Citizens' Issues
History made as India, Bangladesh ratify land swap
India and Bangladesh on Saturday ratified the Land Boundary Agreement here as India's Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina presided over the ceremony of exchange of instruments of ratification of the land swap.
 
"History is made as the Instruments of Ratification of the Land Boundary Agreement are exchanged," Modi tweeted.

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Deccan Chronicle vice chairman, PK Iyer held for fraud

Odisha Police later handed over Iyer, who was on the run, to the Central Bureau of Investigation (CBI), a police officer said

 

PK Iyer, vice chairman of the Deccan Chronicle Holdings Ltd. (DCHL), was arrested from a hotel here on Saturday in connection with an alleged loan fraud.
 
Odisha Police later handed over Iyer, who was on the run, to the Central Bureau of Investigation (CBI), a police officer said.
 
"The CBI was looking for Iyer in connection with an alleged fraud to the tune of Rs.357 crore from Canara Bank," said Deputy Commissioner of Police Satyabrat Bhoi.
 
He said Iyer was staying in the hotel in the name of Chitra Athwani for about two months and was planning to flee in the next two-three days.
 
"The accused had availed multiple short-term corporate loans by submitting false financial statements in 2009-11," the officer added.
 
Police sources said Iyer had stayed in Kolkata and Port Blair before coming to Bhubaneswar.
 
The CBI will take him on transit remand for interrogation.
 
The Canara Bank had lodged a complaint with the CBI against the company's promoters in 2013 after the company defaulted on a loan amounting to over Rs.350 crore.
 
A fraud case was registered against Iyer in Hyderabad. 
 
Earlier this year, the chairman of Deccan Chronicle, T. Venkattram Reddy, was arrested by the CBI in Hyderabad along with his brother and managing director T. Vinayak Ravi Reddy.
 
The DCHL, which publishes the English daily Deccan Chronicle, argued that the arrests were made in violation of Supreme Court orders.
 
The Canara Bank alleged that they availed loans and cash credit aggregating to Rs.1,230 crore by submitting false and fabricated financial statements and by suppressing the borrowings taken from other banks.
 
The bank claimed that the total loss caused to it was about Rs.357.77 crore.
 

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Another ‘Safe & Smart’ seminar for senior citizens
Following many requests, Moneylife Foundation conducted another session on “How to invest your money post-retirement”
 
Moneylife Foundation conducted another seminar on retirement planning and investing, where Sucheta Dalal, managing editor of Moneylife and founder trustee of Moneylife Foundation, spoke about ‘Safe Investing and how not to lose money' and Debashis Basu, editor and founder trustee of Moneylife Foundation, discussed about 'Smart Investing’.
 
First session was taken by Sucheta Dalal. She explained that they have to plan to care for their heart, knees or teeth in their old age. Savings should be enough to cover their expenses for another 20-30 years; however, income from savings fluctuates with interest rates. Senior citizens need to be prepared for medicare, insurance and cost-of-living. She made the audience aware about the five principles of safe and smart investments–
 
1. Avoid losses
2. Avoid Financial and emotional traps
3. Make safe and sensible investments
4. Strive for Financial independence
5. Plan for your loved ones.
 
In the second session, Mr Basu explained that retirement planning can be complicated. There are hundreds of financial products available. However, to plan with them is tough because of one critical unknown – how long is the money needed. Mr Basu made people aware of the pros and cons of different financial products such as immediate annuities, Senior Citizens Savings Scheme (SCSS) and MIP schemes, but emphasised that none of these are great choices. In the post-retirement period, it is important to choose safe assets, for which bank fixed deposits are among the best but one can also pick from other options such as corporate bonds, short-term debt schemes of mutual funds and fixed deposits. For those in 20% and especially 30% tax bracket, an excellent option is listed tax-free bonds from government companies. However, investing all the money in fixed income products for the very long term may turn out to be imprudent because they do not beat inflation. Retirees may like to invest some amount of money in equity mutual funds, especially at the earlier stage of their retirement. 
 
A more detailed report of the earlier seminar is available here: How to protect and grow your nest-egg post-retirement
 
 
 
 

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