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Know what is CIBIL score before taking bank loan, personal loan and credit card? How to check it

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Despite having a hefty salary, the bank refuses to give loans to many customers. And when we ask the reason for the bank, the bank’s answer is that your CIBIL score is not good or it is negative. The bank checks the CIBIL score of the customers even before issuing the credit card. Actually, in this world of digital transactions, all kinds of facilities are now available online. Any transaction you do with the bank is seen at the time of taking the loan. Often the bank gives the loan to the customer only on the basis of the credit score.

The CIBIL score can be anywhere between 300 and 900, with 900 indicating the maximum creditworthiness. A CIBIL score of 750 or above in your credit report is ideal and will help you qualify for personal loans and credit cards.

Moreover, banks will not hesitate to give you a loan. Often people do not take loans and make payments on time. Late payment of EMI, non-payment of credit card on time, such steps adversely affect the CIBIL score.

Financial discipline means having a good credit score and it should not be a hindrance if you apply for any type of loan. For example, if you are going to marry a partner who is a defaulter on a credit card or personal loan and you want to take a joint home loan with him for a new house. Now a very difficult situation may arise for you. Might be possible, because of the partner’s credit score, the dream of your own house may remain incomplete.

What and Why credit score is important in CIBIL report:

CIBIL is the largest and oldest credit bureau in the country, having entered the market in the year 2000. It controls about 90 percent of the credit information market.

CIBIL or Credit Information Bureau (India) Limited is a credit bureau that calculates and maintains credit scores. CIBIL is the oldest, but there are three more credit bureaus that create your credit report – Experian, CRIF  highmark  and Equifax. Each credit bureau calculates your credit score on its own based on the data that banks provide to them from time to time.

Click Here to KnoW about EXPeriaN

ExperiaN is a leading global information services company, providing data and analytical tools throughout the world.

Experian is a secure and universally recognized credit announcement agency that provides professional credit assistance. Its services are ideal for users who need to increase their credit score by building a solid credit outlook. www.experian.in

A good credit score increases the chances of your loan application being approved.

But there is no guarantee that you will get a loan on the basis of a good credit score. Apart from the credit score, the loan income ratio of the applicant i.e. what percentage of your income is you paying towards current EMI (if any), job record, profession etc., also before the bank sanctions or rejects the loan is checked.

Needy of money but low CIBIL score

There are several ways in which you can choose to raise your low CIBIL score to a high CIBIL score.

You can start paying your credit card bills and loan EMIs on time. You should avoid making late payments under any circumstances. You can avoid excessive reliance on credit and keep the credit utilization ratio below 25%. If you find any incorrect information on the credit report, report it to the credit bureaus as soon as possible. For this, keep checking your credit score from time to time and if it is low, see if there is any wrong information in the report. You should not apply for a loan or credit card multiple times in a short period of time. It is advised to apply once after six months.

You shouldn’t close your oldest credit card. The longer your credit history, the more trust the bank has on you.

Maintain a balance in credit between secured credit (home loans, card loans, etc.) and unsecured loans (personal loans, credit cards, etc.).

Credit card limit is decreasing in COVID pandemic, know what you should do?

Due to the COVID pandemic, many challenges have come in the lives of common people. The biggest problem in this is about cash. The figures of withdrawing money from Provident Fund show that people are struggling with lack of money. However, all efforts have been made by the Reserve Bank to overcome this crisis.

The credit card limit is being reduced primarily for those customers who are availing the three-month moratorium on loan repayments. Banks believe that such customers will be short of money. In such a situation, the customer will use the credit card to meet the financial needs and there will be a delay in payment. Similarly, the limit is being cut for customers not using their credit cards.

If you want to maintain the credit card limit, then pay the credit card bill on time as soon as you spend the card money. If you spend more than 50% of the amount for a few months and pay on time, your credit limit will never be in trouble. With this your CIBIL score will also be correct.

What is not included in the definition of Capital Asset?

While computing Income under the head Income from capital gains, the main thing to comprehend is the meaning of a capital Assets. Be that as it may, let us talk about specific capital assets which are not viewed as capital Assets. Under Section 2(14) following Assets have been uniquely excluded from the extent of the meaning of capital Assets:

  1. Any stock-in-Trade, Raw Materials, consumable stores held by any assessee for the reasons for his business or profession. It is to be noticed that any securities (other than stock in trade which isn’t held by a foreign institutional investor) held by a Foreign Institutional Investor which has invested or deposited in such securities in accordance with the regulations made under the Securities and Exchange Board of India (SEBI) Act, 1992 will not be treated as stock-in-trade
  2. Personal impacts (moveable property) including wearing apparel, engine vehicle, electrical appliances, refrigerator, cooler, furniture and so on; ornaments excluding jewellery, archeological collections, drawings, artworks or any art work held for personal use by the assessee or some other individual from his family dependent upon him.
  3. Agricultural Land in India-But the land should not be situated
    1. Within the restrictions of any municipality or cantonment board having a population 10,000 or more or
    2. Within distance estimated aerially (shortest flying distance) from any municipality or cantonment board as follows:
DistancePopulation of Muncipality/ Cantonment
within 2 kilometres
within 6 kilometres
within 8 kilometres
10,001-1,00,000
1,00,001-10,00.000
More than 10,00,000
  1. 6% Gold Bonds, 1977, or 7 percent Gold Bonds, 1980, or National Defense Gold Bonds, 1980, gave by the Central Government;
  2. Special Bearer Bonds, 1991, gave by the Central Government ;
  3. Gold Deposit Bonds gave under the Gold Deposit Scheme, 1999 or deposit certificate gave under the Gold Monetization Scheme, 2015 notifies by the Central Government.

Charge of Income Tax

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[SECTION-4]

Tax shall be charged for any Assessment Year at the rate prescribed on the Total Income of the Previous Year of every Person.

Tax is leviable on Total Income of the Assessee

Total Income means the total amount of income referred to in section 5 and computed in accordance to this Act

Assessee” means a person by whom any tax or any other sum of money is payable under this Act, and includes—

(a) every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or assessment of fringe benefits or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to such other person ;

(b) every person who is deemed to be an assessee under any provision of this Act ;

(c) every person who is deemed to be an assessee in default under any provision of this Act ;

What is BitcoiN

Bitcoins is a crypto currency or you can say that it is a virtual currency which is not an official currency by any country in the world. There is no government control by any country on Bitcoins. Perhaps that’s why you can hide Bitcoins from the any country’s government, and you do not have any tax liabilities on Bitcoins.

Crypto currency is not new to the world, and people used to do earnings transactions in Crypto currency for some of the very complex tasks.

Who invented Bitcoins?

An unknown people invented Bitcoin or group of people named Satoshi Nakamoto from Japan, and has released in 2009 as open-source software. Bitcoin has developed by using C++ programming language.

Although there is no clear information available for Satoshi Nakamoto, but few people believe, it can be a Finnish sociologist or a mathematician of Israel. Some think that Nakamoto is the pseudonym of software developer Gavin Andresen, others believe that this Tesla maker Alan Musk.

What is a virtual currency?

A virtual currency is a digital belonging developed and controlled by its developers and it has used, accepted and flowed among the members of their network.

How many virtual currencies are there?

If we talk about the whole world, then maybe 900 or many more, such kind of crypto currency has in used.

Is there both virtual money/currency and digital money/currency are same?

Digital currencies are fully stored currencies and transferred electronically. Any money based in binary format (that means 0 and 1) meet this definition; Assume that you have deposited Rupees or a Dollar in a bank account and after that the bank issues you the digital currency worth of your deposited money, which is actually considered a representation of Rupees or Dollars in real.

Virtual currencies are that which do not have any physical basis in reality and which has not meant for the use of expenditure in real life. They are just a word.

Is Bitcoins a currency or how Bitcoin’s work?

Bitcoins are just a digital code that is stored in digital wallet; you can see that each transaction (purchase or sale) is its general list, which is called the ‘Blockchain’. The main advantage of any digital wallet is that you cannot see it with your eyes. And for this reason you cannot destroy this digital wallet nor you can confiscated it because it is not a currency of any country.

Why people are eager to buy Bitcoins

Bitcoins are in digital form so you can send Bitcoins to any part of the world at any time (for that you just required an Internet). You cannot seize the Bitcoins and, in any manner, you cannot stop its traffic.

Eventual fate of Crypto Currencies in India
From the start of its starting point, the destiny of Crypto is questionable in India. Sooner or later, the public authority appeared to be extremely threatening to it, while the Courts and RBI made a more reformist step and considered its suggestions on both the positive and negative dimensions. As of late RBI has chosen to have its own Crypto, for which all the central bank specialists are putting more weight on Research and Development for procedural advancement of our country first formally own Crypto. It would be an exciting face to see such advancement in a homeland like India. 

Bitcoin service provider

There are various Bitcoin exchanges available in India, although India’s central bank has announced a ban on the sale or purchase of crypto currency.

Even though many governments from different countries has ban on the sale or purchase of crypto-currency, but then also its popular. Bitcoin often gets huge fluctuations, whose recent impact is also on a famous Bollywood actor whose investment suddenly, disappeared within a few days. Because of the recent increase in Bitcoin, the small portion of that actor had a profit of more than Rs.640 crores in an anonymous company linked to him, but the profit in exchange for the fall in the currency in the last few days rapidly disappeared.

Top 7 Tips That Will Help You Find a Job

When you have not updated your resume for a few months or years, it can be difficult to know where to start from now. For the job you are looking for, you should include what experiences and achievements in your resume. Are you following new resume rules and trends in your resume? And will you create your own page or two pages of your resume?

Let’s help you with something that we have collected all the necessary information for you in one place, which will help you get started again. Read the following appointments and tips below to make sure you start a winner again and who helps you get a job.

1. Telling your story
  • Try not to Put Everything on There

It is not that you give detailed information about every work that you have done in the past, in your resume. Showcase only those achievements and capabilities in your resume that accurately define your current work (even if it means that you exclude most of your experience).

  • Keep a Master List of All Jobs

Since you’ll need to swap diverse data in and out contingent upon the activity you’re applying to, keep a resume ace rundown on your PC where you keep any data you’ve ever included on a resume: old positions, visual cues custom-made for various applications, unique ventures that exclusive in some cases bode well to incorporate. At that point, when you’re creating each resume, it’s simply an issue of reordering pertinent data together. Think about this as your gloat document.

  • Put the Best Stuff “Over the Fold”

In showcasing talk, “over the overlay” alludes to what you see on the front portion of a collapsed daily paper (or, in the computerized age, before you look down on a site), yet essentially it’s your initial introduction of a report. In continue talk, it implies you should ensure your best encounters and achievements are noticeable on the best third of your resume. This best area is the thing that the enlisting director will see first and what will fill in as a snare for somebody to continue perusing. So centre around putting your best, most pertinent encounters first and after that look at these five other advertising traps to get your resume took note.

  • Discard the Objective Statement

As indicated by Zhang, the main event when a target area bodes well is the point at which you’re rolling out a gigantic profession improvement and need to clarify from the get-go why your experience doesn’t coordinate with the position you’re applying to. In each other case? Look at whether as a rundown articulation would be ideal for you or simply nix it by and large to spare space and spotlight on making whatever remains of your resume stellar.

  • Keep it (Reverse) Chronological

There are bunches of various approaches to compose the data on your resume, yet the great old turn around ordered (where your latest experience is recorded first) is as yet your most solid option. Except if it’s totally vital in your circumstance, skirt the aptitudes based resume enlisting administrators may ponder what you’re stowing away.

  • Hold it to a Page

The (at least two!) page continue is a fervently discussed theme, however all that really matters is this you need the data here to be compact, and influencing yourself to hold it to one page is a decent method to constrain yourself to do this. In the event that you really have enough applicable and vital experience, preparing, and certifications to exhibit on in excess of one page of your resume, at that point pulls out all the stops. In any case, on the off chance that you can recount a similar story in less space? Do. In case you’re battling, look at these tips for chopping your substance down, or work with a creator to perceive how you can compose your resume to fit more in less space.

  • Think about an Online Supplement

Can’t make sense of how to recount your entire story on one page, or need to have the capacity to incorporate some visual cases of your work? Rather than attempting to have your resume cover everything, cover the most imperative points of interest on that record, and afterward incorporate a connection to your own site, where you can plunge more into what makes you the perfect hopeful.

2. Designing
  • Keep it Simple

We’ll discuss getting imaginative with a specific end goal to emerge in a moment. Yet, the most essential standard of good resumes organizing and plan? Keep it straightforward. Utilize an essential yet current textual style, similar to Helvetica, Arial, or Century Gothic. Make your resume simple on procuring directors’ eyes by utilizing a text dimension somewhere in the range of 10 and 12 and leaving a sound measure of blank area on the page. You can utilize an alternate textual style or typeface for your name, your resume headers, and the organizations for which you’ve worked, yet keep it basic and keep it steady. Your fundamental spotlight here ought to be on intelligibility for the contracting supervisor. That being stated, you should don’t hesitate to…

  • Precisely Stand Out

Truly need your resume emerge from the ocean of Times New Roman? Indeed, innovative resumes like infographics, recordings, or introductions or resumes with symbols or designs can separate you, however you should utilize them mindfully. In case you’re applying through an ATS, keep to the standard arranging with no fancy odds and ends so the PC can read it adequately. In case you’re applying to a more conventional organization, don’t get excessively insane, however feel free, making it impossible to include some elegant outline components or a little shading to make it pop. Regardless, don’t do it except if you’re willing to invest the energy, innovativeness, and configuration work to make it magnificent.

  • Reach Info Prominent

You don’t have to incorporate your address on your resume any longer (truly!), yet you do need to make a point to incorporate a telephone number and expert email address (not your business locale!) and in addition different spots the employing administrator can discover you on the web, similar to your LinkedIn profile and Twitter handle. (Understood in this is you keep these internet based life profiles reasonable for imminent businesses.)

  • Outline for Skim ability

You’ve heard before that employing administrators don’t invest a ton of energy in every individual resume. So enable them to get however much data as could reasonably be expected, in as meager time as would be prudent. These 12 little arranging changes will have a gigantic effect.

  • Get Help From a Professional

Realize that outline aptitudes aren’t your solid suit yet need your resume to look dazzling? There’s no disgrace in getting help, so think about working with an expert resume architect. This is apparently the most vital report of your pursuit of employment, so it merits getting it precisely right!

3. Work Experience
  • Keep it Recent, Keep it Relevant

When in doubt, you should just demonstrate the latest 10-15 long periods of your profession history and just incorporate the experience important to the situations to which you are applying. What’s more, make sure to apportion land on your resume as indicated by significance. On the off chance that there’s a decision between including one more school temporary job or broadly expounding on your present part, dependably pick the last mentioned (except if a past activity was more important to the one you’re applying to).

  • No Relevant Experience? No Worries!

Try not to freeze in the event that you don’t have any experience that possesses all the necessary qualities. Rather, concentrate your resume on your significant and transferrable abilities alongside any related side or scholarly undertakings, and after that try to combine it with a solid introductory letter explaining to the story of for what reason you’re perfect for the activity.

  • Your Bullet Points

Regardless of to what extent you’ve been in a vocation or the amount you’ve achieved there, you shouldn’t have more than five or six projectiles in a given segment. Regardless of how great your slugs are, the enrolment specialist simply wouldn’t overcome them. Look at these tips for composing great visual cues.

  • Cut it Down a Level

You might be enticed to toss in huge amounts of industry language so you seem like you hear what you’re saying; in any case you need your resume to be justifiable to the normal individual. Keep in mind that the principal individual who sees your resume may be an enrolment specialist, an aide, or even an abnormal state official—and you need to make sure that it is decipherable, pertinent, and intriguing to every one of them.

  • Give Them the Numbers

Use the same number of certainties, figures, and numbers as you can in your visual cues. What numbers of individuals were affected by your work? By what rate did you surpass your objectives? By measuring your achievements, you truly enable the enlisting director to picture the level of work or obligation you expected to accomplish them. Regardless of whether you don’t really work with numbers, here are a few insider facts to adding more to your resume.

  • Make it One Stride Further

Individuals enlist entertainers, so you need to demonstrate that you didn’t simply do stuff, however that you completed stuff! As you take a gander at your visual cues, consider how you can make every announcement one stride further and include what the advantage was to your supervisor or your organization. By doing this, you unmistakably impart what you’re able to do, as well as the immediate advantage the business will get by procuring you. In case you don’t know how to clarify your effect, look at these tips for transforming your obligations into achievements.

  • Show—Don’t Tell—Your Soft Skills

Depicting delicate aptitudes on a resume frequently begins to seem like a rundown of insignificant trendy expressions, quick. Be that as it may, being a “solid pioneer” or a “powerful communicator” are critical qualities you need to get over. Consider how you can show these properties in your visual cues without really saying them. Zhang exhibits here how you can demonstrate five distinct characteristics with a similar visual cue—attempt it yourself until the point that you get the outcome you’re going for!

  • Try not to Neglect Non-Traditional Work

There’s no law that says you can just put full-time or paid work on your resume. Things being what they are, whether you’ve taken part in a noteworthy volunteer part, worked low maintenance, were enlisted as a brief or contract specialist, outsourced, or blogged? Completely list these things as their own “employments” inside your vocation order.

  1. Stir Up Your Word Use

On the off chance that each shot in your resume begins with “In charge of,” per users will get exhausted rapidly. Utilize our convenient rundown of better verbs to blend it up!

  • Utilize Keywords

Utilize catchphrases in your resume: Scan the expected set of responsibilities, see what words are utilized regularly, and ensure you’ve included them in your visual cues. Not exclusively is this a self-watch that you’re focusing on your resume to the activity; it’ll ensure you get saw in candidate following frameworks. Adhered on which words to incorporate? Dump the set of working responsibilities into an apparatus, which will break down and release the most utilized watchwords.

  • Maintain a strategic distance from Empty Words

What words shouldn’t you incorporate? Thorough, cooperative person, and diligent employee—among other ambiguous terms that scouts say are incessantly abused. We wager there’s a superior method to depict how amazing you are.

4. Training
  • Experience First, Education Second

Except if you’re an ongoing graduate, put your instruction after your experience. Odds are, your last couple of employments are more vital and applicable to you landing the position than where you set off for college.

  • Likewise Keep it Reverse Chronological

More often than not, you should set out your instructive foundation by posting the latest or propelled degree first, working backward sequential request. In any case, if more established coursework is more particular to the activity, list that initially to catch the analyst’s eye.

  • However, Skip the Dates

Try not to list your graduation dates. The commentator thinks more about regardless of whether you have the degree than when you earned it.

  • Feature Honors, Not GPA

In the event that you moved on from school with high respects, totally make note of it. While you don’t have to list your GPA, don’t be reluctant to feature that summa cum laude status or the way that you were in the distinctions school at your college.

  • Incorporate Continuing or Online Education

Try not to be hesitant to incorporate proceeding with instruction, proficient advancement coursework, or online courses in your training area, particularly on the off chance that it feels somewhat light.

5. Aptitudes, Awards, and Interests
  • Rundown Out Your Skills

Make certain to include an area that rundowns out all the important aptitudes you have for a position, including tech abilities like HTML and Adobe Creative Suite and any industry-related affirmations. Simply make a point to skip including aptitudes that everybody is relied upon to have, such as utilizing email or Microsoft Word. Doing as such will really influence you to appear to be less mechanically keen.

  • Divvy Them Up

On the off chance that you have bunches of abilities identified with a position—say, outside dialect, programming, and administration aptitudes—give breaking a shot one of those segments and posting it all alone. Beneath your “Aptitudes” area, include another segment titled “Dialect Skills” or “Programming Skills,” and detail your experience there. Once more—we’re going for skim ability here, people!

  • Demonstrate Some Personality

Don’t hesitate to incorporate an “Interests” area on your resume, yet just add those that are pertinent to the activity. It is safe to say that you are a guitar player with your eye on a music organization? Certainly incorporate it. However, including your scrapbooking diversion for a tech work at a human services organization? Try not to try and consider it.

  • Be careful with Interests That Could Be Controversial

Possibly you help fund-raise for your congregation on the reg. Or on the other hand maybe you have an affinity for peddling amid political battles. Indeed, these encounters demonstrate a decent measure of hard working attitude—yet they could likewise be oppressed by somebody who can’t help contradicting the reason. Zhang discloses here how to measure the choice of whether to incorporate them or not.

  • Swagger Your Stuff

Do incorporate honors and honors you’ve gotten, regardless of whether they’re organization particular honors. Simply state what you earned them for, e.g., “Earned Gold Award for having the organization’s best deals record four quarters consecutively.” What about close to home accomplishments—like running a marathon—that aren’t absolutely applicable however indicate you’re a determined, diligent employee? Zhang shares the correct approaches to incorporate them.

6. Holes and Other Sticky Resume Situations
  • Murder the Short-Term Jobs

In the event that you remained at a (non-brief) work for just a matter of months, consider dispensing with it from your resume. As indicated by The New York Times’ vocation mentor, leaving an especially fleeting activity or two off your work history shouldn’t do any harm, insofar as you’re straightforward about your experience if asked in a meeting.

  • Manage the Gaps

On the off chance that you have holes of a couple of months in your work history, don’t list the standard begin and end dates for each position. Utilize years just (2010-2012), or simply the quantity of years or months you worked at your before positions.

  • Clarify Serial Job Hopping

In the event that you’ve work jumped every now and again, incorporate a purpose behind leaving alongside each situation, with a brief clarification like “organization shut,” “cutback because of scaling back,” or “moved to new city.” By tending to the holes, you’ll proactively represent the explanation behind your sporadic activity development and make it less of an issue.

  • Clarify a Long Break in Jobs

Returning the workforce after a long rest? This is the ideal open door for a synopsis articulation at the best, laying out your best aptitudes and achievements. At that point, get into your vocation sequence, without delaying to incorporate low maintenance or charitable effort. See more tips from Jenny Foss for murdering it on your rebound continue.

  • Try not to Get Cute

Try not to attempt to inventively fill in holes on your resume. For instance, in the event that you removed time from the workforce to bring up kids, don’t list your child rearing knowledge on your resume, à la “proficiently dealt with the developing heap of clothing” (we’ve seen it). While child rearing is as requesting and extraordinary an occupation as any out there, most corporate chiefs wouldn’t consider this area of your resume important.

5. Completing Touches
  • References Available Upon Request

On the off chance that an enlisting administrator is occupied with you, he or she will approach you for references—and will expect that you have them. There’s no compelling reason to address the self-evident (and doing as such may even influence you to look somewhat arrogant!).

  • Edit, Proofread, Proofread

It ought to abandon saying, however ensure your resume is without a worry in the world of mistakes. What’s more, don’t depend on spell check and language check alone—request that family or companions investigate it for you (or get a few hints from a proof-reader on the most proficient method to consummate your own particular work).

  • Spare it as a PDF

In the case of messaging your resume, make a point to dependably send a PDF as opposed to a .doc. That route the majority of your cautious arranging won’t unintentionally get botched up when the contracting chief opens it on his or her PC. To ensure it won’t look wonky when you send it off, Google’s head of HR Laszlo Bock proposes, “Take a gander at it in both Google Docs and Word, and after that connect it to an email and open it as a see.”

  • Name Your File Smartly

Prepared to spare your resume and send it off? Spare it as “Jane Smith Resume” rather than “Resume.” It’s one less advance the procuring administrator needs to take.

  • Continually Refresh It

Cut out some time each quarter or so to pull up your resume and make a few updates. Have you gone up against new obligations? Adapted new abilities? Include them in. At the point when your resume is refreshed all the time, you’re prepared to jump when opportunity presents itself. Also, regardless of whether you’re not working seeking, there are a lot of valid justifications to keep this record fit as a fiddle.

BOARD RESOLUTION FOR GST AUTHORISATION

EXTRACTS OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/S _______ PRIVATE LIMITED THE COMPANY HELD ON —TH  JAN, —- AT 11.00 A.M. AT THE REGISTERED OFFICE OF THE COMPANY 

RESOLVED THAT the Board do hereby appoint Shri Kumar  director of the company as Authorised Signatory for enrolment of the Company on the Goods and Service Tax (GST) System Portal and to sign and submit various document electronically and/or physically and to make applications, communications, representations, modifications or alterations on behalf of the Company before the Central GST and/or the concerned State GST authorities as and when required.”

FURTHER RESOLVED THAT Shri Kumar, Director of the company be and is hereby authorized to represent the Company and to take necessary actions on all goods and service tax related issues including but not limited to presenting documents/records etc., on behalf of the Company liaising /representing for registration of the Company and also to make any alterations, additions, corrections, to the documents, papers, forms, etc., filed with GST authorities as and when required.

FURTHER RESOLVED THAT Shri Kumar, Director of the company be and is hereby authorized on behalf of the company to sign the returns, documents, letters, correspondences etc. And to represent on behalf of the company, for assessments, appeals or otherwise before the goods and service tax authorities as and when required.

                                                                        For and on behalf of board

                                                                        NAME:

                                                                        DESIGNATION: DIRECTOR

                                                                        DIN:

DATE:16/01/2018                                           

PLACE: KANPUR

What is DemonetizatioN

Origin of the word Demonetize:-

In Mid-19th century, the demonetize word has come from French word démonétiser whereas the word ‘dé’- is expressing reversal and the word ‘moneta’ is a Latin word which means ‘money’.

What is Demonetization?

The meaning of Demonetization in general word is to withdraw (money or the something like) from use.

What is Currency Demonetization?

Officially, stop using particular currency that is in form of note or coin.

What is the history of Demonetization in India?

The currency demonetization is not new in India. During British rule, exactly before the nation got independence from British, the Rs 1000, Rs 5000, and Rs 10000 notes were officially withdraw from use.

Again, in 1954, the Indian government has reissued the Rs 1000, Rs 5000, and Rs 10000 for reuse.

After that, once Janata Party alliance form the government and his legendary leader Morarji Desai demonetization the Rs 1000, Rs 5000, and Rs 10000 currency notes to crack the black money from the country.

Last year 2016, the Modi government has demonetized the Rs 500 and Rs 1000 currency notes with slogan the ‘fight against corruption’.

Demonetization in outside of India:-

Few years back, the twelve European countries has demonetized own currencies and replace with one common currency that is Euro.

Demonetization impact:-

For a time being, the currency Demonetization has affected may sectors in many ways like the black money holders are willing to eliminate the existing stock of black money, fake currency and this is  benefited to our economy in the medium- to long-run.

1. Impact of demonetization on Telecom operators like Airtel/Reliance/Dish TV(Cable operator):-

As soon as news flashes into the industry by our Prime Minister for currency demonetization, like other sectors the Telecom sectors also noticed some immediate impact, which last for few days. The peoples residing on small cities and towns/villages are doing cash transactions and due to limited cash supply, they were in urgency to fulfil of other necessities.

2. Effect on parallel economy:-

After the currency demonetization, the black money holders has forced to destroy their old Rs 500 and Rs 1000 currency notes from the economy as the black money holders are not in a position to deposit the demonetized currency in his respective banks.

3. Effect on Gross Domestic Product:-

The shortage in money supply and simultaneous increase in bank deposits has affected the supply and demand scenario in the economy for the short term.

4. Effect on real state:-

Peoples have withdrawn their plan to buy a property as old Rs 500 and Rs 1000 currency notes were no longer the legal tender, and hence, this sector encountered an immediate downfall due to currency demonetization.

5. Online classified services:-

Many websites that belong to online buying and selling the properties, websites related to matrimonial are widely hits due to currency demonetization.

Demonetization impact on common PersoN

The common person in India is mainly doing their transaction in cash. Below are the few examples where they are facing the short-term issues.

1. Liquid cash shortage:-

After old currency ban, the person dealing with cash like vendors, auto rickshaw drivers, taxi drivers, daily wage earners and small traders are facing the shortage of Liquid cash.

2. Bank Fixed deposit interest rate:-

After the announcement of old currency ban, there have been huge cash deposits in banks. Therefore, some of the leading public and private banks have reduced the interest rates on deposits.

How Demonetization boosted to other Industry

Before November16, peoples are mainly doing the cash transactions. However, the sudden broadcast of the demonetization of Rs 500 and Rs 1000 currency notes has encouraged a new trend in the adoption of the digital payments across the nation.

1. Ecommerce and associated businesses:-

Generally, most of the ecommerce companies are providing the Cash on Delivery facility and due to currency demonetization, consumers have moved to cashless payment methods using the digital payment instruments. Online wallet companies are giving discount to promote the digital payment/cash less payment.

2. Public/Private Banks:-

Banks are seeing the significant rise of money deposits in saving/current accounts and consumers are being pushed to do the transactions via debit cards.

3. Rising on Credit card Users:-

Currency demonetization has given opportunity to the credit card companies a leg up the increase in transactions. To encourage the cashless transaction, credit card companies are providing various rewards points to their customers.

In last, this move will expressively eliminate the existing stock of black money, fake currency, Hawala Traders, Bookies, and Scrap Dealers.   It will benefit the economy in the medium- to long-run.

Few questions are still open that how the government is going to stop the creation of black money in the future.