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Finance

Top banks suspend accounts of major Bitcoin exchanges in India

Top banks suspend accounts of major Bitcoin exchanges in India

Finance
MUMBAI: Top lenders including State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said. The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational. "Since last month, banks have been asking for additional collateral with 1:1ratio," a person with knowledge of the matter said. The banks are scrutinising current accounts held by top Bitcoin exchanges, a second person said. Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, said four people aw...
Why you need to budget weekly (not monthly)

Why you need to budget weekly (not monthly)

Finance
How to save $ 1,000 this yearSometimes it can feel like you've got a lot of balls in the air, money-wise. In the midst of all this juggling, how long can you keep your eye on your budget? About a week, says behavioral economist Dan Ariely. Even though many popular budgeting programs are set up to help you allocate your money by the month, monthly budgets are not setting you up for success. You'll gain greater control by budgeting weekly. A month is way too long for us to keep our financial impulses in check, says George Friedman, CEO and founder of Qapital, a banking app that offers tools for customized saving. A better time span, he says, is a week. "It is a manageable amount of transactions to look at," Friedman says. "It is very clear this is the way to go since it is so easy to see p...
Budget 2018 may roll out tax sops for home buyers

Budget 2018 may roll out tax sops for home buyers

Finance
The government may use Budget 2018 to make owning a house slightly more affordable and even rekindle the interest of home buyers. These measures could be in the form of tax sops for home owners and those looking to buy property. Tax benefits help in bringing down the effective interest burden in properties that are financed through a home loan. Here are few things that Budget 2018 could do to help taxpayers own a home and save tax simultaneously. Principal repayment enhancement In Budget 2018, the tax benefit on the principal amount repaid on a home loan for a self-occupied property may get an additional benefit of Rs 50,000 or more within the section 80C limit. While existing home loan takers can use the prepayment feature to benefit from it, new borrowers get an add...
Our Big Mac index shows fundamentals now matter more in currency markets

Our Big Mac index shows fundamentals now matter more in currency markets

Finance
IT IS usually considered quaint to predict foreign-exchange movements by reference to whether currencies are dear or cheap. Metrics such as The Economist’s Big Mac index, a lighthearted guide to exchange rates, hint at how far currency values are out of whack. But they are often driven further out of kilter by capital flows, by fear and greed, by the interventions of policymakers, and so on.Since our last look at the index in July, cheap currencies have narrowed the valuation gap against the dollar—almost completely in case of the Canadian dollar (see chart). Fundamentals, such as fair value, seem (at last) to have greater sway in the foreign-exchange market.Upgrade your inboxReceive our Daily Dispatch and Editors' Picks newsletters.The index is based on the idea of purchasing-power parity
So you are a 401(k) plan ‘millionairess.’ Now what?

So you are a 401(k) plan ‘millionairess.’ Now what?

Finance
I recently read an article in The New York Times that detailed how, over the past 12 years, the number of women who have achieved "millionairess" status has doubled.Also, based on a recent Fidelity report that surveyed 15 million 401(k) plan participants, 20 percent of respondents with $ 1 million or more in retirement accounts are women. They invested wisely in stocks, saved more than 18 percent of their salaries and developed a consistent habit of contributing to their 401(k) plans. Many earn less than $ 150,000 annually, which makes the ability to reach this benchmark even more impressive.Achieving this goal doesn't change who you are, but it can change how you plan for your future. You worked hard and saved more, and now you have options. I've consulted with clients who have achieved t...