Economy

  Persons resident in India are permitted to maintain foreign currency accounts in India under the following three Schemes Exchange Earners Foreign Currency Accounts (EEFC Account) As the name suggests, the account is maintained in foreign currency (say dollar or euro). It is a current account, so interest is payable …

How this will be effective – time will tell. But the initiative is superb! Prime Minister Shri Narendra Modi today launched MyGov, a platform that empowers the citizens of India to contribute towards Surajya. Stating that in the past, there used to be a big gap between the people and …

Penal Interest – Are you a service tax payer? Is there any delay in payment of taxes to the Government? If so, there is real bad news. The Government, through this budget has increased the penal interest applicable from 1st Oct 2014 If the delay is up to 6 months …

“Madam Speaker, I rise to present before this august House the Statement of Estimated Receipts and Expenditure for 2014-15 for Railways. As I stand in this Temple of Democracy, I owe this opportunity to the people of this country who have elected us to represent them and to shape their …

In continuation of the Budget Series, I will be writing about important jargons one should know. GDP is the godfather of economic indicators! You would have heard people mentioning in TV debates or speeches or newspaper articles about India’s falling GDP. The Finance Minister is worried about lower GDP of …

By now all of us are aware that the Finance Minister of India makes a Budget Speech in the Parliament. In this article, I will write about other important documents which are presented to the Parliament apart from his speech. Annual Financial Statement (AFS) is the main Budget document. The …

The government expenditure is divided into two broad heads – Plan and Non Plan. Plan Expenditure – To make it easy, let me draw company analogy again. If a company spends money on purchase of machinery, buys computer and software to improve, expand and enhance the productivity and efficiency of …

Last week I happened to meet a budding entrepreneur. During casual conversation, I asked him about his proposed business. He said “We are in the QSR industry and want to establish Hub and Spoke model with a lean team at the Point of Sale”. Please count the number of jargons …

For your company, you will have Finance & Accounts (F&A) department. For Government of India (GOI), who will look after the accounts? Controller General of Accounts maintains the accounts of the GOI. It is headed by a Chief Controller of Accounts (CCA). The Principal Accounts Officers (PAO) at head office …

Mr. P Chidambaram presented an Interim Union budget for the Financial Year 2014-15 on 17th Feb, 2014. When UPA Government’s term was up to May, 2014, why didn’t they present a regular budget? By the way, what is Interim budget? Let me compare this to a Marketing Manager in an …