Hesitant Approach Of Government

This is with regard to “Government says it has not issued any guidelines on CSR spending yet”. Commonly, ‘Corporate Social Responsibility’ (CSR) is understood as another name for charity. The government’s and corporates’ hesitant approach to CSR can turn out to be harmful to the country and, in the process, to corporates. Those who are lucky to govern and manage resources, which ultimately belong to the society, should take on themselves the responsibility to eradicate hunger and poverty, provide shelter and potable water, promote literacy at least to the school level, ensure reasonably affordable healthcare. 
MG Warrier

‘Inflation Ka Injection'

This is with regard to “Does AMFI’s advertisement on mutual funds pass the test of ethics?” by Vivek Sharma. You seem to be confused Mr Sharma. Investing is all about foregoing consumption now so that you have the ability to consume more at a later date.  By your own admission, you say “mutual fund is a great investment product.” Will you call an investment ‘great’ if it is incapable of beating inflation? Thus, there is nothing misleading about mutual funds being ‘Inflation ka Injection’.
Nilesh Kamerkar

Judicial Deficiency

This is with regard to “Shailesh Gandhi files second appeal to get info about under-trials in Maharashtra prisons”. Shailesh Gandhi has hit the nucleus of the judicial deficiency which requires immediate reforms. I have witnessed the condition of some of the poor and helpless under-trials who come to court on remand but do not have anyone to guide them or represent them; nor are they are in a position to say anything and cannot even pay the bail amount. In one case, I have seen a poor father losing his mental balance and was screaming and crying in the court premises. The police and the public and all those in black coats standing outside the courts looking for customers were watching the scene. There is a need for judicial reforms. There is a need to strengthen the Advocates Act and there is a need for severe punishment for professional misconduct in advocacy.
Kamal Shah

Excellent Work

This is with regard to “Finance ministry withdraws its controversial diktat to levy processing fees on payment of credit card dues by cheque or cash” by Sucheta Dalal. Excellent work, Ms Dalal, Mr Basu and all at Moneylife.
Suiketu Shah
II
Congrats to the Moneylife team for getting consumers the right they deserve. Certainly Reserve Bank of India (RBI) does not know what it is doing. Just recently, RBI insisted on a new format (CTS-2010) for cheques. So we would have had banks sitting with an inventory of pre-printed chequebooks and customers who would have paid for them but cannot use them because of the heavy charges.
Jaideep Shirali

Brilliant Book Review

The review of Anuj Dhar’s book on Netaji Subhas Chandra Bose was brilliant, indeed. It is chilling to think that the political machinations to curb freedom of speech and expression were as rampant in pre-independence days as they are now. It is also intriguing that the Congress as well as the BJP governments maintained a stoic silence on the matter. Netaji Subhas Chandra Bose made a significant contribution to India’s freedom movement, though he may not have toed the lines of Nehru and Gandhi. The book leads to a strong suspicion that news of Netaji’s death was politically motivated.

But the question that continues to intrigue and perplex us is: If Netaji was, indeed, Bhagwanji, what made him shy away from public glare? Why did he prefer to die unsung? Did he ever attempt to make any contact with his family during his days of obscurity? No one knows. I doubt if the truth will ever come out in the open as the government tries to push matters under the carpet.

Mr Balakrishnan’s article about his travails with L&T–Arun Excello project was a real eye-opener. The statements made by him (‘never trust a builder, it is better to buy a small home in a good area than buy a palace in a desert, go for a ready-to-occupy flat even if it is a second investment’) need to be engraved in gold. L&T–Arun Excello was in trouble; there were reports of dues that remained unpaid to their contractors two years ago. The de-merger of this joint venture raises a prominent question: Does L&T have no accountability at all to a purchaser who invested money in the property relying on their brand equity? Maybe they do not have any, as per the current legal framework in India. But, as Mr Balakrishnan so succinctly puts it, caveat emptor rings true especially in the real-estate sector where rules of corporate governance and code of conduct, transparency in accounts and cash dealings are, at best, confined to the dustbin.

One of my colleagues invested in a real estate project in Chennai in 1997; he is yet to get possession of his flat. It is better to be safe than sorry when it comes to investment in real estate. I also have a suggestion: if anyone is buying a second home as an investment, he should opt for a bank loan for a small portion of the capital. As an additional safety measure, he should also engage the services of a professional legal consultant. These safeguards might mitigate the risks, to some extent.
G Venkatesh, by email

Cost of  Data In Government

The central processing cell (CPC) of the Income Tax Department issues orders/notices, based on the information available in its database. Unfortunately, CPC does not entertain any clarification or explanation directly but insists that the assessee approach the concerned ITO for the purpose. Unless the ITO is able to modify or correct the database on the basis of the explanation/clarification given, in a time-bound manner, the database will continue to carry the anomaly. The purpose of computerisation to benefit the common man is, thus, defeated. As it is, the ITOs complain of heavy workload, and to expect that they will be able to process the clarification/explanation and modify/correct the database speedily is not realistic. It is when a person is made to suffer for no fault of his that a feeling of being harassed arises. One starts to wonder whether being honest is worth it. Not a single government department will admit that it has made a mistake in data-entry and it is the person concerned who will have to run around to get the corrections done.

When the PAN card was introduced, it was said that the card will serve as ID proof for all purposes. Thereafter, SEBI introduced MAPIN as ID proof for all capital market activities. Not to be left behind, mutual funds (MFs) introduced MIN for investment in MFs. Voter’s card, ration card (more for address proof than for any other purpose) have not lagged behind. Now, it is Aadhaar, but it does not end there. There is National Population Register as well. Such a lot of data has been collected, and whether any new ID proofs will be imposed is not known. Who takes the responsibility for the waste of time and money? Or do we take solace in the thought that these activities have provided employment to many and contributed to the development of the economy (at whose cost?).
Venu Menon, by email

‘Real’ Experience
 

This is with regard to “Unreal Estate” by R Balakrishnan in Moneylife (7 March 2013). I am from Hyderabad and a software consultant by profession.

I was planning to buy a flat as an investment; so, I read the article at the right time. It is an eye-opener since it clarified myths, especially on buying flats in incomplete projects. The rules of the game enunciated in the article clearly set the direction for my next investment in a flat. Thanks for sharing your ‘real’ experience. I am sure many readers like me would get the clarity required for such investment.

I have been a reader of Moneylife for a couple of years and now it has become part of my financial life to seek any advice and clarity before I decide on anything.
Devi Prasad, by email

Government Forcing Aadhar?

This is with regard to “Government forcing down Aadhaar by threatening exclusion from benefits, services?” published on www.moneylife.in on 29th January. I entirely agree with Major General SG Vombatkere. I would also like to know why UID enrolment is linked with services and benefits. Since I am an ordinary man (senior citizen), I thought I should obtain the Aadhaar card without which my very survival may be made difficult by denying me benefits and services in this country, where I was born and have lived peacefully for 78 years.

I have been trying for the past three/four months for enrolment but failed for want of proper arrangements. I visited two Aadhaar centres, one at Lokhandwala Firengee Market and the other at Oriental Bank of Commerce at Oshiwara (both in suburban Mumbai). At the first centre, I found a long queue on two occasions and the in-charge’s attitude was whimsical towards senior citizens in not allotting the number. At the second centre, the in-charge was absent when I went on 20 December 2012 and one of the bank employees informed me that the centre had been closed even though it was to be closed only on 31 December 2012. 

My experience shows that enrolment in Aadhaar is not as easy as it is claimed, especially for old/ older/ sick persons. I had sent emails explaining the difficulties to the deputy director general, UID (Mumbai Area) and also to the chief, Nandan Nilekani. They seem to have not given any attention to the problems faced by the citizens, whereas the government is insisting on UID for everything. I had also suggested that the Aadhaar team should be deputed to the various housing cooperative societies. Will the authorities look into the matter and take necessary action?
VS Venkataraman, by email
 


 

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‘Inflation Ka Injection'

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Judicial Deficiency

This is with regard to “Shailesh Gandhi files second appeal to get info about under-trials in Maharashtra prisons”. Shailesh Gandhi has hit the nucleus of the judicial deficiency which requires immediate reforms. I have witnessed the condition of some of the poor and helpless under-trials who come to court on remand but do not have anyone to guide them or represent them; nor are they are in a position to say anything and cannot even pay the bail amount. In one case, I have seen a poor father losing his mental balance and was screaming and crying in the court premises. The police and the public and all those in black coats standing outside the courts looking for customers were watching the scene. There is a need for judicial reforms. There is a need to strengthen the Advocates Act and there is a need for severe punishment for professional misconduct in advocacy.
Kamal Shah

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