States sharing bank details expose ‘deep pool’ of offshore money, says OECD

Over 90 governments have shared details about 47 million offshore accounts having a combined holding of $5.5 trillion

Governments have uncovered trillions of dollars in offshore funds since they began sharing in bulk bank account details last September, the Organisation for Economic Cooperation said on Friday.

More than 90 governments have shared details about 47 million offshore accounts with other governments since the large-scale exchange of bank details began, the OECD said in a statement.

The information includes balances and transactions on accounts holding a combined 4.9 trillion euros ($5.5 trillion), the Paris-based policy advisory forum said, more than the gross domestic product of Japan.

Also read: A global financial registry to fight tax evasion

Under the OECD’s common standard for reporting account details, participating countries started automatically sharing bank account information in September.

The move was the culmination of a two-decade international clampdown on tax evasion that has all but ended bank secrecy in many financial centres.

“The transparency initiatives we have designed and implemented through the G20 have uncovered a deep pool of offshore funds that can now be effectively taxed by authorities worldwide,” OECD head Angel Gurria said in a statement.

Gurria, who is to present the data to finance ministers of the Group of 20 economic powers at a meeting in Japan this weekend, said tax compliance was already improving.

Tax authorities booked more than $95 billion in extra revenue thanks to voluntary disclosures before automatic information sharing went live in September, the OECD said, raising its estimate by $2 billion from November.

[“source=thehindubusinessline”]

Desi Twitter has the best viral money memes. How many have you seen?

What do you think about this?

What do you think about this?

The internet is a crazy, crazy place. A cursory glance at the microblogging site every morning will provide enough fodder for your entertainment throughout the day. For example, stuff that the internet is obsessing over since Wednesday are money memes.

It’s quite apt considering the fact it is that time of the month during which your bank balance can appear demoralising enough. But there is light at the end of the tunnel with salary being credited soon. Until then, millenials are busy explaining their current situation with the help of the money meme that basically features a collage of two images – a wad of cash in one hand and a hundred rupee note in the other.

We spotted some memes on Twitter that describe desi situations perfectly as the internet is drawing references ranging from daily expenses (you know what we mean, right?) to wedding rituals. Of course, low balance in the bank account is the most cited inference.

[“source=indiatoday”]

How women can take control of their money and be financially independent

cowoman

We were out last week with a large group of women travellers. It was a fun trip filled with great stories from the lives of our co-travellers, recounted with great glee. The average age of the group was 65 years. It is amazing how things have changed for these women.

Many of them had worked all their lives and were now enjoying retirement on their own terms. The best stories were told by the widowed women, many of whom said they felt free finally. Such a sad commentary on how they pledged their lives to their men and family, sacrificing many joys. In the not too distant past, these women would have been banished to the background. Not anymore.

These women were spending on clothes and accessories, enjoying their outings and holidays, and laughing and having a good time. It was a joy to find that attitudes about life and more importantly their sense of self-esteem had changed dramatically. Each evening we had conversations about something, led by one of us: children, in-laws, husband, work, men, and food. Here is what I discussed when it was my turn to speak about money.

First, it is wonderful to enjoy financial independence. Do not shortchange that idea of money that you can call your own and allocate to whatever you wish, for anything at all. If you are employed, set a corpus up for yourself; if not, ensure that a portion of the family’s income is invested in your name, for your use. Not all us have the benefit of pension income, but we must have money that is ours to use. Ask for it by all means.

Second, assets serve a limited purpose. Do not overdo assets like real estate, gold, silver and such stuff. Many of these end up being hoards of wealth that are kept locked or used in a limited manner. Once, when girls had to be given their share of the family wealth, they were sent away with gold and jewels to the husband’s home; and to a woman who could not access her husband’s family wealth directly, the streedhan was her security. Today’s women have their education and jobs to secure them. They don’t need gold. Not beyond its ornamental value.

Third, do not obsess about passing wealth over to your children. We live in times of obsessive parenting. Sometimes, our guilt about being working mothers leads to needless generosity with kids using the money we earned. By all means support your children and enable their growth if you so wish, even after you have provided for their well-being and education. But draw the line at some point, when your kids have begun to earn money. They will do much better when they have to fend for themselves.

Fourth, there is nothing complex about investing and finance. Money left idle loses value, while money deployed to work earns an income or grows in value, or both. Every investment option can be understood in terms of where the money is deployed, and what happens to it. Return is what you get by allowing others to use your money; risk is the quality of that promise to give you something for using your money. Ensure that your money is put to use by scrupulous institutions whose promises are valuable. Don’t hand it over to your streetside broker and hope that trading on the screen will magically grow it.

Fifth, do not part with your wealth too easily and too early. One of the women told us the story of how her PF proceeds were used by her brothers to set up businesses that failed. She was lucky enough to inherit the wealth her husband left behind. But her warning that money in the hands of an elder attracts many in the near and extended family evoked resonance. Many dismiss the needs of senior citizens, and generalise they don’t need much money. Whatever is yours should be in your control, so you can decide how to spend, save, and give it away at a time that you deem appropriate.

Sixth, do not assume that all the wealth you have should be hoarded and kept in a place you deem safe, until you are alive. Money as we just learnt, has many uses and there are many institutions who will use your money for their business and pay you for doing so. Only a portion of your wealth might be needed for your routine everyday activity and annual spending. The rest must be invested efficiently to earn an income or grow in value. What you do not need immediately should be allowed to appreciate. Allocate your wealth between growth and income, based on what you have and what you need. Do not allow fear and misinformation to guide your investment decisions.

Seventh, do not provide information about and access to your money to others, however close you deem them to be. Many in the group had “delegated” money management to their children, spouse, financial adviser, or a relative. As long as they got money when they needed it, they did not care much about what was there and how it was being held. This is a lazy, indiscreet and callous attitude towards money. Learn to manage your money and take charge. Secure your bank account, learn Net banking, make those trips to the ATM yourself, and check your accounts from time to time. It takes a few minutes, but places you in complete control.

Eighth, keep the paperwork in order. Pay your taxes and file your returns. Ensure that nominations are completed and in order for all your wealth and investments. Consolidate and hold fewer investments so that acting on them is easier. Close accounts that are not in use or have matured.

We did a quick round of polling that evening, converting these eight pointers into questions, and seeking yes or no as answers from the group. Sadly, our fun loving women scored too low, the average score for yes being three out of eight. It is wonderful to enjoy the powers of money as a currency for fun; it is equally important to acquire a strategic orientation to personal finance.

[“source=economictimes.indiatimes”]

5 Ways To Make Money Online In India

Internet access and a digital device can open a world of opportunities for you. It is also possible to make money online that does not require you to have a specific qualification requirement or experience.

However, make sure you verify the authenticity of the website before you enter any kind of agreement. Also, while these may seem like easy ways to earn the extra buck, it requires consitency and dedication, like any other job, for it to give any significant results.

PTC websites

PTC websites

Paid-to-click (PTC) is an online business model where one can make money by clicking on and reading advertisements for around 30 seconds and receive payment for doing so.

These PTC websites act as middlemen between the viewers and the advertisers. It charges the advertisers for driving online traffic and with the same revenue pays the clickers for their time.

The payments are made in the form of money or gift cards.

The service may be extended to completing surveys, playing games, etc where you will be required to provide your feedback on a company’s product (like the game) or take a survey being conducted by the company.

Note: There are multiple fraudulent websites that claim to offer these service. Make sure to verify the authenticity.

Google AdSense

  

Google AdSense

Google AdSense is an advertisement service whereby publishers of content get a chance to make money by placing ads on their website. These ads are managed, sorted and administered by Google.

However, making money from AdSense is not as easy as the PTC site. You can either start a website, or a blog (using Google’s blogger) or a YouTube channel (also a Google product) wherein you create content and drive traffic to your work.

The money is driven by the number of people that visit your website or channel. You will be paid for the number of viewers that see the ads or click on it.

To earn a higher income, you need to make content that drives greater traffic to the website, blog or videos.

Online selling

Online selling

If you have the skill of making handicraft or any product that can be shipped to customers, you can open an online store and start selling.

Apart from dedicating a website for your product, you can tie up with large online retailers like Amazon, Flipkart, Zomato or Swiggy to help connect you with potential buyers and help you with making the delivery.

If you can make products like a mugs, rugs, designer wear, etc, you can sell these on Amazon or Flipkart. You need not make these products, you could even be a dealer who buys from producers.

Online selling is also big for chefs and cooks that lack an infrastructure for a restaurant or would like to drive higher sales than usual. Food delivery apps like Zomato and Swiggy enable order pick up and drop for food-makers.

Services by these brands are highly reliable and help you save on dedicating time and money towards marketing and delivery. You will, however, have to invest in packaging expenses as expected by the online retailer’s standards.

4. Freelancing

  

4. Freelancing

There are online website services that connect users with clients looking for freelancing jobs. These are popular among writers, graphic designers and software developers who have the freedom to work for Indian as well as international clients and sometimes earn in dollars.

If you do not wish to engage with a middleman, some content websites also connect directly with writers, graphic designers and software developers to create work that is paid on project basis.

These jobs not only allow the freelancers to work within the comfort of their home but gives them the opportunity to work as and when they can. It is also ideal for those looking to build their work portfolio at the early stages of their career.

5. Online market trading

  

5. Online market trading

There are multiple stock brokerage companies that allow you trade in equities, commodities or any investment instrument of your liking using just an app on your phone. However, stock trading comes with a great amount of unpredictability where you can stand to lose your money.

You will have to keep yourself updated with news in the business and political world and study the complex aspects of financial market on a regular basis.

With an internet connection, you have a plethora of websites and videos to read news and learn how to invest in the stock markets.

[“source=goodreturns”]