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by System Administrator - Friday, 24 March 2017, 8:15 AM

By: M.S.Yatnatti: Editor and Video Journalist Bangalore: "Every person who has been allotted permanent account number as on the day 1st of July 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be in notified by the Central Government in the Official Gazette," notes the amendments inserted in the Finance Bill. "Provided that in case of failure to intimate the Aadhaar number, the permanent account number (PAN) allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number."Interestingly, the government move comes despite of the Supreme Court ruling that Aadhaar number can be used only for providing welfare services and not as in ID tool or a requirement for general services.It is not clear why the government wants to link all PAN cards to the Aadhaar card and what it hopes to achieve by making Aadhaar a mandatory requirement for filing income tax returns. But from the proposed amendments it seems that Aadhaar number will soon render the PAN number useless and in future government may just use Aadhaar number in all the places where currently the PAN card is required. At the same time, with Aadhaar card connected to the PAN card, and effectively with bank accounts, government will be able to track the income and expenditures of millions of Indians each time there is a transaction that involves a bank account.

You must have already reportedly heard that from this year filling of income tax returns will require you to your Aadhaar number. In case you don't have the Aadhaar card and you wish to pay taxes, you have to get one now. But the Aadhaar doesn't just stop at the income tax. The Aadhaar number will also have to be linked to the PAN (permanent account number) card or else the PAN card will be cancelled.The new rule is part of the proposed amendments in the new Finance Bill, which is certain to be passed. The proposed rules note that linking of Aadhaar card with PAN card will be mandatory from July 1. Aadhaar has been gaining ground with several financial transactions being linked to it. Work is already in progress of all bank accounts being linked to Aadhaar number.Recently, the I-T department had announced a mobile app for paying taxes and tracking of refunds. It had also said it was considering issuing PANs on real time basis using Aadhaar biometric.Sources said the decision to link Aadhaar to a bank account and to make it necessary for filing Income Tax returns was taken last year.The Government aims at making financial transactions more transparent by linking Aadhaar to bank accounts, Income Tax returns and PAN cards.The government is working on linking all bank accounts to Aadhaar numbers. And from April 1 onwards, Aadhaar IDs will be a pre-requisite for opening an Employee Provident Fund account that helps you collate a pension.The Aadhaar program was introduced by the previous UPA government in 2009. By offering instantaneous checking of a person's credentials, it aims at making it much easier to open a bank account, or for legitimate beneficiaries to receive subsidies in welfare reform schemes.

Loan tenure: The tenure of a loan is the number of years or months the loan has been borrowed for. nterest rate: This is In the rate of interest charged for the money bor rowed. In case of a floating rate loan, this may keep varying through its tenure.Generally, higher the loan amount, higher will be the EMIs. Further, higher the interest rate, higher will be the EMIs. Shorter the loan tenure, higher will be the EMIs.On the other hand, the EMIs will be lower in case of a lesser loan amount, lower interest rate or in case the loan tenure is longer. While the EMIs will come down if you increase the tenure of the loan, the catch is that the total amount of interest payable over the loan tenure will be higher.In case of a floating rate loan, the interest rate will vary based on the marginal cost of funds based lending rate (MCLR) of the bank. Hence, the EMIs also change whenever there is a change in the MCLR effected by the bank. As against this, in case of a fixed rate loan, the EMIs remain constant during the period when the rate is fixed.

Reportedly the tenure is a major factor you need to decide on while availing a home loan. It has an impact on the total amount of interest you pay for the loan. A loan tenure is the duration of the loan.A home loan is generally taken for a long term. The EMI amount will depend on the tenure of the loan and loan amount.As a home loan is mostly for a long tenure, it is very important to be realistic and practical while choosing the loan amount and tenure. This is despite the fact that a bank may be willing to provide you a higher loan amount or a lower interest rate. The decision has to be based on your requirements, resources, repayment capacity and ability to service the loan through the tenure. A longer tenure will mean a lower EMI, which can be serviced more easily.A longer home loan tenure increases the cost of borrowing as the interest has to be paid over a longer time period. You have to consider your financial sources and needs over a few years at least, while deciding on the loan's tenure.You should make a cashflow statement, covering likely receipts and payments over the next few years. This should include the estimated increase in income over the years self and spouse. Also, it should capture the funds requirements over the next few years children's education, marriage, insurance, anticipated medical expenses, investments and of course some buffer to meet contingencies.One way to decide on the loan amount and tenure is with a reverse calculation. Make a cashflow statement for the next few years covering likely receipts and expenditures. Find out the surplus you have each month in a year. Now, the EMI has to be paid from this surplus amount. Using the EMI as the base, you can then calculate backwards to find out how much loan you should ideally borrow.This will also give you a good idea on the home loan repayment you can easily service with your present and likely resources.If you have a monthly income of Rs 1 lakh and expenses of Rs 60,000, you have a disposable income of Rs 40,000. Around 5070 percent of this can be used to pay the EMIs. So, you can pay up to Rs 28,000 as EMIs. Now with EMI, the interest rate and tenure, you can compute the loan amount. So, for 11 percent interest and loan tenure of 10 years, with the EMI of Rs 28,000, the loan amount will come to Rs 20 lakhs approximately. If the tenure is increased to 20 years, the loan amount will be Rs 27 lakhs. Generally, the EMI should not be more than 40 percent of your monthly income.As the loan tenure increases, the EMI amount comes down. This increases the eligibility for the home loan. As there is no prepayment penalty charge, you can prepay on the loan in future, once your income increases. So, initially, you should opt for a longer tenure loan so that you can service it easily. Although a shorter tenure loan will reduce the interest burden, it will also increase the risk of being unable to pay timely instalments.Age is also an important factor. The maximum tenure is restricted by your age at the end of the tenure. Normally, banks lend only up to 60 years of age. Thus, a 50-year-old person cannot get a 30year loan as it will be long past retirement by then.One will be eligible only for a 10-year loan at 50 years of age.The right tenure is such that the borrower can pay the EMIs without ever defaulting. The EMI calculated on the basis of the chosen tenure must have some leverage to be enhanced in case the interest rates go up in the future.

EMI stands for 'equated monthly instalment'. A home loan is re paid through EMIs. EMIs are set at the inception of the loan and are expected to be equal every month. However, there are certain circumstances in which it can change.The EMI depends on the loan amount, the interest rate and the tenure of the loan. Based on these factors, you can easily compute your EMI amount. EMI payments include contributions towards both the principal and interest components of the loan amount. In the initial years, the interest component constitutes a major portion of the EMI amount. During the later years of a loan tenure, the portion of the interest compo nent reduces and that of the principal component increases.The EMI amount you need to pay on your home loan depends on: Loan amount: This means the total amount of money you have borrowed.

How you can reduce your EMIs :This will depend on the attendant factors. In case you make a part prepayment of some amount of the principal component, it will reduce your outstanding loan amount. This will lead to a reduction in your EMIs. Alternatively, you can opt to keep the EMIs the same, but reduce the loan tenure. This will also reduce the total interest payable over the tenure. If you keep the EMIs low initially, the loan tenure will have to be stretched.This will increase your total interest cost.In case of a floating interest rate loan, you can take advantage of a reduction in the interest rate. In case the interest rate goes down, your EMIs can still remain the same. However, by virtue of the reduction in the interest rate, the tenure of your loan will be reduced you can keep the EMIs the same, but reduce the tenure. This will also make you debtfree earlier.

Citizens can force every PA to create information every day strictly as per the system and procedure as per listed Acts and rules regulations listed under 4(1) (a) (b) (c) every day and that can be cross cheeked by applicant by asking reasons under 4(1) (d) by the affected person and copy of the same can be given to any applicant under 2( f)of RTI Act .Promote transparency and accountability in the working of every public authority. Policy on Prevention, Detection, and Remediation of Fraud and Corruption by government is must and a major element of good governance is the control of corruption. For that reason, controlling corruption has been a key indicator. Good governance is a keystone of government. UPA government has given you RTI Act: Use It optimally :All opposition parties should use RTI optimally .Let they create booth wise RTI activists among their members or cadets and give them training and set of questions and gather that booth level information to perform better as opposition parties .Prime Minister should listen to opposition parties as they are voice of 66% voters. All responsible citizens should send RTI Question to each MP and each Minister and Prime Minister and get to know every day what they are doing and what they are performing and keep check on their performances and give them clear indication that India is awakened and want responsible Government which listens citizens.. All 70 MLAs and 543 MPs are public servants : After election are over all MLAs are public servants and they are MLA for all the constituency .All MLAs should chalk out their plans for development of their constituencies irrespective of who voted for them or who is not voted for them . THE RIGHT TO INFORMATION ACT, 2005 is an Act to provide for setting out the practical regime of right to information for citizens to secure access to information under the control of public authorities, in order to promote transparency and accountability in the working of every public authority.