Mutual Funds
Savings bank interest-rate deregulation makes liquid funds irrelevant

Banks are now offering 6% on savings accounts, more than what a liquid fund would, on an average

With the deregulation of savings interest rates, it has become even more evident that liquid funds of mutual funds are not meant for retail investors. Usually companies (which do not earn any money by keeping their money in current accounts), and high net-worth individuals (HNIs) invest in liquid funds. Retail investors are still averse to parking their money in such funds. They prefer savings bank accounts.

After the recent deregulation of interest rates, banks are supposed to now offer 5.5% for deposits up to Rs100,000 and 6% above Rs100,000. This makes liquid funds unattractive for retail investors—because most often liquid funds earn between 4%-6%.

The biggest plus that a savings bank deposit has over a liquid mutual fund scheme (short-term) is that people don’t have to take the trouble of selecting the right scheme and go through the cumbersome paperwork imposed by the market regulator. Bank deposits fetch a uniform rate of interest and, after the recent diktat of the Reserve Bank of India (RBI), interest is calculated in a manner friendly to the depositors. On the other hand, there are dozens of liquid funds and you have to choose which one to invest in and their performance can vary widely depending on interest-rate movements.

If you are not on the right side of the market trend, your returns are not going to be more than 6% which your savings account now guarantees you. Your money is totally at the mercy of the short-term demand and supply of money. On several occasions, returns from liquid schemes fetch you lower than 6%.

Liquid- and money-market funds allow the crucial liquidity advantage to corporate investors to park their surplus cash for the short term. Their short-term cash is normally lying in a current account which fetches them no interest. Liquid funds are ideal for them. This is evident from the fact that corporates and other institutions account for nearly 90% of the total assets under management (AUM) in liquid- and money-market funds. For retail investors, liquid funds have just become irrelevant against a guaranteed 6% in savings bank accounts.

User

COMMENTS

KA Prasad

5 years ago

I don't think your conclusion is correct.
First of all, the higher interest is only for sums above 1 lakh. Anybody who keeps more than 1 lakh in the SB account, just to earn more interest, is not doing the right thing. Secondly, the liquid funds are giving more than 8.5 % these days. Thirdly, liquid funds may be more tax efficient. This analysis may not of a quality we expect from Moneylife.

Ashok Misra

5 years ago

I expect a magazine like Money Life to present a holistic view of entire things. I am a regular subscriber of your magazine but I find you a bit biased against mutual funds since inception of the magazine. Your article that increase in interest rate on SB accounts will make Liquid Funds irrelevant is again a half truth. Interest earned on SB will be taxed, while dividend under Liquid Funds would not attract any tax. That is the benefit. If I put Rs.1 lakh is SB at 6%, my net benefit will be 4200 p.a. while in Liquid Funds declaring even 5.5% dividend, it will be 5500. With a little care,it can go up to Rs.7500. That is a big difference.

REPLY

ramkumar

In Reply to Ashok Misra 5 years ago

liquid funds are taxed at 22.66%. they are not tax free

Vaibhav Dhoka

5 years ago

Deregulation of savings interest will have alternate route for high net-worth individuals.But in India we are that is common people are not e.savvy and avoids paper work .Therefore RBI has rightly mandated for uniform interest up to 1 lakhs and it is 24 X 365 liquid(For ATM holders) on the other hand liquid funds are less liquid that is holidays reduces its liquidity and in India there are more than 100 non liquid days and therefore there wont be much change in corpus of Banks or Mutual funds,

REPLY

Srikanth Matrubai

In Reply to Vaibhav Dhoka 5 years ago

For the liquidity part, there are some mutual funds who give you ATM,,,,wherein you can withdraw from any Visa enabled ATM....

prabeesh

5 years ago

Wow i am amazed to read a article by someone who doesn't want liquid MF to exist.

First point to note Saving Account interest is de-regulated which means now if the bank has set the interest rate at 6%(increasing interest rate scenario) .It can also reduce below 3.5% also when interest rate dives low.

Liquid Fund has advantage of getting bigger ticket interest for high amount investing which can be utilized by retail investors who cant afford it

REPLY

ganesh

In Reply to prabeesh 5 years ago

liquid funds would cease to exit without concessional tax rate - which will go after DTC

Vikas Gupta

5 years ago

Dear Madhusudan Ji,
About Debit Card & ATM Facility of Liquid Funds, I think u r not updated at all. One of the Leading AMCs is already providing this facility which is far superior than Bank Debit Card & ATM Facility that too free of any Transcation Charges. Please update urself.

REPLY

Madhusudan Thakkar

In Reply to Vikas Gupta 5 years ago

Are all AMCs providing this facility?.For ordinary people it is much more convenient to operate SB account.

P M Mathai

5 years ago

Liquid fund interest comes as dividents, which does not attract income tax. Savings bank interest attracts income tax. So the liquid fund dividents of 6%, is like receiving an interest of nearly 9% from a bank. So liquid funds are still better.

REPLY

Madhusudan Thakkar

In Reply to P M Mathai 5 years ago

Are returns from liquid fund GUARANTEED? Does liquid fund offer debit card & ATM facility?.As far as liquid funds are concerned majority of AUM is from Corporates/Institutution/HNI.I would once again request to go through below link of FirstPost and listen to interesting views of Rana Kapoor of Yes Bank

Vikas Gupta

In Reply to Madhusudan Thakkar 5 years ago

Dear Madhusudan Ji,
About Debit Card & ATM Facility of Liquid Funds, I think u r not updated at all. One of the Leading AMCs is already providing this facility which is far superior than Bank Debit Card & ATM Facility that too free of any Transcation Charges. Please update urself.

Rajan

In Reply to Vikas Gupta 5 years ago

Liquid funds are always better than saving bank account. Vikas can you please let us know which AMC is providing this facility of debit card against mutual fund?

nagesh kini

In Reply to P M Mathai 5 years ago

Tax exempting dividends worth crores and taxing Rs.10,000 bank interests of elders/retirees/widows is wholly inequitable and discriminatory and needs to be put an end to either in the DTC or Budget of 2012.

Srini

5 years ago

I like to differ, still liquid and liquid plus schemes give superior returns. The average return for the last 6 months on these are around 8%. Net of tax they still give a tax free return between 5 to 6 %. The paper work is just a one time issue as even opening a bank account u have to do paper work. Now Sebi has introduced slew of measures which makes the portfolio of these in tandem with the shorter yield curve. In liquid funds there are no mark to market instruments because the maturity has to be less than 91 days. I think the banks will not be able to maintain these kind of returns on the Savings Bank account for long. I think the author should have done more homework before writing this article.

REPLY

moneylife team

In Reply to Srini 5 years ago

there will always be a gap of 1% in favour of liquid funds. but it is not enough to lure the average saver. they are not focused on maximising every penny. they are lethargic and go for easy options. its not about arithmetic. its about psychology. wait and watch.

Srini

In Reply to moneylife team 5 years ago

Appreciate your reply. My only request is that media persons like you should also shoulder the responsibility of making the investors aware of the usefulness of liquid funds. I am aware that Moneylife takes lots of initiatives in such issues may be this can be one such initiative.

Madhusudan Thakkar

In Reply to Srini 5 years ago

As regards to usefulness of liquid funds,What is SEBI doing ? What about the commission for agents in liquid funds?In our country GUARANTEED returns always score over market-linked returns

Chandramohan

5 years ago

Only a couple of private banks have increased the interest rate on saving's account. This is because the cost of funds has gone up. In tandem, liquid funds are also giving a return of over 8% pa. Once the returns on liquid funds drops, the savings bank interest rate will also come down.

Madhusudan Thakkar

5 years ago

This will also make so- called traditional policies of life insurance companies redundant . Gang- War read Bank War is in offing .Please go through this link also.http://www.firstpost.com/fwire/yes-bank-raises-savings-deposit-rate-to-6-stock-up-9-116975.html

Pradeep N

5 years ago

Also - I wonder what happens to Sweep - In or Flexi Deposits accounts? Will they become irrelavant too?

REPLY

Sundaram

In Reply to Pradeep N 5 years ago

Since the F.D. A/cs linked to the SB A/cs for the purpose of "Sweep-In" A/cs would be offering a higher interest rate,such A/cs would continue to be a viable option.

SUMIT NAHATA

5 years ago

Nonsense. Liquid funds historically have always earned more than 6%. In today's time they yield more than 8%. Also they more Tax efficient.

REPLY

Chetan

In Reply to SUMIT NAHATA 5 years ago

your absolutely right Sumit.
the author of this article completely missed talking about the tax efficiency of Liquid funds over bank interest which is much higher.

bhushan

In Reply to Chetan 5 years ago

irrelevant. you guys have no idea about indian investor psychology. if the choice is:
1. guaranteed 6%
vs
2. floating 8% plus tax advantage.

option1 will win hands down

Madhusudan Thakkar

In Reply to Chetan 5 years ago

Friends please tell me.How much percentage of population pay tax?How many of them are exposed to mutual funds? This is a sort of REVOLUTION in personal finance. Bank Branches of better reach than other channels FUN IS JUST BEGINNING

Srini

In Reply to Madhusudan Thakkar 5 years ago

Let us see for how long.

Sick medicinal practices: Are corrupt doctors, or gullible patients to blame? What’s the truth?

An email falsely claiming to have been written by a renowned doctor and Padma Bhushan awardee titled “How Indian Doctors Loot Patients” has gone viral on the internet—is it because there is a lot of truth in what it says?

An email titled “How Indian Doctors Loot Patients” is bound to grab attention. After all, each one of us is grappling with soaring medical costs and shortage of high quality healthcare facilities. But what catches your attention even more is the claim that this mail is written by highly reputed Professor Dr BM Hegde (www.bmhegde.com).

Dr Hegde, a Padma Bhushan awardee and the former Vice Chancellor of Manipal University at Mangalore and Editor-in-Chief of The Journal of the Science of Healing Outcomes, has a string of degrees to his credit (MD, FRCP, FRCPE, FRCPG, FRCPI, FACC and FAMS). Dr Hegde vehemently denies having anything to do with the email—but to understand why the email was sent under his name, there are a few factors to consider.

The email, claiming to be based on “observations either completely or partially true”, exposes numerous ways in which a cozy system of referrals and pass-backs is looting patients. For instance it says (this is an edited version):

* Many doctors get a 40%-60% kickback for prescribing various pathology, radiology tests, X-rays, MRIs etc from the laboratories. Often, this income is more than consulting fees charged.

* Many doctors and GPs get a 30%-40% pass-back for referring patients to consultants, specialists & surgeons.

* Many doctors get 30%-40% of total hospital charges when they recommend hospitalisation. Even private nursing homes pay and this includes the charges for ICU, bed, nursing care, surgery.

* Many doctors prescribe what are called ‘Sink Tests’—i.e., tests that are simply not needed and merely inflate bills and earn commission from the laboratories. These are usually pathology tests where samples (of blood, urine etc) collected are simply thrown into the sink.

* Many doctors admit patients to hospital for “keeping (them) under observation”, if they complain of being unwell; they do this even when fully aware that the patient is “safe”. These ‘safe’ patients are put on a saline drip with mild sedation, and sent home after 3-4 days after charging them a fat amount for ICU, bed charges, visiting doctors’ fees.

* Some ICUs do not even have the necessary intensive care equipment. Only “safe patients” are admitted to these ICUs (usually part of private nursing homes where the doctor-owner is a call away), while those who require genuine emergency care are usually referred to hospitals that have proper ICUs.

* Some doctors are known to perform unnecessary Caesarean surgeries and hysterectomies to keep the cash register ringing.

* Cosmetic surgery is advertised through newspapers making them appear as easy as facials and waxing. The Indian Medical Council has strict rules against such misrepresentation. But nobody is interested in taking action.

* Even doctors in prestigious hospitals find ways to provide indirect kickbacks since there is a give-and-take involved. If a doctor fails to refer a certain number of patients he is quietly dumped—so he admits patients even when there is no need.

*The most reprehensible is the claim of "Emergency Surgery" that is apparently performed on dead bodies by some hospitals. The email says, “If a surgeon hurriedly wheels your patient from the ICU to the operation theatre, refuses to let you inside and gets you to sign a consent form for “an emergency operation to save his life”, your patient may already be dead. The “emergency operation” is for inflating the bill and you are allowed to claim the body only after paying added charges for the operating theatre, surgeons’ fees etc.

* The email says young surgeons who have heavy education loans to pay back and also need to build a reputation tend to recommend surgery more easily. To them, “every case seems fit for cutting. But with age, experience and prosperity, many surgeons lose their taste for cutting, and stop recommending operations”.

* Finally, it says, to a man with a hammer, every problem looks like a nail. So surgeons like to solve medical problems by cutting, just as physicians first seek solutions with drugs. So, if you take your medical problem to a surgeon first, the chances are that you will unnecessarily end up on the operation table. Instead, please go to an ordinary GP first.

The startling contents strike a chord with almost every reader and their explosive nature make it clear why the writer needed to attach a renowned name to the claims. We wrote to Dr Hegde to verify whether he had indeed written this email, especially since some doctors had congratulated him for his boldness. When Dr Hegde denied it, we did a Google search to try and track the origin of the email—it goes back many months and has been posted on numerous blogs and has gathered supporting messages and congratulations as it circulated through email forwards. Sadly for this highly revered profession, the most people seem to think that too many doctors in India have forgotten the Hippocratic Oath they take swearing to practice medicine ethically (see http://en.wikipedia.org/wiki/Hippocratic_Oath) —to them, medicine has turned into a lucrative business.

Our attempt to trace the origin of this email only revealed more dubious practices. Many doctors told us that the contents are certainly true. A family of doctors which runs a small private hospital tells Moneylife that refusing to play ball with this dubious system earns them constant opprobrium from colleagues in the fraternity.

The sister of a skin specialist tells us how she is disgusted to see him filling out envelopes with passbacks for referrals every weekend. He insists it is an “accepted market practice” and his practice will vanish if he doesn’t fall in line.

A communications expert connected with a large heart hospital tells us that surgeons get a passback on every valve used in heart surgery—he further adds that the passback is heftier for the more expensive imported valves even though the quality is almost the same. The doctor helpfully gives the patient a choice instead of making a recommendation—needless to say, those who can afford it take the expensive option —nobody knows that the doctor is a beneficiary.

The list of such malpractices to downright cheating and fraud is apparently long—and frightening—and the Indian Medical Council is doing nothing.

User

COMMENTS

Rajasekaran V

5 years ago

Will the india have an GOOD Auditary council or Controlling body to control all these medical negligence or over charging for unwanted cases ????

REPLY

nagesh kini

In Reply to Rajasekaran V 5 years ago

The Regulator for the Medical profession is even worse. The President of the Indian Medical Council is in jail with proven corruption charges. The Union Health Ministry is in a state of terminal coma to act against malpractices.

Samar

5 years ago

How do we expect IMA , TO BE ACTIVIST?
How does the Alibaba operate ,without help from the 40 thieves.?

Nandu

5 years ago

Worst part is doctors crime is considered as good as accident by vehicle driver

REPLY

NAGESH kINI

In Reply to Nandu 5 years ago

Sorry nadu, you've got it wrong!
It ought to read "as worse if not as bad as" and by no stretch of imagination "good" as stated by you.
They kill and get away with blue murder.
Medical negligence is difficult to prove.
Not even God Almighty can do anything!

Samar

5 years ago

Malpractices in medical field are well known.Where does the cleansing start?Health care in India is a fractured subject , between the Center& the States.There is no regulatory Authority for Health care delivery.No fast track courts to dispense punishment in malpractice suits.We need a legislation like HIPPA./ & a Regulator.

chandra shekhar

5 years ago

*Doctors are paid by the PHARMA companies as Sponsorship-fees be it Expensive CARS n even they are empanelled in Seminars conducted in INDIA n ABROAD & even all expenses related to from Air-fare, stay n back are
born by Pharma Co.'s ... this is going on since long ...!
*Two of our physicians , who are from AIIMS have been practising privately &
their out-lets too have been provided by
Pharma Co.'s ...!!
*The most painful feature is, once these DOCTORS prescribe the Medicines, the pharma companies knows its Side-Effects so they carry-out 'researches' n come-out with new
medicines which is counter-productive
to the earlier 'prescribed-one' & now the new-prescriptions has a side-effect
too, this is a long-chain & it has no-end
till one of us is DEAD ... its a Money-Spinner on our & at the COST of our
WOUNDS ...!!!
reg.,
Chandra Shekhar

Dr Vaibhav G Dhoka

5 years ago

All have written about medical malpractice which is rampant but as I have written earlier this has infiltrated in all fields of society and is therefore not seen as evil.It is actually CORRUPT practice.You cannot name a single profession where Ethics are followed and respected.Doctors are part of this society.

REPLY

Samar

In Reply to Dr Vaibhav G Dhoka 5 years ago

What do we do, under the circumstances?
Cental Govt initiative to pilot A CLINICAL SERVICES BILL, IS waiting for concurrence of State legislature.Public opinion,a must for such initiative.This is kind of minimal regulatory for health care delivery services.

nagesh kini

In Reply to Dr Vaibhav G Dhoka 5 years ago

Dr. Dhoka, you are absolutely right the evil of corruption and mal-practices permeates into each and every profession, vocation or calling across the board - no one can keep his hand on his heart and say it simply doesn't exist. It is rampant among advocates, bankers, chartered accountants - evidence GTB, Satyam - doctors, engineers, educational faculty,industry and business,media et al.
It has become very apparent in the medical profession only because it affects the common man and is visible to the naked eye!

K B Patil

5 years ago

It is not only the monetary aspect that is disturbing. It is also the fact that if you go to a doctor for the first time, he will not take the trouble of sparing 2 to 3 minutes to take to you. He will just ask you 2 or 3 questions and pass judgment. If it is wrong, it is just your luck. My mother, who is in her seventies, after swelling in one leg, visited umpteen doctors because none of them was able to pinpoint the cause. One of them said that she being in her seventies, need not break her head about it because she is no more a young girl and need not worry about her appearance. What can a layman do except curse the doctor under his breath? I have relatives who have become doctors and who have horror stories of how incompetent their fellow doctors are.

REPLY

a

In Reply to K B Patil 5 years ago

better to visit baba ramdev's patanajali yogpeeth and get free consultation on the exact cause of the problem and then ask for some solution like yoga/ayurveda/home medicines rather than allopathic etc. its free and reliable. ask anyone.

DR SUNIL PATIL

5 years ago

When I got this email in my inbox , I promptly forwarded it to all my patients and acvised them to take an informed decision.Yes, what the emailsays is true. When we do not follow the said rules our name is ,how to put it?disgraced?misrepresented? in front of prospective patients eg. Dr. Patil is the costliest doctor in our area, he is a Surgeon and cannot treat otherwise etc. etc.It is very very difficult to survive.I hope the email is read by all.I had forwarded this email also to our association but with no reply.Should I put a smiley after this?

REPLY

a

In Reply to DR SUNIL PATIL 5 years ago

better to visit baba ramdev's patanajali yogpeeth and get free consultation on the exact cause of the problem and then ask for some solution like yoga/ayurveda/home medicines rather than allopathic etc. its free and reliable. ask anyone.

sachin

5 years ago

Doctors are a necessary evil.

I am posting a link from the facebook
page of Gopalkrishna

http://te-in.facebook.com/topic.php?uid=...

Vaidyaraj and Yamaraj

वैद्यराज , नम: तुभ्यं यमराजसहोदर ।
यमस्तु हरति प्राणान्, वैद्य: प्राणान् धनानि च।।

This subhashita is directed against unqualified Vaidyas (quacks).
"Vaidyaraj, I bow to you, brother of Yamaraj.
Yama snatches away life, but you take away both life and (the patient's) money

There are many others in a lighter vein.

BM Hegde

5 years ago

I did say that I did not write the email as I DID NOT.

It would have been a white lie if I had owned it.

I did agree with most, if not all, of the contents while speaking to your editor. I told her that they were my impressions But I did not have any tangible evidence to prove that.

This is in reply to Sri. Vijayaraghavan ji.

Now we have traced the origin of this email. viz:

This article was originally written by Krishnaraj Rao. He is an RTI activist. His email is [email protected] Here's the link to Krishnaraj's article; it was posted in Feb 2011:

http://blogs.rediff.com/backfoot/2011/02...

Krishnaraj seems like a very nice person, see his self-intro:

“Middle-aged family man, has lovely wife, two kids with loads of attitude, two intellectually-active parents, two highly amusing cats that damage the furniture beyond repair, and a dog that snoozes all day. He works from a home-office. Likes coffee and snack-food, hates smoke, dislikes booze, exercises moderately.”

So maybe he didn't post the article to facebook himself. One way to find out is for Dr. Hegde to ask him directly. Show him the facebook post and ask him if he has any idea who might have plagiarized his article and posted it with different credits. (I have taken up this suggestion, though)

Even though Krishnaraj Rao has a different title for his article, the content matches 100% with the "How Indian Doctors Loot Patients" article. So, it looks like someone must have only changed the title of Krishnaraj's article and posted it as is. This must have then gone viral...with some blogs associating Dr. Hegde’s name with the article (and some other blogs posting the article without associating Hegde's name with it). The Facebook community post may be the first one with Hegde's name associated to it. We can report to Facebook and try to bring it down, but since this has already been posted at various other places it may not serve much purpose. (I believe with the way Facebook community works, it is not easy to figure out who exactly posted this.)

FYI, the following link has more information on Krishnaraj Rao: http://blogs.rediff.com/backfoot/about/

This detective work was done by an intelligent computer engineer from Seattle. I am a computer illiterate!


REPLY

Nagesh Kini

In Reply to BM Hegde 5 years ago

It is in deed gracious of Dr. Hegde to clarify that he is not the author and traced it to Krishnaraj Rao.
The fact remains the issue of such gross malpractices on the part of the medical profession ought to have been exposed much earlier. No one dared to carry it out.
It was very ingenious of some one to pick up Mr. Krishnaraj's write up and put it out with Dr. BM Hegde's name, knowing full well it will carry a lot of weight because of his vast reputation and authorship of his great book.
I heartily support the proposal for a national award for his works.

SAMAR

5 years ago

What we know about malaise those afflict Doctors, also have crept into every other essential services of our lives.IAS is no steel frame to protect governance. They have become victims , Engineers are no guarantors against unscrupulous road contractors, with potholes all over Indian roads.A crash commercial culture and a viral & unabashed greed for tainted money has caught up with our good old professionals /administrators, leading to paralysis in national ethical standards, we have seen in the past.
May hundreds of thought leaders like Anna /Dr Hegde bloom.Let Hong Kong like cleansing permeate our society.

Nagesh Kini FCA

5 years ago

The patients are left with no choice by the mercenary doctors - this includes the family doctor, the consultant who in turn goes on to order a battery of pathological investigations , radiological films, MRIs, Scans ending in big holes in the pockets of the gullible patients.All in the name of 'defensive medicines' a protection against any subsequent medical negligence charges.(?)
The percentages and charges mentioned in the circulated mail of 'the gives and takes' of the cuts may vary from city to city, that they are rampant cannot be denied. Only no one dared expose the gross malpractice before this.
Dr. Hegde because of his outspokenness ( one ought to read his book) got to be quoted rightly or wrongly!
The medical profession has ceased to be a noble vocation, where the doctors were revered it is now turned into a mercenary trade/business where one brother passes on a cut to a brother - I've seen a kid of a radiologist rushing out with crisp currency notes to 'give hafta' to his Chacha a GP!
I happen to be a CA in a family of a large number of doctors in India and abroad with have had ringside of the shady goings-on.
I've had many occasions to carry out audits of hospitals, MNC and domestic pharma majors and Insurance Companies.
The medical profession is to be considered solely responsible for the withdrawal of the Cashless Insurance Health cover since July2010,throwing a whole lot middle class insured in a tizzy.
There was once a booklet listing "Bombay's Best Doctors".
It's now time to circulate the names of doctors and the charges and cuts.

REPLY

a

In Reply to Nagesh Kini FCA 5 years ago

better to visit baba ramdev's patanajali chikitsalya or yogpeeth and get free consultation on the exact cause of the problem and then ask for some solution like yoga/ayurveda/home medicines rather than allopathic etc. its free and reliable. ask anyone.

RNandakumar

In Reply to Nagesh Kini FCA 5 years ago

My uncle an eye-surgeon and his friends who all lived upto their 90 years practiced till their 80 years. They stopped operating in their 60th year onwards. They practiced for limited hours daily from Mon-Friday and on Sat and Sundays visited villages for free treatment. I was a witness to many an occasion to their refusing to accept fees above their consulting fees even though offered by the patients in appreciation of their services. They were also the top tax payers of their time. Just like the rupee loosing its value doctors too seem to be loosing their code of conduct.

nagesh kini

In Reply to RNandakumar 5 years ago

Nandakumar - I whole heartedly agree. There is still a glimmer of hope.
There are small pockets of excellence with dedicated individuals and groups putting in a lot of good. Unfortunately their good deeds are masked by the majority that are crooked.
Shelley was right - "Many a flower is born to blush unseen to waste its sweetness in the desert air"!

Kanti Solanki

5 years ago

This is 100% true...there are deeper malpractises which I know of 1st hand...like doctors inflating bills of stents used in angioplasty..docs even collect empty boxes and show it to several patients to show that the non existant stents have been used...

REPLY

C M Kumar

In Reply to Kanti Solanki 5 years ago


Can u please address this to Shri. Anna Hazare who seems to be lost in a generic terminology called "Corruption" while this
Medical corruption is the Dinosaur of all corruptions which directly impacts common people.

It is a great idea if Anna Hazare takes up this
topic and make attempts in cleansing this and if he succeeds even by 10% , it will be big big relief to general Public at large

Samar

5 years ago

An in depth expose of medical malpractice, is at the root of restricted coverage of health insurance , even after a decade of opening up of private sector insurance in India.Thanks to small number of insured population , the cost of health insurance remain high/prohibitive.Govt deals with health care delivery sector with kid gloves, due to constraints of supply chain, the insured patients are held hostage to private health care.A vicious circle indeed.

R Vijayaraghavan

5 years ago

I am unable to understand why Dr Hegde refuses to acknowledge parentage of the e-mail: all of it is absolute truth. I ought to know because there are four generations of doctors in my family. Dr Hegde would have done the nation proud if he had stood up and said "yes, I sen't the email." If not he could have proclaimed that he did not send the email but agreed totally with every word of it. Then he would be deserving of the Bharat Ratna for telling a dangerous truth.

Parliamentarians finish term, stay put in government bungalows & don’t pay rent

Nine MPs across party lines occupy different properties as compared to the land allotted to them. The Lok Sabha Speaker—who oversees government appointment— had not handed over a bungalow even after she was allotted another one after her appointment in her current position in 2009. This information was unearthed after RTI activist Subhash Chandra Agrawal filed an application   

Eight former and one sitting Parliamentarians are not only occupying government bungalows after losing entitlement, but are not  even paying nominal rent which is mandatory for staying there. Moreover, the Speaker of the Lok Sabha, Meira Kumar, has not handed over a bungalow even after she was allotted another one after her appointment in her current position in 2009.

The information has been revealed by RTI (Right to Information) activist Subhash Chandra Agrawal through an application to the directorate of estates at the Ministry of Urban Development.

The six former Parliamentarians who have defaulted on the rent are: Ram Deo Bhandari, Sangita Kumari Singhdeo, G Venkataswamy, Devwrat Singh, Jagdish Tytler, the family of late Krishan Lal Balmiki and sitting MP YSR Jagan Mohan Reddy. Ajay Singh Chautala and Gireesh Kumar Sanghi have not defaulted but occupy unauthorised bungalows.

The biggest defaulter is G Venkataswamy, who owes Rs29 lakh; followed by Mr Tytler who owes Rs 19lakh as on 30 September 2011. Both their allotments were cancelled on 18th June 2009.

Mr Agrawal has also accessed information of land being allotted to various political parties for their office buildings. However, the addresses of AICC, BJP, CPI and Samajwadi Party do not match those which feature in a statement issued by the directorate of estates titled ‘Accommodation attached to various political parties and dues against them.’ This statement shows four properties attached to AICC, two with BJP and one for Samajwadi Party and CPI each.

The details of the dues (as on June 2011) against some accommodations are: BJP at 14, Pandit Panth Marg has outstanding dues from April 2009; Nationalist Congress Party at 10, Dr BD Marg from September 2010 to June 2011; CPI at AB-4 Purana Qila Road from July 2010 and president of Bahujan Samaj Party at 4,GRG Road from January 2011.

The Speaker of the Lok Sabha supervises the accommodation facilities allotted to the members. But Ms Meira Kumar herself quoted controversy about a year ago by not handing over the bungalow whose allotment was cancelled in 2009. Incidentally, that same bungalow now houses ‘Babu Jagjivan Ram Memorial’; named after her father and former Parliamentarian—and also has a statue of him.

The reply to Mr Agrawal’s letter says, “The bungalow No. 6, KM Marg was allotted to Smt Meira Kumar, the then Union Minister of Social Justice and Empowerment, on 04.06.2004. However, she did not occupy the same. Subsequently, on her becoming the Speaker, she was allotted bungalow No. 20 Akbar Road on 06.07.2009. The bungalow No.6, KM Marg, has not been allotted to anyone thereafter.”

In his reply, the director of estates says that there are no rules pertaining to how long a government bungalow can stay vacant. On being asked about the vacation certificate of bungalow No.6, a central public works department (CPWD) has declared, “No action in this regard can be taken by CPWD unless the bungalow is vacated by the honourable Member of Parliament.”

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COMMENTS

Java

5 years ago

No one can be so mad as to question the Dalit lady about the property she obviously treats as her family heirloom, without risking an end to his or her political career.

Gopinath

5 years ago

Are Bhai,

Havent you heard our Parliamenterians scream that Sansad and Saansad are the supreme in Democracy. So how can you expect them to vacate "Phukkat" accomodation in Delhi.

I think people should storm these houses and kick them out rather than waiting for CPWD or Government to take action

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