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| Read Our Memorandum to SEBI; |
| Help Spread A Financial Literacy Message |
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| Dear Moneylifers, |
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| As we head into the monsoon season and are halfway through the year, we hope that you are all taking the necessary precautions to stay safe and healthy in an environment where Covid and its variants still remain a possible threat. Let's not waste the efforts of our hardworking healthcare workers who have gotten us out of a lockdown and ensure that we take the necessary precaution to curb spread of the virus. |
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| We also hope that being members of Moneylife Foundation, you are all well aware and are staying safe from the growing number of fraudsters and scammers using new tricks to swindle you out of your hard earned money. More on how to stay safe from such frauds and schemes later. |
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| Investor Perspective on Broker Defaults |
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| Since 2019, Moneylife has continued to report on the increasing number of broker defaults at the National Stock Exchange (NSE). To date, there have been a total of 32 such defaults in a period of just three years. You can read more of our coverage on the issue here. |
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| Although much of the blame lies at the exchanges for their failure of oversight, it is only investors who continue to bear the burden and consequences of a defaulting broker. Through Moneylife Foundation, I was recently given an opportunity to present an investor perspective to an ad-hoc committee headed by G Mahalingam, former whole-time member of the Securities and Exchange Board of India (SEBI) and have urged the committee to hold exchanges accountable for their lapses, especially in cases of broker defaults. |
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| The presentation which has given 11 suggestions to help redress investors' grievances, can be accessed and viewed here. The committee has earnestly taken our suggestions under consideration and shall be proposing recommendations for further strengthening governance norms at exchanges. |
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| Encouraging Financial Literacy Through Short Videos |
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| The pandemic situation forced a lot of new people to adapt to a digital way of life, with online transactions, communications, bill payments, classes, meetings and more. The increased number of technologically challenged people involved in financial transactions has also meant a new set of victims for scammers. While the tricks used to scam you out of your money seem new, most times people themselves have been gullible and have shared personal details with the fraudster after being lured with a gift voucher, free vacation or lottery prize winnings. |
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 We have published another short financial literacy video on this important topic - https://youtu.be/NnfMYWvQAfo, available now in Hindi and soon in other regional languages. Please do watch and share it within your friends and family groups. These videos are essential financial learning for all and need to be seen by the maximum number of people. |
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 Our third short video in this series, tackles the topic of credit cards, which are an essential financial tool if used properly. Many people wrongfully think credit cards provide an additional source of income, without actually understanding how they work and the interest rates or penalties applicable for delayed payments. This is where the problem starts and eventually when monthly payments are missed, recovery agents call with threatening messages and even harass friends and family members. Take the time to watch this video - https://youtu.be/mXlEheVlmaM, to learn how credit cards work and how to avoid defaulting on your outstanding payments. |
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| We hope as Moneylife Foundation members, you have all become safe and smart through our seminars and videos on our YouTube channel, but we urge you to spread the message to your friends, families and colleagues as well. Do share the video we widely and encourage others to become members of Moneylife Foundation. |
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| For those who missed watching it before, do watch this video to understand why gold loans are sent traps that should be avoided – in Hindi https://youtu.be/chkWDh-4aq8, Marathi - https://youtu.be/chkWDh-4aq8, or Gujarati https://youtu.be/E7XR1dwNkaM. |
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| Become a Member |
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| While we are close to resuming our daily counseling sessions in a physical format, we are still playing it safe by keeping an eye on the Covid situation as it develops. If you are a member of Moneylife Foundation and are present on our mailing or broadcast lists, we shall keep you informed of when the in-person counseling sessions would resume. Do take the time to register and become a member, if you aren't one yet. |
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| File your RTI Applications with Expert Guidance |
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| RTI Advice App पर विस्तृत गाइड से विशिष्ट उपयोग के मामलों के लिए आरटीआई आवेदन दाखिल करने का तरीका जानें। हिंदी और मराठी भाषाओं में उपलब्ध। |
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 Many of you are already aware of our 'RTI Advice' app, which was launched for both android and iOS devices a year ago. The app helps you get expert advice on your RTI queries in any language or format (text, audio or video) and access to over 900 queries that are already asked and answered by our 14 highly regarded RTI experts. |
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| Don't worry about how to navigate the app—we now have user guides for you in English, Hindi and Marathi! Download the app or access the guides from our website here. |
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| Our How To Series |
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| Our ‘how to’ section covering a range of practical issues and difficulties that all of us face. Check them out. |
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| Counseling on Helplines & Zoom Meetings |
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| Our counselling sessions on various issues remain online (Legal & Credit Helplines) until full normalcy is restored and we are back to working from the office. We also have Zoom counseling meetings for members when necessary. If you have a query on housing society, insurance, banking, credit or any other issue, please do become a member of Moneylife Foundation and take advantage of the knowledge imparted by our experts who guide through our helplines. |
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| Forthcoming Webinars |
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| Register and become a member of Moneylife Foundation, to be added on to our mailing lists, so that you are notified when we announce new webinars and also receive information about our activities and initiatives. Also, allow me to also remind you that you can always catch up on our past financial literacy programmes on our YouTube channel as well. As always, we look forward to your active feedback on issues that you would like us to discuss, and we will do our best to make it happen. Please do write to us at [email protected] |
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| Programmes in May |
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 In an effort to restart our RTI webinars and workshops, we had organised two RTI sessions this month with the help of retired Central Information Commissioner Mr Shailesh Gandhi. The first session covered misuse of the RTI act from applicants and the misinterpretation by Information Officers. You can watch a video recording of this session on our YouTube channel. |
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| The second session this month allowed us to hear success stories and key learnings from four prominent RTI activists – Vinita Deshmukh, Balvinder Singh, Amol Rackvi and Advocate Aditya Prasad. Each of the stories narrated were something our members and attendees found inspiring to file their own RTI applications. You can view a video recording of this session on our YouTube channel. |
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| Moneylife TV & Helplines |
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| With the outbreak of Covid, our physical events and daily clinics for this month continue to remain suspended for the safety and benefit of all those involved. However, in this lockdown period you can still take advantage of our numerous videos of past seminars and workshops which are always available on our YouTube Channel – Moneylife TV and Moneylife News Bites. |
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| Although counselling on various issues from our experts is not possible in-person, you are welcome to email on [email protected] with your details. We shall forward your mail to the expert for guidance and do our best to get your query resolved. |
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| You also have the option of posting your query on either our Legal Helpline or Credit Helpline. |
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| Also, Moneylife Foundation is now on Telegram and Instagram, so do follow us on these channels to stay updated on our activities and events. |
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| As always, we look forward to your active feedback on issues that you would like us to discuss, and we will do our best to make it happen. Please do write to us at [email protected] |
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| Best regards, |
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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  | | | |
