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Advice to Young People & Entrepreneurs from Jack Ma

Business Ideas

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June 13, 2015

Jack Ma, 57, founder of Alibaba and 26th richest man in the world with net worth to $37.1 Billon. He is self-made entrepreneur cum billionaire from china. He turned the idea of generating money from the internet into reality. He is giving a brief advice to young people and entrepreneur on how to become successful in business and life.

Advice to Young People & Entrepreneurs

Before you are 20 years old –

He says “Be a good student focus on your studies. Make enough mistakes. Don’t worry any mistake is an income and a wonderful revenue for you. Before taking up entrepreneurship get a little experience …

Between 20-30 years of age –

Jack Ma said “Before 30 years follow somebody, prefer to be a part of a small company over big company. You can learn more in a small company. At big companies you learn processing, you are part of big machine. At a small company you learn about passion and dreams, which is important to become an entrepreneur. Not only that you will learn how to do lot of thing at a same time.”

To become entrepreneur “It is not important that which company you go for, but it is important that which boss you follow. You should select a boss who teaches you differently.”

Between 30-40 years of age –

He says “Between 30-years of age you have to think very clearly that you are working for yourself if you really want to be an entrepreneur.” This is the decade that let you know which field is best for you.

Between 40-50 years of age –

By this time, you are aware of your strengths. This is the time of utilizing your strengths. “You have to do all these things that you are good at. Don’t try to leap jumps in new areas. It is too late. You may become successful but the rate of dying is too big.”

Between 50-60 years of age –

“If you are 50-60 years old work for young people, because young people can do better than you, so rely on them; invest on them, making sure that they are good.” said Jack Ma. It is time to make young people ready for entrepreneurship.

Over 60 years –

If you are 60 years old it is time to stay away from work. He said “Relax and enjoy yourself on the beach in the sunshine.” In short enjoy your retirement.

Do share your views on this motivational and inspirational video talk given by Jack Ma!

Ping Pay Multi Social Payment App – Axis Bank

Personal Finance

Shitanshu Kapadia

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June 12, 2015

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Ping Pay Multi Social Payment App – Axis Bank

Ping Pay – Imagine how good it is if you can send or receive money via WhatsApp. Well, your imagination is turned into reality. Now you can use Whatsapp, Facebook and Twitter for transferring money to anyone in the contact list.

Axis Bank, India’s largest private sector bank has recently launched wonder app called “Ping Pay”.Ping Pay is Multi Social Payment App which allows you to ask or give money or send recharge using WhatsApp, Facebook and Twitter. You can also send customized messages containing text, images, video and voice note along with money transfer. The best part of this App is that anyone can use this App, it is not mandatory to become Axis bank customer for using this App.

How Ping Pay Works?

First of all you need to download and install Ping Pay on your Smartphone.
1. You can download this app from google play (Android Smart Phone user) or from iTunes (IOS Smart Phone user)
2. Alternative way is to send SMS PINGPAY to 5676782
Once the App is installed in your mobile it will ask you your bank account number. You need to enter account number only at once and same can be set as default for all subsequent transactions.
Next step is to add your social networking accounts like Whatsapp, Facebook and Twitter.
Now to send or receive money or mobile recharge select person from your social network contact list and enter the amount which you want to send or receive.
If you initiate money transfer you will receive an auto-generated sender code which you need to share with the receiver.
Once he/she (receiver) enter this code money transfer can take place.
To receive money/recharge, the receiver bank account needs to be IMPS enabled.
Total 75 Banks are IMPS enabled.
Ping Pay is absolutely free and no charge is applicable for transfer of money or for recharge.
Ping pay is claimed to be secured. This app also requires MPIN at every login.

What can you do with Ping Pay?

Axis Bank customers can do following using this app.

Send Money & Recharge
Receive Money & Recharge
Ask Money & Recharge

Non Axis-Bank customers can do following using this app.

Receive Money & Recharge
Request Money & Recharge

So what are you waiting for start using Ping Pay Now!

If you are already using Ping Pay app do share your experience with all other readers!

No Service Tax at Non AC Restaurants, 5.6% at AC Place

Personal Finance

Shitanshu Kapadia

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June 11, 2015

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No Service Tax at Non AC Restaurants, 5.6% at AC Place

We often visit the restaurant for taking food outside, however when the waiter comes up with a bill we get confused about applicable taxes. We end up paying this bill as we don’t know how much service tax is applicable on food bill. Recently government has revised the service tax and with effect from 1st June, 2015 service tax rate has been increased to 14%. Thus with recent changes taking food outside in AC restaurant has also become costly.

If you are confused about service tax applicable on restaurant services. Finance ministry has come up with clear-cut guideline mentioning how much service tax is applicable on restaurant services.

Service Tax Clarification –

No service tax is applicable at Non AC Restaurants. You can use dining facility at non Air-conditioned hotel and you need not to pay any service tax on food bill.

For Air Conditioner restaurant, service tax is applicable on 40% of the total food bill. This means effective service tax would be 5.6% (14% of 40%) of the total amount charged.

Prior to 1st June, 2015, when service tax rate was 12.36%, tax on restaurant service was 4.94% (12.36% of 40%).

Few additional clarifications regarding applicability of tax on restaurant services are given below.

Q – You are visiting a place where air conditioned as well as non-air conditioned restaurants are operational, but if the food is supplied from the common kitchen, will service tax is applicable in the non-air conditioned restaurant also?

A – Yes it is applicable. If you are visiting same restaurant having the facility of air-conditioning in any part of establishment service tax is applicable.

But if you are visiting complex having more than one restaurant (clearly isolated and separately named) but if food is supplied from the common kitchen, tax is applicable to restaurants having air-conditioning facility only.

Q – In a hotel, if restaurant services are provided in other areas e.g open area or swimming pool, service tax is applicable?

A – Yes restaurant services provided in other areas of the hotel are liable to service tax.

Q – Whether service tax is applicable on goods beverages sold on MRP basis?

A – No, if goods are sold on MRP basis service tax on such goods and beverages. Means if you are purchasing a water bottle or cold drinks on MRP basis you need not to pay service tax.

I hope all your doubts related to tax applicable on restaurant services are clear now. Next time when y0u visit restaurant keep all these points in mind. Remember service tax on AC restaurant bill is 5.6% and not 14%.

If information given in this post is helpful to you, don’t forget to subscribe our blog additionally you can also follow us on facebook.

Note – Service tax is now not more applicable. Service tax is converted to GST.

How to do Forex Trading in India?

Stock Market

Shitanshu Kapadia

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June 10, 2015

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Trading in foreign currency is known as Forex Trading. You might have noticed that the value of the dollar is going up every day. Dollar exchange rate was Rs. 62 before few days and now it is Rs.88. Investors willing to take advantage of this appreciation in short and medium term can participate in currency trading.

Yes, it is legally allowed to trade Forex within Indian Exchanges like BSE, NSE, MCX-SX. As per RBI guideline, all Indian resident including banks and financial institutions can do forex trading in currency pairs. The main currency pairs are USDINR, EURINR, GBPINR and JPYINR. So, if you are trading with brokers who have membership in mention exchange it is absolutely legal.

Suppose you are a beginner and planning to start Forex Trading in India, here is a complete article explaining – How to do Forex Trading in India? & Benefit and drawbacks of doing forex trading.

Top 7 Ways to Transfer Money to India

How Forex Trading Works?

The act of buying and selling foreign currency for making money is known as forex trading. The process of forex trading is completely online. Forex Trading is same as that of equity trading. In equity trading rate of share matters while in forex trading exchange rate matters. You can buy or sell currency pair as per your expectation of movement in currencies. Please refer to the example given below for better understanding.

Example –

Suppose you want to take advantage of growing price of a dollar. The dollar is trading at Rs 83, you feel that price is going to appreciate and expected to reach at Rs 86 in few months you can enter into a long position by buying USDINR contract on the exchange. If the price goes to Rs 86, you get the profit of Rs.3 per dollar. So in the single contract of 1000$ you can earn Rs.3000.

After entering into the contract if you see that the Rupee is appreciating and dollar price is expected at Rs 73, you can ‘short close’ your position by selling currency future contract. If dollar price goes to Rs 73 you can gain Rs 1 per dollar by squaring off your position. Total gain on a 1000$ contract will be Rs.1000. However, if a dollar moves up and reach Rs 77, you lose Rs 4 per dollar. An investor can square off position anytime during the period of the contract.

forex trading example

You can take similar long and short positions in EURINR, GBPINR or JYPINR.

Brokers for Forex Trading

Forex Trading can be done with register Indian brokers. Most commonly used exchanges are MCX-SX – Multi Commodity Exchange and NSE – National Stock Exchange. At the international level exchange, COMEX is used as regulators. The currency market is regulated by RBI and SEBI. See HFM which also trades in India.

Best Brokers offering Forex Trading services in India are –

SBI FX Trade
eToro
LiteForex
Nord FX

How to do Forex Trading?

The step to be followed for doing Forex Trading are given below.

(1) First of all, decide the currency in which you will be doing trading. The currency could be dollar, Euro etc. Trading will be done in pair. USD/INR, EURO/INR, GBP/INR and JPY/INR is permitted by Regulatory authorities SEBI and RBI.

(2) The second step is deciding the deal size. The deal size is based on the investment amount. If you are beginner start with smaller amount.

(3) Next step is to decide forex broker. Make sure to select broker with competitive brokerage rates & secure robust online platform.

(4) Decide buy or sell action. The action will be decided based on the trend. Suppose you decide to trade in USD/INR and you expect that dollar price will be rising in future you can opt for buying dollars.

Things to consider before starting Forex Trading

Risk – You must know that forex trading is risky in nature. You may likely to lose money while doing currency trading. Avoid trading with borrowed capital.

Broker – Select your broker carefully. There are multiple fake or unreliable online brokers. Scrutinize broker with require details such as service support, trading platform, trustworthiness and brokerage charges.

Currency Pair – You should focus on single currency pair at initial stage. Once you gain experience and knowledge you can expand your wing and try with multiple currency pair.

Trade Amount – Start with small amount and increase size of your trade once you get greater profit.

Benefits of Forex Trading

One can do forex trading online 24×7 anytime anywhere with internet connectivity.
The liquidity in case of forex trading is high. You can sell your investment at any time.
A stock market is volatile in nature. However, foreign currency usually follow one type trend which is easy to predict.
Entire trade is transparent and in your control.
You have multiple currency options for trading.
You can earn lot of profit by means of doing currency trading.

Drawbacks of Forex Trading

The currency trading is risky in nature. You are likely to lose money.
You need to pay brokerage cost for doing currency trading.
There are multiple online fake brokers. You need to be careful while selecting broker.

Conclusion

Forex trading is one of the best career option which can help you in earning lot of profit. However, you need to be careful and mentally strong while starting a forex trading.