Laws & Consumer Rights

Rs. 500 and Rs.1000 to be illegal from Tonight. PM Modi

A wise man once said ......

Personal Finance for Women

Women face some unique personal finance challenges -- here's how to manage your money, whether you are single, married, survive divorce or widowhood, and plan for retirement.

Though we understand men and women are more or less similar than different when it comes to money management, there are certain financial challenges which are unique to women. Whether you are single or partnered women should learn how to prepare for a financially secure future.

BE ACTIVELY INVOLVED IN YOUR FINANCES.

Many women take a back seat when it comes to managing finances, weather it is to buy a house, spending on household expenses or even engaging in investments women feel insecure and the same is left to your husband, partner or parent to take control. While an advice can be helpful but take charge of your finances. Barriers can be many like age, marital status or financial knowledge. TAKE CHARGE and here are few tips to understand how.

Be a part of financial decisions.

The major crisis when your are a couple or married is that of not being directly involved in the financial task and decision making process. Due to uncertainty of your life, if your partner leaves or is moved away from the world, you may get introduced to the fact that you are deeply in debt or the savings are not sufficient to survive on. In a divorce situation, your partner could even drain accounts even before you find out you had more funds in some bank.

It's crucial that all women who are part of a couple know at least:

1) what are your debts and it's monthly payments.

2) whether all the monthly bills are current (no overdues)

3) what are your joint assets and where all you have accounts

4) whether tax are being filed on time or being paid on time.

5) what insurance policies you have and it's worth and it's terms.

6) where the financial records are kept

7) where you have a safe deposit box and where are the keys.

8) username and password to financial accounts for online access.

9) if any other person is handling the portfolio.

10) if there are any investments in real estate.

11) ensure you have an emergency fund being accumulated aside.

EXPAND YOUR KNOWLEDGE

Do not walk south just because you don't know how to handle accounts and investments. Make is a goal to learn it, whether you are an engineer, teacher, doctor or in the army you have your pesonal finance to take care of. Learn what options are available and expand your knowledge by speaking to are a financial advisor if necessary, other options are

a) read online.
b) visit websites.
c) read books or finance magazines.
d) follow personal finance blogs.
e) take online classes.

Be a wise finance manager and a calculated risk taker.

http://www.businesstoday.in/money/real-estate/10-situations-when-you-can-say-no-to-your-landlord/story/238858.html

10 situations when you can say NO to your landlord A relationship between a tenant and a landlord is documented in a lease agreement. It is therefore important to pay attention to the length and breadth of the lease in case of misconduct.

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China warns India if the government decides to boycott Chinese goods.

China warns of impact on India-bound investments from boycott

Should India boycott Chinese goods?
1) China offers help to Pakistan.
2) China invades Indian borders and claims to be theirs.
3) Chinese products are flooded in Indian market and India has become a dumping ground for Chinese products.

Do you agree? Please comment and let us know.

Hello Friends

We have started a new page and blog for financial freedom and security for people across the globe. This will help you understand a lot of global economics in layman terms and keep you posted on current financial affairs. REMEMBER, BEING SMART IS THE NEW THING.

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RESERVATION QUOTA - A NEW OUTLOOK

Many of us in the Open or General category wish that only if we could have belonged to Scheduled Caste/ Scheduled Tribe or Other Backward Class (SC/ST/OBC) in the current scenario. It’s true even if many may negate this fact; however truth always has a rough base. We need to apprehend the fact that just by rebuking the issue and criticizing the Government of India for the current state of this country and blaming them for not looking into the core issues that needs urgent consideration will not change how this country functions. Team Anna and Arvind Kejriwal along with Kiran Bedi and Prashant Bhushan at one point of time showed promise to make this country a better place to live in. But the political agenda took over and all the hopes of common man got deserted once again as it happens after every election. None other than us atleast the literate class as citizens of this great nation can try and bring some alteration in our thought process and spread the information for a better tomorrow.

In the days of Dr. Ambedkar, MK Gandhi and Nehru, backward class citizens were of grave concern as then we were slaves to the mighty British Empire. Social status, caste discrimination, poverty, female foeticide, inequality have been a part of Indian culture since long. Thus, Dr. Ambedkar, humble enough to fight for the under privileged brought about a revolution to help the backward community to justice and to win them basic rights as human beings. Reservation took birth here, it was right then, in those times, but we need to learn that India has progressed a long way from those troubled days and today has become a nation that every country has an eye on. Reservation was introduced with a view to give the backward class an opportunity and means to progress socially as well as economically. Initially reservation was implemented for a short finite duration, but today it has become the trump card for Indian politicians.

History should be changed and it can happen only when there are alternative thoughts running in our minds and not by cursing the situation. Reservation for SC/ST/OBC for admission into top colleges, government Jobs, for promotion in state government jobs, concession in travelling etc. has handicapped our progress and has forced many talented, well deserving individuals to bow their knee for less and to be underemployed regardless of their potentiality.

Let’s not overlook the fact that majority of the Indian population still belongs to the poor community, irrespective of one belonging to Upper or Lower caste. ‘Adivasis’ still battle for basic social privileges and recognition, reservation will do no good to the country in today’s economic scenario but other measures needs to be found out to help such concerns to be eliminated from this nation.

FUTURE CHANGE TO THE EXISTING DEVELOPMENT

1) Education is the main reason for poverty and more than half of the over billion population of India do not have access to education. Literacy will help gain knowledge to tackle social issues as these. Government should take stringent measures to provide platform for every individual born in this country to compulsorily gain education till Graduation. Schooling is an important phase of life as we learn basic values and much more in general at this level and a right and powerful education will help create great citizens tomorrow.

2) For people below poverty line provide free education till their graduation phase. Many may argue on the funding for this free education, it’s a valid question; hence we have multi-billion enterprises to whom we can enforce law to spend for educational development of the country. Government has to ensure that it does not burden the enterprises and hence a 0.25% or 0.5% of their basic profits would be handsome contribution.

3) For committed below poverty line parents who wish for their child’s development in better environment, provide clause for minimal fees in private institutions but on merit basis alone.

4) Provide for required stationary and syllabus books for children born to parents below poverty line.

5) Keep strict selection process for quality teachers willing to educate the new generation (quality of professors and their qualification is a matter of concern as on today.)

6) Change education pattern for the students and constantly change the syllabus to meet existing economic status quo. (Education system authorities should put deep thoughts on this account.)

7) All foreign companies earning from Indian consumers should be made to pay a part of their huge chunks of profits for improving the literacy status of the country and for the sum provided, government should ensure tax benefits to such companies which will encourage them in taking part in this initiative.

8) Recent FDI approval will see billions of foreign funds flowing into the Indian Financial System which will help in easing inflation, providing quality products at low cost and increase employment opportunities for many. Government may lay conditions for contributions from these giants.

9) An individual body of learned individuals to be appointed to manage funds for these initiatives and proper accountability of every penny inflow and utilisation to be made in books of accounts and also to be made available on demand as per RTI act. No ministers to be involved in this body selection and ensure no rights to any person of any political party to influence and practice their power.

10) Tax levied on every individual falling in the 10%, 20% and 30% tax bracket, 2% to 3% of the total sum of the tax collected in a financial year to be utilised for infrastructure development of our education system (schools, universities, libraries, etc.)

11) Remove the reservation legislation from the Indian constitution and ensure equal rights to every individual on merits and enforce a proper channel for tracking of avoidance of this social evil of caste discrimination.

12) Removal of Reservation will increase competition and give rise to more worthy entrepreneurs and leaders than goons who survive on the Reservation benefits.

Reservation quotas were introduced to eliminate discrimination and inequality but let’s interrogate ourselves and ask has it really fulfilled the purpose. Today the benefits SC/ST/OBC gain has made the Open or General category look like the real under privileged sections of the society. Recently a bill was introduced in the Rajya Sabha to provide reservation for SC/ST for promotion in Government Jobs, is this really a concern for the citizens of India or is it the quality of life we need, medical facilities we seek, security we strive for from the security agencies of this country and a government who is for the citizens and not for itself. It’s time for reality check.

British followed the successful act of Divide and Rule (destroying our nation from the core, India once a rich country was left at the mercy of the British) and today the same is followed by the Indian politicians and even after protests it is still a part of our society.

A news that caught nationwide attention was the "Patels" demanding SC status, this is what it has come to.

LET'S VOICE OUT FOR A BETTER TOMORROW.

Consumer Rights in India

When one plans to get involved into a contract or agreement for buying or hiring any good or services, both the parties are bound by terms and conditions of the contract as well as rules of parliament. The consumer rights are also defined in terms of legislation like Sale of Goods Act and Supply of Goods and services etc. They put terms into a contract which cannot be excluded or taken away nor can be wavered even.
There is a quite good reason behind these terms. The consumer has a disadvantage when he goes for buying goods, and to come over this imbalance, the legislation described before as well as some other legislation have been enforced.

The seller also has some terms to follow, for instance, the right to return goods that have not been used,within a specified time for a refund if one does not like the product he has purchased. These terms are additional to the statutory rights, which are there and cannot be taken away.

Customers consist of a number of consumer rights and it can be seen that one’s statutory rights are more "powerful" as compared to the contractual rights one has agreed to and therefore one should use this as opposed to having a warranty (one should be aware of that a warranty might cover something that GA cannot protect you from). If a dispute pops up (faulty goods are used as an example), one does not have to argue that he has a contract that claims that goods should have satisfactory quality –which legislation already implies. If one is to argue some contractual term, it is required for him to prove it.

Besides, using the consumer rights or legislative rights compels the store to take the law for consideration, and not act in the way that they are doing one a favor by offering some remedy out of the goodness of their own hearts i.e. replacing or repairing or refunding.For example, one buys a faulty mobile phone back to a store, and the reason for return is put forward as "refund under 14 day store policy. Then, answer is big NO! , and the reason is that the law was not complied with.

If one has a dispute with a retailer, he should also inform it to Consumer Direct. As much as this service is disliked, it does have any useful function - it gathers data on complaints that Trading Standards can have. Before consumer direct, it is difficult for TSOs to have an idea of where the problems arose. Now, with a national database, this kind of data can be collected and used and what else can it be used for?

The effect of this is pretty important. However, initially, if any action was taken against a retailer, it used to be in the civil courts by the buyer, and was sorted on the individual basis. It is possible that a prosecution might be brought against the seller that depends on the problem, but this would have happened on the individual complaint. If there are a number of considerably small complaints against a retailer, then the actions can be taken as a whole and there are very high penalties for that.

There is a need of awareness of consumer rights and it depends upon one that whether he follows advice and get his problemssolved, but one should be aware that it might bet one’s cotton socks that it would happen over and again. It can happen with anyone or everyone, or one can take a stand, enforce his rights and make the companies behave for doing what they ought to do in the first place.