[nukkad] Rawart's woes

["Mahesh chandra gupta" <>]

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Tip of the day:  Sanity and happiness are an impossible combination.  
                 - Mark Twain
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Ref: "I got net amount Rs 4776/- after investing Rs 10,000/- for 
10 years.Had I invested in some other scheme, it would have been 
about Rs40,000/- at the interest rates then going.

Why shouldn't I run on the streets tearing my clothes and hairs.

Is there any recourse, legal or otherwise? Is there any forum 
where Ican howl at least to cool my heart and to warn others.

Why does it hurt more when the government loots you?

tearfully, sobbingly yours.
-Rawat"
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Response:

1. I sympathise.
2. You should not have invested in a ten year instrument. Better 
to buy short term instruments.
3. PNB is NOT  a govt. instrument. Your complaint against the 
government is misplaced.
4. Running on the streets tearing the clothes and the hair might 
provide some fun to the people on the street, but will only damage 
your clothes and hair.
5. the forum to cool your heart and warn others is already 
available to you: the great nukkad.
6. There is no legal recourse. No legal injury has been suffered 
by you.
7. ADVICE:

Do you have PPF account? If you are in India and do not have a PPF 
account, go to a bank or post office tomorrow morning and open 
one. You can deposit maximum Rs.60,000/-per year. The interest 
rate is highest of all safe investments. Even if other instruments 
give higher interest, PPF is better because interest earned is 
income tax free, hence post tax returns are high. Most states give 
coupons for  lottery draw[one coupon for 5000 investment in 
Delhi], in order to encourage savings, so you stand to gain from a 
possible prize of several lakhs. Better to open the account 
through an agent, so that you get incentive [0.5-0.75%]from the 
agent out of his own commission. Even if you have a provident fund 
subscription account with the employer, that is no bar to open PPF 
account. Money in PPF account can not be attached through court 
proceedings and is also exempt from wealth tax. You can open an 
account in name of each individual, even a minor child, as also in 
name of he whole family [Joint family account in case of hindus]. 
The account is for 15 years. Loans are admissible. Contributions 
to PPF are eligible for benefit under section 88 of the Income Tax 
Act.

The unique feature of PPF account comes into play towards the last 
few years of the account. For example, in the 14th year, you can 
deposit 60,000 rupees on 30th March, claim Income tax exemption, 
and get back the amount after one year, the lock in period being 
only 1 year. In the last year, the lock in period can be just 3 
days, compared to 3 years and above in all other instruments.

And, being govt. account, the PPF is 100% safe. And, yes, you have 
legal remedy in case of injury.

STRONG APPEAL TO ALL NUKKIES IN INDIA: Open a PPF account 
immediately.I opened 5 accounts  14 years ago for myself, wife, 
two minor children [now grown up] and  the HUF [hindu Undivided 
Family, an income tax term for Hindu Joint family]. I have never 
regretted.

MC Gupta



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