Real Estate: Unitech Asked To Pay for Delay
National Consumer Disputes Redressal Commission (NCDRC) directed realty major Unitech to pay compensation to buyers for delay in delivery of flats. The new delivery dates promised by Unitech are between February 2016 and February 2018. NCDRC also ruled that any delay beyond the new deadline promised will draw compensation at 18% per annum.
In the last hearing of the case on 1st June, the apex consumer court had rejected Unitech counsel Sunil Goel’s contention that it did not have the jurisdiction to surpass the builder-buyer agreement. NCDRC said that any unfair trade practice can be challenged.


New Income-tax Return Forms
Please refer to “Tax - New Three-page Income-tax Return Forms” (Moneylife, 25 June 2015).  The income-tax return (ITR) forms have been revised after public protest on lengthy forms and cumbersome information sought earlier. It is yet to be seen how these forms are simplified; as on date, these are not notified. It is hoped that the new ITR won’t require assistance from professionals to fill up. It would have been better still if the one-page saral form for all taxpayers had been re-introduced. Details of expenditure and all bank details, etc, should have been avoided altogether as these are matters of expenditure tax (which has been abolished). For foreign income in foreign banks and properties outside India, the government should simply ask us to declare, if it is taxable and, if not, let the figures of exempted foreign income be declared in exempted income column.  
The full details can be safely asked only in select cases of scrutiny, and not in ITRs. To safeguard against non-declaration of income, the declaration in the form—that all income is truly reflected in the return—is sufficient to prosecute, if not true. The income-tax department has already collected information relating to various financial transactions through various concerned organisations and departments (TDS/ TCS/AIR). The rest of the information must also form the part of Form 26AS and the necessary changes must be made in the existing Form 26AS for this purpose. The system on e-filing of pre-filled I-T forms—as per information with the income-tax department—must continue not only for TDS (Form 26AS)  but also for all information which I-T department has obtained from various sources. This is important so that no taxpayer has a chance of non-declaration of such income like on sale of properties, etc. 
Mahesh Kapasi, by email

Okada Finger Pressure Therapy

This is with regard to “‘Scientific’ Mumbo-Jumbo” (Moneylife, 11 June 2015) by Prof BM Hegde. My guru, Mokichi Okada (of Japan), had said all this about Western medicine way back in the 1920s, when he discovered an alternative means of healing (Okada finger pressure therapy or Jo Rei).
Suchindranath Aiyer S, online comment

Toothpaste for Children

This is with regard to “Science and Business Reality” by Prof BM Hegde. Please name a few toothpastes for children and for adults without Triclosan.
Narendra Doshi, online comment

Bail is the Rule!

This is with regard to “Bail, not Jail” by Bapoo Malcolm. It was Justice VR Krishna Iyer who had laid down very important principles, like ‘jail is the exception, and bail is the rule’, decades ago and, in his judgements, he gave a very strong human touch to criminal law.
Mohan, online comment

Investors Must Show Patience

This is with regard to “Fortnightly Market View: Disconnected from Modi” by Debashis Basu. The stock market movement is largely dictated by three factors—sentiment, liquidity and fundamentals. Narendra Modi’s election victory suddenly improved the sentiment resulting in rise in stock markets. But, the fundamentals of the economy reflected in the financials of the companies, cannot be ignored for long. The steps taken by this government will take time to show results. Investors must show patience and not become greedy.
Rajat Dhar, online comment

Criminals Will Always Exist!

This is with regard to “What the Essar Diaries Mean” by Sucheta Dalal. Clearly, the mistake is with the Rserve Bank of India (RBI) which appears grossly inefficient and corrupt too. 
Essar, Ispat, United Breweries, Sahara, etc, have taken advantage of the system, while being aided, abetted by corrupt bank chairmen, who have gone unchecked by RBI. If governor Dr Raghuram Rajan spells out a policy of sacking of bank chairmen who allow such bad debts, these industrialists will not have the courage to cheat the system. Why is RBI keeping quiet? Controlling inflation is not the only job of RBI. The amounts owed by these defaulters, if recovered, will fund agriculture and, perhaps, we can write off the entire agricultural loans of drought-hit states. Maybe, this will also help reduce interest rates and rein inflation. Perhaps, RBI does not want to antagonise these defaulters and the powers that be. In fact, our focus is to reform RBI. Criminals will always exist. If we can set up a good policing system, we can avoid such crimes.
S Padmanabhan, online comment

Issue to Die a Natural Death?

This is with regard to “Manufactured Hysteria over Maggi” by Sucheta Dalal. Sure. Succinctly summarised. I am wondering why the government did not take cognizance of this revelation when the product was launched? Is it the laxity of the regulator over the past three decades? Or, is it that the firm refused to heed the advice of the regulator? Why is it that regular roadside foodstalls, or even budget hotels/restaurants, are spared? Why can’t the regulator ensure that safe and healthy food is provided to the consumer by any source: be it street-side vendor or packaged food industry or ‘licensed’ restaurants? Again, this whole issue is going to die a natural death, as we have seen in earlier instances.
Srinivas, online comment

Really, Useful Article

This is with regard to “How to Use Your Smartphone, Smartly” by Yogesh Sapkale. This is a really, useful article. Most of the information was new for me. 
I would like to thank the author and Moneylife.
Kaviraj B Patil, online comment

Problem with Stocks

This is with regard to “Tough Job for Fund Managers” by R Balakrishnan. I think, the problem with stocks is this: Most of us are under-qualified, with not enough time to gain chartered accountant-level knowledge of finance. We are not able to acquire the in-depth research skills needed to locate great stocks. Many people owning stocks reflect the same ‘herd’ mentality: buy the most popular/talked-about stocks. 
Anand Vaidya, online comment

Irremediable Situation

This is with regard to “Dr Subramanian Swamy on black money, hawala, Rafale, taxes and politics”. As Dr Swamy says, he is not part of the government. If he were, the replies would have certainly been very different.
As regards cooperative banks, they are not the source of black money. All the banks work under dual regulation: SEBI, RBI and even the third one, GOI insofar as public sector banks and foreign banks are concerned. The pity is that for cooperatives, the regulators do not understand their domains. The registrar of cooperatives is not accountable for the regulations he is expected to administer which he hardly knows. By the time he gets to know them, he gets transferred.
Governance and management are issues in cooperatives and sensible legislative interventions are not acceptable to any body politic in this country. Cooperatives are in irremediable situation. 
The Modi government should do skill-building and knowledge-building of politicians. Simultaneously, skill-building of youth should be taken as top priority. The recent move to give away Rs25 crore as MPLAD fund is the surest route for black money accumulation in this country.
B Yerram Raju 

Review The Approach!

This is with regard to “Aadhaar is a disaster, says Dr Swamy”. Aadhaar, like the New (National) Pension System came in without any legal backing; hung around with support from certain vested interests; and, now, is being supported by the government. This is a government which dared to dismantle the Planning Commission. It should have reviewed the approach to Aadhaar and NPS. 
MG Warrier


Go Direct, Save Costs
If you know what to invest in, it’s sheer folly  not to take advantage of ‘direct’ mutual fund (MF) schemes that give higher returns than the ‘regular’ schemes. If you don’t know what to invest in, you will soon figure it out, as a regular Moneylife reader. The savings of direct investment will keep adding each year with lower expense ratio along with compounding effect and, hence, don’t underestimate the enormous benefit of going direct.
Raj Pradhan enumerates the steps along with the real-life experiences of direct investment, to ensure you save time and efforts. Our survey reinforced the need for this Cover Story, to bust the misleading campaigns being run by intermediaries. Asset management companies (AMCs) have done a good job to ease direct investment. AMCs and registrars will help you complete the initial formalities.
In her Crosshairs column, Sucheta highlights how a doctor, based in Kolkata, was taken for a ride by Standard Chartered Bank. The Bank rigorously churned his portfolio over a 19-month period leading to a loss of Rs68 lakh. Where are the regulators? In another instance of regulatory breakdown, Sucheta highlights how the unscrupulous promoters of Dr Datson’s Lab duped investors, running what looks like a money-laundering operation.
With the Lalit Modi-Swaraj-Raje drama, suddenly, the BJP is looking rather shaky on delivery of good governance. Will prime minister Narendra Modi exert enough control to prevent such small scams from causing major damage? A bigger issue, though, is this government’s senseless tardiness in appointing the right people to various Central institutions, or even filling vacancies on time, as Sucheta explains in her Different Strokes piece. This opens up the path to mistakes and indiscretions. 
We have lined up two seminars on insurance, hosted by Moneylife Foundation, on 26th June and 4th July. To know more and to register for these events, do visit—


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