Hindustan Times ST (Mumbai) : 2019-02-11

WORLD : 18 : 18

WORLD

hindustantimes 16 HINDUSTAN TIMES, MUMBAI MONDAY, FEBRUARY 11, 2019 money PERSONAL FINANCE quickguide WHAT YOU SHOULD KNOW ABOUT THE PENSION SCHEME Finance Minister announced the launch of Pradhan Mantri Shramyogi Maandhan for the unorganised sector, expecting 10 crore workers to benefit from the scheme within next five years. Here is what you need to know: › n PRARTHANA MAZUMDER, 24, a former syndication executive 1 2 3 Monthly pension of ₹3,000: It is only for the unorganised sector workers with monthly income up to ₹15,000. The scheme will provide an assured monthly pension of ₹3,000 from the age of 60 years. Contribute ₹55-₹100: The monthly contribution amount is ₹100 if the worker joins the scheme at 29 years and it is ₹55 a month if the worker joins at 18 years. The government will deposit an equal matching amount. › ₹500-crore allocation: Government has allotted ₹500 crore for the scheme and it will be implemented from the current year. TERM OF THE DAY CLAIM SETTLEMENT RATIO › FIRST RATE CUT SINCE AUGUST 2017 Repo rates (in %) 6.5 6.5 6.25 6.25 6.25 6.25 6 6 Source: Bloomberg n IS YOUR HOUSE READY-TO-MOVE-IN? Out of the total 6.73 lakh units of unsold housing inventory, nearly 85,000 units are currently ready-to-move-in across the top seven cities, according to Anarock data. And out of the total unsold ready-to-move-in options, nearly 60% units are in the affordable and mid segments priced below ₹80 lakh. › Total unsold units Readyto-move in unit Ready-to-move in of total unsold units (%) 73,340 12,000 16% Bangalore 30,840 8,800 29% Chennai BANKING AND TAX PAYERS WHAT YOU SHOULD KNOW “Currently you don’t need to furnish your Aadhaar details mandatorily for any banking transactions including opening an account or applying for a loan or credit card. However, Aadhaar continues to be on the list of officially accepted identity documents that can be submitted to open such accounts, and a customer can voluntarily use it as an identity document,” said Adhil Shetty, chief executive officer of Bankbazaar, an online marketplace for banking and investment products. “Earlier it was mandatory for the customer to furnish an Aadhaar for opening any new account. After the Supreme Court’s judgement last year, this has been changed and any of the valid identity documents including the Aadhaar can be used,” said Shetty. “Nevertheless, it is still mandatory for all tax payers to link their Aadhaar card to the PAN card,” said Shetty. Considering that you don’t need to provide Aadhaar details for insurance policies and mutual fund investment mandatorily, if someone asks for it, you have the option to refuse. Though it is not mandatory to provide Aadhaar, it is still considered as a valid identity document. Hence, if you still want to give it to avail services such as insurance, mutual fund and banking, you can continue to do so. For those who don’t want to use Aadhaar, you can continue using documents such as PAN, passport, driving licence and voter identity card. Also beware of how much information you share as most frauds happen because people using Aadhaar don’t have enough clarity on how much information they end up giving away. Fraudsters use Aadhaar to create fake identity. 87,440 8,600 10% Pune 49,470 5,400 11% Kolkata 1,86,710 23,500 13% NCR 2,19,490 22,300 10% MMR 25,960 4,400 17% Hyderabad 6,73,210 85,000 Pan India 13% Source: Anarock Research

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