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Demonetization Effect: Residential Properties Will Drop in the Next Couple of Quarters

A top official from a leading independent global property consultancy, Knight Frank India has come up with a new statement regarding the prices of residential properties in Cities will down in the coming years due to notes ban. The company said that the demonetization effect is completely showed an impact on the prices of City’s residential houses.

Knight Frank Executive Director South, Satish BN Told, “We expect the prices of properties in the Cities will come down in the range of 10-12% depending on the builder, locality and stage of construction. Demonetisation is going to affect the city’s real estate market quite significantly in Q4 of the current fiscal.

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Satish said, “Bangalore is said to be one of the most strong real estate markets of the country, has come under large pressure in last two years after reaching a peak in 2013. In h2 2016, the new launches were declined by 45% year-on-year while sales volume dipped by 27% year-on-year.”

“While launches were already on a weakening due to factors like increasing unsold record, BBMP’s (Bruhat Bengaluru Mahanagara Palike) drive to oppose the violation of lake beds and other issues like the announcement of notes ban in Q4 of the current fiscal, further led to curbing of new launches. The South Bengaluru has seen the highest launches and sales mainly due to affordable budgets, employment hubs, and social infrastructure and upcoming metro connectivity,” Satish added.

As per Knight Frank India Analysis, North Bengaluru saw an increase in new launches by a substantial of 31% in H2 2016, from 25% in H2 2015, sales decreased to 18% in H2 2016 from 25% in H2 2015. The East Bengaluru saw new launches declining to 18% in H2 2016, from 27% in H2 2015, when the sales volumes see a slight increase to 27% in H2 2016 from 26% in H2 2015.

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Irfan Razack, Prestige Group Chairman, said, “There are no possibilities of prices down.  We don’t agree on this. Developers work on wafer thin margins of 8-10%. I guess that if there is an analyst in supply, the prices can go up.”

Satish also claimed that big builders who have a huge portfolio are struggling to sell one or two apartments a month. After the demonetization, public mindset changed and they followed wait and watch schema. If I am a buyer, my focus should be on completed projects rather than under-construction projects.

NITI Aayog Introduces Rs 1 Crore Lucky Draw to Promote Digital Transactions

With a mission to promote digital transactions, Government has announced the new policy on Thursday. The National Institute for Transforming India (NITI) Aayog is a government policy think-tank which was introduced by PM Modi. It is a lottery with daily weekly and mega awards for consumers and merchants.

In a bid to encourage a transition to digital payments, the government introduced this policy. According to the reports, the awards will offer in two schemes. One is the Lucky Grahak Yojana for consumers and the second scheme is Digi Dhan Vyapar Yojana for merchants.

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Both the schemes will come at an estimated cost of Rs 340 crore and Cover small transactions between Rs 50 and Rs 3000. In the wake of scrapping the old 500 and 1000 currency notes NITI Aayog has asked National Payments Corporation of India (NPCI).

It expected that only five percent of the population make digital transactions and rest use only cash. The CEO of NITI Aayog, Amitabh Kant said, “Our objective is to make digital payments a mass movement. Beginning December 25, the NPCI will announce 15,000 winners of 1000 rupees for the next 100 days. It will be a Christmas gift to the nation.”

The first draw commenced on 25th December, and the NPCI will announce the 15000 winners who will get Rs 1000 each day for next 100 days. And also there will be 7000 weekly awards for each merchant and consumer.

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On the occasion of Dalit icon Dr B R Ambedkar birth anniversary, the mega draw will be held. In this mega draw, consumers can win one crore, 50 lakh and 25 lakh. And the merchants can win 50 lakh, 25 lakh and 5 lakh amount.

Those who pay using government issued RuPay, USSD, UPI and Aadhar-Enabled Payment systems are eligible for National Lucky Draw Scheme.

Prime Minister, Narendra Modi had made a sudden announcement of banning 500 and 1000 rupee notes on 8th November to stop the black money. The government introduced cashless economy which is next big step to battle against corruption.

Rail Tickets, Petrol, Insurance to Cost Less in Big Digital Push: Jaitley

The government of India had announced some measures yesterday to promote digital transactions as a part of a campaign to encourage people to digital, a month after the shock culling of high-value bank bills caused a severe cash crunch.

Signaling that using money is going to be costlier, Finance Minister Arun Jaitley came up with various encouragements ranging from fuel discounts, highway tolls and railway tickets to cheaper insurance cover.

The Government smashed opposition parties for its move on demonetization and it has repeatedly said that the decision was necessary to reduce black money and fake currency.

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In recent weeks, Prime Minister Narendra Modi also praised the benefits of a cashless society, giving examples of beggars using ATMs and also said that it might give some pain for the people due to the shortage of cash but in the long run it will benefit the country.

Jaitley said, “Before November 8, we were using more cash rather than digital transactions. There is a cost of managing in cash and excessive money can lead to misuses”.

Yesterday, Finance Ministry had announced that there would be no service tax on card transactions up to Rs 2,000. Just two months ahead of the Union Budget, Jaitley said petrol and diesel worth Rs 1800 crore was sold in a day, of which of about 20% is already being paid digitally.

After the demonetization had announced the figure went up to 40% in one month and the cash transaction of Rs 360 crore per day has got shifted to cashless methods.

No Service tax on Debit Card or Credit Card Transactions Up to Rs 2000

From January 1, 2017, consumers who pay digitally for their monthly or seasonal tickets suburban trains will also pay less. Apart from that, free accidental insurance cover of up to Rs 10 lakh will be provided to all those railway passengers buying their tickets online.

Not only this, if they make digital payments for all paid service of the railways includes catering, accommodation, retiring rooms among other things then they will be offered a discount of 5%.

The other big announcements include two point of Sale (PoS) machines each for one lakh villages with a population of less than 10,000.


Prime Minister Narendra Modi Wants Amazon like Marketplace for all Government Purchases

After Modi announced the demonetization of currency, opposition parties have been targeting the NDA Government and raising public issues in front of Government. Now, Prime Minister Narendra Modi has asked his party leaders to spread the benefit of the ban of big currency notes. He wants the public to know the use of demonetization. The scheme is aimed at improving the ordinary citizen’s life, and its long-term target is to reduce the black money and terrorist funding.

Narendra Modi asked the public to know the use of Digital Wallets instead of using liquid cash. Due to ATMs and banks problems, there has been a massive cash crunch across the country. In his effort to drive cashless money, our prime minister has decided to motivate the public to use digital payments for bills and he wants Amazon line market for all Government purchases.

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Apparently the government uses a tender system to buy everything which then controls buyers to local suppliers and may even result in price management. The new regime would allow retailers across India to bid for any Government purchase.

The new Government online system is similar to shopping portals like Amazon and Snapdeal in design by allowing consumers to choose products listed along with photos and detailed information. It also shows the comparisons between products.

According to the Bloomberg report, if you want to use the new system, you have to register with personal mobile numbers and Aadhar Biometric Cards. Through this system, Government is expected to increase the buyers by 200,000. As per reports, currently, there are 1,259 vendors selling 2,534 products to more than 9,108 users across 469 registered Government departments.

What Prime Minister Narendra Modi Expect from Public?

After watching the situations due to the ban of old 500 and 1000 notes, Prime Minister Narendra Modi is hoping from public to understand the long term use of scheme and build India as the uncorrupted country. People can make use of Digital payments for all Government purchases and also asked his party officials to spread his plan to the common public and told the benefits of this scheme.

Demonetisation: RBI Increases Digital Wallets Balance Limit to Rs 20,000 per month

He also urged the people to use cashless transactions and explained how it could reduce the criminal activities, black money, and terrorist activities. BJP party leaders and ministers too have decided to educate and motivate people for using digital payments.

To implement this, BJP leaders Maneka Gandhi and Ravi Shankar Prasad have already prepared their route map to visit their constituencies this week.

For More News Update: Techfactslive

How to Transfer Money From Paytm to Any Bank Account

After the demonetization drive, Paytm has become the major platform for many transactions in India. The company has further added thousands of merchants within few days of the announcement by Prime Minister Narendra Modi. The scrapping of Rs. 500 and Rs. 1000 currency notes have made a significant impact in people choosing the cashless payment platform. Paytm has done it brilliant sprawling over thousands of merchants right from vegetable vendors to grocery stores.

But the confusion persists about how merchant receives a payment after the customer makes a payment via Paytm. How can dealers transfer money from their Paytm Wallet to their bank accounts? Here we provide you the simple process to transfer money to your bank accounts from Paytm Wallets.

You need to have the name, account number, and IFSC code of the bank account holder to transfer money from your Paytm wallet. However, there is a limit on transaction up to Rs. 20000. Merchants can avail transaction benefits up to Rs 50000 if the KYC process is done.

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If a transaction beyond the limit is needed, you need to get in touch with Paytm to get your KYC done. The process is quite simple, and you can get it done by getting into the Paytm KYC center near you.

First provide the relevant RBI-approved documents (passport, Aadhar card, driving license, voter ID card or NREGA job Card.) you can also request a visit at your address by typing in your Aadhaar number. PAN card number is not necessary, but it becomes mandatory while transferring more than Rs. 50000 in a single transaction. Once after KYC is done, you can conduct unlimited transfers.

“Our process can take up to 48 hours, but you can shorten it by providing Aadhar card as proof of identity as the biometric verification results in instant completion of the process,” says Paytm.

How to transfer money from Paytm to any bank account using Paytm app:

  • Open the Paytm app on your smartphone and tap the Passbook icon
  • Here, select the Send Money to Bank option
  • Tap on Transfer
  • Enter the amount, account holder’s name, bank account number, and IFSC Code
  • Hit the Send button

How to transfer money from Paytm Wallet to bank account using Paytm desktop website

  • Open Paytm.com website and log in to your account
  • Move the cursor over your name at the top-right of the screen and click on Paytm Wallet
  • In this window, select the Transfer to Bank option and type in the requisite details
  • Hit the Send Money button

Users new to Paytm without KYC have to wait for three days to get money transferred from their Paytm Wallet to the bank account. Users who are done with KYC process can avail the bank transfers immediately.

No charges will be applied for transferring money from Paytm Wallet to bank account till December 31. However, this benefit is only available for merchants who have done KYC. 1 percent of the transfer will charge from the other customers and merchants who have not completed the KYC process.

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

All the Paytm users can transfer up to a maximum of Rs. 5000 at a time and 25000 per month the limit. You can transfer up to Rs. 50000 If you are a merchant. The limit for the customers who have done KYC is raised up to 1 lakh.

If you are a merchant, you can transfer up to Rs. 50000, with the limit going up to Rs. 1 lakh if you are a user who’s done his or her KYC.

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