Several lakhs of Indians loose their employment will became victim for COVID - 19

The COVID-19 pandemic has taken and continues to take an unprecedented public health and economic toll on our state. Most of the conditions are known all too well: the deaths of thousands of our fellow Indians and illness to Lakhs of others, devastating families and straining the capacity of our hospitals and other health care providers. With more than a million Indian workers having filed for unemployment and state government facing a budget shortfall in the Crores of Money, the impact on the economy is like nothing we’ve seen in our lifetimes. Millions of Indians are without a single earning in this quarantine period. The middle class family is indebted and now in the position not to repay the debt. The Banking sector even in the quarantine period neglects the government guidelines now pressuring their customers to repay the loan. Losing Indians job will force them to get loan in private sector. It is better to be advised to the fellow citizens now to borrow money from the money lenders. And in this situation the small scale industries and the set back of the major industries, the fellow citizens should not take negative decision and move to the forward decision. New business and industries will emerge after quarantine, every people should utilize it to combat the evil economic covidfall. Author Advocate K.P.Satish Kumar M.L. Madras High Court All questions and doubts can sent to us at our Whattsapp No.9962999008.

Can a Economic offender can escape by surrendering the Indian Citizenship

Fugitive diamond trader Mehul Choksi has surrendered his Indian passport and renounces his Indian Citizenship by mere surrendering his Indian passport in Indian embassy at Antigua by merely paying Rs.13,500/- as renunciation charges. Antiqua provides citizenship for US$1,00,000/- which is very cheap for economic offenders. Mehul Choksi is the proclaimed offender by the Indian court for the multimillion croe scam in Punjab National Bank (PNB). Antigua leads a new way for the scientific asylum to many economic offenders for the entire world. Antigua and Barbuda has a newly launched citizenship by investment program for investors who can directly acquire citizenship and passport by donation to a charity for a sum of US $ 1,00,000 or through purchase of real estate for US$ 4,00,000. The country joins St.Kitts and Nevis and Dominica where the citizenship program is already up and running. Choksi who obtained citizenship of Antigua by investor scheme has returned the Indian Passport. The question now is Choksi can be legally extradited to India from Antiqua. So far only 3 Indians has been extradited from foreign countries. They are 1. Ravindra Kumar Rastogi ( UAE, 2003), 2. M.V.Raja @ Louis Jaloo ( UAE 2005) and 3.Narendra Rastogi (USA 2008). In all these cases India had extradition treaty with the above countries. But with Antigua there was no such treaty. Even though assuming that Antigua is a common wealth countries can a person can extradited between the Common Wealth countries is a question. In the year 2001 India has some arrangements with Antigua and Barbuda in the matter of Extradition. Since Treaty is different from arrangements, Antigua can even refuse to extradite Mr.Choski or may accept it. India should frame new laws in accordance with the international treaties and obligations in order to shut the loop holes for the economic offenders such as Choski and Mallaiya which causes major earthquakes in Indian economy. There is 50:50 chances for Choski extradition to India. The Author K.P.Satish Kumar M.L. is the Advocate in High Court Madras. By Team Daniel & Daniel Join Our Whattsapp Group @ 9840802218.

Bank Agents Torture on Settled Loans - Credit Card Lawyer in Chennai - 9962999008

Question : I was holding an AXIS bank credit card from 09-01-2008. Due to some financial constraints I was unable to Pay the total outstanding which got accumulated. The BANK offered me option of settlement of Rs 22800 /- against Total outstanding of Rs 57166.5 /-. I paid the settlement amount of 22800 in cash as per settlement letter copy on 30-10-2012. As per settlement letter which I have the bank has stated it will update status as settled. below are exact wordings from the letter. "For your information and understanding, we wish to advise you that as per the current procedure of Credit Bureaus, if a matter is settled by paying an amount which is less than the actual outstanding amount on a certain date, the Credit Bureau records will reflect the status as "settled" and the Credit Bureaus do not do not delete the records in such cases. This is the standard procedure. Accordingly, your records in Credit Bureaus also reflect as "settled" as per normal procedure. " The bank updated the payment but didn't update status to settled and they never again called/contacted me after this. But When I checked my CREDIT Bureau Report it's showing Default Status as Written-OFF instead of SETTLED. I contacted the BANK multiple times for clearance / pending balance they initially informed as zero pending dues. When I sent them that status is showing as WRITTEN-OFF they informed me via mail reply that I will need to pay Rs 217937.32/- i.e. all the amount along with the interest calculated till date to get clear CIBIL report. which is as per below. Opening O/s Debit / Reversal Credit Interest Closing O/s 10-Oct-12 93710.91 0.00 0.00 2764.47 96475.39 10-Nov-15 211692.39 0.00 0.00 6244.93 217937.32 Here the total Outstanding amount (O/s) is not matching and is more than Total outstanding amount which was shown on the settlement letter dated 29 OCT 2012. When I asked for all the statements the Bank has not provided me. They have giving the calculation over mail. Here in case I feel that BANK has already cheated me by not updating correct status in CREDIT Bureau (CIBIL) for last 3 years. Though I am willing to pay the remaining Rs 34366/- of the total outstanding but the Bank is demanding for more amount. I am not sure how do I close this case as I don't have any confidence on BANK also the amount which they are asking is too high after already doing a settlement 3 years Back. I am getting a feeling that BANK has done a cheating and has put the default CIBIL status to Blackmail me. While the settlement amount was taken only as Ransom amount so that Bank and Recovery agents donot trouble me. I have the settlement letter soft copy along with all the mails follow ups which I had being doing for last 6-7 months.Let me know what can be done in this case. Answer : 1) Ideally since you settled the outstanding amount by paying an amount that the bank asked you to pay the status should have been updated as 'settled' and not written off. The status is written off if it's a bad debt that the debtor never paid despite attempts by the bank to recover it. 2) Of course the status settled is not equal to a clean status on CIBIL, however it is far better than written off. 3) In either case whether the case is settled or written off, there shall not be any further increase in the total amount outstanding. Clearly there has been negligence on the part of the bank in updating status after you made the payment and it is trying to protect itself. 4) Send a legal notice to the bank demanding the status to be updated as per the settlement agreement when you made the payment. To Solve Your Credit Card & Loan Problems- Call Daniel Daniel @ 9962999008 Credit Card Settlement Advocate, Loan Defaulters Advocate, How to solve credit card problem in India helpline ; 99962999008

Government limits debit card fee on bills of Rs. 2,000 at 0.4% for the first quarter of 2018

The government on Thursday decided to limit the fees that banks receive on debit cards on transactions below Rs. 2,000/- to 0.40 percent which is against the 0.90 percent set by the RBI earlier for the first quarter of 2018. The government notified that it will support the Merchant Discount Rate (MDR) applied on shopkeepers by banks on debit card charges on transactions less than or equal to Rs. 2,000/-. The MDR on such transactions will finally become zero for the merchant and hence, they will become at par with cash transactions. The finance ministry explained lowering of fees for banks which was recommended by a panel looking into reimbursement of MDR. The issue on who will bear the charges on debit card transactions has seen several twists and turns. While the government had announced a complete waiver during demonetization, the RBI had subsequently introduced a system where the charges were lower for low-value transactions and not a complete waive-off. Also, banks have been told not to have a 'bundled' charge for debit cards and credit cards. Since, most of the debit transactions are below Rs 2,000, banks will end up receiving only 0.4 per cent MDR on most debit card transactions. However, on transactions above Rs 2,000, MDR would be applicable on the full transaction value. Following opposition from banks, this was replaced with a system where merchants with turnover of over Rs 20 lakh a year would pay 0.9 per cent and smaller merchants would pay 0.4 per cent. Even as merchants were opposing this saying that 0.9 per cent was too high, the government stepped in and said that it would bear all MDR on debit cards for two years. A similar move to reduce charges on credit cards would also be welcomed. More efforts and user friendly moves would curb cash transactions to greater extent and help build India into a cashless economy. Solve your Credit card & Loan Problems Call @ 9962999008.

How to overcome the recovery Agents Harassment.in collection of loan.

Creditors can take action to recover their money if you have unpaid debts and this intent is not illegal by itself. However, if the steps taken to recover the debt amount to harassment or cause you trauma, then you have the right to put an end to it. What is harassment by creditors? Sending reminders for their dues, calling you for the purpose of recovering the debt during working hours or even taking court action are technically not illegal. Creditors have the right to recover their money owed. However, if creditors' behavior includes the following actions, it could be seen as harassment, which you have the right to put a stop to: - Contacting you any odd hour of the day, including early morning and late night - Not informing you that your debt has been transferred to a collection agency - Threatening you, either verbally or physically - Not acknowledging it if you deny the debt; persisting with their collection practices - Suggesting or pressuring you to get another loan or sell your existing assets to meet your dues - Showing you false documents that look like court orders or legal papers to pressure you - Telling you that your debt liability is a criminal offense or implying that your assets can be taken away from you as part of legal action against you - Giving you the impression that legal action has been taken against you already - Informing others about your debt directly or asking them to pass on the message for you - Contacting you on social networking sites like Facebook As a consumer, what can you do? You need to start keeping a record of the calls or contacts made. As a consumer, you have rights that protect you from this harassment. However, ideally, you need to get in touch with a legal professional to help you understand what would work for your case against the creditors' behavior and how best to stop the harassment immediately. A legal professional can guide you on how to start building your case while also helping educate you on how best to deal with creditors until the harassment is brought to a full stop. The Fair Debt Collection Practices in India puts down certain behaviors by debt collectors that are not acceptable. If collectors indulge in these, legal action can be taken against them: - Collectors cannot harass or abuse the consumer - Make repeated calls or use obscene or profane language - Make threats of violence - Make public the names of people who have debts unpaid - Make calls but not identify themselves Article by the Top Credit card Advocate in Chennai The customer can approach legal forum and get orders prohibiting the agents harassment. For More information call Daniel & Daniel from the top loan defaulter Advocate in Chennai @ @9962999008.

Ways to escape from Credit card Debt - 9962999008

If there are so many dangerous routes to becoming free of credit card debt (and indebted elsewhere), what represents the golden path? The answer doesn't involve a quick fix, but will provide a safer, long-lasting solution. The first step requires a change of behavior. "The main obstacle is changing your spending habits," Freeman says. "By simply doing that, you will be able to reduce expenses and pay off your debt." Her advice: Don't open any new accounts. Reduce expenses by bringing your lunch to work, taking public transportation, shopping at wholesale stores, etc. Don't transfer balances unless you can pay the full balance before the promotional period expires. Budget, budget, budget. "Create a spending plan to determine the total amount you owe and your total monthly income to see where you can reduce expenses," Freeman suggests. She also says to focus on paying your bills on time and alerting your creditors immediately if you will not be able to pay your bills when they are due. If need be, cut up all of your credit cards except for one to use for emergencies -- and keep that one safely tucked away to reduce splurge temptation. Once this financial bleeding has been stanched it's time to go to work on whittling down that debt. Finding a good 0 percent APR balance transfer credit card is often a good next step. Think of this credit card as a debt consolidation loan; don't carry it in your wallet. It's simply a place to park your debt at no interest in order to begin cutting it down. Attaining freedom from debt at this point is a matter of using your newly budgeted income to pay it off bit by bit until it is gone.It takes time and self-discipline to destroy debt, but once you are free of its shackles, you will lift an enormous weight off your back. To Solve Your Credit card & Loan Problem Call 9962999008 http://solveyourloanproblems.blogspot.in/

STOP PSYCHO-TERRORISM

“Psycho-terrorism” word aptly used to the illegal recovery methods, adopted by the Financial Institutions. Though the RBI, BCSBI, and IBA are issuing guidelines, none of the Financial Institutions are following these guidelines. Large number of specific reports are available through out the country in the Media &Press, apart from our representation to the Government and RBI. Even though the BCSBI has issued Code of Conduct for the recovery of dues and repossession of securities. The Financial Institutions hardly follow the Codes and guidelines. As an Association we cannot go on filing cases against each and every wrong. Then we have to file at least 100 cases a day. As a Voluntary Association, it is impossible. We have come across Financial Institutions spending huge money towards legal expenses by using the public money by making appeals after appeals against the customers. The guidelines are there only on paper and the Financial Institutions undertaking to follow the guidelines in writing but in practice they are thrown to the winds. As we failed to get response from the controlling authorities, as a final step, we have asked all our members to apply “Newton’s 3rd Law” i.e. For every action, there is equal and opposite reaction. There is no need to explain the method used by the Financial Institutions. It is in the interest of all, firm action needs to be taken against the erring Financial Institutions. Otherwise, there will be only street fights. Writer : K.P.Satish kumar M.L. Advocate & Legal Consultant For all your complaints call 24 hrs Helpline:- 9962999008.