Flame Newsletter - August 06, 2014


QUOTE OF THE WEEK:

"Have we seen a nation that exports wheat but gets chappati from outside. We export iron ore but steel is imported" — Narendra Modi, Prime Minister of India

YOUR FINANCE DEMYSTIFIED:

Start early for retirement planning
When we talk about retirement, it is completely a different concept from what it was in our parents or grand parents’ generations. Today’s youth do not plan to continue working in a full time 9 am to 5 pm job till 60 or 65 years of age. For most, it is a gradual and a transitional process which takes place over a period of time. For others, retirement is scheduled at 50 or 55 years of age, post which a different plan of action has been chalked out very carefully.

However flexible retirement becomes, it still needs to be planned for well in advance so that the corpus is ready by the time you plan to retire. Thus by starting early, you can surely build a considerable amount for your retirement corpus without having to pay through your neck... Read more


FAQs on New Pension System
The NPS is a new contributory pension scheme introduced by the Central Government for its own new employees. Under the new pension system, each new central government employee will open a personal retirement account on joining service. Every month, and till the employee retires or leaves government service, a part of the employee's salary will be transferred into this account. When the person retires, he will be able to use these savings to take care of the needs and expenses of his family during old age.

When was the NPS introduced?
The NPS was introduced with effect from 01 January 2004 vide Notification 5/7/2003-ECB&PR issued on 22 December 2003 by the ECB&PR Division of the Department of Economic Affairs, Ministry of Finance, Government of India... Read more


DID YOU KNOW?

What are foreign currency exchangeable bonds
FCEB involves at least two companies — the bonds are usually of the parent company, while the shares are of the operating company... Read more


TERM OF THE WEEK

What is card skimming?
Card skimming is a way for scammers to steal your identity or your personal details and use it to commit identity fraud... Read more


IN THE NEWS THIS WEEK

Expert Views: RBI cuts SLR, leaves repo, CRR unchanged

RBI does not manage liquidity through forex markets: Rajan

History of the Monetary Policy in India


ABOUT FLAME

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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