Consumer Redressal: Heirs Can Get Disputed Flat
MSCDRC (Maharashtra State Consumer Disputes Redressal Commission) ruled in favour of the legal heirs of the consumer and directed the builder to hand over possession of a flat, as the buyer died during the pendency of the case.
 
Lily Raj had booked a flat in a building by Saini Builders in Thane (Maharashtra). An agreement was registered in May 1999 according to which she would receive a 560 sq ft flat at a cost of Rs6.75 lakh. Possession was to be given in November 1999. Lily had paid the builder in cash at the time of booking and subsequent instalments by cheque. Even though construction was completed, possession was not handed over by the agreed date. The builder gave a written commitment to either hand over possession by 31 March 2001 with Rs3 lakh compensation for the delay or cancel the booking and pay a lump-sum of Rs8 lakh.
 
As nothing moved in her favour, Lily complained to MSCDRC. While the complaint was pending, she died and her legal heirs were brought on record. MSCDRC concluded that Lily’s heirs were entitled to get possession of the flat. By its order of 1 July 2015, MSCDRC directed the builder to hand over possession of the flat and pay Rs3 lakh as compensation to the legal heirs and Rs5,000 towards litigation costs.
 

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Retirement: Indians Rank First in Retirement Readiness

Indians rank first in retirement readiness in a global survey conducted by Aegon Religare Life Insurance Co Ltd. It ranks ahead of even countries like the United States, the United Kingdom and China. The survey, titled “Aegon Retirement Readiness Survey 2015”, had 15,000 respondents from 15 countries. Of these, 1,000 (900 working and 100 retired) were from India. Indian workers scored 6.98 out of 10 on the ‘Retirement Readiness Index’, compared with the global average of 5.86. However, according to the report, the surveyed Indians also said that they are not entirely on track to meet their desired retirement income.

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Retirement: EPFO To Invest around Rs410 Crore in ETFs Every Month
Employees’ Provident Fund Organisation (EPFO) has decided to invest around Rs410 crore in exchange traded funds (ETFs) every month during the current fiscal. EPFO plans to invest 5% of its incremental deposits every month. EPFO received average monthly incremental deposits of Rs8,200 crore during this financial year, so far.
 
EPFO assured the trustees that being cautious about the volatile nature of stock market and with no prior experience of such investments, EPFO will start with investing in ETF during the current fiscal. 

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