Author: Priyanka Anand

Priyanka Anand is a Post Graduate Diploma in Management with Specialization in Finance and Marketing.She likes to share her thoughts with the world. www.priyankablogthoughts.com is a blog site . Blogs are based on the subjects of Business , Finance, Banking, Insurance, Trading & Marketing. The Author gives her own view in her blogs. E-Mail ID : impanand1988@gmail.com

Transferring Money to India from Abroad: Challenges & Solutions

Transferring money to India from abroad isn’t as much of a challenge today as it used to be a few years ago. The rise of online money transfer companies helped a great deal. These services provided a cheaper and more efficient alternative to bank transfers. This, in turn, has had a positive effect on the development of the Indian economy as a whole.

There aren’t many international money transfer companies operating within India yet. And those that do, often offer somewhat limited services. However, the increasing demand is sure to change this situation soon.

The Growing Need for International Money Transfers to India

Today India is at the top of the remittance receiving countries in the world. Indians working abroad sent over $68 billion back to their homes in 2016. This amount has been growing at a fast rate over the last decades and it shows no signs of stopping.

In fact, it grows faster due to the increased availability of money transfer services. The majority of all remittances, go to rural areas. People there rarely have access to banks. However, today you can benefit from the convenience of transferring to India with online providers. It’s easier for the average person from a small village to get to a computer with an Internet access than going to a bank. Therefore, such online platforms make it possible for more immigrants’ families to get the help they need.

With such a huge contribution to the country’s economy, it’s safe to say that online money transfer companies play an important part in improving the Indian economy. However, remittances aren’t the only way, through which these services help the country prosper.

Today, India is the second most popular destination for outsourcing in the world and the first in some industries. For example, India is the leader for IT outsourcing, and the IT industry is the fifth biggest in the country.

Businesses that outsource their services to India and everyone who hires freelancers from this country need to pay them for their services. The limitations associated with traditional banking routes are the same for these businesses. Therefore, they need alternative solutions to make this kind of outsourcing beneficial for them. Online money transfer platforms give them exactly what they need. Thus, they help increase the demand in the Indian workforce and create new jobs.

Challenges of Transferring Money to India from Abroad

Both immigrants and businesses that outsource to Indian professionals can appreciate the benefits of online money transfer companies. The main reason for this is that they can save quite a bit of money with their help.

Traditional bank transfers and services of companies like MoneyGram or Western Union can result in losses of 5-10% of the transfer amount in fees. Online money transfer platforms charge small fees, if any. And when using them, you can also get a better currency exchange rate, which helps you save further.

You also shouldn’t forget that traditional money transfers take a lot of time. Sometimes you might need to wait for up to a week before you can use the money. With online money transfers, you can get them in a few hours or a couple of days max.

The ease of use is another benefit that makes these companies more attractive. Some of them don’t even require for you to have a bank account in order to receive a transfer. All you need is a smartphone and an app that will provide you with all the necessary instructions on how to get your money.

On the other hand, the complexity of the banking process is notorious. Therefore, you might need professional help in order to understand all the intricacies connected with bank transfers coming from abroad. Never skip the fine print in Terms and Conditions, regardless of whether you use a bank or a money transfer company. This is the part of important paperwork where less trustworthy businesses hide nasty loopholes.

Please bear in mind that in India, all foreign currency transactions are regulated by the Foreign Exchange Management Act of 1999 and Foreign Exchange Dealer’s Association of India.

Money Transfers to India: Examples of the Best Companies

Payoneer

If you want to be confident in the security of your transfers, you should go for the company with a long history of excellent service. Payoneer in India is a fine example of this. It has over three million clients worldwide, and this number is growing constantly.

Payoneer transfers to India are specifically designed to be a great solution for freelancers. Their main benefit is that you don’t even need to have a bank account to use this service. This means that Payoneer offers a fantastic opportunity to the people in more rural areas, who don’t have easy access to banks.

Currencies Direct

Currencies Direct is one of the leading money transfer companies in the world. Therefore, it’s not surprising that it contributes to the huge and demanding Indian market. The company even has an office in the country. It’s a proof of commitment and trustworthiness that not many online money transfer companies offer today.

This company, however, doesn’t accept clients based in India. Therefore, it provides only inbound transfers for the country. On the other hand, the terms and rates offered by the company are very good, so everyone can benefit from its services, regardless of the transfer volume.

Money Transfers to India from Abroad: Final Thoughts

The market for money transfer services in India is huge, growing, and rife with opportunity. The coming of online transfer companies made a big impact on the country’s economy. However, there is still a lot of room available for companies willing to take the risk with working in India.

As both the outsourcing and remittances continue to increase, so will the appeal for the providers of these services. It’s true that the economy of India can be rather unstable, and such a volatile environment is a big risk for any financial service providers. But the positive changes, partially brought by the fact that transferring money to India has become cheaper and easier today, improve the situation as a whole. With more stability, more companies should be willing to provide India with options for effective and affordable money transfers from abroad.

5 reasons to buy health insurance before 30

With the rising costs of medical care and surge of various diseases due to current human lifestyle, health insurance has become a must for every person. A case of medical emergency can enter anytime in a person’s life and hence financial advisors suggest that every person should buy a health insurance policy in advance. A lot of young people who are in their happy twenties think that a health insurance is something that they should reserve for their thirties to worry about. However, it is important to understand that investing in a health insurance policy early come with a lot of benefits and has nothing to do with whether or not your health is suffering today. Here are 5 reasons why you should buy health insurance before 30.

1. The younger you are, the cheaper it is

How much you pay as health insurance premium is highly dependent on your age. It can adversely increase post 30. Consider for example, if you buy a health plan worth Rs. 5 lakhs at age 25, you would be required to pay a premium worth Rs. 5000. But if you were to buy the same policy at the age of 35, the premium would cost you way more than before with no change in your health indicators. Hence, book your health insurance policy as early as possible. The younger you are the lower is the premium.

2. Sedentary lifestyle

Hectic schedules and desk-jobs have hampered our lifestyles at great extends. Problems related to cholesterol, diabetes, heart, lungs, and even orthopaedic concerns are no longer age bound. These problems can occur to anyone at any time. They do not wait for you to be middle-aged. Stress is a common cause nowadays known to take a toll on young people. Hence, it is always advisable to go for a health insurance plan early in age and not wait for something serious to happen to you.

3. Your employer cover is not sufficient

With the healthcare costs exponentially rising, the need of health insurance for every person cannot be ignored. You can always check the cost of one week’s hospitalisation and compare it with the coverage that your company provides. It is never sufficient. If this is not convincing enough, you can always think of the frequent medical care you will need when you grow old.

4. For availing advantages

There are certain parts of the health insurance plan which require you to go through a waiting period for an existing disease or illness. You might not require these benefits immediately at a young age but you do in case of emergencies when you grow old. You might not be able to avail these benefits due to the waiting periods then. Therefore, between the 20s and 30s, it is always the right time to buy a health plan.

5. It is just better financial planning

Along with the lower premiums and various other benefits, buying a health insurance plan at an early age helps in financial planning. These policies help you in your emergencies and medical expenses, thus allowing you to invest your hard-earned money is a better future for yourself.

Now that you have all the reasons to buy health insurance at a young age, you shouldn’t be wasting time. Book the best plan before you turn 30.

Top 5 Private Life Insurance Companies in India in 2018

The insurance sector in India has seen an exponential rise in the past decade. With over 24 major life insurance companies, India generates over Rs. 4.58 trillionin the form of premiums in a financial year. The insurance industry is likely to reach US$ 280 billion by 2020.Moreover, the life insurance industry in the country is likely to grow by 12-15 per cent annually for the next five years.

These staggering stats confirm one thing that people are investing in insurance products. And these investments are likely to increase with the increase in awareness amongst people. Every day, insurance policies with new benefits are launched in the market by companies to draw more customers. Companies are getting customer-centric and are trying to resolve issues of their customers in real time. In addition, since the past decade,the claim settlement ratio has also increased. Some of the leading insurers who ace these factors are:

  1. Max Life Insurance

Often touted as one of the best life insurance company in India – Max Life Insurance, is a collaboration of Mitsui Sumitomo Insurance Company and Max Financial Service Ltd. The company offers the best comprehensive long-term protection, retirement and saving schemes. Its multi channel distribution and high-service providing agencies help in providing one-stop solutions for all types of investment and insurance needs.

The company’s robust customer-centric approach makes it the largest non-bank private sector life insurance company in India. Max Life Insurance has an excellent track record of 15 years with a claim settlement ratio of 98.36%(FY2017-18). The company surpassed India’s largest insurance provider LIC in terms of claim settlement ratio and also has the maximum number of customer grievances resolved over a year.

  • AEGON Life Insurance

AEGON Life Insuranceis a combined venture between Aegon N.V. and the Times Group (also known as Bennett, Coleman & Company). Started in 2008, the company is focused on providing innovate and excellent working professional to its customers. Its multi-channel distribution facility is mainly based on a strategy that aims to help people in planning their life.

The company offers various plans like ULIPs, Pension plans, Group plans, Saving plans, Child plans, Endowment plans and many more. With 95.67 percent claim settlement ratio(FY 2017-18), the company is extremely efficient in solving its customer’s problems.

  • ICICI Prudential Life Insurance

A collaboration between India’s leading banks and Prudential Plus, ICICI Prudential Life Insurance is one the best life insurance company in the country. The enterprise started its operations in 2000 as the first private sector Life insurance company in India.

The corporation provides an array of products that cater to the financial goals of their buyers. ICICI Prudential life insurance offers products like Child Plan, ULIP plan, Investment Plan, term plan and Pension Plan. Moreover, the company is also a leader in claim settlement ratio, with over 97.88 percent claim settlement (FY 2017-18).

  • HDFC Standard Life Insurance

Founded in the year 2000, HDFC Standard Life insurance is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. The company currently owns 27 retail and 8 group products in its portfolio and is spread over 414 branches in 900 cities and towns in India.

Moreover, for meeting the needs of its customers, the company provides an array of individual and group insurance solutions like a pension plan, saving and health plan, protection plan, child plan and women plan. HDFC Life Insurance offers plans in a customized way to fulfil the requirements of the customer and has a claim settlement ratio of 97.80% (FY 2017-18).

  • Exide Life Insurance

Earlier known as ING Vysya Life Insurance Company, Exide Life Insurance started its operations in 2001. It has a network of 200 offices supported by more than 35,000 advisors across the country.

The corporation is well known for providing customised insurance plans to its customers at affordable rates. With a customer-centric approach, the company’s plans are categorised into saving, protection, retirement and investment plan. The company also has a claim settlement ratio of 96. 81 percent(FY 2017-18).

Leading Insurers with best claim settlement ratios according to IRDA (2017-18)

                           S.No Company Claim Settlement Ratio
1 Max Life Insurance 98.36%
2 LIC India 98.04%
3 ICICI Prudential 97. 88%
4 HDFC Life 97.80%
5 TATA AIA 98.00%
6 Exide Life 96.81%
7 SBI Life 96.76%
8 Birla Sun Life 96.01
9 Aegon Life 95.67%
10 Canara HSBC 95. 22%

Summing Up

If you are on a look out for a company that provides the best insurance products and easy settlement process, these five are at the top. Be it health, term, child, endowment, ULIP or savings plan; these companies are at the top of their game.

However, the volatility of the insurance market in India is high, so you must go for the product, not the company while choosing to buy insurance. You can compare the plans provided by these companies and choose the one that suits your requirements the best.

World-Class Stands Designers in Copenhagen

Planning a show-stopping exhibition in Copenhagen requires a tremendous effort but if one is able to pull it off the return on investment is stupendous! Copenhagen is a strategic location to plan an exhibition because of its inclination to modern trends and the large impressionable market base that is more than willing to spend on the next big thing. The design of stands in Copenhagen has often been said to be out of this world as stands designers spare no resource in creating unique and versatile exhibition stands for all types of industries. Working hand in hand with local and international brands that are determined to generate ripples in the market, stand designers in Copenhagen have rightfully earned their prestigious rating and are always excited at the prospects of new projects in order to flex their innovative muscle.

The rapidly evolving market fueled by the golden technological era of our present time has created a cutthroat competition among firms targeting a similar market. Exhibiting has always been the most effective way to create an interpersonal relationship with prospective customers and a very functional means of launching new products or services to a target market. To survive in the modern business landscape your brand has to possess a few marketing tricks up its sleeves. Central to this plan is a stand designer with very fresh ideas and adequate experience to create an artistic stand design that wholesomely utilizes your exhibition space. This is exactly what we present to your brand in Copenhagen letting you explore the best that certified designers have to offer to propel your business’ profitability off the chart with impactful marketing.

Some of the most eloquent exhibition stands in Copenhagen have been developed by professional designers who have mastered the dynamics of creating a scenic ambiance that moves crowds. In the long list of designers we partner with some of the notable companies include:

•    EasyFair

•    GP UdstillingsDesign A/S

•    Ambiente

•    HH Design ApS

•    One Vision ApS and so much more!

Trendy Exhibition Styles in Copenhagen

Emerging trends in trade shows and exhibition fairs in Copenhagen are inclined to using display elements that effectively communicate a great deal of information to attendees in a very limited time span. A single element in your exhibition space should build up the curiosity to view the next detail hence drawing in onlookers to your stand. This is achieved by using digital screens for displays, smart technology, and decorative aspects that are conspicuous than adjacent exhibition stands. The marketing interphase should be interactive in order to engage prospective clients keeping them busy while they learn more about your products or services. The most successful exhibitionists know how to hook and string along clients curiosity taking the opportunity to showcase their brand as the most authoritative in the market.

Get in touch with us today to get the most qualified exhibition stands designers working on your next big project in Copenhagen. We take the impression of your brand seriously hence invest our best effort in creating a marketing experience that will generate sensationalism in today’s market.         

Exporting to a Foreign Markets

Exporting to foreign markets is a quite common strategy many firm adopt to sell their products to an outside country. Under this strategy, the company exports products from the home base without any production or marketing or organisation out of the country. Generally, company exports products which are being produced and marked in the home country.

Exporting may be appropriates under following heads or circumstances which are given below:

  •  The volume of foreign market is not large enough to justify production in the foreign market.
  •  Cost of production is higher in the foreign market then the domestic market.
  •  Foreign market is characterized by production bottlenecks like infrastructural problems, problems of materials supply, etc.
  •  Their are political or other types of risk during investment in the foreign country.
  •  Their is no guarantee of the market available for longer period.
  •  Foreign investment is not encouraged by the concerned foreign government.
  •  Their are excess production capacity in the domestic market or expansion of existing facility is less expansive and easier than the setting of production facility abroad.
  •  Very attractive incentives are available in the domestic country for establishing facilities for export production.

Exporting allows firms to centrally manufacture its products for several markets and obtains economies of scales. Furthermore, when exports represent incremental volume out of an existing production operation located elsewhere, marginal profitability of such exports tends to be high. The main advantage of an exporting strategy is that it is easy to implement. Risks are least because the company simply exports its excess production when it receives orders from abroad. A firm has the following two basic options in carrying out its export operations: (i) Indirect Exporting

        (ii) Direct Exporting

Indirect Exporting means a firms delegates the task of selling goods abroad to an outside agency.

Direct Exporting means a manufacturing firm itself perform the task of selling goods to abroad rather than entrusting it to any outside agency.

Related Articles :

Direct and Indirect Foreign Investment in Indian Companies: Meaning

Methods & Types of Foreign Direct Investment (FDI)

What Is Foreign Portfolio Investment (FPI)?

Investing Your Money as a Young Family: How to Screw It Up

Economy, planning, budget: these words seem boring and too prosaic when it comes to a young family. But one who neglects family prose risks the welfare of his family. Living as luck would get it, without taking into account the financial possibilities and the ability to spend money, creates many additional difficulties.

We all know there are naughty children who always do the opposite. It seems that such children grow up to be disobedient adults. Tell them, “Save money,” and they will spend everything out of principle! For such stubborn people, we have compiled some “nonsense vaccines:” anti-advice on how to manage the family budget.

Personal financial plan? Budget management? Please, this is for those who have high wages. Having received a monthly salary, spend it randomly. It is time for spontaneous purchases and expensive gifts for yourself and a loved one. You earned it and deserved it!

Surely, you can save on something else. Yes, even on the residential rental. Nasty utility service providers can wait; there is no way around it for them.

Get used to spending more than you earn. In which case, you can always borrow money. Banks are created just for that! Spending other people’s money is much more pleasant than yours.

Sign the loan agreement without looking. This is just a bunch of sheets! When it turns out that the bank has changed your rate or accrued charges twice as much as the payment itself, then you can read the agreement. Still, you have some time!

And finally, if you have no opportunity to pay the bank, just forget about it. Do not bother with depressive thoughts. Bank employees are ordinary people. They will forget too!

First of all, make purchases spontaneously. You need no lists and other tediousness. When shopping, choose a bigger cart and fill it with any goods you see, saying, “Someday, it will come in handy.” Moreover, it is better to go to the supermarket when you are hungry. An empty stomach will prompt you what to buy.

Pay attention to all the discounts and sales. Take the third bar of chocolate at a 5% discount, even if you need only one. Never mind that the expiration date is tomorrow, you will try harder and have time to eat everything.

Only a strict financial “diet” will save you. Distributing your monthly budget, allocate money only for the most necessary. And it is better to curb the nondiscretionary expenses. In this case, there is no entertainment and concessions – you save money! You should stop not just going to restaurants but also leaving the house. There, outside of the apartment, spending could take you anywhere. In case you want to find a woman who knows how to manage a family budget properly, ask Russian women for marriage.

If you feel that you cannot withstand the austerity regime, so be it! Give it up. Score a full ride! Show off in the most expensive restaurant or go on a week-long vacation and spend all the earned money there. Buy seats in the first-class section, live in the most expensive hotel, eat shrimps the size of a lamb leg – take it easy! Money is still running out, and it remains only to give this process an atmosphere of fun.

When the funds completely run out, start saving on everything again. The most advanced people can swing on the swings “save – spend” throughout life.

Do not make unnecessary movements. Today, there are many companies that offer to do all the routine work for you. Use their services when applying for a visa, renting an apartment, looking for a job, organizing a wedding, and traveling. Do not do anything by yourself. What if suddenly it turns out that it is not only cheaper but faster and easier? What then should these poor people do? Do not be cruel, do not take their bread away. Keep on paying 15 – 20% for saving your time. Indeed, your time is as precious as that of Bill Gates, is not it?

Let’s face it: passive income is for passive people. You do not need to invest money; it is better to keep your savings under the pillow. After all, it’s so reliable. Even bank deposits insured by the state should not inspire confidence. Banks burst one after another, and the pillow will not crack.

Before you rent an apartment or sell something unnecessary, ask yourself the question, “Maybe it is still useful?” You did not buy it all for strangers. Hide all the extra stuff in the balcony, bury on the shelf, and keep far from prying eyes in the garage. Accidentally, find all this in 20 years. Then you can throw it away, together with the stupid tips we have given you now!

Benami Properties

Benami in Hindi means without name. Benami property means any property which is the subject matter of a benami transaction and also includes the proceeds from such property. So, benami property is a property bought by an individual not under his or her name. Benamidar means a person or a fictitious person, as the case may be, in whose name the benami property is transferred or held and includes a person who lends his name. It can include property held in the name of spouse or child for which the amount is paid out of known sources of income. A joint property with brother, sister or other relatives for which the amount is paid out of known sources of income also falls under benami property. The transaction involved in the same is called benami transaction.

Benami transaction means (A) A transaction or an arrangement—

  • where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person; and
  • the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration.

(B) A transaction or an arrangement in respect of a property carried out or made in a fictitious name.  

(C) A transaction or an arrangement in respect of a property where the owner of the property is not aware of, or, denies knowledge of, such ownership.

(D) A transaction or an arrangement in respect of a property where the person providing the consideration is not traceable or is fictitious.

          Benami Transaction Prohibition (Amendment) Act, 2016

An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto. It extends to the whole of India except the State of Jammu and Kashmir.

The benami act was introduced to curb on black money and to brings people with unaccounted income under the scanner.

Secured and Unsecured Business Loans: Choosing the best fit for your business

The age that we live in is very entrepreneur friendly and is considered as the age of startups. With support and aid from governmental and private institutions, it is no longer a daunting task for business aspirants to raise debts. With incubators and accelerators in place to offer aid in mentor-ship and business expansion, it is no longer a daunting task to break even, clear debts, and skyrocket into profits. With thousands of startups and small and micro enterprises raising capital through public and private institutions, the options are more flexible and are oriented to help the applicant go through the journey with maximum ease.

Mostly applied for by entrepreneurs and business aspirants, these are for starting a company or for raising working capital or for business expansion or for purchasing new machinery/technology. While these are the broadly categorized buckets, any needs for additional capital are provided to as long as the necessity of instant additional funding is justified.

Types of business loans:

When you are out in the market looking to get the loan that best fits your needs, a thorough research on the types of loans available and the paperwork they come with falls in the preliminary things to do. In this competitive market, there are a plethora of lending institutions that will offer you the funds you looking to raise. That said, walking into a discussion with them without doing some back-end research could turn out to be overwhelming.  To help you get the foundation right, this paper will touch-base the different kinds of loans available and the steps involved in picking the one that’s the right fit for you.

Secured business loan: As the name suggests, these kinds of loans are available from lending institutions when the applicant is willing to offer residential, commercial, or industrial property as collateral. Apart from Gold, stocks, and Bonds are also accepted as collateral by lenders. These loans are generally for longer intervals and are available at a lesser rate of interest due to the absence of risk. If you are willing to offer a collateral for raising those immediate funds, this is an apt solution for your business. Else, you could always choose for unsecured business loans.

Unsecured business loans:

To explain in layman terms, unsecured business loans are like personal loans for individuals. Like personal loans, these are easy to apply, swift disbursement, and come with a higher rate of interest as they do not require any sort of collateral from the applicant.

Credit cards, Payday loans, Line of Credit, Cash Advance, Signature loans, Peer to Peer loans, Student loans, Small business loans, Business loans with guarantor, and Term loans are the few types of unsecured business loans that are available for applicants to choose from. Please note, except Peer-to-Peer loans, all the other kinds are offered by private and public institutions. Running a thorough research on these across various competitors is a good practice.

Off the lot, Line of Credit, Credit cards, Signature loans, term loans, small business loans are the kinds we will be talking about to realize if they are the best fit for your business.

Line of Credit:

This is a prominent unsecured business loan entrepreneurs opt for, as it offers them the flexibility to choose from a pool of funds and pay interest levied on the funds withdrawn. This is a good fit if you are looking to back your working capital with this as emergency funds. Also, with LOC (Line of Credit) the applicant will not have to offer collateral depending on his/her credit score and relationship with the lending institution. 

In this model, the user can also choose to alter the payment method depending on the cash inflow, thus making it flexible.

Term Loans: 

Term loans mostly fall under secured business loans but in certain circumstances can be offered as unsecured business loans depending on the credit score of the applicant, amount of capital requested, current banking structure and nature of the relationship with the lender. With term loans, the rate of interest could either be fixed or be floating in nature, depending on the terms agreed upon by the applicant and the lender. These come with a fixed maturity date and can either be repaid in weekly, monthly or quarterly instalments. The tenure for these loans range between 1 to 25 years and are apt if you are looking to build the business from scratch or are looking to expand the current business module.

Signature loans:

Breaking down the nomenclature, this form of unsecured business loans are granted by taking just the signature of the applicant as the collateral. These types of unsecured business loans often offer a lesser rate of interests when compared to credit cards and are opted in the case of medical emergencies, to tackle unexpected expenses or for vacations. Studies have proven that these kinds of loans are the preferred method when the need arises to close another lending with a higher rate of interest. 

Signature loans can offer your business that sudden funding to tackle unforeseen expenses or implement measures to accommodate sudden business expansion opportunities.

Small Business Loans:

Small Business loans have more than often been seen as a secured business loan but there are many tips that can help you get this as an unsecured business loan. While we will not dive deep into what those tips are in this paper, information on these kinds of loans will be shared. Small Business loans are available to applicants with an excellent credit score with a consistent lack of defaulting. These loans come with a varied or fixed rate of interest and when undertaken in an unsecured business loan can be obtained from Peer to Peer lender, private lending institutions, and cash advances. 

These are the various kinds of unsecured business loans you could choose from as an applicant if you are looking to raise funds without offering any property as collateral.  Hope this article has helped you zero-in on the type of loan that is the best fit for your business. If you there are queries you’d like our team to answer, feel free to get in touch with us here.

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