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Do you still believe that India is a Cashless society after demonetisation?

Janaki Jambunathan

Well-known member
I thought of calling my auditors office for an appointment to discuss about my plan .
- Think of the Devil there he is! He was in my house before I made the call - to invite me to his daughter wedding reception on 29 March at Marriott Courtyard! During our conversation - He said my plan is good & practical and ideal considering my age ! I could also understand better how aaj ki Nari has her way in her wedding affairs ! I will post that story in the thread Woman's day special!
 

mkrishna100

Well-known member
Public Provident Fund Account tenure is 15 Years, A few may not know, that it can be extended with/without contribution for 5 years, making the total number of account tenure to 20 years. Magic of compounding. See the maturity amount on 5 years extension without contribution.

 

krish44

Well-known member
We as a community are savings oriented.

We have to change our thinking to live in new age economy.

We need to be investment oriented.

Nothing prevents us to invest in indian stock market in equities

most NRIs are preferring to push money into indian markets

Our markets are booming with FIIs preferring the indian stock market.

It should be possible to get 15 to 20% on invested money without much risk.

most are IT savvy.

WE can always start a demat account and buy blue chips -mostly IT, finance stocks and get a decent returns

Since Trading is online , one needs only a laptop or mobile and do trading without leaving home.

After sometime it becomes a pastime like reading newspaper or seeing movies online
 

Jaykay767

Well-known member
My inputs on the stock market -

1. Do not / Never invest in your retirement if you have not learnt how to invest in your younger years. It is gambling and 99% lose their retirement savings and get into daily "thindattum" !!

2. keep everything in FD. Open a Demat and invest some disposable money say 5000 inr and learn the ropes for a few years. Never ever invest beyond this money.

3. If any investment advisor is that good, ask him to make this 5000 inr grow to lacs and crores. Why should you invest 10s of lac and lose it ?? Last yr, many funds lost over 40% , just so you know.

Leh me give a funny incident. Some 15 yrs back or more, a broker in Mumbai asked me to open a trading account and invest money with him. I asked him how much. He said, start with 1 lac and then increase to 5 or 10 lacs in a few months. He will give trading calls. I bluntly told him, I will give him 15000 rs and you make this money grow to 1 lac and more.

He started laughing loudly and said, not possible. My job is to make you invest and give trading calls. I don't take responsibility for your money. I shook hands and moved on. LoL.

Broker and investment advisors job is to make money from your investments via commission or brokerage. If they could grow your wealth, they would first grow their wealth trading and investing in the stock maket and become rich. Why the hell will any rich guy waste time doing brokerage and investment business ? LOL.

Don't ever invest if you are not absolutely brilliant at it. That too in your retirement days !!
 

prasad1

Well-known member
Jin dhunda tin paiyan gahre pani paith Jo baura duban dara raha kinare baith

#Kabir Das

Dive deep, find what you want Don't be afraid of failure
 

Janaki Jambunathan

Well-known member
After sometime it becomes a pastime like reading newspaper or seeing movies online
(#66)

For about 30 years I was reading 4 newspapers - daily - Business line Economic Times included - preferred Financial channels to entertainment channel s in TV. Post Cataract phase of life risk free investment is ideal.


The generation next can decide on their money matters as well . My 2nd sons PPF will be be closed on or after Apr.1st. Reason - my D in L has to pay the balance amount for her ESOP commitment - due in Apr. / May. (HDFC Bank) There is a need to close the PPF and to start a new account.

My 1st son is a full time consultant in algorithmic trading - What is that I am yet to understand! All our 4 Demat accounts ( J , JJ individual 2 Acs + J 1st holder JJ 2nd ,JJ 1st & J 2nd ) will not be closed They are equally nominated to be passed on to our sons. We will keep these accounts active with no activities only to be passed on!
 

krish44

Well-known member
My inputs on the stock market -

1. Do not / Never invest in your retirement if you have not learnt how to invest in your younger years. It is gambling and 99% lose their retirement savings and get into daily "thindattum" !!

2. keep everything in FD. Open a Demat and invest some disposable money say 5000 inr and learn the ropes for a few years. Never ever invest beyond this money.

3. If any investment advisor is that good, ask him to make this 5000 inr grow to lacs and crores. Why should you invest 10s of lac and lose it ?? Last yr, many funds lost over 40% , just so you know.

Leh me give a funny incident. Some 15 yrs back or more, a broker in Mumbai asked me to open a trading account and invest money with him. I asked him how much. He said, start with 1 lac and then increase to 5 or 10 lacs in a few months. He will give trading calls. I bluntly told him, I will give him 15000 rs and you make this money grow to 1 lac and more.

He started laughing loudly and said, not possible. My job is to make you invest and give trading calls. I don't take responsibility for your money. I shook hands and moved on. LoL.

Broker and investment advisors job is to make money from your investments via commission or brokerage. If they could grow your wealth, they would first grow their wealth trading and investing in the stock maket and become rich. Why the hell will any rich guy waste time doing brokerage and investment business ? LOL.

Don't ever invest if you are not absolutely brilliant at it. That too in your retirement days !!
1. There is no age for investing.No sense in not exploring new avenues for growing money .Fools lose

money not financially smart brahmins. One must change mindset to live in modern online society.

2. The basic principle of investing-start small.Even five thousand rupees is good enough. If you have 15000 to spare spread it over three shares.

3. Operate with protection -set limit of 5% for losing and 15% for gains. Sell promptly if limit is breached.

4. Listen to business channels like CNBC TV18,BTV ,ET, Z business.Most would identify the sectors for

investing and the shares to buy.It require just 15 -30 minutes a day.Start with large cap group A shares and shift to mid cap and small cap

when confident.

5.Becoming well off applying owns" mind is not sinful.There is no need to be absolutely brilliant . Even

having a little common sense about money management is good enough . In fact these days lot of

housewives busy themselves buying and selling shares. There are broker sites which charge minimal

brokerage charges.

6 I got into investing fifty years back to fight boredom working in a PSU. Those days there was no demat

and online.One had to go to a brokers office for buying or selling. Initially I applied for shares directly to

companies offering shares to public called public issues and collected some blue chips. Later on my

portfolio simply grew
 

krish44

Well-known member
Most of us have to change our attitudes towards money. If one hangs on to it feeling insecure and doubt the

world at large,one can get paranoid.We ought to consider currency as scrapes of paper to be judicially multiplied

fast taking both gains and losses if any and not lose sleep over it,. When trading never think what broker will

get.He gives a service and charges for it.If one makes 15% , about 3-4% goes off as brokerage . So what?.

At fag end of life, it is wise to both make money and spend freely . Life is short . It is wise to spend on holidays

to exotic places and enjoying the good things of life which we could not afford when we were younger.

So far I have no regrets regarding investing in indian share market.I have become a better person as a human

being taking the plus and minus casually forgetting promptly.
 

Janaki Jambunathan

Well-known member
Most of us have to change our attitudes towards money. If one hangs on to it feeling insecure and doubt the

world at large,one can get paranoid.We ought to consider currency as scrapes of paper to be judicially multiplied (#72)


Yes My attitude towards money changed I do not hang on to it feeling insecure any more I feel I am as solid as rock of Gibraltar - in no need or mood to take risk - currency is not a paper to be thrown in dust bin but should multiply judicially I agree. I am practical and not philosophical about money! Thrill of making money is not there for me any more ! 'Mein be Chowkidhar hoon' to kept it safe and pass it on to generation next!
 
India Is A Cash Obsessed Economy
The Indian economy is cash based. So much, that, MNCs like Amazon had to incorporate ‘cash on delivery’, just to be able to tap into the Indian market.
The rate of cash to GDP is the highest, i.e. 12.42% in India. Whereas, other large economies have average cash to GDP ratio of 5%. In fact, in the year 2015, 78% of all consumer payments were in cash in India, whereas in US, it was 20% and in UK it was 25%.

India is the 4th largest user of cash in the world. And in this era of technology, this is not only backward, but also unscientific and ‘un’-economic.

Why Is Moving Towards A Cashless Economy Important?
To put it in a straight forward manner – cashless economies tend to be less corrupt, and have lesser black money. Let’s examine these reasons in detail.
1. Cash is costly.
A significant amount of time and effort is expended in shepherding them through the system and finally into the consumer’s hands. RBI has spent Rs.32.1 billion just for printing the currencies that are in circulation. Add to it the costs of setting up and maintaining ATMs. Also, paper currency has a shelf life after which it is renewed. It is said that the direct cost of running a cash based economy is close to 0.25% of India’s GDP.

2. Cash drives a shadow economy.
Cash transactions provide anonymity like no other mode of payment. They’re difficult to track. This leads to many evils, like – tax evasion, black money etc.
In 2007, currency in circulation was almost equal to bank deposits. But in the last three years, currency with Indians was more than the bank deposits by 50%. As per government data, the size of black money in India is Rs.15-16 lakh crores. This is the unaccounted money and was being used to finance a shadow economy, almost running a parallel government that finances all illegal transactions. Most of it is used for financing terrorist activities, illicit funding for elections, purchasing political decisions, betting, trafficking, and for hijacking democracy.
3. Future rewards : Financial inclusion + Increased tax revenues.

A cashless or a digital economy will require all the residents to have a bank account. This will lead to higher financial inclusion rates and will also help build a bridge between Bharat and India. Also, since digital transactions can be easily tracked, the incidences of tax evasion will reduce drastically and in the long term will help the common people in terms of better implementation of government policies.

 

Jaykay767

Well-known member
Jin dhunda tin paiyan gahre pani paith Jo baura duban dara raha kinare baith

#Kabir Das

Dive deep, find what you want Don't be afraid of failure
To clarify, I am not trying to scare off people from investing. Some people will know I wrote a detailed thread on money management yrs back. I have been actively involved in the markets for decades now.

The point is many seniors invest their retirement savings and end up losing them. If one is young and earning, then they can weather failures better and rebound stronger but not in retirement.

Hence the need for extra caution. And that they should invest some nominal amount of say 10k or 15k and learn the ropes of trading and investing first.
 

Jaykay767

Well-known member
Always question the investment advisors. Don't fall for the big returns. I mean, if he or she was that good, he or she would have become rich instead of dishing out investment advise to others !! LOL.
 

Jaykay767

Well-known member
Krishji,

Clearly, you are the guru in stock market and we can discern this from your posts over the years. No need to mock people and call names who lose money in the markets.

Let's caution and advise people to invest wisely specially in the retirement yrs where it is tough to recover from major investment setbacks.

JK
 

Jaykay767

Well-known member
Krishji,

Clearly, you are the guru in stock market and we can discern this from your posts over the years. No need to mock people and call names who lose money in the markets.

Let's caution and advise people to invest wisely specially in the retirement yrs where it is tough to recover from major investment setbacks.

JK
 

Janaki Jambunathan

Well-known member
I have a bunch of Share certificates of companies that have vanished After a long search I could locate 3 of them in the list.The remaining needs further hunting! My total investments in stocks and MF was around 6 L in early 90s Booked profits earlier around 15L The NAV of remain is around 40 L as on date Yes money has multiplied But I am not in it any more! If any of you are stuck with Vanishing shares - you check it in this list!

 

krish44

Well-known member
JK ji It is hardly my intent to mock anyone. Brahmins are known for their intellectual superiority.I cannot take it

if they do not apply themselves to get out of poverty and lead a good life requiring some money.

In business sites I see many ordinary housewives from bania and small business families approaching the

business adviser for free advise on what to buy or sell. They play for both short and long term gains.

If they can do it why not brahmin seniors?
 

krish44

Well-known member
I had a simple need.

I wanted a Preethi brand filter coffeemaker in delhi.

No site could give me name of shop in delhi where it was available off the shelf .

I was forced to buy it online from amazon and it got delivered in three days from hyderabad.

I paid by cash on delivery though they had the card option.

Who would like to pay by card small amounts?

Buying online options are being forced on us .

Lifestyle changes are being forced on us by the digital economy . We can no longer go freely go to a shop ,look

at choices and get what we want.

We are being forced into the on line buying game for everything small or big.

All are forced to carry debit and credit cards of various banks -visa or master.

Security becomes an issue and one fears someone will clone or hack our cards.

Having to change our thinking is not pleasant.

Slowly I am learning to accept the new realities of trading .

I learn fairly fast.

What about others -under educated millions who are forced to have bank accounts to get govt. doles.?

They must find it difficult to adapt to technologies which anyway is fast changing.

Mobiles have been thrust on all.

Whether travel or communication quickness of changes are making feel helpless and more dependant on

others for help every where.

In banks many want others to fill the forms[withdrawal or cheques] for them.

People roam from one ATM to another to withdraw money often finding it has run out of cash

They depend on the security man there to help out.

Life has been made only more difficult for most by technology.
 

Janaki Jambunathan

Well-known member
Now it is about EPF !

Personal finance experts claim that after the Supreme Court hearing, employers would be forced to contribute higher to PF. “The order is very relevant in terms of PF deduction. While employers were able to pay taxes on special allowances, they were able to keep PF at low by increasing the amount paid under the special tax. Now, they have to either increase the EPF or they have to readjust the whole salary slab,” said Ramesh Vyas, a personal finance expert with HDFC Bank.

 

Janaki Jambunathan

Well-known member
We buy everything thing on line except things that needs cold pack delivery- bought Volta's AC Godreg Washing machine Bajaj Micro. and other white goods for OMR flat on line. Hassel free door delivery J buys even his Gillette Mach3 and foam as well. I bought sarees Bed sheets covers etc Preferred Card Payments ! Reason- cannot tender exact amount to settle the bill most of the times When the article sent back as not satisfied we get it promptly credited back in to bank a/c in 3 days! Get a fair discount and free delivery and free pick up if returned! Even exchange offer are possible when you upgrade your mobile - So far it has worked well and I enjoy on line shopping and have retired from on line trading! I hate over crowded noisy Malls where you wait in line at the payment counters for a long time
 

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