Another year passes by and it's time to chew on the highs and lows of the Year 2017. After PM Narendra Modi demonetized Rs 500 and Rs 1000 notes on November 8th last year, everyone in India is talking financial services.
The Prime Minister in a special New Year address, announced a number of incentives for the poor, farmers, women and small businesses in India. PM Modi wants every citizen of India to have his own house. The number of houses built for the poor under PMAY (Pradhan Mantri Awaas Yojana), would be increased by 33%.
Homes for all: Loans of up to Rs 9 Lakhs taken in 2017, would receive an interest rebate of 4%. Loans of up to Rs 12 Lakhs taken in 2017, would receive an interest rebate of 3%. Loans which are taken in 2017 up to INR 2 Lakhs, for extension of housing in rural areas, would receive an interest rebate of 3%.
Gifts for farmers: Farmers who had taken loans for the RABI crop from District cooperative Central banks and Primary Societies, would not have to pay interest on these loans, for a period of 60 days.
Gifts for small traders: The Government of India underwrites loans given by banks to small traders and businesses up to Rs 1 Crore. PM Modi announced that this amount would be doubled to Rs 2 Crores.
The Finance Minister Arun Jaitley presented the Union Budget 2017-18 on February 1st 2017. Let's take a look at how the Union Budget 2017-18 helped you save personal income tax. In a gift to you, the Finance Minister cut the income tax rate for you and other citizens having income between Rs 2.5 Lakhs to Rs 5 Lakhs, from 10% to 5%.
SEE ALSO: Financial Happenings In India In 2016
The Lok Sabha passed the Finance Bill 2017 with a voice vote on March 22nd 2017. This bill stated that Aadhaar was compulsory while filing ITR. Linking Aadhaar to PAN was made compulsory to retain your PAN.
Political parties could receive only INR 2000 as a cash donation from a single source. For a donation above INR 2000, political parties would have to disclose the source of funding.
PM Modi launched Aadhaar Pay on April 14th 2017. This was a biometric-based payment system which helps you pay with the help of your thumb impression. This app was launched on the birth anniversary of the Father of the Indian Constitution, Dr Bhim Rao Ambedkar.
The Real Estate Act came into force on 1st May 2017. This act protects you and other home buyers and has brought transparency in the real estate sector. Developers would have to compulsorily register ongoing and new projects with regulatory authorities.
The Developer would have to deposit 70% of the money collected from you and other buyers into a separate bank account and use it for the construction of the project.
Goods and Services Tax (GST) a single indirect tax for India, was launched on July 1st 2017. GST is a value added tax, charged on manufacture, sale and consumption of goods and services, across India. GST replaced all other indirect taxes which were charged by the State and Central Government. It was the biggest reform since Independence.
The four GST slabs were set at 5%, 12%, 18% and 28%.
PM Narendra Modi in his Independence Day speech, said that demonetization and the fight against black money led to the discovery of many shell Companies.The Government cancelled the registration of 1.75 Lakh shell companies, which were caught from the data mined after demonetization.
The fight against black money identified 18 Lakh citizens whose income was much higher than their declared income. PM Modi said that more than Rs 800 Crore worth of Benami property had been seized.
PM Narendra Modi and the Japanese PM Shinzo Abe laid the foundation stone for India's first bullet train project in Ahmedabad. The Rs 1.1 Lakh Crore bullet train project was a joint venture between Indian Railways and Japanese firm Shinkansen Technology.
The Shinkansen bullet train is one of the fastest in the World. These trains have never been in any accident since 1964.
Capital Market regulator SEBI in the month of October, asked mutual funds to categorize all their schemes within five groups - Equity, Debt, Hybrid, Solution Oriented and other Schemes. SEBI asked mutual funds to ensure that schemes devised under the news norms, should not result in duplication of other plans offered by them.
Prime Minister Narendra Modi launched a new mobile app UMANG on November 23rd 2017. Unified Mobile Application for New-Age Governance also called UMANG, will allow you and other citizens to access all Government services on a single platform.
The FRDI Bill seeks to create a framework for resolving bankruptcy in banks, insurers and other financial establishments. The FRDI Bill aims to set up a Resolution Corporation to replace the existing Deposit Insurance and Credit Guarantee Corporation (DICGC).
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