| | | Dear Members, |  | | | | | Greetings. Let me thank the 550+ Moneylifers who participated in our 8th Anniversary Celebrations at Mumbai and heard Railway Minister Piyush Goyal's excellent speech that day on "How Transforming the Railways Can Boost Our Economy | | | Once again, we were fortunate to have the magnificent International Convention Centre of the Bombay Stock Exchange (BSE) to host the event and support from Jindal Power & Steel was an added bonus.
As always, I presented a list of our activities over the past year, which I would like to share with you in this early newsletter. I request you to spare a few minutes to read these edited highlights of my presentation, or you could watch it: on our YouTube channel here | | |
| | | | The Background: | | | Moneylife Foundation (MLF), as you know, causes that affect ordinary people. This does not make us popular with government and policymaker. So our independence and long term survival depends on support from individuals, who see value from our work or benefit from it. When we started MLF in 2010, we had hoped that people who benefit from our work would come forward to support it. The year 2017 has been a turning point in this regard. While we cherish every donation and use the funds very judiciously, two amazing contributions need a special mention: Prof Sanjay Bakshi, the highly respected and very popular investment guru and Mr Dinesh Thakur, world famous as the Ranbaxy whistleblower who is responsible for our RTI Centre. But more on that later.
Here is an update on what we accomplished. Bank charges:
Our petition against exorbitant bank charges got over 2.23 lakh signatures and is still open on Change.org.. We received support from leading NGOs, activists, trade unions and financial experts. | | | 1. The first four points in our memorandum have been resolved.
2. The RBI's own internal study exposed how ordinary borrowers are being robbed (Read: RBI Governor: Please Stop Banks Fleecing Customers and Depositors! & Banks use ad hoc and arbitrary methods to keep lending rates inflated: RBI Study Group ). Shockingly, the RBI has still made no move to prevent banks from fleecing borrowers and getting the banks to refund the looted money!
The loss for each individual runs into lakhs of rupees over the loan term. Debashis Basu and Shriniwas Marathe, a former banker, created a simple web tool to help you calculate this loss which has been found extremely useful by affected borrowers. Check it here
3. Unfortunately, poor grievance redress, exorbitant and capricious bank charges, unilateral debits and rampant mis-selling of toxic financial products continues. | | |
| | | | Right to Information | | | This is a major initiative this year supported by Mr Dinesh Thakur. It is guided by RTI stalwarts such as Shailesh Gandhi (former Central Information Commissioner) as well as Anil Galgali, Vijay Kumbhar, and Vinita Deshmukh, together wih Dr Anupam Saraph, Rajesh Gada and Sulaiman Bhimani. The RTI Centre has a separate microsite, which will evolve as a repository for all RTI related information, including important judgements and success.Here is the link
http://www.moneylife.in/rticentre. 
A first time feature is a mobile video app that you can download on your phone and seek guidance from our panel of experts. It is like Quora on video. If you would like to download the app, and Join Moneylife Foundation Channel click here or send a message to +91-7045156415 on WhatsApp.
The RTI Centre's objective is to help reduce RTI queries by persuading the government to place more information in the public domain and to empower people to exercise their rights. The RTI Centre will help you file RTI applications as well as seek guidance. We ourselves have filed over 60 RTI applications on issues of public interest across sectors. You can visit us for guidance from Mr Shailesh Gandhi on any Wednesday between 5pm to 7pm at the Foundation office. You can also register with the Foundation to receive alerts on specific seminars by the most committed activists in Mumbai and Pune. | | | | Two major RTI Events at Pune: | On 10th February, we have a discussion with Central Information Commissioner Prof (Dr) M Sridhar Acharyulu along with Dr Anupam Saraph and Dr Pralhad Kachare on RTI, Privacy and Aadhaar. Click here to register
On 3rd March, we will have the highly respected Justice AP Shah (Chief Justice, Delhi High Court, (Retd.)) deliver the inaugural RTI Lecture of Moneylife Foundation. | | | | Retirement Homes | In June 2017, we released the first ever study on Retirement Homes. Our research reveals a huge potential for this growing sector, but also the need for regulation and grievance redress for those who choose to spend their sunset years in retirement homes. We have presented the study to the Central and State Governments.
 In Maharashtra, we are part of a committee to discuss this issue at the initiative of Mr Praveen Pardeshi, Additional Chief Secretary to the Chief Minister. It is headed by Mr Dinesh Waghmare, Secretary to the Ministry of Social Justice and will examine what safeguards, incentives, disclosures, contract terms and mandatory amenities are required to ensure safe retirement homes. We have been made a part of this Committee.
We presented a copy of the report to Mr Hardeep Singh Puri, Minister of State for Housing and Urban Development and his office has offered to examine the issue. Rajya Sabha MP, Mr Vinay Sahasrabuddhe and Dr Bibek Debroy, Chairman of the PM's Economic Advisory Council have generously offered to take this issue forward.
You, our regular readers, are already aware of the excellent work done at our Free Daily Clinics and Helplines, coordinated by Yogesh Sapkale.
Our Daily Free Guidance Clinics have entered their third year. On Tuesdays, Shirish Shanbhag guides people on all realty related issues, Wednesday's is for RTI with Mr Shailesh Gandhi, Thursdays is for all consumer issues with Abhay Datar and Ajit Shenoy and Fridays is for banking, credit and loan related issues.
We are most obliged to four amazing tax experts of high integrity for helping answer over 3000 queries through our Free Tax Helpline
They are: CAs Ameet Patel and Nikhil Vadia in Mumbai and Subodh Shah and Ameya Kunte from Pune.
We have a series of experts providing guidance on Credit related issues and the Legal Resource Centre provides initial guidance on legal issues, without attempting to substitute lawyers.
You can watch all our programmes, especially our most recent annual day talk by Mr Piyush Goyal on the MoneylifeTV channel of YouTube. We have nearly two million views on this and delighted that it helps us break geographical boundaries. Check playlist of our 8th Anniversary programme, here
Let me end this very shortened version of my annual review by thanking our donors, supporters, volunteers, ex-colleagues and all your wonderful members of Moneylife Foundation for making this 8-year effort worthwhile. | | | | Best regards, | | | | Sucheta Dalal | | Founder-Trustee, Moneylife Foundation | | | | | | Trustees:TS Krishnamurthy, Dr KC Chakrabarty, Walter Vieira, Sucheta Dalal, Debashis Basu and Dr Anupam Saraph. Special Invitee: Adv Jamshed Mistry | | | | 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, 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: 083781387 Donate Online | | | | | | | | | | |
