FLAME Newsletter - April 16, 2014


"Our politicians will say ‘our growth is among the second highest in the world’. But that is not because of their contribution, it is because they don’t have the capacity to bring down growth below that" - Dr KC Chakrabarty, RBI Deputy Governor


Know the basics of Consumer Protection Act

Besides basic necessities, we need a variety of things in our daily lives such as cell phones, digital cameras, soaps, perfumes, cosmetics and many more things. Thus, all of us are consumers in the literal sense of the term. When we buy things from the market as a consumer, we expect value for money, i.e., right quality, right quantity, right price, information about the mode of use, etc. But there may be instances where a consumer is cheated.

In such a case, most of us don’t know to whom we should approach to seek redressal against our complaints. Many of us also don't know our “rights” as a consumer and often hesitate to complaint or even stand up to unfair practices. We also don't have recourse to costly litigation to seek justice and we continue to bear such injustice. It is here that consumer forums exist which can help you seek justice against unfair practices without incurring exorbitant litigation costs. The below article provides basic information of what is Consumer Protection Act, 1986, its advantages for consumers, basic rights of the consumers and consumer redressal forums among other things... Read more

The need for EPF

The Employees’ Provident Fund Organisation, India, (EPFO) is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions that it has been carrying on. The Organisation came into being in 1952, following the Employees’ Provident Funds & Miscellaneous Provisions Act (EPF & MP Act), 1952. Later on many additions and alteration were done for enhancing the situation on employees. The EPFO head office is located in New Delhi.

The EPFO functions under the overall superintendence of the policies framed by the Central Board of Trustees. The EPF (Employees’ Provident Fund) is a retirement benefit scheme that is available to the salaried employees. EPF benefits are available to establishments employing at least 20 people. Co-operative societies, employing 50 or more persons & working without the aid of power, are also come under the purview of EPF... Read more


Tax: Inter-source adjustments vs inter-head adjustments

Taxpayers earn income from salary, house property, business or profession, capital gains and income from other sources. There cannot be a loss from salary and income from other sources. However, we could suffer losses under other heads of income such as loss from house property, business loss and capital loss.

Adjusting loss from one head against any gain under the same head is called 'inter-source' adjustment. For example: You have two businesses 'A' & 'B'. Business 'A' is making a loss, while business 'B' is making profit. Then, the loss from business 'A' can be set-off against profit from business 'B'. Set-off means the process of reducing one’s income using losses under other heads or same head of income... Read more


Bitcoin: A kind of cyber-money, Bitcoin was initially traded among hackers and cryptologists, and increasingly traded on websites and exchanged for goods and services. BTC is the unofficial three letter code for Bitcoin. It can be used as an abbreviation, like USD for US dollar. Bitcoin is not managed like our normal currencies. Bitcoin has no central bank or regulatory authority—which controls it... Read more


RBI to issue new Rs 100 and Rs 500 denomination bank notes

USIBC welcomes RBI Governor Raghuram Rajan

65% population covered by private insurers in health insurance sector: ASSOCHAM



FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.

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