Citizens Financial News

An inquiry into the U.K. government's response to COVID-19 found it was ill-prepared for a pandemic and serious errors in planning failed its citizens

budget, global markets are buzzing with anticipation. Stakeholders in the urban development sector are especially hopeful for policy reforms and fiscal support from the Central Government under Modi 3.0. Following an 11% increase in infrastructure capital allocation in the interim budget, significant advancements in urban development are expected. With India’s urban population projected to reach 600 million by 2030, the demand for quality infrastructure and basic amenities in cities is soaring. The focus on urban development in India is anticipated to continue, with initiatives aimed at enhancing infrastructure and the quality of life in urban areas. The Government of India has been actively emphasising the enhancement of infrastructure, housing, and technology integration to boost overall urban living standards. Accordingly, there are several key expectations of the industry stakeholders related to the advancements in the urban development sector in India from the upcoming Budget 2024, which may be summarised as below -

Indian embassy on Thursday issued an advisory for its citizens in Bangladesh after the students' protest intensified over the government jobs quota. Student protesters in Bangladesh have been demanding an end to quotas for government jobs and have called for a nationwide shutdown following deadly clashes this week that resulted in six deaths and hundreds of injuries. Angered by high youth unemployment, with nearly 32 million out of work or education among a population of 170 million, the students have pressed for the abolition of a quota of 30% reservations for the families of freedom fighters.

Karnataka Cabinet on Wednesday approved a bill mandating 100% reservation for Kannadigas in the private sector for Group C and D posts, a look at similar laws in other states that didn't pass the court test. In November last year, the Punjab and Haryana High Court struck down a similar law passed by the BJP-led government in Haryana. The Haryana government had passed a law that mandated 75% reservation for locals in private sector jobs having a gross monthly salary of less than Rs 30,000. Terming it «unconstitutional», a division bench of the Punjab and Haryana HC had struck down the law.

loan demand and the high interest they paid to hold on to deposits, but a flurry of bond sales boosted their investment banking units. Citizens Financial, US Bancorp, First Horizon and Synchrony Financial all paid higher rates compared with a year earlier on their customers' deposits, they said on Wednesday.

Married couple David* and Felicia are 64 and 54, respectively, newly retired and seem at first glance to have enough to maintain their desired lifestyle, but they have concerns about growing their nest egg, saving on taxes and getting a different perspective.

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. It is now proven beyond doubt that India needs a new imagination of how to govern her cities. The last decade finally saw the emergence of the city as a political agenda and a significant increase in investments in urban infrastructure and services. But the narrowly focused, mission- and scheme-led development of our cities across both the Union and state governments is not delivering the desired results.

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. The term ‘welfare’ in economics has a long history, with different schools of thought defining the term in different ways. The modern usage of the term typically associates it with a system wherein the government bears a major responsibility for providing socioeconomic security to citizens. Over the years, the term has also attracted criticism, as critics have associated it with excessive or unnecessary government intervention.

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. For two decades, India has doubled down on the policy prescription of providing financial ‘last-mile access’ to its rural and poor citizens. Has the effort succeeded? It depends on who you ask. Financial institutions have expanded manifold their credit volumes to poor households in the last decade, and still the business remains so profitable that the sector continues to attract new entrants.

Mutual funds and stocks: If you already have investments in India such as mutual funds or stocks, you must update your KYC (know your customer) details to reflect your NRI status. You must update your KYC as per FEMA regulations to continue holding these investments legally. The required documents vary, depending on the investment type, and the process involves changing your status from resident to NRI and providing proof of your new status and foreign address.

Though infrastructure is financed jointly by central, state and local governments through grants and transfers, the operational and maintenance costs must be met by the cities. However, these cities are already struggling with limited municipal revenues. Accordingly, the basic urban infrastructure in India is poorer than those in the OECD and BRICS nations.

Indian national was among six people killed in a rare shooting attack by Islamic State militant group near a Shia Muslim mosque in Oman's capital. The shooting on Monday night near the Imam Ali Mosque also claimed the lives of one policeman and four Pakistan nationals, while injuring 28 others. «Following the shooting incident reported in Muscat city on July 15, Foreign Ministry of Sultanate of Oman has informed that one Indian national has lost his life & another is injured,» Embassy of India in Muscat posted on X Tuesday. «Embassy offers its sincere condolences & stands ready to offer all assistance to the families,» it said.

Cybersecurity firm Kaspersky says it’s shutting down all of its operations in the United States, just weeks after the Commerce Department banned the use of the company’s software in the country

Kyrgyzstan has emerged with the deportation of illegal Pakistani citizens. Central Asia including Kyrgyzstan is not a usual destination for migrants. But the Kyrgyz national security council has recently detected the presence of several illegal migrants in the country and citizens from Pakistan and Bangladesh form the bulk of these illegal migrants. In April-May this year in the run up to the political crisis that also contributed to the aborted coup, the Kyrgyz security services deported 1500 Pakistani and 1000 Bangladeshi citizens staying illegally in the country, ET has learnt. Around 5,000 illegal migrants were detected in the country, alleged sources familiar with the developments.

lenders have intensified efforts to garner retail deposits through special plans that offer savers at least 25-30 basis points more than current commitments of comparable tenures, signalling policy interest rates will remain elevated for some time now. SBI, Bank of Baroda, Indian Overseas Bank, Union Bank of India and Bank of Maharashtra have started deposit plans offering 7.25% to 7.30% on investments stretching from 399 to 444 days. These banks are offering an additional 50 basis points for senior citizens. The move to raise deposit rates comes within a fortnight of the Reserve Bank of India's (RBI's) interaction with banks. Narrowing the Gap

Yet in interviews with 12 Donald Trump delegates at his Republican Party nominating convention in Milwaukee, none advocated for limits or bans on assault rifles, raising the legal age to buy a gun, or even more robust background checks. The delegates were dead set against any type of reform to US gun laws. Most viewed even mild measures, such as expanded background checks, or raising the legal age to buy an assault weapon to 21, as infringements on the US Constitution's Second Amendment, that gives citizens the right to own guns.

medical insurance for senior citizens in India and how a reliable medical insurance policy can empower them in their golden years.Medical insurance for senior citizens is not just a financial product; it is a necessity. Here are some key reasons why:When choosing a health insurance policy for senior citizens, it is important to consider the features and benefits it offers.

Union Budget 2024: In a bid to enhance passenger travel experience and facilitate faster speeds, thereby reducing travel time, Finance Minister Nirmala Sitharaman had announced in her interim budget speech earlier this year that 40,000 normal rail bogies will undergo conversion to Vande Bharat standards. This announcement marked a significant boost to India’s railway infrastructure, underscoring its pivotal role in the government’s capital expenditure agenda. The interim budget for fiscal 2024-25 allocated Rs 2.55 lakh crore to Indian Railways. Sitharaman, in her sixth budget speech, proposed a 5.8% increase over the budgetary estimate (BE) of Rs 2.41 lakh crore set for fiscal 2023-24. The revised estimates (RE) for fiscal 2023-24 stood at Rs 2.43 lakh crore, marking a notable commitment to bolstering the railway sector. Once again, this allocation in the interim budget represented the highest ever granted to the national transporter, reflecting the government's steadfast commitment to enhancing railway infrastructure and services across the country.

Digital Wallet, meant to give 10,000 baht (about $275) to 50 million citizens in digital money to spend at local businesses.Prime Minister Srettha Thavisin posted on the social platform X, saying the registration will begin Aug. 1 and that he has given instructions to ensure the smooth implementation of the program.

immovable assets such as real estate to bring about uniformity. Currently, any capital gain from the sale of real estate held for 24 months or less is treated as a short-term capital gain. In contrast, the holding period threshold for listed equities and equity mutual funds is 12 months. The proposal suggests that property held for more than 12 months be considered long-term assets, bringing this in line with equities and equity mutual funds, a person privy to the deliberations told ET. However, there may not be any change in the tax rates for both long-term and short-term capital gain. The long-term capital gains tax on property is 20% with indexation benefits to adjust for inflation.

Thailand’s prime minister has said that eligible businesses and individuals can register from August for digital cash handouts, a controversial program that will cost billions of dollars and is meant to boost the lagging economy