The Ingenious magazine is a quarterly magazine prepared by the alumni of FCFP under the able guidance of our Guru Shri Gopinath Radhakrishnan sir. The magazine comprises of writeups related to economy; finance & industry based on our research.

1. Issue: 8 In-house magazine of FCFP members Feb 2024 - Apr 2024

2. 2
From the Secretary
What’s Inside
Content Page
The Progression - Wealth Management 3
Did you know? 4
What is WYTAYBA? 5
Meet the AWF Qualifiers 7
Cover Story - Artificial Intelligence 9
Article - Retirement Science (Part-2) 10
Article - Sovereign Golf Bonds 12
Data Centre 17
IRDAI Annual Report 18
Key Budget Document 19
Dear Readers,
We are pleased to present our 8th quarterly “Ingenious Magazine” for February 24 to April 24 by
the alumni of Foundation Course in Financial Planning (FCFP) 1st & 2nd Batch from Gopast
Centre for Learning Pvt. Ltd., under the able guidance of our Guru Shri Gopinath Radhakrishnan Sir. It compris-
es of write ups on financial products and latest news articles related to economy, finance and insurance industry
based on our research.
We are thankful, grateful and blessed for your support till date and wish the same support from you all ahead too.
Wish you a happy reading.
Thanking you & Regards,
On behalf of the Organizing committee of Alumni FCFP 2022
Feb 24 - Apr 24
INGENIOUS

3. 3
Feb 24 - Apr 24
INGENIOUS
… the
Progression
R. Gopinath
WEALTH MANAGEMENT
This is an introductory video for the series of episodes we
will be watching on Wealth Management.
This is just a preface wherein I have defined the 3 stages in
Wealth management:
1. Creating Wealth
2. Securing Wealth
3. Perpetuating wealth
Click on the page or scan the QR code to watch The video

4. 4
K.M.S. Sriram
“SECTION 45 OF THE INSURANCE ACT, 1938”
In Accordance with “SECTION 45 OF THE INSURANCE ACT, 1938”; Life Insurance companies cannot refuse to
pay your claim on any grounds whatsoever after the expiry of 3 years from the date of the policy, i.e. date of
issuance of the policy or date of commencement of risk or date of revival of policy or the date of the rider to
the policy, whichever is later.
This provision provides protection to policyholders by ensuring that insurers cannot deny claims arbitrarily
after this specified period.
Hence; In the future, we need to ensure that all premiums should be paid before the end of the grace period;
to ensure the coverage of the policy features for the benefit of the loved ones (Family Members) of every pre-
cious life insured.
“
We are in debt to Mother Nature for
its air, water, light and food. Only in
repaying this debt, by our
contributions to the society,
we can get mental peace - rg
Feb 24 - Apr 24
INGENIOUS

5. 5
What is WYTAYBA?
How WYTAYBA will make you
a successful person in your Life? You might be won-
dering, “What is WYTAYBA”?
I’m going to tell you what it is and how to use it
to gain opportunities in your life in whatever field you
desire..
I want to begin the article about RAS (Reticular
Activating System), which I’ve come to learn about
from my mentor, Mr. R. Gopinath. Before diving in,
here is a short overview about my Mentor and Guide,
Mr. R. Gopinath founder of GOPAST.
Moving on, the RAS is a small area at the top of
your spinal column, which is a couple of inches long
and about as thick as a pencil.
Every second of the day, the brain is bombarded
with data. It would be an overload if we didn’t have a
filter to block most of it out. We would have a melt-
down and stop functioning if we had to receive it all at
once.
So the RAS is where it all gets filtered out. It fil-
ters out sounds, images, tastes, and touch. In other
words, it works on all of our senses except smell, which
is handled by our emotional centre.
WYTAYBA is a part of the RAS.
It’s the part that we want to intentionally utilize
to bring opportunities into our lives that will help us
reach our goals in both our personal lives, as well as
our careers.
WYTAYBA stands for What You Think About
You Bring About!
How is that happening? Because, just as the RAS
filters out unnecessary information that is coming in, it
focuses on what it thinks you believe to be important
and points those items out to you. For example: You
buy a new Silver metallic colour Honda City XZ CVT Car.
You thought it was a colour that would be different.
You get in your new car, breathe in that new car smell,
and set the radio to your favourite station. You’re
about to go for a joy ride simply because you want to
feel the thrill of driving your new car. You're excited to
test out all the new technology, it’s fun little functions.
You’re going south down the highway and you
notice a Silver metallic colour Honda City XZ CVT Car
heading north, you glance at it as it passes by. "Hmmm,
that's interesting." Then you see another Silver metallic
color Honda City XZ CVT Car as you hit the gas and pass
it. "Huh?" As you continue to drive, you start seeing all
these Silver Metallic colour Honda City XZ CVT Car on
the highway.
What is going on? Did they all of a sudden start
mass-producing and selling Silver metallic colour Hon-
da City XZ CVT Cars? Or, were they always there?
The answer is they were always there. Your RAS
has been filtering them out because you hadn’t been
focusing on Silver metallic colour Honda City XZ CVT
car, so it didn’t see it as important. Now that you’re
focusing on your new car and loving it, your RAS wants
to bring more of that to you. It wants you to be hap-
py. It wants to bring you more of what you focus on.
So, what you think about, you bring about;
things like your thoughts, your beliefs, and your daily
Contd...
J. Dwarakanath
Chennai
Feb 24 - Apr 24
INGENIOUS
Go-past which has been involved in training, coaching
and consulting individuals, professionals and institutions since
its birth in 2006, was initiated by Mr. R. Gopinath. He had re-
signed from his position of CEO and MD of Life Insurance Cor-
poration Lanka Ltd. at his age 43 to pursue his passion in Train-
ing and consulting. His wife Mrs. Rajalakshmi instantly sup-
ported his decision and took over as the director of Go-past to
lead the functions of marketing, administration, HR, finance
and accounts leaving the domains of research, preparation,
presentations and the delivery of training and consultancy to
Mr. R Gopinath.
Go past has since then been expanding its scope of mar-
keting from regional levels to the present global levels having
clients and followers from 28 countries in this world.
https://www.go-past.com
https://palmleafneo.com/aboutus

6. 6
Contd...
intentions determine what you bring into being. For
example, say you want to find a better job. You can
reprogram your RAS to bring your attention to all job
opportunities that would meet your dream job. Or at
least a job in the right direction. Then, at that point, it’s
for you to take action on what the RAS is showing you.
How do you use this to bring success in your life
or career?
Here are three steps that’ll help you gain the
success that you dream of.
A. Conscious intention. Get clear on what you want
and focus on it. Think about it daily. Getting clear
means knowing what your intention will look like
once you have it. How will it feel to have it? How
will it affect you and those around you once you
have it? These thoughts will turn on the RAS to
show you the things that it now feels are im-
portant to you.
B. Strengthen your focus. Read, search the inter-
net, and ask questions to people around you
that have to do with your intention. This alerts
the RAS to how important this topic is for you.
You need to continue your focus daily. Once you
stop focusing, your RAS starts believing that the
topic is no longer of concern to you, and it’ll
start showing you whatever your new thoughts
are about.
C. Know that your intention is achievable. Don’t
doubt yourself. If your RAS
hears you thinking about how
doable it is, it’ll believe you. It’ll
be more determined to bring it
to bear. If you start doubting,
it’ll start bringing you proof that
your doubts are true. So, stay
positive in your beliefs and it’ll prove you right.
If you follow these suggestions, your RAS has no
option other than to WYTAYBA.
What You Think About You Bring About
As a bonus suggestion, try taking a picture of
your goal and making it your phone’s screen saver.
That will double your efforts to stay focused as you’ll
see it over (on average) 110 times per day. Make it a
fun and colourful pic.
In Tamil language we will call Rasy means lucky
GOAL SETTING AND RASy
We set yearly goals for business performances. If
it is “IMPORTANT” then RASy, scan environment 24 X
7 with infinite range and spotlights all the info re-
quired, help that will aid, ensure that we achive our
goals. We define, the Brain considers as beneficial or
that poses a threat is taken as “IMPORTANT” by the
brain. Let us say the goal set was 50% growth over the
previous year. While somewhere at the bottom of the
mind we feel even 10% is good one, which can provide
for good benefits, and still we agree to accept the chal-
lenge of 50% Growth. “IMPORTANT” for the brain is
10%. You can now understand what role RASy will play.
On the other hand, the brain also weighs the
efforts taken to in that 50% growth, it could be a huge
price to pay. The brain senses the threat, so it now
“IMPORTANT “ to avoid that. All the information of
the huge price, consequent losses in other areas of life
because of the price, is brought into the conscious
awareness state. Even though we try to suppress this
often, fighting it with the motivational slogans and pos-
itive thinking, RASy persist and selectively spot lights
and selectively blind spots with results that our actions
are conditioned to produce a near 10% Growth.
So what is the Solution? How to make it
“IMPORTANT”?
1. Write down the Goals. Bring your dreams and
goals into a written format. In the order of im-
portance, the brain takes written down state-
ments more important than just intentions or
even oral pronouncements, because what is
written stays for long. In one of the colonies in
US, they had place a board at the entrance to
the colony reading ‘CLOSED FOR TWO DAYS’ will
open on Monday, visitors stopped at the board
and many were prepared to return on Monday
and turned back. The Survey team nearby en-
quired them why they are returning back? They
answered, ‘this colony is closed for 2 days’.
There were few exceptions though.
What is written is considered more in
value than of what is being told.
2. Create hype on the benefits by
“VIVIDLY VISUALISING THE END RE-
SULTS” relate it to all the stakeholders
and see how this will benefit them.
Images and pictures related to end results serve
as props to ingrain in the brain “IMPORTANT”
3. Share your commitments with a set of people.
Go public on your intentions. This way, the brain
registers this goal as an “IMPORTANT” one and is
also aware about the name and fame that will
follow, achieving that goal, particularly from
those people who knew our decisions to pursue
that Goals and Dreams.
At times good intentions of our actions create
problems for us. For instance if we think “This should
not happen in my life, if at all my life will be doomed”
such negative commands creates a negative RASy, in-
stead manifest, “This Should Happen in my life”. Let us
all visualize the benefits of such happenings. If you
consciously and continuously practice this, then you
will subconsciously master the PARADIGM (Pattern of
Thinking).
Contd...
Feb 24 - Apr 24
INGENIOUS

7. 7
Ankur SHAH Bharathi SRINIVASAN Ajay Kumar TYAGI
Ashok G SUTTAR Suresh Kumar ARORA
Keshav H AGARWALLA
Amit Uttam SARANG Inderpal S. BINDRA
Umesh PANCHWAG
Feb 24 - Apr 24
INGENIOUS

8. 8
Savita PILLAI Nishith JOSHI Dwarakanath JAGANATHAN
Vikas ARORA Anand GARG K. ARUMUGASAMY
Hemant Kumar AGRAWALLA M. SATYANARAYAN Tapogopal MOITRA
Feb 24 - Apr 24
INGENIOUS

9. 9
In today's world, we hear a lot about something
called "AI" or "Artificial Intelligence." But what
exactly it is.?
Artificial intelligence is like giving computers the
ability to learn and think on their own. Imagine if your
computer could not only do what you tell it but also
learn from its experiences and get smarter over time.
That's essentially what AI is all about – making ma-
chines, like computers, think and learn like humans.
AI allows computers to perform tasks that typi-
cally require human intelligence. For example, it helps
your phone understand your voice commands, recom-
mends movies you might like, and even plays games
against you. It's like giving computers a bit of a brain-
power boost.
There are
two main types of
AI:
1. Weak AI
(Narrow AI)
2. Strong AI
(General AI)
Weak AI
(Narrow AI): Weak
AI, also known as
Narrow AI, is like a
smart tool that's
really good at one
specific thing. It can do a particular task well, such as
recognizing faces, recognizing your voice or playing
chess, but it doesn't truly understand or think like a
human. It's focused and specialized, like a helpful assis-
tant with a specific skill.
Strong AI (General AI): Strong AI, on the other
hand, is like a computer brain that can understand and
learn anything, just like humans. It's not limited to a
specific task – it can handle various jobs and even think
creatively. Strong AI would be like having a computer
buddy that can truly understand the world around it
and adapt to different situations. However, we're still
working on creating this level of intelligence in ma-
chines. General AI is to create machines that can han-
dle any intellectual task a human can – a bit like the
robots you see in science fiction movies.
Applications of AI in Real Life:
1. Talking to Your Computer: AI helps you talk to
your computer or phone. Devices like Alexa and
Google Home are smart helpers. They use AI to
understand what you say and help with things
like answering questions, setting reminders, and
playing music.
2. Helping Doctors: AI helps doctors look at pic-
tures, like X-rays or scans, to find out if someone
is sick. It can also suggest the best treatments for
patients
3. Smart Cars: AI is used in cars that can drive by
themselves. It helps the car see the road and
avoid accidents, making travel safer.
4. Talking to Robots: Some robots use AI to under-
stand what you want them to do. They can help
with simple tasks at home or in stores.
5. Choosing What to Watch: When you watch vid-
eos online, AI suggests other videos you might
like based on what you've watched before. It
helps you discover new things to enjoy.
6. Keeping Your Money Safe: Banks use AI to
check if there are any unusual activities in your
account. It helps keep your money safe from bad
things.
7. Playing Games: AI can play games really well. It
learns and gets better, whether it's a computer
game or a board game.
8. Helping Farmers: AI helps farmers grow more
food by telling them when to water their crops
or when to harvest. It makes farming more effi-
cient.
9. Answering Questions Online: When you ask
questions on the internet, AI helps find the an-
swers. It understands what you're looking for
and gives you information.
10.Learning New Languages: AI can translate lan-
guages, helping people understand each other
even if they speak different languages.
In the end, AI is like giving our machines a bit of
a brain – allowing them to think, learn, and help us in
ways we might not have imagined before. It's an ex-
citing field that continues to grow, bringing both op-
portunities and challenges for the future.
CoverStory K.M.S. Sri Ram
Vijayawada
Feb 24 - Apr 24
INGENIOUS

10. 10
In our previous article retirement science part – 1, we
understood very clearly that everyone will need passive
and guaranteed regular income at one point of time.
And this is not a luxury product but a basic necessity.
Only the provision of adequate monthly guaranteed in-
come makes one independent.
In this article we will explore different ways to
generate regular passive income. While doing so we will
keep in focus following 6 points. Following are the
6 essential qualities the ASSET must have that would
generate retirement income.
 Yielding regular income
 Yielding predictable income
 No need to spend money, time and efforts to
maintain it/grow it
 Does not depreciate
 Can not be taken/given away
 Immune to calamities
Now let’s explore different ways to generate regu-
lar & passive income.
Fixed Deposit & Dividends: Interest on fixed de-
posit and dividends are passive income but the same are
not guaranteed. We can not depend on life time to gen-
erate regular & guaranteed passive income as long as we
are alive. However, FD is a very good option as emergen-
cy fund.
Rental Income: Rental income can be classified as
semi active income. We will need to use body, mind &
time to generate the same. After a certain age It is not
possible to find a tenant, make a contract, follow-up for
rent, do the maintenance work required for property
from time to time. In the times like covid there might be
periods of no rent etc.
SWP (Systematic Withdrawal Plan): Systematic
Withdrawal Plan is a very famous concept with mutual
funds. There is a famous saying that majority of actively
managed large cap schemes do not beat index like
Sensex. In other words, Sensex out performs majority of
the actively managed large cap schemes. Let’s do a prac-
tical case study of SWP from Sensex and find out what
happens. If a safe return or a guaranteed return product
yields 6% return then by taking risk we must be able to
withdraw at least 8% of corpus every year through SIP if
not more. We will use the value of Sensex as NAV. We
will allocate units when we invest and we will debit units
when we withdraw the fund.
The table above displays the value of Sensex as on 31st
December every year. We invested Rs 1 crore on
31.12.2007 with value of Sensex being 20286.99 & con-
sidering it as NAV we allocated 492.9267 units. And we
started withdrawing 8,00,000 (8% of corpus) every year
by deducting units of the corresponding value of Sensex
every year. When we reached 2021, we did not have
enough units to withdraw the amount. After withdraw-
ing 8% of corpus every year for 14 years we did not have
the units to withdraw any more fund. This is because
equity markets do not give the same linear return every
year. There is a word called standard deviation and be-
cause of this standard deviation when the market cor-
rects, we consume higher no of units. So, when we do
SWP, there is a high probability that we may be alive but
there may not be units left to withdraw. In this way we
can not depend on SWP for our entire life to provide
regular income when the returns are volatile.
Contd...
Part-2
Feb 24 - Apr 24
INGENIOUS

11. 11
Contd…
REVERSE MORTGAGE
Above is the sample terms & conditions taken
from a bank’s website regarding reverse mortgage. The
details of how reverse mortgage works is given in the
following 2 links.
https://www.unionbankofindia.co.in/english/personal-retail-reverse-
mortage.aspx
https://www.unionbankofindia.co.in/english/personal-retail-reverse-
mortage.aspx
From the above link let’s do a sample calculation:
Loan Amount: Rs.1 Crore; Term: 20 years; Interest:
12.15% p.a. (latest Interest rate published on bank’s web-
site)
Let’s calculate how much monthly reverse mort-
gage installment will be paid to elderly individual.
As shown in calculation above the elderly individ-
ual will receive Rs 9807 every month for next 20 years
against a reverse mortgage loan of Rs 1 crore for 20
years @ 12.15% interest rate. The total payment re-
ceived in 20 years is Rs 23.54 lacs.
Now let’s calculate if an individual takes a hous-
ing loan of Rs 1 crore at 9% Interest rate for 20 years
what would be the EMI & total outflow in 20 years.
Yes, you got it right if Rs 1 crore reverse mort-
gage is done one would receive total Rs 23.54 lacs in-
come in 20 years. And if one purchases a housing loan
of Rs 1 crore, he/she will be paying total Rs 2.16 crore
in 20 years. Reverse mortgage is not a choice financial-
ly or emotionally in India. Even if a reverse mortgage
proves disadvantageous for the consumer, they may
feel compelled to opt for it due to their financial con-
straints or pressing circumstances. This decision could
stem from a sense of obligation or necessity driven by
their specific situation. And unfortunately, hundreds of
crores of reverse mortgage business is being under-
written in India every year.
AS A PROFESSIONAL FINANCIAL ADVISOR IT MUST BE
OUR ETHICAL AND SOCIAL RESPONSIBILITY TO MAKE
PEOPLE UNDERSTAND & PLAN PASSIVE &
GUARANTEED INCOME DURING THEIR WORKING LIFE
FOR THEIR RETIRED LIFE.
Above is a sufficiency calendar triangle made by
our Guru Shri Gopinath Radhakrishnan sir during 1980’s
using logarithms. It shows at a particular interest rate, if
a specific percentage of corpus is withdrawn, how many
years the corpus will last.
For example, if you have Rs 10 Crores corpus and
rate of interest is 6%. And if one withdraws 10% of cor-
pus every year then the corpus will last for 16 years.
And if he withdraws 5% of corpus every year then the
corpus will last for infinity.
We will continue this article as Retirement Sci-
ence part 3. In the part 3 of article we will see or learn
as to:
 Exactly what to do in accumulation phase
 Exactly what to do during distribution phase
 Followed by a scientific calculation
 Y/Z tool. A tool to determine how independent
one will be during his/her retired life.
SOURCE: SHRI GOPINATH SIR’S TEACHINGS
Author
ANKUR SHAH
Dev. Officer, LIC
Award In Financial Planning CII, UK
FCFP, QPFPA, MCAFP—Go Past
Licentiate, Insurance Institute Of India
Feb 24 - Apr 24
INGENIOUS

12. 12
Ihave presented the SGB details in 3 different
parts to give you a clear understanding of the
same as an available investment option to include
in your portfolio along with existing investments. These
details shall facilitate you all to a great extent to take
decision accordingly with your advisor’s feedback too.
1ST
PART
An article on 1st
SGB Maturity
Redemption price of first ever Sovereign Gold Bond
(SGB) tranche announced;
investors to earn 11% - November 2023
The first SGB was released on November 30,
2015. In accordance with the terms of the arrange-
ment, the bonds must be repaid eight years after they
are issued. As a result, on November 30, 2023, the first
tranche of SGB will mature.
What is the redemption price of SGB 2015-I
The final redemption amount, which is due on
November 30, 2023, is Rs 6132 for each SGB unit. This
amount is determined by using the simple average of
the closing gold price for the week of November 20–
24, 2023.
As per the SGB scheme guidelines, "The redemp-
tion price shall be fixed in Indian Rupees on the basis of
the previous week's (Monday - Friday) simple average
closing price for gold of 999 purity, published by India
Bullion and Jewellers Association (IBJA)."
ET Online had earlier reported that when the
bonds ultimately maturity on November 30, 2023, in-
vestors in this first tranche of SGB are expected to get
a fortune. This is due to the fact that the price of gold
has more than quadrupled over the past eight years.
What was the issue price, interest rate?
It is significant to remember that the initial SGB
was purchased for Rs 2,684 per gram of gold. The issue
price is less than half of the prevailing price. As per the
notification issued by RBI on October 30, 2015, the SGB
offered a fixed interest rate of 2.75% per annum on the
initial investment amount.
How much is the increase and how much an investor
will earn?
To help you understand the potential returns on
your investment in the first SGB issuance upon maturi-
ty, here's an example. Assume that an investor ob-
tained 35 grams of gold during the initial SGB offering.
The investment amount is equal to Rs 93,940 because
it was made at a cost of Rs 2,684. With a redemption
price of Rs 6,132 per gram, the investor will receive Rs
2,14,620.
In absolute terms, an individual will earn a re-
turn of 128.5% without taking interest earned on the
SGB into account. In CAGR (Compounded annual
growth rate) terms, the returns come out to be
10.88%.
SGB details
Every financial year, the RBI announces the issu-
ance of SGB tranches. As of now, an investor is limited
to 4 kg per individual each financial year, with a mini-
mum investment of 1 gram. A person must indicate in
the application form how much they wish to invest in
order to make an investment. The quantity of gold in-
vested is determined by the RBI's indicated issuance
price. The balance amount is refunded to the investor's
bank account.
2nd
PART
Sovereign Gold Bond Price History
A. The price history of SGB for FY 2023-24 is as fol-
lows:
Contd...
Savita PILLAI
Mumbai
Series Month Price Per Gram
Series 1 June 2023 Rs. 5,926
Series 2 September 2023 Rs. 5,923
Series 3 December 2023 Rs. 6,199
Series 4 February 2024 Rs. 6,263
Feb 24 - Apr 24
INGENIOUS

13. 13
Contd...
B. The price history of SGB for FY 2022-23 is as fol-
lows:
C. The price history of SGB for FY 2021-22 is as fol
lows:
3rd
PART
Frequently Asked Questions (FAQs)
Sovereign Gold Bond Scheme
(Updated as on February 4, 2019)
1. What is Sovereign Gold Bond (SGB)? Who is the
issuer?
SGBs are government securities denominated in
grams of gold. They are substitutes for holding physical
gold. Investors have to pay the issue price in cash
and the bonds will be redeemed in cash on
maturity. The Bond is issued by Reserve
Bank on behalf of Government of India.
2. Why should I buy SGB rather
than physical gold? What are
the benefits?
The quantity of gold for which
the investor pays is protected, since he
receives the ongoing market price at the
time of redemption/ premature redemp-
tion. The SGB offers a superior alternative to
holding gold in physical form. The risks and costs of
storage are eliminated. Investors are assured of the
market value of gold at the time of maturity and peri-
odical interest. SGB is free from issues like making
charges and purity in the case of gold in jewellery
form. The bonds are held in the books of the RBI or in
demat form eliminating risk of loss of scrip etc.
3. Are there any risks in investing in SGBs?
There may be a risk of capital loss if the market
price of gold declines. However, the investor does not
lose in terms of the units of gold which he has paid for.
4. Who is eligible to invest in the SGBs?
Persons resident in India as defined under For-
eign Exchange Management Act, 1999 are eligible to
invest in SGB. Eligible investors include individuals,
HUFs, trusts, universities and charitable institutions.
Individual investors with subsequent change in resi-
dential status from resident to non-resident may con-
tinue to hold SGB till early redemption/maturity.
5. Whether joint holding will be allowed?
Yes, joint holding is allowed.
6. Can a Minor invest in SGB?
Yes. The application on behalf of the minor has
to be made by his/her guardian.
7. Where can investors get the application form?
The application form will be provided by the is-
suing banks/SHCIL offices/designated Post Offices/
agents. It can also be downloaded from the RBI’s web-
site. Banks may also provide online application facility.
8. What are the Know-Your-Customer (KYC)
norms?
Every application must be accompanied by the
‘PAN Number’ issued by the Income Tax Department
to the investor(s).
9. Can an investor hold more than one investor ID
for subscribing to the Sovereign Gold Bond?
No. An investor can have only one unique inves-
tor Id linked to any of the prescribed identification doc-
uments. The unique investor ID is to be used for all the
subsequent investments in the scheme. For holding
securities in dematerialized form, quoting of PAN in
the application form is mandatory.
10. What is the minimum and maximum
limit for investment?
The Bonds are issued in denomina-
tions of one gram of gold and in multi-
ples thereof. Minimum investment in
the Bond shall be one gram with a
maximum limit of subscription of 4 kg
for individuals, 4 kg for Hindu Undivided
Family (HUF) and 20 kg for trusts and sim-
ilar entities notified by the government from
time to time per fiscal year (April – March). In
case of joint holding, the limit applies to the first appli-
cant. The annual ceiling will include bonds subscribed
under different tranches during initial issuance by Gov-
ernment and those purchased from the secondary
market. The ceiling on investment will not include the
holdings as collateral by banks and other Financial In-
stitutions
Contd...
Series Month Price Per Gram
Series 1 June 2022 Rs. 5,041
Series 2 August 2022 Rs. 5,091
Series 3 December 2022 Rs. 5,409
Series 4 March 2023 Rs. 5,611
Series Month Price Per Gram
Series 1 May 2021 Rs. 4,777
Series 2 May 2021 Rs. 4,842
Series 3 June 2021 Rs. 4,899
Series 4 July 2021 Rs. 4,807
Series 5 August 2021 Rs. 4,790
Series 6 September 2021 Rs. 4,732
Series 7 October 2021 Rs. 4,765
Series 8 November 2021 Rs. 4,791
Series 9 January 2022 Rs. 4,786
Series 10 March 2022 Rs. 5,109
Feb 24 - Apr 24
INGENIOUS

14. 14
Contd...
11. Can each member of my family buy 4Kg in
their own name?
Yes, each family member can buy the
bonds in his/her own name if they satisfy
the eligibility criteria as defined at Q
No.4.
12. Can an investor/trust buy
4 Kg/20 Kg worth of SGB
every year?
Yes. An investor/trust
can buy 4 Kg/20 Kg worth of
gold every year as the ceiling
has been fixed on a fiscal year
(April-March) basis.
13. Is the maximum limit of 4
Kg applicable in case of
joint holding?
The maximum limit will be applica-
ble to the first applicant in case of a joint
holding for that specific application.
14. What is the rate of interest and how will the
interest be paid?
The Bonds bear interest at the rate of 2.50 per
cent (fixed rate) per annum on the amount of initial
investment. Interest will be credited semi-annually to
the bank account of the investor and the last interest
will be payable on maturity along with the principal.
15. Who are the authorized agencies selling the
SGBs?
Bonds are sold through offices or branches of
Nationalised Banks, Scheduled Private Banks, Sched-
uled Foreign Banks, designated Post Offices, Stock
Holding Corporation of India Ltd. (SHCIL) and the au-
thorised stock exchanges either directly or through
their agents.
16. If I apply, am I assured of allotment?
If the customer meets the eligibility criteria, pro-
duces a valid identification document and remits the
application money on time, he/she will receive the al-
lotment.
17. When will the customers be issued Holding
Certificate?
The customers will be issued Certificate of Hold-
ing on the date of issuance of the SGB. Certificate of
Holding can be collected from the issuing banks/SHCIL
offices/Post Offices/Designated stock exchanges/
agents or obtained directly from RBI on email, if email
address is provided in the application form.
18. Can I apply online?
Yes. A customer can apply online through the
website of the listed scheduled commercial banks. The
issue price of the Gold Bonds will be ₹ 50 per gram less
than the nominal value to those investors applying
online and the payment against the application is
made through digital mode.
19. At what price the bonds are sold?
The nominal value of Gold
Bonds shall be in Indian Rupees
fixed on the basis of simple aver-
age of closing price of gold of
999 purity, published by the
India Bullion and Jewelers As-
sociation Limited, for the last 3
business days of the week pre-
ceding the subscription period.
20. Will RBI publish the rate of
gold applicable every day?
The price of gold for the
relevant tranche will be published
on RBI website two days before the
issue opens.
21. What will I get on redemption?
On maturity, the Gold Bonds shall be redeemed
in Indian Rupees and the redemption price shall be
based on simple average of closing price of gold of 999
purity of previous 3 business days from the date of re-
payment, published by the India Bullion and Jewelers
Association Limited.
22. How will I get the redemption amount?
Both interest and redemption proceeds will be
credited to the bank account furnished by the custom-
er at the time of buying the bond.
23. What are the procedures involved during
redemption?
 The investor will be advised one month before
maturity regarding the ensuing maturity of the
bond.
 On the date of maturity, the maturity proceeds
will be credited to the bank account as per the
details on record.
 In case there are changes in any details, such as,
account number, email ids, then the investor
must intimate the bank/SHCIL/PO promptly.
24. Can I encash the bond anytime I want? Is
premature redemption allowed?
Though the tenor of the bond is 8 years, early
encashment/redemption of the bond is allowed after
fifth year from the date of issue on coupon payment
dates. The bond will be tradable on Exchanges, if held
in demat form. It can also be transferred to any other
eligible investor.
Contd...
Feb 24 - Apr 24
INGENIOUS

15. 15
Contd...
25. What do I have to do if I want to exit my
investment?
In case of premature redemption, investors can
approach the concerned bank/SHCIL offices/Post
Office/agent thirty days before the coupon payment
date. Request for premature redemption can only be
entertained if the investor approaches the concerned
bank/post office at least one day before the coupon
payment date. The proceeds will be credited to the
customer’s bank account provided at the time of ap-
plying for the bond.
26. Can I gift the bonds to a relative or friend on
some occasion?
The bond can be gifted/transferable to a rela-
tive/friend/anybody who fulfills the eligibility criteria
(as mentioned at Q.no. 4). The Bonds shall be transfer-
able in accordance with the provisions of the Govern-
ment Securities Act 2006 and the Government Securi-
ties Regulations 2007 before maturity by execution of
an instrument of transfer which is available with the
issuing agents.
27. Can I use these securities as collateral for
loans?
Yes, these securities are eligible to be used as
collateral for loans from banks, financial Institutions
and Non-Banking Financial Companies (NBFC). The
Loan to Value ratio will be the same as applicable to
ordinary gold loan prescribed by RBI from time to time.
Granting loan against SGBs would be
subject to decision of the bank/
financing agency, and cannot be in-
ferred as a matter of right.
28. What are the tax impli-
cations on i) interest
and ii) capital gain?
Interest on the
Bonds will be taxable as per
the provisions of the Income-
tax Act, 1961 (43 of 1961). The
capital gains tax arising on re-
demption of SGB to an individual
has been exempted. The indexation
benefits will be provided to long terms
capital gains arising to any person on transfer of bond.
29. Is tax deducted at source (TDS) applicable on
the bond?
TDS is not applicable on the bond. However, it is
the responsibility of the bond holder to comply with
the tax laws.
30. Who will provide other customer services to
the investors after issuance of the bonds?
The issuing banks/SHCIL offices/Post Offices/
Designated stock exchanges/agents through which
these securities have been purchased will provide oth-
er customer services such as change of address, early
redemption, nomination, grievance redressal, transfer
applications etc.
31. What are the payment options for investing in
the Sovereign Gold Bonds?
Payment can be made through cash (upto ₹
20000)/ cheque/ demand draft/ electronic fund trans-
fer.
32. Whether nomination facility is available for
these investments?
Yes, nomination facility is available as per the
provisions of the Government Securities Act 2006 and
Government Securities Regulations, 2007. A nomina-
tion form is available along with Application form. An
individual Non - resident Indian may get the security
transferred in his name on account of his being a nomi-
nee of a deceased investor provided that:
i. the Non-Resident investor shall need to hold the
security till early redemption or till maturity; and
ii. the interest and maturity proceeds of the invest-
ment shall not be repratriable.
33. Can I get the bonds in demat form?
Yes. The bonds can be held in demat account. A
specific request for the same must be made in the ap-
plication form itself.
Till the process of dematerialization is complet-
ed, the bonds will be held in RBI’s books. The facility
for conversion to demat will also be
available subsequent to allotment of
the bond.
34. Can I trade these bonds?
The bonds are tradable
from a date to be notified by
RBI. (It may be noted that
only bonds held in de-mat
form with depositories can
be traded in stock exchanges)
The bonds can also be sold and
transferred as per provisions of
Government Securities Act, 2006.
Partial transfer of bonds is also possi-
ble.
35. What is the procedure to be followed in the
eventuality of death of an investor?
The nominee/nominees to the bond may ap-
proach the respective Receiving Office with their claim.
The claim of the nominee/nominees will be recognized
in terms of the provision of the Government Securities
Act, 2006 read with Chapter III of Government Securi-
ties Regulation, 2007.
Contd...
Feb 24 - Apr 24
INGENIOUS

16. 16
Contd...
In the absence of nomination, claim of the executors or
administrators of the deceased holder or claim of the
holder of the succession certificate (issued under Part
X of Indian Succession Act) may be submitted to the
Receiving Offices/Depository. It may be noted that the
above provisions are applicable in the case of a de-
ceased minor investor also. The title of the bond in
such cases too will pass to the person fulfilling the cri-
teria laid down in Government Securities Act, 2006 and
not necessarily to the Natural Guardian.
36. Can I get part repayment of these bonds at the
time of exercising put option?
Yes, part holdings can be redeemed in multiples
of one gm.
37. How do I contact RBI to address my queries
regarding Sovereign Gold Bond?
A dedicated e-mail has been created by the Re-
serve Bank of India to receive queries from members
of public on Sovereign Gold Bonds. Investors can mail
their queries to this email id.
Reference links:
https://economictimes.indiatimes.com/wealth/invest/redemption-price-of-
first-ever-sovereign-gold-bond-sgb-tranche-announced-investors-to-earn-
11/articleshow/105490688.cms?
utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
https://cleartax.in/s/sovereign-gold-bonds
https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=1658
Feb 24 - Apr 24
INGENIOUS
Contd…
1. RASy act as filter / secretary / watchman to the
brain
2. Our Conscious awareness is governed by RASy
3. Spotlight on “IMPORTANT” and blind spots on
“JUNK”
4. Benefits and threats are “IMPORTANT” anything
which is not important is “JUNK”
5. God sent help by stumbling up on the resources
which the RASy scanned the environment far
away and brought to our notice. Earlier those
resources pre-existed, but now noticed.
6. Droplets of water on lotus leaf, peace with your-
self.
7. RASy and Goal Setting
8. If you do not instruct your secretary on whom to
let in, then they will do it as per their own opin-
ion on what is important to them.
9. You cannot escape the RASy. It is there and it
will work. You don’t have to escape also, you
need to learn to make it work in your favour.
10.Practice, Practice, Practice and Keep Practicing it
is 100% Possible
Thiruvalluvar has told about RAS 2000 years ago in his
Thirukural no 666
எண
் ணிய எண
் ணியாங் கு எய் து
எண
் ணியார்
திண
் ணியர் ஆகப் பபறின
் .
(Kural No. 666)
English Couplet 666:
Whatever men think, even as they think, may men
obtain,
If those who think can steadfastness of will retain.
Couplet Explanation:
If those who have planned (an undertaking) possess
firmness (in executing it) they will obtain what they have
desired even as they have desired it.
What is WYTAYBA?
Continued from pg.6

17. 17
Data Centre
Money Market 13-Feb-2024
Call Rates %-%*
* as on previous day
Government Securities Market
7.18% GS 2033 7.0974% #
7.26% GS 2033 7.1225% #
7.37% GS 2028 7.0607% #
7.06% GS 2028 7.0788% #
7.33% GS 2026 7.0611% #
6.69% GS 2026 7.0485% #
91 day T-bills 7.0147%*
182 day T-bills 7.1501%*
364 day T-bills 7.1138%*
* cut-off at the last auction
#
as on end of previous working day
Capital Market
S&P BSE Sensex 71072.49 *
Nifty 50 21616.05*
* as on previous day (13-02-2024)
GDP (US$ million) by country
Sr. No. Country/Territory UN Region
IMF
Estimate Year
World — 104,476,432 2023
1 United States Americas 26,949,643 2023
2 China Asia 17,700,899 2023
3 Germany Europe 4,230,862 2023
4 Japan Asia 4,429,838 2023
5 India Asia 3,732,224 2023
6 United Kingdom Europe 3,332,059 2023
7 France Europe 3,049,016 2023
8 Italy Europe 2,186,082 2023
9 Brazil Americas 2,126,809 2023
10 Canada Americas 2,117,805 2023
11 Russia Europe 1,862,470 2023
12 Mexico Americas 1,811,468 2023
13 South Korea Asia 1,709,232 2023
14 Australia Oceania 1,687,713 2023
15 Spain Europe 1,582,054 2023
Latest Policy Rates (Source RBI website) as at 01:30 pm on 13-Feb-2023
Policy Rates Reserve Ratios Exchange Rates Lending / Deposit Rates
Policy Repo Rate 6.50% CRR 4.50 % INR/ 1 USD 83.0190 Base Rate
9.10% -
10.25%
Standing Deposit Facility
Rate
6.25% SLR 18.00 % INR/ 1 GBP
104.747
3
MCLR (Overnight)
8.00% -
8.60%
Marginal Standing Facili-
ty Rate
6.75% INR/ 1 EUR 89.3893 Savings Deposit Rate
2.70% -
3.00%
Bank Rate 6.75% INR/ 100 JPY 55.5300
Term Deposit Rate > 1
Year
6.50% -
7.25%
Fixed Reverse Repo Rate 3.35%
Latest Small Savings Schemes Rates
01-Jan-2024 to 31-Mar-2024
Instrument Rates %
Compounding
Frequency
Savings Deposit 4.00 Annually
1 Year Time Deposit 6.90 Quarterly
2 Year Time Deposit 7.00 Quarterly
3 Year Time Deposit 7.10 Quarterly
5 Year Time Deposit 7.50 Quarterly
5 Year Recurring Deposit 6.70 Quarterly
Senior Citizen Savings Scheme 8.20 Quarterly & paid
Monthly Income Account 7.40 Monthly & paid
National Savings Certificate 7.70 Annually
Public Provident Fund 7.10 Annually
Kisan Vikas Patra (Matures in
115 months)
7.50 Annually
Sukanya Samriddhi 8.20 Annually
Source: Tradingecnomics.com
US Fed Rate 5.50% (as on Jan-2024)
10 Year US Bond yield 4.1657% (as on 13-Feb-2024)
US Inflation 3.40% (as on Dec-23)
US GDP Annual Growth Rate 3.10% (as on Dec-23)
Gross Domestic Product
June-23
7.8%
GDP
Index of Industrial
Production
Sep-23
5.8%
IIP
Consumer Price Index
Oct-23
4.87%
CPI
Feb 24 - Apr 24
INGENIOUS

18. Head Office
Survey No. 115/1, Financial District
Nanakramguda, Gachibowli, Hyderabad – 500032, India
Phone: +91-40-20204000
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
ANNUAL REPORT
2022-23
CLICK ANYWERE ON THE PAGE TO
DOWNLOAD THE REPORT

19. Key Features
of
Budget
2024-2025
February, 2024
ºÉiªÉàÉä´É VɪÉiÉä

20. Viksit Bharat by 2047
Development Mantra
Comprehensive
development of all
Vision: Prosperous Bharat in harmony with nature, modern
infrastructure and opportunities for all
Sabka Saath,
Sabka Vikas
Sabka Saath,
Sabka Vikas,
Sabka Vishwas
Trinity of demography,
democracy and diversity,
backed by ‘Sabka Prayas’
Developed India
@ 2047
1

21. People-Centric Inclusive Development
Substantive development of all forms of
infrastructure-Physical, Digital and Social
Digital Public Infrastructure (DPI)-Promoted
formalisation and financial inclusion
Deepening and widening of tax base via GST
Strengthened financial sector brought savings, credit
and Investment back on track
GIFT IFSC- A robust gateway for global capital and
financial services for the economy
Proactive Inflation management
All parts of country becoming active participants in
economic growth
-10
-5
0
5
10
15
20
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY26
FY27
FY28
FY29
Per
cent
India Dollar GDP growth World Dollar GDP growth
India and World Dollar GDP growth
2

22. Focus Areas (1/2)
55.3
29.2
24.9
15
11.3
2005-06 2013-14* 2015-16 2019-21 2022-23*
Percentage
of
Population
who
are
Multidimensionally
poor
Decline in
Headcount Ratio
25 crore people moved out of Multi-
dimensional poverty
Garib Kalyan, Desh ka Kalyan
DBT has led to savings of ₹2.7 lakh
crore
Credit assistance to 78 lakh street
vendors under PM-SVANidhi
Empowering the Youth
4000
6050
2023-24 (BE) 2024-25 (BE)
₹
Crore
Increase in PM-SHRI
Budget Allocation
1.4 crore youth trained under Skill
India Mission
16
23
2014 2023
IIT
723
1113
2014 2023
Universities
7
22
2014 2022
AIIMS
Fostering entrepreneurial aspirations
of Youth-43 crore loans sanctioned
under PM Mudra Yojana
3
* Projections

23. Focus Areas (2/2)
Welfare of Farmers-Annadata
Direct financial assistance to 11.8
crore farmers under PM-KISAN
Crop Insurance to 4 crore farmers
under PM Fasal Bima Yojana
Integration 1,361 mandis under e-
NAM, supporting trading volume of
₹ 3 lakh crore
Nari Shakti
30 crore Mudra Yojana loans
disbursed to women entrepreneurs
Increased female enrolment in higher
education by 28 per cent in 10 years
43 per cent of female enrolment in
STEM courses
1 crore women assisted by 83 lakh
SHGs to become Lakhpati Didis
23.3
37.0
2017-18 2022-23
Per
cent
Rise in Female Labour
Force Participation Rate
30 29 28
38
2020-21
2021-22
2022-23
2023-24
Lakh
Metric
Tonne
Rice
390
433
188
262
2020-21
2021-22
2022-23
2023-24
Wheat
Increasing Procurement of
Wheat and Rice
4

24. Strategy for Amrit Kaal (1/5)
Sustainable Development
Commitment to meet ‘Net Zero’ by 2070
• Viability gap funding for wind energy
• Setting up of coal gasification and liquefaction capacity
• Phased mandatory blending of CNG, PNG and
compressed biogas
• Financial assistance for procurement of biomass
aggregation machinery
Rooftop solarization-1 crore households will be enabled to
obtain up to 300 units of free electricity per month
• Adoption of e-buses for public transport network
• Strengthening e-vehicle ecosystem by supporting
manufacturing and charging
New scheme of biomanufacturing and bio-foundry to be
launched to support environment friendly alternatives
30.4 32.3
43.9
2004 2014 Nov-23
%
of
Non-Fossil
fuel
installed
electricity
capacity
Per cent increase in Non-Fossil Fuel
installed electricity capacity • >10 crore LPG connections
released under PMUY
• 36.9 crore LED bulbs, 72.2
lakh LED Tube lights, and
23.6 lakh Energy efficient
fans distributed under
UJALA
• 1.3 crore LED Street Lights
installed under SNLP
5

25. Strategy for Amrit Kaal (2/5)
Infrastructure and Investment
0
1
2
3
4
0
3
6
9
12
FY18 FY19 FY20 FY21 FY22 FY23 FY24
(BE)
FY25
(BE)
Capex
as
%
of
GDP
Rs.
Lakh
Crore
Capital Expenditure Capex as % of GDP
Implementation of 3 major railway corridor programmes
under PM Gati Shakti-to improve logistics efficiency and
reduce cost
Promotion of foreign investment via bilateral investment
treaties to be negotiated
97991
144634
581.3
720
22224
50394
16
25
74
149
FY15 FY22 FY15 FY22 FY15 FY22 FY15 FY22 FY15 FY22
National highways
(Km)
Cargo traffic at major
ports (Mn tonnes)
Electrified rail route
(km)
Aircraft movement (Mn
tonnes)
Number of Airports
Improvement in Physical Infrastructure
Expansion of existing airports and comprehensive
development of new airports under UDAN scheme
Promotion of urban transformation via Metro rail and NaMo
Bharat
298
596
2005-14 2014-23
USD
Billion
Doubling of FDI Inflow
Increase in Capital Expenditure
6

26. Strategy for Amrit Kaal (3/5)
Inclusive Development (1/2)
Aspirational District Programme to assist States in faster
development, including employment generation
Encourage Cervical Cancer Vaccination for girls (9-14 years)
Saksham Anganwadi and Poshan 2.0 to be expedited for
improved nutrition delivery, early childhood care and
development
U-WIN platform for immunisation efforts of Mission
Indradhanush to be rolled out
Health cover under Ayushman Bharat scheme to be extended
to all ASHA, Angawadi workers and helpers
Inclusive Development in Aspirational Districts (112)
Health
68
89
2018 Oct-23
Per
cent
% of Women registered for
Anti-Natal Care within First
Trimester
1737
13195
2018 Oct-23
Number
Number of enrolments under
Pradhan Mantri Jeevan Jyoti
Bima Yojana (PMJJBY) per lakh
population
7

27. Strategy for Amrit Kaal (4/5)
Inclusive Development (2/2)
Pradhan Mantri Awas Yojana
(Grameen) close to achieving target
of 3 crore houses, additional 2 crore
targeted for next 5 years
Housing for Middle Class scheme to
be launched to promote middle class
to buy/built their own houses
States will be encouraged to
undertake development of iconic
tourist centres to attract business and
promote opportunities for local
entrepreneurship
Long-term interest free loans to be
provided to States to encourage
development
Housing
Tourism
79590
80671
2023-24
(BE)
2024-25
(BE)
₹
Crore
Increased allocation for
PMAY
G20 meetings in 60 places
presented diversity of India to
global audience
Projects for port connectivity,
tourism infrastructure, and
amenities will be taken up in
islands, including
Lakshadweep
8

28. Strategy for Amrit Kaal (5/5)
Agriculture and Food Processing
Government will promote private and public investment in
post-harvest activities
Application of Nano-DAP to be expanded in all agro-climatic
zones
Atmanirbhar Oilseeds Abhiyaan-Strategy to be formulated to
achieve atmanirbharta for oilseeds
Comprehensive programme for dairy development to be
formulated
Implementation of Pradhan Mantri Matsaya Sampada Yojana
to be stepped up to enhance aquaculture productivity, double
exports and generate more employment opportunities
5 Integrated Aquaparks to be set up
2025
2352
2023-24
(BE)
2024-25
(BE)
Rs.
Crore
Increased allocation for
Blue Revolution
639
880
2023-24
(BE)
2024-25
(BE)
Rs.
Crore
Increased allocation for PM-
Formalisation of Micro Food
Processing Enterprises scheme
9

29. Resilient Performance of the Indian Economy
0.0
0.5
1.0
1.5
2.0
2.5 FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
H1:
FY24
Per
cent
of
GDP
Declining CAD as % of GDP
6.1
5.8
4.8
4.2 4.1
3.2
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Per
cent
Declining Unemployment Rate
3.8
4.3
7.5
9.3
11.2
9.1
8.2
7.3
5.8
3.2
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Sep-23
Gross
NPAs
a
%
of
Gross
Advances
Declining GNPAs as % of
Gross Advances
0
4000
8000
12000
16000
FY18 FY19 FY20 FY21 FY22 FY23 FY24
Crore
Rising volume of Digital
Transactions
0.9
1.0 1.0
0.9
1.2
1.5
1.7
0.6
0.9
1.2
1.5
1.8
FY18
FY19
FY20
FY21
FY22
FY23
FY24
₹
Lakh
Crore
Rise in average monthly gross
GST collections
9.4
5.8
4.9
4.5
3.6 3.4
4.8
6.2
5.5
6.7
5.5
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24*
Per
cent
Fall in Headline Inflation
10

30. Achievements of Taxation Reforms
Direct Tax Collections more than trebled in last 10
years
Number of return filers swelled to 2.4 times
Faster refunds: Reduction in average processing
time of returns from 93 days (2013-14) to 10 days
(2023-24)
Benefit to consumers:
Reduction in logistics
cost and prices of most
goods and services
Average monthly Gross GST
collections doubled to ₹1.66 lakh
crore in FY24
Increase in tax buoyancy of State
revenue from 0.72 (2012-16) to 1.22
in the post-GST period (2017-23)
Decline in import release time since 2019 by: -
• 47 per cent at Inland Container Depots
• 28 per cent at Air Cargo complexes
• 27 per cent at Sea Ports
Positive sentiment about GST
• 94% industry leasers view transition to GST as largely positive
• 80% of respondents feel GST has led to supply-chain optimisation
(As per a survey conducted by a leading consulting firm)
11

31. Tax Proposals
Continuity in taxation: Certain tax benefits to
Start-ups and investments made by sovereign
wealth funds/pension funds, tax exemption of some
IFSC units earlier expiring on 31.03.2024 extended
up to 31.03.2025
Withdrawal of outstanding direct tax demand: -
• Up to ₹25,000 pertaining up to FY10
• Up to ₹10,000 for FY11-FY15
Expected to benefit approx. 1 crore taxpayers
12
Retention of same tax rates: -
• For direct and indirect taxes, including import
duties
• For Corporate Taxes-22% for existing domestic
companies, 15% for certain new manufacturing
companies
• No tax liability for taxpayers with income up to
₹7 lakh under the new tax regime

32. Rupee Comes From
Non-Tax Receipts (7%)
Non-Debt Capital Receipts (1%)
Customs (4%)
GST and other taxes (18%)
Corporation tax
(17%)
Union Excise
Duties (5%)
Income Tax
(19%)
Borrowing and Other
Liabilities (28%)
Interest Payments (20%)
Centrally
Sponsored
Schemes (8%)
Subsidies (6%)
Defence (8%)
Other Expenditure
(9%)
States' share of
Taxes and Duties
(20%)
Finance Commission
and other transfers
(8%)
Central Sector Schemes
(16%)
Pensions (4%)
Rupee Goes To
13

33. Allocation for Specific Ministries
Ministry of Defence
Ministry of Agriculture
and Farmer's Welfare
Ministry of Consumer Affairs,
Food & Public Distribution
Ministry of Road Transport and
Highways
Ministry of Home Affairs
Ministry of Railways
Ministry of Chemicals and
Fertilizers
Ministry of
Communications
Ministry of Rural
Development
in ₹ Lakh Crore
6.2
2.78
2.55
2.13
2.03
1.77
1.68
1.37
1.27
14

34. Allocation to Major Schemes (in ₹ crore)
Ayushman Bharat-PMJAY
2023-24(BE) 2024-25(BE)
7500
7200
2023-24(BE)
Modified Programme for
Development of Semi-
conductors and display
manufacturing ecosystem
3,000
6,903
2024-25(BE)
Solar Power (Grid)
2023-24(BE)
4,970
8,500
2024-25(BE)
297
600
2023-24(BE) 2024-25(BE)
National Green Hydrogen
Mission
2023-24(BE)
Production Linked Incentive
Scheme
4,645
6,200
2024-25(BE)
Mahatma Gandhi National Rural
Employment Guarantee Scheme
2023-24(BE) 2024-25(BE)
86,000
60,000
15

35. Receipts and Expenditure
23.8
26.3 27.0
30.0
0
5
10
15
20
25
30
35
2022-23
(Actuals)
2023-24
(BE)
2023-24
(RE)
2024-25
(BE)
₹Lakh
Crore
Revenue Receipts
18.1
18.7
17.9
17.6
16
17
18
19
2022-23
(Actuals)
2023-24
(BE)
2023-24
(RE)
2024-25
(BE)
₹Lakh
Crore
Capital Receipts
34.5
35.0
35.4
36.5
33
34
35
36
37
2022-23
(Actuals)
2023-24
(BE)
2023-24
(RE)
2024-25
(BE)
₹Lakh
Crore
Revenue Expenditure
10.5
13.7
12.7
15.0
0
4
8
12
16
2022-23
(Actuals)
2023-24
(BE)
2023-24
(RE)
2024-25
(BE)
₹Lakh
Crore
Effective Capital Expenditure
16

36. KEY TO THE BUDGET DOCUMENTS
2024-2025
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MINISTRY OF FINANCE
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BUDGET DIVISION
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GOVERNMENT OF INDIA

37. KEY TO BUDGET DOCUMENTS
BUDGET 2024-2025
1. The list of Budget documents presented to the Parliament, besides the Finance
Minister’s Budget Speech, is given below:
A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Finance Bill
D. Fiscal Policy Statements mandated under Fiscal Responsibility and Budget
Management (FRBM) Act, 2003:
i. Macro-Economic Framework Statement
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Profile
H. Budget at a Glance
I. Key Features of Budget 2024-25
J. Implementation of Budget Announcements, 2023-24
The documents mentioned at Serial Nos. A, B, and C are mandated by Art. 112,113 and
110(a) of the Constitution of India respectively, while the documents at Serial No. D (i) and (ii)
are presented as per the provisions of the Fiscal Responsibility and Budget ManagementAct,
2003. Other documents at Serial Nos. E, F, G, H, I and J are in the nature of explanatory
statements supporting the mandated documents with narrative in a user-friendly format suited
for quick or contextual references. Hindi version of all these documents is also presented to
the Parliament. The Budget documents can be accessed at http://indiabudget.gov.in.
2.1 A brief description of the Budget documents listed above is as follows:
A. Annual Financial Statement (AFS)
The Annual Financial Statement (AFS), provided under Article 112, shows the estimated
receipts and expenditure of the Government of India for 2024-25 along with estimates for
2023-24 as also actuals for the year 2022-23. The receipts and disbursements are shown
under three parts in which Government Accounts are kept viz., (i) The Consolidated Fund of
India, (ii) The Contingency Fund of India and (iii) The Public Account of India. The Annual
Financial Statement distinguishes the expenditure on revenue account from the expenditure

38. 10
on other accounts, as is mandated in the Constitution of India. The Revenue and the Capital
sections together, make the Union Budget. The estimates of receipts and expenditure included
in the Annual Financial Statement are net of refunds and recoveries respectively.
The significance of the Consolidated Fund, the Contingency Fund and the Public Account
as well as the distinguishing features of the Revenue and the Capital portions are given below
briefly:
(i) The Consolidated Fund of India (CFI) draws its existence from Article 266 of the
Constitution. All revenues received by the Government, loans raised by it, and also receipts
from recoveries of loans granted by it, together form the Consolidated Fund of India. All
expenditure of the Government is incurred from the Consolidated Fund of India and no amount
can be drawn from the Consolidated Fund without due authorization from the Parliament.
(ii) Article 267 of the Constitution authorizes the existence of a Contingency Fund of India
which is an imprest placed at the disposal of the President of India to facilitate meeting of
urgent unforeseen expenditure by the Government pending authorization from the Parliament.
Parliamentary approval for such unforeseen expenditure is obtained, ex- post-facto, and an
equivalent amount is drawn from the Consolidated Fund to recoup the Contingency Fund
after such ex-post-facto approval. The corpus of the Contingency Fund as authorized by
Parliament presently stands at 30,000 crore.
(iii) Moneys held by Government in trust are kept in the PublicAccount. The PublicAccount
draws its existence fromArticle 266 of the Constitution of India. Provident Funds, Small Savings
collections, receipts of Government set apart for expenditure on specific objects such as road
development, primary education, other Reserve/Special Funds etc., are examples of moneys
kept in the Public Account. Public Account funds that do not belong to the Government and
have to be finally paid back to the persons and authorities, who deposited them, do not require
Parliamentary authorization for withdrawals. The approval of the Parliament is obtained when
amounts are withdrawn from the Consolidated Fund and kept in the Public Account for
expenditure on specific objects (The actual expenditure onthe specific object is againsubmitted
for vote of the Parliament for withdrawal from the Public Account for incurring expenditure on
the specific objects). The Union Budget can be demarcated into the part pertaining to revenue
which is for ease of reference termed as Revenue Budget in (iv) below and the part pertaining
to Capital which is for ease of reference termed as Capital Budget in (v) below.
(iv) The Revenue Budget consists of the revenue receipts of the Government (Tax revenues
and Non-Tax revenues) and the revenue expenditure. Tax revenues comprise proceeds of
taxes and other duties levied by the Union. The estimates of revenue receipts shown in the
Annual Financial Statement take into account the effect of various taxation proposals made in
the Finance Bill. Non-tax receipts of the Government mainly consist of interest and dividend
on investments made by the Government, fees and other receipts for services rendered by
the Government. Revenue expenditure is for the normal running of Government Departments
and for rendering of various services, making interest payments on debt, meeting subsidies,
grants in aid, etc. Broadly, the expenditure which does not result in creation of assets for the
Government of India, is treated as revenue expenditure. All grants given to the State
Governments/ Union Territories and other parties are also treated as revenue expenditure
even though some of the grants may be used for creation of capital assets.

39. 11
(v) Capital receipts and capital payments together constitute the Capital Budget. The capital
receipts are loans raised by the Government from the public (these are termed as market
loans), borrowings by the Government through the sale of Treasury Bills, the loans received
from foreign Governments and bodies, disinvestment receipts and recoveries of loans from
State and Union Territory Governments and other parties. Capital payments consist of capital
expenditure on acquisition of assets like land, buildings, machinery, equipment, as also
investments in shares, etc., and loans and advances granted by the Central Government to
the State and the Union Territory Governments, Government companies, Corporations and
other parties.
(vi) Accounting Classification
• The estimates of receipts and disbursements in the Annual Financial Statement and of
expenditure in the Demands for Grants are shown according to the accounting classification
referred to under Article 150 of the Constitution.
• The Annual Financial Statement shows, certain disbursements distinctly, which are
charged on the Consolidated Fund of India. The Constitution of India mandates that such
items of expenditure such as emoluments of the President, salaries and allowances of the
Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy
Speaker of the Lok Sabha, salaries, allowances and pensions of the Judges of the Supreme
Court, the Comptroller and Auditor-General of India and the Central Vigilance Commission,
interest on and repayment of loans raised by the Government and payments made to satisfy
decrees of courts etc., may be charged on the Consolidated Fund of India and are not required
to be voted by the Lok Sabha.
B. Demands for Grants
(i) Article 113 of the Constitution mandates that the estimates of expenditure from the
Consolidated Fund of India included in the Annual Financial Statement and required to be
voted by the Lok Sabha, be submitted in the form of Demands for Grants. The Demands for
Grants are presented to the Lok Sabha along with the Annual Financial Statement. Generally,
one Demand for Grant is presented in respect of each Ministry or Department. However,
more than one Demand may be presented for a Ministry or Department depending on the
nature of expenditure. With regard to Union Territories, a separate Demand is presented for
each of such Union Territories. In Budget 2024-25 there are 102 Demands for Grants. Each
Demand initially gives separately the totals of (i) ‘voted’ and ‘charged’ expenditure; (ii) the
‘revenue’ and the ‘capital’ expenditure and (iii) the grand total on gross basis of the amount of
expenditure for whichthe Demand is presented.This is followed by the estimates of expenditure
under different major heads of account. The amounts of recoveries are also shown. The net
amount of expenditure after reducing the recoveries from the gross amount is also shown. A
summary of Demands for Grants is given at the beginning of this document, while details of
‘New Service’ or ‘New Instrument of Service’such as, formation of a new company, undertaking
or a new scheme, etc., if any, are indicated at the end of the document.
(ii) Each Demand normally includes the total provisions required for a service, that is,
provisions on account of revenue expenditure, capital expenditure, grants to State and Union
Territory Governments and also loans and advances relating to the service. Where the provision
for a service is entirely for expenditure charged on the Consolidated Fund of India, for example,

40. 12
Interest Payments (Demand for Grant No. 39), a separate Appropriation, as distinct from a
Demand, is presented for that expenditure and it is not required to be voted by the Lok Sabha.
Where, however, expenditure on a service includes both ‘voted’ and ‘charged’ items of
expenditure, the latter are also included in the Demand presented for that service but the
‘voted’ and ‘charged’ provisions are shown separately in that Demand.
C. Finance Bill
At the time of presentation of the Annual Financial Statement before the Parliament, a
Finance Bill is also presented in fulfillment of the requirement of Article 110 (1)(a) of the
Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes
proposed in the Budget. It also contains other provisions relating to Budget that could be
classified as Money Bill.AFinance Bill is a Money Bill as defined inArticle 110 of the Constitution.
D. Fiscal Policy Statements mandated under FRBM Act.
i. Macro-Economic Framework Statement
The Macro-economic Framework Statement is presented to Parliament under Section 3 of
the FRBM Act, 2003 and the rules made thereunder. It contains an assessment of the growth
prospects of the economy along with the statement of specific underlying assumptions. It also
contains anassessment regarding the GDPgrowth rate, the domestic economy and the stability
of the external sector of the economy, fiscal balance of the Central Government and the
external sector balance of the economy.
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
The Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement is presented to
Parliament under Section 3 of the FRBM Act, 2003. It sets out the three-year rolling targets for
specific fiscal indicators in relation to GDP at market prices, namely (i) Fiscal Deficit, (ii)
Revenue Deficit, (iii) Primary Deficit (iv) Tax Revenue (v) Non-tax Revenue and (vi) Central
Government Debt. The Statement includes the underlying assumptions, an assessment of
the balance between revenue receipts and revenue expenditure and the use of capital receipts
including market borrowings for the creation of productive assets. It also outlines for the
ensuing financial year, the strategic priorities of the Government relating to taxation, expenditure,
borrowings, guarantees etc. The Statement explains how the current fiscal policies are in
conformity with sound fiscal management principles and gives the rationale for any major
deviation in key fiscal measures.
2.2 Explanatory Documents:
To facilitate a more comprehensive understanding of the major features of the Budget,
certain other explanatory documents are presented. These are briefly summarized below:
E. Expenditure Budget
The provisions made for a scheme or a programme may be spread over a number of
Major Heads in the Revenue and Capital sections in a Demand for Grants. In the Expenditure
Budget, the estimates made for a scheme/programme are brought together and shown on a
net basis on Revenue and Capital basis at one place. Expenditure of individual Ministries/
Departments are classified under 2 broad Umbrellas (i) Centres’Expenditures and (ii) Transfers
to States/ Union Territories (UTs). Under the Umbrella of Centres’ Expenditure there are 3

41. 13
sub-classification (a) Establishment expenditure of the Centre (b) Central Sector Schemes
and (iii) Other Central Expenditure including those on Central Public Sector Enterprises
(CPSEs) and Autonomous Bodies.
The Umbrella of Transfers to States/UTs includes the following 3 sub- classification:
(a) Centrally Sponsored Scheme
(b) Finance Commission Transfers
(c) Other Transfer to States
To understand the objectives underlying the expenditure proposed for various schemes and
programmes in the Expenditure Budget, suitable explanatory notes are included in this volume.
F. Receipt Budget
Estimates of receipts included in the Annual Financial Statement are further analyzed in
the document “Receipt Budget”. The document provides details of tax and non-tax revenue
receipts and capital receipts and explains the estimates. The document also provides a
statement on the arrears of tax revenues and non-tax revenues, as mandated under the
Fiscal Responsibility and Budget Management Rules, 2004. Trend of receipts, statement
pertaining to National Small Savings Fund (NSSF), Statement of Liabilities, Statement of
Guarantees given by the government, statements ofAssets and details of External Assistance
are also included in Receipts Budget. This also includes the Statement of Revenue Impact of
Tax Incentives under the Central Tax System which provide analysis of revenue implications
of various tax incentives provided by the Government through taxation system. The statement
is given as an annexure to the Receipts Budget from Budget 2016-17 onwards. This document
also shows liabilities of the Government on account of securities (bonds) issued in lieu of oil
and fertilizer subsidies in the past etc.
G. Expenditure Profile
(i) This document was earlier titled Expenditure Budget - Vol-I. It has been recast in line
with the decision on Plan-Non Plan merger. It gives an aggregation of various types of
expenditure and certain other items across demands.
(ii) Under the present accounting and budgetary procedures, certain classes of receipts,
such as payments made by one Department to another and receipts of capital projects or
schemes, are taken in reduction of the expenditure of the receiving Department. While the
estimates of expenditure included in the Demands for Grants are for the gross amounts, the
estimates of expenditure included in theAnnual Financial Statement are for the net expenditure,
after taking into account the recoveries. The document makes certain other refinements such
as netting expenditure of related receipts so that overstatement of receipts and expenditure
figures is avoided. The document contains statements indicating major variations between
BE 2023-24 and RE 2023-24 as well as between RE 2023-24 and BE 2024-25 with brief
reasons. Contributions to International bodies and estimated strength of establishment of
various Government Departments and provision thereof are shown in separate Statements. A
statement each, showing (i) Gender Budgeting (ii) Schemes for Development of Scheduled
Castes and Scheduled Tribes including Scheduled Caste Sub Scheme (SCSS) and Tribal
Sub Scheme (TSS) allocations and (iii) Schemes for the Welfare of Children are also included
in this document. It also has statements on (i) the expenditure details and budget estimates
regarding Autonomous Bodies and (ii) the details of certain important funds in the Public
Account.

42. 14
(iii) Scheme Expenditure
Scheme expenditure forms a sizeable proportion of the total expenditure of the Central
Government. The Expenditure Profile gives the total provisions for each of the Ministries
arranged under the various categories- Centrally Sponsored Schemes, Central Sector
Schemes, Establishment, Other Central Expenditure, Transfer to States etc. and highlights
the budget provisions for certain important programmes and schemes. Statements showing
externally aided projects are also included in the document etc.
(iv) Commercial Departments
Railways is the principal departmentally-run commercial undertaking of Government. The
Budget of the Ministry of Railways and the Demands for Grants relating to Railway expenditure
are presented to the Parliament together with the Union Budget from the financial year 2017-
18 onwards. The Expenditure Profile has a separate section on Railways to capture various
aspects of the demand for grants of Railways and other details relating to Railways. The total
receipts and expenditure of the Railways are, incorporated in the Annual Financial Statement
of the Government of India. Details of other commercially run departmental undertakings are
also shown in a statement. Expenditure is depicted in the Expenditure Profile and Expenditure
Budget, net of receipts of the Departmental Commercial Undertakings, in order to avoid
overstatement of both receipts and expenditure.
(v) The receipts and expenditure of the Ministry of Defence Demands shown in the Annual
Financial Statement, are explained in greater detail in the document Defence Services
Estimates presented with the Detailed Demands for Grants of the Ministry of Defence.
(vi) The details of grants given to bodies other than State and Union Territory Governments
are given in the statements of Grants-in-aid paid to non-Government bodies appended to
Detailed Demands for Grants of the various Ministries.
(vii) Expenditure Profile also includes Statement No. 25 on ‘Resources of Public Enterprises
(PEs)’. It captures the Internal and Extra Budgetary Resources (IEBR) of the PEs that are
generated internally and/ or raised by the PE on the strength of its own balance sheet during
the year.
(viii) Expenditure Profile includes a Statement (No. 27) on Extra Budgetary Resources or
EBRs. It relates to resources raised through ‘Government of India (GoI) fully serviced bonds’,
where the repayment/service of both principal and interest, is met by Government of India
from the Annual Financial Statement.
H. Budget at a Glance
(i) This document shows in brief, receipts and disbursements along with broad details of
tax revenues and other receipts. This document provides details of resources transferred by
the Central Government to State and Union Territory Governments. This document also shows
the revenue deficit, the gross primary deficit and the gross fiscal deficit of the Central
Government. The excess of Government’s revenue expenditure over revenue receipts
constitutes revenue deficit of Government. The difference between the total expenditure of
Government by way of revenue, capital and loans net of repayments on the one hand and
revenue receipts of Government and capital receipts which are not in the nature of borrowing
but which accrue to Government on the other, constitutes gross fiscal deficit. Gross primary

43. 15
deficit is gross fiscal deficit reduced by the gross interest payments. In the Budget documents
‘gross fiscal deficit’ and ‘gross primary deficit’ have been referred to in abbreviated form ‘fiscal
deficit’ and ‘primary deficit’, respectively.
(ii) The document also includes a statement indicating the quantum and nature (share in
Central Taxes, grants/loan) of the total Resources transferred to States and Union Territory
Governments. Details of these transfers by way of share of taxes, grants-in-aid and loans are
given in Expenditure Profile (Statement No.18). Bulk of grants and loans to States/UTs are
disbursed by the Ministry of Finance and are included in the Demand ‘Transfers to States’ and
in the Demand ‘Transfer to Delhi’, Transfer to Puducherry’ and Transfer to Jammu & Kashmir.
The grants and loans released to States and UnionTerritories by other Ministries/ Departments
are reflected in their respective Demands.
I. Key Features of Budget 2024-25
The Document is a snapshot summary of the economic vision of the Government and the
major policy initiatives in the thrust areas of the economy for growth and welfare. Major
milestones achieved in fiscal consolidation and management of the Government finances
along with a bird’s eye view of the key budget proposals etc. are also included in the document.
J. Implementation of Budget Announcements 2023-24
The Document summarises the status of implementation of the announcements made by
Hon’ble Finance Minister in the Budget Speech 2023-24.

44. Office Bearers
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committee which acts as the editorial board by mailing to gopinathr@go-past.com
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CONVENOR
Ankur Shah
SECRETARY
Savita Pillai MEMBERGeeta Mohan P
MEMBER
Vikas Arora
MEMBER
Ajay Kr Tyagi
MEMBER
Inderpal S Bindra
MEMBER
K M S Sriram
Feb 24 - Apr 24
INGENIOUS