Sanjay Nirupam launches Moneylife Knowledge Centre

Moneylife Knowledge Centre set up by the Moneylife Foundation in Mumbai will supplement the efforts of regulators and providers of financial services at spreading financial literacy and redressing grievances.

Sanjay Nirupam, Member of Parliament, on Saturday inaugurated the Moneylife Knowledge Centre—a seminar-counselling-and-free reading room— set up by the Moneylife Foundation at Dadar in Mumbai, on Saturday.

Introducing the Congress MP from Mumbai, Moneylife Foundation’s Founder-Trustee Sucheta Dalal said, “Mr Nirupam is among those politicians who empathise with the need for financial literacy initiatives and has always made an effort to understand issues and take them up in Parliament. He has been especially concerned about the lack of understanding among borrowers of concepts such as floating interest rates. With teaser loans being offered by the biggest banks, these issues will come up again. At that time, investors and consumers will need a valuable voice like Mr Nirupam in the Lok Sabha.”

Speaking on the occasion, Mr Nirupam said, “I congratulate the Moneylife team for taking this wonderful initiative. I am happy that the Moneylife Knowledge Centre is being launched on my birthday. I would like to give my best wishes to Moneylife Foundation’s Knowledge Centre.

Talking about the need for financial literacy among the masses, Mr Nirupam said, “India’s middle-class population is set to reach nearly 80 crore. The entire world is eying to capture this huge market, which has highlighted the need to teach economics to the population, especially the middle-class. There is a deluge of schemes in the market that lure investors into buying them. That is why it is important that the masses are educated about various financial and economic aspects.”

Earlier, Debashis Basu, Founder-Trustee of Moneylife Foundation, said, "The need for Moneylife Foundation and the Moneylife Knowledge Centre arises from the stark reality that the ordinary person with money to spare is staying away from capital markets and is also wary about mutual funds. This is evident from very poor subscriptions to Initial Public Offerings (IPOs) and also mutual funds, which is in sharp contrast to the vaulting stock indices, frequent public issues of equity and extensive media coverage of investments. There is also very poor knowledge about basic financial products such as credit and debt cards, insurance, mortgage or housing loans etc, and the precautions required while using electronic transaction systems.”

The Moneylife Knowledge Centre will supplement the efforts of regulators and providers of financial services at spreading financial literacy and redressing grievances. The Centre would aim at creating deeper interest in financial markets, increase financial literacy and protect investors and consumers through information, counselling and grievance redressal.

The Moneylife Knowledge Centre is stocked with a range of books, magazines and financial literature—starting from the basic comic books produced by the Reserve Bank of India (and contributed to ML Foundation)—to reference books for students and market experts. There is also a range of corporate biographies and books on business, economics and finance. Members of the public can access the reading room free of charge.

Moneylife Foundation is registered as a not-for-profit trust and intends to engage in spreading financial literacy through workshops, round-table meetings and awareness campaigns; advocacy to crystallise policy and bring about regulatory changes to protect investor rights and grievance redressal, counselling and research. The Foundation is offering free inaugural membership. Those who wish to become members can contact 022-24441060 or visit www.moneylife.in/foundation.

While the initial focus of the Moneylife Foundation will be on Mumbai, it has plans to extend its reach to other cities where investors are deprived of opportunities to access unbiased information about financial products and are unaware of the cares to be exercised while borrowing or investing.

Moneylife Foundation is also looking for experts who are willing to volunteer their time (for a small honorarium) to conduct workshops and to translate this effort into regional languages.

For more information contact:
Moneylife Foundation: Deepa: 022-24441059-60
Or write to [email protected]
Address: Moneylife Foundation, 304-05, Hind Services Industries Premises Limited,Off Veer Savarkar Marg, Shivaji Park Seaface,
Dadar (W), Mumbai 400 028 (near Chaitya Bhumi)

Pictures of the event
 

User

COMMENTS

Vijay Mulgund

6 years ago

Sir
When such Knowlede centre being started in Pune.The workshop in Pune is not sufficient.The workshop In August was educative no doubt.
Mulgund

mahesh patel

7 years ago

I am willing to volunteer my time (for a small honorarium) to conduct workshops and to translate this effort into our regional language GUJARATI, HINDI. i have sound knowledge of any product like mf,ulip,insurance product any, gold,gold etf , stock market, fd,bond, post scheme...all.

nirmal kamat

7 years ago

my husband Rajiv Kamat has a lot of interest in stock markets.presently he keeps himself busy in it by being a prudent investor and also keenly watching its daily trends. he worked as a divisional manager at a public sector general insurance co.upto 2004.then opted for VRS.this gives him ample time to concentrate on the stock markets.i would like him to be a volunteer with your foundation,hence would like to know the formalities & the duties involved

salunke manohar

7 years ago

excellent effort to improve our counrty economy

Mr. Prakash P. Joshi.

7 years ago

Hello,
I am a subscriber of "Money Life" magazine (No.1927). I want to know whether there is any "Stock Screener" available which enables the investors to scan listed stocks on BSE/NSE with multiple parameters?. I came to know that there exists one [excellent-with fundamental analysis] with M/S Accord Infotech, Mumbai. Ref:- http://www.accordinfotech.com
with there 'ACE-EQUITY' package but it is very expensive. Is there something else inexpensive but very useful & effective?
Thanks!

Prakash P. Joshi
VileParle (East), Mumbai-400057.
+919920334762

Anand Kothari

7 years ago

Very Good Platform for finance literacy. We come across lot many people in daily life who are completely fumbling in this subject despite being master in their respective field, Long live ML Foundation

vijay menon

7 years ago

The Moneylife Foundtion is a valuable and welcome extension of Moneylife's commendable service to the investing public. I hope it will also compile a list of reliable financial consultants whose services can be availed of by middle income investors.

I wish Monelife's new initiative all success.

Vijay Menon

vijay

7 years ago

gret

PayPal stops payments to and from India

Online shop eBay’s popular electronic payment system PayPal seems to have been blocking all personal transactions to and from India. Strangely, it has offered no justification for this decision

In a perplexing move, popular electronic payment gateway PayPal Inc has suddenly started blocking personal transactions to and from India. PayPal was allowing business transactions till a few days ago, but now has also stopped it along with personal and gift payments.

PayPal is an online payment and money-transfer service that allows you to send money via email, phone, text message or Skype.

This move from PayPal has left thousands of its Indian users, especially IT coders who work with many entities overseas and receive payments through PayPal, high and dry. Users whose transactions have been reversed are venting their frustration on online forums and message boards. Funds requested through PayPal India are being reversed to their senders, and users have no access to them.

Here is the standard response PayPal is sending to customers:
“Your payment of xxx has been sent back to the sender of the payment. We reversed this payment because we have stopped allowing personal payments to be sent to or from India.

“If this was a payment for a purchase of goods or services, and not a personal payment, then you may contact the buyer and have him or her resend the payment as follows: (a) click the Send Money tab, (b) select “Goods,” and (c) provide a shipping address.

“If this payment was a personal payment such as a gift, then we have requested that the sender find another payment method until we restore personal payments to and from India. We are trying to resolve this issue as quickly as possible and we’re sorry for any inconvenience.”

According to a reports from techcrunch.com, Anuj Nayar, director for global communications at PayPal had said, “I can confirm that personal payments to and from India have been suspended while we address some questions from our business partners. You can still make commercial payments. We’re trying to resolve the situation as quickly as possible and we’re sorry for any inconvenience this may cause.”

Last year in November, the Indian government had issued a notification (No No.13/2009/F.No.6/8/2009-ES dated 12 November 2009) for prevention of money laundering. Under this notification, the Reserve Bank of India (RBI) has asked all banks and financial institutions to maintain proper record of all transactions and verify identity and address of a non-account based customer or a walk-in customer.

Payments to and from PayPal to its account users in India may also involve the foreign exchange maintenance act (FEMA) that has been under a cloud over the black money issue. On Friday, many renowned personalities had filed another petition in the Supreme Court seeking a direction to the Indian government to bring back unaccounted black money to the tune of around Rs65 lakh crore (Rs65 trillion) stashed away in banks abroad. 

Although PayPal provides money transfer service to and from India, neither the company nor its account holders pay any tax on the transaction. When Moneylife contacted the RBI to know about the PayPal issue, an official said,”We have no idea why this is happening. PayPal doesn’t come under RBI’s purview.”

The question is then how can the country receive money, in foreign currencies, without any accountability and supervision? Some of the comments on techcrunch.com also say that many Indian account holders ask their payee to make the payment as a ‘gift’ rather than payment for services to avoid PayPal fees. One such comment said: “A lot of business must be transacted in India via PayPal—business done with personal transactions. So a money-hungry Indian government is aggravated at some perceived revenue loss (taxes, customs, etc.) and (has) put pressure on PayPal to stop the payments either directly or indirectly.”

We don’t know. What we know for sure is PayPal users from India are left with no alternative but to search for an alternative payment service.  Team
 

User

COMMENTS

Susan Barnes

8 months ago

It is very frustrating. I am trying to get my money and these people are stopping me. It is not their money at all.

Do you think getting a USA PayPal from Auction Essistance would be a good idea to bypass this restriction.

Kushal

7 years ago

This is so frustrating. I had withdrawn an amount X from my Paypal account and made a personal remittance to the ICICI Bank account. It had been around 15 days since I heard from them. When contacted this is what they replied:

I checked your PayPal account and I do see here the withdrawal you made on February 10, 2010 for Rs.XXX INR. Right now, the status of the withdrawal on your PayPal account is already completed, and this is because the funds were successfully taken from your PayPal account balance. Now, I am sure that you are aware of the issues that we have had with bank transfers to Indian accounts. Now, basically right now, we will not be reversing the funds back to the balance anymore as we are still trying to have it posted on the bank instead. Rest assured though that the funds are safe and will be credited to you.

In the meantime, I would recommend that you check and visit http://www.thepaypalblog.com for updates on this matter.

We hope you understand our situation and thank you for your patience.

—-

What crap? Now they say they are NOT going to reverse the funds back too…. If Paypal takes 6 months (or even more) to get this issue of personal remittance sorted out, we have the funds blocked. WHAT ARE THEY DOING WITH THE MONEY?

deepak shah

7 years ago

we have mailed several times but did not received a proper reply to our question.
From your e mails it seems that you are unable to send bank to bank transfers than instead of transfers why don’t you send the checks for the withdrawls.
It has been nearly 20 days and matter is still not solved.
Every e mails says that you can not give the exact time frame. Now more time has been passed than the time frame limit.

The us goverment has a strong lobby and can pressureze indian goverment to look in to the matter.
Your intentions seems to dubious, It seems that you just want to use Indian people money.
We are not big dealers we sell small items on the net and have to pay our suppliers.

deepak

Sam

7 years ago

Thank you for contacting PayPal.

I understand your frustration regarding your payments getting reversed.
If the payment was for a purchase of goods or services, and not a
personal payment, please contact your buyer and have him or her resend
the payment by following the steps below:
1) Log in to their PayPal account
2) Click the Send Money tab
3) Select “Purchase”
If the payment was a personal payment, such as a gift to a friend or
family member, then we request that you find another payment method
until we restore personal payments to and from India.

Yes, we do allow Personal payments from USA to Saudi Arabia; however,
your brother can open an account in Saudi Arabia but cannot receive
payments since Saudi Arabia is one of the Send Only countries.

The regulators recently let PayPal know about revised licensing rules
that we are now actively engaged in securing. Personal payments to and
from India will be suspended for at least a few months until we fully
resolve the questions from the Indian regulators.

Thank you for giving us the opportunity to be of service and for
choosing PayPal for your online payment needs. We value your business
and we look forward to further strengthening your customer satisfaction.
For further assistance, you may call us at 1-888-221-1161 or you can
also visit http://www.PayPal.com/101.

Sincerely,
Joanna Marie
PayPal, an eBay Company

Joydeep Bhadra

7 years ago

I opened a graphics studio and employed 4 guys. I think this is a noble cause. I give photoshop services to photographers from various part of the world and have been receiving payments through Paypal. I am left with hardly few bucks after paying my employees and office and internet. I have been filing IT return for the past 4 yrs and I dont have any secret bank account. I am earning foreign exchange on behalf of my country. How can Govt. of India be so partial and kill my business and throw my associates out of job. Can Govt. Of India provide job to these PS experts? No, I bet the govt. cannot. This Indian govt. is most impotent and corrupted in the whole world.

Shahid M

7 years ago

Hi Everyone,

This is M. Shahid from VOX Public Relations on behalf of PayPal. Just wanted to let you know that PayPal has posted an update on the situation here: https://www.thepaypalblog.com/2010/02/update-on-paypal-situation-in-india/

Thank you,
M. Shahid

mahesh

7 years ago

Issue not yet resolved:

8th February, 8-30 PM

Just made another call to Paypal customer care and had a chat with Supervisor too. They are having technical issues and developers are working on it. They are telling that issue will be resolved this week.

Here is the new recording of Paypal Chat:(8-02-2010) 10.1 MB

http://filekeeper.org/download/shared/Paypalcall_08FEB.mp3

The chat with the supervisor has more clarity.

Mahesh

Alex

7 years ago

i have withdraw $500
no amount is come on my bank account
and its showing negative balance.

what is going on..
we have to put a joint case against Paypal
and if someone know alternate please Help

Siva

7 years ago

After all , Now the issue is resolved Today around 7PM(IST). I got a new Personal payment.

anjali

7 years ago

Hi,I was having very high image of pay pal and thinking their service to be the best and trusted and voted them to be the numero uno of online processors of payments but why this discrimination to Indian workers we were peacefully using their service to receive and making payments for our online activities and If they are doing this suspecting something mischievous acts let them check and verify but do not punish the online earners this way.. people earn some money doing work should not be treated like this for trusting pay pal.

mahesh

7 years ago

Hi all,

The issue is not yet resolved as on Feb 7th night…

Here is the recorded file of a conversation with a Paypal customer care employee on February 7th, 2010..

The issue will be resolved only by Tuesday/Thursday and they are not providing exact reason for the issue…Download and hear it…6MB mp3 file

http://filekeeper.org/download/shared/paypalcall.mp3

Timir Patel

7 years ago

Paypal done this without any intimation and how can paypal reverse money from our account once they have credited.

If they have stopped personal payments to and from India. then they have to block the option by sender side that he can not

send payment in India.

I got USD 577 in last few days. I have also requested to withdraw money in bank account. See what happens !!!!!!

Paypal canceled all my withdrawal requests and credited USD 542 and reversed to senders.

I got credit of USD 542 instead of USD577. Even if withdrawal requested are not completed (Deducted exchange rate fees). But

how can they deduct exchange rate fees even if transactions are not completed and money are sent back to senders.

Now I have negative balance. And I like that balance will become positive by deducting from credit card.

Who can tell that paypal is safe way payment method ????

No steps are taken in front of paypal.

aryan

7 years ago

@Aryan's Father - Dude fuck you and gimme a break...It's not about being a millionaire or shit FFS...get a life and stop replyin with idiotic names! I have already sent them emails and got a reply as well...So suck it...People like u can bark but cant take any action! Sleep in ur mom's laps now

Kausar

7 years ago

It is really sad suddenly Paypal have stooped all the personal transaction. Really dont know what could be the reason. Hope they can resolve the issue ASAP.

Harsh agrawal

7 years ago

Rumors are also there that these sudden change in policy is brought up by them when they announced the new way of paypal account verification in India. Reason may be what so ever, its us who are suffering,...

A Weak Rally Now?

We expect the market to rally to about 16,500 and possibly to 17,000 before pausing or going down again

Last week we had said that the Sensex has support at 16,600. If this support is breached, we may see another round of sell-offs, all the way down to 15,500. Indeed, the Sensex tried to rally on one day of the week, but by Friday it had hit a low of 15,725. Over the week, the Sensex shed 567 points. We expect the market to rally to about 16,500 and possibly to 17,000 before pausing or going down again. We shall see when we get there.

Even though the manufacturing sector grew at its fastest pace in almost 18 months in January 2010, Indian markets struggled throughout the week. Sovereign debt problems in Europe and an unexpected rise in US jobless claims raised fresh concerns over global economic recovery.

On Monday, the Sensex declined 2 points to close at 16,356 while the Nifty was up 18 points at 4,900.

As per data released by the government, India’s exports rose an annual 9.3% in December to $14.60 billion, the second consecutive rise after 13 straight months of decline. Imports rose 27.2% from a year earlier to $24.75 billion. Exports for April-December, the first nine months of the 2009-10 fiscal year, were down 20.3% at $117.59 billion from the same period in the previous year.

The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 Indian companies, rose to 57.7 in January 2010, its strongest reading since August 2008 and up from 55.6 in December 2009. The new orders’ index rose to 62.9 from December’s 60.1. India’s manufacturing sector grew at its fastest pace in almost 1-1/2 years in January 2010, boosted by a sharp rise in new export orders that underpinned a recovery in the industrial sector, the survey showed.

On Tuesday, 2 February 2010, the Sensex declined 193 points to close at 16,163 while the Nifty closed at 4,830, down 70 points. Indian companies raised about $20 billion from share sales in calendar year 2009. The government has targeted raising Rs25,000 crore in the fiscal year ending March 2010 by selling stakes in state-run companies.

D Subbarao, governor, Reserve Bank of India (RBI), had for the first time on Monday stated that the nation may have to take some measures towards capital control. Mr Subbarao also said that it is important for the government to withdraw the stimulus and that the government and central bank would have to coordinate in withdrawing the same. He reiterated that the economy is back on the growth path and added that the challenge is to accelerate momentum.

As per US media reports, the ISM manufacturing index for January hit a five-year high of 58.4, stronger than the expected 55.5. Personal income and spending rose, while construction spending fell 1.2% for the month of December.

On Wednesday, 3 February 2010, Indian markets gained momentum on strong response to NTPC’s follow-on public offer (FPO) and robust services sector data for January 2010. At the end of the day, the Sensex surged a massive 333 points from the previous day’s close to 16,496 while the Nifty closed at 4,932, up 102 points.

During trading hours, the government’s chief statistician Pronab Sen said that the data suggested that industrial recovery in the country was on track, but the government would wait for the March 2010-quarter economic data before taking a call on exiting stimulus measures.

The HSBC Markit Business Activity Index, based on a survey of 400 Indian firms, rose to 58.96 in January 2010, its highest since September 2008, on sharp increase in new work orders after rising to 57.41 in December 2009.

On Thursday, 4 February 2010, the Sensex closed at 16,225, down 271 points from the previous day’s close, while the Nifty declined 87 points to close at 4,845. 

Housing Development Finance Corporation (HDFC) declined 3% after the RBI announced that it would disallow non-banking finance companies (NBFCs) and housing finance companies (HFCs) from resorting to short-term foreign currency borrowings.

During trading hours, government data showed that food inflation rose to 17.56% in the week ended 23 January 2010 from 17.40% in the previous week following rising prices of potato and pulses. The inflation for primary articles, which includes food and non-food items, marginally eased to 14.56% in the reporting week from 14.66% in the previous week. The fuel price index rose 5.88%.

On Friday, 5 February 2010, the Sensex declined massively by 434 points from the previous day’s close, ending the day at 15,791, while the Nifty declined 127 points to end the day at 4,719.

As per an International Monetary Fund (IMF) report, India’s economy is one of the first in the world to recover and the central bank should take a gradual approach to ensure that the recovery reaches its full potential. The IMF sees the Indian economy coming back to potential by 2010-11 to log 8% growth from the current year’s 6.75% in contrast to the government’s projection of more than 7% and the Reserve Bank of India’s latest forecast of 7.5%.

As per reports, China’s GDP growth is expected to reach 11.5% in the first quarter while the pace of the consumer price index’s rise could accelerate to about 2.5% compared to a year earlier. China posted full-year GDP growth of 8.7% for 2009 while the quarterly rate accelerated to 10.7% in the fourth quarter from 9.1% in the third and 7.9% in the second.

As per data released by the US government, initial jobless claims rose by 8,000 last week to a seasonally-adjusted 480,000 against economists’ expectation of a drop of 10,000.

According to data released by EPFR Global, emerging market equity funds lost $1.60 billion in weekly withdrawals, the biggest outflow in 24 weeks, as earnings and Greece’s debt woes raised concerns that the global recovery may falter. The report also stated that investors withdrew $516 million from Asian equities outside of Japan in the week ended 3 February 2010. Meanwhile, within Asia, China equity funds reported net outflows for the fifth time in six weeks while Indian funds lost $180 million, the most in 68 weeks, the report added.

 

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