Credit World News

Cake Notice, a small food store in South California raised capital through a crowd funding site Small Knot , to start its retail operations and they received more than what they expected. The request was for $2500 and they got $2620! This is not a single case, Ouya a game console got much more than what they expected, they got $8.6 million. In 2008, for the US presidential election campaign the fund raised by Mr Obama was mainly through these crowd funding platforms. The crowd funding may be a relatively new phenomenon, but it is growing like wildfire later it got immense reception in the US and UK. In the earlier model, people used to pledge their money for startups that too, with no expectation in return. The contribution model has been reverted to Donation model, Lending model and Investment model these days and will be surely subjected to further changes in the future. In the Lending model, there are terms and conditions where the creators have to follow strictly as in typica...

It is not a surprise that China has outgrown India in its gold consumption in 2013, as they consumed 1,066 tonnes of gold, while Indian consumption was only 975 tones. Blame it on the curbs from Indian government just to keep the Current Account Deficit on track which led to the decrease in gold consumption by 10 % which was a 13% up from the consumption in 2012. The CAD (Current Account Deficit) was on record high at $88.2 billion which is 4.8% of the GDP in the last fiscal term. Various curbs like a hike in import duty on gold to 10% and making 20% of the imported gold available to exporters, gold business in India is facing seasonal obstacles in making profit. The central bank is strictly following the 20/80 principle on import which can be described as, when a nominated bank import 100 kg pure gold, 20% of that consignment should be given to the exporters and 80% will be in the domestic market. In order to bring down the consumption, nominated banks and import agents were rest...

M-pesa For the Rural Poor M-Pesa may not be a interesting subject for the rich and developed countries but it is highly popular as a micro financing service from the mobile service providers, Vodacom and Safaricom in African countries especially in Kenya, Tanzania, Uganda and Ghana. The number of M-pesa customers in Kenya itself is more than 18 million this shows the popularity of M-pesa. Heavy processing fees, service charges and interest rates levied by the commercial banks makes their service unavailable for the poor African population so M-pesa was the necessity of those millions. M-pesa was developed by the Kenyans with the support of Department of International Development, a UK agency in 2003. This has truly benefited rural population of Kenya, Tanzania, Uganda and Ghana who doesn’t even have bank accounts and this scales up to around 79% of entire African population. Establishment of M-pesa was easy due to the fact that there are more than 500 million mobile phone...

The European and American model of CSR may not match up with the quality and efficiency of Indian CSR policies; this is the confidence of the makers of Indian CSR policies. CSR has been well defined under section 135 of Companies Act which was passed in 2013. This act is all about bringing up corporate governance and strengthening corporate regulations. The purpose of the CSR bill is to create a supportive environment, which allows corporates to strengthen their efficiency and to develop business policies, in order to connect between business and the communities with the focus in erasing our socio, economic and political issues and thus strengthening the society with the partnership of government and NGO s. Section 135 says companies with net worth of Rs. 500 Cr or turnover of Rs. 1000 Cr or net profit of Rs. 5 Cr should have a mandatory CSR spend of 2 % of PBT. The various activities promoted should be focused on eradication of poverty, promoting education, promoting gender equ...