Regulating the practices of collection agencies in India

I came across a nice article at www.marketwatch.com.

The debt collectors in the USA have to follow these guidelines. I wish the same could be ENFORCED by RBI.

• Repeatedly contacting you about a debt within a relatively short period of time (during one morning or afternoon) in an effort to wear you down.
• Calling you earlier than 8 a.m. or later than 9 p.m., unless you tell the collector that it's OK to call you then. The FDCPA also prohibits debt collectors from calling you at a time that you tell them is inconvenient, or anytime on Sunday. Similarly, it is unlawful for them to continue to call you if you tell them not to call you anymore. However, that does not mean that debt collectors won't continue trying to collect the money that you owe. For example, if you owe a lot of money, they may sue you.
• Calling you at work if you tell them that your employer doesn't want you contacted there, or calling your employer about the money you owe, except in the case of trying to collect past due child support from you.
• Telling your friends, relatives or neighbors that you owe a debt in order to embarrass you into paying it. But debt collectors are allowed to contact them to find out how to get in touch with you -- where you live and your phone number -- although they cannot say why they want the information.
• Sending you information about a past due debt using a postcard or an envelope that clearly indicates that it was sent by a debt collector, or using an envelope that appears to have been sent by a court or by a government agency.
• Using profanity or abusive language when they talk to you or promising to ruin your reputation if you don't pay what you owe.
• Threatening to throw you in jail. You can't be sent to jail for not paying your debts, with the exception of past due court-ordered child support, depending on the state that issued the court order.
• Requiring you to accept their collect calls.

Investment Tit Bits

An article that I read in MarketWatch.com. A little inscrutable but I am sure with time and wisdom, the meaning would become clear.

1. Concentrate on quality when picking stocks. Buy the shares of solid companies with long histories of rising profits.
2. Don't be greedy. Aim to make your profit and run. Like they declare on Wall Street: Bulls make money and bears make money but hogs never make money.
3. And as that legendary investor, Bernard Baruch said, "Nobody ever went broke selling too soon."

Give the graduates still more guidance -- that's what they want to hear from you. Some solid advice:

• Have a bias for action.
• Favor investing over saving. That is, put more money into stocks than in savings accounts.
• Practice dollar-cost averaging, investing a fixed amount from every paycheck. When markets go up, you can congratulate yourself for having made some wise choices. When markets go down, you can pick up some bargains. Last month your favorite stock cost you, say, $50 a share; this month, you can get it for only $40.
• Take advantage of every tax-deferring investment program that you can: IRA, 401(k), 403(b), SEP, Keogh. When Uncle Sam wants to give you a tax break, seize it.

Wish #3 - Gun Control in the USA

I read about the horrific events unfolding in the US. A 23 year old South Korean student, apparently upset over a relationship issue with his girlfriend, let loose gunfire on Virginia Tech students and killed 32 people. This event shocks me and makes me angry at the callous attitude of the US Govt. authorities over gun control.

Before I start my arguments, here is a brief recap of what " Lack of Gun Control " can do .. An article copied from the BBC news website.

================================

April 2007: At least 32 people are killed in two shooting incidents in the campus of Virginia Tech university in Virginia.

October 2006: A 32-year-old gunman shoots dead at least five girls at an Amish school in Pennsylvania, before killing himself

September 2006: Gunman in Colorado shoots and fatally wounds a teenage schoolgirl, then kills himself; two days later a teenager kills the headteacher of a school in Cazenovia, Wisconsin

November 2005: Student in Tennessee shoots dead an assistant principal and wounds two other administrators

March 2005: Minnesota schoolboy kills nine, then shoots himself

May 2004: Four people injured in shooting at a school in Maryland

April 2003: Teenager shoots dead head-teacher at a Pennsylvania school, then kills himself

March 2001: Pupil opens fire at a school in California, killing two students

February 2000: Six-year-old girl shot dead by classmate in Michigan

November 1999: Thirteen-year-old girl shot dead by a classmate in New Mexico

May 1999: Student injures six pupils in shoot-out in Georgia

April 1999: Two teenagers shoot dead 12 students and a teacher before killing themselves at Columbine School in Colorado

June 1998: Two adults hurt in shooting by teenage student at high school in Virginia

May 1998: Fifteen-year-old boy shoots himself in the head after taking a girl hostage

May 1998: Fifteen-year-old shoots dead two students in school cafeteria in Oregon

April 1998: Fourteen-year-old shoots dead a teacher and wounds two students in Pennsylvania

March 1998: Two boys, 11 and 13, kill four girls and a teacher in Arkansas

December 1997: Fourteen-year-old boy kills three students in Kentucky

October 1997: Sixteen-year-old boy stabs mother, then shoots dead two students at school in Mississippi, injuring several others

==========================================

Even after reading and even experiencing all this, US Govt. is crazy about the freedom to own a gun. Owning a firearm is a constitutionally protected right in the USA (2nd Amendment of the Constitution ) and the reason for such an amendment is easy to find. The time when it was enacted. But that time has long passed and the Govt needs to do something about it.

I dont understand, how can the Pro Gun lobby (National Rifle Association ) be so strong.
Is it the money ?
What is the revenue that they contribute to the US Govt ? How much do the manufacturers of firearms pay to the government of US in the form of taxes ? I dont have the figures with me but a simple common sense argument that " the amount spent in the treatment of gunshot wounds in the US" is far more than the taxes paid to the Govt.

Is it the freedom to defend oneself ?

Ha. I cant think of a funnier argument than this. The US govt. has taken so many freedoms in the past . Think about the Military Commissions Act, The USA Patriot Act, Designation of Prisoners of War as "Enemy Combatants" and holding them indefinitely without trial. Why does the government have to ensure that this unneeded and obviously dangerous freedom lies with its citizenry.

Think Bush think. Your citizens are suffering. People are dying. Do something about it.
You have the guts (although you lack the brains ) . You can invade a nation on flimsy grounds, cant you do something about such a small problem ?

Wish #2 : Mandatory Online Payment of all Utility Bills in Urban Areas

Yesterday I went to a PSU bank. I had gone there to make payment for my electricity bill. I saw a huge queue of people trying to pay their electricity bill in time. This led to a thought -- What if all bills were to be made payable online ? The execution of this idea is simple. Develop a website for every single biller ( it could be a utility company or a telephone company ) and ask them to accept the payment from online sources.

The utility companies could tie up with 1000's of retailers who have a computer with an internet connection and give them a fixed payment for each bill serviced. Sify Web Surfing Centers, Airtel Bill Payment junctions, Easy Bill junctions -- All these enterprises could be tied up with and a nation wide rollout started soon.

This would save so much time and energy of our citizens.


I hope somebody reads this and does something about it.

Wish #1 - GPS Mapping of India

I used GPS devices in the USA and I realised that GPS devices can be incredibly powerful tools for direction seekers, hikers, transporters etc. Widespread use of GPS is not possible in India because the complete GPS mapping of our nation has not been done.

What prevents the Indian Government from performing a complete mapping of India. Imagine the help that our fellow countrymen could get with GPS enabled devices. Logistics management will become smoother, law enforcement would become more effective, direction seekers will not get lost etc etc...

I request the readers to come up with further uses of GPS in our country.

Thanks for reading my wishilist,
Gaurav

Welcome !

Greetings,

The idea of putting up my "wishlist as a blog" germinated around 1 year ago. It is only today, i.e. 4th April 2007, that I decided to do something about it. I am going to put in front of you, my wishlist for my country, India, and some wishes for the world in general.

My posts at times could be highly technical, but I will try my best to make them as understandable as possible.


Hoping that many people will read this,
Gaurav