The Union Budget for 2015-16 was presented to the parliament and the nation by Finance Minister Arun Jaitley on February 28. While generally the economists, industrialists and experts are commending its succinct and clear approach towards fiscal policy and orientation towards growth, we bring to you ten things the aam aadmi needs to watch out for in 2015-16.

3. Universal social security scheme

In an effort to push for universal pension and social security, various schemes are envisaged such as the Pradhan Mantri Suraksha Bima Yojana to provide accidental death risk cover of upto Rs. 2 lakh.

The highlight is the Atal Pension Yojana which will provide a defined pension, depending on the contribution, and its period. Because, as Mr. Jaitley puts it, the plan is to become a pensioned society from a pension-less one. To encourage the same, government will contribute 50% of the premium limited to Rs. 1000 a year.

4. Gold monetisation: Make your gold pay

Gold is good, gold is shiny but hoarding gold is really bad for the economy. Indians are universally smitten by the yellow metal but neither store it in banks nor trade it.

To encourage people to monetise gold, Gold Monetisation Scheme has been launched under which you go store your gold with the government or banks, which give you interest on the value of metal stored. Gold loans will also become easy to take out.

Beware though, that the gold will go into cycling investments and may not be available to you in the same form again. However, with nice interest rates and easy options for redemption, you will not complain.