Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme ( CLSS) Featured

Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has initiated in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN) - Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS) / Lower Income Group (LIG) / Middle Income Group (MIG), given the anticipated evolution of urbanization & the ensuing housing demands in India.


  • The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
  • In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
  • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.


The beneficiary family will encompass husband, wife and unmarried children. (An adult earning member regardless of marital status can be treated as a independent household in MIG category)


All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.

Goods and Services Tax (GST) rate structure finalised, majority of items in 12% and 18% tax slabs Featured

India progressed a step closer towards executing the Goods and Services Tax (GST) after the centre and the states hit a consensus on the rates and structure of the aspiring tax reform. However, the second and final day of the fourth Goods and Services Tax (GST) council convention on Friday is likely to be prickly, with both sides set to debate the sharing of administrative powers under the new tax regime.

The Goods and Services Tax (GST) has been one of the key things that has grasped the attentiveness of the market given its repercussions on earnings of companies. The government has kept a hefty number of articles under 18% tax slab. The government classified 1211 items under diverse tax slabs.

Here is the comprehensive item wise list of Goods and Services Tax (GST) Slabs 2017.

Zero Taxation

Goods : No tax will be imposed on items like Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc. 

Services : Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST. 

Advisory for implementing mitigating controls against Wormable Ransomware Featured

As you would be aware, a self-propagating ransomware (WannaCry) outbreak has disrupted several organizations globally. We hope the IT systems implemented at your end are safe and secure against this and such threats, and the required mitigating steps would have been taken in this regards by your organization. 

Towards the same, kindly refer the enclosed advisory issued by the Reserve Bank of India, Cyber Security and Information Technology Examination (CSITE) cell on May 13, 2017 vide advisory no. 8/2017. The advisory refers to an Indian Computer Emergency Response Team (CERT-In) issued advisory CIAD20170024 dated May 13, 2017, which elaborates the details about the subjected ransomware and the recommended preventive measures. The advisory also refers the CERT-In vulnerability note CIVN20170032 issued on March 15, 2017. This note details the Microsoft vulnerability which is getting exploited by this ransomware. Enclosed herewith are all the above mentioned three advisory notes for your reference and required action.

Some of the key mitigation steps which we would recommend implementing on priority are enumerated below:

  • Apply patches to Windows systems (servers as well as end user computers) as mentioned in Microsoft Security Bulletin MS17-010
  • Maintain an updated antivirus software on all systems
  • Update signatures/rules at Intrusion Detection System/Intrusion Prevention System and Security Incident and Event Management (SIEM) to ensure detection and prevention of malicious traffic
  • Educate users about safe web browsing practices and email usage
  • Implement strict external device (USB drive, CD etc.) usage policy

The same has also been published on the Cyber Swachhta Kendra website:

Benefits of Personal Loan Balance Transfer

A personal loan transfer is also known as refinancing or balance transfer from one bank to another. Most individuals opt for this option to avail the benefits of lower interest rate in the market. Usually, the existing borrower does not get the benefits of lower interest rate even after the rate cuts by RBI. Hence it is better to transfer the balance amount of loan from one bank to another where lower interest rates are prevalent. There are several benefits of switching loans from one bank to another which are as follows:-

First and foremost if the existing bank does not agree to reduce the interest rate even after RBI rate cuts and the EMI amount remains the same then in such cases it is always better to switch to banks which offer less interest rates and reduced EMI’s or longer duration for repayment. Usually the interest rate on personal loan is very high and continuing with the same interest rates can drain out a lot of your savings. Therefore it is always advisable to transfer the balance amount to banks offering lesser interest rate at an early stage to repay lesser EMI.

Some banks charge minimal or zero processing fees on the personal loan. This is an added advantage for an individual as he saves the money on the processing fee. Usually banks charge 0.5% - 1% of the total loan amount sanctioned towards processing fee which is a substantial amount and if waived off can a great relief for the borrower.

There are some banks who will not ask for several documents while refinancing the loan. They will take into consideration the refinancing with minimal documents depending on his history of repayments. Regular repayments are always welcome and the individuals do not have to submit lot of documents as proof. This saves time for an individual from running from one office to another to collect the necessary documents.

Most of the banks provide standing instruction facility for repayment during refinancing. It is an easy and convenient method to pay EMI and the payment date is not missed adding more interest to the principal amount. Eg. Suppose an individual’s repayment date is 1st of every month then he can set a standing instruction in his account for the amount which needs to be paid to the bank and automatically every month this amount will be debited from his account and credited to the loan account. In this case he will never be a defaulter.

Sometimes loan top-ups are required to meet money requirements. However if the existing bank is not ready to extend the top-up amount then in such cases the borrower can look for a different lender who can sanction the required finance. If at any time the borrower is not happy with the bank’s services and accessibility then the borrower can prompt a change to a bank with better services.

Some banks charge prepayment penalty of 2% - 5% of the principal outstanding amount of the loan at the time of refinance. Hence while transferring the loan amount one should check with the new lender on the terms and conditions of prepayment. All individuals try for prepayment of loan as it is a method to get the loan amount settled quickly before the tenure gets completed. There are banks which waive off the prepayment charges depending on the credibility of the buyer.

Last but not the least during refinancing, the individuals may intimate the bank that they want to repay EMI through a credit card. In such cases banks check for the credibility of the customer based on his credit score.