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Getting Down to Business―ESoM’s Talk on Banks and Taxes

The Economics & Finance Society of Manipal’s second event of the semester, a talk on banks and taxes, took place on March 14, at NLH. The event was held to help increase financial literacy among students and to make them aware of recent changes that have taken place in the financial world.

“We have observed that students are not aware of the banking policies and the taxation system in India. Finance is not a big part of our education here, and ESoM acts as an intermediate to bridge this gap in knowledge,” said Eeshan Upadhyay, the Vice President of ESoM.

The event began with an introduction to the working of banks and loans by the first speaker, Shubham Padgilwar. An interesting analogy was made between food delivery apps, like Swiggy and Zomato, and banks―both provide a service to customers while fulfilling the need for depositors, thus completing the supply and demand chain. The second speaker, Aditya Kumar, spoke about how the functioning of banks is governed by a central bank like the RBI, which regulates the financial system and acts as a safety net.

The next speaker, Rahul Alvares, discussed the importance of international banks such as the International Monetary Fund and the World Bank. These organisations help put in place fair trade and stable fiscal policies and prevent countries from overspending themselves. The last speaker of the event, Aditya Rathi, explained the tax structure in India and mentioned the recent implementation of GST. The amendment in the interim budget for Fiscal Year 2019-2020 was also discussed. A noteworthy point was that rebates in the lower tax slab (less than five lakh) were increased. The talk was highly informative, with real-life examples such as the economic liberalisation of India in 1991 and the Bretton Woods Conference in 1944 being mentioned.

The talk concluded with a short question and answer session, with the organisers adeptly solving the audience’s queries. The event accomplished what it set out to do, with the attendees leaving the event with a better perception of the financial world.

Picture Credits: The Photography Club, Manipal

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