Man buys ₹ 1700 of bitcoin, forgets about them, finds they're now worth ₹ 6 crore

A Norwegian man  Kristoffer Koch invested 150 kroner ($26.60= ₹ 1700  ) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.

Bitcoins are stored in encrypted wallets secured with a private key, something Koch had forgotten. After eventually working out what the password could be, Koch got a pleasant surprise:

“It said I had 5,000 bitcoins in there. Measuring that in today’s rates it’s about NOK5m ($886,000= ₹ 6 crore),” Koch told NRK.

Income Tax Slab And Rates Applicable from April: FY 2017-18

Proposed income-tax slabs for FY 2017-2018 (assessment year 2018-19) applicable on income earned during 01.04.2016 to 31.03.2017) for various categories of Indian Income Tax payers, announced in Budget 2017 

1.Individual resident aged below 60 years (i.e. born on or after 1st April 1957)

Income Tax :Use Tax Calculator for AY 2017-18

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the taxable income exceeds Rs. 2,50,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 5000/-.
iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.	Where the taxable income exceeds Rs. 10,00,000/-.	Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

2. Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1937 but before 1st April 1957)

Income Tax :Use Tax Calculator for AY 2017-18

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 3,00,000/- Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 5000/-	NIL
ii.	Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-	10% of the amount by which the taxable income exceeds Rs. 3,00,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.	Where the taxable income exceeds Rs. 10,00,000/-	Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

3. Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1937)

Income Tax :Use Tax Calculator for AY 2017-18

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 5,00,000/-.	NIL
ii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii.	Where the taxable income exceeds Rs. 10,00,000/-	Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

4. Any NRI or HUF or AOP or BOI or AJP

Income Tax :

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.	Where the taxable income exceeds Rs. 10,00,000/-.	Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

* Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

5. Co-operative Society

Income Tax :

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 10,000/-.	10% of the income.
ii.	Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.	Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii.	Where the taxable income exceeds Rs. 20,000/-	Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

6. Firm

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

7. Local Authority

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

8. Domestic Company - Turnover upto Rs. 5 crores

Income Tax : 29% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

• At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

9. Domestic Company - Turnover exceeding Rs. 5 crores

Income Tax : 30% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

• At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

10. Company other than a Domestic Company

Income Tax :

• @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
• @ 40% of the balance

Surcharge :

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

• At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

* Marginal Relief :

When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Example

In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-

1.	Income Tax	Rs. 28,25,300
2.	Surcharge @15% of Income Tax	Rs. 4,23,795
3.	Income Tax on income of Rs. 1 crore	Rs. 28,25,000
4.	Maximum Surcharge payable (Income over Rs. 1 crore less income tax on income over Rs. 1 crore)	Rs. 700/- (1000 - 300)
5.	Income Tax + Surcharge payable	Rs. 28,26,000
6.	Marginal Relief in Surcharge	Rs. 4,23,795/- (423095 - 700)

That Chip on Your Credit Card May Not Be Stopping Fraud After All

It's a different world, where the science and technology have registered some of the most magnificent developments and innovations, which are potentially, help the society in having a massive growth in almost all sectors. The advent of the computer and the internet are one of the major inventions of the scientific development, which have changed the world to a great extent and today we can find some sort of touches in almost all products and issues in our existing society.

While the primary sectors are getting huge supports from the computer technology; the financial sector also has seen some of the major breakthroughs in the operation and management of the financial instruments and data. The Credit card is considered as one of the important issues in the financial market, which is now being used by millions of users, throughout the globe, for ease and comfort.

Today the credit card or debit card are using as the avenue of the cashless transaction, which safeguards the malpractices and helps in efficient accounting purpose. It can be noted that the safety of using the credit card is getting the highest priority and several measures are being taken to get the utmost safety of the cards, which are often found quite inadequate and vulnerable.

Credit Card and Relevant Issues

It is now known to everybody that the transaction through these cards are quite popular among the people, especially in the younger generation, and there are lots of chips and other devices are being used in order to check potential frauds. But at the same time; the fact is that there are some problems inherent in these chips, which are essentially meant for the safety of the credit cards. In the present scenario, the security chips are widely used in the financial world and it becomes a bit difficult for the criminals to counterfeit any debit or credit card.

But in recent days, the fraudulent activities are on a rise and various criminals are now pilfering cash from the plastic card by using some different mode of operation, which is considered as a great threat to the general people, who are using the credit card for convenience and safety. The new study, done by the renowned research organization, Javelin Strategy and Research, has made some unique revelations in the frauds of the credit card, which are as follows:

• The most common identity fraud has been rose about 16% in the year 2016, which cost individual an all-time high of USD 16 billion; 
• About 15.4 million people are affected by this kind of fraud, which is about 6.15% of the total consumers and a 2 million more from the earlier year i.e. 2015;
• While the study was not been done exclusively for the credit cards, but the researchers made it a point that the majority of these identity thefts are predominantly linked with to the credit cards; 
• This escalation in fraudulent activities, which is about USD 700 million more than the previous year, seems to be unspecified.

Schools don't teach this

17 years

This is the minimum time spent by most of us getting a formal education.

2 years of Kindergarten
10 years of School (Primary and Secondary)
2 years of junior college (11th and 12th)
3 years of Degree College

Am not even taking into account the years invested in education by engineers, lawyers, doctors, PHDs and even those who do any sort of post graduation.

The vast majority of those who invest so many years in education do it at great cost. Both in monetary and non monetary terms. Being saddled with loans the priority is to secure a job which pays a handsome amount so that the loan emi is completely covered rather than looking for a role which offers learning and fulfillment.

This problem is not faced only by Indian schools but world over. Schools in the US are struggling with education children on basic financial lessons such as even opening a bank account.

In India, there are multiple reasons why children turn out to be financially illiterate adults. Some of them are:

a) Parents themselves are unaware about basic investing and insurance concepts
b) They trust what their parents did historically. For example: Fixed deposits being a safe investment destination. However they do not take into account that fixed deposit rates have been falling and inflation will end up pummeling whatever little returns a fixed deposit will offer. And I am not even counting the impact of TDS.
c) It is taboo for a child to discuss financial matters with parents, except, in certain communities. 
d) Taking up part time jobs are still frowned upon

Some of you may feel this doesn't make sense. How can little children be financially literate?

Let us look at what happens in the United Kingdom:

An organization called Personal Financial Education Group (Pfeg) organizes My Money Week.

This is what it does:

Pfeg has reached more than 2.5 million students since 2008. These students have shown a marked improvement in both financial knowledge and skills. Fashion shows, Youth Parliaments, Dramas, Debates and community economy projects have been used to educate young people.

However all is not lost for Indian students.

Interestingly in 2012, RBI came up with a draft to improve financial literacy in Indian schools: https://goo.gl/JyV7gY The list of topics covered seemed quite exhaustive and one can go through the draft in detail. Raghuram Rajan also spoke about spreading financial literacy in 2016.
Indian schools will take a few more years to warm up to the concept of spreading financial literacy and the initial baby steps will not teach children about the long term benefits of investing.

In the interim it would be great if atleast those parents who are aware about the long term value of investing encourage their children to understand the benefits of investing. A demat account can be opened in the name of a minor by its natural guardian provided the latter is atleast 18 years old.

Let us assume you create a demat account for your child by the time she is three and begin investing Rs 500 per month. By the time she is 12, she could invest this amount as children of most people reading this article would be getting a lot more than Rs 500 as pocket money by the time they are 12.

When the child is 20, she could earn:

At a CAGR of 15%, one can earn a corpus of Rs 4.7 lakhs
At a CAGR of 20%, one can earn a corpus of Rs 8.5 lakhs

At a CAGR of 25%, one can earn a corpus of Rs 16.19 lakhs

According to this article, Birla Sun Life Equity Fund has offered close to 20% returns over 15 years.

Imagine completing formal education with a corpus of Rs 16 lakhs. Not bad eh?

The standard disclaimer: Mutual funds are subject to market risk. Please read the offer document before investing

The important disclaimer: You are inviting inflation to destroy you if you dont invest in equity for the longer term.

10 Things to know About India INX (India's First International Stock Exchange) !

What is India INX?

India International Exchange(INX) is a wholly owned subsidiary of BSE and the first International exchange from India 

This global stock exchange has been built inside the International finance service center (IFSC)

India INX is one of the world's most advanced technology platforms with a turn-around-time of 4 micro seconds which will operate for 22 hours a day, allowing international investors and NRIs to trade from anywhere across the globe.

Both Indians and NRIs, besides International investors can use the services of INX to trade at anytime they want, from anywhere.

Investors can trade equity derivatives, currency derivatives, commodity derivatives including Index and Stocks at INX. Gradually, depository receipts and bonds would also be included, once proper infrastructure is in place

As per experts, this unique stock exchange will enable infusion of more FDI in the country, and will enable ‘cross-border investment’, which will inturn help the Govt. to promote growth and development of the society.

Ten things to know about India INX:

1. 1) World's fastest international exchange: India INX will be the fastest international exchange in the world in terms of order response time, with a median trade speed of four microseconds. This is better than BSE's domestic exchange at Mumbai, which has a order response time of six microseconds. In comparison, the second fastest international exchange at Singapore has an order response time of 60 microseconds. 
   
   
   2) In step with the rest of the world: India INX at will be open for trading for 22 hours every day. The exchange will open for trading activity daily at 4 am when exchanges in Japan open, and close at 2 am when exchanges in the US close. 
   
   
   3) Investments set for coming years: BSE will be investing around Rs 500 crore in the international exchange over the next three years
   
   
   4) Many of its employees are relocating from Mumbai: India INX will begin operations with 100 employees, most of whom have relocated from Mumbai, apart from local and foreign personnel.
   
   
   5) What can it trade in: The exchange can trade securities and products other than Indian rupees. The securities and products that could be traded on the India INX are: equity shares of companies incorporated outside India, depository receipts, debt securities, currency and interest rate derivatives, index based derivatives, commodity derivatives and such other securities that may be allowed.
   
   
   6) Only derivative products for now: It will offer only derivative products – in equity, currency and commodities – for the first six months at least. This has been described as the first phase by BSE Managing Director and CEO Ashishkumar Chauhan. 
   
   
   7) More instruments to follow: During the second phase, it shall offer depository receipts and bonds. The second phase is likely to take six months to one year for implementation.
   
   
   8) People want in: As many as 250 trading members, including commodity brokers as well as brokers settled overseas, have expressed interest to function at India INX. 
   
   
   9) Robust security: BSE Managing Director and CEO Ashishkumar Chauhan has said that a robust risk management system is in place to prevent market manipulation and money laundering. 
   
   
   10) Mock trading commenced last year: India INX and the India Clearing Corporation have commenced mock trading from India INX's data centre at GIFT City from December 17, 2016. 

Free Income Tax Calculator Tool : FY 2017-2018, Moneygaze

Use These 12 Steps For Success With Your Regulation A+ Capital Raise

In any business, the resource mobilization is a crucial and most important issue and people try their best to have some positive solution of this problem. The most natural form of resource mobilization is being done by the help of IPO, Venture capital or bank syndication, the Regulation A+ is helpful in getting the right kind of support in mobilizing the fund.

There are some steps to be followed for achieving Regulation A+, which are as follows:

1.  It is always a tough issue in front of any business or project; as the seasoned investors are usually quite skeptical about investing in new ventures. Therefore, using the Regulation A+ could be the best option to get the required fund; 
2.  The provision of dividend or royalty to the investor, broaden up the scope of getting fund from the targeted organization. Interest payments have been considered as a major issue in the Real Estate sector; 
3.  These days, the crowdfunding is considered as one of the most encouraging and effective forms of resource mobilization and to get it done, one has to appoint a 360-degree marketing agency for this specialized job; 
4.  It would be a great deal if a partnership can be cemented with a syndicate of broker-dealer, which could be helpful in getting an inroad into the world of potential investors at a single move; 
5.  The required "Testing of water" has to be done for a short period of time, otherwise; the very essence of testing the market can be jeopardized, which will eventually not been helpful in getting the financial support from the investors; 
6.  It is often found that some auditors delay the process by taking abnormal time to get things ready, therefore, the selection of the auditor has to be done with special care, which might be of great help for the funding; 
7.  This can be noted that the SEC use to allow the company to go for "no-minimum" offerings, which is a great advantage for the company to get at least some forms of capital investment, which might not be possible if there is any minimum level being set;
8.  It is always been suggested that the intended company should go for the offerings; once they have sufficient fund in hand to go forward, otherwise, the move can be disastrous and harmful; 
9.  One should not be confined their approach in the domestic market, on the contrary, an international exposure is always a very good option for mobilizing the fund and may at a lower financial cost; 
10.  The complex terms and conditions are usually being avoided by any potential investors, therefore a simplistic and transparent approach in this regard, is always helpful in getting the support from the investors; 
11.  The important part of the Reg A+ is the minimum level of opportunity that is being offered to the potential investors, which any investor from any part of the globe to invest, as per the capability, to the project or business; 
12.  Try the tier 2 of Reg A+, which provides the opportunity to raise from Zero to $50 million per year for the company.