Beware before buying BDA plots in auction. Only Corner & Commercial sites can be auctioned

For over a year now, the Bangalore Development Authority has been placing advertisements in newspapers announcing the public auction of corner as well as intermediary plots. Even as BDA officials hailed the initiative as a solution to the agency’s revenue crunch, several rights groups including the Arkavathy Layout Allottees Association have accused the BDA of running a real estate business.

However, an April 2009 High Court order dug out by an activist shows that the auction of intermediary plots is not just a controversial policy issue but also rank illegal.

Addressing a press conference here on Sunday, RTI activist B.M. Shivkumar produced a copy of an April 24, 2009 division bench order which clearly states that only residential corner and commercial plots can be auctioned.

Para 19 of the order states that “as per provisions of the BDA (disposal of corner sites and commercial sites) Rules 1984 corner sites are required to be disposed of only by public auction”.

However, in respect of other residential or intermediary plots, the order quotes the same 1984 rules to state, “intermediary sites are required to be offered for allotment to eligible persons as per Rule-3. These intermediary sites cannot be disposed of by public auction.” Further the order states that non-corner, residential plots are to be allotted to eligible applicants.

Brandishing a clutch of advertisements issued by the BDA announcing the auction of intermediary plots, Mr. Shivkumar said, “This auction is completely illegal. It is in violation of a High Court order that is based on the 1984 rules notified by the government.”

He also said that those who purchase these plots in the auction might be running a huge risk. “Anybody can challenge these purchases in court. Those buying plots in auctions should be careful as the court might annul the transaction,” he said.

Criticising the BDA, he said that there are lakhs of people waiting for plot allotments in the city. “Instead of giving them allotments that are due for as many as 30 years [in some cases], they are running this money making racket,” he said.

Source: http://www.thehindu.com/news/cities/bangalore/beware-of-buying-bda-plots-in-an-auction/article5012957.ece

UK based Indian pension investors (expats) can consider QROPS schemes in India & OFF Shore for better tax advantages on their UK pension savings

Expats including India based UK expats should know that they can no longer depends on the financial favors from UK Government anymore irrespective of whether they are in or out of the UK tax system. It looks UK Government is making clear on this part to UK expats.

For the information of UK expats there would be a consultation to consider scrapping the personal income tax allowance for expats.

When it comes to a question that who receives the allowance, it totally depends on the definition of an expat. From the tax point of view, an expat is no longer a UK resident & the member settles in another country & pay taxes there itself. Even though it does looks like UK Govt has liberated pensions, they are still decided  to collect for Treasury.

So switching one’s  Onshore pensions to an OFF Shore QROPS is the solution to get out of this tax trap.

On switching Onshore pensions to a OFF Shore QROPS like switching to a jurisdictions like India, Gibraltar, Malta etc., the member pays income tax on the pension payments in the country where he is tax resident , not at UK tax rates. The tax rates vary considerably from country to country.

For example, on transferring to a Gibraltar based QROPS the investor ends up paying just 2.5% income tax on pension income & also can withdraw 30% tax free lump sum on attaining age 55 .

Also, QROPS pension benefits can be taken in terms of any major currencies & not just in GBP ,that can be credited into member’s personal bank account directly. So that there is no foreign exchange worries.

Most of the QROPS providers do accept small UK pension pots also that are less than 75000 GBP. This will help many expat pension investors, those who got an average pension pot of 38,000 GBP.

About 80% of the Indian expatriate's have savings in an existing UK pension fund but are considering retiring in India and few percentage of them in other countries outside UK.

 The QROPS program was launched on 6 April 2006 as a part of new legislation with the objective of simplifying pensions. Typically this occurs when a Indian UK resident leaves the UK to permanently emigrate (or to retire abroad) having built up a pension fund within a scheme approved by HMRC or when a person born in India who has built up benefits in a HMRC approved UK Pension Scheme decides to return to his home country or  abroad with an expectation of retiring there.

Please contact me for an informal chat about the transfer scheme, finding right QROPS scheme in India and in OFF Shore jurisdiction to get your UK pensions transferred and Retirement planning with my following Contact details.

Mr Ravi Kumar. Financial Consultant.  Exide Life Insurance Co Ltd (formerly known as ING Life Insurance Co Ltd)

28, 6^th Floor, Centenary Building,  Adjacent to Raheja Towers, M.G Road, Bangalore-560 001.       

Cell: +91 9980927393,  +91 9844519872

Email:  ravi.sampige@gmail.com

Now transfer your Ireland pension fund to ‘Exide Life Golden Years Retirement Plan’ in India & watch it grow.

Any Indian who has contributed to pension fund in Ireland and has either moved or is planning to relocate to India can now transfer his/her Ireland pension fund to ‘Exide Life Golden Years Retirement Plan’ of Exide  Life Insurance Company Ltd in India.

Ø  Only Non-active pension funds can be transferred

Ø  Ideally suited for Indians who are returning to India for a long term.  

4 reasons why one should look at transferring their Ireland pensions :

a)      Receive pension & other benefits in Indian rupees

b)      Withdraw upto 33% of your pension fund in India at the time of vesting.

c)       Benefit from better appreciation opportunity presented by the Indian market

d)      Leave behind the unused pension funds for your beneficiary without any tax liability

                                Tax advantages & Flexibility

a)      Tax free commutation upto 1/3^rd of your fund value*

b)      Further contributions enjoy tax benefits u/sec 80C*

Benefit from a Growing Indian economy

In economies like Ireland/UK expected annual returns are in the range of 2 – 4%. Whereas India offers better earning opportunity than the Ireland market may offer. For example, the deposit-term deposit rate in India is above 9%.

Benefits from the experience in Managing the assets from Exide Life

Ø   Exide Life Insurance is an established player serving over 1 million customers in India for 12 years

Ø  The company has demonstrated a good track record in managing retirement & pension products

Ø  Has delivered consistent returns by declaring an average bonus of 8.54% & 9.62% over last 8 & 4 years respectively

Ø  Experience in managing a retirement corpus of INR 1000 cr. under its  erstwhile pension scheme ‘Exide New Best Years’

Other key benefits to customers

a)      The product offers the Guarantee of investment amount and the returns declared theron

b)      A minimum of 40% of the investments is done in Govt securities & AAA rated funds , to ensure the safety net to the retirement corpus from any kind of market swings

c)       Flexibility in terms of choosing the vesting age & also the premium payment terms

Summary

This pension scheme in India presents you a unique opportunity where you can save 100% of your pension contributions made in Ireland

The Indian economic growth provides an opportunity to improve returns on investments in comparison to Ireland

Exide Life Golden Years provides the best of Capital Guarantee, flexibility & tax benefits to you.

To know in detail about the benefits or amount of pensionable service the transfer value payment of Ireland pension pot will buy in the receiving pension scheme in India & also To know more about the options, pension schemes available in India to get your Ireland pensions transferred, I wish to schedule a free, no obligation telephone consultation to discuss ways I can help yourself and any of your colleagues who has accumulated pension fund in Ireland. I can also be reached with the following contact details.

Mr Ravi Kumar. Financial Consultant (Code: 60272381), Exide Life Insurance Co Ltd. Branch- B 21, # 28, 6th floor, Centenary building, M.G Road, Bangalore-560 001.

Cell:     +919844519872, +919980927393
Email:  ravi.sampige@gmail.com