Govt assures swift UCC implementation

Mumbai: Maharashtra government unequivocally declared its commitment to implementing the Uniform Civil Code across the state, assuring the legislative assembly that a comprehensive legal framework is already in the advanced stages of formulation. Minister of State for Home Yogesh Kadam categorically stated on the floor of the House on Tuesday that the ruling Mahayuti administration is entirely positive about the swift introduction of the Uniform Civil Code to standardize personal laws. To...

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Mumbai: Maharashtra government unequivocally declared its commitment to implementing the Uniform Civil Code across the state, assuring the legislative assembly that a comprehensive legal framework is already in the advanced stages of formulation. Minister of State for Home Yogesh Kadam categorically stated on the floor of the House on Tuesday that the ruling Mahayuti administration is entirely positive about the swift introduction of the Uniform Civil Code to standardize personal laws. To facilitate this monumental legislative transition, the state government has formally sanctioned the constitution of a dedicated expert committee, which is being spearheaded by a retired High Court judge. This committee has been entrusted with the critical responsibility of meticulously preparing the draft bill for the Uniform Civil Code, which the government intends to enact immediately upon the submission of the final report. Emphasising the overarching objectives of the proposed legislation, Kadam noted that the Uniform Civil Code would universally apply to every citizen irrespective of their religious affiliations and would explicitly incorporate a stringent ban on the controversial practice of polygamy. The minister drew direct parallels with the legislative measures recently adopted by states like Uttarakhand, underscoring that the impending law in Maharashtra would similarly entail severe penal consequences, potentially including imprisonment for up to seven years for violations related to polygamy and illegal divorce practices. He firmly maintained that the government’s approach is fundamentally secular, harboring no animosity toward any specific religion, but is rather driven by the constitutional imperative to extend equal rights, legal protection, and comprehensive justice to women from all communities. This definitive policy assurance from the government was catalysed by a highly volatile calling attention motion initiated by BJP legislator Devyani Farande, which thrust the deeply sensitive issues of triple talaq and polygamy into the center of the assembly’s monsoon session. Farande brought the ongoing plight of Muslim women to the immediate attention of the House, asserting that despite the central government’s strict legislative prohibition, the illegal practice of instant divorce continues to flourish unabated.

The Three Bucket Rule

Kaustubh Kale
Mar 21
2 min read

As we start the new financial year, this is a good time to pause and look at how your monthly income is being used. Let me try and help you rationalise your expenses, EMIs, and savings in a simple and practical manner. If you do not consciously divide your income, it quietly disappears into expenses, EMIs, and lifestyle leakages. The solution is simple: divide your monthly income into three buckets.

The three-bucket approach

For ease of understanding, think of these as three roughly equal parts of one-third each. This may not be mathematically perfect for every person, but it is a very practical framework that creates discipline and clarity in money management.

Bucket 1: Monthly expenses

This includes routine household expenses, bills, groceries, fuel, dining out, lifestyle spending, and other regular outflows. In short, this bucket is meant for your present life and present needs. Ideally, you should try to restrict these expenses to one-third of your monthly income.

Bucket 2: Loan repayments and EMIs

This includes home loans, car loans, personal loans, education loans, and even credit card dues. While debt may sometimes be necessary, it must remain within control. As a broad thumb rule, this bucket too should not exceed one-third of your monthly income. If your EMI burden regularly crosses this level, it is usually a sign that you are over-leveraged.

The more disciplined you are in Bucket 1 and 2, the more room you create for wealth creation.

Bucket 3: Investments for long-term goals

This is the bucket of delayed gratification, also something that most people neglect. Saving money is not the same as investing money. Investments should be made with the right asset allocation and with clear long-term goals in mind - children’s education, marriage, buying a dream home, a dream car, dream vacation and your retirement. These are goals that cannot usually be met from one month’s income alone. They require regular and purposeful investing.

What if you have no EMIs?

If you do not have loans or EMIs, it becomes even easier. You may be able to invest 40%, 50%, or even more of your income. That is excellent, because the more you direct towards investments, the stronger your future financial position becomes.

Use three bank accounts

A very effective way to implement this system is to maintain three separate bank accounts. The first is the Income Account, where your salary or business income is received. The second is the Expenses and EMIs Account, from which all regular spending and loan repayments are made. The third is the Investments Account, the most important one, from which long-term investments are made.

Present self vs future self

Seen differently, the Expenses Account is for your present self, while the Investments Account is for your future self. Over time, this simple habit creates clarity, discipline, and control. And that is the real goal of personal finance: to ensure that you command your money, instead of letting money rule you.

(The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

1 Comment

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