Beyond Money
Bridging the divide

Jyoti Sachade collects new and old jewellery—of every kind—and distributes them to girls from orphanages. She also distributes donated appliances to the have-nots

“I collect anything people want to donate—new and old, even artificial jewellery,” says Jyoti Sachade. “When girls from orphanages go to school, they see their classmates wearing jewellery. Jewellery for these children is considered an extravagance, but it certainly is not. You should see the shine in their eyes when they receive the donated jewellery. That joy satisfies me.”

Ms Sachade started her work in 2007 with the registration of Mamata Charitable Foundation. Her initial motivation was to channel the surplus from the haves to the have-nots who could not even meet basic needs. Beginning with her own belongings and donations of toys and clothes from friends, the huge response has resulted in 110 tempo-loads of despatches until now. The articles have gone primarily to organisations that do not receive government grants and to people who need them the most. Orphanages, old-age homes, adivasis, HIV+ patients, the mentally retarded, destitute children, polio patients and several others are the beneficiaries. They are located all over Maharashtra, Gujarat and Delhi, and cities like Mumbai, Jabalpur, Varanasi. Baba Amte’s ashrams have also been recipients.

All donations are welcome: furniture, utensils, cycles, food grains, clothes, household appliances (such as TVs, fridges, ovens), toys, games, books in any language, stationery, medicines, medical aids, showpieces—anything at all which is in usable condition. Ms Sachade maintains a record of all donations received. She checks if the proposed recipient is genuine and notes their present and future requirements. What is received, who gives, and how much cannot be predicted. When she receives donations that match the recipient’s requirement, they are forwarded appropriately. People usually donate on special occasions such as festivals, births, marriages and death anniversaries. “I am a bridge between the rich and the poor,” says Ms Sachade.

Several other activities are undertaken by the Foundation. Ms Sachade conducts free computer classes for underprivileged children. She has set up a library for them. Another ongoing activity is a literacy drive for adults. ‘Ajobaanchi Aaraam Kurchi’ (grandparents’ easy chair) is a proposed day-care centre for the elderly. Employing a caretaker to look after the elderly at home does not guarantee safety; nor can everyone afford it. She is looking for funds to start the facility with all the required comforts—cots, mattresses, indoor games, space for taking walks, TVs, etc.

Ms Sachade also proposes to start facilities for the mentally- and the physically-challenged after she finds a bigger place. She also wants to start a self-employment scheme where sewing machines are provided, donated fabric is stitched and then distributed among orphans. A future plan is to provide ambulance services. The Foundation is on the lookout for larger premises for these activities. Since its inception, Ms Sachade’s three-bedroom flat has been the centre of activity and storage space of donated items. With exponential growth of the Foundation’s activities, the space is now inadequate. Additional space is required as is a corpus fund for financing the Foundation’s work. Cash donations that contribute to the corpus are now accepted.

The donations in kind required are: sugar, cooking oil, milk powder, dal, chana and bathing soap. Unstitched cloth is needed throughout the year.

Ms Sachade maintains meticulous accounts of all donations to ensure transparency of transactions. Though essentially a one-woman operation, she has people to provide administrative and caregiver assistance.

All donations to the Foundation are exempt under Section 80 (G) of the Income-Tax Act. People can also make donations online to Bank of Maharashtra; A/c name: Mamata Charitable Foundation;
A/c No. 60028676264; IFSC No.-MAHB0001208.

Mamata Charitable Foundation

A/4 Dhanlaxmi Park,
Right Bhusari Colony, Paud Road, Pune – 411 038
Tel: 98225 42419
www.mamatacharitablefoundation.com
[email protected]

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Share prices will continue southwards, subject to minor rallies: Thursday Closing Report

Downward journey to continue; next support for Nifty lies at 5,350

While the market had factored the Reserve Bank of India's (RBI) 25 basis point hike in key rates, today's decline was largely on account of economic issues across the world, which will eventually impact growth in India.

The market opened lower on nervousness ahead of the RBI's monetary policy review and global worries arising from fears of the debt crisis in Greece spreading to other countries in the Eurozone. The Sensex opened 72 points lower at 18,060 and the Nifty resumed trade at 5,420, down 28 points from its previous close. Rate-sensitive sectors like banking, realty and auto saw selling pressure in early trade.

The market continued to trade sideways, till the announcement of a 25-basis-point increase in key rates by the RBI, which was in line with market expectations. Buying in select counters saw the market recover its losses and almost touching its previous closing level. At the day's high, the Sensex added 32 points to 18,155 and the Nifty was at 5,448, its closing figure on Wednesday.

However, the gains were short-lived as choppiness led the indices lower in subsequent trade, as key European markets were marred by the debt issue in Greece. US stock futures, which were in the red, also added to the woes. The market touched its intra-day lows in late trade, with the indices falling below their psychological levels. The Sensex tumbled 173 points to 17,959 and the Nifty was down 58 points to 5,390. Finally, the Sensex closed at 17,986, a decline of 146 points and the Nifty finished trade at 5,397, down 51 points.

The Nifty traded below the first support of 5,450 today and closed much below it. It is likely to go down to 5,350, subject to minor rallies.

The advance-decline ratio on the National Stock Exchange was 421:968.

The broader indices were also thrashed, with the BSE Mid-cap index declining 0.71% and the BSE Small-cap index closing 0.54% lower.

All sectoral gauges closed in the red. BSE IT (down 1.66%), BSE TECk (down 1.42%), BSE Capital Goods (down 1.35%), BSE Metal (down 1.17%) and BSE Consumer Durables (down 1.10%) were the top losers.

Reliance Infrastructure (up 2%), Hindustan Unilever (up 1.10%), State Bank of India (up 1.09%), BHEL (up 0.67%) and ONGC (up 0.35%) were the major gainers on the Sensex. TCS (down 2.40%), Sterlite Industries (down 2.33%), Larsen & Toubro (down 2%), Wipro (down 1.99%) and Maruti Suzuki (down 1.74%) were the laggards on the index.

The top gainers on the Nifty were Reliance Infra (up 1.93%), Bharat Petroleum Corporation (up 1.61%), Reliance Capital (up 1.55%), SBI (up 1.26%) and HUL (up 1.25%). The top losers on the benchmark were Ambuja Cement (down 5.42%), IDFC (down 4.12%), ACC (down 3.49%), TCS (down 2.89%) and SAIL (down 2.78%).

The RBI raised interest rates on Thursday for the 10th time in 15 months, underlining that it would continue to deal with high inflation, while balancing the adverse movements with global developments and their likely impact on domestic growth.

The RBI hiked the repo (short-term lending) and reverse repo (short-term borrowing) rates by 25 basis points each. The repo rate now stands at 7.5% and the reverse repo rate at 6.5%.

Markets in Asia settled with deep cuts on issues related to Greece's sovereign debt crisis. The European Central Bank opined that the threat of the Greek debt crisis spilling over into the banking sector is the biggest risk to the region's financial stability. The developments weighed on the outlook for exporters in the region.

The Shanghai Composite declined 1.52%, the Hang Seng tumbled 1.52%, the Jakarta Composite fell by 1.42%, the KLSE Composite shed 0.13%, the Nikkei 225 tanked 1.70%, the Straits Times settled 1.14% lower, the Seoul Composite shrank 1.91% and the Taiwan Weighted dived 2% in trade today.

Back home, foreign institutional investors were net sellers of stocks worth Rs170.56 crore, whereas domestic institutional investors were net buyers of equities worth Rs141.14 crore.

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