Category: General

Budget 2013 highlights – Not much for investors this time

Posted on by Jagoinvestor

Budget 2013 was much awaited, however it did not excite investors as there was nothing much for them. It was a flopshow for investors considering they had high expectations from finance minister. Here is a quick summary for things which you should know

Budget 2013 highlights

1. No Change in Tax Slabs

There was no change in tax slabs . Finance Minister said that the changes happened just last year and it was not possible for any increase this year. I could clearly see the discomfort in his voice when he said that. So no tax till Rs 2 lacs , 10% tax between 2-5 lacs, 20% between 5-10 lacs and 30% tax for above 10 lacs.

2. Rs 2,000 credit back for lower income group 1.8 crore taxpayers to benefit.

While there is no change in slabs, A Rs 2,000 credit back will be given to income tax payers in lower income group of Rs 2-5 lacs. I assume that you will pay Rs 2,000 less than your actual tax due to this. You can call it as a discount of Rs 2,000 in tax payment this time 🙂 .

3. Inflation Linked Bonds to be introduced

They are going to introduce something called as Inflation Linked Bonds, which will help you save your money in instruments which will match the returns with inflation . A lot of investors look at something on this kind, What do you feel ?

4. Claim upto Rs 2.5 lacs as tax exemption if home loan less than Rs 25 lacs in 2013-14

If you are planning to take a home loan of less than Rs 25 lacs, you can claim an extra deduction of Rs 1 lac in interest, over and above the 1.5 lacs, but only for year 2013-14 , not in all years. And this is applicable on fresh home loans, not on existing loans.

5. Service tax to be levied on AC restaurants of all kinds

Earlier, service tax was applicable for those AC restaurants which served liquor, but now service tax is applicable on all kind of AC restaurants, So your next eating out is going to be more costly!

6. 1% TDS on Real Estate Sale of Rs 50 lacs

For any Real estate transaction (other than Agricultural land) , the seller has to pay the TDS of 1% on the transaction amount if its more than 50 lacs. So if you sell a flat worth Rs 80 lacs, you will have to pay a TDS of 80,000.

7. RGESS first time investors income limit increased to 12 lacs

Earlier, RGESS scheme was only available to those investors whose taxable income is below 10 lacs, but now its increased to 12 lacs. Anyways, I feel RGESS is too complicated.

8. Reduction of STT on Derivatives , ETF’s and Mutual Funds

Trading in Equity, buying ETF’s and mutual funds would be a little cheaper. STT has been reduced in equity futures to 0.01%. MF redemptions from 0.25% to 0.001%. ETF purchases from 0.1% to 0.001% . So you can expect a minor reduction in your costs.

9.  Dividend Distribution Tax on Debt Mutual Funds Hiked to 25%

Earlier only money market debt funds and liquid funds had a DDT of 25% , and rest other kind of non-equity funds had a DDT of 12.5% only, but now its going to be 25% DDT for all kind of debt mutual funds. So, if you have invested in MIP with dividend option, their will be more DDT paid on dividends by AMC and your NAV will down more than earlier . More on Deepak Shenoy’s Blog

10.  Mobiles, High end SUV car’s are expensive

Due to increase in excise duty. you can expect mobile phones, set top boxes and high end SUV car to be more expensive.

What do you think about this budget ?

What do you think about this budget? Did you expect a lot of things from this budget? Apart from these there are lot of other updates as well, but I think these 10 points are enough to know for investors and one more thing . Direct Tax Code (DTC) seems to be taking shape and might be there next year 🙂

Sheconomy – The Wise Women Investor (TV Show by DSP BlackRock)

Posted on by Jagoinvestor

DSP Blackrock Mutual Funds have started a Women Financial Literacy called – Sheconomy , which is a TV initiative under their Winvestor program in association with CNBC TV 18. The aim of the initiative is to guide independent women to adopt wealth creation strategies by answering their queries on personal finance and helps them become informed investors.

Sheconomy - A women financial literacy Initiative

The show launched on 12th Jan 2013 with a panel discussion featuring a prominent matrimonial lawyer and a female psychologist who passionately believe that women must take care of their own finances. This is followed by seven episodes with various clusters of women such as homemakers, women entrepreneurs, working women, young mothers, senior citizens, fresh graduates and even a special episode with men and women talking to our Winvisors who answer queries and provide investment advice. The last episode would also be a panel discussion with some prominent women who passionately believe in the idea, share their views and experiences and talk about why they feel women need to be in charge of their own financial future.

The show airs every Saturday at 6 pm and is repeated at 4 pm on Sunday on CNBC TV 18. All the women investors should watch these shows if they want to learn more about personal finance and managing money. We feel women investors can greatly inspire other women investors. Three episodes are already aired, if you have missed them, you can watch them below .

Episode 1

Episode 2

Episode 3

Below are the names and schedule of all the 7 episodes of the Sheconomy initiative.

Episode Structure

Name of Show Show Timings Importance
Homemakers 19th Jan’13, Saturday at 6 p.m. A homemaker plays an equally important role in her husband’s financial success as well as her own. Though this cluster of women don’t typically take up jobs, investing the money their husbands allocate to them for personal expenditure could prove to be of great help in time of need.
Women Entrepreneurs 26th Jan’13, Saturday at 6 p.m Apart from all the investments which other women do, this cluster of women has another investment priority in their life ‘Their business’. It becomes imperative for them to invest in instruments that is not only safe but also provide the quickest returns so that money earned could be deployed into their business from time to time. Investments needs of women belonging to this cluster tend to be more dynamic than the rest
Working Women (Unmarried/ married) 2nd Feb’13, Saturday at 6 p.m. Women in this cluster have the highest disposable income and the least responsibilities hence providing ample scope and capital for planning investments. The married women of today has come of age from being the typical housewife, in fact getting married is the beginning of various responsibilities that a woman needs to share  with her better half at all times- Planning a baby, Bigger house, Better lifestyle, Retirement plan, monthly family budgeting, aging in laws and parents. There is an entire menu to choose from.
Young Mothers 9th Feb’13, Saturday at 6 p.m. Mothering calls for the best in women. With this emotion in mind a lot of young mothers have various aspirations for their kids; these aspirations come at price which one needs to be prepared for well in advance. A good investment made from the beginning can help young mothers to provide their children the best and fulfill all their dreams, even if you are a single parent.
Senior Citizens 16th Feb’13, Saturday at 6 p.m The life expectancy of women is higher than men So, the amount of retirement savings for women should also be higher. Statistics show that, on an average, women live 5 years longer than men, earn 25 percent less during their life time and work 11 years less in their careers and not many women are even aware enough of all of this. All these factors put together make this cluster of women extremely important to address when it comes to financial planning.
On ground forum with Men Date yet to be finalized A forum with the modern man on why he should encourage and empower the women in his life to take their own financial decisions. An educative forum for men that will teach them the upsides of their women being financial independent.
Fresh College graduates/ post graduates Date yet to be finalized Catch them young and make them grow a quote completely apt for youngsters who are about to plunge into their first corporate job. The need to understand basic money management skills such as living within a budget and handling credit and debt can lead to a solid financial foundation that in turn can lead to a lifetime of financial success.


What do you feel about these kind of initiatives ? We have also done a women centric 2 video series for our wealth members, incase you are already a member you can watch the series here .

Jagoinvestor Workshop in Mumbai – 10th Mar (Sunday)

Posted on by Jagoinvestor

We are conducting our next workshop in Mumbai on 10th Mar 2013 (Sunday). We call the workshop as “Design your financial life” . The whole idea of the workshop is to go beyond the numbers and products and talk about the real issues which can take your financial life to next level. In this workshop you will spend an entire day enhancing your thinking level and exploring the full potential of your financial life. There will be lot of interactions, some exercises and powerful conversations which will give your financial life a new shape. We have conducted same workshops in Pune, Bangalore and Lavasa till date and will be doing it in other cities soon. Below are some of the past participants testimonials

Register for the Workshop in Mumbai – 10th Mar

City Mumbai
Date 10th Mar, 2013
Where Hotel Tunga International, Andheri (East), Mumbai
Fees Rs 3,500
Registration Link Click Here
Go to Workshop Page Click Here

Note : Registration will stop before 1 week


View Larger Map

We are going to have only 1 event in each city each year. So if you wanted to attend these workshops, this is the best time to register for it. There are limited seats and huge demand from Mumbai readers for this workshop, so book your seats as soon as possible. We want to encourage financial literacy among women and for that reason, we have also discounted the pricing for couples. We really want husband and wife to attend the event together, which will make sure they are both clear about their financial life and how they need to design it in future. We have kept the tickets pricing in such a way that its affordable to most of the people. The event is at Hotel Tunga International, which is at Andheri East and being Sunday it would not be much issue travelling.

We really want these event to be your event and not just a jagoinvestor event. Its an opportunity to spend a full day dedicated to your financial life. We really encourage people to take those 10 hours for out of 1 full year and just focus on how you want to shape your financial life for future. There will be lot of sharing’s , conversations on money and some exercise’s which will really help you get a deep insights in the area of personal finance.It might be the case that you are interested in this workshop but not registering right now , in that case just let us know that you are interested and still thinking.

My Second Book – “How to be your own Financial Planner in 10 Steps”

Posted on by Jagoinvestor

I am happy to share this news with you all, that my 2nd book is going to release in next few weeks, whose title is “How to be Your Own Financial Planner in 10 Steps” . The book is published by CNBC 18. The book is now ready for pre-order, so you can order it now, it will be delivered to you as soon as it hits the stores which will happen in just few more days.

How to be your own Financial Planner in 10 - Financial Planning Book in India
Pre order Book

About the Book

By the time you complete this book, your financial life will have taken new shape!. You will have worked on 10 different areas of your financial life, in the same way a certified financial planner works with you. The book has the ability to guide you on how to plan the 10 most important areas of your financial life. There are two types of investors in India, those who plan their financial life and those who plan nothing and just let their financial live move with the flow. The second group is extremely large, and this book is targeted at this group.

Many investors who are DIY (Do It Yourself) investors can use this book to plan their financial life and be their own financial planners at some basic level. The book has the 3 elements of education, planning and action items all packed into one. Written for the common person, in simple language, the book deals with the most important financial worries and questions.

What are you waiting for ?

Anyone who feels that he can do his own financial planning and with a little support and direction he/she can plan his financial life, then one should buy this book. There are 10 chapters which cover 10 different areas of your financial life and helps you understand those areas, what you need to do about it, how you should mess it up and guides you to plan it out in simple and easy language. Each chapter has action oriented exercise at the end of each chapter, so while you go through each chapter, you will keep on making your action item list and finally complete things. I would say grab the book today, because this is the best it can be. If you need external support, you can always go for our online financial advisory services.

UPDATE – First Book Name is Changed

I have one more news to share. My first book “Jagoinvestor – Change your relationship with money” was a great success. However we are changing its name to “16 personal finance principles every investor should know” to make sure that the name of the book reflects what the book is all about. The book content is exactly same, just the name is changed now. So its now in new avatar.

16 personal finance principles every investor should know Financial Planning Book in India - Personal Finance Book in India
Pre order Book

Thanks for your love and support, because of this awesome community, it was possible to give shape to these 2 books. While the first book is more on the principles of personal finance which every investor should know, the second book is all about planning and taking action. I would be waiting for your reviews about the book.

10 Things to Complete before you become NRI

Posted on by Jagoinvestor

Are you leaving India in next few months or planning to move abroad sometime in future? Then you should be clear with a few points you should complete before you become an NRI. A lot of NRI readers come up with various issues they face, because they never thought about completing few tasks which could have saved them from lots of worries and paperwork. Lets look at 10 things which a person should complete before he/she becomes a NRI (Non resident Indian)

10 things to complete before your become an NRI

10 things to complete before you become NRI and Leave India

1. Take a Term Insurance

One of the big issues NRI’s face is taking a term plan through a Indian insurance company. It’s always a good idea to take a term plan and then leave the country, otherwise later it gets really tough to get a term plan, for which you will have to visit India and also it also gets quite difficult to opt for online term plan.

So before you become a NRI (Non Resident Indian) , complete this step. The premiums you will pay will be lower.

2. Take Health Insurance

Just like term plans, it’s tough to get health insurance once you become a NRI. After becoming a NRI, you will have to visit India for  health checkups and there is more documentation and hassles in the process. Health Insurance is something, you should take anyways , so why wait? Just take it anyway.

3. Open PPF Account

NRIs cant open a fresh PPF account, so before you become a NRI and leave India, open a PPF account. You can open PPF account in ICICI bank, SBI bank or at the Post office. NRI’s can always invest money in their existing PPF account which was already opened by them before leaving India.

4. Convert your Saving bank account into NRO account

A lot of people leave India only to realize later, that they need to open a NRO account in India, and then get into the whole process. Rather than doing it later, why not convert your existing saving bank account into NRO account just before leaving India?  NRIs can deposit all the Indian income into their NRO account and also make payments like EMI payments, and other kind of investments from their NRO account. All it takes is 2 photographs, and a copy of your passport and visa.

5. Connect your Loan Account with your banking account for online payment

A lot of people who become NRI (Non Resident Indian), have a home loan running, for which they have to still pay EMI’s . At times, they want to prepay home loan as fast as possible, because they earn more money outside India. But then the issue is – how to make prepayment when they are outside India? The best option here, is to connect your home loan account with your bank account, so that you can make prepayment to your home loan using NEFT transfer.  Its a good idea to do this before your leave India and try some prepayment just to make sure it works. It might happen that you might need to visit the bank for this, so better complete this before you leave India.

6. Prepare a Power of Attorney 

There can be many things which require your presence in India after you have become an NRI, like if you want to make any real estate transaction or want to operate your bank account etc. It’s always a good idea to have a bit of foresight  and see if you might want to prepare a power of attorney. Power of attorney is a legal way of giving power to someone to act on your behalf. Just choose some trusted family person or a friend. You can also make a power of attorney which expires at some stipulated time.

7. Make your mutual funds accounts online

A lot of people still want to transact in mutual funds after they become NRI, but they have no easy way out at that time. It’s always a great idea to make sure that you open a online account for mutual fund investing while you are in India. For this, you can open a online account with Jagoinvestor team and have all your transaction online

8. Open a NRE account 

If you want to invest your earnings into India and want to get it back in the foreign country (repatriation) , then you would need a NRE account. You can not deposit the local money like interest from FD, rental income etc into the NRE account. So if you have this kind of requirement, then better open a NRE account. The Fixed Deposits rates on NRE accounts are quite attractive in Indian Banks.

9. Sell your shares and open a new NRI demat account

Once you become an NRI, you will not be able to sell off your existing demat account shares which you bought before becoming a NRI. You can open & operate a NRI demat account. So before you become an NRI, a good idea is to sell off the existing shares and take back the money or the another option is to open a NRI demat account and transfer your existing stocks to this new account.

10. Update your KYC 

There are different processes for residents and NRIs for various kind of financial products. Like, if you become an NRI and want to do something with banks, mutual funds, life insurance policies (traditional or ULIPs), you will first have to update your KYC and only then can you do something. So its always a good idea to update your KYC, before you become an NRI. This will save you with lots of hassles.

Conclusion

If you follow these 10 things before you become an NRI, you will have a really peaceful time abroad and will not have to get involved into the mess of completing the things, most NRIs miss. While you might be excited to go abroad, better not miss out on these points.

Are you planning to leave India and become NRI Soon ?

Women and Money- Lets JOIN HANDS to empower and encourage women investors

Posted on by Jagoinvestor

Do you know that only 1% of world wealth is owned by women , while women constitute 40% of the global workforce ? – World Bank . This is a little disturbing fact, and question now is, when women are working so much, giving a lot, have equal capability, then why they have so much less owned on their name ? When it comes to the area of money, Men are so much involved in personal finance, but women are not and that creates a big imbalance. Here is a small example to show how women suffers in her financial life because of this imbalance in understanding and knowledge of money

women and money personal finance in india

We at jagoinvestor want to start our 2013 with a vision of increasing financial literacy among women in India and we are looking at how we can reach 1 million women and teach them importance of financial literacy in their life. Now how is this related to you ? When we say “women” here, it also includes your wife, sister, mother, daughters and if you want to increase your financial life quality, you need to make sure that they learn about money. 2 years back, when I wrote about women and their personal finance knowledge, it was shocking to learn that 84% of educated, urban women dont have any knowledge or very minimal understanding of personal finance concepts.

Lets see why Women are not interested in personal finance matters

  • From decades and generations, it has been dominated by men and only men, women are not even consulted or informed ever
  • Women feel that their income is secondary to men, hence whats the use of managing it
  • Women are so involved with children, cooking and other household work , that they don’t get time
  • Women feel personal finance is complex and do not like numbers

But what happens when Men is not around ?

The best way to make you imagine what happens to women life if she does not have any idea about managing money is to ask you to imagine about your own case, Just imagine in your absence  what is going to be the scene ? You have never encouraged women at your home to learn about money , neither they took any interest, but someday they might have to take charge and that day it will be very frustrating experience for them. We are trying to do some work in the area of financial literacy for Women and once we create something useful for women investors, we would like to share it with you all, so that women at your home can use it and take the first step towards financial literacy, but we need some help from you on this.

We have created a small survey which needs inputs by women, we want to know what they feel about this subject, how much ready are they and what is stopping them to learn about money. If you are a women reader of this blog, please fill up the survey. However if you are a male reader, we need your support, please ask your wife, mother, sister and daughter to take up the survey and spend 5 min on this, tell them they have to do it for you and their future. Just carry your laptop to them and insist them to spend 5 minutes and complete the survey. And if they complete take them out for dinner on our behalf (Bill paid by you of course) … Following is the survey questions

Direct link to the survey

And Happy New year to all the readers !

Why you should fill the Insurance Policy form yourself ?

Posted on by Jagoinvestor

If I ask you to fill an application form that has 10 Objective questions and 10 subjective questions, would you consider filling it up yourself? NOPE!

Similarly, while taking a life insurance or health insurance policy (term plan, ULIP, Endowment, Health Insurance), we are lazy to fill up the form ourselves. Why? Obviously because it’s too much of work . So, agents take up the task of filling up the form and now the power is in their hands. Some agents, whose whole focus is on their commissions, make sure that no information is disclosed which can lead to policy application rejection or increase in premium etc. just to make sure the policy is issued quickly (hassle free). They will chose ‘NO’ in for all the questions like “are you a smoker?” -NO, “Do you have any illness?” NO, “Did your parent die because of any serious illness” NO, etc etc
 and you don’t even bother to check it out. You just put your signature as you are already in hurry to submit the documents for tax claim in your office.

Insurance Policy Form

Claim Rejection due to wrong Information in Form

This is a serious issue and your claim will be rejected because the information provided in the proposal form is wrong, because you never followed the procedure to buy insurance properly. So make sure that you fill up the form yourself or in worst case let your agent fill it up, but check each and every point before submitting it to the insurance company or let your agent fill it one by one and tell him what to fill at each place i.e. dictate your answers.

Let me share with you some cases where agents filled up the form and what were the experiences of different people

Case 1 : I have sbi life saral shield term insurance plan of 15L for 30 yrs term for which i m paying 4953/- premium. After reading this article, i have gone through my policy document in which they have given scanned copy of filled up form. actually agent has filled up the form. i m a smoker but in the form it shows non-smoker.  – Alpesh

Case 2 : Recently, I tried to purchase a term plan through an LIC Direct Marketer. He wouldn’t let me fill the form and insisted that I just sign at various points on the form. When it came to filling up the information about family, his comment was: “Let’s just say old age as the reason for your parents’ demise. LIC won’t bother to check if the age is 60 and beyond.” That comment broke the deal. I didn’t buy the policy. – Vinaya

Case 3 : Funny thing. I just signed up for a term policy today with Kotak. The agent filled in the form on his own. And then was hesitant to correct it when i pointed out that my parents have high BP. Also, I’m in between jobs right now. But the agent insisted on writing my previous employers name & address under “current employer” – saying that he cant write it as ‘in between jobs’ or ‘unemployed’. – Richa

You can see that in all these cases, the agent tried to fill up information without even discussing it with client. May be they are used to it and are very sure that even clients don’t pay any attention to it, but at some point of time it’s going to hurt you very badly.

How many of you have/did not fill your proposal form or never checked your proposal form and what information was given in that? Note that it’s your proposal form, so whatever is mentioned there is given by you and only you, irrespective of who filled it.

Kindly share your cases and experiences

One Idiot – A fun & nice movie by IDFC on Financial Literacy

Posted on by Jagoinvestor

IDFC foundation has released a small 30 minutes movie called “One Idiot” to spread financial literacy for today’s generation which feels that life is all about spending and looking “cool”. The movie is directed by Amol Gupte, who had also directed the movie “Taare Zameen Par”. The movie ‘One Idiot’, shows how a bunch of students who are in their early 20’s make fun of a guy who looks dumb and does not believe in showing off, only to find out later one day that he is actually a multi millionaire, living and enjoying his life. The overall message of the movie is that you have to be prudent and responsible when it comes to money and start your systematic investments however small they are and over a long term, you will be on path of financial freedom.

Direct link to Movie

I watched the movie few months back when someone from IDFC had asked for my comments on the movie. Overall I think you should watch this movie and also share it with your children who are in school and going to enter their working life. Watch the movie and share what you liked about the movie ? Do you think its able to give that message of “saving and investing that money is important from starting” .

End your 2012 with a BANG , Join Action Month

Posted on by Jagoinvestor

How do you want your 2012 to end? We always have to much of pending tasks in financial life. We know that the time required to complete most of the tasks is pretty small one and if we just dedicated 1 full day, most of those tasks will be completed within no time, but we keep delaying it.

Action month is back !

yearl We are conducting an Action month called “How do you want to end your 2012” for our wealth club members. We wanted to do this action month for our wealth club and then realized that why not include everyone, as its such a big event after a long time, hence we thought of sharing it with everyone. Last time we had a hugely successful action month and hundreds of readers completed so many tasks in their financial life within few days time. Go to the main Action Month page on Jagoinvestor Wealth Club. Listen to the Action Month Audio to understand what it is all about This time its your turn to complete those pending things and also do a yearly review. The theme of this action month is “How do you want to end your 2012” . We want to make sure that when 2012 ends, you complete most important pending tasks which you have been delaying from long and also have a clear view about where you stand in your financial life.

How to be part of this Action Month ?

Step 1 – Register for Action Month Action Month is CLOSED now Step 2 – Review your 2012 and complete pending things The next step is to review your 2012 and see if you are on track or not and then list down the pending items you want to complete before 2012 ends. When you register, you get a support excel sheet also. Wealth Club members already have access to yearly review checklist sheet. Step 3 – Action Month ends and share your success story Once you complete your action month, you can then share your actions and what all you did, It would be a great thing to let others know of your success and how you ended your 2012 and have planned your 2013. Go to the main Action Month page on Jagoinvestor Wealth Club.

For all the Participants

The registrations are open for only next 4 days and this action month will run for only till 31st Dec 2012. Note that all the updates about what you are doing in action month has to be done on the main Action month page on Jagoinvestor Wealth Club. Also the best sharing at the end of the Action Month will get a surprise gift from us.

Real Estate Cheating by IndiaBulls Greens, Chennai

Posted on by Jagoinvestor

Are you a real estate expert ! ? If yes, please help a fellow reader Yakgna Kumar, who has been suffering due to his mistake by investing in a real estate project in Chennai . He wants a right direction and hence he is asking everybody help to guide him. Below is his story from our questions and answers forum

Yakgna story of Builder Cheating him !

We booked IB Greens apartment in chennai Oct 2010, Initial booking was made with promises that are not being fulfilled by IB now. They dragged the agreement signing for 2 years quoting various reasons and until now they are not clear on number of floors, UDS. Now that, they have come up with new agreement – completely one sided and no clear indication of number of floor, UDS, SBA Increase, change in carpet area/floor plan, shared club house for different phases as against separate club house and many other issues. This is clearly a Cheating case !

We have now applied for cancellation of the booking and asking IB to refund the complete amount paid for booking the apartment, IB is not responding on the details of refund but when we call customer care, they are quoting that we need to pay penalty of 5% of total sale price ! – this is mentioned in the Booking Agreement, the booking agreement also says, that agreement should be made within 1 year of the booking, if the booking is not made within 1 year of the booking IB will have to pay 9% interest 
 in addition to this, they have added few clauses that cancellation should not be intitiated by buyers. Now IB is asking us to sign a cancellation process which makes us to agree for penalty as per booking agreement.

With our little knowledege on real estate, we understand

1. The booking agreement is not an agreement and and just provisional booking form.

2. its been more than 2 years old and when exceeds 6 months it will become null and void.

3. As per the CCI(competation commission of India) any terms and conditions which is one sided is not acceptable and considered as Void.

4. Our refund request is not our own and because of IB failure to deliver the project intime. Till date they are not clear it will be 7 floor or 19 floor. During booking they informed 7 floors and if 19 floor your UDS is almost nil which is deviation from the booking terms.

Questions

1) what should be our step to get the refund, have you seen customers approaching with this kind of problems and how they have handled it?. we have lost 2 years since then the real estate prices have gone up, IB can cancel our booking and sell with latest price and making profit. we have already went through too much stress because of IB attitude towards us and IB billing department asking to pay the first installment without even signing the agreement and also penalty of 18% for delay in payments . we had multiple meeting with IB staff without any change in IB stand on the agreement and so we are planning to cancel. I am attaching the booking agreement snip related to the cancellation/refund from booking agreement. We are a team of buyers, we got introduced yourself after forming a google group when we had to face the problems from IB. We are stuck now, we need correct plan of action and without any further delay and stress for us. Based on your expertise, i would request you to let us know the next steps for us.

2) Will we be able to get our monies back based on the booking agreement? .. is the booking agreement considered at all after 2 years ?

3) We also think, the IB Higher Management may not be aware of the staff and local management’s attitude to customers, if there a way to escalate our issues?

Appreciate your time on reading this long mail. thanks for your support.

Please share your thoughts and Help

What do you think about this case ? Can you share what do you think about this cheating case and how this guy should move ahead, what should be his next actions ?