Citizens' Issues
Moneylife Foundation: Five years on..
Moneylife Foundation has completed FIVE years. Five years in which it has established a strong fan following
 
You may like it, you may not- but Moneylife is there, making an impact on investors and regulators. I would like to think that if any investor were to sit in a corner, with every published issue of Moneylife magazine, it would be a full journey in investor education; and some more. And when it comes to taking on the regulators, I do not believe that any other publication is as forthright or forthcoming as Moneylife is. The launch of the Moneylife Foundation was a momentous one. 
 
I have been privileged to know Debashis and Sucheta and am glad that they have deemed it fit to let me ramble on in the magazine right from the first issue. Surely, a pleasure, a privilege and at times, a bit stressful, as I keep searching for a topic, and finally push it to Debashish and Sucheta for making sure that my communication is fair and proper and fit for reading.
 
In these five years, NEVER once have either of them told me to change my view, even if it be at odds with a stance they have taken in the magazine. And the freedom they have given me is without boundaries. I respect them for that. 
 
I must also mention the pain that they must be going through each time I push in my contribution at the eleventh (sometimes thirteenth) hour- unedited, full of errors, grammar haywire and disjointed. In the twelfth hour, they piece it together. Often, after seeing my article in print, I am surprised at the way the words flow and my article makes sense, even to me. Thanks, Debashish and Sucheta, for putting up with the spiel that I often send you, and making it look intelligent.
 
We generally have a tendency to remember only the latest. However, going back these five years, I look at several things that Moneylife pioneered. Honest to God interviews with fantastic achievers (not possible to name one in a galaxy that had stars like Dr Mashelkar, Glen Saldanha, Hafeez Contractor et al). And more importantly, to me, the choice of subjects and people always justified both halves of the magazine’s name. It was never just finance.
 
On the day of the launch, I recall a promise that was made by Sucheta and Debashis- Moneylife will not be like other magazines which presume that every reader is from the financial markets and use terms and jargons that leave us all scrambling for Google (more likely that we switch off after some time). And I believe that this promise has not been breached. Yes, sometimes, I have been guilty of using some ‘hifi’ terms which have left the common reader stumped- my apologies for that.
 
Some of my friends tell me that there is too much ‘negativism’ in the magazine. To them, I say that the financial regulations and markets have taken a heavy toll on investors. Scams and chicanery are second nature to the financial markets. In such markets, a strong voice is needed. To keep regulators alert and also to warn and educate investors and would be investors. From the first issue, Moneylife has fought battles for the investors.
 
I can go on.. For me, each issue has been one to look forward to. I must also say that Moneylife has received bouquets, but no bouquet is complete without a fair number of brickbats. In this journey, it is perhaps natural that the brickbats sometimes outweigh the bouquet. It is not my aim to please everyone, but to tell the truth. And of course, some will dispute the truth. I normally check my sources and based on my experiences, have a fair knowledge of what is reliable and what is not. Agree, not infallible, but works nine out of ten times. 
 
And all these are continuing without selling space and words for money. Yes, money is needed for all the seminars and the financial retrieval that is done for the members. A lot of good people have realised the contribution of Moneylife in today’s world of financial chicanery and kept the flame alive. I exhort everyone to give. Especially those who have gained from intervention of Moneylife can spread the word.
 
The team at Moneylife is also fantastic. Too many to name, but there are many who work quietly and ensure that the curtain rises in time, for each and every show.
 
The best to team Moneylife
 
Five is just a number and many more fives will touch Moneylife. 
 
A “Hi Five” to everyone ...
 
Cheers
 
Bala

User

COMMENTS

Santosh Kanekar

3 years ago

Mr Balakrishnan,

As an avid subscriber and fan of Moneylife, I completely endorse the principles and the approach the magazine stands for.

However, in the spirit of candidness, the article headline is Moneylife Foundation and the article goes on about the magazine. I was expecting an honest appraisal of the Foundation Events.

My 2 bit: the Deemed conveyance and the Passport (especially the moneylife campaign for passport office ) is phenomenal and one of the best value.

Narendra Doshi

3 years ago

Dear Bala,
I entered ML after 2nd year. Yet, I am doubly sure that the above contents are in the hearts of many moneylife lovers.
My own best wishes for this torch to continue burning.

Vaibhav Dhoka

3 years ago

Cheers for completing FIVE educative and informative supportive years.Investors reading magazine has ray of light in present day where most regulators behave as Deaf & Dumb.Long years to LEAD.

Budget and Senior Citizens

Will FM remove the current anomalies that affect taxation for senior citizens?

 

Once again, it is time for the Union Budget for the new financial year—a time when different groups of citizens put forth their demands before the finance minister. Chambers of Commerce and Traders’ Associations and other organised bodies manage to convey their needs effectively; it is individuals whose...
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Can the Right to Services Act transform Maharashtra into a true participative democracy?
Maharashtra CM Fadnavis, while speaking at Moneylife Foundation’s 5th Anniversary, said the government would incorporate views and suggestion from citizens before getting the Right to Services Act passed in the Assembly  
 
The State Government has put out the draft of Right to Service (RS) Act or Maharashtra Guarantee of Public Services Act. In 2011, Devendra Fadnavis, now the chief minister, proposed the original draft, which stated that an official would be termed as 'habitual defaulter' after failing to provide service more than 50 times in a year.
 
Speaking at Moneylife Foundation’s 5th anniversary, Devendra Fadnavis, the Chief Minister of Maharashtra said, "The Draft bill of Right to Services has been made public for suggestions and views. After going through these suggestions, we will make necessary amendments, if required, and then get the Bill passed in the State Legislature." He was replying to a question raised by noted Right to Information (RTI) activist and former Central Information Commission, Shailesh Gandhi and Ashok Ravat, Honourary Secretary of All India Bank Depositors' Association (AIBDA).
 
Mr Gandhi said, "RTI and Right to Service acts of the Maharashtra government have come about eight to 10 months ago. These require improvements and a discussion is required with the Government. More powers are needed in the Right to Services Act. After the improvements, these Acts will transform Maharashtra into a true participative democracy."
 
Replying to it, the CM said, the government will look in to it and would welcome suggestions from Mr Gandhi and other activists, who are working in this area. 
 
Mr Ravat said, "Two Acts have been enacted - RTI and Prevention in Delay of Services Act. There is now one more - Right to Services Act. There is a flaw in the Right to Services Act, as it says that services will be notified. Why should the government repeat a notification, when it is there in the Prevention in Delay of Services Act. The Citizen's Charter should be final."
 
The Chief Minister clarified that the Prevention of Delay in Services Act is for staff in Maharashtra government. "The new law will help public who approach the government. We need perspectives. We have asked for suggestions before going to the Assembly," he said.
 
When Mr Ravat suggested that there should a compensation paid to the complainant who had to approach second appellate authority, the CM said the government would look into this.
 
The Right to Service Act will give the citizen a legal re-course to hold an officer accountable. RTI has shown us officials act where there is a fear of a reprimand. The Right to Services Act will ensure departments give service in a time-bound period; they will have to publish a citizen's charter giving information about all the services they have to provide, how much time it will take, the formalities needed, reasons for not meeting deadline, and imposition of some form of penalty if delivery of service is wrongly denied or delayed.
 
According to Mr Gandhi, the Act and its Rules needs to be published by every department as this would create awareness amongst the public as well as ensure the civil officers adhere to their deadline. He emphasised the use of the RS Act with RTI to bring about a change, which will rule out red-tape and harassment of common man. “If you want the government to work for you, you will have to act. It is our responsibility to enforce government accountability by making use of these acts," Mr Gandhi added.

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COMMENTS

Shashikant Kalsekar

11 months ago

This is a very good decision of CM of Maharashtra.Hope the shareholders of Rameshwar CHS Ltd,Parel,Mumbai will enjoy democracy in the sanstha soon.
Please refer CMO Feedback No
1902222/2016/TAPAL

Dayananda Kamath k

3 years ago

Iam really surprised about the various govts passing acts to give rights which are inherent in principles ofdemocracy and given by constitution of india. It is failure of the governance that necessitates such rights. and it will still complicate the functioning then solving the problem. The purpose of right to information act is to make the functionary properly function. but today it is being used just to satisfy the rules of the act without any benefits of better governance. you have only right to information not the right information.

manoharlalsharma

3 years ago

THE ‘CETEGORY OF THE PLOT’ BECOME THE BONE OF CONTENTION TO ‘ LITIGANT’
Brief story of manage Registrar of co-operative (C.I.D.C.O.) and disrespecting LAW & JUDITIARY to get acquired large size of Prime located land parcel in the name of ‘Shree Ganesh Co-operative Housing Society’ plot No-1,Secter No-28,Nerul (W), Navi-Mumbai and then long-term poor maintenance through remote controlled MC to get premature ‘CIRTIFICATE OF DILAPIDATED’ Buildings to get Redevelopment Rights ‘UNOPPSED’ by chief promoters based on ‘UNDEMOCRETIC BAYLAWS’ with POLITICLE INFLUENCE and without any Capital investment (Finance) A ‘MODEL LITIGANT’
(A) Reference to a directive issued from State Government vide letter No-1093-3112-14C dated, 6th February 1993 to the Registrars of Co-operative to Register only FIVE (5) co-operative Housing societies to the A.P.M.C. traders/market functionary for residential accommodation (As per submission to the HC/Mumbai from ‘C.I.D.C.O.’ legal department ) In the year of 1993, but instead of FIVE, registered SIX (6) and surprisingly all of the allotted plots from ‘C.I.D.C.O.’ are developed and sold as ‘GENRAL-CATEGORY’ with a contractual ‘RIDER’ in all development agreements were assured to membership of the respective Housing Societies by a single developer i.e. MAYURESH DEVLOPERS, including the sixth one, is listed as plot No. 1, at Sector 28, Nerul (W) , allotted to ‘Shree Ganesh Co-operative Housing Society’, but immediately after getting Occupation Certificate, Society Committee adopted an ‘undemocratic’ bye-laws to deny our membership even after most of the individuals having sale agreements as ‘TRI-PARTY’ i.e. - Builder / developer + Society Promoters + We, individually
(it is a matter of an Investigation by agencies like Anti Corruption Bureau (ACB)),
(B) Since last ,15 years blocking of Basic Membership rights of 314 families by MC has created unwarranted litigation on a/c of A.P.M.C. and NON-A.P.M.C. with hidden material from an already decided PIL -474/1996 & of rejected WP-5771/97 with remark as ‘it is an abuse of the process of law’ then Supreme Court also rejected the SLP/10922 -10998 with respondent as chief Promoter appearing on No-12 and was one of the part of WP-5771/97 and
(C) At present WP-8508/2003 to get STAY order against the final order of State Government to change by laws and accommodate us as member based on our HC WP-No 4481/2001 vide No- RVA 2702/CR-208/15-C, Date-25/08/2003 it is an contempt of court again

manoharlalsharma

3 years ago

Can the Right to Services Act transform Maharashtra into a true participative democracy? I am not understanding what kind of country we belong whenever we submit any of the document or complaint we r not receiving INWARD NO- then the authority do not sending any type of COMMUNICATION with the person submitting in u WRITTEN format,Even the HC do not have CITIZEN-CHARTER

VIJAY MERCHANT

3 years ago

Delighted to read the summary of proceedings of the public meet with Hon. Chief Minister Mr Phadnavis. He has provided a welcome change in a CM responding to citizen's concerns. If the promise of time bound response is honoured it will be music to harried citizens of Maharastra who normally need to visit government offices thrice or four times to get a simple issue attended.It may be worthwhile to let your readers know whom to address the suggestions for Right to Service Act so that they do not end up in some file later.

Suketu Shah

3 years ago

The act wl serve its purpose provided respected CM takes into account views of honest national activists like Mr Gandhi and not Mantralaya babus who wl try to create some rule which defeats the whole purpose.

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