Change of Name

Since naming convention in India is not standard, you may end up with different names in different documents. You may have your father's name as your middle name in some cases or town of birth in some other cases. This causes a confusion in instances where you have to produce 2 valid documents. One solution is to apply for change of name in front of a gazetted officer.

Changing name in India is very easy. It is a 2 step process.

In the first step:

1. Locate a notary public in your locality. Approach her with 2 copies of photos and id/address proof
2. Prepare an affidavit. Affidavit can be easily prepared. Ask the notary for help. Regular legal typing agencies have this format ready with them. Type of Affidavit depends on the reason for the name change. Ask for Annexure E. (Annexure E can be used for all purposes including name change in passport)
3. Sign in front of the notary

That is it. This entire process should take less than an hour and cost less than Rs. 300/-

The next step is to publish this change in a well circulated newspaper in English and one local language. You can locate the contact number of the newspaper ad department on the advertisement page. Call them up and check. Generally they ask you to send the matter to them along with a copy of the affidavit. Most newspapers give you an option of paying online. So you can get this done without stepping out out of your home.

I had checked with Times of India. They provide for payment via online transfer. The cost was Rs. 660 for 5 lines and Rs. 120 for each additional line. For this amount, they publish your ad in both English (Times of India) and local language (Kanada newspaper,Vijayavani) editions. And they give you 3 copies of the newspaper if you go to their office with the receipt.

Now you have a valid document which you can use to change your name in all legal documents.

Tips for new laptop owners

You must have spent quite some time before deciding the model and budget for your laptop. Now that you are a proud owner of a new laptop, take some time in safe-guarding it. I have given some basic steps below followed by the details. You can skip the details, if you already are familiar with the steps. And if you have anything to else to add, please feel free to let me know.

1. Every original laptop comes with a valid Windows license. This is called OEM license. Note down the Windows Product Key. In case, if for some reason, you need it at a later point, you don't want to go running around for it. Good news is that the Windows Product Key is embedded in the BIOS these days.

2. Check the laptop serial number. The laptop serial number on the invoice, on the laptop box and on your laptop should match.

3. Check on the company web site for the warranty details. The warranty should be valid from the date of invoice to 1 - 3 years based on your warranty terms.

4. You would also need to know the serial number of the laptop components. These include
   1. Planner board
   2. Battery
   3. Memory
   4. Hard Disk
   5. Adapter

5. Partition your hard disk. Save all data on the non-windows (OS) drive. If for some reason, you need to format the OS drive, your data would be safe.

6. Most new laptops come with trial version of a anti-virus. If you want, you can purchase and continue to use it. If you don't, Windows comes with its own version of anti-virus called Windows Defender. Make sure you update it and schedule the scan.

7. Verify the Windows update and set what suits you the best. I have come across quite a few instances where after repair or maintenance, the laptop owner was advised to switch off Windows Update. This should tell you that the Windows OS on your laptop is not authentic any longer. Make sure you read the Windows Activation section below.
   
   1. Windows License
   2. Laptop Serial Number
   3/4. Warranty Details & Components Serial Number
   5. Partition Hard Disk
   6. Anti Virus
   7. Windows Update
   
                                                                                                                    Next>>>
    

Setting up of Windows Updates

Like all software, Windows also gets regular updates. They can range from routine bug fixes to security fixes. Click on Action Center (in control panel) and click on “Windows Update”.

Click on “Change Settings”.

Make changes as per your wish. I have opted to “Download the updates but let me choose when to install them”

<<< Prev

Setting up Windows Defender

New laptops are generally loaded with a trial version of a commercial anti-virus. If you do not plan to purchase it, you can use Windows built-in anti-virus software, “Windows Defender”. Unlike earlier version, Windows Defender doesn't come with a easy scheduler. You need to use Task Scheduler.

Open up Task Scheduler (Control Panel/Administrative Tools)

Open Task Scheduler Library/Microsoft/Windows. Scroll down to find “Windows Defender”. Right Click on “Windows Defender Scheduled Scan” and export it to a temporary folder. (I prefer to work on copies, just in case something goes wrong and I need to refer to the original configuration”.)

Make 3 copies and call them “Daily Scan”, “Weekly Scan” and “Daily Update”. Click on Import Task and import all three files.

These tasks will now be listed as shown below (Trigger will be blank, since we have not set it up.

Double click on “Daily Scan”. This will open properties dialog box. Click on the trigger tab.

Click New and set up a time, when the laptop would be least used. I have set mine to 1:30 AM.

Select on “Action” tab and than click on “Edit” button.

In Add Arguments, add “scan -scantype 1”. This sets up a daily quick scan of the system.

Now modify “Weekly Scan”. In trigger, select once in a week and in the “Action” tab/Add Arguments, add “scan -scantype 2”. This sets up a full scan once in a week.

Finally modify “Daily Update”. In trigger, select daily and in Action/Add Arguments, add “SignatureUpdate”. This would ensure the signatures are updated on a daily basis. Make sure your updates precede scans by at least 30 minutes.

<<<Prev                                                                                                          Next>>>

Partition Hard Disk Drive

It's advisable to put all your data on a different drive than on your OS drive. In future if you need to recreate the OS, you will have your data safe on a separate logical drive.

To partition your hard drive, right click on the “Computer” on and click manage.

This should open computer management window, which looks like:

Scroll to Disk management. On the right, locate your disk (generally called C:). Right Click and select shrink volume.

In the Enter the amount of space to shrink in MB:, enter the size of the data drive that you want to create. I would suggest you retain at least 60 – 250 GB on your C drive, based on the total disk size. Changing this later would be troublesome.

After shrinking you'll find unallocated volume. Right click on the volume and click on “New Simple Volume”. 

This should open the wizard. Follow the steps given and you should have your data drive ready.

<<<Prev                                                                                                          Next>>>

Laptop - Warranty Details and serial numbers of other laptop components

Warranty Details: All companies maintain the warranty details on their website. You can check it online.

Some links are given below, but it may change. If the link doesn't work, search for it on your favorite search engine.

HP: http://h10025.www1.hp.com/ewfrf/wc/weInput?cc=in&lc=en

Dell: http://www.dell.com/support/troubleshooting/in/en/indhs1/TroubleShooting/ProductSelector

Lenovo: http://support.lenovo.com/en_IN/product-service/warranty-status/default.page

Toshiba: http://www.toshiba-india.com/laptop/service-support/onsite-warranty-lookup

Sony: http://www.sony.co.in/section/warrantyinfo

Make sure that your laptop warranty details on the site matches what is mentioned on your invoice.

Serial Number of other components: You may also want to note down the serial number of other components of your laptop. In case you give your laptop for maintenance or repairs, you want to be sure that you get back your laptop without any replacements. Since you cannot open your laptop without voiding the warranty, the best alternate is to use a key finder software. I have tried Belarc in the past and it has worked for me. Download the software from the below mentioned URL, install and run it. It'll give it's output in HTML format. You can save this file for future reference.

http://www.belarc.com/free_download.html

This gives the serial number of main circuit board (planner), memory and hard disk. You can note down the adapter and battery serial number from the body.

Sample of the Belarc Report.

<<<Prev                                                                                                          Next>>>

Locating the serial number of a laptop

All laptop comes with a unique serial number. The nomenclature may differ from vendor to vendor. The covering case of the laptop will carry the serial number. The same number should be available on the body and in the BIOS as well. (if you cannot locate it on the laptop body, it may be under the battery). If you are not sure where to look for, ask the customer executive.

For locating the serial number in the BIOS, login to the Windows, open command prompt and type

wmic bios get serialnumber

You can open command prompt by typing “Windows Key + R”, and then type cmd.

Windows Key:

Run Dialog Box:

Make sure, you note down this as your laptop warranty is tied to this number.

This number will come handy when you face any planner related problems or replacement. Replaced planner board should be updated with this serial number.

<<<Prev                                                                                                          Next>>>

Locating Windows Key

Every laptop comes with a activated Windows license. To find your license key, Right Click on the Computer Icon and click Properties.

  

Note this down. In case, you face any problems in future, you can use this key to reactivate your windows.

<<<Prev                                                                                                          Next>>>

Personal Finance doesn't have to be complex

Most complexities don't occur, because they are complex. They occur because the ones teaching them, make them complex. To keep themselves relevant.

I have no idea who said this or when, but I am increasingly beginning to understand why it was said.

Take personal finance for instance. I get a million advice on how I should plan for my future, when I have no idea what I am going to get for my breakfast. Do these financial advisers know what they are going to have for their next Monday's dinner? And they expect me to plan for next 20 - 30 years.

So am I  qualified to make any statement? Yes I am. I am the guinea pig, they work on.  So are you. We are those who want to make a decent income and want to make sure our income provides for our today's cost and use it to secure a thousand things that we need to accomplish.

I want to make a decent living and save for my future needs like daughter's education, and assistance thereafter if she has anything in mind, or retirement and the fact that I want to live a 100 years and I assume, you want too.

So let me wipe all that I have heard from the financial advisers and look at what I want and what I would do.

What I need first of all is a basic income to take care of my today's needs.

The second thing is a preparedness for failure to take care in case my income stops. My wish for that would be 12 months of liquid fund in Savings bank or Fixed Deposit.

I would be lucky to think beyond this in today's times. But if I am one of the lucky ones, I would buy balanced mutual fund(s). How would I decide? I would go to the top three websites based on results of three top web search engines and compare performance of the mutual fund(s) and get those mutual fund(s) that are shown in top 5 - 10 across all websites. I would look at 10 year performance, if available. Else I'll settle for 5 years. And invest my money equally in all these. The number of funds I buy will of course depend on how much I have to invest and how much comfort I have in investing in one fund. 3 - 5 funds if you want to invest 1- 5 lakhs, more if you have lot more funds. But then, if you have lot more funds, you should not be reading this. This is not for you. You should talk to your financial advisor.

What about follow up? Since I am not smart to understand which fund changes in what form, I would review this folio once in a year and change if my funds are no longer in the top. If you do have a basic understanding of funds, you should go beyond top and compare NAV changes (over the period of comparison) between the fund that you hold and one that you intend to switch to.

Every year I make contributions to the above mentioned funds/SB/FD based on my savings using the same logic.

What if you want to buy a car or house in the next 5 years? Who the heck thinks so far?

What if I am responsible financially for something (child's education, marriage etc.) in the next 5 years? That I would remember.

If possible, (not in today's times) anticipate these requirements 4 - 5 years ahead and move that money into a debt MF or a fixed deposit. Why 4 - 5 years? I would love to say 12, but it is just not feasible (we don't live that long in these days). Why 12 years? 12 years would see the ups and downs of all investment asset classes. So you take the averages and work with it coz you don't want to fail.

If after funding all of these, you have anything left, good luck for that 100th year birthday.

Oops, wait a few more minutes before celebrating that birthday. I need to add a few more things.

Life Insurance: If you are earning and have dependents, you need one. Solution: term insurance. Find the one that costs least and choose your comfort. All other means of insurance are to make you poorer and them richer. How much should you buy? My thumb rule would be
- Surviving dependents can take up financial responsibility, 5 times annual income
- Surviving dependents can take up financial responsibility after some effort, 10 times annual income
- Surviving dependents cannot take up financial responsibility, at least 20 - 25 times annual EXPENSE
If you are not earning or do not have dependents, you don't need one.

Medical Insurance: Absolutely. One incident and all your plans go down the drain. A mild cough makes you feel a lot lighter in your wallet when you visit a doctor. Imagine other problems.

Accident and disability: Sure, but can be bundled with one of the above. If not, get one specifically.

In case of all insurance, the responsibility of the deal lies with the insured. You. So make sure you reveal all details about yourself. The premium may be a tad bit higher but can come to a total ZERO if the claim is rejected later. May you never have to claim, but it always pays to err on the side of caution.

I have known of cases, where claims have been rejected due to
- Lifestyle risks not revealed at the time of buying insurance
- Multiple insurance taken for same risk and not disclosed to the insurer
- AND A HOST OF OTHER THINGS

Property, gold and all other variants are not considered as it would make this topic a lot more complex. But if you are not an investor, consider all these as expenses and not investments.

Use tax benefits if it fits into your above plans, else it is paying a rupee to a save a few paisa.

One final word: Use credit card/loans by all means, but clear all dues as soon as required. Preferably as soon as possible.

And now, cheers on your 100th birthday...

Impact of Food Security Bill (FSB) on Aam Aadmi

Lok Sabha passed the food security bill on 26^th August 2013. 67% of the population is covered under the scheme which will cost us 1.3 Lakh crore. Isn't it a good thing?


There are plenty of articles and views circulated on how this is going to impact on the exchequer. So I'll not dwell into it. What am I concerned is on it's impact on aam aadmi's family budget.


To begin with let's look at the impact of rice, wheat and cereals in the open market. The 33% of population not covered needs to procure their requirement from this open market. If agriculture growth continues at it's current rate, food continues to rot in the warehouses and Minimum Support Price (MSP) remains the same, the cost of these items can go up by as much as 75% (over and above the current inflation) in the next 2 years. That is a increase in budget of Rs. 750 on a current cost of Rs. 1000.


On a average Indian's spend about 75% of their food budget on other food items. These include milk, vegetables, edible oil, meat, fish, eggs, fruits, nuts, sugar, salt and spices. The demand for these will go up since the money saved due to FSB will flow into consumption of other food items. This can lead the prices to raise by about 20% (plus current inflation) per annum.


Non food items that include medicines, fuel, clothing, conveyance and education will again increase for the same reason as above. This may not be as steep as the above 2 items, but rise, it will.


So what does it mean for the monthly budget of the Aam Aadmi?

People not covered in FSB	Marginal	Amount of money spent on food and essential items is is a small portion of the monthly budget. So by giving up some discretionary spending, this group can manage their monthly budget
People covered under FSB, but not current PDS distribution as per BPL	Significant	Though rice, wheat and cereals will be available at cheaper rates, the increase in other items will more then make up for this group. Savings and investment including investment in education and healthcare will take a hit. Pregnant women may be forced to compromise on protein & calcium intake. Overall this group aspires to move up the ladder but FSB may end up pushing this group more into poverty
People under BPL (in current PDS) and covered under FSB	Critical	From 35 Kgs per month per family at about Rs. 65 to 5 Kg per person at Rs. 11, this group will gain marginally. However other food items and essential non food items will be totally out of reach by the time the economics of FSB catches up. This will ensure that this group cannot dream of getting out of poverty any time in the near future. The only good that may happen is that increase in the cost of country made liquor may induce restrain in it's consumption.

Disclaimer:
The views expressed are personal. The numbers are derived from publicly available data on internet. Assumptions made to derive the numbers available on net has not been validated. I'll leave the computation of more accurate numbers to people who have accurate inputs themselves. The purpose of this blog is to identify the trend. My belief is that when market forces are not allowed to work freely, economic realities kicks in where least expected.