Changing Landscape of Financial System

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Changing Landscape of Financial System Ajay Singh Chief Executive Officer Forbes Technosys Ltd

-The Forbes platforms is highly efficient can be readily linked with the Aadhaar Enabled Payment System,- says Ajay Singh. In Conversation with Mohd Ujaley.

You have a strong focus on BFSI sector. How do you look at some of the key flagship programmes of the government such as Direct Benefit Transfer (DBT) and MNREGA? Forbes Technosys Ltd has a wide range of solutions for BFSI sector, all of which are designed with latest technology and by ensuring security standards that are in line with the changing landscape of banking and financial systems. To facilitate the cause of Financial Inclusion, MNREGA and DBT, we have developed an entire range of both centralised and doorstep delivery solutions, which can be utilised depending upon the requirements of the government, and the accessibility related factors in the remote areas. Forbes has installed centralised delivery solutions, which aim to provide solar energy to the rural areas and also provide wide range of banking and other services. A large number of other government schemes can also be linked through these solutions, thereby increasing the viability of these solutions. We are also delivering doorstep solutions which are specially designed for use by BCs in remote areas to provide basic banking services. To increase the scalability of Forbes Solution range, all the Forbes platforms have been provided with multifactor authentication systems, which can be readily linked with the Aadhaar Enabled Payment System (AEPS).

You have been working for the government for quite some time now. How has been your experience? Other than BFSI domain, we are catering to sectors like power and telecom. We have deployed self service bill payment kiosks in almost all the major power utilities and telecom companies.More than `1000 Crores is being collected annually through our systems. Forbes Technosys has Government (DGS&D) certified information kiosks and various G2C (Government to Citizen) kiosks, which are deployed at various Municipal Corporation and Government departments like Tourism, etc. Our ATVM (Automatic Ticket Vending Machines) and POET (Passenger Operated Enquiry Terminals) machines are active in majority of metro railway stations. Forbes Technosys has developed Enterprise Mobility solutions and Canteen Management applications. We cater to many PSUs, which have large employee base. We have also developed HR leave management solutions and tourism kiosk. These kiosks can act as point of information and action for employees of those organisations and also for the visitors. Forbes has also developed cash and cheque collection solutions for insurance companies, and tax departments. For environmental awareness, Forbes also has developed Carbon Footprint Kiosks, which are placed at various government institutions, thereby offering a unique experience to visitor, for calculating his Carbon footprint and making him aware for reducing these. We have developed self-service solutions, through which citizens can interact with the government departments.

In order to facilitate financial inclusion of people from remote areas across the country, government has developed the plan to introduce micro-ATM and Business Correspondents. Do you see this space as a business opportunity? As a first step towards driving these unbanked masses into the banking stream government is looking for various initiatives like micro-ATM, Business Correspondents, etc. This is indeed a noble initiative and it will help in bringing more transparency in the way financial subsidies are managed. However, the system has its own constraints. In my opinion, the best possible way to check leakages and ensure safety of the payment system is through Electronic Cash Transfer. In this case the beneficiary gets access to his entitlement only after authenticating himself through the Aadhaar Enabled Payment System.

Aadhaar is indeed a revolutionary step forward, however de-duplication of the data seems to be the biggest challenge. What is the best way forward? The data captured through the Aadhaar System should be linked with different government organisations like banks, NIC, Police department, Municipal Corporation, RTO etc., for maximum advantage. The data captured should be fragmented and disseminated to the involved government departments. The government should also promote and deploy self service platforms and solutions, which are based on biometric authentication along with user account details, this will certainly lead to more efficiency and transparency.

Tithing Under The New Covenant – Part 2

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Tithing is mentioned only 4 times in the New Testament, three times in the gospels and once in the letter to the Hebrews. In the gospels, Jesus acknowledged that the Pharisees were very careful about tithing (Matt.23:23; Lk.11:42; 18:12) to the point of over-emphasizing it. They were so focused on tithing that they lost sight of the great goal of the Law, i.e. love and justice to our fellow-man. Also, they trusted in their tithing to give them merit before God.

Now remember that the Pharisees were under the Law, and by law had to tithe. All people in Israel were under the Law. When Jesus was crucified He ushered in the New Covenant, and the Old was finished. Tithing was established under the Law and has no place in the Church. It is no light thing to choose to adhere to the Law, even with a seemingly small issue as tithing. Every person who chooses to keep any part of the Law of Moses is obligated to keep the whole Law and is therefore exposed to its curse.

This point is made in the solitary reference to tithing in the New Testament epistles, i.e. in Hebrews 7. Heb.7:5 reads “And indeed those who are of the sons of Levi, who receive the priesthood, have a commandment to receive tithes from the people according to the law, that is, from their brethren [Israel]. Note three things from this verse: 1) There was a commandment concerning tithes in the Old Testament; 2) They were to be given to OT priests (not the Church); 3) They were required by the Jews, not Christians.

Hebrews 7:12 notes that when there is a change of the priesthood, there must also be a change of the law. In other words, that commandment that did exist under the Old Covenant has been changed, because the priesthood to which it related has now also been changed under the New Covenant.

Hebrews 7:18 says that this commandment has now been abolished. That priesthood, because of its inability to bring perfection, is now annulled. The Old Covenant is obsolete, and the laws which required tithes to be given to the Levites are obsolete. These Hebrews, i.e. Jewish converts, were mixing the law with grace, and were told in chapter 7 to stop tithing! The Gentiles had no need of this message. The Gentile church was never under the law.

Is God in our debt, or are we in His favour?

In Rom.4:4 and 11:35 Paul makes it clear that if our doing any works, including tithing, meant that God was obligated to us in any way then we would not be in His favour but He would actually be indebted to us. Whenever you hear that you must do something for God in order for Him to bless you, be careful! If you believe this, you will be taken out of Gods grace and brought back into the realm of Law. And the Law will actually become a curse to you, because even if you keep it all in one area, say tithing, but not in another, then you will experience its curse.

If we do not tithe, how will Gods work get done and how will the pastors needs be supplied?

First, let me say that there is a hermeneutical principle that has always been helpful when interpreting the Bible and it is this – Major on majors. Jesus told 38 parables, 16 concern how we should handle money. He spoke more about money than He did about heaven and hell combined. One out of 10 verses in the gospels deal with possessions or money. In the Bible there are approximately 2500 references to money and possessions and only 500 references to prayer and faith. It is a major issue in the Bible. Many of these verses teach us that the way we handle finances reveals much about where we are at spiritually. Where your treasure is there will your heart be also.

The gospels contain more warning on the misuse of money, than any other subject. The first recorded sin amongst Gods people related to giving. Ananias & Sapphira dropped dead giving. So the way we handle our finances is an important issue in the New Testament.

Moses (the Law) said Tithe, but Jesus says, Give. The New Testament teaching was on giving, never on tithing. Giving is a result of the energy of Gods grace in our lives. Giving expresses a quality of living that reflects the nature of God. God so loved that He gave The Father loved to give all things to the Son. Jesus gave His life for the world. In doing so has gained an everlasting kingdom. But He will, one day, give it back to the Father. God desires to have a family that reflects His nature. It is the way of the Cross. It is more blessed to give than to receive. The Cross opens the heart, expands it, causing it to reach out to others.

When we are under law we have to be told to tithe. We reveal our immaturity under legalism by asking childish questions, such as, Should I tithe on my gross income, or my net income? Grace treats us as mature sons by not legislating. Grace takes us into the purposes of Gods heart, family and kingdom and allows us to be involved with Him. But our involvement is not solicited by fear-manipulation or guilt-manipulation, but as a result of the operation of the energy of grace in our hearts. So that which we give we do so freely. God loves a cheerful giver.

It is clear from passages such as 1 Cor.9:7-14 that we have responsibilities to ensure that Gods servants who preach the Word are free to do so unencumbered by secular work. But still there is no legislating this. We approach this matter as responsible sons, not as intimidated servants.

Payday Loan Provider Help Cannot Mask A Leak For Long

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Are you masking your personal debt problem with safe payday loan provider help? The sooner you take a real look at how debt affects your overall financial outlook, the less mess there will be to pick up. Once debt takes over, budgets struggle to manage everyday living expenses. Credit card use becomes part of the budget plan. When you borrow money to pay for household expenses, it’s time to reevaluate the current money situation.

Too often, leaks are found within their budget. Everything looks good on paper so it comes as a shock when there isn’t enough money in the account to cover certain costs. Some households will end up using fast cash payday providers in order to bridge the gap until their next paycheck comes. Access to fast money helps make on-time payments. Once the bills are paid, the budget is left to carry on until the next problem occurs. This quick loan has just masked real trouble as a bump in the road. A person who takes care of the impending problem and then stops to ask themselves why it happened in the first place is taking necessary steps to prevent future problems. It doesn’t matter whether the budget leaks are slow or fast, the next problem is just around the corner. Add a payday loan payoff to the mix and your bank account will definitely struggle that much more. .

Time and money go hand in hand. Look at your pay cycle and divvy up the monthly costs. First thing is first. You have to get the short-term loan out of the way. What financial obligations are depending on your next paycheck? Is it possible to juggle one or more to a different pay cycle? Where will the money to cover the finance charge come from? It is now time to find the leak and plug it. You need every penny of that paycheck to make matters right. The payday loan direct provider expects it. You can’t afford not to get that emergency loan paid off quickly.

It’s time to get real. Redefine budget categories and compare how much was budgeted verses how much was spent. How realistic is the budget plan? The initial step is to develop a money plan. The rest is not a step, but more of a continuous journey. Work and evaluate the plan every month. Money management is an ongoing process. You risk leaks without it.

You won’t have access to money lost, but will have more to work with now that your income is not slipping through your fingers. Don’t dwell on the fact that you needed short-term loan help to make things work. Everyone receives financial bumps along the road. Some people are more equipped to deal with it and others would not even have the fast cash opportunity to try to save their budget from disaster. Take the problem as lesson learned and get right with your budget. Errors are a great educational tool when lessons are appreciated rather than avoided. You may not like to face money trouble, but it has to be done before problems wreak more havoc with your credit.

Not only will you have to focus on making money management more productive, but you will most likely have to work at spending less each month. Don’t avoid cutbacks. The purpose of a good working budget is to fit all living costs within the realms of income. If you don’t earn enough to support your lifestyle you have two choices; cut back on your lifestyle or increase income. Masking the problem with credit cards or with payday loan lenders only demand more money from you in the form of finance charges. Evaluate your situation to make third party usage an emergency occurrence rather than a temporary fix for budget leaks.

Online Payday Loan offers fast loans when you need quick cash. Visit ApprovedMoneyCenter for more information on how to obtain a short-term online payday loan.

Can Singapore Private Banking Replace Swiss Private Banks

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Singapore private banking has grown massively over the past decade. Assets under management at Singapore private banks have grown to around 300Bn, 6 times what they were 10 years ago. It is estimated that Singapore manages around 5% of the world’s private wealth, while Swiss private banking manages around a quarter.

Singapore has benefited from tight bank secrecy regulation, in addition to a rise in the number of Asian millionaires, especially the type that want to invest with private banks and financial instruments rather than in property.

Yet in response to demand from the G20 group of developed countries, Singapore has promised to rethink its ultra private secrecy laws. Like Switzerland, Singapore has to walk the tightrope between keeping its sovereignty and international acceptance of its laws and banks.

One of the reasons why Singapore has grown is because it already was a large financial center in its own right. Unlike smaller tax havens and dependencies of other countries which have been accused of ”inventing” laws to benefit from capital flight, Singapore is a long-standing trading hub and center of international financial settlements.

There are several arguments in favour of Singapore keeping its privacy laws. Many private banking clients in Singapore are very powerful people among neighbours like China, Indonesia and Thailand. It’s in their interest to ensure that Singapore bank secrecy is not relaxed. Furthermore, Singapore is an international financial center – it cannot be blackmailed in the same way as other jurisdictions.

However Singapore has made concessions, and may not necessarily see its future in harbouring Western tax evaders. Singapore has signed TIEAS with a number of countries and promised to adopt article 26 of the OECD model tax convention on information exchange over tax matters.

After Swiss banking secrecy was put under the spotlight, it was widely reported that bankers were urging a massive flight of capital to Singapore, where bank secrecy rules still held strong. But in reality, basing any structure on bank secrecy is like building a house on a fault line, it’s bound to change. The smartest investors instead used techniques which do not depend on bank secrecy in any single country.

Savvy private banking clients are now using distinct structures which operate independent of bank secrecy such as investing through trusts or trust companies.

Further, the reasons for banking in an offshore centre like Switerland do not depend entirely on tax. In fact the biggest reason is security. Hundreds of banks have been going under in the US, not Switzerland. Investors are also escaping from currency devaluations, civil forfeiture and frivolous lawsuits.

Singapore wealth management is certainly growing in sophistication, but it is still in a learning phase. During the mid 2000’s when Singapore’s private banking industry was growing rapidly, it was alleged that ther were not enough bankers to meet demand. Singapore private banks were instead employing local hairdressers and carsalesmen with good people skills and turning them into private bankers.

Singapore private banking is modelled closely on Swiss private banking, even down to its family trust law. In terms of weathering geo-political events like the war on bank secrecy, Singapore may have to follow the Swiss lead also.

Personal Vehicle Finance Uk – Procure Fund For Your Dream Car

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If your eyes has set on a wonderful car but the size of your pocket holds down to buy one. In this view, personal vehicle finance UK is the best way out to avail the vehicle of your choice.

It provides information about costs and obligations that you and the leasing company may negotiate. At the end of this booklet, there are questions you might ask yourself or the company about leasing, as well as two checklists to help you compare the costs of leasing versus buying and the costs of different leasing contracts. Due to formatting problems, we cannot provide the checklists on-line.

Your sign reflects the loan decision. Read it carefully the fine prints before you imprint your signature and be sure to obtain a copy of all contract papers you signed. Many of the financing terms discussed in booklet are negotiable. Understand what the terms are and how they relate to your needs. Later, the personal finance helps you negotiate on a vehicle finance that is right for you.

After selecting the vehicle you want, you have to decide whether you want to buy it with cash, buy it with credit, lease, or finance it. You wish to take advantage of financing against those of buying a vehicle. Many factors are considered. You compare the initial costs and the continuing costs of the vehicle. The costs that can be imposed at the end of the transaction and for an early termination of the contract, the value you place on equity and ownership, and tax considerations.

You can apply for finance as per your convenience. There is a great availability of various borrowing options. You can access them online and offline, though processing online is preferred. Innumerable sites of different lenders are going in for providing you such financing service. Need is only of select a lender that may provide you vehicle finance on suitable rate.