Citizens' Issues
Give Delhi government photocopies of files seized: Court to CBI
A court here on Wednesday directed the CBI to give the city government photocopies of files seized from the office of Rajendra Kumar, principal secretary of Chief Minister Arvind Kejriwal.
 
Special Judge Vinod Kumar of the Patiala House Court directed the investigating agency to provide photocopies of the files duly attested by a responsible officer by December 28.
 
In the application, the government of the National Capital Territory (NCT) of Delhi said the documents were seized by the CBI from the office of the principal secretary and his personal staff, and requested the court that the CBI should at least supply copies of the files to the government.
 
The court order said the senior public prosecutor for the CBI has conceded to this request.
 
Accordingly, the court directed that photocopies of the files, duly attested by a responsible officer, may be supplied to an officer duly authorised by the government of the NCT of Delhi by December 28.
 
"Such authorised officer shall collect the aforesaid copies from the office of the CBI during working hours.
 
"However, it is made clear that the question of return of original files/documents shall be determined by the concerned court," it added posting the matter for January 6.
 
The application, filed by the Delhi government through standing counsel Rahul Mehra and Richa Kapoor, urged the court to direct the CBI to release the documents to the government seized "indiscriminately" by the CBI which are not related/essential for the purpose of investigation in the case.
 
The plea also sought initiation of "stringent action against erring officials responsible for raiding malafidely the office of the Delhi government and seizing documents to cause immense dislocation of work in the government office.
 
It said the entire work and functioning of the office was "greatly hampered, paralysed and dislocated".
 
On December 15, the CBI raided the office of Rajendra Kumar in connection with a corruption case. The CBI denied Kejriwal's claim that it was searching his office.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Money Life of management students
Moneylife Foundation conducted a financial literacy seminar for the management students of NL Dalmia College
 
It is ironic that there is little in management education that can prepare you for the intricacies and the realities of managing your money. Before students go out to join the corporate world, it is important for them to have a good understanding of what it takes to protect their money and invest smartly. 
 
Moneylife Foundation has conducted many such events in the past for students. This time the Foundation conducted a special programme for the students of NL Dalmia College, Mumbai. 
 
The first session was conducted by Sucheta Dalal, managing editor of Moneylife and founder trustee of Moneylife Foundation. She focussed on how students can avoid financial mistakes and falling prey to scammers. The second session was addressed by Debashis Basu, editor and founder trustee of Moneylife Foundation. Students do not only need to protect their money, they need to invest it wisely to beat inflation and fund their future goals. Mr Basu spoke on the pros and cons of different investment vehicles through which they create wealth.
 
The numbers of scams reported are infinite. In her session, Ms Dalal discussed that one should keep one’s financial life simple and one should invest in just a few products—products that are safe and well regulated. Ms Dalal spoke about the dubious schemes like QNET, Pearls, City Limouzine, Japan Life, which could be clubbed to category called Pyramid scheme or chain money schemes. These schemes claim to provide extremely high returns luring the unsuspecting savers and then vanish into thin air. Many have lost huge amounts of money in such schemes.
 
The six mantras, articulated by Ms Dalal, include - not to lose money, insure for securing future, avoid credit and investment traps, focus on few safe products, avoid emotional traps and maintain financial hygiene. Ms Dalal explained credit history, credit score and reports which are becoming increasingly important. She said, all your borrowings and repayments for credit card, student or education loan and other loans, are tracked by credit information companies, like CIBIL, Experian, CRIF Highmark and Equifax. 
 
In the second session Mr Basu explained the importance of saving regularly to secure one’s future financially. He took the students through different life stages and the common financial goals at each stage in life. It is important to plan in advance for such goals. Everybody can make financial decisions, he said if they stick to some simple principles.
 
He explained the principles of compounding under different scenarios. The effect of compounding is slow in the initial periods, but as time passes on, the power of compounding takes over and the wealth created is huge. The key rule is to save as much as possible and as early as possible in good financial products. Many students look to earn a good income when they start work. Mr Basu highlighted that savings has little to do with income. It is more important to spend smartly.  
 
Where does one invest? While not going in to detail on the various investment products available, Mr Basu gave the suggestion of just a few products that should do the job. As college students have time on their side, he advised them to invest in equity mutual funds and stocks with an investment horizon of 15 years or more.
 

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COMMENTS

Agyat Vyakti

12 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

Banking system is under serious pressure on both NPAs and capital
According to CARE Ratings, the risks to the banking sector increased since the publication of the previous Financial Stability Report, mainly on account of deteriorating asset quality, lower soundness and sluggish profitability, says the RBI in its latest FSR
 
The performance of the Indian banking sector remained subdued as it experienced a slowdown in balance sheet growth in 2014-15, according to the Financial Stability Report from RBI (Reserve Bank of India). While the PSBs (public sector banks) registered deceleration in credit growth, the private sector banks (PVBs) and foreign banks (FBs) showed higher credit growth. Retail loan portfolio of the banks continued to grow at around 20% during 2014-15. Reflecting the overall trend, credit growth to priority sector also declined during 2014-15. The return on assets (RoA), a common indicator of financial viability, did not show any improvement in 2014-15.  While the PSBs accounted for 72 per cent of total banking sector assets, they accounted for only 42% in total profits during 2014-15, with the PVBs surpassing the PSBs in the share of total banking sector profits. The deterioration in the asset quality of banks in general, and PSBs in particular, continued during the year.
 
While the first Fed rate hike since 2006 appeared to have been factored in by the markets, the pace of further increase may have a significant bearing on market behaviour, forecasts the RBI report. This along with the developments in China and sluggish global trade growth would define the global economy going forward. While India’s macro-economic fundamentals are relatively stronger, domestic demand and private investment are still not picking up, underscoring the need to step up public investments. Although India’s current account balance has benefitted from the fall in international crude prices and reduction in gold imports, exports have been adversely affected due to weak external demand.  While the ratio of short term external debt to forex reserves has been moderating, attracting robust capital flows to finance the current account deficit will require continuous thrust on structural reforms an improving the ease of doing business. In the corporate sector, declining profitability, high leverage and low debt servicing capacity continue to cause concern with their attendant adverse impact on the financial sector, notwithstanding a marginal improvement observed during the first half of current financial year.
 
CARE Ratings in its analysis of the RBI report points out that the banking system is definitely under pressure on both NPAs and capital with PSBs being particularly affected. Resolution of NPAs will depend on how we address issues through the bankruptcy code. A change in the growth trajectory of the economy should help to alleviate the situation. Banks will become more wary of lending given these pressures. Companies may have to go to the corporate debt market for funds to finance large investments. We need to have more structural reforms to get the economy on track again. The remark on PSBs dividend policy is significant as this also affects the government in terms of non-tax revenue it earns. The profits should be used for addressing NPAs.
 
While steps taken for developing corporate debt markets in India are showing some results, the dependence on bank finance continues even as the banks, especially the PSBs face challenges on asset quality, profitability and capital. In addition to the improvement of governance processes through initiatives like ‘Indradhanush’, the PSBs may need to review their business models, and examine strategic decisions like capital structure and dividend policy, points out the RBI report.

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