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After social media outrage over a Budget proposal making it mandatory to get <keyword id="22574399" type="General" weightage="100" keywordseo="tax-clearance-certificate" source="keywords">tax clearance certificate</keyword>s for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">finance</keyword> ministry, in the Finance Bill, 2024, has proposed to add the reference of the <keyword id="20961832" type="General" weightage="20" keywordseo="Black-Money-Act" source="keywords">Black Money Act</keyword>, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate. "The proposed amendment does not require all the residents to obtain the tax clearance certificate," the ministry said in a statement. As per section 230 of the Income-tax Act, 1961, every person is not required to obtain a tax clearance certificate. Only in the case of certain persons, in respect of whom circumstances exist, which make it necessary to obtain a tax clearance certificate will be required to obtain such a certificate. The ministry said that the Income Tax department through a 2004 notification has specified that the tax clearance certificate may be required to be obtained by persons domiciled in India only in certain circumstances. These include - where the person is involved in <keyword id="22576180" type="General" weightage="20" keywordseo="serious-financial-irregularities" source="keywords">serious financial irregularities</keyword> and his presence is necessary in the investigation of cases under the Income-tax Act or the Wealth-tax Act and it is likely that a tax demand will be raised against him, or where the person has direct tax arrears exceeding Rs 10 lakh outstanding against him, which have not been stayed by any authority. The I-T department said that a person can be asked to obtain a tax clearance certificate only after recording the reasons for the same and after taking approval from the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax. Such a certificate is required to be issued by the income-tax authority, stating that such person has no liabilities under the Income-tax Act, or the Wealth-tax Act, 1957, or the Gift-tax Act, 1958, or the Expenditure-tax Act, 1987, it added.

After outrage, Govt clarifies: tax clearance certificate only for people with tax dues, high-value defaulters

<ul><li>The South Korean province of Gyeonggi just confiscated $5 million worth of <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> assets from companies and individuals looking to allegedly hide their assets.</li><li>Meanwhile, only 22 out of the country's 66 identified exchanges have been able to get a license to conduct their business — the others will most likely shut down or suspend services by the end of the week.</li><li>The crypto community in <keyword id="5565" type="General" weightage="20" keywordseo="south-korea" source="Orion">South Korea</keyword> is also locked in a tussle over the next <keyword id="12151324" type="General" weightage="20" keywordseo="crypto-tax" source="Orion">crypto tax</keyword> laws that could attract a 20% levy.</li></ul>South Korea is continuing its crackdown on crypto. But don’t let the word ‘crackdown’ fool you. The ‘land of morning calm’ is in no way following in China’s footsteps. People are free to trade crypto, deal in crypto, and whatever else — as long as they pay their taxes. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> In the province of Gyeonggi — the most populous province in the country — authorities seized around $5 million in crypto assets from 1,661 investors who had not paid taxes on their crypto holdings. According to <a href="https://news.bitcoin.com/korean-province-seizes-cryptocurrencies-investors-unpaid-fines/">Bitcoin.com</a>, these individuals owe more than $12 million. <div type="ExtQuote" text="“It is the largest amount of cryptocurrency seizure in the country for nontaxable income delinquents.”" auname="Statement by Gyeonggi’s tax department head, Kim Min-Kyung"></div> This is not the first time that these people have been asked to pull their socks up. In June, earlier this year, $47 million in crypto assets were confiscated from 12,000 people in the region who allegedly tried to hide their ownership from the government. These feature high net worth individuals (HNIs), including a ‘well-known’ home shopping channel host, a property owner of 30 residences among other prominent people. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="All of this amid crypto exchanges shutting down" comment="subhead" text="All of this amid crypto exchanges shutting down">All of this amid crypto exchanges shutting down</cmsannotation> New regulations in South Korea have left over 30 cryptocurrency exchanges operating in the country in the lurch. On September 18, the South Korean government <a href="https://www.businessinsider.in/cryptocurrency/news/smaller-crypto-exchanges-in-south-korea-will-be-closing-their-doors-in-the-next-24-hours/articleshow/86288521.cms">announced</a> that only 28 cryptocurrency exchanges have met the preliminary requirements prescribed under the new law. The law requires crypto exchanges to obtain a certification from the Information Security Management system (ISMS), a financial regulator in the country. <div type="Article" hostid="261" msid="86288521" title="Smaller crypto exchanges in South Korea will be closing their doors in the next 24 hours" mstype="2" mssubtype="0"></div> The new law is an amendment to the country’s Reporting and Using Specified Financial Transaction Information and the deadline for getting certified was set for September 24. At the moment, a list of 28 exchanges have been released, which have met the requirements partially and will hence be able to stay open past that date. However, only four of these 28, including Bithumb, actually have the necessary clearances to offer crypto trading services in Korean Won right now. The 28 exchanges that will remain past September 24 include Gopax, Upbit, Korbit, Huobi, Tennten, Bithumb, Hanbitco, Casherest, Dove Wallet, Flybit, Gdak, Aprobit, Coin&amp;Coin, Probit, Borabit, Coredax and Okbit. Of these, Upbit, Bithumb, Coinone and Korbit are the top four crypto exchanges in the country and the only ones who have partnerships with banks, which is an essential requirement for allowing trading in Korean Won. Having banking partners allows <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> to perform proper verification of their users, including their deposits and withdrawal amounts. The new regulations do not allow trading in Korean Won without the ability to verify users on the exchange, even if they have been able to get the ISMS certification. Meanwhile, reports said that authorities in Korea are monitoring exchanges that might shut down in order to ensure that they return the money deposited by users. On September 17, Reuters <a href="https://www.reuters.com/technology/over-60-skorean-crypto-exchanges-set-suspend-services-next-week-2021-09-17/">reported</a> that more than 60 exchanges could be forced to announce partial or complete shutdowns as the deadline drew nearer. 10 exchanges had already been denied licenses. <cmsannotation type="cmsannotation" annotationid="The tax story is going to get more complicated" comment="subhead" text="The tax story is going to get more complicated">The tax story is going to get more complicated</cmsannotation> This month’s regulations are only the beginning of crypto laws in Korea though. The country is also working on a new tax code, that seeks to levy 20% tax on income from crypto transactions over 2.5 million Korean won. Hong Nam-Ki, the country’s Ministry of Strategy and Finance had <a href="https://www.businessinsider.in/cryptocurrency/news/smaller-crypto-exchanges-in-south-korea-will-be-closing-their-doors-in-the-next-24-hours/articleshow/86288521.cms">said</a> that he would make sure that the law comes into effect from 1 January 2022 onwards. However, crypto exchanges have been claiming that it’s not nearly enough time for them to meet the requirements even though the new deadline is already a delay over the original October end date. A survey cited by the local newspaper, Hankookilbo, shows that over half the respondents are on board with the introduction of new crypto taxes. Conducted by the Korea Social Opinion Research Institute (KSORI), the survey showed that only 335 of respondents are against the new tax. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-has-plunged-to-42000-as-the-crypto-market-continues-to-lose-value/slidelist/86418143.cms">Bitcoin has plunged to $42,000 as the crypto market continues to lose value</a> <a href="https://www.businessinsider.in/cryptocurrency/news/rapper-snoop-dogg-claims-to-be-running-nft-twitters-cozmomedici-account/articleshow/86393409.cms">It's not Elon Musk, Jason Derulo or Matt Bellamy — Snoop Dogg claims he's the NFT influencer CozmoMedici</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-is-crashing-for-a-second-time-in-september/slidelist/86390192.cms">The crypto market is crashing for a second time in September</a>

South Korea’s crypto regulations are tightening around investors and exchanges alike

<ul><li>The stand-in finance minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> took time in the middle of his speech to praise a recent blockbuster, <keyword id="71431" type="CITY" weightage="20" keywordseo="Uri">Uri</keyword>. </li><li> “Single window clearance for ease of shooting films, available only to foreigners, is now going to be made available to Indian filmmakers as well,” Goyal said. </li><li>Modi government’s affair with Bollywood is a recent phenomenon. </li></ul>Budget 2019 had, possibly, the maximum reference to Indian showbiz of all the finance bills presented in the country’s history. To start with, the stand-in finance minister Piyush Goyal took time in the middle of his speech to praise a recent blockbuster, Uri, which glorified the Narendra Modi government’s decision to conduct ‘surgical strikes’ into Pakistan-occupied-Kashmir. He then went on to solicit Bollywood’s love with a change in rule, which should not have been there in the first place. “Single window clearance for ease of shooting films, available only to foreigners, is now going to be made available to Indian filmmakers as well,” Goyal said. And that was not all. He also said that “regulatory provisions will rely more 14 on self-declaration. We will also introduce anti-camcording provisions in the Cinematograph Act to control the menace of piracy.” Goyal also highlighted how the government pushed for a lower tax on cinema tickets through the GST (goods and services tax) Council. Let’s look at how the relationship has evolved in the last four and a half years. It’s showtime Modi government’s affair with Bollywood is a recent phenomenon. In fact, in the first three years of the regime, the government’s relationship with the film industry was rather tenuous. One of the government’s appointees, the former chairman of the film certification board, the CBFC, Pahlaj Nihalani was a big thorn in the flesh for the country’s film industry. He infamously took the moral high ground and censored multiple films, most famously Anurag Kashyap’s Udta Punjab. Even after the Bombay High Court <a href="https://www.indiatoday.in/movies/bollywood/story/udta-punjab-latest-dveelopment-cbfc-bombay-high-court-verdict-censor-board-13840-2016-06-13">struck down</a> the CBFC demand for cuts in the film, Nihalani <a href="https://www.huffingtonpost.in/2016/06/14/pahlaj-nihalani_n_10451088.html">said</a> , “the door for films with obscene and vulgar content.” Despite the fans’ anger and the industry’s anguish, he remained the chief of the ‘censor board’, as CBFC is colloquially known in India, for 2 years, while <a href="https://www.youtube.com/watch?v=bP-l_JY2Vng">he intermittently flattered the </a>government and the prime minister. Not just the working professionals in Bollywood, the government faced a severe backlash from the students of cinema too. In 2017, Gajendra Chauhan’s appointment as the chairman of Film and Television Institute of India (FTII), triggered <a href="https://indianexpress.com/article/opinion/columns/the-problem-with-gajendra-chauhan/">a huge uproar</a>. Students <a href="https://indianexpress.com/article/india/india-news-india/ftii-students-call-off-hunger-strike-to-attend-classes-wont-engage-with-govt/">went on a protest</a>, that even turned violent for a bit, saying Chauhan was qualified to lead a reputed institution like the FTII. The students, who alleged that Chauhan’s appointment was a political move and not based on merit, found vindication when Chauhan <a href="https://indianexpress.com/article/india/im-a-bjp-soldier-will-do-whatever-is-assigned-gajendra-chauhan-4553227/">said</a>, “I am a BJP soldier and I will do whatever is assigned any duty assigned to me.” However, things turned for the better in 2018. Firstly, the new CBFC chief, the accomplished writer and lyricist Prasoon Joshi, has cannily handled the two divergent groups-- the government and the film industry. Secondly, some members of the film industry also served the government well. Two films released towards the end of 2018 were just what prime minister wanted, months before seeking re-election. The first film, <a href="https://www.businessinsider.in/accidental-prime-minister-is-at-the-epicenter-of-a-massive-political-controversy-in-india-just-with-its-trailer-launch/articleshow/67286606.cms">The Accidental Prime Minister</a>, was based on a revelatory book about all the corruption scandals of the previous government led by the Congress. It was the country’s first biopic made on a living prime minister, and showed the Manmohan Singh administration in poor light, and deservedly so, as many would argue. However, that government was voted out in 2014. The other movie of 2018, which helped the cause of the Narendra Modi government, was the slick story of border conflict, Uri. <a href="https://economictimes.indiatimes.com/magazines/panache/budget-2019-piyush-goyal-all-praise-for-uri-in-parliament-says-the-josh-was-unmatched/articleshow/67789368.cms">The movie was a hit</a>,and it allowed the government to revive nationalistic sentiments that are directly proportional to the amount of hate for Pakistan. A little gratitude for pliable filmmakers was probably in order. Who knows, others may fall in line too. See also : <a href="https://www.businessinsider.in/budget/news/budget-2019-live-updates/liveblog/67784324.cms">Budget 2019 Highlights and News Live: Proposal: no tax on income up to ₹5 lakhs</a> <a href="https://www.businessinsider.in/explainer-the-modi-governments-pension-scheme-for-informal-workers/articleshow/67790926.cms">Explained: The Modi government’s pension scheme for informal workers</a>

Modi government’s new found love for Indian Cinema

Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Sunday said <keyword id="6354679" type="COMPANY" weightage="20" keywordseo="gst">GST</keyword> exemption to domestic supplies and commercial import of <keyword id="8764262" type="COMPANY" weightage="20" keywordseo="covid">COVID</keyword> drugs, vaccines and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs. Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent Goods and Services Tax (GST), while it is 12 per cent in case of COVID drugs and oxygen concentrators. "If full exemption from GST is given, vaccine manufacturers would not be able to offset their input taxes and would pass them on to the end consumer/citizen by increasing the price. A 5 per cent GST rate ensures that the manufacturer is able to utilise <keyword id="6357073" type="COMPANY" weightage="20" keywordseo="ITC">ITC</keyword> and in case of overflow of ITC, claim refund. Hence exemption to vaccine from GST would be counterproductive without benefiting the consumer," Sitharaman tweeted. She further said that if Integrated GST (<keyword id="6360947" type="COMPANY" weightage="20" keywordseo="IGST">IGST</keyword>) ₹100 is collected on an item, ₹50 accrues to the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> and the States each as Central GST and State GST respectively. Further 41 per cent of the CGST revenue is devolved to States. So out of a collection of ₹100, as much as ₹70.50 is the share of the states. From the GST collected on vaccine, half is earned by the Centre and the other half by the States. Further, 41 per cent of Centre's collections also get devolved to the States. So states end up receiving almost 70 per cent of the total revenue collected from vaccines. "In fact, a nominal 5 per cent GST is in the interest of the domestic manufacturer of vaccine and in the interest of the citizens," Sitharaman said. West Bengal Chief Minister Mamata Banerjee earlier in the day wrote to Prime Minister Narendra Modi seeking exemption from GST and customs duty any donations of oxygen concentrators, cylinders, cryogenic storage tanks and COVID related drugs from organisations or agencies. The Finance Minister tweeted her response to the Chief Minister's letter, saying these items are already exempted from customs duty and health cess. Besides, Integrated GST (IGST) is also exempted on all COVID relief material imported by the Indian Red Cross for free distribution in the country. Also IGST exemption has been given in case of goods when imported free of cost for free distribution in the country by any entity, <keyword id="51011" type="ORGANIZATION" weightage="20" keywordseo="state-government">state government</keyword>, relief agency or autonomous body on the basis of a certificate issued by a state government. "In order to augment the availability of these items, government has also provided full exemption from basic customs duty and health cess to their commercial imports," Sitharaman said. The government has already exempted from customs duty import of a host of COVID-related relief materials, including Remdesivir injection and its APIs, Inflammatory diagnostic (markers) kits, medical grade oxygen, oxygen therapy related equipment such as oxygen concentrators, cryogenic transport tanks, etc, and Covid vaccines. Besides, effective May 3, the government exempted IGST on import of COVID-relief material received as donation for free distribution in the country, a move which helped speed up customs clearances of such imports. This exemption would be subject to nodal authorities, appointed by the state governments, authorising any entity, relief agency or statutory body, for free distribution of such relief material. The said goods can be imported free of cost by a state government or, any entity/ relief agency/ statutory body, authorized in this regard for free distribution anywhere in India. SEE ALSO: <a href="https://www.businessinsider.in/science/health/article/if-you-are-feeling-anxious-and-overwhelmed-by-the-pandemic-and-the-news-around-it-here-are-a-few-ways-to-calm-yourself-down/articleshow/82494658.cms">If you are feeling anxious and overwhelmed by the pandemic and the news around it, here are a few ways to calm yourself down</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-net-worth-has-crossed-60-billion-as-per-forbes/articleshow/82454659.cms">Gautam Adani’s net worth has crossed $60 billion – thanks to Adani Ports’ profits</a> <a href="https://www.businessinsider.in/tech/news/google-is-now-automatically-turning-on-two-factor-authentication-for-some-accounts/articleshow/82452629.cms">Google is now automatically turning on two-factor authentication for some accounts</a> <a href="https://www.businessinsider.in/business/corporates/news/good-news-for-tata-steel-jsw-steel-sail-hindalco-and-other-indian-steel-companies/articleshow/82451127.cms">China has broken another emissions record ⁠— and it is good news for some Indian companies</a>

GST exemption on domestic supplies, commercial imports of COVID drugs to make them costlier, says Finance Minister Nirmala Sitharaman

<a href="https://www.businessinsider.com/category/rethinking-retirement"></a><div type="image" title="A photo of a senior woman working in a laptop in an office with younger co-workers in the background." height="600" width="1200" msid="91497660" hostid="261"></div><ul class="summary-list"><li>Semi-retirement has become increasingly common as more people slowly transition to life after work.</li><li>People may pursue their passion, work part-time, or consult instead of stopping work altogether.</li></ul>Under the traditional idea of <keyword id="11909870" type="UNKNOWN" weightage="60" keywordseo="retirement" source="Orion">retirement</keyword>, you work for decades, all the while saving up enough money to ultimately cut the career cord and live a life free from work. The dream is to be able to visit family, travel, volunteer, maybe pursue a favorite hobby. Full retirement was the ultimate goal, representing freedom and stress-free living.There was a clear separation between working and retiring. You either did one or the other. That was then. Nowadays, more people nearing or at retirement age are choosing a lifestyle known as semi-retirement, which combines the two.<h2>What is semi-retirement? </h2>When a person works full time and decides, instead of fully retiring, to work part-time, become a consultant, or work at a more fun or meaningful, they are considered semi-retired. Rather than diving into retirement, they're wading in slowly. A person might choose semi-retirement for a variety of reasons.Justin Stevens, a CFP® professional with <a href="https://okeefestevens.com/" target="_blank" rel="noopener">O'Keefe Stevens Advisory</a>, points out that financial necessity is often behind the decision. With increased wealth, education, and advancements in medicine leading to longer lives, "retirement today might be a four-decade endeavor," he says. "Coupled with a steadily rising cost of living, there is a higher probability today of running out of money later in life," Stevens says. "Some people prefer to work longer and delay spending their hard-earned savings, delay taking Social Security, and let their money continue to compound."Jordan Grumet, <a href="https://www.amazon.com/Taking-Stock-Financial-Independence-Regret-Free/dp/1646043545/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1650916761&amp;sr=1-1" target="_blank" rel="noopener">author</a> of "Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life," notes that just a small amount of income during semi-retirement can make a big difference."Even funding 25% of yearly spending with outside sources can make a previously shakey retirement portfolio rock solid," Grumet says. "Furthermore, employer-sponsored healthcare and access to retirement savings vehicles like 401(k)s with an employer match make semi-retirement an even a wiser choice."Others choose semi-retirement simply to remain active. The thought of retirement may strike them as boring. They want a reason to get up in the morning and like a routine. Some retirement-aged people leave their regular jobs and take positions that give back or make a difference, even if the pay is a fraction of what they made at their full-time jobs. Still others choose to continue working after retirement to remain engaged with the community. This group might decide to find a job just to be around people, whether they need the money or not. <h2>Types of work for the semi-retired</h2>There are many options available for semi-retired folks to stay employed in some capacity. They may decide to stay at their current company part-time or decide to consult in their specialty. They might switch gears altogether and try something new that aligns with their hobbies and passions. Or they may take a job with less stress — at a library or grocery store, for example — to pass the time and make some extra money. Many employers who once only hired full-time positions are seeing the benefit of keeping retirement-age employees around longer. These employees are loyal, have good work ethics, and offer decades of knowledge and experience. Part-time work and flexible positions are expected to become more common in the next decade.And there are likely to be many retirees willing to take them. A 2022 <a href="https://www.ebri.org/" target="_blank" rel="noopener">survey</a> commissioned by the Employee Benefit Research Institute found that 70% of workers think they'll work for pay in retirement. It also showed that only 27% of current retirees are doing so.The outlook for work after retirement is changing, says Alan Kirby, a chartered financial consultant with <a href="https://ridgebrooke.com/" target="_blank" rel="noopener">Ridge Brooke Tax and Retirement Planning</a> in Tennessee. There are more options than ever for retirement-age people who want to continue working, either in a scaled-down version of their current role or in a totally different job."Semi-retirement of today has evolved way beyond the idea of leaving a good job to go be a greeter at Walmart," Kirby says.<h2>9 tips to set yourself up for semi-retirement </h2>If you've researched semi-retirement and think it sounds like a good option for you, start preparing for the change now. Just like full retirement, the sooner you take action the easier the transition will be. These nine tips will help pave the way to a smooth transition into semi-retirement and beyond. <h3>1. Make a realistic plan</h3>You can't effectively move to the next stage of your life until you know where you are now."One of the most important aspects of semi-retiring is ensuring that you have enough saved up to cover your costs," says Linda Chavez, founder and CEO of <a href="https://seniorslifeinsurancefinder.com/" target="_blank" rel="noopener">Seniors Life Insurance Finder. </a>"Take some time to assess your current financial situation and set goals for how much money you will need to support yourself during semi-retirement." Look at your current spending and debts compared to the retirement assets you'll be tapping. Measuring both gives you an idea of how much income you'll need in semi-retirement. <h3>2. Pay off your home</h3>Your home is most likely one of your most valuable assets, and your <a href="https://www.businessinsider.com/personal-finance/paying-off-mortgage-early-pros-cons" target="_blank" rel="noopener">mortgage</a> may be your single biggest monthly bill. Taking it out of your budget decreases your expenses significantly. Plus, you have the stability of housing taken care of already.<h3>3. Simplify your life and belongings</h3>Getting ready to semi-retire is the perfect time for cutting out extraneous expenses and pricey possessions that don't add value to your life. Focus on what matters most to you and eliminate the rest."Before pursuing the semi-retirement lifestyle, you should ask yourself why you want to semi-retire," says Greg Middendorf, a CFP® professional at <a href="https://hcmwealthadvisors.com/about-us/team" target="_blank" rel="noopener">HCM Wealth Advisors</a>. "Having clarity around your reasoning will help you achieve these goals. For a successful outcome, give priority to the things important to you."<h3>4. Focus on getting out of debt </h3>High debt loads and big monthly payments can strain your budget, especially if you're making less than you did when working full time. Decreasing your debt as much as possible helps semi-retirement go more smoothly. "When you decide to live a semi-retired life, it's important that you concentrate on repaying any existing debt you may have," says Middendorf. "Long-standing debt can seriously hamper your financial stability and your dream of semi-retirement."<h3>5. Find ways to earn passive income</h3>The money you've saved so far is vital, as is the money you'll be able to make in semi-retirement. Consult your financial advisor before you take the plunge to ensure you aren't sabotaging yourself down the road. Find investments that create a <a href="https://www.businessinsider.com/personal-finance/investing-after-retirement" target="_blank" rel="noopener">passive income stream</a>. Dividend-paying stocks, certificates of deposit (CDs), annuities, and bonds are among the options. Rental property is another way. Some people create YouTube channels or websites that they can use to generate income. Fall back on your talents to build income helps fund your semi-retired lifestyle.<h3>6. Figure out how to make money from your passion</h3>Semi-retirement can come sooner if you convert your passion into a money-making stream. Always loved woodworking, gardening, photography, sewing, or drawing? Figure out a way to use those interests to generate income. That way, you get to do what you love and make money. <h3>7. Get your health insurance plans sorted</h3>One of the most substantial expenses people who semi-retire fail to plan for is their health insurance costs. Many full-time jobs foot the bill for most or all of their employees' health insurance premiums. Those will be your responsibility when you leave your position. "Health insurance before Medicare begins is expensive!" says Patti Black, a CFP® professional at <a href="https://bridgeworthfinancial.com/our-people/patti-b-black/" target="_blank" rel="noopener">Bridgeworth LLC</a>. "Continuing on group health insurance or working part-time may help offset that cost, which can help boost your chances of a financially successful retirement."According to <a href="https://justcareusa.org/2022-what-will-your-health-care-costs-be-in-retirement/" target="_blank" rel="noopener">JustCare USA</a>, a digital platform that provides data and information to help baby boomers navigate health-care choices, women who are 65 should have $159,000 set aside for health-care costs. Men who are 65, because they have slightly shorter lifespans, should have $142,000 set aside. <h3>8. Look for deals to stretch your dollars</h3>In addition to cutting your expenses, take advantage of programs that offer discounts to semi-retired folks.Katie Ross, executive vice president at <a href="https://www.consumercredit.com/" target="_blank" rel="noopener">American Consumer Credit Counseling,</a> recommends looking to national and local organizations for discounts on everyday expenses."Organizations like AARP or the Association of Mature American Citizens can help you save money," Ross says. "Your local senior center and town offices might also be of help. Some towns offer seniors abatements on things like real estate taxes and water and sewer bills if you qualify." <h3>9. Keep your options open</h3>Moving into semi-retirement doesn't mean you'll never be in the full-time workforce again. In most cases, the move is a step toward full retirement, but not always. "If you have any kind of professional credential, license, certification, or security clearance, it's highly recommended that you find a way to maintain them," says Brad Nelson, a CFP® professional at <a href="http://www.lyonparkadvisors.com">Lyon Park Advisors, LLC.</a> "You worked hard for them and they're nearly always much easier to maintain than to regain if you let them drop. The purpose, of course, is to keep your options open if you find that retirement is not for you."

9 tips to set yourself up for semi-retirement

India jumped 14 places to the 63rd position on the World Bank's <keyword id="6354423" type="DEFINITION" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> ranking released on Thursday, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The country also figured among the the top 10 performers on the list for the third time in a row. The rankings come at a time when the Reserve Bank of India (RBI), World Bank, International Monetary Fund (IMF) and various rating agencies have slashed the country's growth forecasts amid a slowdown in the global economy. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014. Four years of reform pushed up India's rank to 100th in World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when it was ranked lower than Iran and Uganda. Last year, the country jumped 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas. In its 'Doing Business' 2020 report, the World Bank commended the reform efforts undertaken by the country "given the size of India's economy". "This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous," Simeon Djankov, Director of Development Economics at the World bank told PTI in an interview. "India is the first country of its type to achieve that. It has jumped this year by 14 position," he said. Apart from India, the other countries on this year's 'top 10 performers' list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131). Prime Minister Modi's 'Make in India' campaign focused on attracting foreign investment, boosting the private sector — manufacturing in particular — and enhancing the country's overall competitiveness, the World Bank said in its report. The government turned to the Doing Business indicators to show investors India's commitment to reform and to demonstrate tangible progress. In 2015, the government's goal was to join the 50 top economies on the ease of doing business ranking by 2020. While the competition to move up the ladder would increase and become much tougher, India is on track to be within top 50 of the Ease of Doing business in the next year or two, Djankov told PTI in response to a question. And to come under 25 or below 50, the Modi government needs to announce and start implementing next set of ambitious reforms now, as these reforms takes a few years to be realized on the ground, he said. "The administration's reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020,” the report said. One of the main reasons for improvement in India's ranking this year goes to the successful implementation of the Insolvency And Bankruptcy Code, the World Bank official said. "Before the implementation of the reform, it was very burdensome for secured creditors to seize companies in default of their loans," the report said. "Since its implementation, more than 2,000 companies have used the new law. Of these, about 470 have commenced liquidation and more than 120 have approved reorganization plans, with the remaining cases still pending," it added. In the past, foreclosure was the most common procedure reported by legal practitioners in both Delhi and Mumbai under the case study assumptions measured by the resolving insolvency indicator set, with an approximate duration of 4.3 years, the report said. "Reorganization has become the most likely procedure for viable companies as measured by Doing Business, increasing the overall recovery rate from 27 to 72 cents on the dollar," the bank said. In addition to resolving insolvency, significant improvements were registered in starting business, dealing with construction permits and trading across borders, the report said. "India made starting a business easier by abolishing filing fees for the SPICe (Simplified Proforma for Incorporating a Company Electronically) company incorporation form, electronic memorandum of association, and articles of association," it said. Delhi streamlined the process, reduced the time and cost of obtaining construction permits, and improved building quality control by strengthening professional certification requirements. Mumbai streamlined the process of obtaining a building permit and made it faster and less expensive to get a construction permit. India made trading across borders easier by enabling post clearance audits, integrating trade stakeholders in a single electronic platform, upgrading port infrastructures, and enhancing the electronic submission of documents, the report said. New Zealand, Singapore and Hong Kong topped the list this year. PTI LKJ CK 10240736 NNNN

Narendra Modi will use the jump in India's ease of doing business ranking to shut up his critics

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP/John AmisSome credit cards will reimburse your application fee for TSA PreCheck, which can save you time at the airport during the holiday rush.</div></div></div><ul class="summary-list"><li>Signing up for a new credit card probably isn't on your holiday to-do list, but it should be.</li><li>If you sign up for a credit card now, you can earn a sign-up bonus of points or miles in time for the holidays, and those rewards can help offset holiday <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> expenses.</li><li>Credit cards like the <a href="https://thepointsguy.com/card-details/the-platinum-card-from-american-express/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Platinum Card® from American Express</a> and the <a href="https://thepointsguy.com/card-details/chase-sapphire-reserve/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Chase Sapphire Reserve</a> also offer statement credits that can cover some of your travel purchases. </li><li>Benefits like <a href="https://www.businessinsider.com/top-credit-cards-with-free-global-entry">TSA PreCheck and Global Entry</a> can make your holiday travels more convenient.</li></ul>When you think about preparing for the holidays, applying for a credit card probably isn't at the top of your to do list - but it should be. Here are a few reasons why signing up for a new credit card now could be a great step in your holiday planning.<h2>Earn points and miles to offset holiday travel</h2>According to travel website The Points Guy, the best time to book travel for Thanksgiving and Christmas is three to four weeks in advance - which means if you want to use credit card rewards to offset your holiday travel, now's the time to get started.Credit card rewards can make a major dent in your holiday travel spending. For example, the 50,000-point sign-up bonus on the <a href="https://thepointsguy.com/card-details/chase-sapphire-reserve/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Chase Sapphire Reserve</a> (which you can earn after spending $4,000 in the first three months) is worth up to $750 in travel booked through the Chase website - and if you use that on airfare, you'll also earn miles on your tickets.Or you can transfer those points to an airline or hotel partner - for example, 50,000 points could get you two round-trip tickets within the United States on United Airlines, or if you already have Southwest Airlines points it could make sense to transfer points to Southwest's Rapid Rewards program to get enough for an award ticket with no blackout dates.Some credit cards also offer companion certificates, which allow you to bring a second person along for just the cost of taxes and fees - an incredible deal, especially when airfares are high. The <a href="https://www.businessinsider.com/alaska-airlines-credit-card-review">Alaska Airlines Visa Signature credit card</a> offers this benefit, as do the <a href="https://thepointsguy.com/card-details/platinum-delta-skymiles-credit-card-from-american-express/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Platinum Delta SkyMiles® Credit Card from American Express</a> and the <a href="https://thepointsguy.com/card-details/delta-reserve-credit-card-from-american-express/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Delta Reserve® Credit Card from American Express</a>.Read more: <a href="https://www.businessinsider.com/best-current-credit-card-signup-bonuses">The best credit card sign-up offers available now</a><h2>Use holiday purchases to meet minimum spend requirements</h2>Nearly all credit cards that offer a welcome bonus or signup offer require that you spend a certain amount of money on purchases within the first three months of opening the card - typically between $3,000 and $5,000.Between holiday travel, gifts, and parties, many people find that the holiday season comes with higher-than-usual expenses - so combined with your usual spending, that minimum spend requirement may be less daunting during the holidays.Read more: <a href="https://www.businessinsider.com/easy-way-to-earn-credit-card-sign-up-bonus-2018-4">You should apply for a new credit card before booking your vacation - but not for the reason you think</a><h2>Take advantage of annual credits</h2>Some credit cards like the <a href="https://thepointsguy.com/card-details/chase-sapphire-reserve/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Chase Sapphire Reserve</a>, <a href="https://www.businessinsider.com/heavy-metal-credit-card-trend-citi-prestige-2019-7">Citi Prestige® Card</a>, the <a href="https://thepointsguy.com/card-details/the-platinum-card-from-american-express/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Platinum Card® from American Express</a>, and <a href="https://thepointsguy.com/card-details/the-american-express-gold-card/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">American Express® Gold Card</a> come with annual credits to offset travel fees or other travel expenses. While the Chase Sapphire Reserve's credit is tied to your account anniversary, the other cards on this list offer the credit once per calendar year. That means if you sign up for the card now, you can receive the credit before the end of 2019, and then use it again starting in January. It's a great way to offset the high initial cost of these cards' annual fees.This philosophy isn't restricted to travel, either: it also works for other time-restricted credits, like the Saks Fifth Avenue credit offered by the American Express Platinum and the Dell credit offered on the <a href="https://thepointsguy.com/card-details/the-enhanced-business-platinum-card-from-american-express-open/?utm_campaign=bi_09102019_cl_sign-up-new-card-before-holidays&amp;utm_source=referral">Business Platinum® Card from American Express</a>.<h2>Beat long lines at the airport or immigration by taking advantage of Global Entry or TSA PreCheck credits</h2>Many credit cards will reimburse you for enrolling in the Global Entry and TSA PreCheck trusted traveler programs. TSA PreCheck allows you to skip long security lines at US airports, and go through an expedited lane where you don't have to take your shoes off or take anything out of your bags. This makes a huge difference in your travel experience, especially if you're traveling with family members.If you ever travel internationally - and especially if you plan to go abroad during the holidays - Global Entry could be your new best friend. In addition to TSA PreCheck benefits, you also get access to expedited immigration and customs lines at US airports and land borders, as well as pre-clearance facilities in Canada, the Caribbean, Ireland, and Abu Dhabi. During the busy holiday travel season, you could easily spend over an hour in line at immigration - or you could sign up for Global Entry and be through in minutes.Note that while children 12 years and younger can go through the TSA PreCheck lane as long as their parents have PreCheck, to use the Global Entry kiosks every person must be enrolled in Global Entry (including infants!). Fortunately, you can also use these credit card reimbursements to get your family members signed up for Global Entry.Read more: <a href="https://www.businessinsider.com/top-credit-cards-with-free-global-entry">8 credit cards that will reimburse your Global Entry fee</a><h2>Strategically time credit card applications to maximize benefits like the Southwest Companion Pass</h2>The <a href="https://www.businessinsider.com/how-to-earn-southwest-companion-pass-2018-9">Southwest Companion Pass</a> is one of the most amazing deals in travel: It allows you to designate one person who can travel with you on any Southwest ticket (whether you book it with cash or points) for just the cost of taxes and fees. To earn it, you have to accumulate 110,000 Rapid Rewards points in a calendar year; one received, it's valid for the remainder of that calendar year and all of the following year.What does this have to do with credit cards? Well, points earned from Southwest credit card sign-up bonuses count toward the 110,000 Rapid Rewards points required for the Companion Pass.Chase offers three personal Southwest credit cards, and two business Southwest credit cards. If you were to open one personal card and one business card in November or December and make sure not to finish the minimum spending requirements until after January 1, you could receive enough points in January to receive a Companion Pass valid for two years!Read more: <a href="https://www.businessinsider.com/southwest-credit-card-comparison-which-to-get">We compared Southwest's 5 credit cards to help you decide which is best for you</a>More <a href="https://www.businessinsider.com/category/credit-cards">credit card</a> coverage<ul><li style="font-weight: 400;"><a href="https://www.businessinsider.com/best-airline-credit-card-comparison-delta-united-american">What's the best airline credit card?</a></li><li style="font-weight: 400;"><a href="https://www.businessinsider.com//best-cash-back-credit-cards">The best cash-back credit cards</a></li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/southwest-credit-card-comparison-which-to-get">Southwest credit card review</a></li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/best-credit-card-reward-program">Best credit card reward programs</a></li></ul>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/megyn-kelly-details-sexually-harassed-roger-ailes-fox-news-2017-11">Megyn Kelly details how she was allegedly sexually harassed by Roger Ailes, then advised to 'just steer clear of him'</a></h3> <div> </div> </div>

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