July 28, 2024

GDP or “Gross Domestic Product” refers to the monetary value of all goods and services produced in a nation during a given year. A higher GDP indicates that the country is financially strong and growing at a stable rate. According to the World GDP Ranking 2024 list, India is the fifth largest economy in the world. Other prominent countries like the United States of America, China, Japan, Germany, etc., have a significant presence in this GDP Ranking list.  Top 10 GDP Countries 2024 S. No.  Country Name Continent GDP (USD Billion)* GDP Per Capita (USD thousand)* 1 United States America 28,783 85.37 2 China Asia 18,536 13.14 3 Germany Europe 4,590 54.29 4 Japan Asia 4,112 33.14 5 India Asia 3,942 2.73 6 United Kingdom Europe 3,502 51.07 7 France Europe 3,132 47.36 8 Brazil  America 2,333 11.35 9 Italy Europe 2,332 39.58 10 Canada America 2,242 54.87 India GDP 2024 Rank With strong macroeconomic fundamentals, robust domestic demand, fiscal discipline, high saving rates and demographic trends, India is now the fifth-largest economy in the world. Today, India’s leading economic contributors are traditional and modern agriculture, technology services, the handicraft industry, and business outsourcing.  With a real GDP of 173.82 lakh crore in 2023-24 generated by a population of over 1 billion, India is among the highest population-based economies in the world. Additionally, as per the recent data, India will tend to grow at 6.5%-7% in 2024-25. This means India’s economic growth next fiscal year will be the fastest among major economies. Therefore, in the upcoming years, rising consumption and investments, both domestic and foreign, will contribute to the nation’s growth and may also help India to rank higher in the World GDP Ranking list. India GDP Per Capita 2024 / India Per Capita Income 2024 India’s rank in the World GDP Ranking 2024 list, it is evident that the value of output per person is quite substantial. India’s per capita income of the population for 2024 is 2.73%. As per the Union government, the rise in the per capita income of people has pushed many households into higher income brackets.  In the financial year 2023, India’s per capita income is nearly 2 lakh.  On the contrary, in the financial year 2012, India’s per capita income was 71,609. It has increased by 175% in the last 10 years. The drastic increase in population and demand for employment has significantly increased the nation’s GDP per capita.  Calculating GDP GDP is calculated using the following formula:                    Y = C + I + G + (X − M) C represents consumption, which includes spending on services, non-durable goods, and durable goods. I represents investment, which consists of spending on housing and equipment. G represents government expenditure, which includes salaries of employees, construction of roads, railways, airports, schools, and military expenses. The difference between total exports and imports is referred to as net exports, denoted by (X-M). In this context, Y represents the Gross Domestic Product. FAQs What is the World GDP Ranking List? The World GDP Ranking List is a ranking of countries based on their Gross Domestic Product (GDP). It reflects the economic output of each country and helps in comparing the economic performance of different nations. What is GDP? Gross Domestic Product (GDP) measures the total value of all goods and services produced within a country’s borders over a specific period, usually a year. It is an important indicator of a country’s economic health.

The official portal of Real Estate Regulatory Authority Karnataka (RERA Karnataka) is developed under section 4.3 of the Real Estate Regulatory Authority (RERA) Act, 2016. The RERA Act, 2016 was introduced to reform the real estate segment of the country, thereby encouraging better transparency, citizen centricity, financial disciple and accountability. To improve the responsibility and accountability towards consumers, the Real Estate Regulation and Development Act (RERA) has mandated real estate promoters developers (real estate developers) to register the project and to obtain a valid registration number before proceeding the work. The promoter will not be permitted to market, advertise or sell the units before the RERA Project registration. In case the project is to be developed in phases, the promoter has to obtain registration for each phase separately. Real Estate Regulation and Development Act (RERA) The Real Estate Regulation and Development Act (RERA), 2016 is considered as one of the landmark legislation passed by the Central Government. Its key objective is to reform the real estate sector in our country, encouraging greater transparency, citizen centricity, accountability and financial discipline.  RERA is in line with the vast and growing economy of India as in future; many people will be investing in the real estate sector. Real Estate Projects Registration Area of the land proposed to be developed is more than five hundred square meters More than eight apartments including of all phases The promoter has not received a completion certificate for a real estate project/phase of the project before the initiation of this act. If the certificate is not obtained, the promoter has to pay the penalty which will extend up to ten percent of the estimated cost of the real estate projects. If the promoter violates the rules continuously, then he will be punishable with imprisonment up to three years (3 years) or with a fine which will extend up to a further ten per cent of the estimated cost of the real estate project or both Any alternation or deed in the real estate project which involves advertising, marketing, selling or new allotment of an apartment, and plot or building Function of Promoter According to RERA act the function and duties of promoters are explained in detail below: Disclosing all the information about the project; Adherence to approved plans and projects specifications as approved by competent authorities; Rectification of structural defect within two years of possession. Obligations regarding the veracity of the advertisement Refund of money in cases of default notification Applicable Fee The fee structure for obtaining the Karnataka RERA registration for Projects is described below: According to RERA act, the promoter should compulsorily deposit 70 percent of the amounts realised for the real estate projects from the allottees in a separate account in a scheduled bank within fifteen days to cover the cost of constructions. Within three months of the application for project registration with the Authority, the Promoters are to deposit in separate bank accounts, 70% of the amounts already realised from the allottees. In case the receivable of the ongoing project is less than the estimated cost of balanced construction, then the promoter has to deposit 100% of the amounts to be realised in the separate account. Project Registration Fee To conduct the real estate business, the developer has to pay the registration fee while applying for registration of the project with the RERA authority. They can pay the registration fee through online payment mode. Housing project In the case of a group housing project, the following is the fee structure: Rs 5 per square meter – If the area of land proposed to be developed does not exceed 1000 square meters Rs 10 per square meters – For projects where the area of land proposed to be developed exceeds 1000 square meters. In the case of mixed development (residential and commercial) projects Rs 10 per square meters- For projects where the area of land proposed to be developed do not exceed 1000 meters Rs 15 per square meter – For projects where the area of land proposed to be developed exceeds 1000 square meters Commercial projects In the case of commercial projects, the following is the fee structure: Rs 20 per square meters- For projects where the area of land proposed to be developed does not exceed thousand square meters Rs 25 per square meter (capped up to Rs. 10 lakhs) – For projects where the area of the property proposed to be developed exceeds one thousand square meters. In the case of plotted development projects Rs 5 per square meter, but capped to Rs. 2 lakhs Documents Required Self-attested copy of the promoter PAN card of the promoter Annual reports – Audited profit and loss account balance sheet, cash flow statement, director’s reports and the auditor’s report of the promoter for the immediately preceding three financial years Number of parking slots available in the real estate projects Authenticated copies of the of the legal title deeds reflecting the title of the promoter to the lands on which the development of the project is proposed along with legally valid documents for a chain of the title; The details of encumbrances on the property for which permission is given under section 109 of the Karnataka Land Reforms Act, 1961 The Certified copy of the conversion order as per section 95 of the Karnataka Land Revenue Act, 1964 The permission of change in land use granted under section 14 of the Karnataka Town and Country Planning Act, 1961, on which development is proposed including any rights, title, interest or name of any party in or over such lands along with details; If the developer is not the owner of the land on which development is proposed, details of the consent of the owner along with the self-attested collaboration agreement, development agreement, joint development agreement or any other agreements. The copies of the title and other documents reflecting the title of such owner on the land proposed to be developed; If the promoter is an individual, Name, photograph, contact details and address of

The FRRO is the primary authority overseeing the stay and activities of foreign nationals in India. Registration with the FRRO is mandatory for individuals holding a visa of more than 180 days. This process is aimed to build a structured framework for monitoring the financial activities of foreign nationals residing within Indian borders. What Is FRRO Registration? Foreign nationals visiting India for more than 180 days on a student visa, business visa, medical visa, research visa or employment visa are required to get themselves registered with the Foreigners Regional Registration Officer (FRRO). FRRO registration must be obtained within 14 days of arrival in India from a Foreigners Registration Officer (FRO) having jurisdiction over the place where the foreigner intends to stay. Pakistan nationals visiting India are required to obtain FRRO registration within 24 hours of their arrival. All Afghan nationals irrespective of the length of stay are required to obtain FRRO registration within 14 days of arrival except those Afghan nationals who enter India on a visa valid for 30 days or less provided the Afghan national concerned gives his/her local address in India to the Indian Mission/FRRO/FRO. Documents Required for FRRO Registration Original valid passport and Visa along with 4 passport size color photographs Completed FRRO registration form Three photocopies of the relevant pages of the passport (photo page, the page is indicating validity, page bearing arrival stamp of Indian Immigration. FRRO undertaking letter (3 copies signed by Indian Host/ sponsor/ Guarantor along with anyone valid identity document like passport, election identity card, official identity card, PAN card, etc.). Proof of Residence (3 copies of either electricity bill/Telephone bill/ Municipal bill/ certificate of municipal authority/Leave & Licence agreement or any other valid proof of residence). Submission of letter from the hotel or receipt of payment is sufficient in case of registration on a Tourist visa. FRRO Registration fee- Rs. 100/-. In case of registration on an Employment visa, three copies of the terms and conditions of the contract of assignment, including salary, designation, tenure of employment, etc. In case of registration on Employment or Business Visa, three copies of PAN card or the application made for grant of PAN card. In case of registration on Employment or Business Visa, forwarding letter of concerned company/ Firm /Business undertaking, duly signed by the authorized signatory mentioning the name, designation & telephone, and mobile number. In case of registration on a student visa, three copies of Bonafide certificate from School, College or Academic Institute for the academic year mentioning relevant particulars, including the validity of admission and nationality of the foreign student. In case of registration on a medical visa, requires the letter from the concerned hospital along with supportive medical documentary/diagnostic test reports with medical certificate about the tentative period of treatment. In case of registration on a medical visa and the applicant admitted in the hospital requires a medical certificate bearing a photo of the applicant attested and certified by the doctor. Procedure for Obtaining FRRO Registration Foreign nationals arriving in India to stay over 180 days must obtain FRRO registration within 14 days of arrival in India. Further, foreign nationals planning to stay in India for more than 180 days can at any point well before the expiry of the 180 days, apply for FRRO registration from a FRO. Steps for FRRO Registration Complete online FRRO registration form and schedule FRRO interview (Online FRRO registration website) Generate a unique Registration number by the system. Schedule FRRO appointment. Attend and complete the FRRO interview with all relevant supporting documents. Usually, the FRRO registration process completes within 24 hours. The registration officer is responsible for enquiring fields or any other check under this process. Failure or late  FRRO registration attracts a penalty of USD30, which is changed from time to time. Hence, it is important for all foreign nationals staying in India for over 180 days to obtain an FRRO registration as early as possible. FAQs Who needs to register with FRRO? All foreigners visiting India on a long-term visa (more than 180 days) need to register with FRRO within 14 days of their arrival. This includes employment, student, research, and medical visa holders. How can I register with the FRRO? You can register with the FRRO online through the e-FRRO portal. The process involves filling out an application form, uploading required documents, and scheduling an appointment at the nearest FRRO office.

In adherence to the Registration of Birth & Death Act, 1969 regulations, every death in Maharashtra necessitates reporting to the state government. The issuance of death certificates in Maharashtra falls under the jurisdiction of the following state departments: Municipal Corporation of Greater Mumbai Rural Development Department Urban Development Department Purpose of Obtaining Death Certificate The death certificate is a necessary proof, as it states the cause of death The death certificate provides information related to time, death and place of death of a person Death certificate needs to be submitted to relieve the person from legal, social and official commitments To settle property inheritance, a death certificate is one of the important documents A family member of the deceased to receive insurance and other benefits needs to furnish the death certificate Who Is Responsible for Registering a Death in Maharashtra? The head of the family is responsible for registering a death, in case the death occurs in the house  If a death occurs in a hospital or medical institution, the medical in charge of the institution is responsible for registering the death If a death occurs in jail, the head jailer is responsible for registration  The head of an area or local police station in charge can register the death if a newborn child or body is found deserted in an area. The person-in-charge person needs to register a death in case the death occurs in a hostel, choultry, Dharamsala, boarding-house, lodging house, tavern, toddy shop, barrack or public resort, The superintendent of a plantation can register the death, in case death occurs on a plantation. Registering Death In case death occurs in a house, the head of the family is responsible for registering the death The medical in-charge need to register if the death occurs in a hospital or medical institution Jailer in-charge is responsible for registration if a death occurs in a jail If a new-born child or body is founded deserted in an area, headman of that area or local police station in-charge can register the death In case the death occurs in a hostel, choultry, Dharamsala, boarding-house, lodging house, tavern, toddy shop, barrack or public resort, the in-charge person of that place needs to register In case death occurs in a plantation, the superintendent of the plantation can register Documents Required Declaration by a close relative or family member in the prescribed format Application Form Address Proof of deceased (Voter ID card, electricity, gas, water, telephone bill, passport, valid ration card or Aadhaar card, name of the deceased) Time Frame The time frame for issuing Maharashtra death certificate is within 5 days from the date of application. Procedure for Death Certificate Registration Through Rural or Urban Development Department: Step by Step Guide Step 1: Go to the official website of Aaple Sarkar. Step 2: From the home page, select RTS. The page will automatically redirect to the new page. Step 3: Enter your username and password to access the portal. If you are a new user, you must first register in the portal before you can apply for a certificate. Step 4: Go to the Rural Development or Urban Development menu and select the Death Certificate option. Step 5: Fill out all of the certificate information on the new page. Step 6: Review the information you’ve entered and select a payment method. Take note of the application number after payment. The application will be transferred to the appropriate department. Step 7: The applicant can check the status of his or her application by going to the Aaple Sarkar website. After the application has been approved, the applicant can obtain the death certificate from the Aaple sarkar gateway. FAQs Can a death certificate be obtained for deaths that occurred outside Maharashtra but involve residents of the state? Yes, residents of Maharashtra can obtain a death certificate for deaths that occurred outside the state. The application process involves providing necessary documents and details related to the deceased. What information is typically included in a death certificate issued in Maharashtra? A Maharashtra death certificate typically includes essential details such as the name of the deceased, date and place of death, cause of death, and other relevant information required for legal and administrative purposes.

Consumer Protection Act 1986 was enacted for superior protection of the interest of consumers. The provision of the Act came into force from 15-04-1987. Consumer Protection Act forced strict liability on a manufacturer in case of the supply of faulty goods by him and strict liability on a service provider in case of shortage in rendering his services.  To safeguard the interests and rights of consumers, quasi-judicial machinery is sought to be set up at the district, state and central levels. This Act applies to the whole of India except the state of Jammu and Kashmir. This Act was replaced by the ‘Consumer Protection Act 2019’ which came into force on 24th July 2020. What is the Consumer? Consumer refers to persons or households that use goods and services generated within the economy. The consumer is defined as someone who obtains goods or services for direct use or possession rather than for exchange, resale or use in production and manufacturing. For example: When your mother buys apples for you and consumes them, your mother and yourself are treated as consumers. Features of the Act The Act applies to all the goods, services and unfair trade practices. Nothing is exempted unless explicitly done so by the Central Government. The Act covers all the sectors regardless of being private, public or co-operative. The Act provides the facility to establish consumer protection councils at the Central, State and District levels. This is ensured to promote and protect the rights of a consumer. Three-Tier quasi-judicial machinery is organised to deal with the grievances or disputes of consumers. The Act provides a statutory recognition to the all the reasonable rights of the consumer. Need for Consumer Protection o ensure the physical safety of a consumer. To protect against economic interests. To provide access to information. To ensure satisfactory product standards and statutory measures for redressal of grievances. To ensure social responsibility of producers and traders to provide quality and quantity of goods at fair prices. To increase the awareness about consumer rights and malpractices in business that can affect a consumer. To ensure consumer satisfaction. For the principle of social justice. For the principle of trusteeship For the survival and the growth of businesses. Objectives of Consumer Protection To protect the consumer from abuse To provide a venue for grievances/compensation To ensure a superior quality of living by upgrading consumer products and services Protecting the consumer against immoral and unfair activities of the traders Goods and Services Covered The Act defines the term “goods” as any type of movable property other than money and includes shares and stocks, growing crops, etc. On the other hand, “Service” is defined as service of any description that is made available to potential consumers and includes sectors such as banking, housing construction, financing, entertainment, insurance, the supply of electrical and other energy, transport, boarding and lodging, amusement and so on. The services offered by professionals such as doctors, architects, engineers, lawyers etc. are included under the provisions of the Consumer Protection Act of 1986. Malpractices The concept of the consumer protection act is formed to safeguard the rights and interests of consumers. It adopts measures to protect consumers from unethical malpractices by businesses and provide a swift redressal of their grievances. The issues that are battled by the Consumer Protection Act are listed below. Sale of unadulterated goods such as adding inferior substances to the product being sold. Sale of counterfeit goods such as selling a product of lesser value than the real product. Sale of sub-standard goods such as the sale of products that do not meet the prescribed quality standards. Sale of duplicate goods. Use of malfunctioning weights and measures that lead to underweight of products. Black marketing and hoarding that eventually leads to scarcity of the product and well as a rise in the price of the same. Overcharging a product, i.e., charging a product above its Maximum Retail Price (MRP). Supplying of defective goods. Advertisements that are misleading, i.e., advertisements that falsely claim a product or a service to be shown as superior quality, grade or standard when not in real. Supply of inferior services, i.e., quality of service lesser than the condition agreed. Rights of the Consumer Right to Safety – To be secured against the marketing of goods on delivering dangerous services to health and life Right to Information – To be protected against dishonest or misleading advertising or labelling and the right to be given the facts and figures needed to make an informed choice Right to Choice –To choose products at competitive prices with an assurance of satisfactory quality Right to Representation – To express consumer interests in the making and execution of government policies Right to Seek Redress – To be compensated for misrepresentation, shoddy goods or unsatisfactory services Right to Consumer Education –To Acquire the Knowledge and skills necessary to be an informed customer Right to Basic Needs – This Guarantees adequate food, shelter, health care, clothing, education and sanitation Filing a Complaint District Forum – The value of goods or compensation claim does not exceed Rs. 20 lakh. State Forum – The value of goods or compensation is more than Rs. 20 lakh but does not exceed one crore. National Forum – It takes up all the cases exceeding the value of Rs. 1 crore. FAQs When did the provision of the Consumer Protection Act come into force? The provision of the Act came into force with effect on 15 April 1987 In which forum can we file the complaint when the value of goods equals Rs. 50 lakh? We should file this complaint in the state forum because it deals with the value of goods Rs.20 lakh to Rs.1 lakh.

The Provident Fund (PF) is a government-managed retirement savings scheme for employees in India. A key component of India’s social security system, PF was introduced in 1952 with the enactment of the Employees’ Provident Funds and Miscellaneous Provisions Act (EPF and MP Act) by the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment to provide financial security and stability to employees in their retirement years. Under this scheme, employees contribute a portion of their salary to the PF account, and employers match this contribution. The amount accumulated in the PF account is payable to the employee at the time of retirement or resignation or to their family in the event of the employee’s death. Employees’ Provident Fund (EPF), also referred to as PF (Provident Fund), is a mandatory savings cum retirement scheme for employees of an eligible organisation. The employees can fall back on the corpus of this fund post-retirement.  As per the EPF rules, the employees must contribute 12% of their basic pay every month to this fund. The employer contributes a matching amount to the employee’s PF account. The amount deposited in EPF accounts earns interest on an annual  When Can You Withdraw EPF? Complete Withdrawal EPF can be withdrawn entirely only under the following two circumstances: When an individual retires When an individual is unemployed for more than one month, he/she can withdraw 75% of the total accumulated amount and can withdraw the rest 25% if the unemployment period stretches beyond two months. Individuals cannot make a complete withdrawal of EPF balance while switching employers if they don’t remain unemployed for two months or more (i.e. the interim period between changing jobs).  Partial Withdrawal Partial withdrawal of EPF balance can be made only under certain circumstances. The limit of withdrawal is also different for different circumstances. They are explained in the below table:   Sl. No. Particulars of reasons for withdrawal Limit for withdrawal No. of years of service required Other conditions 1 Medical purposes Six times the monthly basic salary or the total employee’s share plus interest, whichever is lower No criteria Medical treatment of self, spouse, children, or parents 2 Marriage Up to 50% of employee’s share of contribution to EPF 7 years For the marriage of self, son/daughter, and brother/sister 3 Education Up to 50% of employee’s share of contribution to EPF 7 years Either for account holder’s education or child’s education (post matriculation) 4 Purchase of land or purchase/construction of a house For land – Up to 24 times of monthly basic salary plus dearness allowance For house – Up to 36 times of monthly basic salary plus dearness allowance, Above limits are restricted to the total cost 5 years i. The asset, i.e. land or the house should be in the name of the employee or jointly with the spouse. ii. It can be withdrawn just once for this purpose during the entire service. iii. The construction should begin within 6 months and must be completed within 12 months from the last withdrawn instalment. 5 Home loan repayment Least of below: Up to 36 times of monthly basic salary plus dearness allowance Total corpus consisting of employer and employee’s contribution with interest. Total outstanding principal and interest on housing loan 10 years i. The property should be registered in the name of the employee or spouse or jointly with the spouse. ii. Withdrawal permitted subject to furnishing of requisite documents as stated by the EPFO relating to the housing loan availed. iii. The accumulation in the member’s PF account (or together with the spouse), including the interest, has to be more than Rs 20,000. 6 House renovation Least of the below: Up to 12 times the monthly wages and dearness allowance, or Employees contribution with interest, or Total cost 5 years i. The property should be registered in the name of the employee or spouse or jointly held with the spouse. ii. The facility can be availed twice: a. After 5 years of the completion of the house b. After the 10 years of the completion of the house 7 Partial withdrawal before retirement Up to 90% of accumulated balance with interest Once the employee reaches 54 years and withdrawal should be within one year of retirement/superannuation   Eligibility Conditions for EPF Withdrawal The total amount from the EPF account can be withdrawn only after retirement. EPFO considers early retirement only after the person has crossed 55 years of age Partial withdrawal of EPF is permitted only in the case of a medical emergency, house purchase or construction, or higher education. The EPF Composite Claim Form has now replaced EPF withdrawal Form 31 which was earlier used for partial withdrawals. EPFO allows withdrawal of 90% of the amount 1 year before retirement One can withdraw the EPF corpus if he/she faces unemployment before retirement due to lock-down or retrenchment As per the new rule, only 75% of the corpus can be withdrawn after 1 month of unemployment. The remaining will be transferred to the new EPF account after gaining employment Employees do not need to wait for approval from their employer for withdrawing their EPF. By linking UAN and Aadhar to your EPF account, they can get approval online While making the EPF claim online, you must have- An active UAN number Bank details linked with UAN PAN and Aadhar details seeded into EPF database How To Withdraw PF Amount? Broadly, the withdrawal of EPF can be made either by submitting: Physical application Online application Physical Application Download the new Composite Claim Form (Aadhaar)/Composite Claim Form (non-Aadhaar) to withdraw the EPF balance. Composite Claim Form (Aadhaar) Use the Composite Claim Form (Aadhaar) if you have seeded your Aadhaar and bank details on the UAN portal and if your UAN is activated. Fill and submit the form to the respective jurisdictional EPFO office without the attestation of the employer. Composite Claim Form (Non-Aadhaar) You can use the Composite Claim Form (Non-Aadhaar) if the Aadhaar and bank details are not seeded on the UAN portal. Fill and submit the