Business & Finance

Indian billionaires had wealth raise up 18 per cent in 2017

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Indian billionaires are getting rich at 18 per cent. People with a wealth of more than $1 billion saw the highest growth percentage in their wealth during between 2016 and 2017, according to Boston Consulting Group’s (BCG) ‘Global Wealth Report 2018’.

Around 50 persons, who have a fortune of more than $1 billion had a 16 per cent share in total wealth in India at the end of 2017. This was much higher than the share billionaires have at the global level as well as in the Asia Pacific (excluding Japan) region. While billionaires accounted for only 7 per cent of the wealth globally, they controlled 9 per cent of the wealth in the Asia Pacific (excluding Japan)

Persons with a fortune of $100 million-$1 billion saw their wealth increase by 17 per cent during the year. The year 2017 saw one of the strongest growth in total personal wealth around the globe, with India seeing a 15 per cent rise compared to last year. Total personal wealth in India is expected to register a CAGR (compounded annual growth rate) of 13 per cent between 2017 and 2022 to reach around $5 trillion in 2022 from about $3 trillion in 2017. In comparison, globally, total personal wealth is expected to record a CAGR of 7 per cent to reach $281 trillion.

Allocation to equities and investment funds grew at a robust pace in India with their share increasing from 17 per cent in 2013 to 22 per cent in 2017. The share of currency and deposits dropped from 42 per cent in 2013 to 39 per cent in 2017.

Allocation to equities and investment funds would continue to gain momentum and account for around one-third (32 per cent) of the overall asset allocation in India by 2022, against a current share of 22 per cent,” the report said.

The report, BCG’s eighteenth annual study of the global wealth management industry, uses global and regional perspectives to examine topics such as the evolution of personal financial wealth, the widening revenue gap and how institutions can narrow it, and the state of an offshore business.

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Business & Finance

National Pension System (NPS) withdrawal latest rules

News Desk

The contribution made in the National Pension System (NPS) can help you go through the tough time and old age easily since the money invested in debt, equity and government bonds give dividends and is returned to you in form of annual money and lump sum. The widespread perception among NPS subscribers is that the subscribers are allowed to withdraw the whole amount only at the time of superannuation, but not before. However, one can make partial withdrawals only if the subscriber has been contributing for a minimum of three years.

To ease NPS withdrawals, the Pension fund regulator PFRDA recently announced that the NPS subscribers will have the option to partially withdraw funds from their accounts for pursuing higher education or setting up a new business. “Partial withdrawals will now be allowed to NPS subscribers who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications,” the PFRDA said in a statement.

NPS Withdrawals rules

  1. In case of superannuation, any subscriber can claim 100 per cent withdrawal if the total accumulated money is less than or equal to Rs. 2 lakh at the time of the superannuating age of 60 years.
  2. In case of a premature exit, you can withdraw the total accumulated money if it is less than or equal to Rs. one lakh. However, you can exit from NPS only after completion of 10 years.
  3. There is a scope of conditional withdrawal. There are several conditions prescribed for the same. For instance, a total of three withdrawals are allowed during the entire tenure of subscription.
  4. To be able to withdraw money from the NPS corpus, the subscriber should be in the NPS for a minimum of three years.
  5. The NPS withdrawal amount will not exceed 25 per cent of contributions made by the subscriber
  6. The withdrawal is allowed against the specified reasons which include higher education of children, the marriage of children, for the purchase/ construction of the residential house and for the treatment of critical illnesses.
  7. Partial withdrawal: The partial withdrawal request can be initiated only online by the subscriber. Alternatively, the subscriber can submit physical partial withdrawal form along with documents
  8. NPS offers two types of accounts – Tier I and Tier II. The Tier II National Pension System (NPS) account is just like a savings account and subscribers are free to withdraw the money as and whenever they require. The withdrawal restrictions apply only in the tier 1 account.
  9. The subscriber can also check the NPS withdrawal status under the menu ‘Exit Withdrawal Request’. Within this, there is ‘Withdrawal Request status’ view through their NPS account log in.
  10. It is worth noting that in case of a premature exit, the pension starts immediately as long as the subscriber fulfils the age and corpus criteria.

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