Credit Scores: Review your credit report regularly

“If you regularly check your credit history, you could spot mistakes if any, and you can contact your bank, or lender, to correct them,” said Mohan Jayaraman, MD, Experian Credit Information Company of India Pvt Ltd speaking at a seminar on financial literacy held by Moneylife Foundation in Goa. But more important than looking for mistakes, one should look at the number of credit enquiries been made, said Mr Jayaraman. An enquiry shows the names of the credit institutions that have performed a search on you based on your credit/loan application. Multiple enquiries may affect your credit score; therefore, one should avoid applying for a loan to multiple financial institutions.

Another important reason for reviewing your report regularly is to check if there are any enquiries which are not made by you. Such enquires may indicate that someone may have forged your documents and applied for a loan. By reviewing your credit report regularly, you could prevent identity theft. 

Like this story? Get our top stories by email.

User

COMMENTS

YCSR

7 years ago

It is definitely good to review your credit regularly. There are a few good credit monitoring programs out there that everyone should sign up for

Public Interest   Exclusive
Inaccurate voters’ list is a big problem that remains unsolved

Participants in the Moneylife Foundation’s event addressed by the Chief Election Commissioner share how big the problem of a wrong voters’ list is

“Keeping an accurate voters’ list is something we see as one of the most difficult tasks. Dead and bogus voters populate the voters list,” admitted Dr SY Quraishi, Chief Election Commissioner (CEC), speaking at a seminar organised by Moneylife Foundation and V Citizens Action Network (VCAN) on Tuesday.

While answering to a question raised by Mrs Indrani Malkani, trustee of VCAN, about the voters’ list being highly inflated due to non-deletion of names of deceased persons, Dr Quraishi said, “It is indeed a serious problem. But Election Commission (EC) has to manage the entire country with only 600 staff. And there are lots of responsibilities that we have to take care of.”

Mrs Malkani had pointed out that there are many names in the voters’ lists of people who were no more. However, though it is the duty of the family members to notify the authorities of births and deaths, many do not do so. She said, “The state of Maharashtra has issued a circular, which says that co-operative housing societies must assist the booth level officers (BLOs) in making an accurate voters’ list.” Praful Vora, spokesperson for India Against Corruption, also highlighted the issue of bogus voters.

Dr Quraishi agreed and said that in Uttar Pradesh, the EC identified 53 lakh deceased voters whose names were still in the lists, and had them removed. Similarly, 83 lakh missing voters were identified; who had shifted to other states, but there was no way to ensure whether they would be coming back or not.

“These dead or missing voters are very dangerous, because they leave room for bogus voters,” Dr Quraishi said. He explained how keeping photo records of voters not only made voters lists more accurate but also stopped people from voting multiple times.
However, he said that civil society organisations must participate in the process and assist the government to maintain accurate electoral rolls.

In Manipur, the number of voters has gone down because the EC now uses face recognition software to identify voters, which kept bogus voters at bay. In the recently concluded polls, Dr Quraishi hinted that re-polling may occur in some booths were proxy-voting had been reported.

However, the Chief Election Commissioner also said that people should come out and vote, because absent voters often leave ground for bogus voters. “When you do not vote, the turnout is less; this makes it easier for criminal voters to win. They then deploy their agents who vote in the place of these absentee voters,” Dr Quraishi said. Indeed, if one eliminates the bogus voters from the list, the voter turnout is not too bad in India.

Like this story? Get our top stories by email.

User

COMMENTS

Nagesh Kini FCA

7 years ago

In response to a news item about the Maharashtra Govt. circular to Co-op Housing Societies, we did approach the providing 4 deaths and moving out in a society of just 16 flats well in time before the 2012 Mumbai civic polls. They didn't accept our application and insisted that their inspectors would verify. This hasn't happened.
The BLOs need to interact with local NGOs, ALMs,RWA who have a local feel and free access.

Public Interest   Exclusive
Jewellers’ strike against duty increase continues

Jewellers at some places are still on strike against the increase in duties in the Budget 2012-13. However, some industry experts feel that since the market and consumers have adjusted with the hike, there is no need to continue with the strike

The three-day strike of the jewellery industry has now become an indefinite strike in certain areas. The jewellers are protesting against the Budget proposals announced by the finance minister which they claim will make buying gold and silver dearer for the consumer.  

To control the current account deficit (CAD) partly caused by the imports of gold and other precious metals in the first three quarters of this fiscal, the finance minister has proposed additional duties to limit the imports of gold and silver. Finance minister Pranab Mukherjee has proposed to increase import duty on gold to 4%, increase excise duty on branded and non-branded jewellery by 1%, 2% tax on cash sales of over Rs2 lakh, while removing the 1% excise duty on branded silver jewellery.



According to the Gem & Jewellery Export Promotion Council (GJEPC) this has put the entire jewellery industry of India and the 3.5 million people it directly employs under great uncertainty. The jewellers are demanding a roll back of excise duty. The jewellers are alleging that jewellery will out of reach for the aam admi. The new measures will encourage black market or smuggling. Jewellers are alleging that too much of unnecessary paper work would be involved.  

“The strike is against the announcements, such as increase in custom duties, imposing excise duty, made in the recent Union Budget. All the jewellers are united to fight and safeguard the interest of the customers who cannot fight with the government. For instance before the Budget, for buying one kilogram of gold one had to pay duties of around Rs80,000-Rsd90,000. But after budget it rose to whopping Rs1.7 lakh. The jewellers will pass on this additional cost to the customer. But the buyers have to shell out extra money. Because of this we expect the imports to come down significantly” says Karan Vasa, associate vice president, RiddiSiddhi Bullions Ltd.



However, some people feel that after the Budget the market has adjusted to the prices by passing the hike on to consumers and there is no need for the strike. Mukul Sonawala, former president of the Bombay Bullions Association, said, “In my view such strike is not required. Post budgetary announcements, the prices have been adjusted in the local market. Retailers and wholesalers will pass on the cost to the customers.  But the cost itself comes to just 0.3% which the customers will bear. In my view that (the increase in cost) is little.  People who want to buy gold will buy in any case.”

Measures announced in Budget 2012-13:

  •  The Budget has proposed an excise duty of 1% on unbranded precious jewellery. 1% duty on branded jewellery existed earlier.
  •   Increase in basic customs duty on standard gold bars; gold coins of purity exceeding 99.5% and platinum from 2% to 4% and on non-standard gold from 5% to 10%. Excise duty on refined gold is being increased in the same proportion from 1.5% to 3%.
  •   In order to prevent round-tripping, it is proposed to impose basic customs duty of 2% on cut and polished, coloured gemstones at par with diamonds.
  •   The budget also proposed to levy 1% of TDS for transactions valued at more than Rs2,00,000. All such transactions must be backed by PAN details
  •   Service tax of 12.5% levied on non-branded gold and jewellery. Even artisans and craftsmen come under the ambit.
Like this story? Get our top stories by email.

User

COMMENTS

B V Vijaya BE CIS

7 years ago

Jewellers are making a big show. Gold is not purchased every month like grocery etc or not purchased like cloth. The poor jewellers live in their SMALL HOUSES costing 2 to 15 crores. It is said that the raise is going to affect 3.5 million people in the country which is less than 0.3% of Indian population.
I do not understand the hue & cry of Jewellery industry on the rise of duties levied by Union govt on imported gold & so on. Let us think how many people are affected by this in the country. It was on Akshay Tadige the Lord Krishna went to the house of Sudhama, who was his friend of child hood. Sudhama din’t have much to offer to Krishna than “Avalakki” (in Hindi POHA). Krishna was very much pleased by this. In turn he blesses him. Sudhama’s status improves gradually. To day this has been commercially used by Jewellery Industry giving big advertisements and inspire a common man to purchase gold on Akshay Tadige.
When fuel prices were raised there was no such cries. Similarly in the recent budget the service charges have been raised to 12% which translates to 12.36% with cess. Both of these have a big and cascading effect on common man. There was no reaction & no rollback is seen on these. Politicians make a drama like ”I pretend like beating you & you pretend like crying” No politician is affected by these raises as they are paid by the Govt OR they can afford because of unethical money amassed by them. [A few exceptions may be there]
I also endorse the comments of Mr. Param. Politicians, bureaucrats, people of affluent class purchase gold & real estates very frequently & amass wealth. This forms one major element for increasing inflation. How many politicians are living Like Gandhi, Basavanna, Ambedkar, Bhagat Singh, Lal Bahadur Shastry, Abdul Kalam. None of them made properties for their family. They put good examples with Good Morale.
Think whether 0.3% is bigger or effect of 2.06% raise in all service industry is big which affects a common man. MERA BHARAT MAHAN

param

7 years ago

"The jewellers are alleging that jewellery will out of reach for the aam admi."

This is hilarious. I thought 'aam admi' was more stuck with 'roti, kapada, makaan' & didn't realise that jewellery was part of basic necessities...
I wonder if the security guards outside these jewellery shops would even allow an 'aam admi' to enter their premises!

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)