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| Unlocking Billions: Join Our Fight to Free Rs2 Lakh Crore in Unclaimed Assets |
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| Dear Moneylifers, |
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| Let me start by thanking all of you who attended our discussion on unclaimed funds, sought our report and have watched the proceedings on YouTube and our website. Our study, 'Challenges in Transmission of Assets to Nominees & Legal Heirs' had revealed that a Rs2 lakh crore in unclaimed assets, or money belonging to us is lying with the government. The question is, what can each of us do to pressure or persuade the government to reunite these funds with their true owners or claimants? That was the crux of the discussion. After all, we cannot have their money continuing to grow at 15-20% per annum. |
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| Mr. K V Kamath, a renowned banker and chairman of Jio Financial Services, who released our report and wrote the foreword has generously offered his help in convincing the banking sector. We need to reach out to pension and insurance regulators, as well as the Ministry of Social Welfare. |
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| I urge you to read about the report and our proposed solutions here. Additionally, you can view the recording of the enriching discussion that took place during the launch here. We plan to host a series of discussions to figure out the way forward. I urge you to write to us with any thoughts or ideas you may have to make the claims process easier. Do share the report in your groups and networks. After all, it is our money. |
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| Together, we can make a significant impact and ensure that no rightful heir has to face undue challenges in claiming their assets. Let's continue to spread the word and support systemic reforms to make a tangible difference. |
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| Legal Intervention in Sahara: Disappointing News |
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 You may recall that Moneylife Foundation had filed an intervention in the Supreme Court (SC) on behalf of members of Sahara credit cooperative society. This followed a huge effort to collate information on depositors who have collectively lost gigantic sums of money by trusting the Sahara group. Our effort had the pro bono support of a very eminent team of lawyers, but sadly it has come to an end last week and we withdrew the petition. Lakhs of Sahara depositors are still out there fighting for their deposits and we need to take a call on whether we are in a position to file another intervention before the appropriate bench of the SC that is hearing the matter. Unfortunately, we are Mumbai based and very few investors are from this city. We continue to have a Telegram group, where we are able to offer guidance to depositors in dealing with the Central Registrar of Cooperative Societies (CRCS) Refund Portal that was announced with much fanfare but is practically non-functional. In this, we are grateful for the support of Mr Aakash Goel a chartered accountant and concerned citizen. |
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| Counselling and Helplines |
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 Our counselling is back in full force. We are happy to say that Mr Shirish Shanbagh has recovered, Mr Abhay Datar's sessions are now regular and there is a terrific response to Advocate Avinash Phatak's fortnightly sessions as well. I would like to mention that Mr Phatak's long experience is available to small entrepreneurs who are being harassed by dubious actions of government agencies and lenders too. This is first at Moneylife Foundation and you may like to spread the word. |
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| Counselling is in person and via video conferencing through Zoom by prior appointment (Call 022- 35131664 or 35036925), or write to our legal helpline. Please also make an effort to visit and share the links to our website, where you can read more about cases of mis-selling, fraud alerts, consumer cases and also solutions to housing society problems. |
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| Join us on WhatsApp and Telegram |
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| We realise that most members find it easier to access information on WhatsApp /Telegram etc. If you are not already on our lists, please click on this link to join – https://api.whatsapp.com/send/?phone= 917045156415&text= Hi%21+Please+add+me+to+your+broadcast+ lists+and+make+me+a+member.&app_absent=0 and follow our Telegram channel here – https://telegram.me/moneylife_foundation. |
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| Check our Free Helplines and Guides or Templates as well as our YouTube Channel, where you will find a wide repository of videos on various topics. |
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| Video recordings of all our webinars are available on our YouTube channel and will come to your inbox regularly if you hit the subscribe button. But if you want to be notified about future events through our mailing list, you do need to be a member. |
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| Moneylife TV & Helplines |
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| Financial Literacy Videos in Indian Languages: |
- Credit cards
- Online frauds
- Fallacy of gold loans and more in Marathi, Gujarati, Punjabi and Tamil, all on our YouTube channel (https://www.youtube.com/moneylifetv).
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| Get guidance and counselling through our Legal Helpline or Credit Helpline. |
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| Sucheta Dalal |
| Founder-Trustee, Moneylife Foundation |
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| Trustees: TS Krishnamurthy, Walter Vieira, Sucheta Dalal, Debashis Basu. | | | | Moneylife Foundation is registered with the Charity Commissioner of Mumbai, is an Affiliate member of OECD's International Network on Financial Education, is a Supporter Member of Consumers International, Development Partner of Advocates for International Development (A4ID), and is a winner of the 10th MR Pai Memorial Award. | | |  | | | | Donations are eligible for tax benefits under Sec 80G of the Income Tax 1961 (50% tax exemption) and MLF is registered under the Foreign Contribution (Regulation) Act, 2010. 80(G) Reg No: DIT(E)/MC/80G/685/2010-11 dated 7.2.11 effective 8.+9.2010 | FCRA Registration No: 08378138  | | | |
