations and growth. Some potential impacts include:

Positive impacts:

  1. Improved cash flow: By restructuring or refinancing a loan, a business may be able to reduce its monthly payments and improve its cash flow.
  2. Increased financial flexibility: Restructuring or refinancing a loan can provide a business with additional funds, which can be used to invest in new projects or expand operations.
  3. Reduced interest rates: By refinancing a loan, a business may be able to secure a lower interest rate, which can lead to significant savings over the life of the loan.
  4. Improved credit profile: By successfully restructuring or refinancing a loan, a business may be able to improve its credit profile, which can make it easier to secure financing in the future.

Negative impacts:

  1. Increased costs: Restructuring or refinancing a loan may come with additional costs, such as origination fees or prepayment penalties.
  2. Reduced credit availability: A business may be required to put up collateral or provide additional guarantees in order to secure a loan, which could limit its ability to secure additional financing in the future.
  3. Extended repayment period: Restructuring a loan may result in an extended repayment period, which can lead to additional interest charges over time.
  4. Reduced profitability: If a business is unable to meet the terms of the new loan, it could lead to a reduction in profitability or even business failure.

It is important to weigh the potential positive and negative impacts of loan restructuring or loan refinancing, and consult with a financial advisor before making a decision.

Hope that this article is able to explain both term in detail. Hope you don’t need to opt for these options but if you are going through cash crunch then take advise of financial advisor before choosing these options.

5 Benefits of Digital Rupee- Pilot Project Launched by RBI


|| Digital Rupee || Central Bank Digital Currency || Wholesale Segment || RBI || E-Rupee ||

The RBI has decided to first conduct a pilot rollout of the retail digital rupee. The central bank has identified eight banks for the project that will happen in two phases. The first will begin with four banks, State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.

The retail Digital currency is proposed to distributed through two-tier model

Digital Rupee-The Reserve Bank of India (RBI) has commenced its first pilot project to implement Central Bank Digital Currency (CBDC) in the Wholesale Segment(e₹-W) for secondary trade in government securities (G-secs) beginning on November 1, 2022.

Nine banks have been approved by the RBI for the e₹-W pilot launch – State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC Bank.

In introducing the digital rupee/CBDC, the RBI aims to “bolster India’s digital economy, enhance financial inclusion, and make the monetary and payment systems more efficient.” The central bank has clarified that the “CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems.”

Below is a brief summary of how regulators’ understanding of the digital rupee and its use case scenarios has developed in India.

What is the digital rupee?

A Central Bank Digital Currency(CBDC) or Digital Rupee is a digital version of Currency notes issued by central bank. So we can say that CBDC or digital rupee(e₹) is a new variant of central bank money different from physical cash or central bank reserve/settlement accounts.

The RBI defines the digital rupee as the legal tender issued by the central bank in a digital form and postulates following features for a unit to be called an Indian digital rupee:

  • Digital rupee is a sovereign currency issued by the RBI in alignment with their monetary policy
  • It appears as a liability on RBI’s balance sheet
  • It must be accepted as a medium of payment, legal tender, and a safe store of value by all citizens, enterprises, and government agencies.
  • Digital rupee must be freely convertible against commercial bank money and cash
  • It must be a fungible legal tender for which holders need not have a bank account

What are the different types of digital rupee?

Based on the usage and the functions performed by the digital rupee and considering the different levels of accessibility, digital rupee can be classified into two broad categories:

  • General purpose or retail (CBDC-R): They are an electronic version of cash primarily meant for retail consumption. They can be available for use by all private sector entities, non-financial consumers, and businesses.
  • Wholesale (CBDC–W): They are designed for restricted access by financial institutions. They could be used for improving the efficiency of interbank payments or securities settlement.

What is the Significance of Digital Rupee (e₹)?

  • With CBDC, India is targeting to make remarkable progress in the world’s rapidly advancing adoption of digital currencies.
  • RBI-backed digital rupee systems will further propel India’s digital economy, and make the monetary and payment systems more efficient.
  • Reduction in cost associated with physical cash management.
  • To further the cause of digitization to achieve a less cash economy.
  • Supporting competition, efficiency and innovation in payments.
  • Expand the usage of digital rupee for improvement in cross-border transactions.
  • Safeguard user trust in the national currency by proliferation of crypto assets.

What is Difference between Digital Rupee and Other form of Digital Money?

While money in digital for is being used in India as a book entries in bank account on commercial bank ledger and it is liability of commercial bank.

The digital rupee differ from other form of digital money available to public that it would be liability of RBI and not of commercial bank.

What is Difference between Digital Rupee & Cryptocurrency?

  • Cryptocurrency- It is a decentralized digital asset and a medium of exchange based on blockchain technology. Being decentralized means there is intermediary such as banks, financial institutions or central authority to back up.
  • Digital Rupee(e₹)- CBDC or Digital Rupee(e₹) is issued by the RBI and will function as government-backed money in digital form.

Frequently Asked Questions (FAQ)

QWhat is use of Digital Rupee?

Ans- It is interchangeable currency and value at par with Fiat currency.

Q- How is Digital rupee different from UPI?

Ans- UPI is a bank-to-bank transfer, so banks knows who you are paying and how much, whereas the Digital rupee is similar to cash and therefore it is directly transferred from one wallet to another without leaving any audit trail.

Q- How is digital rupee different from cryptocurrency?

Ans- Cryptocurrency is a decentralized form of money with no intermediaries in the transaction process.. While digital rupee is centralised form of money issued, guaranteed and regulated by RBI.

ALso Read Future of Digital Marketing Marketing Globally: Top 5 Emerging Trends in 2022

How much does AdSense Pay Me per 1000 Views?


You probably know that making money from a blog or website is a very lucrative proposition. It is notable that Adsense is perhaps one of the best choices for bloggers who would like to monetize their websites and blogs.

Google Adsense is a valuable advertising program, and it allows users to run adverts on their site, blog, or even YouTube videos and easily get paid when a visitor clicks on them.

Regardless of the fact that affiliate marketing might pay more than Google Adsense, keep in mind that Adsense ads offer you the peace of mind and stability that come with recurring income, which is great. And this is why for new sites or blogs, Google AdSense is one of the quickest ways to generate income. You can think of Adsense this way: It works like a saving account where you’ll get paid usually on a fixed interest rate.

How much I can earn with Adsense?

Scope of earning money blogging is endless. You can earn $100, $200, or even $1,000 a day using Google Adsense from a home office. And many website owners and bloggers are doing it. Perhaps the key things you need are planning, determination, work, and passion for both your topic and niche.

Note that Google charges advertisers on the basis of ad clicks. As a publisher, you will get 68 percent of the click amount (and 51 percent when it comes to Google AdSense for search). The commission you will receive depends mainly on the competition as well as CPC in a niche. In most cases, the commission per click will range between $0.20 and $15. Also, a majority of niches fetch less than $3 a click to publishers.¹ However, remember that some niches can be more profitable.

Factors affecting Adsense earning

The amount that you will earn will depend on many factors, and some of them are as follows-

Post Content

The content of your webpage drives your earnings more than any other variable. For example, pages that are regarding specific topics and are also high in demand by many advertisers (and hence, there is plenty of “ad inventory”) will likely earn more money compared to generalized news pages or webpages that are “multi-topic.” So, the crux is this: For the highest Adsense revenue, you should have shorter pages which are laser-focused on specific topics.

Ad Placement

There is no doubt that ad placement is critical in Google Adsense. If visitors do not click on your adverts, regardless of how many times they are displayed, you will earn nothing. The location of ads is really important and depends on your website layout and the traffic. However, a great starting point when it comes to the best places to locate adverts is going to the Google Heat Map page. You will find it on the Google Adsense help section.

How I can Get Paid from Adsense?

Note that Google pays users through check or direct deposit each month if their earnings either reach or are higher than $100. And if you do not earn $100 in a month, then your earnings will roll over and will be added to the subsequent month. Every time that you reach the threshold of $100, Google will issue the payment during the next payment period.

Steps to get paid

  1. The first step involves providing your tax information. Google may have to collect your tax-related information depending on your location. Then you will have to verify your personal information, such as Personal Identification Numbers (PINs). As they are sent to your mailing address, you should also confirm the accuracy of both your payment address as well as the payee name.
  2. The next step involves verifying your identity. Google may have to verify your identity with the help of information, such as your name, and address, etc. depending on your location. Now, you will have to verify your address.
  3. After verifying your address, you will have to select your form or kind of payment. You may select your preferred form of payment when your monthly earnings reach the threshold for the payment method selection. You may use various types of payment, depending on the payment address. Some of them are EFT (Electronic Funds Transfer) and wire transfer, etc.

Now all you have to do is meet your payment threshold. Note that a 21-day payment process period will begin if your current balance hits the payment threshold before the month ends. After the end of the processing period, Google will make you a payment.

When do I Get Paid?

Google Adsense will calculate your income for a full month period. Once the month ends, Google Adsense will take a couple of weeks in order to review the earnings and then identify any false impressions as well as clicks before finalizing your payment. They complete this review normally by the 20th of the next month. And Adsense will send the payments in the final week of the following month. If you have completed all the steps to get the payment, Google will issue a payment from the 21st to the 26th of the relevant month. You will also see a line item during this time. It will appear on the “Transactions” page and indicate that the payment is now in progress.

However, for EFT, you will have to wait four to ten days in order to receive the money in your bank after the payment process has started. On the other hand, a wire transfer may take up to fifteen days to reach your bank account.

As a publisher, you can make money simply by writing quality content and using Adsense for monetization. When it comes to long-term success on Google Adsense, you will need to write quality content that will help draw in more people to your website or blog.

You can also read15 Top Niche to Make Money Online 2022

7 Best WordPress Calculator Plugins for 2022


Are you looking for the best WordPress calculator plugin? Either it is for product cost calculation, length calculation, BMI Calculation, Advance Mortgage Calculator and many other functions. You can use plugins for your website.

Well, in this article, we’ve listed the plugins that help you create a calculator for pricing, investment, fitness, and more.

What to Look For in a WordPress Calculator Plugin

There are a lot of different calculator plugins out there that you could use on your WordPress site. Adding a calculator plugin to your website with WordPress calculator plugins benefits you in multiple ways.

These calculator plugins also help in processing order, quote estimation, etc. Moreover, for an online store, it makes your product page more engaging and enhances credibility.

Choosing a responsive calculator that looks good on mobiles and computers is also important. You may also want a plugin that lets you change the colors and styles of your calculator so it can match your website’s color scheme and brand.

Best WordPress Calculator Plugins for your website

1.Everest Forms Calculator Plugin

Everest Forms

If you’re selling any services or products online, Everest Forms calculator plugin could be a great tool to engage your visitors. This incredible form builder plugin allows you to create a calculator for banks, insurance, mortgage, online stores, etc. Besides that, it has an advanced calculation field for showing the results based on the product’s dimension and physical attributes.

Moreover, this plugin lets you add text and calculations into a field using conditional logic. Also, the plugin allows for additional expressions to run any mathematical calculation. Therefore, there’s no doubt that it’s the best WordPress calculator plugin that can perform simple calculations to complex mathematical operations.

Key Features

  • Allow to create donation forms, survey forms
  • Spam protected
  • Integrate with PayPal and Stripe
  • Supports shortcodes
  • Allows creating multi-step forms

2.Formidable Forms Calculators Plugin

Formidable Forms calculator plugin is a drag and drop form builder with a large range of pre-built calculator templates. These let you easily create different calculators on your WordPress blog or website.

With Formidable Forms calculator templates, you can create and add the following calculators on your site:

  • BMI Calculator
  • Percentage Calculator Template
  • Advanced Mortgage Calculator Template
  • Simple Mortgage Calculator Template
  • WooCommerce Product Configurator
  • Car Payment Calculator Template
  • Debt to Income Ratio Calculator Form Template
  • Life Insurance Calculator Template
  • ROI Calculator Form Template
  • Savings and Investment Calculator Form Template
  • Order/Billing Form Template
  • Age Calculator Form Template
  • Compound Interest Calculator Template
  • Final Grade Calculator Template
  • Pregnancy Due Date Calculator Form Template
  • Daily Calorie Intake Calculator Template
  • Length Conversion Calculator Form Template
  • Paycheck Calculator Form Template
  • Tip Calculator Form Template
  • Amortization Calculator Template

Some of these are simple, useful tools, like the percentage calculator, the length conversion calculator, the tip calculator, and the age calculator. Others are much more detailed and offer huge value to your users.

For instance, if you’re running a medical or health blog, you might want to offer a BMI (Body Mass Index) calculator or a Daily Calorie Intake calculator. These are easy to create using Formidable Forms.

If you sell real estate, you could use the simple mortgage calculator or the advanced mortgage calculator on your site. You could even offer tools like the debt-to-income ratio calculator to help users determine whether the mortgage is affordable.

All Formidable Forms calculators are responsive and look great on mobile devices. You can also easily customize them to match your website’s branding.

Formidable Forms is our top calculator pick due to its large range of calculators and ease of use. It’s also one of the best WordPress contact form plugins.

3. WooCommerce Measurement Price Calculator Plugin

Uni CPO – WooCommerce Options and Price Calculation Formulas calculator plugin is a fully featured plugin that creates an opportunity to add custom options for a WooCommerce products as well as enables custom price calculation based on any maths formula.

You can use fully featured visual form builder to add custom options.

Uni CPO – WooCommerce Options and Price Calculation Formulas is a fully featured plugin that creates an opportunity to add custom options for a WooCommerce products as well as enables custom price calculation based on any maths formula.

A fully featured visual form builder is used to add custom options. Would you like to place the options in two/three/more columns? Easy! Would you like to set custom color, margins, add custom text and so on? Yes, it’s possible too!!)

It takes only 3 minutes to personalize a WC product and implement price calculation based on the extra product options and any maths formula you like:
https://www.youtube.com/embed/qZHWG9IAD5Q?version=3&rel=1&showsearch=0&showinfo=1&iv_load_policy=1&fs=1&hl=en-US&autohide=2&wmode=transparent

Add extra options to your products, display them conditionally, give a possibility for your customers to customize products, to personalize them by adding highly dynamic info like dimensions, custom labels, comments. Moreover, create a unique scheme for price calculation based on custom options added.

Main Features

  • Visual form builder – design the look of your form in easy and smooth way!
  • Custom product option types – 10+ different types!
  • A possibility to use non option variables (NOV) – synthetic variables which can hold both a specific value or a
    maths formula as its value
  • A possibility to use wholesale-like functionality for your NOVs – different values for different user roles!
  • A possibility to use virtually any maths formula for the price calculation of your product
  • A possibility to add formulas conditional logic – apply different formulas under different circumstances!
  • A possibility to create fields conditional logic – display/hide certain custom options based on the values of
    other custom options and/or NOVs
  • A possibility to use custom price tables (via Non Option Variables functionality), set product price based on one or two custom options!

4. Calculated Fields Form Calculator Plugin

The “Calculated Fields Form” calculator plugin allows you to create web forms with calculated fields, whose values are dynamically calculated based on other fields’ values in the web form.

The possibilities are unlimited. For example, you can create forms with financial calculations, date operations to create reservation forms, and calculate the product prices. The plugin includes text operations for editing, translation, or advertising services. There are more advanced operations available such as determining the distance between addresses or generating graphs. The resulting forms are 100% mobile responsive.

Creating a form is all visual. The “Calculated Fields Form” plugin includes a form editor with multiple controls. Such as text fields, numeric fields, currency fields, slider controls, email fields, radio buttons, checkboxes, container fields, page breaks to create multipage forms, and most importantly, calculated fields.

The form editor includes a list of controls, a property bar to easily edit field properties, a dashboard where you can design your forms, and the attributes for form configuration. Also, the plugin comes with multiple predefined layouts to change the forms’ appearance. If there are not enough predefined layouts for your project, there is a style editor to customize the form’s design.

The “Calculated Fields Form” plugin includes integration with popular page builders:

  • Classic WordPress Editor
  • Gutenberg Editor
  • Elementor
  • Page Builder by SiteOrigin
  • Beaver Builder
  • WPBakery Page Builder
  • DIVI Builder

For other editors, it is possible to insert the form into the pages via its shortcode. Each web form has an associated shortcode that allows you to insert it wherever you want.

FEATURES

  • Visual form builder with an intuitive and interactive interface.
  • Includes general-purpose controls such as radio buttons, checkboxes, menu lists, date fields, slider controls, numeric fields, text currency fields, etc.
  • Includes calculated fields whose values result from operations involving other form fields.
    Insert as many calculated fields in the form as you need.
  • Contains an advanced formula editor associated with the calculated fields with syntax highlighting and error detection.
  • Features many operations modules: mathematical operations, operations with dates, financial operations, distance operations, text management, operations for calling remote services, etc. The calculated fields can identify numbers and prices within the values of the fields.
  • Distributed with several predefined forms that you can use as a starting point for your projects.
  • Includes several design templates.
  • Supports multi-pages forms by inserting page break controls between fields belonging to different pages.
  • Allows the grouping of fields inside container controls (Div and Fieldset).
  • Possible to define dependency rules between fields in the form, which is very useful in the design of wizards.

OTHER FEATURES:

  • From the plugin configuration page, it is possible to duplicate a form by pressing the “Clone” button associated with it. By cloning a form, you can reuse the work already done.
  • Includes a troubleshooting and optimization area.
  • Allows you to disable forms in the indexing process to improve the speed of the website.
  • Includes a version control in the forms to recover previous versions.

PREDEFINED FORMS:

“Calculated Fields Form” is distributed with five predefined sample forms.

  1. Simple Calculator Operations
  2. Calculation with Dates (bookings with check-in and check-out dates)
  3. Ideal Weight Calculator
  4. Pregnancy Calculator
  5. Lease Calculator

5. Responsive Mortgage Calculator Plugin

The Responsive Mortgage Calculator is designed to fit easily into any theme, on any device, at any size.

Features

The mortgage calculator allows your website visitors to estimate their mortgage payments by entering:

  • the total cost of the home,
  • a down payment amount,
  • an interest rate (fixed rate),
  • the amortization period (mortgage term),
  • and they can select a payment period, either monthly, bi-weekly, or weekly,
  • nice popup summary with chart and amortization schedule.

It also comes with light and dark color schemes. However, you can disable plugin styling and use your theme’s colors or add custom CSS to style the calculator.

6. Measurement Price Calculator Plugin

Measurement Price Calculator is perfect for running a WooCommerce online store where you sell items of variable sizes. It allows you to add item pricing based on measurements selected by the customer.

It has two different measurement calculation methods, so you can choose whichever suits your product best. You can offer unit pricing based on set quantities (such as a box of tiles). Or you can let the user enter dimensions and buy the correct amount for the length, area, or volume they require.

Features

  • Use the quantity calculator for products based on known product measurements (i.e. box of tiles)
  • Use the pricing calculator for products priced and sold by the unit: foot, square meter, cubic yard, etc (i.e. garden mulch by volume, wallpaper by area)
  • Product prices can be displayed per unit (e.g., “$1.75 / ft”, “from $3 / sq m”) in shop and on product pages
  • Pricing calculator inventory support: product inventory can be managed “per unit”
  • Pricing calculator dynamic weight: product weight can be set/calculated “per unit” for shipping
  • Pricing calculator pricing table: set price breaks based on simple product measurement ranges
  • Calculators available for all physical attributes: dimensions, area, surface area, volume, or weight
  • Area, volume, perimeter, and surface area calculators all allow simple inputs, or entering length, width, and heigh independently
  • Use any combination of units
  • When allowing user-defined inputs, optionally include an overage estimate automatically
  • Customize measurement and pricing labels
  • Set minimum and maximum values or the accepted step / increment on customers’ entered measurements
  • Variable products supported for per-unit pricing, shipping weight, and inventory
  • Special “Room Walls” calculator for selling wallpaper

7. Loan Repayment Calculator and Application Forms

Loan Repayment Calculator and Application Form is a great calculator plugin for running a financial website or business. You can style it to match your site.

You can use it for fixed-fee payments, regular payments, savings, comparisons, and more. The calculator can handle different types of interest: fixed, simple, compound, and amortized.

The pro version also has sliders and the option for users to select their own currency.

Features

  • Any currency
  • Multiple interest rates: fixed, simple, compound and amortization
  • Set the max, min, initial and step values on the sliders
  • Set the term to days, weeks, months or years
  • Set interest rate changes with period and amount tiggers
  • Select from a range of different outputs
  • Change the labels on all outputs
  • Style borders, colors and backgrounds
  • GDPR compliant

I hope this article helped you discover the best calculator plugins for WordPress. You may also want to see our list of must have WordPress plugins for business websites and our comparison of the best email marketing services to grow your sales.

Web Push Notifications (2022) and How Do They Work, Which is better


|| Web Push Notification || App Push Notification ||

Web push notifications are messages that you can send to people’s web browsers after they subscribe and give permission. Push notifications are a powerful marketing tactic that can help you bring back users to your website to boost your traffic, sales, and conversions.

In this article, we will be covering what web push notifications are and how they work. We’ll also explain about how to add web push notifications to your website.

What Are Web Push Notifications?

Web push notifications are custom messages with links that you can send as notifications to users’ web browsers.

Users can opt in to receive these push notifications from a website.

Subscribers can get the notifications on both mobile and desktop browsers. This is why they are also called browser notifications.

The best part of using web push notifications is that users don’t need to be on your website to receive push notifications. And unlike email newsletters, you don’t have to wait for your subscribers to check their email.

These notifications can be customized, personalized, and timely which makes them highly effective in boosting user engagement.

Difference between Web Push Notifications and App Push Notifications?

Web push notifications use technology that’s built-in to modern browsers. Almost all top browsers on the market support web push notifications.

They are sent by network request when a user has their web browser open and they work on both mobile and desktop devices.

App push notifications, on the other hand, use the built-in notification technology of a smartphone’s operating system (such as Android OS or iOS). Using this technology, an app can send a notification without connecting to the internet.

Users need to install the app in order to receive app-based push notifications. On the other hand, they don’t need to install any additional app to receive web push notifications.

How does Web Push Notifications Works?

Almost all modern browsers come with built-in support for push notifications.

This support allows website owners like you to request your visitors’ permission to send them web push notifications.

Once a person opts in, their web browser will be able to receive web push notifications from that particular website.

However, in order to send web push notifications, you’ll need to sign up for a web push notification service.

A push notification services will allow you to deliver push notifications to users’ browsers based on criteria defined by you. For instance, you can schedule a push notification at a specific time to users based on their time zones.

Once you send a message, your push notification service sends it to the users’ browser, which then displays the notification to the user’s screen.

Depending on which device type or browser a user has, these notifications may look a little different, but the message will be the same.

Pros and Cons of Using Web Push Notifications for Your Website

Before you add web push notifications to your site, it’s smart to consider the advantages and disadvantages of using them.

Pros:

  • Web push notifications are an easy way to send timely and targeted messages to users on their devices.
  • They work on both mobile and desktop.
  • Unlike social media or email marketing, users don’t need to visit a specific website or open an additional app to view the notifications.
  • They are highly effective with up to 50% open rates on average. This makes them very useful in building engagement on your site.

Cons:

  • If used incorrectly, web push notifications may frustrate or annoy users on your site.
  • Some of your users may already have web push notifications disabled in their browser settings, which may limit your reach.

Considering these factors, web push notifications have a lot more pros than cons, as long as they’re used correctly. A high engagement rate alone is a good enough reason to add them to any website.

Who Needs Web Push Notifications for Their Website?

Web push notifications are extremely useful in bringing back users to your website. This makes them a must-have for all kinds of websites.

For instance, if you start a blog, then web push notifications can help you quickly build a loyal following and get more repeat visitors.

For an online store, web push notifications can help you bring back existing customers while nudging new visitors into making a purchase.

For a typical business website, push notifications can help you keep customers engaged with new offers and can help you generate more leads and sales.

That being said, let’s take a look at how to easily add web push notifications to your website.

Optimizing Web Push Notifications for Higher Conversions

Web push notifications are highly engaging in bringing more returning visitors to your website.

However, with little tweaks to your campaigns, subscription box, and settings, you can further boost your push notification click-through rates.

Here are a few tested tips that will help you optimize your web push notifications.

  • 1. Automation Features-Use automation tools to automatically send push notifications to your subscribers. This includes cart abandonment notifications, drip autoresponders, browse abandonment, triggers, and more.
  • 2. Segment Your Audience for More Personalized Push Notifications-Create audience segments to automatically create a custom personalized experience for your users.
  • 3. Set a Steady Frequency for Web Push Notifications Messages– Notifications can be highly useful, but if they’re overused they can easily become a nuisance to your subscribers. Make sure you set a steady frequency of web push notifications per week. Not too many to annoy users, and not so little that users forget your brand altogether.
  • 4. Track Web Push Notification Analytics and Conversions-Once you start getting push notification subscribers, you’ll want to keep an eye on how they are converting. The metrics you want to track are the click-through rates, to see how many subscribers click on the notifications, and conversions, to see if they make a purchase or convert after landing on your website.

We hope this article helped you learn more about web push notifications and how does it work.

You may also want to check out Email Marketing vs. Push Notifications- Comparison Pro & Cons(2022)