Category Archives: Finance

Insurance Malpractices LIC Withdraws 34 Policies


What happens next is that you are sold a Policy on which the Agent gets a hefty commission.

Though the commissions are said to be uniform some policies do attract a better commission than the others because of the high risks to the insured and better returns to the insurer.

Many simply sign on the dotted lines, asking the agent to fill in the necessary details, and hand him over the originals even for photocopying.

As it is there is fine print, where your risks are mentioned in such a corner and in such a font type you can not read it, even if you read you can hardly understand it, such is the jargon.

The Agent if asked to explain will normally say it is just for the records and you will get your returns or use further confusing arguments.

So much so the complaints against Insurance mal practices, forgery have increased, as disclosed by IRDA.

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Secret Files Expose Offshore Funds ICIJ Story.


International Consortium of Investigative Journalists (ICIJ) was founded in 1997.

Its mission is to expose the polluting industries, transnational crime networks, rogue states, and the actions of powerful figures in business and government.

For details Link is provided at the end of the post.

Most of us know that ill-gotten wealth by all and sundry, which includes lawyers, Doctors, Business houses and of course Politicians.

Thanks to a series of mind boggling scams in India, like 2G,ISRO, CWG,Maharashtra Irrigation,Helicopter and the forerunner Bofors, even a barely literate person knows that the money is being kept in Swiss Banks and that these banks are very secretive about disclosing the identities of their Customers.

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90% Financial Services, Interest Rate Swaps, Mis-Sold UK


The following is a Guest Post by Mr,Paul Simms from Reflect Digital UK. The Guest Post.: ‘Unsophisticated’ British firms due to be compensated for mis-sold interest rate swaps British companies hoping to file a claim against the banks after being mis sold interest rate swaps are said to be running out of time to do so. The Financial Services Authority

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Banks May Seize Your Small Savings


Most of us are aware of the Financial Crisis, when the Government seized amounts from the Bank account of small investors to manage its financial crisis, which triggered of a run on Banks . by people rushing to ATMs to withdraw their cash.

To defuse the situation the EU ,along with the creditors mainly Germany, made out a Bail plan and since it was suggested as being unworkable, a new package was devised.

Under this dispensation,Deposits under 100,000 euros will be protected.

The reasoning behind this is that these amount are (small amounts) are protected by Insurance!

I fail to understand that the Government will be losing the money appropriated ((or Misappropriated) by way of the payment by the Insurers.

Even if the Insurance firms belong to private Sector, it will drive inflation further.

I do not know which Economic Genius thought out this plan!

More than this is an interesting perspective from the ‘Business Insider”

Now banks in EU may tap and seize your savings!

How long will it take to reach India?

I have been voicing about the inefficacy of the Keynesian Economics in my columns for quite some time.

First came Argentina,then Greece, Ireland,now Cyprus.

Western countries rm down an economic system which is not savings oriented, but spending oriented on unsuspecting Nations by way of lending and squeeze when the Note is duel like Germany has done now to Cyprus.

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Home EMI Default,Taking Corrective Action


Buying a Home through Home Loans is the norm of the Day.

Days are past when being a Debtor was considered a Sin and attracted social ostracism.

Now if you do not have a Credit card or Loan EMI, you do not belong to the uppity group.

Now that you have availed of Home Loan, it is prudent to know what action to take in case of unforeseen default.

1.Temporary problem in Repayment of EMI.

This might arise due to unexpected loss of job or expenses incurred in the Family due to Death, Illnesses.

In these cases represent the cases to the Lender the details in writing and request them for a minimum break from payment of EMI.

This may not be possible,

However ,depending on your credit rating, the managers may use their discretion in granting you relief.

This also may not be enough.

Make sure , if this request is granted, to stick to accepted schedule of payment.

You may also request them for a reduced EMIs at longer period of repayment.

This may be considered favorably ;this depends on your credit rating, qualifications company you work for or the number of years you have served in a company.

2.Permanent Failure to pay EMI.

You have no other option but to ask the Creditor to realize the mortgage and debit your account the balance if any.

Handling Collection Agents.

Inform th Collection Agent the position and confirm the details in writing to the Creditor.

Do not use abusive language.

In case the Collection Agents behave rudely including use of abusive language, report to the Link provided here below.
RBI is very clear on this.

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