Chit funds, Probity and The People

The word “Chit fund” is making rounds in India very recently, mainly in the States of Bengal and Orissa (Odisha). Many people in both the states have been very keen in investing their money in “Chit funds” who have made big names, and, come up with promises to give back hefty returns for their investments. But all these promises have fallen flat when after running these financial institutions, they have not kept their promises and have shut down the shop to their investors once and for all.

There are people who are literate enough to know that they are investing for their greed, to earn more at higher rate of interests. But many poor people, having fallen in this trap, have lost their hard earned money, and are just out of their minds, know not what to do in such a situation with many committing suicide.

The word “Probity” has worked wonders for those running the “Chit funds”. But, always a word is not enough to be the Guarantor. Before investing into something that is totally Private, better to check up, and understand the pros and cons.

It is really a sorry state of affairs that people have become so money-minded these days. There are so many Nationalised and Government banks in this country where the Reserve Bank of India is there at the head and monitor. This builds confidence in people. Rate of interests are fixed and one can remain assured that their money is not running into some fraudulent hands. Knowing all this people make a fool of themselves, either their greed overcomes their mental balance or a thought to get rich overnight leads them to invest in “Chit funds” that promise high returns which to a cool mind can say, “This will bring trouble later on”.

Who is to blame when the “Chit funds” Dupe the people:

·         It can be the People
·         It can be their Ignorance
·         It can be their Temptation
·         It can be the Alluring Schemes
·         It can be their thought of Savings

The people who have lost their money have been trapped by the “Chit fund” promoters in their “Ponzi Schemes”. The warning bell has already rung and if after all this people don’t become aware they will run into trouble again.

Read more here: Chit Fund, Ponzi Scheme

Beating Retreat at Vijay Chowk

This is the first time I got the opportunity to witness the Beating Retreat ceremony at Vijay Chowk in Delhi.

This ceremony is held every year on the 29th of January and it marks the official end of the Republic Day celebrations. It had been a cold day and so carried extra woollies to protect from the chill that comes down as the sun slowly dips into the western horizon.

The different groups of bandsmen in uniforms were ready by the time the President, Pratibha Patil reached. She was seen waving to the people from her car. Soon the Tricolour was unfurled with the first sound of the drums and Vijay Chowk resonating with the notes of our National Anthem as people stood up in respect.

The President took her seat with the three Service Chiefs seated behind her.

There were camels decked in colourful attires with men seated on their backs and stood on top on both sides of the North and South Blocks. They looked so disciplined as they stood still without making any movements at all. Soon horses came along with the motorcade of the President and took their positions.

As the national flag fluttered with the soft cool breeze, the band started playing. Everything is so organised and time bound and disciplined that the function started right on time. The ceremony opened with a parade by select contingent of Armed forces band. The next one hour was filled with music and sound created by the drummers, trumpeters, buglers, bagpipers, the brass bands, the bagpipers, which impressed all those present for the ceremony. Two new tunes were played this year for this occasion.

As the buglers sounded the “Retreat”, the flag was lowered and people stood up to catch a glimpse. And then the bands started marching up the Raisana Hills with the sound of the favourite tune, “Saare jahan se accha”. The camels and horses were seen moving away and disappearing from sight.

When we thought the ceremony had come to an end, there was something very spectacular that caught the eyes. Dusk had descended and light was fading and at that moment, all on a sudden, the Rashtrapati Bhavan, the Parliament, the North and South Blocks suddenly lit up. They were decked up with thousands of electric bulbs. This was indeed a moment that I can never forget...hypnotising moment. The lights kept people looking at the buildings as though they have been mesmerized by some charm or spell.

No one was allowed to carry cameras or mobile phones with them as they entered the restricted area. There was heavy security and commandos were perched on tower tops close by There was four checking points before getting seated. From the place where we had our seats, the view was very good. The saddest part was I could not take pictures of this ceremony. How long it will last in my memory....but surely I’ll tell my grandchildren about it...