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Finance

Deposits in Jan Dhan accounts cross Rs 80,000 crore

Deposits in Jan Dhan accounts cross Rs 80,000 crore

Finance
NEW DELHI: Total deposits in Jan Dhan accounts crossed Rs 80,000 crore mark with more people joining the flagship financial inclusion programme, according to official data. The deposits, which have been steadily rising since March 2017, were at Rs 80,545.70 crore on April 11, 2018, said a finance ministry data. Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts had come into focus during the demonetisation period when the deposits witnessed a meteoric rise. The latest report of the World Bank titled Global Findex Report, 2017 released last week cited the success of the Jan Dhan Yojana. India's financial inclusion efforts have won recognition from the World Bank as their data indicate that 55 per cent of new bank accounts opened are from India, Financial Services Secretary Rajiv Kumar had said...
Here’s how to retire abroad — without any tax surprises

Here’s how to retire abroad — without any tax surprises

Finance
Kelly Hayes-Raitt traded Los Angeles for a small lakeside town in Mexico and life out of a suitcase — and she's planning on retiring that way."I love my house in Santa Monica, but I don't see myself living there again," the 56-year-old writer said. "I'm not sure I can afford it."She house sits for an expatriate couple, spending half the year in Ajijic, Mexico, just south of Guadalajara.Hayes-Raitt, author of "How to Become a Housesitter: Insider Tips from the HouseSit Diva," splits the remainder of her time looking after others' homes in southeast Asia and Europe.She is among the 9 million American citizens who reside overseas, according to the State Department. Nearly half a million receive Social Security benefits while residing in foreign countries.U.S. retirees love Costa Rica, Mexico
RBI makes Aadhaar key to KYC compliance

RBI makes Aadhaar key to KYC compliance

Finance
The Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated 'Know Your Customer (KYC)' guidelines. This, however, will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory, RBI said in a circular late last night. Till now, an Officially Valid Document (OVD) for address proof together with Permanent Account Number (PAN) issued by the Income Tax department and a recent passport size photograph were the key KYC documents. But in the amended Customer Due Diligence (CDD) procedure, RBI said, "The Aadhaar number, the PAN or Form No. 60" need to be obtained from an individual who is eligible for applying for the biometric ID. Sources said that the move will facilitate trusted environment for ba...
Taking a year off at 38, with a plan to retire at 48

Taking a year off at 38, with a plan to retire at 48

Finance
Planning young: a retirement roadmapApril 20 is Scott Sherman's 38th birthday. His gift to himself? Quitting his 9-to-5 job for a year. Even though Sherman is on track to retire early — he anticipates reaching financial independence by 48 — he wants to start living on his terms now. So he's taking up to a year off to live at a slower pace, volunteer, spend time with his kids and consider his next move. "I could stay doing what I'm doing now and be comfortable and probably bored," says Sherman, who works in IT administration at a university in Utah and writes about his journey toward financial independence on his blog. "Or I can do something scary, spend a little money and figure out how to spend eight hours a day doing something I'm really excited about." Sherman and his wife have been p
Why a 20% raise isn't enough for Arizona teachers

Why a 20% raise isn't enough for Arizona teachers

Finance
These teachers work extra jobs to pay the billsArizona Governor Doug Ducey has pledged to give teachers a 20% raise by 2020. But teachers say that won't cut it. They voted for a statewide walkout, which will start next Thursday if their demands aren't met before then. They are asking for pay raises and increases to school funding every year until both hit the national average. Their demands specify a 20% raise immediately next year. But that wouldn't even bring their pay up to the national average. At $ 47,403, the average Arizona teacher's salary has fallen more than 10% since 1999 when adjusted for inflation. The national average is currently $ 58,950. Related: How states are changing teacher pensions Meanwhile, Arizona teachers have had to kick in a larger portion of their pay to the ...