Wednesday, June 23, 2010

Shortlisted Currency Symbols for Indian Rupee

Earlier in 2009, Indian government decided to give the Indian currency a symbol to get it recognized globally and invited designs from all over the country. A committee headed by a Reserve Bank Of India (RBI) has shortlisted five symbols and expected to finalize the symbol on June 24th 2010. The Finance Ministry asked that the selected symbol should represent the historical and cultural ethos of traditional India.

As of now, there is no official symbol to represent Indian Rupee and India is using abbreviations “Re” and “Rs” for its currency. These abbreviations are also used by Pakistan, Sri Lanka and Nepal for their currencies. Now, we have to wait and check which symbol will be finalized and when notes will start bearing the new symbol. You can bookmark this page to stay updated.

On 15th July 2010, the Union Cabinet finally approved the symbol for Indian currency. The new symbol is a redesign of the shortlisted symbol to give a perfect blend of modernity and Indian culture.

Wednesday, June 16, 2010

Updates on Direct Tax Code for 2011 by Pranab Mukherjee

Earlier in 2009, Indian Government proposed a new tax code for year 2011. In this proposed tax code, government indicated radical tax reforms to simplify taxation. To make it robust and accepted by citizens, this draft was open for public suggestions. Now on June 15th 2010, government released its revised version of proposed Direct Tax Code (DTC).

The major change that came is that tax on provident fund and life insurance products are to be treated on Exempt-Exempt-Exempt (EEE) basis instead of EET (Exempt-Exempt-Tax). Another major decision is for ULIPs. From the year 2011, new ULIPs will not have EEE benefit but existing ULIPs will continue to get EEE benefit. Further, there will be no capital gains on savings schemes.