Skip to main content

Legal Overhaul

The latest financial crisis to affect the world & the country en large has brough to focus some of the problems or areas that the country needs to focus on. One of these areas, is a much advertised word, Bankruptcy.

While India has imported the culture of borrowing & spending money that is not owned (through the purchase of loans and credit cards) and the latest Gen has moved forward to adpat to this new culture, the government has been slack to react to the protection that its consumers needs.

The move to decrease interest rates through the RBI, earlier this year, to promote vitilisation of the economy, advises the country that the government is aware of the fact that there are many who's pockets are not full.

The idea that invoking an archaic 'Insolvency Act of 1920' to seek relief from financial over comittment, making bad finiancial decisions is hardly comforting. What does it govern? The process of transferring properties to cover the debts that have been incurred by the debtor.

So how about the Presidencys Towns Insolvency Act 1909? The same thing, governing the transfer of assets to cover debts.

How are they different from eachother? The fact that one covers particular areas of the country, whilst the other covers everything else. Maybe there are differences in the procedures, or damages awared. Does this mean however that I can declare myself as being Bankrupt? Be absolved of my debts- NO. Let's also factor in that most of these rulings take a good 5 years or so, so yes, your debt is really YOUR debt.

Coming back to the point- overcomittment. What if I have just borrowed too much? What can I do? Does the law provide me relief? Am I protected from being harassed?

Most of these questions can be answered in the negative. Which is why, we need a legal overhaul.

WE are not a country with maharajas owing money to failed business men or corporations anymore. WE are a bustling economy, and consumers within the economy being subject to endless marketting of loans and cards. And we need protection, through laws.

Comments

Nikhil Patokar said…
Really I will be Happy with the protection.....
Saro said…
I know.. lord knows we need it!

Popular posts from this blog

Where to get Rosemary, Sage, Basil, Thyme in Bangalore?













There was a time in Bangalore when finding exotic herbs involved a trip to some remote farm in Ooty and finding out their supply route to Bangalore.

Thankfully, much has changed.

Look what I found at Namdharis..namely the one on M.M road, off Mosque Road, Fraser Town.


I felt like a kid in a candy store! Recipes to what I've used them for, to follow!! 

I recall seeing a collection of the same, in 1 MG Road, opposite Taj Vivanta as well, in case that is closer to you.

PS. I also found thyme, but I forgot to photograph it. Got all the herbs + salad leaves for Rs. 105


Off Products Available in India: Not Tested on Animals- India

A while ago, I turned vegan. It took me three months, to turn myself out of it, but I can safely say, that that experience changed the person in me. It started off with this documentary  and hit me hard. Possibly, owning a dog made a difference, the fact that I know him and have realized that 'they' deserve better.

Anyhow, I've never looked at a piece of chicken the same way. I couldn't keep myself vegan, so I've done the best that I can do, given my shoddy will power. It's not much, but it is something, and honestly, it's not debatable. No camel, elephant rides. No zoos or circuses, wool, leather, feathers or shells. I'm leaving them alone, materially.

And the most recent change has been with cosmetics and toiletries. I was luckier when I started off a couple of months ago, that I am now. The stock of products that I've had, has run out, and where before I was looking for shampoo/conditioner/body wash, I find myself looking for kajal, mascarra a…

L'Oreal Creme Gloss- Dark Chocolate (323)

I thought I'd try my hand at a product review & the product in question is the new shade 323 (Dark Chocolate) from L'Oreal.

How I bought it: At Health & Glow

$$$: Rs 425

Comments: There were plenty of 'test for allergy' warnings all over the box. Was kind of hard to miss the warning, but I did not heed it as I had used the product (not the same shade) before. Application was easy, and the instructions are very simple and can be followed to the letter. The smell, the texture and all the tools provided were perfect, very honestly, I love using L'Oreal hair colour more because of the ease, as I can do it myself at home. After washing out the dye, the hair was also glossy and bouncy, which made me feel less guilty about colouring it.

What I was not happy with, was the end result: the colour. It was very close to the actual shade of my hair, which I'd always thought was black. The product seemed to make my hair blacker than before, as opposed to the chocolate …