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According to the latest IMF estimates, the world has already entered into recession which will be worse than the one in 2009. Pixabay

BY ADITI ROY

In uncertain times such as these, and while governments and communities across the world are trying to figure out how to prevent an economic crisis, it becomes imperative for us to take care of our finances.


According to the latest IMF estimates, the world has already entered into recession which will be worse than the one in 2009, but is projected to get some cushioning by next year.

While taking care of health and maintaining isolation and social distancing have become paramount, we also need to take precautions to manage our finances, making necessary modifications and adjustments, say experts.


While governments and communities across the world are trying to figure out how to prevent an economic crisis, it becomes imperative for us to take care of our finances. Pixabay

“First of all, your family and your health should be a top priority. Secondly, the current shutdown will impact the economy and with that each of our finances. We recommend people to be on top of their budget and ensure that any income disruption is smoothed out via a proportionate decrease in spending. If you are fortunate to not have any disruption to your income, please spend on online food delivery and other online channels. All the small businesses in the country need you and your support.

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There are also many organizations working tirelessly to bring us testing and vaccine for the virus. Please do consider donating to these causes”, says Nityanand Sharma, CEO, and Co-Founder, Simpl, a data technology company that works with merchants and financial institutions to enable effortless and transparent monetary interaction.

Here are few ways to prepare for unforeseen times and be diligent with your money:

Plan an emergency fund

Personal finances are a source of stress. Understandably, numerous matters need to be accounted for. Even more so when planning for an emergency fund to cope with the unexpected; We might even procrastinate thinking such adverse situations in the future, hoping that they might not even happen. So, such funds become more important during the pandemic, which should be viewed as an emergency.

Going digital

Since the time of this outbreak, people are finding it difficult to pay for their utilities via cash. The payment via digital payment apps has risen.

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RBI has also urged customers to use digital banking facilities amid the coronavirus outbreak. In light of recent events, the National Payments Corporation of India (NPCI) has also started a campaign called �India pay safe’ in order to boost digital payments, as exchanging cash could spread coronavirus. With a whooping majority of smartphones penetration various digital payments app like Google Pay, PhonePe will ensure smooth transactions.

Review your investments

Become a bit more market savvy, this is a perfect time to do a risk analysis of your investments. You may want to re-balance your portfolio if it’s skewed excessively towards equity or debt assets, which are more prone to market volatility or to channel towards more risk-free assets like Public Povident Fund (PPF) or National Pension System (NPS) scheme.


Personal finances are a source of stress and that is why you should plan them properly. Pixabay

Tailoring daily budget and expenses

Tough times call for pulling plug on luxury, discretionary and non-essentials expenses. Channel funds towards basic essentials and keep aside a chunk for unforeseen times.

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Review your health policy

Ever since the pandemic announcement of COVID-19, policies that exclude pandemic coverage may not settle claims arising from such cases, involving hospital treatment costs. Ensure you go through your health insurance policy document to get complete clarity on its list of coverage and exclusions and also check for any latest intimation from your insurer.

Also Read- Some Old and Gold Exemplary Bollywood Comedy Films of all Time

So, if you are still procrastinating and not taking a proactive step to sort your personal finances, realise it’s need of the hour. Not just in emergencies, but taking care of our own finances during challenging times enables us to stay financially fit and minimizes financial anxiety. (IANS)


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Dia Mirza champions sustainable fashion

Actor and environmental activist, Dia Mirza, who is also the National Goodwill Ambassador for the United Nations Environment Program (UNEP) was showstopper for Indian designers Abraham & Thakore at the recently held LFW X FDCI event. The designer duo who are pioneers of slow fashion and sustainability in the Indian fashion landscape showcased a timeless sustainable collection.

IANSlife spoke with Mirza on sustainable choices when it comes to fashion.

Read Excerpts:

Q: Did you enjoy the on-ground fashion event and the energy that came with the physical show and appearance?
A: Yes absolutely. It was just so refreshing and wonderful to finally be back from a virtual audience. Last year we did a digital show and the energy was just not there, this is an interactive experience and we draw so much from real people.

Q: The outfit that was chosen for you, how did it complement your style?
A: It's a garment that I think involves and is reflective of what I stand for, I deeply care about sustainability and I love the fact that the garment has been made with repurposed material, used and created with a hundred per cent post-consumer bottles, and made by the waste generated from the pieces of fabric that we discard while creating other garments. So it was a very special garment that really and truly celebrated repurposing and reusing and upcycling.

Dia Mirza is an Indian model, actress, producer, and social worker who predominantly works in Hindi films. Mirza won the title of Miss Asia Pacific International in 2000. IANSlife spoke with Mirza on sustainable choices when it comes to fashion. | Wikimedia Commons

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Photo by Wikimedia Commons

Delhi to get new QR-based driving livenses and registration certificates.

In a step towards digitisation of the system, Delhi Transport Department will soon issue QR based Smart cards for driving licenses (DLs) and registration certificates (RCs).

As per a statement, the new driving licence will have an advanced microchip with features like Quick Response (QR) code and Near Field Communication (NFC). The new RC will have the owner's name printed on the front while the microchip and the QR code would be embedded at the back of the card.

The cards earlier had embedded chips, but chip reader machines were not available in the required quantity with both the Delhi Traffic Police and the Enforcement Wing of the Transport Department. Moreover, chips were designed and implemented by the states concerned, which resulted in difficulties in reading the chip and retrieving information, especially in case of defaulters.

"Now with the QR based smart card, this issue is resolved. This will enable unification in linking and validating one's information to smart cards with Sarathi and Vahan, the two web-based databases of all driving licenses and vehicle registrations," the release added.

The QR is also being implemented nationwide, the QR code reader is easily procurable and will do away with the requirement of any manual intervention altogether. The new cards will also allow two specific materials for their card manufacturing -- PolyVinyl Chloride or PVC, or PolyCarbonate which is slightly more expensive but more durable. (Card Size - 85.6mm x 54.02 mm; Thickness minimum 0.7 mm)

An October 2018 notification of the Ministry of Road Transport and Highways (MoRTH) had made changes to the Driving License and Registration Certificate. The new Smart card based DL and RC, will have chip based/ QR code based recognition system. At the same time, documents such as driving license or registration certificates in electronic formats on DigiLockers and mParivahan were also made valid in place of physical documents and treated at par with original documents.

The QR code also has an added advantage of acting as a safety feature on the smart card. The department will be able to retain records and penalties of the DL holder for up to 10 years on the VAHAN database as soon as a driver/ owner's Smart card is confiscated. The new DLs will also help the government in maintaining records of differently-abled drivers, any modifications made to the vehicles, emission standards and the person's declaration to donate organs. (IANS/JB)

Keywords: Delhi, Driving License, Registration License, Digitisation.


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In this handout photo provided by Sotheby's Auction House, the auction for Banksy's "Love is the Bin" takes place in London, Oct. 14, 2021

LONDON — A work by British street artist Banksy that sensationally shredded itself just after it sold at auction three years ago fetched almost 18.6 million pounds ($25.4 million) on Thursday — a record for the artist, and close to 20 times its pre-shredded price.

"Love is in the Bin" was offered by Sotheby's in London, with a presale estimate of 4 million pounds to 6 million pounds ($5.5 million to $8.2 million).

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