15 Ingenious Oct 2025 Quarterly Inhouse Magazine

The Ingenious magazine is a quarterly magazine prepared by the alumni of FCFP under the able guidance of our Guru Shri Gopinath Radhakrishnan sir.

The magazine comprises of writeups related to economy; finance & industry based on our research.

2. PAGE INDEX
Page Topic By
3 Editorial Ms Savitha Pillai
4 Data Centre Mr Ankur Shah
7 India the synonym of resilience Mr R Gopinath
24 Specialised Investment Funds (SIF) Mr Ankur Shah
28
UPI Global: Taking India’s Digital Payment
Revolution to the World
Ms Bharathi Srinivasan
30 Mental Accounting Mr Arun Paul
33
Homebuyers and the IBC, 2016: Evolving Legal
Safeguards
Ms. Geeta Mohan. P
35 What is Thumb Rule 72..? Mr. K. M. S. Sri Ram
40 The Importance of Retirement Planning Mr .Anand Garg
53 RISK MANAGEMENT Mr. Samrat Mathur

3. From the Editorial

Desk Dear Readers and Friends,

Wishing you all a very prosperous and fes?ve season of Dipawali ahead.

With great joy and pride, we present to you the 15
th
edi?on of Ingenious Magazine (Oct 25 – Dec 25),
a quarterly publica?on ini?ated by the alumni of the Founda?on Course in Financial Planning (FCFP) –
1st, 2nd, and 3rd batches of Gopast Centre for Learning Pvt. Ltd., under the esteemed mentorship of
our guiding light and Guru, Shri Gopinath Radhakrishnan Sir.

Ingenious Magazine is a part of the Quarterly Inscrip?ons Series, though?ully curated by Shri Gopinath
Radhakrishnan Sir. This edi?on brings together a rich collec?on of ar?cles that explore the landscape
of financial products, along with ?mely insights, updates, and research-backed perspec?ves on the
broader economy, finance, and insurance sectors.

We extend our hear?elt gra?tude for your con?nued encouragement and support. Your engagement
mo?vates us to keep improving with every edi?on. We also invite our fellow alumni and par?cipants
to contribute original ar?cles regularly, helping us build a diverse and knowledge-rich pla?orm.

We hope this edi?on offers you valuable insights and an enjoyable reading experience.

Warm regards,
Mrs. Savita Pillai On behalf of the Organizing Commi?ee
Alumni – FCFP 2022, 2023 & 2024

4. DATA CENTRE
Rates are Latest/Previous. Green Colour indicates increase. Red Colour indicates Decrease. Only Single Value
Indicates No Change.










































Latest Policy Rates (Source RBI website) as at 01:30 pm on 02-10-2025 Latest/ last Issue
Policy Rates Reserve Ratios Exchange Rates Lending / Deposit Rates
Policy Repo Rate 5.50% CRR
3.75%
4.00 %
INR / 1 USD
88.6788
85.6928
Base Rate
8.50% - 10.30%
9.10% - 10.30%
Standing Deposit Facility
Rate
5.25% SLR 18.00 % INR / 1 GBP
119.4851
117.7310
MCLR (Overnight)
7.80% - 8.00%
8.15% - 8.25%
Marginal Standing Facility
Rate
5.75%

INR / 1 EUR
104.3649
101.0410
Savings Deposit Rate
2.50%
2.50% - 2.75%
Bank Rate 5.75% INR / 100 JPY
60.2300
59.6100

Term Deposit Rate > 1
Year
5.85% - 6.60%
5.95% - 6.70%
Fixed Reverse Repo Rate 3.35%
Money Market 02.10.2025
Lates/Last Issue

Government Securities Market
91 day T-bills
5.4881%
5.3699%
182 day T-bills
5.5899%
5.5001%
364 day T-bills
5.5999%
5.5494%
* cut-off at the last auction
# as on 30.09.2025
Money Market 02.10.2025
Lates/Last Issue
Call Rates 4.75% -5.85% *
* as on 30.09.2025
Government Securities Market
7.06% GS 2028
5.8898%
5.8521% #
6.01% GS 2030 6.2068% #
6.33% GS 2035 6.5725% #
6.68% GS 2040 6.9707% #
7.24% GS 2055 7.1979% #
Capital Market
S&P BSE
Sensex
80267.62
83697.29
Nifty 50
24611.10
25541.80
* as on 30.09.2025

5. GDP (US$ million) by country
Data As On Previous Issue
Sr No Country/Territory UN Region
IMF
Estimate Year
World — 113,795,678 2025
1 United States Americas 30,507,217 2025
2 China Asia 19,231,705 2025
3 Germany Europe 4,744,804 2025
4 India Asia 4,187,070 2025
5 Japan Asia 4,186,431 2025
6 United Kingdom Europe 3,839,180 2025
7 France Europe 3,211,292 2025
8 Italy Europe 2,422,855 2025
9 Canada Americas 2,225,341 2025
10 Brazil Americas 2,125,958 2025
11 Russia Europe 2,076,396 2025
12 Spain Europe 1,799,511 2025
13 South Korea Asia 1,790,322 2025
14 Australia Oceania 1,771,681 2025
15 Mexico America 1,692,640 2025
GDP (US$ million) by country
Data As On per current Issue (No Change)
Sr No Country/Territory UN Region
IMF
Estimate Year
World — 113,795,678 2025
1 United States Americas 30,507,217 2025
2 China Asia 19,231,705 2025
3 Germany Europe 4,744,804 2025
4 India Asia 4,187,070 2025
5 Japan Asia 4,186,431 2025
6 United Kingdom Europe 3,839,180 2025
7 France Europe 3,211,292 2025
8 Italy Europe 2,422,855 2025
9 Canada Americas 2,225,341 2025
10 Brazil Americas 2,125,958 2025
11 Russia Europe 2,076,396 2025
12 Spain Europe 1,799,511 2025
13 South Korea Asia 1,790,322 2025
14 Australia Oceania 1,771,681 2025
15 Mexico America 1,692,640 2025

6. Latest Small Savings Schemes Rates 01.10.2025 to 31.12.2025 (Unchanged )
Instrument Rates Previous
Rates
Latest
Compounding Frequency
Savings Deposit 4 4 Annually
1 Year Time Deposit 6.9 6.9 Quarterly
2 Year Time Deposit 7.0 7.0 Quarterly
3 Year Time Deposit 7.1 7.1 Quarterly
5 Year Time Deposit 7.5 7.5 Quarterly
5 Year Recurring Deposit 6.7 6.7 Quarterly
Senior Citizen Savings Scheme 8.2 8.2 Quarterly & paid
Monthly Income Account 7.4 7.4 Monthly & paid
National Savings Certificate 7.7 7.7 Annually
PPF 7.1 7.1 Annually
Kisan Vikas Patra
7.5 (Matures in
115 months)
7.5 (Matures in
115 months)
Annually
Sukanya Samriddhi 8.2 8.2 Annually

ECONOMIC
DATA
INDIA USA
Previous Issue Current Issue Previous Issue Current Issue
INFLATION 2.82% May 2025 2.07% Aug 2025 2.40% May 2025 2.90% Aug 2025
INTEREST RATE
(Repo & Fed)
5.50% 5.50% Oct 2025 4.50% June 2025 4.25% Sep 2025
10 Y Bond Yields 6.35% 02.07.25 6.52% 01.10.25 4.29% 4.11% 02.10.25
GDP Annual Growth 7.4% Mar 2025 7.8% Jun 2025 -0.5% Mar 2025 2.1% Jun 2025

7. India the synonym of resilience.
R.Gopinath
[email protected]
No other country on this planet would have faced so
many invasions than what India had faced.
(Persian, Greek, Scythian, Kushan Empire, Huna, Arab Invasion (Sindh), Ghaznavid Empire, Ghurid Empire, Delhi Sultanate,
Mongols, Mughal Empire, Persian (Nadir Shah), Afghans (Ahmad Shah Abdali), Portuguese, Dutch, French and the British. Over and
above this is the frequent incursions on our borders from the East and West post independence from British.)
History stands witness to the fact that every time
India bounced back, emerging stronger. The quality
of “Resilience” is etched in the DNA of the people of
this great Nation. A nation that has a History of
many million years and the Glory of being the source
of wisdom. Even many of the modern days inventions
and discoveries can be traced back to Ancient Indian
Scholars and Saints. But the medieval times had
taken away a major part of this glory and wealth. But
in the modern times, we are gradually gaining back
the leadership role in the world map.
In the post 1947 times also there have been testing
times like civil riots, calamities, recessions, markets
crash, political uncertainties and wars. India rose
against all these hurdles in way of her progress and
has reached the stage of reckoning in Economics,
Arts, Sports, Science and political significance. The
following table shows some major set-backs and
bounce back economically.

8. Sources MOSPI/PIB Balance of Payments data — 1991 crisis import cover, TradingEconomics/CEIC — Historical FX reserves,World Bank — India Economic Update (2010), RBI/PIB — Monetary
policy framework amendments (2016),MOSPI — GDP data (COVID years),IMF — Pandemic policy response assessments
Let us look at the present economic situation of
India:
1)Investors confidence:
FDI attracted by China and India Billion USD:
Shock & Year Nature of Shock Policy Response Resilience Outcome
1991
Balance-of-Payments
Crisis
Reserves <US$1 bn (~2–
3 weeks’ imports); high
CAD; external credit
dried up
Macroeconomic
stabilization + 1991
liberalization (de-
licensing, trade, FX
reforms)
Reserves now among
largest EMs
Almost 1 year
sufficiency
2008–09
Global Financial Crisis
Collapse in global trade
& capital flows
Counter-cyclical
monetary & fiscal
stimulus; banking sector
relatively insulated
GDP rebounded to 7.4%
in FY2009/10
2013-2014
Taper Tantrum
Rupee & markets sold
off; CAD widened; part
of 'Fragile Five'
CAD compression
measures; steps to
attract stable inflows;
manage FX volatility
Stabilized markets; set
stage for FIT adoption
in 2016
2020–21
COVID-19 Pandemic
GDP contracted ~6.6–
7.7%; massive supply &
demand shock
Welfare transfers via
JAM/DBT; MGNREGA
expansion; fiscal &
monetary support .
GDP rebounded 8.7% in
FY2021–22
0
30
60
90
120
2012 2024
China India China India 80.04 22.78 18.16 111.7

9. 2)Foreign Exchange Reserves in USDB

Balance of Payments data — TradingEconomics/CEIC — Historical FX reserves,World Bank — India Economic Update RBI/PIB
3)GDP
India:
1.Fastest growing economy in the world
2.in 1991 $266B economy smaller than cities like
Paris and London
3.Now bigger than France and UK as a $4.15 Trillion
Enough to last almost one year
USA ChinaGermany India Japan UK France ItalyCanada Brazil 2.13 2.23 2.42 3.21 3.84 4.191 4.198 4.74 19.23 30.51
GDP in Trillion$

10. 4.in 2013 we were 10th largest in 10 years we have
overtaken Canada, Italy, France, Russia, UK and
Japan
5.By 2027 we are expected to become the 3rd
largest surpassing Germany
4) Strategic Sectoral Advancements:
i. Manufacturing:
ii. Space:
Indicator Value
Global Rank 3rd largest (2024)
Electronics Production ₹10 lakh crore (2024)
Mobile Phone Exports USD 15 billion (FY24)
Ease of Doing Business Rank 63rd (2024) from 142 (2014)
PLI Schemes (Production Linked Incentive) are catalyzing sectors like
semiconductors, mobiles, auto, and pharma. The mobile phone exports alone
touched $15 billion in FY2024, led by Apple, Samsung, etc
India is aiming to become a global manufacturing hub with industrial corridors, smart logistics, and
ease of doing business
Achievement Details
Chandrayaan-3 First to land near Moon's south pole
Gaganyaan Mission Human spaceflight tests underway
Private Launches Skyroot, Agnikul successful
Global Satellite Launches 30+ countries via PSLV, SSLV
The Indian National Space Promotion and Authorization Center (IN-SPACe) enabled private
players like Skyroot and Agnikul to successfully launch rockets.
India is offering affordable satellite launches via PSLV and SSLV to over 30 countries, making it a
global commercial launch hub.

11. iii. Defence
iv. Infrastructure
v. Semiconductor:
India’s semiconductor market was valued at about
US-$38 billion in 2023 and is expected to expand to
$45–50 billion by end-2025, with further growth to
$100–110 billion by 2030https://www.china-briefing.com/china-outbound-news/india-
semiconductor-sector-outlook-2025?utm_source.
The ISM initiative supports this growth, aiming to
help India capture around 10% of global
semiconductor consumption, building toward a $110
billion domestic market by 2030 (https://business.cornell.edu/article/2025/04/the-future-is-now/?
utm_source)
Indicator Value
Defence Exports (FY24) ₹21,000 crore (USD 2.5 Bn)
Global Rank Top 25 arms exporters
Indigenous Systems Tejas, BrahMos, Arjun, INS Vikrant
Local Procurement Share >75% of defence budget
Indigenous platforms like Tejas fighter jet, INS Vikrant (India’s
firstindigenously built aircraft carrier), BrahMos missiles, and Arjun tanks
reflect the success of Atmanirbhar Bharat in defence.Over 75% of the
defence procurement budget in 2024 was earmarked for Indian companies
Sector Key Highlights
Highways 12,349 km in FY24
Railways 100% broad gauge electrification, 40+
Vande Bharat routes
Airports 150+ operational, Jewar to be Asia's
largest
Urban Transit 20+ metro cities, Smart Cities
modernizing 100 cities
Renewables 180 GW capacity, 3rd globally in solar

12. vi. Key Growth Drivers
•Domestic demand fuels growth.
•Structural reforms & investment: large
infrastructure programs like the National
Infrastructure Pipeline (~USD 1.4 trillion through
2025) and PM Gati Shakti boost productivity
and connectivity
•Sectoral strength: growth in manufacturing,
services exports (IT, pharmaceuticals,
electronics), renewables, and digital technology
innovations
•Demographic trends:
The younger population of India stands as the
biggest strength. For the next two decades this
group will be leading the world in various aspects.
Metric India China USA
Population (bn) 1.43 1.41 0.335
Median Age (yrs) 28 39 38
Working-age share (%) 68 69 ↓ 65 (stable)
Population growth (%) 0.7 -0.1 0.4
Urbanization (%) 36 66 83
Old-age dependency (%) 10 20 25
Source: United Nations World Population Prospects 2024 Revision; World
Bank World Development Indicators; US Census Bureau International Data
Base

13. vii. UPI A Transformational tool

Growth & Scale — From Humble Beginnings to
Global Leadership
•Monthly Transactions: Exceeded 18 billion in
mid-2025, a 32% year-on-year surge. In June
2025 alone, UPI handled ₹24.03 lakh crore across
18.39 billion transactions The Economic Times.
•User & Merchant Reach: Over 491 million users
and 65 million merchants, with 675 banks
integrated on one platform Reuters+3Moneycontrol+3The Times of
India+3.
Dominating Digital Payments
•UPI accounts for approximately 85% of India’s
digital payments Moneycontrol.

14. •Globally, India now leads real-time payments:
nearly 50% of the world’s real-time digital
payment volume flows through UPI Press Information
Bureau
•UPI processes more than 640 million
transactions daily, surpassing Visa’s ~639
million Financial Times
Economic & Social Impact — Why UPI Matters
•A 1% rise in UPI transaction volume is correlated
with a 0.03% increase in GDP.
•UPI has catalyzed financial inclusion: account
ownership soared from ~35% in 2011 to 89% by
2025 Financial Times,thepaymentsassociation.
•It reduced corruption via direct benefit
transfers, eliminating leakages through
intermediaries Financial Times.
•UPI has been transformative for micro and
small businesses, enabling low-cost digital
acceptance and greatly boosting revenue for
over 80% of them MediumThe Times of India.
•UPI's ease and real-time nature have accelerated
domestic retail investing—130 million+ Indians
now hold investment/trading accounts, fueling
a boom in mutual funds and IPO funding in India
Financial Times.

15. UPI’s Global Footprint & Cross-Border Expansion
•Live in seven countries: UAE, France, Singapore,
Bhutan, Nepal, Sri Lanka, Mauritius—with
France marking its first European foray Press
Information Bureau+2Moneycontrol+2.
•PayPal World, launching later in 2025, will
integrate UPI for cross-border payments; a
major global leapkansascityfed.org+13Reuters+13The Economic Times+13.
•India is also advocating UPI as a model for other
BRICS and emerging economies, promoting it as
a cross-border standard Press Information Bureau+1.
In essence, UPI is more than a payment tool—it's a
digital public infrastructure that has transformed
India’s economy, governance, and financial services.
Its scalable, interoperable, and user-focused model
has put India at the global forefront of fintech
innovation.

16. GST as a Driver of India’s Economy (2025)
The Big Picture
Eight years in, GST has become a core growth
enabler by (1) unifying India into a single market, (2)
digitising compliance at scale (e-invoicing, e-way
bills), and (3) steadily widening the tax base and
revenues—creating fiscal space for public
investment while lowering logistics frictions for
businesses. In FY2024–25, gross GST collections
touched an all-time high of ₹22.08 lakh crore; active
registrations crossed 1.51 crore.
How GST has spurred growth?
• Lower logistics & inventory costs, faster truck
turnarounds: Removal of inter-state checkposts and
GST-backed digitisation cut transit delays and
allowed hub-and-spoke warehousing.
• Wider formalisation & buoyant revenues:
Formalisation via GSTN onboarding and data trails
improved tax responsiveness.
• Inter-state trade visibility: E-way bill data now
underpins official statistics on internal trade flows,
improving policymaking and enforcement.

17. Latest Data (through July 2025)
Record annual collections: FY2024–25 gross GST
₹22.08 lakh crore (avg ₹1.84 lakh crore/month), up
from ₹20.18 lakh crore in FY2023–24. Active GST
registrations >1.51 crore (Apr 30, 2025).
Source: PIB, GSTN
The invaluable but latent benefits of GST
1) Unified national market → lower frictions & better
scale.
In Lakh Crores
Financial Year2020-21 2021-22 2022-23 2023-24 2024-25 22.08 20.18 18.08 14.83 11.37

18. 2) Digitisation of compliance → higher transparency
& buoyancy.
3) Better policy visibility & internal trade
measurement.
Logistics Impact Snapshot
India’s LPI rank = 38/139 (2023); Commerce Ministry
notes continued improvements across components.
These gains—along with initiatives like PM Gati
Shakti & NLP—tie into the GST-enabled single
market that reduces checkpost delays and inventory
buffers.
Sources
• PIB Backgrounder: “Eight Years of GST” (30 Jun 2025)
• GSTN, Ministry of Finance monthly updates (Apr–Jul 2025)
• E-way bill statistics from GSTN and trade portals
• NIPFP Working Paper “Revenue Performance Assessment of Indian GST” (Apr 2023)
• World Bank LPI 2023

19. Growth projections:
India’s progress is not just rapid — it’s strategic,
sustainable, and inclusive. From launching missions
to the Moon to producing aircraft carriers, from
exporting cutting-edge defence tech to building
futuristic expressways, India is scripting a new
story of self-reliance and global leadership.
India has developed good relationships with a
majority of the countries big, small and medium
sized economies other than a few countries. This
network is now capable of creating a new economic
zone with lots of shared benefits including alternate
Indian Economy Estimated growth
Forecasting Agency FY 25 ~ FY 26 ~Medium-term Trend ~
IMF / WEO (Apr 2025) 6.4% 6.4% 6.4%
World Bank 6.5% 6.3% 6.3–6.5 %
Monetary policy
committee
6.8%

20. currencies to the now dominant US$. These
partnerships will develop new markets for
consumption also and production also. This will shift
the dependence on US markets for consumption. It
is also likely that US over a period of time
understands the need for mutuality and move away
from dictating terms and expecting only obedience
from others.
From here to where?
Obviously towards global leadership. But a
leadership that is not the one of a dominating nature
but that an inclusive, stimulating all participants and
supportive one addressing major global concerns.
For we derive our roots from the sacred Vedas and
Upanishads. A dharma with a core principle of:

As does any disruption the present moves of the US
government can cause economic setback to some
sectors, manufactures, suppliers and traders. But in
days to come this setback will create new
sustainable long-term economic partners to grow

21. with. India is all geared up to face the challenge.
Much well prepared that what it could have been
10-15 years before. Our population is our strength.
Our internal consumption capacity is a big asset.
India will not compromise on its Sovereignty and at
the same time will not let down its economic
contributors. History has often witnessed our
resilient nature.

22. A passing note on the forecast of Indian stock
markets, interest rates, real estate and gold
prices trend

23. https://www.imf.org/en/Countries/IND?utm_source=chatgpt.com
https://m.economictimes.com/markets/stocks/news/exclusive-sensex-will-hit-1-5-
lakh-by-2030-3-lakh-by-2035-raamdeo-agrawal-makes-big-prediction/
articleshow/121611459.cms?utm_source=chatgpt.com
https://www.mordorintelligence.com/industry-reports/real-estate-industry-in-india?
utm_source=chatgpt.com
https://www.reuters.com/world/india/rbi-hold-rates-august-expected-cut-again-
later-this-year-2025-07-25/?utm_source=chatgpt.com
https://thedocs.worldbank.org/en/doc/
1b388949805c9a0ae3736bdacb32ea94-0050012025/original/CMO-April-2025.pdf
This chart should not be construed as an investment
advice. We should always go by the governing
principles when it comes to investments. “Purpose
decides the choice”. Decide the purpose that you
want to achieve and select assets that can serve the
purpose. Maximising profits can not be the objective.
The objective should be fulfil personal and family’s
future needs.
Always take advice from a professional financial
planner, construct a Map of Life, follow Financial
Pyramid structure to gain progress towards your
goals in a sustainable way.

24. Specialised Investment Funds (SIF)
Author – Ankur Shah, Ahmedabad

What is a Specialized Investment Fund (SIF)?
A Specialized Investment Fund (SIF) is a new class of investment vehicle introduced in
India to bridge the gap between traditional mutual funds and Portfolio Management
Services (PMS). Launched by SEBI in April 2025, SIFs target sophisticated investors
seeking more flexibility and higher return potential than what is offered by conventional
mutual funds, but without the steep entry barrier of PMS or Alternative Investment Funds
(AIFs)
Why Were SIFs Introduced?
The Indian investment landscape previously lacked a regulated product for investors who:
 Wanted to invest more than the typical retail mutual fund investor,
 But were unwilling or unable to meet the ₹50 lakh minimum required for PMS or ₹1
crore for AIFs.
This “middle segment”—primarily High Net Worth Individuals (HNIs) with investable
surpluses between ₹10 lakh and ₹50 lakh—often turned to unregulated or unsuitable
products. SIFs fill this regulatory gap, allowing customized, sophisticated strategies within
a regulated framework.
Product Minimum Investment Flexibility Target Audience
Mutual Fund ₹100–₹500 Low Retail Investors
SIF ₹10 lakh Medium-High HNIs, Emerging Affluent Investors
PMS ₹50 lakh High Ultra-HNIs
AIF ₹1 crore Very High Institutional/Ultra-HNIs

25. Key Features of SIFs
 Investment Flexibility: SIFs can employ advanced strategies—such as long-short
equity, derivatives, thematic sector investing, and structured debt—that are typically
unavailable in traditional mutual funds.
 Minimum Investment: Entry requirement is ₹10 lakh, significantly lower than PMS
but higher than mutual funds, targeting experienced and affluent investors.
 Strategy Range: SIFs can:
o Allocate up to 15% of assets into a single stock (vs. 10% in regular mutual funds)
o Take concentrated sectoral bets (AI, defense, green energy, etc.)
o Invest in alternative assets, REITs, InvITs, and private equity
o Use dynamic asset allocation with up to 25% of portfolio in short positions.
 Regulation & Oversight: Operate under strict SEBI guidelines. Eligible asset
management companies (AMCs) must have a robust track record or specialized talent
for approval.
 Risk Profile: Risk is often higher than vanilla mutual funds due to more aggressive
strategies. SIFs provide transparent disclosure requirements, including risk ratings
and scenario analyses per SEBI rules.
 Exclusivity and Branding: Required to have distinct names, logos, and websites—
clearly separating them from mainstream mutual funds.
How Can Investors Benefit?
SIFs let affluent but non-ultra-wealthy investors:
 Access niche investment strategies previously confined to PMS or AIFs.
 Benefit from greater portfolio customization and potential for higher returns, albeit
at higher risk.
 Participate in India’s emerging sectors and private markets with lower capital
requirements than AIFs or PMS.

26. How to Invest in SIFs
 Minimum commitment: Rs.10 lakh per investor, across all SIF strategies with the
same AMC.
 Investors must apply through eligible AMCs managing the SIFs.
 SIFs offer various structures: open-ended, closed-ended, and interval funds, allowing
flexibility in entry and exit.

Global Perspective: Luxembourg SIFs
The term SIF also exists internationally, notably in Luxembourg, where Specialised
Investment Funds are structured for global institutional investors. These funds offer broad
flexibility, light regulation, and access to a wide array of assets, but the Indian regulatory
framework and objectives are distinct
[9]
.

Conclusion
The SIF marks a major evolution in India's investment landscape, enabling a new class
of investors to access advanced strategies under SEBI regulation. It fills a vital gap, offering
flexibility and innovation alongside regulatory oversight—potentially driving the next phase
of wealth creation and financial sophistication for India's growing investor community.

27. As on date active SIF Scheme.
Source: Various websites and search engines.

AUTHOR,
ANKUR SHAH,
Dev. Officer, LIC,
Award in Financial Planning CII, UK.
FCFP, QPFPA, MCAFP Go Past,
Licentiate, Insurance Institute of India.

28. UPI Global: Taking India’s Digital Payment Revolu?on to the World
Author Bharathi Srinivasan Bangalore
Unified Payments Interface (UPI) was introduced in India in 2016 and has revolu?onized the
way people transfer money, make payments, and conduct financial transac?ons. Since its
launch, UPI has achieved remarkable success, surpassed major milestones and con?nued to
make significant progress in India's evolving financial ecosystem.
UPI Global India refers to the interna?onal expansion of India's Unified Payments Interface
(UPI), which allows Indian users to make payments abroad in their local currency and enables
foreign tourists in India to use UPI for transac?ons. UPI Global is facilitated by the NPCI
Interna?onal Payments Limited (NIPL) and is ac?ve in many countries. Countries like
Singapore, UAE, France, Sri Lanka, Bhutan, Nepal, and Mauri?us have already embraced UPI
linkages, and many more are in the pipeline. This expansion not only supports India’s vision of
becoming a cashless economy leader but also posi?ons UPI as a global benchmark in the field
of digital public infrastructure. There is an ongoing effort to expand UPI Global into the BRICS
group and other parts of Asia, Europe and Africa.
UPI Global allows Indian travellers to make payments abroad using familiar UPI apps,
elimina?ng the need to depend solely on interna?onal cards or carry excess foreign currency.
It also helps interna?onal merchants tap into the vast Indian consumer base by enabling easy,
real-?me acceptance of payments through QR codes. For Non-Resident Indians (NRIs), this
system is a game-changer, bridging the gap between Indian bank accounts and global
spending needs.
What sets UPI Global apart is its blend of simplicity, affordability, and scalability. Unlike
tradi?onal payment systems that rely on expensive interna?onal gateways, UPI works on open
architecture, making cross-border payments faster, cheaper, and more inclusive. For
travellers, students, and businesses, this means a smoother experience and reduced costs.
As UPI Global con?nues to expand, it carries the poten?al to reshape global payment
ecosystems—driving financial inclusion, strengthening economic ?es and showcasing India’s
leadership in digital innova?on. From small street vendors to large interna?onal enterprises,
the ripple effect of this digital leap will be felt across sectors, economies, and communi?es.
In short, UPI Global is not just about payments—it is about crea?ng a borderless financial
world where convenience, trust, and inclusivity are at the core.
How it Works
1. Scan the QR code: A user scans a merchant's QR code with their UPI-enabled app.
2. Review and Authorize: The app shows the payment details, and the user enters their
UPI PIN to authorize the transac?on.
3. Payment in Rupees: The payment is se?led in Indian Rupees from the user's account.
4. Local Currency for Merchant: The merchant receives the payment in their local
currency.

29. Growth of UPI Global
In September 2025, India's UPI processed 19.63 billion transac?ons valued at
approximately ₹24.90 lakh crore. This marked a slight dip from August 2025's 20.01 billion
transac?ons, but the average daily volume increased to 654 million, with an average daily
value of ₹82,991 crore. These figures represent a significant increase from the previous year,
demonstra?ng UPI's growing dominance in the Indian digital payment system.



As UPI Global con?nues to gain trac?on, its role extends beyond facilita?ng convenience. It
represents a significant stride toward financial inclusion, economic coopera?on, and
technological leadership on a global scale.
In essence, UPI Global is not merely an extension of a domes?c innova?on—it is the
founda?on of a borderless, trusted, and inclusive digital financial ecosystem that holds the
promise of transforming interna?onal commerce.

33. Homebuyers and the IBC, 2016: Evolving Legal Safeguards

The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted with the objective of
consolidating and amending the laws relating to insolvency resolution of companies,
partnerships and individuals in a time-bound manner. The Code sought to address the long
delays and fragmented framework that previously governed insolvency in India, while also
ensuring maximisation of asset value and balancing the interests of all stakeholders.
However, one area of growing concern soon after the Code’s enactment was the plight of
homebuyers, particularly in large real estate projects where developers defaulted on their
financial obligations or abandoned incomplete construction. Under the original framework of
the IBC, allottees (homebuyers) in real estate projects were not recognised as creditors. This
left them with little to no remedy when insolvency proceedings were initiated against defaulting
developers, despite the fact that they had invested substantial amounts of money in the projects.
To address this lacuna, the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018
introduced a crucial reform. By amending Section 5(8)(f), it clarified that any amount raised
from an ‘allottee’ of a ‘real estate project’ (i.e. a homebuyer) shall be deemed to be an amount
having the commercial effect of borrowing, and resultantly he is a financial creditor under the
Section 7 of the IBC. (Which allows financial creditor to file an application in NCLT for
initiating the corporate insolvency resolution process against a defaulting company). The
amendment had further allowed the homebuyers being financial creditors to have
representation in the Committee of Creditors through an authorized representative and also
have voting rights, which plays a central role in the corporate insolvency resolution process.
1

However, as it usually happens in cases whenever any new landmark law is passed by the
legislature, in this case more than 150 builders, developers, real estate companies challenged
the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, before the Supreme
Court of India in the case of Pioneer Urban Land and Infrastructure Ltd. and Anr. V. Union
of India and Ors.
2
The court however dismissed their petitions and upheld the validity of the
impugned amendment providing the much-required certainty for homebuyers.
The Supreme court of India primarily noted the recommendations made by the Insolvency
Committee Report wherein it was stated that the delay in completion of under-construction
apartments has become a common phenomenon. Committee further agreed that amounts raised
under home buyer contracts is a significant amount, which contributes to the financing of the
construction of an asset in the future. Finally, the Committee concluded that the current
definition of ‘financial debt’ is sufficient to include the amounts raised from home
buyers/allottees under a real estate project, and hence, they are to be treated as financial

1
S&D Legal Associates, Case Analysis: Pioneer Urban Land and Infrastructure Ltd. & Anr. v. Union of India &
Ors. (10 August 2019, updated 16 June 2021), https://www.sndlegalassociates.com/post/case-analysis-pioneer-
urban-land-and-infrastructure-ltd-and-anr-v-union-of-india-and-ors (SND Legal Associates).
2
Pioneer Urban Land and Infrastructure Ltd. and Anr. v. Union of India and Ors. (2019) 8 SCC 416.

34. creditors under the Code. Thus, the Court observed that the legislative judgment in economic
choices must be given a certain degree of deference by the courts.
the Court observed that- "The Code is thus a beneficial legislation which can be triggered to
put the corporate debtor back on its feet in the interest of unsecured creditors like allottees, who
are vitally interested in the financial health of the corporate debtor, so that a replaced
management may then carry out the real estate project as originally envisaged and deliver the
flat/apartment as soon as possible and/or pay compensation in the event of late delivery, or non-
delivery, or refund amounts advanced together with interest.”
3

The court also observed that the RERA is to be read harmoniously with the IBC. And that in
the event of a conflict the Insolvency Code will prevail over the RERA. Remedies that are
given to allottees of flats/apartments are therefore concurrent remedies, such allottees of
flats/apartments being can avail of remedies under the Consumer Protection Act, 2019, RERA
as well as the IBC, 2016.
Therefore, after analysing the above judgment it can be said that this landmark judgment
certainly proves to be a huge deterrent against fraudulent/unscrupulous builders. The
Constitutional Bench of the Supreme Court by upholding the constitutional validity of the
amendment in the Insolvency and Bankruptcy Code, 2016 has given a huge sigh of relief to the
aggrieved homebuyers who can now approach the NCLT under the Code without any hassle.
This amendment significantly alters the landscape of real estate insolvency, as it not only
empowers homebuyers with a direct legal remedy but also strengthens their bargaining position
vis-à-vis developers, thereby offering greater protection to their investment.
- Geeta Mohan. P


3
Pioneer Urban Land and Infrastructure Ltd. and Anr. v. Union of India and Ors. (2019) 8 SCC 416.

35. What is Thumb Rule 72..?
Author: K. M. S. Sri Ram, Vijayawada.
The Rule of 72 is a simple mathematical shortcut to estimate how long it takes for
money to double, or how fast expenses grow due to inflation. It is widely used in
financial planning, investments, education cost projection, and retirement planning.
Investment:
The Thumb Rule 72 tells us in how many years our Investment Doubles.
Ex:1
Mr. Syam has invested 5 Lakh rupees in a savings instrument that offers 6%
interest. How many years will it take for his money to double..?
So Lets calculate using the Rule of 72 formula.
Formula:

72
Time to Double (in years) = = 12 Years
6

It will take 12 years for Syam’s money to double from ₹5 Lakhs to ₹10 Lakhs..


Ex:2

If Mr. Syam has invested in a product that gives 9% returns, in how many years
will his money double? Let’s calculate using the Rule of 72:

72
Time to Double (in years) = = 8 Years.
9

It will take 8 years for Syam’s money to double from ₹5 Lakhs to ₹10 Lakhs.









72
Time to Double (in years) =
Rate of Return (% Per Year)

36. Education:

With the help of Thumb rule 72 we can Approximately calculate how soon Cost
Doubles

Example:

Reyaansh is 4 years old and his father Ram is 34 years old.


























Source: ET Online




Considering Education Inflation = 10%

Reyaansh Age
Period
Left in yrs
Current
Cost
Future Cost
Graduation 18 14 20,00,000 ?
P.G 22 18 15,00,000 ?

37. Let’s Calculate Education Inflation Using thumbrule 72.



72
Time for Education Cost to Double (in years) =
Inflation (% Per Year)

72
= = 7.2 Years
10

College fee Doubles every 7.2 Years

Reyaansh’s Future Education Cost
Reyaansh will go for his Undergraduate (U.G.) education after 14 years.
Considering education inflation at 10%:
• In 2025, the average college fee in India is ₹5 Lakhs per year.
• For a 4-year course, the total cost today (2025) is about ₹20 Lakhs.
• But when Reyaansh goes to college in 2039 (after 14 years), the cost will
quadruple due to inflation. So he will require 80 Lakhs to complete
Graduation.

Reyaansh
(Age – 4 yrs)
2025 2032 2039
U.G – 18 years 20 Lakh 40 Lakh 80 Lakh
b}? W TZ]? ]? A???}?]u? Co?o?}v

Reyaansh
(Age – 4 yrs)
2025 2032 2039 2043
P.G – 22 Years 15 Lakhs 30 Lakhs 60 Lakhs 1 Cr
b}? W TZ]? ]? A???}?]u? Co?o?}v

Reyaansh will go for his Postgraduation (P.G.) education after 18 years.
Considering education inflation at 10%:
• In 2025, the average college fee in India is ₹7.5 Lakhs per year.
• For a 2-year course, the total cost today (2025) is about ₹15 Lakhs.

38. • But when Reyaansh goes to college in 2043 (after 18 years), the cost will
be Approx 1 Crore.


Retirement:

Just like we use the Rule of 72 to calculate how fast money doubles or costs
increase due to inflation, we can also use it to estimate the Retirement corpus
required.

Example:

Mr.Rajesh is 35 years old and his monthly expenses cost is 30,000 per month for
self and spouse in 2025. He will be retiring at the age of 60. Assuming inflation is
6% How much Money is required for Mr.Rajesh monthly expenses after
retirement..?



72
Time to Double (in years) =
Inflation (% Per Year)

72
= = 12 Years.
6
Rajesh 2025 2037 2049
2050
(Retirement)
Mly
Expenses
30,000 60,000 1,20,000 1,40,000

Reyaansh Age Period
Left in yrs
Current
Cost
Future Cost
Graduation 18 14 20,00,000 80 Lakhs
P.G 22 18 15,00,000 1 Crore
Rajesh
Present
Age
Retirement
Age
Period
Left
Current
Mly Exp
(Self+Spouse)
Future
Mly Exp After
Retirement
(Self+Spouse)
35 60 25 30,000 ?

39. b}? W TZ]? ]? A???}?]u? Co?o?}v

Monthly Expenses of Mr. Rajesh for Self & Spouse is 1,40,000 After 25 Years

Yearly is 1,40,000*12 =16,80,000/-

Expecting Mr. Rajesh Lifespan is 85 How much corpus is Required for his
Retirement..?
Retirement Corpus Required:
Retirement Corpus= Future Annual Expenses × Years in Retirement

Retirement Corpus = 16,80,000 × 25
= 4,20,00,000/- Cr
Mr. Rajesh will need approximately ₹4.20 Crores to maintain same lifestyle after
retirement

Conclusion:
The Thumb Rule 72 may not give exact values, but it provides a quick and reliable
estimate to plan your financial goals effectively.

Source: Shri. Gopinath Sir’s Teachings
Author:
K. M. S. Sri Ram, MBA – MDRT (USA), Financial Planner
Rajesh
Present
Age
Retirement
Age
Period
Left
Current
Mly Exp
(Self+Spouse)
Future
Mly Exp After
Retirement
(Self+Spouse)
35 60 25 30,000 1,40,000

40. The Importance of Retirement Planning
Presentation Prepared by Anand Garg
Kolkata, W.B, India
Securing Your Future with Just 5% of Your
Income
Retirement planning is a critical step toward long-term financial security, and even a small,
consistent investment of 5% of your income can create a significant impact in later years. The
content explores the different financial phases of life, emphasizes the power of starting early, and
explains the consequences of delaying retirement planning. Through a practical example and key
takeaways, it encourages individuals to take proactive steps toward securing their future.

41. 2

The Necessity of Retirement Planning
Just as governments strive for a surplus budget to ensure financial stability, individuals must also plan for
their financial future, particularly for retirement. Throughout life, we experience phases of financial surplus
and deficit. Childhood and old age are typically "take" phases, where we rely on others for support.
While society readily accepts the financial dependence of children, the same cannot always be said for the
elderly. Financial dependence in old age can lead to discomfort for both the individual and their
caregivers.

42. 3


The fundamental question is: How can we ensure financial independence and avoid
becoming a burden in our later years?

43. 4

The Power of 5%
Many individuals believe that their current income barely covers their expenses, making retirement savings
seem impossible. However, dedicating just 5% of your monthly income to retirement savings can make a
substantial difference.

44. 5

45. 6

Consider this practical example:

Starting Monthly Income: ₹1,00,000 at age 25

Annual Increment: 10%

Savings Earn: 7% return per year

Retirement Age: 61

Post-Retirement Need: ₹1,00,000 per person per month (₹24,00,000 annually for self and spouse)

Inflation: 8% per annum

Annuity Return: 6% per annum

46. 7

By consistently saving just 5% of your income, you can accumulate a retirement corpus sufficient to cover
essential living costs after retirement. This ensures dignity, independence, and security without relying on
others for financial support.

47. 8

What If You Start Late?
If you delay retirement planning until age 40 instead of 25, you will need to take immediate action. First, you
must catch up by investing a lump sum equivalent to what you could have saved earlier. Then, continue
saving 5% of your income consistently.

48. 9

The message is clear: The earlier you start, the more secure your retirement will be.

49. 10

Key Takeaways

Retirement is Inevitable: Income will eventually cease, but expenses will continue.

Start Early: Save at least 5% of your income from the beginning of your career.

Prioritize Safety: Keep retirement savings in safe, stable investment options.

Catch Up: Late starters need to contribute more aggressively to compensate for lost time.

50. 11

Final Thought
We often find ways to adjust our budgets when faced with rising costs, such as school fees or rent. Why not
apply the same discipline to retirement planning?

51. 12

As we age, our physical and mental capabilities decline, making it harder to earn income. Our
financial strength will determine whether we live with dignity and independence or become dependent
on others.

52. 13

Start early. Save wisely. Retire peacefully.


Presentation Prepared by
Anand Garg
Kolkata, W.B, India

53. RISK MANAGEMENT
Author Samrat Mathur - Delhi
As insurance advisors, we have a responsibility to ensure that clients are well-informed
about the actions they are about to take concerning their investments. Risk assessment
should always be our top priority.

To understand our clients better, we must explore their background and family history
through insightful questions.
The Six Thinking Hats
The concept of the Six Thinking Hats was introduced by Mr. Edward De Bono, the father
of creative thinking. These six hats represent different perspectives to enhance our
decision-making process. We must always keep these six hats in mind and follow them in
order.
White Thinking Hat: Collect as much information as possible. Always gather detailed data
and insights from the prospect before making any decisions.
Yellow Thinking Hat: Focus on opportunities and positives. For example, can we give an
MWP Act presentation? Offer innovative solutions to help clients secure their and their
family’s future.
Black Thinking Hat: Identify potential dangers or risks. Examine all possible negatives —
not to be pessimistic, but to ensure nothing important is ignored.
Red Thinking Hat: Understand the emotional aspects of the client. Be sensitive to family
values and belief systems — whether they prioritize money, destiny, or morals.
Green Thinking Hat: Develop new and creative solutions. Introduce fresh ideas such as
Human Life Value (HLV), Future Earning Potential (FEP), or the 'Apple Tree' concept to
help clients think differently.
Blue Thinking Hat: Gain an overall perspective of all collected information. Analyze
insights from all other hats to provide unbiased, holistic advice.

54. Building a Professional Mindset
We must differentiate ourselves from the crowd and create our own brand. Our role is
not just to sell a policy but to position ourselves as lifetime partners who clients can trust.
We are financial planners and risk protectors — not just life insurance agents.
Trust is the most important foundation of any relationship. Representing LIC, we uphold
the trust of millions of Indians.
Our mindset should always focus on problem-solving. At the core of our work lies the
responsibility to solve problems before selling solutions.
Focus on the 3S Formula
Always remember the three pillars of success:
 See the People
 Solve the Problem
 Sell the Policy

SOURCE: SHRI GOPINATH SIR’S TEACHINGS
AUTHOR: SAMRAT MATHUR, DELHI
INSURANCE ADVISOR, LIC
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