MLM / Chain Money
QNet: Mumbai police issue lookout notice against 10 including Michael Ferreira, Vijay Eswaran

Mumbai Police have issued lookout notice against 10 people including QNet founder Vijay Eswaran and former billiards champion Michael Ferreira in the Rs425 crore QNet scam case

The economic offences wing (EOW) of Mumbai police has issued lookout notices against 10 people including Michael Ferreira, former World Billiards Champion and Padma Bhushan awardee, after he failed to turn up for questioning in the QNet scam case. Other people against whom the lookout notice has been issued include QNet founder Vijay Eswaran, its vice president Dev Wadhwani and Sachin Gupta.

QNet, Michael Ferreira, Vijay Eswaran, Dato Vijay EswaranVijay Eswaran with Michael Ferreira (circled) at one of the promotional events of QNet
 

According to sources, EOW has also issued notices against six other officials and leaders of QNet. However, their names were not revealed by the sources.

Ferreira was summoned by the EOW in connection with the Rs425-crore scam allegedly committed by multi-level marketing (MLM) operator QNet. The former world champion is founder of Faith, which was started as a distributor network under the QI brand.

 

Last month, while speaking with news channels, Ferreira, who has gone abroad some time back, had said he would appear before the investigators as soon as he returns to India. He even defended the controversial company.

 

The Padma Bhushan awardee had told the channels that "three to four days ago, the summons was received at my home (in Mumbai) in my absence. I am abroad now. The summons was handled by my lawyer and I understand he is co-operating fully."

 

Responding a query, he had said "of course, I shall make myself available (before the Economic Offences Wing of the Mumbai police). I have the highest regard and respect for the police. As soon as I am cleared to travel, I will appear before the EOW. I am undergoing a lot of stress at the moment."

 

However, former World Billiards Champion did not turn up before the EOW, which resulted in police issuing a look out notice against him.

 

Others against whom the EOW has issued lookout notices, include Dev Nanik Wadhwani. He is founder of team Infinity, the most aggressive team of QNet's independent representatives (IRs) at present in India. Sachin Gupta is one of the so-called 'top leaders' of QNet from Mumbai and according to sources may have fled to Dubai.

 

QNet operates in India through its official franchisee Vihaan Direct Selling Pvt Ltd, which carries the company's brand name in the country. Ferreira owns 80% stake in Vihaan Direct Selling with Malcolm N Desai holding the rest. Desai had already approached the Sessions Court in Mumbai for an anticipatory bail fearing that the EOW may arrest him soon.

 

According to Faith Egypt , Michael Ferreira is the founder of 'Team Faith' that is involved in hard selling QNet scheme. Talking about Ferreira, it says, "As an individual, in a very short space of time he (Ferreira) was in the list of the top 30 earners and under his astute stewardship he provided the platform, environment, guidance, training and inspiration to his flock, many of whom are earning incomes beyond their wildest dreams."

 

Showing a clear link between, Ferreira, QNet and its founder Vijay Eswaran (one of the accused in the cases against the MLM operator), the portal says, "The core leadership of Faith is today in a position to concentrate more sharply on those who still remain vulnerable to the “slings and arrows of outrageous fortune” so that each one of them develops into lead birds of their own teams, all fiercely loyal to Faith, its philosophy and its ideals and to the values espoused by its visionary and mentor Dato Vijay Eswaran."

 

Faith Egypt, also reveals names of other people, like Mark Ferreira, Malanie Sequeira, Lata Hegde and Manjunath Hegde, all of whom are associated with QNet. In August 2013, the EOW had arrested Bandra-based Manjunath Hedge for cheating in the QNet case. The EOW searched his house and seized computer hard disc and several incriminating documents, including some payment/ commission receipts.

 

As reported by Moneylife, QuestNet and GoldQuest, the MLM companies that had shut shop in 2009 following police action are back with a bigger bang. They now call themselves as QNet and are thriving in an environment where tens of thousands of Ponzis and MLM companies are able to lure people into believing that they have the formula to instant riches and a high growth career.

 

User

COMMENTS

gurupreet

5 months ago

GOOD NEWS...QNET VICTIMS IN MUMBAI...DEDICATED QUESTIONS & ANSWERS SESSION FOR QNET VICTIMS on Sunday 18th September 2016.

Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis allotment..so make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

gurupreet

5 months ago

GOOD NEWS...QNET VICTIMS IN MUMBAI...DEDICATED QUESTIONS & ANSWERS SESSION FOR QNET VICTIMS on Sunday 18th September 2016.

Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis allotment..so make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

jitu moni

6 months ago

http://timesofindia.indiatimes.com/city/hyderabad/4-persons-associated-with-MLM-company-arrested/articleshowprint/54204335.cms?null
Four persons, who were associated with Hong Kong-based QNET, a multi-level marketing (MLM) company, and duped 200 persons by promising them jobs, were arrested by Central Crime Station (CCS) officials on Thursday. However, the MD and directors of QNET and its sister company Vihaan Direct Selling are still at large.


Deputy commissioner of police (CCS) Avinash Mohanty said Sreenath Konda, Prasanna Kumar Reddy, V Kanchana, B Dhan Raj were arrested from different locations in the city for cheating people.


Police said the accused had been enrolling gullible people as agents by collecting Rs 10 lakh from a group of 10 persons.


Each person would be given status of promoter, direct them to attract a group (i.e., 10 persons) and make them join QNET by paying Rs 10 lakh, for which the promoter would be assured commission.

jitu moni

6 months ago

http://zeenews.india.com/news/maharashtra/qnet-case-sc-directs-maharashtra-govt-to-file-latest-probe-report_1924693.html
Mumbai: The Supreme Court on Thursday directed the Maharashtra Government to file the latest status report regarding investigation so far on the anticipatory bail plea of World Billiards champion Michael Ferreira and four others, who are facing charges of money laundering in the multi-crore QNet case.

The next hearing in the matter will take place on September 14.

Besides Ferreira, the others whose anticipatory bail plea were rejected were Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt. Ltd, and Suresh Themiri, director of Transview Enterprises.
They are facing charges under Sections 420 (mischief), 468 (forgery), 471 (using forged document knowing it is not genuine) of the Indian Penal Code (IPC).

Justice Mridula Bhatkar of the Bombay High Court, who took on record the statement of public prosecutor Pradeep Gharat that investigations were still on, had in May rejected their anticipatory bail pleas.

Ferreira had started the operations of QNet, a multi-level marketing company, in India via his firm Vihaan Enteprises.

The QNet cheating case began with a complaint by Gurpreet Singh Anand, who raised his voice after losing Rs. 30,000.

According to the police, the money involved has crossed Rs. 1,000 crores in the alleged scam with more than five lakh investors allegedly losing their money in the case against QNet which is being probed by the Economic Offences Wing.
ANI

vimlesh

6 months ago

https://www.facebook.com/permalink.php?story_fbid=387225901401695&id=107676632689958

jitu moni

7 months ago

http://www.newsambit.com/eow-of-delhi-police-registered-case-against-qnet-india-and-its-irs/
NewsAmbit, New Delhi
Delhi Police Economic Offence Wing(EOW) has registered an FIR against QNET India/Vihaan Direct selling India Private Limited and its three independent representatives on the allegations of cheating and fraudulently operating the multi level marketing, which is illegal in India. Police have initiated the investigation and suspecting huge scam, which is estimated in crores.
A senior Police officer of EOW said that we received a combined complaint against QNET India and its three independent representatives from more than dozen of people in the month of March this year. As per the allegations of main complainant Anuj Jain alleged that his friend Himashu Aggarwal approached him for an business opportunity. He said that he is an independent representative(IR) of an e-commerce based company. He said that he can arrange an meeting with the other IR’s who will tell you about the business and if they find you suitable you will get chance to be a part of the company. After few days Himanshu called Anuj Jain to come with a CV at a café situated in Nehru Place area on 29 November 2015. Anuj reached there, where he met with Himanshu and his to associates Anita Jaggi and Kanika. Trio told him about the business profile and also assured that this is not a networking marketing company. They demanded Rs 6.5 lakh to be a member of the company. They also said that company has millions of customers. IR of the company is treated as a partner and also got the profit share for each sale. After three four days Anuj gave them 6.5 lakh rupees but after some time he got to know that this is a multi level marketing company and fraudulently cheating innocent persons by roping them in it’s banned business with the help of IRs.
Police said that Anuj is not the only complainant so many more complainants also approached to EOW. After which a preliminary enquiry had conducted. It was found that some persons who are termed as IR contact their friends and close persons to join a new e-commerce business. They don’t tell the name of the company or complete business module at the beginning. After alluring them they set various amounts from the victim. Independent Representatives(IR) get training during the joining and talk to make further members. These kinds of IRs of the company are operated from different cafes and food courts situated in Delhi and NCR.
Those who join the company get user id etc and products like ravel packages, some other items etc are shown purchase from their money. The delivery address given in the portal is also found of overseas area most of the time and mostly that address is too fake type location only which shows that no products are being sold and it is a completely a money circulation scheme. Two websites were found involved in the namely www.unetindia.in and www.cmetindia.net were found mated to Vihaan Direct selling (India) Pvt ltd which is stated Indian Franchisee of Hong Kong based net company. Investigations are on. Police are trying to unearth the whole network of the IRs on which this company is running its business unlawfully in Delhi. A case has been registered u/s 420/120B/34 IPC and 4/5/6 of Prize Chits and money circulation Schemes(Banning) Act,1978 .

Profiles of IRs
Himashu works with Samsung
Anita Jaggi works with RBS

jitu moni

7 months ago

http://www.newsambit.com/eow-of-delhi-police-registered-case-against-qnet-india-and-its-irs/
NewsAmbit, New Delhi
Delhi Police Economic Offence Wing(EOW) has registered an FIR against QNET India/Vihaan Direct selling India Private Limited and its three independent representatives on the allegations of cheating and fraudulently operating the multi level marketing, which is illegal in India. Police have initiated the investigation and suspecting huge scam, which is estimated in crores.
A senior Police officer of EOW said that we received a combined complaint against QNET India and its three independent representatives from more than dozen of people in the month of March this year. As per the allegations of main complainant Anuj Jain alleged that his friend Himashu Aggarwal approached him for an business opportunity. He said that he is an independent representative(IR) of an e-commerce based company. He said that he can arrange an meeting with the other IR’s who will tell you about the business and if they find you suitable you will get chance to be a part of the company. After few days Himanshu called Anuj Jain to come with a CV at a café situated in Nehru Place area on 29 November 2015. Anuj reached there, where he met with Himanshu and his to associates Anita Jaggi and Kanika. Trio told him about the business profile and also assured that this is not a networking marketing company. They demanded Rs 6.5 lakh to be a member of the company. They also said that company has millions of customers. IR of the company is treated as a partner and also got the profit share for each sale. After three four days Anuj gave them 6.5 lakh rupees but after some time he got to know that this is a multi level marketing company and fraudulently cheating innocent persons by roping them in it’s banned business with the help of IRs.
Police said that Anuj is not the only complainant so many more complainants also approached to EOW. After which a preliminary enquiry had conducted. It was found that some persons who are termed as IR contact their friends and close persons to join a new e-commerce business. They don’t tell the name of the company or complete business module at the beginning. After alluring them they set various amounts from the victim. Independent Representatives(IR) get training during the joining and talk to make further members. These kinds of IRs of the company are operated from different cafes and food courts situated in Delhi and NCR.
Those who join the company get user id etc and products like ravel packages, some other items etc are shown purchase from their money. The delivery address given in the portal is also found of overseas area most of the time and mostly that address is too fake type location only which shows that no products are being sold and it is a completely a money circulation scheme. Two websites were found involved in the namely www.unetindia.in and www.cmetindia.net were found mated to Vihaan Direct selling (India) Pvt ltd which is stated Indian Franchisee of Hong Kong based net company. Investigations are on. Police are trying to unearth the whole network of the IRs on which this company is running its business unlawfully in Delhi. A case has been registered u/s 420/120B/34 IPC and 4/5/6 of Prize Chits and money circulation Schemes(Banning) Act,1978 .

Profiles of IRs
Himashu works with Samsung
Anita Jaggi works with RBS

jitu moni

9 months ago


Bluru QNet agent who earned 50L a yr as commission held
Mumbai: The Economic Offences Wing (EOW) has arrested Ram Singh, an accused in the Rs 1,000 crore QNet case, for earning Rs 50 lakh or more as commission each year from proceeds of the crime.

Singh, a Bengaluru resident, was arrested last week after the imigration authorities at Bangalore airport detained him over a look out circular notice (LOC) issued by the Mumbai police. "We are going through all his bank account details and trying to ascertain the source of money to his account," said DCP Pravin Padwal of the EOW.

Singh's name had cropped up during the initial investigation in 2013 but the police could not locate him then. In January 2015, a police team visited his Bengaluru residence but did not find him there. The house was locked. He is the 19th accused to be arrested in this case so far.

"We are working to arrest all the culprits in this case. A special investigation team has been formed to nab the othe accused invovled," said Dhananjay Kamalakar, joint police commissioner, EOW. Singh, said police sources, has been sending money to his daughter who is studying in Canada. "We have to know his source of income. He has sent a major chunk of money to Canada. We suspect this money was gained from QNet. Moreover, he was looking after the QNet business in Dubai and has been shuttling between Dubai and India. We got his passport number late. Soon after getting it, we issued an LOC notice and he was detained," said an officer.

A special MPIDA court in February this year rejected the anticipatory bail plea of Michael Ferreira (77) winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others, Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt Ltd and Suresh Themiri, director Transview Enterprises. They all have approached the high court now in the QNet case.

"They posed as a marketing firm which would sell bio-discs, watches, herbal products, holiday packages, etc. They even claimed that by using the bio-disc, one can cure cancer and brain diseases," cops said. Some money has been transferred to Malayasia, Singapore and Hong Kong, too, cops added.

jitu moni

9 months ago


http://timesofindia.indiatimes.com/city/mumbai/EOW-to-now-probe-celebs-role-in-QNet/articleshow/52333087.cms
Mumbai: The city's economic offences wing (EOW) is now looking into allegations that several Bollywood celebrities campaigned for the cheat firm, QNet, through advetisements or by promoting the schemes of the self-proclaimed marketing firm.

Gurupreet Singh Anand, complainant in the Rs 1,000-crore QNet cheating case, on Wednesday said at least four Bollywood actors promoted the Ponzi schemes at different times in the QNet's promotional programs in United Kingdom and Malaysia. He has submitted a 23-page letter wherein he has attached the celebrities' pictures promoting the programs.

"I have submitted letter and all the relevant information to the EOW on May 12. I am hoping some action soon," Anand told TOI. He alleged that the money was laundered from India to Hong Kong and Malaysia.

Anand was speaking at a press conference where suddenly a group of QNet sympathisers appeared with "I trust QNet" placards.. They were later asked to leave the conference room.

jitu moni

10 months ago

QNet: Secret SFIO report says MLM, Ponzi schemes a threat to national security
Read article http://www.moneylife.in//article/qnet-secret-sfio-report-says-mlm-ponzi-schemes-and-lsquo-a-threat-to-national-security-and-rsquo/46817.html

jitu moni

10 months ago

Hello Everyone

The company Qnet is celebrating VCon from 3-7 May. As a present,yesterday late night, I posted lot of comments on numerous pics uploaded on Instagram. I also posted on VChief Pathmans account. Unfortunately, they kept deleting my posts and had to ultimately block me. If each one of us, Indians, takes to instagram and starts posting messages like me, then they would have to either block us or abandon their account, which is their money making tool. You can start with Qnetofficial,TheV, Pathmans account, etc with phrases like Pyramid Scheme, Qnetscam, Franchise Fraud, Police arrests, court cases,Cheating, etc. They cannot stop us if we all work as one unit.

Hope we all teach them a lesson and save other fellow Indians.

Jai Hind

vimlesh

10 months ago

I am the victim of my colleague mudit mishra(Sr Manager, Idea cellular limited). I have lost 6 lakh rupees and i am paying EMIs for the loan taken.

I am writing this again in this forum as the below link has been got removed by these QNET frauds with the help of influential people.

https://http://www.youtube.com/watch?v=e6x2QgI6K7o


QNET is converting innocent people into criminal and traitors.

It is a criminal making factory.

I do not understand where this society is moving. I am sure the day is not too far when companies like qnet would be promoted by Indian government and other governments. Theses qnet people are working slowly and slowly to get this name and company into mainstream and it will happen very soon. These people are playing with words. It is a very long story. I have seen these people working, very closely, they are crazy and they can do anything for the money. Even they are working with ministers too to get qnet accrediation in india. They will surely succeed. This society, india, will no more be a place to live.

vimlesh

10 months ago

I am the victim of my colleague mudit mishra(Sr Manager, Idea cellular limited). I have lost 6 lakh rupees and i am paying EMIs for the loan taken.

I am writing this again in this forum as the below link has been got removed by these QNET frauds with the help of influential people.

https://http://www.youtube.com/watch?v=e6x2QgI6K7o


QNET is converting innocent people into criminal and traitors.

It is a criminal making factory.

I do not understand where this society is moving. I am sure the day is not too far when companies like qnet would be promoted by Indian government and other governments. Theses qnet people are working slowly and slowly to get this name and company into mainstream and it will happen very soon. These people are playing with words. It is a very long story. I have seen these people working, very closely, they are crazy and they can do anything for the money. Even they are working with ministers too to get qnet accrediation in india. They will surely succeed. This society, india, will no more be a place to live.

vimlesh

10 months ago

I am the victim of my colleague mudit mishra(Sr Manager, Idea cellular limited). I have lost 6 lakh rupees and i am paying EMIs for the loan taken.

I am writing this again in this forum as the below link has been got removed by these QNET frauds with the help of influential people.

https://http://www.youtube.com/watch?v=e6x2QgI6K7o

I do not understand where this society is moving. I am sure the day is not too far when companies like qnet would be promoted by Indian government and other governments. Theses qnet people are working slowly and slowly to get this name and company into mainstream and it will happen very soon. These people are playing with words. It is a very long story. I have seen these people working, very closely, they are crazy and they can do anything for the money. Even they are working with ministers too to get qnet accrediation in india. They will surely succeed. This society, india, will no more be a place to live.

jitu moni

10 months ago

http://www.asianage.com/mumbai/cm-devend...
CM Devendra Fadnavis has assured detailed inquiry into QNet: BJP
Chief minister Devendra Fadnavis has promised to make a detailed inquiry of the alleged irregularities by the QNet multilevel marketing company and take action against the offenders, said BJP spokesperson Madhav Bhandari on Saturday. Former union minister P. Chidambaram’s wife was a legal counsellor with the company.

The QNet company, which was earlier known as Goldquest, has cheated 12 lakh people to the tune of thousands of crores of rupees. The court has rejected anticipatory bail to the accused in this case. When the CM was contacted about this, he promised to make a detailed inquiry and take action. If necessary, he said that the CBI’s help would also be taken, said Mr Bhandari.

The party spokesperson demanded that the role of former Union minister P. Chidambaram and his wife needs to be probed in this case. “Mr Chidambaram’s wife was a legal counsellor of the concerned company. Taking note of complaint registered by a lawyer from Chennai, the Central Vigilance Department handed over the case to the CBI. The complaint also has a mention of former Union minister Shashi Tharoor. However, the CBI did not investigate the matter during the tenure of Congress government at the Centre,” he alleged.

In Maharashtra, the wife of Gurpreet Singh Anand had in 2013 filed a complaint of fraud against the company. However, there was not much inquiry during the Congress-NCP regime. But since the court has denied anticipatory bail to other accused, including sportsman Michael Ferreira, the investigation can be expedited. Many sensational things are expected to come out in the investigation as the CM has promised to carry out a detailed probe in the case, said Mr Bhandari.

Will free usage of ATMs be a thing of the past?

Banks have benefited both in terms of garnering more deposits and lower cost of operations due to ATMs. But the benefits of such improvement in earnings of banks have not been passed on to the banks’ customers

The security of banks’ customers who venture to draw cash from automated teller machines (ATMs) has been the talk of the town in the wake of a brutal attack on a lady manager of Corporation Bank in an ATM booth in Bangalore recently. The three concrete reasons why such an attack on a hapless woman took place are the following:

  1. The banks have been systematically withdrawing security guards in most of their ATMs to save on cost of maintaining ATMs, which helped these monsters to attack the customers of banks during non-busy hours in those ATMs where security guards are absent. 
     
  2. Most of the ATMs do not have the system of regulating the entry into the ATM booth through the use of ATM cards. These cards were used for unlocking the doors of the booths, so that entry is restricted only to those holding valid ATM cards. But this system is not prevalent now in most of the ATM kiosks, making it possible for a non-card holder to easily enter the ATM booth and play mischief either with the people inside or even with the ATM machine itself. 
     
  3. We do not have a system of locking the shutters after pulling it up, so that no miscreant can pull the shutters down and play havoc with the person inside the ATM booth. This is what happened in Bangalore as the attack on a lonely woman took place in broad day light, as the culprit pulled down the shutters from inside, so that the crime was not visible to outsiders. 

As on 31 March, 2013, there were 1.14 lakh ATMs throughout the country, and a lot more are planned to be set up not only by banks, but even by the private finance and non-finance companies, as RBI has permitted couple of corporates to set up what are called ‘white-label’ ATMs not owned by banks, but owned and operated by private companies with tie-up with banks
 

How do the ATMs operate in India?
 

Here are a few important details about the functioning of ATMs in our country. In addition to dispensing of cash, ATMs may have provision to provide services like account information, regular bills payment, recharging of mobiles, balance enquiry and mini statements, and even loan account enquiry etc.
 

Almost all the ATMs in the country are part of National Financial Switch (NFS) network of National Payment Corporation of India (NPCI), which facilitates routing of ATM transactions through inter-connectivity between the banks’ systems, thereby enabling ATM/ debit cardholders of the country to utilise the services in any ATM of a connected bank. Therefore, the cards issued by banks in India may be used to withdraw cash at any bank’s ATM within India.
 

Nearly 200 million transactions are processed every month in NFS, of which 75% are cash withdrawal transactions with an average ticket size of Rs3,300. The balance 25% transactions are non-financial transactions.
 

Besides cash withdrawal and balance inquiry transactions, NFS supports other Value Added Services (VAS) such as pin change and mini statement through the ATMs. There are plans to increase the VAS through card-to-card transfer, cheque book request and statement request through the ATMs.
 

Is withdrawing the free usage of ATM facility, enjoyed by customers, justified?
 

In the aftermath of the aforesaid incident, police in various states have given instructions to all banks to provide security guards round the clock with CCTV cameras both inside and outside at all the ATM kiosks with immediate effect. But bank officials have expressed a view that having armed guards for all ATMs round the clock, installing cameras inside and outside the ATM and connecting alarms to the nearest police station as required by police authorities will have huge cost implications necessitating recovery of these costs from customers who use ATMs.
 

Following these instructions from the police, there are media reports that to make good the expenses incurred on beefing up security, banks are considering levying a charge on all ATM transactions, be it a cash withdrawal or a balance enquiry. Is this justified?
 

For whose benefit, ATMs are installed?
 

If you ask a question as to who has benefited most by the introduction of ATMs, the banks would say, without batting an eyelid, that it is the customer who has benefited most by having access to his account for withdrawing cash 24 hours, 7 days a week, through out the length and breadth of the country. But does it mean that the banks have not benefited at all by setting up ATMs? If the banks have not benefited and if it has only added to their costs, why are banks falling head over heels to set up more and more ATMs, more so the private sector banks that are conscious of costs more than the PSU banks. If one goes deeper into the rational for spreading ATMs far and wide, it is the banks that have equally, if not more, benefited for the following reasons:

  1. There is keen competition among banks to mobilise Current and Savings accounts (CASA), as they are the cheapest form of deposits for banks. The main reason for banks to open more and more branches in smaller towns and villages is to attract more customers, who will keep their surplus funds in these types of accounts. In fact, opening of a current or savings account with a bank is the beginning of a relationship with a bank and banks are vying with each other to get maximum number of these accounts to improve their low cost deposits, which help them to increase their net interest margins. But as setting up full fledged branches is expensive, cumbersome, and time consuming, banks resort to the cheapest and easiest way to reach out to people by setting up ATM kiosks, which attract people to open their account even if the branch of the bank is little far away from their place of residence, as operating the account becomes easier through nearby ATMs. So the main purpose of setting up ATMs is to attract people to open their accounts, and it has really benefited banks by getting cheap deposits in a cost effective way.
     
  2. With a large number of ATMs being installed by banks, which are more than the brick and mortar branches, it has helped to considerably reduce pressure of work on the counters of bank branches, facilitating quick disposal of customers, lesser paper work and more time for staff to attend to other pressing jobs. This has resulted in bringing down the number of employees in each branch of a bank, saving considerable employee cost which is the second highest expenditure for any bank after interest cost.

The aforesaid facts are evidenced by the following tables:

Table –1

For all banks:

31 March 2002

31 March 2012

Growth in %

Staff Strength : in Nos.

 

 

 

Officers

276,368

502,938

82 %

Clerks

425,788

481,421

13 %

Subordinates

199,132

190,790

- 4 %

Total staff

901,288

1,175,149

30 %

                                

Table – 2

 

31 March 2001

31 March 2012

Growth in %

Business

No of A/cs   (in crore)

Amount in  Rs lakh crore

No of A/cs (in crore)

Amount in   Rs lakh crore

No of A/cs (in crore)

Amount

Deposits

43

11.23

90.32

60.78

110%

441%

of which CASA

29.98

3.98

73.9

22.58

146%

467%

Advances

-

6.09

-

48.03

-

688%

Total Business

-

17.32

-

108.8

-

528%


If you analyse the above figures for the 10-year period from 2002 to 2012, the following conclusions are obvious:

  1. The CASA deposits have grown by 467% in terms of amount and 146% in terms of number of accounts.
     
  2. The corresponding growth in number of employees is only 13 % in respect of clerical staff and 30 % in respect of all employees.
     
  3. The perceptible reduction in growth percentage in number of employees is partly due to introduction of core banking technology in banks and partly because of expansion in delivery channels through ATMs, which are now considerably more than the brick and mortar branches.
     
  4. All ATMs are unmanned self-service kiosks, which do not require large deployment of human resources, which is a distinct advantage for banks resulting in huge savings in employee cost as stated above.
     
  5. The much lower growth in clerical staff (at 13%) is a concrete evidence of the fact that due to the large introduction of ATMs, there is much less pressure on the counters of banks, which are normally manned by clerical staff.

Have the benefits of lower of cost of banking operations been passed on to customers?
 

It is, therefore, clear that the banks have benefited both in terms of garnering more CASA deposits and lower cost of operations due to the introduction of ATMs during the last more than 10 years. But the benefits of such distinct improvement in earnings of banks have not been passed on to the banks’ customers as bank charges have been continuously going up year after year on some pretext or other.   
 

Banks are increasingly adopting new technologies, but they have failed to bring down transaction costs, said Reserve Bank of India, deputy governor while speaking at a banking conference organized by the Indian Banks Association some time in September, 2010.  He had even said that technology must enable customer facilitation in terms of cost, time and convenience and it should be dovetailed to customer needs and expectations.
 

Read: Technology has failed to reduce banking transaction costs, says RBI – Moneylife dated 09.09.2010

 

As far as the bank customers are concerned all that matters (ATM) to them is that their personal security is ensured and safety of their hard earned savings is guaranteed without any additional cost to them, as it is squarely the responsibility of the banks, who own the ATMs, to provide a level of security needed to protect its users and their funds at all times. There is certainly no case for banks to curtail the existing facilities available to ATM users, as it will only negate the very objective of financial inclusion and expansion of banking facilities through ATMs to unbanked areas of our country.
                                                          

(The author is a banking analyst and he writes for Moneylife under the pen-name ‘Gurpur’ )

User

COMMENTS

sankar

3 years ago

While banks are interested in charging the customers, they have not done anything so far in respect of guidelines issued by RBI regarding freeing interest rate on savings deposit. On one hand, they continue giving lower rates of interest and on the other they would like to impose charges !!!

Any move to charge ATM transactions will dissuade the customers to keep minimum idle cash and perhaps force them to draw bulk which would increase the cost of currency and at the same time reduce CASA for the banks. RBI may have to keep this in mind before agreeing to banks' requests.

Gopalakrishnan T V

3 years ago

Banks are reported to be seeking RBI's approval to enhance the ATM Charges.In this context it may please be nopted that there is absolutely no justification for banks to approach RBI to hike the ATM charges.The banks enjoy a lot of free float funds, low cost /free funds from SB and Current account holders and they also save a lot in the cost of funds by having ATMs. The technology was encouraged basically to improve the customer service at lower costs, to reduce the cost of funds and enhance efficiency and productivity in banks. The banks have a tendency to exploit the depositors by all means as they are hapless lots and not capable of giving any resistance. The borrowers are allowed to loot merrily and the loss is also passed on to depositors. RBI has to have a serious view of banks inefficient way of functioning before it takes a view in respect of ATM Charges.

Sumeet R Nayak

3 years ago

Excellent article, as mentioned if the three concrete reason for the attack are looked into i.e. do not withdraw security to cut cost, regulate entry to those who have cards and ensure the shutters are locked there is no need to charge fees to customers at all.

arun adalja

3 years ago

due to atm transactions workload on banks reduced drastically and employees are enjoying due to less work and botheration.

Veeresh Malik

3 years ago

Solutions have to be out-of-the-box and include meeting half-way. For example:-

# In return for all the free of cost police protection that banks get, they should pay rent to police stations and put up ATMs in the main entry room, reception area, nothing should be safer that that as a location on an all-India basis, especially rural and inaccesible areas.

# All ATMs do not have to be 24x7 - double shift 0600-2200 is more than enough for most locations unless well-trafficked like airports, railway stations, bus terminals, near call-centres working 24x7, and similar.

# Provision of "silent alarm" facility by some method should be included in all ATMs as well as a specific RBI provided reference number for other issues.

At the end of the day, if I have to start paying for ATM usage, then I will start going back to the branch - and that will cost them more.

Humbly submitted.

REPLY

nagesh kini

In Reply to Veeresh Malik 3 years ago

Veeresh had provided essential inputs to Mr. Gutrpur's well researched main article.
Both should be implemented by the RBI as early as possible.
My experience is that ATMs are essentially a great boon to the off brick-n-brick banking with greatly diminished foot falls and/or customers' visits for cash witdrawal, utilities/credit card payments allthat would have otherwise necessitated interfacing with bank staff and at times exchange of harsh words. Some foreign banks even debit walk-in customers because they believe they waste time!
There is no justification whatsoever for the pro[posal to levy charges or restrict the numbers of cash withdrawals because the banks are saved a lot of botheration of processing of cheques, issuing of token and manually disbursing cash.
Because of the presence of the ATMs the banks definitely save large sums on manpower deployment and this is all the more reason why they put in place more efficient security measures.
Incidently the Bengaluru assailtant is yet to be apprehended despite the CCTV.
A revisit of the entire security apparatus is called for and implemented on top priority basis.

Is AAP Delhi water formula full of leaks?

The people of Delhi may be in for a rude shock, following the new water pricing formula of AAP. They may have to shell-out 2-3 times more. Where meters are faulty, cost will be even higher

The Aam Aadmi Party (AAP) has delivered on its electoral promise of providing 700 litres of free water per day per household even before they have proven their majority in the legislature. However, putting aside questions of political morality, no analysis of probable impact of this move on households and on fiscal health of the government, has been released by AAP so far. How genuine is the promise of free water? Could it be that the water bills are set to actually rise for a large number of people?

 

AAP claims to have pioneered the concept of “lifeline water” in India by promising minimum quantity of water required for survival. But how does the economics of water work in practice in Delhi as against what has been claimed conceptually?  How does it impact household budgets? What probable behavioural changes could be expected from different sections of Delhi population because of this measure? Is it a subsidy for the poor or the middle class? Here is the reality.

 

There are three major components of water charge that is billed to domestic consumers (Category 1) in Delhi. (There are two more categories of consumers, residential with mixed commercial use (Category 1A) and commercial and industrial use (Category II) but we have kept them out of our analysis as subsidy is not applicable to them.)
 

  • Metered water consumption: Divided into four slabs with progressively higher rates
  • Sewerage maintenance charges: Levied at 60% of price for metered water consumption
  • Fixed service charges: Levied based on slab under which your metered water consumption falls
     

There are two more components -- water cess charge and meter rent of Delhi Jal Board (DJB) which is negligible and hence not considered in this analysis.

The four slabs with progressively higher rates for each slab for both metered water consumption and fixed service charge are given in Table 1.1

 

Table 1.1

Consumption  per month

Old Rates

Fixed charges

1-10 KL

2.42

60.50

10-20 KL

3.63

121.00

20-30 KL

18.15

181.50

30-above KL

30.25

242.00

1 KL = 1,000 litres

 

Now, the AAP government has made consumption within first two slabs free of cost and increased rates for both metered water consumption and fixed service charge by 10% as per this ET report. Additionally, consumption beyond 20 KL in a month would be chargeable in full and it is implied in this report that such calculation would be on the basis of higher slab rates. The new rate brought in force by AAP is given in Table 1.2

 

Table 1.2

Consumption  per month

New Rates

Fixed charges

1-10 KL

0

0

10-20 KL

0

0

20-30 KL

19.97

199.65

30-above KL

33.28

266.20

    1 KL = 1,000 litres

 

So, how does water billing change at different consumption points for Delhi households? Below is the table (Table 1.3) and graph (Graph 1.1) for comparison. Also, DJB claims to incur a cost of Rs28 per KL including sewerage maintenance cost for supplying water.

 

Table 1.3

S No             

Consumption per month (In KL)

Billing Amount (Old Rate)

Billing Amount (New Rate)

Additional burden due to new rates

Increase in Billing

1

10

99

-

(99)

 

2

15

189

-

(189)

 

3

20

218

-

(218)

 

4

21

308

871

563

183%

5

22

337

903

566

168%

6

23

366

935

569

155%

7

24

395

967

572

145%

8

25

424

999

575

136%

9

26

453

1,031

578

128%

10

27

482

1,063

581

120%

11

28

511

1,095

583

114%

12

29

540

1,127

586

109%

13

30

569

1,159

589

104%

14

31

678

1,278

600

88%

15

35

872

1,491

620

71%

16

40

1,114

1,758

644

58%

17

45

1,356

2,024

668

49%

18

50

1,598

2,290

692

43%

19

55

1,840

2,557

716

39%

20

60

2,082

2,823

741

36%



What are the conclusions from this chart?

  1. Earlier there was a gradual increase in prices as you consume more. Now, there is a steep incline at 21 KL consumption due to a massive combined effect of free water till 20 KL, higher applicable slabs and increase in rates above 20 KL
  2. Marginal rate for consumption even slightly above 20 KL per month is severely high compared to earlier rates, an incredible Rs871 against Rs308 earlier!
  3. Consumers in the 20-30 KL slab get the worst deal and would have to pay 200%-300% times more!
  4. Against principles of fairness, cost for higher category consumers (>30 KL per month) will be less steeper as their bills would go up by 30%-80%

Faulty Meters

Apart from the steep hike, there is an additional problem of fast meters that many in Delhi complain about. We have monitored our meter for past three days and found it to be running faster by 25%-40% (showing a gain of 1.25 to 1.4 KL for filling a water tank of 1,000 litre). Any evidence for such faulty meters is largely anecdotal and a systematic study is required to establish it as a fact. However, complaints of fast-running faulty meter are widespread. If we assume it to be a factor, then actual consumption would have to be limited to less than 500 litres per day to take advantage of new tariff structure. Suspicion about faulty meters will get combined with incentive to stay below the punitive consumption threshold. This will force consumers into adopting means that are totally against the principle and philosophy of AAP. Talk of unintended consequences!

 

Over the course of the next few months, all this will get clearer to Delhi citizens. How will it impact the different consumer classes and what impact it may have on their behaviour?

  1. The middle class in Delhi, who have placed high hopes on AAP due to its clean image, would be in for a rude shock. Any additional gain they expected may not be realised and they may actually have to shell-out 2-3 times more.
  2. Those who can limit their consumption to 20 KL per month do not pay anything and get the best deal. However, if they fail to do so in even one billing cycle, their entire gains would be wiped out and they may have to shell-out some additional money (DJB seems to be settling into a 3-month billing cycle so we have assumed four bills in a year) due to steep incline at 21 KL consumption level. A lower-income category household of up to 5 persons can be expected to limit their consumption within the free water limit and gain from this scenario. However, excess consumption due to extraneous factors (festival consumption, water coolers use in summers, temporary increase in household number due to guests) in even one billing cycle would prove very costly.
  3. DJB allows households to install their own meters which can be sourced from certified manufacturers. But all kinds of water meters are available in the market which can be easily registered with DJB. Of course, it’s entirely possible that model citizens of Delhi would display exemplary behaviour and actually get down to learning about water conservation! And in the case of deviation, the gargantuan bureaucracy planned by AAP that goes by the name of Jan Lokpal would be at hand to take care of the enforcement problem! 
  4. Even assuming that 40%-50% households would be able to limit their consumption and gain from new tariff structure, their gains would be Rs218 per month at the most. However, it does not bear out that such gains are so substantial even for lowest income category that it has become a calling card for AAP. The minimum wage in Delhi for unskilled category is Rs8,086 per month and Rs218 per month for water was a sensible tariff to charge.

As far as fiscal health of DJB is concerned, in the earlier tariff structure, DJB was giving a subsidy of Rs17-18 per KL up to 20 KL per month consumption and was recovering full cost for consumption between 20-30 KL and making a profit of ~40% on consumption beyond 30 KL. In the new tariff structure, DJB would be providing subsidy of Rs28 per KL up to 20 KL per month consumption and would not be able to recover any part of the cost, but would make profit of  ~30% for consumption between 20-30 KL and super-profit of ~50% for consumption beyond 30 KL. Additionally, rate increase is expected across-the-board so billing for other two categories of consumers would also be higher so it may be possible that the new tariff structure actually bring additional revenues to DJB. (The ET report suggests that DJB officials expect a subsidy of Rs160 crore annually. However, this is not clear as household data for water consumption in Delhi is not available in public domain)

 

This policy definitely does not address concerns like water for all, assured supply, good quality, developing long-term sources as Delhi ‘imports’ 80% of its water from other states, cleaning river Yamuna, dual supply lines for potable and non-potable water, metering all connections, tackling tanker mafia, reducing distribution losses for long-term sustainable water availability and supply. Instead, AAP has taken the easy route to gain political mileage. Strangely, price of water was hardly an issue in Delhi (price of electricity was definitely an electoral issue). This move is of a piece whereby a supposed benefit has been provided to half of Delhi which was not asked for but would create a legacy that may be replicated elsewhere and would be difficult to eradicate in near future.

 

Another calling card of AAP, which has generated even more interest and debate, is their promise to reduce electricity rates by 50%. Given that electricity pricing, unlike water pricing, is not entirely in the hands of the Government of Delhi, AAP may want to replicate the same model for new power tariff structure as well. However, sensitivity to electricity bills is quite high in Delhi and any such move to cross-subsidise part of the population may have negative consequences

 

New water tariff structure has been approved for the period Jan-Mar 2014. The bills, therefore, would start hitting households in the month of April and would provide quite a shock just in time for parliamentary elections and a possible re-election in Delhi. AAP would be well-advised to re-think the tariff structure and at least continue with the earlier rates for 0-10 KL and 10-20 KL slabs for billing of consumption beyond 20 KL. Otherwise, the most vociferous backers of AAP, the middle class and young, may not be available to vote for AAP six months down the line.

 

(Vivek Khaitan is an MBA from IIM Calcutta and is working as a management consultant for past five years in New Delhi)

User

COMMENTS

T Sekhar

3 years ago

Mr. Vivek,

AAP has been in power for only a week. They will streamline all the above issues in due course. There is nothing wrong in taxing the rich (all of us are paying through our nose now for LPG, petrol etc. - isn't it?), who have wasted public money earlier while in power, collecting only 40% of the water bills! People would now take more care to ensure that they have properly working meters, and Govt. staff who do not co-operate will be taken to task by the Delhi Govt. quickly.

It is better if you post these issues in the AAP site for quicker attention. Pl. see the following video if you have missed out seeing it earlier, to know how Delhi Jal Nigam worked earlier: https://http://www.youtube.com/watch?v=Elbvy3V87Is

Vikas

3 years ago

Vivek, I am still awaiting your response to your comment where you said - "The methodology of calculation" is also changing...

kritika

3 years ago

Vivek, you need to first explain how did you get this calculation of 100% increase.
If the slab rates change only by less than Rs. 3, how did you manage to project such a huge increase. What additional subsidy has been considered in Old rate calculation? And what additional costs for New rate calculation?
Is it a hoax to undermine AAP's policy impact?

REPLY

Abhijit Gosavi

In Reply to kritika 3 years ago

Boy, how many times do you expect the author to explain? :(

Nothing wrong in some objective questioning, but go the extra mile with some individual effort (read all comments & use a calculator) --- before calling something a hoax in a public comment :(

AAG

PS: I have also explained some calculations in my own comments, but I sat with EXCEL. And although pricing is a research area for me, I had never seen such a scheme for water before.

mathai

3 years ago

good points to ponder. it is definitely wrong to increase the
bill of 20kl to 30kl range by more than 100%.
but that does not negate the need for supplying free water and if possible free power to those who can not afford the cost.
may be aap will rework the rates to redistribute the subsidy burden which should not be very difficult.
or decide to meet the subsidy from the tax funds.
either way it should not be such a big issue to warrant reconsideration of the free water promise.
as rightly pointed out in this article, aap should find time and expertise to reduce the cost and avoid waste. not only in water and power but also in all the segments of governance. which should not be difficult given the sincerity of aap leaders and involvement of the people

rohit

3 years ago

This is just another biased article. There are many facts, which have not been considered.

I wish that the author had shown the same sincerity to point out mistakes in previous government's policies.

REPLY

shadi katyal

In Reply to rohit 3 years ago

The previous Govt did not give free water.
If you have any facts different than this please enlighten us.

shadi katyal

3 years ago

It is evident that only way to get elected is to buy voters with this kind of figure juggling. Now when the populism has become part of elections, why not let the nation flow down with such shenanigan.
Kejriwal is no different than other politicians and he wants perks and power.We saw how he accepted the house and after people criticized he is willing to give it up.
Some one should write about his background.

Sandeep Chowdary

3 years ago

Agree that DJB might make more money now than earlier with the new tariff kicking in.

From the consumer stand point, I believe this will help in water conservation especially by those families who would like to avoid the financial burden due crossing the 20KL, and for those who dont mind the large marginal increase, they will pay more due to the usage.

Also on the 50% reduction in power tariff. While this can be perceived as a populist move, it could very well be a valid number, given the example of what price Gujarat Govt could procure power for, if they wouldnt have opted for taking power from Adani Group for twice the rate.
Another key component of power tariff is cost due to power theft, which was not reduced due to the corruption. Fixing this also would contribute to Power tariff reduction.

SATTI RAJU DUMPALA

3 years ago

Our leaders are short sighted and Kejriwal is no exception. How long would they cheat people with these freebies.

REPLY

T Sekhar

In Reply to SATTI RAJU DUMPALA 3 years ago

I do not understand how Kejriwal is taken as short-sighted. Pl. see the following link for more on how AAP decided on this equitable re-allocation of water of Delhi:

https://http://www.youtube.com/watch?v=Elbvy3V87Is

Ashok Aggarwal

3 years ago

The Article is misleading. It is not correct that if a consumer uses more than 20 kl/month, he/she pays for the entire consumption @slab rate of 20-30 kl. it is evident from the press statement as below:

Those consuming more than 20,000 litres per month xwill need to foot the full bill according to the hiked tariff of 10%, also applicable from January 1.

The author should verify facts and correct his post.

REPLY

Vivek Khaitan

In Reply to Ashok Aggarwal 3 years ago

This reply is for all those who are doubting calculations and its basis.

As I have said in the article, the basis for the assumption is the news reports (hyperlinked in the article) after DJB press conference which implies that consumption beyond 20 KL would be charged at higher slab and not in respective consumption slabs as was the case earlier. Lots of people have already checked the calculations and found it to be absolutely correct. Please read full comments section for that esp. the exchange between me, Abhijeet Gosavi and Amitabh Kumar

The other thing, about getting the clarification on exact calculation method from govt or DJB, unless you write about such things, you don't get clarification. The purpose of this piece is to get that clarification. Otherwise, bills would start hitting in April 2014 without anybody being wiser about it. If indeed no new calculation method is proposed, a clarification needs to be issued

Vikas

3 years ago

Hi Vivek, In one of your replies you mentioned - "There is a new method of calculation too, no slab-wise calculation like earlier but all consumption between 20-30 KL would be charged at 20-30 KL slab rates which is 6-9 times higher than first 2 slabs so the effect of exponential increase"

Can you please confirm the source of this because this is the inherent assumption in your calculations?

abhishek

3 years ago



25 Kl will be charged 19.97 per KL (Table 1.2)
bill will be (19.97x25=499.25) +fixed surcharge + sever charges
( for 21KL fixed charge=199.65 table 1.2)
499.25+199.65 =698.9

now 60% of 499 is severage chages which will also add to bill
60% of 419.02 is 299.55

now total= bill + severage charges (which is 60% of bill)
= 499.25+199.65+299.55
= 998.45

where as in old bill it is
424Rs I think it is straight 50% rise in bill

the article seems to be legitimately right and Delhi Jal Board press release does not says any thing about these calculations

http://www.delhi.gov.in/wps/wcm/connect/...

and most of the people on AAP group or other places are doubting this article saying that author has assumed that if someone is using even 1 litre extra than 20K then he will have to pay full , I do not know what is an answer to that,except I learnt at some places that it is done to save water but what about tenants who live at the mercy of land lords

REPLY

Vinay

In Reply to abhishek 3 years ago

Please do the same calculation useing the old rates it comes to 907.5

Increase is only 10%. The basis of the article is not correct.

Neel

3 years ago

Use less water - period!
Save natural resources which are anyways not abundant - whichever govt rules - nature rules over us all - What we NEED is <500 Litres - rest are wants

Vinay

3 years ago

The whole basis of this article which is the table 1.3 is wrong. It needs to be corrected. 60% charge not applied properly on he old rates section.

Vinay

3 years ago

Why is 60% charge(Sewerage maintenance charges) not added in the old bill table BUT added in the new Bill table. Is it not applicable?

Calculations need to be correct. Approx increase is 10%. Max to 11%.

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