Latest news with #Chowdhury
Time of India
14 hours ago
- Business
- Time of India
From Jan Dhan accounts to mutual fund SIPs, here is how you can empower your domestic staff financially
For 48-year-old Kakoli Chowdhury, charity literally began at home. Watching her mother help their domestic staffers and sponsor their kids' education imbibed in her an innate need to do the same. Little wonder then that Chowdhury is currently paying Rs.16,000 a month as coaching fee for her helper, Uma Maitri's son, who is in Class 12. This is only one of the many initiatives she has undertaken over the years to empower her household staffers, contributing and encouraging them to start savings and investments . Many others like Chowdhury have been stewarding a silent, overt crusade to support this economically vulnerable segment—maids, cooks, drivers, nannies—who help in the smooth running of households, but remain bereft of financial safety nets. The National Sample Survey Office (2011-12) has pegged the number of domestic workers in India at 3.9 million, with 2.6 million women, while the International Labour Organisation estimates this number to be much higher at around 20-80 million. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Artificial Intelligence Data Science Leadership CXO Degree Others Public Policy Digital Marketing MBA Product Management Cybersecurity Technology PGDM Data Science Finance Healthcare Operations Management Design Thinking Management others healthcare Data Analytics MCA Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details This unorganised and marginalised sector has had few financial rights or economic security, with little or no long-term savings and funds to educate their children or retire in old age, no health insurance for medical needs or life insurance, and meagre knowledge about investing avenues. Women helpers are in a worse situation, many of them working as single mothers and sole bread winners. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » While several government schemes, including those for life and health insurance, pension , affordable housing, etc., have been launched in the past few years to improve the financial security for this segment, not many domestic workers are aware of or know how to benefit from these (see table). 'There are thousands of welfare schemes that they don't know about. This is why, be it schemes or investing, it's important to first educate the households and employers, who can then help their domestic helpers,' says Roopa Venkatkrishnan, Director, Sapient Wealth, a Mumbai-based financial advisory and distribution firm. Venkatkrishnan has been walking the talk since 2004 by holding financial literacy sessions for both the households and domestic staffers. Going a step further is Bengaluru-based Haqdarshak ( a for-profit social enterprise, which helps low-income segments access government welfare schemes. It claims a digital database of over 7,500 state and central welfare programs—health and life insurance, disability pension, education subsidies, housing subsidies, among others—and offers a 'Yojana Card' that can tell the worker about the schemes he is eligible for. It could help your helpers if you can inform them about it. Apprising them of the government welfare schemes is not the only way you can help your domestic staffers. They need assistance on every front: identifying saving and investing options for their kids' education and medical needs, tech-enablement, budgeting advice, career guidance, and saving up for their old age. 'You don't necessarily need to become their financial adviser, but guidance in navigating the formal financial systems, hand-holding and helping them with forms or digital onboarding, explaining terms, or demonstrating digital tools can also lead to a tremendous improvement in their financial stability and well-being,' says Atul Shinghal, Founder and CEO, Scripbox. Mumbai-based Namrata Vishal Lodaya knows about hand-holding, having helped all her three maids and two cooks with financial advice on career, investment, entrepreneurship, savings and much more. 'I taught business skills to Varsha tai to help open her beauty parlour and offered Pushpa tai's daughter career guidance in fashion designing,' says the 40-year-old. Here are some areas you can also help the people who make a critical contribution in ensuring that your lives run smoothly. Savings & investments As a first step, if your helpers don't have a bank account yet, help them open one under the Pradhan Mantri Jan Dhan Yojana. There is no minimum balance to be maintained and account holders get a RuPay debit card. They also get a Rs.2 lakh accident insurance with RuPay card, an overdraft facility up to Rs.10,000, and eligibility for various government schemes with the account. Rashida, 40 Chawla pays an annual premium of Rs.12,617 for a Rs.4 lakh family floater health plan for Rashida and her two children. Shikha Chawla (right) 42, Noida Next, prompt them into investing their money instead of keeping it in bank. You could start them on simple instruments that are easy to understand, such as a recurring deposit, fixed deposit, Post Office term deposit or even the Public Provident Fund (PPF) (see table). For women, a good option is the Mahila Samman Savings Certificate, and for their girl children, the Sukanya Samriddhi Yojana, both of which offer high interest rates. While Lodaya helped her maid, Priya, 39, open a bank account and fixed deposit, Chowdhury went a step ahead. She started a recurring deposit and Sukanya Samriddhi account by contributing Rs.10,000 for each account for her maid, Ram Dulari, and her daughter, in 2012. She also took other helpers to the post office to invest in Kisan Vikas Patra (KVP) and National Savings Certificates (NSC). 'I always felt they should save more by investing in instruments that offer a higher interest rate, instead of keeping the money in bank,' says the Delhibased IT professional. Investment options for your domestic helpers Venkatkrishnan even advocates mutual fund SIPs for long-term savings and high returns. 'I tell them that they can invest in mutual funds with as low a sum as Rs.100 or Rs.500 and get high returns over the long term,' she says. 'Another important thing is to tell them to keep away from chit funds and move to formal investing options like FDs. Insurance companies have also made deep inroads and sell plans pitching high returns, but they need to move to better forms of investing,' says Mrin Agarwal, Founder, Finsafe India. Agrees Venkatkrishnan: 'People lose money through Ponzi schemes, insurance plans and chit funds and should know about it.' Buying insurance Another financial pitfall for this segment is medical and hospitalisation expenses . 'Most families with limited means try to secure food, shelter and education, but forget about emergency health fund. During an illness, they are forced to look around, desperate for help from employers, friends, anyone,' says Noida-based Communication Consultant Shikha Chawla. She bought a family floater health insurance plan worth Rs.4 lakh for Rashida and her two children in 2018. She continues to pay the annual premium of Rs.12,617 even though Rashida no longer works for them. A good option is the government scheme, Ayushman Bharat or the Pradhan Mantri Jan Arogya Yojana, which offers a Rs.5 lakh cover per family for secondary and tertiary care hospitalisation. 'I also tell them and their employers to register with hospitals with their ration cards so that they can get free treatment,' says Venkatkrishnan. For life insurance, you can help them buy the Pradhan Mantri Jeevan Jyoti Bima Yojana as it can secure their children in case of the helpers' untimely death. For 18-50 age group with a bank account, it offers a life cover of Rs.2 lakh and the annual premium is `436, which is auto-debited from the bank account. The scheme is offered by the Life Insurance Corporation and other life insurers that provide it on similar terms. Financial & tech literacy One of the most important contributions you can make in your helpers' lives is by teaching them the basics of finance and making them tech-literate. 'Guide them in using UPI apps like Google Pay or PhonePe. This drastically simplifies transactions, bill payments and transfers, reducing reliance on cash,' says Shinghal. Also teach them about basic concepts like household budgeting, long-term investments, covering risk through insurance, taking loans, or even starting their own small businesses. Help them with documen-tation and online access to welfare schemes. Lodaya has mastered the art of leading by example when it comes to upskilling her helpers. 'I talk to them about how I manage my finances or use technology and then they follow suit. For instance, when I needed to raise funds for my husband's medical expenses, I used Ketto, and when Priya ben's husband fell ill later, she managed to raise Rs.55,000-60,000 by doing the same,' says Lodaya. Pension & loans While saving for retirement may seem difficult for helpers trying to survive from month to month , the government Atal Pension Yojana is a good vehicle that is open to all savings bank/post office savings bank account holders in the 18-40 age group. It offers a guaranteed minimum monthly pension of Rs.1,000-5,000 to the subscriber after 60 years, and after him to his spouse. When it comes to taking loans, try and desist your helpers from taking informal, unsecured loans with high interest rates. Steer them towards formal bank loans. 'I tell the employers to give their helpers salaries via cheques, so that they can show income and file their tax returns. This is because with three years of returns they can avail of home loans easily,' says Venkatkrishnan. If loans are not feasible for them, help them out with personal contributions, say, for their children's education, weddings, etc.
New Indian Express
4 days ago
- Politics
- New Indian Express
Lok Sabha adjourned till 2 pm amid opposition protests
Congress MP Renuka Chowdhury on Friday submitted a notice under Rule 267 in the Rajya Sabha, seeking suspension of regular business to discuss the Election Commission's Special Intensive Revision (SIR) of electoral rolls currently underway in Bihar. Chowdhury flagged serious concerns over the revision exercise, alleging that the drive could potentially disenfranchise millions of voters due to its lack of transparency. She questioned the fairness of the process, pointing to what she termed as 'opaque guidelines' being followed during the voter list update. Under Rule 267 of the Rajya Sabha's Rules of Procedure and Conduct of Business, members are allowed to move notices for suspending scheduled business to discuss matters of urgent public importance. Chowdhury urged the Upper House to prioritise a debate on the implications of the EC's revision efforts in the poll-bound state.
NDTV
4 days ago
- Politics
- NDTV
Pakistan, Bangladesh Agree On Visa-Free Entry Of Officials: How It Affects India
New Delhi: Pakistan and Bangladesh have reached an agreement to allow visa-free entry for holders of diplomatic and official passports, a move that would be closely watched by India. The move signals a further thaw in bilateral ties, as both sides seek to rebuild relations frosty since the 1971 Bangladesh Liberation War. The decision on visa-free entry was announced on Wednesday after a high-level meeting between Interior Minister Mohsin Naqvi and his Bangladeshi counterpart, Lieutenant General (retired) Jahangir Alam Chowdhury, in Dhaka, the state-run Radio Pakistan reported. During the meeting, the two sides also agreed to enhance cooperation in the fields of internal security and police training. Chowdhury and Naqvi discussed increasing collaboration on anti-narcotics and anti-human trafficking. Views were also exchanged on joint counter-terrorism measures and exchange programmes between police academies of the two countries, the report said. Chowdhury called his Bangladesh visit extremely important to promote bilateral cooperation between Dhaka and Islamabad. He also thanked Naqvi for extending the offer of police training to Bangladeshi officials. Growing Pakistan-Bangladesh Ties Relations between Pakistan and Bangladesh have witnessed a marked improvement following the establishment of the interim government led by Muhammad Yunus in Dhaka, with the two sides trying to reset ties. Yunus, the 84-year-old Nobel laureate, is a staunch opponent of Ms Hasina's policies, which were fundamentally pro-India and anti-Pakistan. Pakistan has formed a joint committee, to be headed by Interior Secretary Khurram Agha, to further boost cooperation with Bangladesh. A high-level Bangladeshi delegation is set to visit Islamabad soon to tour the Safe City Project and the National Police Academy. India Concerns The visa-free entry of Islamabad's officials to Dhaka could enable easier movement of Inter-Services Intelligence agents and other Pakistani spies in Bangladesh. New Delhi worries that a bigger presence of Pakistani officials in Bangladesh could lead to a resurgence of anti-India Islamist extremism in Bangladesh could target India and support insurgent groups in northeastern states.
Time of India
4 days ago
- Politics
- Time of India
Congress MP Renuka Chowdhury moves Rule 267 notice in Rajya Sabha, seeks discussion on SIR in Bihar
Congress MP Renuka Chowdhury on Friday morning moved a notice under Rule 267 in Rajya Sabha , demanding suspension of house business to discuss the Special Intensive Revision ( SIR ) exercise being carried out by the Election Commission (EC) in Bihar ahead of the upcoming assembly elections. Chowdhury expressed concerns that the ongoing voter list revision drive in Bihar poses a "risk of disenfranchising millions" and raised questions about the "fairness" of the process due to "opaque guidelines." Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Artificial Intelligence Degree PGDM Digital Marketing Leadership Design Thinking Product Management Finance MBA Data Science Data Analytics Public Policy Others Technology Data Science Operations Management others CXO Cybersecurity Management MCA healthcare Project Management Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details According to the Rules of Procedure and Conduct of Business in the Council of State (Rajya Sabha), MPs can give a notice under Rule 267 to suspend all listed business and discuss various burning issues. "This exercise poses a significant risk of disenfranchising millions, especially migrant workers, students, and economically vulnerable groups, who face insurmountable challenges in meeting the stringent documentation requirements. The lack of adequate documentation, particularly for those living in flood-prone or remote areas, makes it impossible for these citizens to prove their eligibility and could lead to mass exclusion from the electoral rolls ," the notice read. "The opaque guidelines for this exercise raise serious doubts about its fairness. There's a growing fear that this revision could be a disguised citizenship test, further marginalising the poor and vulnerable who already face significant socio-economic challenges. This threatens to strip citizens of their constitutional right to vote, disproportionately affecting communities in rural, border, and migrant-heavy areas, whose electoral participation is essential for a functioning Democracy," it added. Live Events Congress Rajya Sabha MP Akhilesh Prasad Singh on Friday gave a Suspension of Business notice under Rule 267 and demanded a discussion on the Special Intensive Revision (SIR) of voter lists in Bihar. The INDIA bloc has flagged the Bihar SIR in the monsoon session of the Parliament and demanded a discussion. The Opposition also staged a protest outside the Parliament on Thursday. Yesterday, proceedings in both houses of Parliament were adjourned for the day amid protests by the opposition, demanding a discussion on SIR in Bihar. The Carriage of Goods by Sea Bill was being discussed in the Rajya Sabha when MP Bhubaneshwar Kalita, chairing the House, adjourned it following sloganeering by the Opposition, who were protesting against the Special Intensive Revision (SIR) of the voter list in Bihar. Krishna Prasad Tenneti, chairing the Lok Sabha , adjourned the House amidst the ruckus by the Opposition during a discussion on the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024. On the fifth day of the Monsoon Session, the Lok Sabha and the Rajya Sabha will reconvene on Friday at 11 am. Expressing the Opposition's views on the issue, Congress General Secretary KC Venugopal accused the EC of being "biased" in its conduct of the SIR of electoral rolls in Bihar ahead of the upcoming assembly elections. The Congress MP also criticised the Union government, claiming it had failed to take its own members into confidence over the SIR process, and warned that the exercise could prove to be a "disaster" for the country. "The government cannot even convince their own members, even they are saying this exercise is going to be a big disaster for democracy. ECI is completely biased. This is what the country is witnessing now," Venugopal told ANI. The Monsoon Session of the Parliament began on July 21 and will continue till August 21.
Express Tribune
5 days ago
- Business
- Express Tribune
Pakistan, Bangladesh agree on visa-free entry for diplomats, officials
Listen to article Pakistan and Bangladesh have agreed to grant visa-free entry for holders of diplomatic and official passports, as part of efforts to strengthen bilateral ties, Radio Pakistan reported. The agreement was reached during a meeting between Interior Minister Mohsin Naqvi and his Bangladeshi counterpart, Lieutenant General (retired) Jahangir Alam Chowdhury, in Dhaka on Wednesday. The two sides also discussed increasing cooperation in internal security, police training, anti-narcotics, and anti-human trafficking. In addition, they explored joint counter-terrorism measures and the possibility of exchange programmes between police academies of the two nations. ڈھاکہ۔وفاقی وزیرداخلہ محسن نقوی کی بنگلہ دیش کے وزیر داخلہ لیفٹیننٹ جنرل(ر) جہانگیر عالم چودھری سے ملاقات وفاقی وزیرداخلہ محسن نقوی کا وزارت داخلہ آمد پر بنگلہ دیشی ہم منصب نے پرتپاک خیرمقدم کیا وزیرداخلہ محسن نقوی کو گارڈ آف آنرز پیش کیا گیا — Ministry of Interior GoP (@MOIofficialGoP) July 23, 2025 Upon his arrival at the Bangladesh Home Affairs Ministry, Chowdhury welcomed Naqvi with a guard of honour. Speaking on the occasion, Chowdhury expressed the importance of Naqvi's visit for promoting bilateral cooperation between Islamabad and Dhaka. He also thanked Naqvi for offering police training to Bangladeshi officials. A joint committee, headed by Interior Secretary Khurram Agha, has been formed to further boost cooperation between the two countries. Chowdhury confirmed that a high-level Bangladeshi delegation would soon visit Islamabad to tour the Safe City Project and National Police Academy. Earlier in February, Pakistan and Bangladesh resumed direct trade on an official level for the first time since the 1971 separation, with the first government-approved cargo departing from Port Qasim. Read More: Bangladesh resumes direct trade with Pakistan for first time since 1971 This marks a historic step in bilateral trade relations, as Bangladesh agreed to purchase 50,000 tonnes of Pakistani rice through the Trading Corporation of Pakistan (TCP). In April, Pakistan and Bangladesh resumed high-level diplomatic consultations for the first time in 15 years. Senior officials from both sides met in Dhaka to revive bilateral engagement and address regional and international matters of mutual interest. The Foreign Office Consultations (FOC) were held at the State Guest House Padma and led by Pakistan's Foreign Secretary Amna Baloch and her Bangladeshi counterpart, Md Jashim Uddin. The meeting marks the first formal FOC between the two countries since 2010, signalling renewed efforts to rebuild trust and cooperation.
