Welcome to Moneylife Foundation’s

LEGAL RESOURCE CENTREMoneylife Foundation's Legal Resource Information Centre's (LRIC) main objective is to provide information, advice and preliminary guidance to persons needing legal help or planning legal action in 10 defined areas.

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Our panel of experts and resources are free and can be availed of anyone. Please click on Ask Question and send your query. Our Experts will provide basic guidance in due course.
You can seek help and guidance in following 10 areas such as CHS, property-related issues, Complaints to regulators, Consumer complaints, IT Act and civil liberties, Filing PILs, Whistleblowers, Sexual harassment case, Wills & nominations, RTI and Basic legal research.
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Disclaimer: The information posted on any page of this website is just a basic guidance and NOT professional tax advice.
OUR EXPERTS

Shirish Shanbhag

An MSc in Organic Chemistry and Diploma in Higher Education and Diploma in French. As a junior college teacher, he taught theory and practical in chemistry, to students in 11th and 12th standard at Patkar College from July 1980 to May 2012. After his retirement in May 2012, he started providing guidance to people on several issues. It includes, career guidance, Cooperative Housing Societies' legal paper works, Right to Information (RTI), Lokayukta, Ombudsman complaints, Marriage Registration,

Bapoo Malcolm

Bapoo Malcolm is an Advocate at the Bombay High Court and a former national cycling champion and a man of many interests. Mr Malcolm is an expert in the mechanics of preparing Wills. He is advocate practising civil and criminal law as well as documentation and arbitration. He also takes up family court matters, redevelopment and MHADA matters and testamentary work, including litigation. Mr Malcolm operates in areas up to Nashik and Valsad and from Igatpuri to Udvada. He has experience in polluti

Jamshed Mistry

Jamshed Mistry is a BCom, LLB, DLL & LW. He appears as Counsel in the Supreme Court and in various High Courts all over India. His clients have included several corporate companies as well as public sector corporations and institutions eg. the Reserve Bank of India and the Brihanmumbai Electric Supply and Transport Undertaking. He also works actively for social causes like the rights of disabled persons, beach safety (Goa Action Plan), the setting up of distinct hawking and non-hawking zones in

Shailesh Gandhi

Shailesh Gandhi is a former Central Information Commissioner for the Right to Information Act. He is a successful RTI activist and a regular speaker at Moneylife Foundation.

Abhay Datar

Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

AV Shenoy

AV Shenoy hold degrees in both Mechanical and Electrical Engineering from VJTI, University of Bombay and a Post Graduate Diploma in Industrial Management from Jamnalal Bajaj Institute of Management Studies. Worked as a Design Engineer in Electrical Business Group of Larsen & Toubro Ltd. at Powai from October 1969 to September 2001 and retired as Dy. General Manager. Also worked as a Facilitator/Trainer for implementation of Total Quality Management (TQM) and ISO 9000 in the organization. Since r

DG Kale

DG Kale, former General Manager of the Reserve Bank of India, with a long stint in the customer services department, has also been a Public Information Officer under RTI and has a ring-side view on what happens to complaints filed with the Banking Ombudsman. His vast experience makes him the ideal person to provide guidance on grievance redressal.

SD Israni

Dr SD Israni is an Advocate & Partner of SD Israni Law Chambers and has over 37 years of experience in the field of Corporate, Commercial and Securities Laws. He has simply written the book on Indian securities laws, copies of which he kindly donated to Moneylife Foundation library. Dr Israni's professional achievements are formidable. He was a member of the Naresh Chandra Committee for simplification of Company Law relating to private and small companies. He has been on SEBI's committee on

Samir Zaveri

An extraordinary activist who has dedicated his life to the cause of railways, with a mission to help every rail commuter and accident victims, and improve Railway safety.

Yogesh Sapkale

Yogesh Sapkale is Deputy Editor of Moneylife and writes on legal, RTI, and consumer issues

I have money earned by employment in USA during my work there from 2012-2016. I came back in 2016 with hope to go back there and hence kept my money in my US Bank Account. Now it seems unlikely that I will be able to go back there. To transfer funds from USA to Indian Savings Bank Account by a resident Indian citizen, I came across this service from Transferwise (https:/.transferwise.com). I did some basic search and also asked them if it can be used by me, considering my situation and they said yes. But I want some concrete answer. Following are my details.
Source of Income: Employment in USA during 2012-2016.
Income Tax: Paid in USA, also paid in India when I was not NRI during one occasion.
Source Bank: USA
Destination Bank: India Bank (Savings Account).
Currently I am Indian Citizen, not NRI, no Green Card etc.

Can I use Transferwise to electronically transfer personal funds from USA to India based on my situation.

Following are the links I referrred:


https://transferwise.com/au/blog/inward-remittance-meaning
https://transferwise.com/au/blog/rbi-fema-guidelines-remittances
https://transferwise.com/gb/blog/firc-meaning-india
https://transferwise.com/help/14/currencies/2932151/inr-transfers
https://transferwise.com/help/15/paying-for-your-transfer/2655509/whats-a-foreign-inward-remittance-certificate-firc-and-how-can-i-request-one

If I go for Transferwise, are there any limits like daily/total limit of fund that can be transferred. I am confused about the MTSS/RDA stuff mentioned at Transferwise.

Irrespective of method used, are there any tax implications in USA/India?
Any other thing to keep in mind. What is the ideal sum I need to transfer.
Do we get inquiry ? Of What Kind? from Whom?

Transferwise helps with better exchange rate so I am keen to use it.
 Regulators RBI, SEBI etc
Comments
Sir, I am a senior citizen, aged 67 years, running a small SME Krishnamrutam Enterprises Private Limited. We are in ship management business. In 2016-17, when we were trying to charter a ship, our chartered accountant suggested to us that we can take the loan from Bharat Cooperative Bank. That in the month of March 2016, Respondent No-8, the then chartered accountant
of the Petitioner told him that the EMMI Data of Petitioner’s Company was still not
meeting the loan criteria set out by the bank accountant also confirmed the fact.

6) That ostensibly to overcome this shortcoming, the Respondent No-8 suggested
that the Petitioner should form an alliance with a set of Guajarati trading companies,
from his relatives’ circles, that promoted inter-company sales and purchases for which
purpose the Respondent No-8 got the Petitioner sign quite a number of current account
cheques, which the Petitioner signed in good faith. Respondent No-8 told the Petitioner
that since his current account did not have any balance, the cheques signed by him
were of little or no value and only when new capitals were introduced his partners,
there could be some positive turnovers that were mandatorily required by the bank. That on the afternoon of 19 th March 2016, Respondent No-8, chartered
accountant advised the petitioner to make out two cheques towards the
bank as the final step for getting the loan and also made two RTGS
requests to the bank, which the petitioner blindly complied with in the sure
shot understanding and firm belief that the current account cheque that
were made out as per the advice of the chartered accountant were just
dummies as the current account 000312100114232 hardly had any
balance that time or any other time. Once this formality was completed, as
promised by the Respondent No-8, assistant manager of the bank that me,
my wife and son should all attend the signing ceremony for the loan, which
we gladly agreed to comply with. all of us were sitting with the Respondent No-8
on the first floor of the Bharat Bank Goregaon, signing batches and bunches of
documents at the end of which the Respondent No-8 told at about 1900 hours
that the loan would be sanctioned soon and we shall simultaneously get the
copy of the loan sanction, fresh checkbook for the loan account and all details.

That next day nothing happened. Not the next day. Every day the Complainant was inquiring with the bank. No letter, no email no SMS. But the Complainant came to know six months thereafter that the loan was credited to his account 7694 on the same day and immediately the following withdrawals were allowed by the bank.
19/03/2016 19/03/2016 RTGS: INNOVATIVE TRADING CO BCBMH16078000880 512516 2817312.73
19/03/2016 19/03/2016 RTGS: INNOVATIVE TRADING CO BCBMH16078001088 512517 1115875.00
This was a fraud. In effect, the bank utilized or misused its right to set off the loan account to the benefit of another customer. the law of set-off has a long history. the English chancery courts adopted the equitable doctrine of set-off, which was then known as stoppage. but the BHARAT BANK had no right to use the set off clause to transfer my loan account to current account and transfer money to third parties thence.

The petitioner made several representations to the bank and hundreds of personal
visits. The bank did not reverse the transactions. While the respondents 7 and 8 were
gleefully doing business on the petitioners’ account, no telephonic or email information
came to the applicant. After months of mindboggling exercise, it would transpire that
the respondents 7 and 8 acted in collaboration and the 8 th respondent’s email and
telephone number had been included in the KYC details of the account.

 Consumer complaints
Comments
View Our Experts
Our Experts

Shirish Shanbhag An MSc in Organic Chemistry and Diploma in Higher Education and Diploma in French. As a junior college teacher, he taught theory and practical in chemistry, to students in 11th and 12th standard at Patkar College from July 1980 to May 2012. After his retirement in May 2012, he started providing guidance to people on several issues. It includes, career guidance, Cooperative Housing Societies' legal paper works, Right to Information (RTI), Lokayukta, Ombudsman complaints, Marriage Registration,

Bapoo Malcolm Bapoo Malcolm is an Advocate at the Bombay High Court and a former national cycling champion and a man of many interests. Mr Malcolm is an expert in the mechanics of preparing Wills. He is advocate practising civil and criminal law as well as documentation and arbitration. He also takes up family court matters, redevelopment and MHADA matters and testamentary work, including litigation. Mr Malcolm operates in areas up to Nashik and Valsad and from Igatpuri to Udvada. He has experience in polluti

Jamshed Mistry Jamshed Mistry is a BCom, LLB, DLL & LW. He appears as Counsel in the Supreme Court and in various High Courts all over India. His clients have included several corporate companies as well as public sector corporations and institutions eg. the Reserve Bank of India and the Brihanmumbai Electric Supply and Transport Undertaking. He also works actively for social causes like the rights of disabled persons, beach safety (Goa Action Plan), the setting up of distinct hawking and non-hawking zones in

Shailesh Gandhi Shailesh Gandhi is a former Central Information Commissioner for the Right to Information Act. He is a successful RTI activist and a regular speaker at Moneylife Foundation.

Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

AV Shenoy AV Shenoy hold degrees in both Mechanical and Electrical Engineering from VJTI, University of Bombay and a Post Graduate Diploma in Industrial Management from Jamnalal Bajaj Institute of Management Studies. Worked as a Design Engineer in Electrical Business Group of Larsen & Toubro Ltd. at Powai from October 1969 to September 2001 and retired as Dy. General Manager. Also worked as a Facilitator/Trainer for implementation of Total Quality Management (TQM) and ISO 9000 in the organization. Since r

DG Kale DG Kale, former General Manager of the Reserve Bank of India, with a long stint in the customer services department, has also been a Public Information Officer under RTI and has a ring-side view on what happens to complaints filed with the Banking Ombudsman. His vast experience makes him the ideal person to provide guidance on grievance redressal.

SD Israni Dr SD Israni is an Advocate & Partner of SD Israni Law Chambers and has over 37 years of experience in the field of Corporate, Commercial and Securities Laws. He has simply written the book on Indian securities laws, copies of which he kindly donated to Moneylife Foundation library. Dr Israni's professional achievements are formidable. He was a member of the Naresh Chandra Committee for simplification of Company Law relating to private and small companies. He has been on SEBI's committee on

Samir Zaveri An extraordinary activist who has dedicated his life to the cause of railways, with a mission to help every rail commuter and accident victims, and improve Railway safety.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on legal, RTI, and consumer issues

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