Eleven Great Ways to Reduce Stress
by Dr S. Tamer
Stress is a big challenge in life nowadays.
The sources of stress are many and the helpful ways to reduce stress are also plentiful.
Common symptoms of stress include skin problems, stomach ulcers, high blood pressure, fatigue, insomnia and frustration.
We don't need to set a time to reduce stress, we need to incorporate some strategies in our daily life routine to prevent stress and reduce its effect on the body.
Here are 11 simple steps we can easily take to reduce stress:
1. Define your goals: we must define our life goals and begin to achieve these goals; this action will support us against stress because we will feel that we know what our life purpose is and why, and that we control our own lives.
2. Take control of your diet: we can use simple ways in our diet plans to reduce stress by avoiding some stimulants such as coffee, alcohol, tea and sugar and we can use chamomile tea as an alternative because of its calming and relaxing effect.
We need to eat slowly in a calm environment to allow our digestive system to work well.
We can use honey as an alternative to sugar but in small amounts (one or two spoonfuls per day).
3. Take hot baths regularly: after a very busy day or when we feel that we need to relax (I do this three times a week).
You can take a hot bath by sitting in warm to hot water and the water level should be above the waist, using lavender oil can also enhance this relaxing experience.
4. Aromatherapy: in the office you can use aromatherapy to relax and avoid stress.
One of the best ways is to use lavender oil on a source of heat and take in the scent; this is a great way to relax during the day when you need it the most.
5. Exercise: This is one of the important things you can do which will reduce stress and bring happiness.
When we exercise, our brains release substances which bring feelings of happiness and relaxation; we need engage in some exercise regularly such as walking, dancing or swimming.
6. Breathing techniques: Yoga, meditation and Tai Chi all use deep breathing techniques.
To meditate, simply sit with closed eyes and concentrate on your breathing.
Breathing deeply regularly is great for health and from there, you can learn various other breathing techniques to gain enhanced benefits.
7. Relaxation techniques and self hypnotherapy: we can easily do this after the hot bath to relax even more, simply sit or lie down in a comfortable place with your eyes closed, imagine there is a spot light above your head and concentrate on it, then concentrate on your body part by part and try to relax the body and feel the relaxation deepening -- you can also use a self hypnotherapy audio tape to help in this process.
8. Massage: this is a great way to reduce stress, I do this when other ways fail, I feel better after receiving a massage.
You can get a professional massage or you can simply ask your partner to massage you.
9. Spiritual healing: prayers and the act of helping others are very important components for happiness and stress reduction.
You will feel calmer and have a sense of inner peace.
10. Talking through your problems: talking about your feelings acts as a releasing mechanism and you will soon find that talking about your problems with your partner or best friend may help the solution to the problem come to light and will help to release blocked emotions.
11. Multivitamins: I take a Vitamin B complex regularly to decrease stress and this has been a great help in my stress reduction.
I hope that you find these suggestions helpful, my hope in sharing this information with you is that you can benefit from it.
Reading about this is not enough to reduce stress, you must take action.
About the author
M.B.B.C.H, Physician, D.H.P. , D.C.M.T, S.N.H.S Dip. (Nutrition),
S.N.H.S Dip. (Herbalism), I.R.F member, Reiki master,
Member of the Royle Institute of Hypnotherapy and Psychotherapy,
Member of the Complete Mind therapists Association,
Member of the International Reiki Federation
Wednesday, August 19, 2009
Sunday, August 16, 2009
Don't worry about swine flu vaccines, says WHO
Don't worry about swine flu vaccines, says WHO
New Delhi: There’s no need to worry on the safety or efficacy of the anti-swine flu vaccines being currently developed in different countries, said the World Health Organization.
Taking notice of the fears being expressed in different quarters on the safety or risks in using the vaccines, the WHO said the regulatory procedures in place for the licencing of pandemic vaccines, including procedures for expediting regulatory approval, are rigorous and do not compromise safety or quality.
Drug companies in several countries are in an advanced stage of developing a H1N1 influenza vaccine to check the swine flu pandemic which has swept across over 160 countries, affecting over 1.5 million (confirmed cases; actual number may be far higher) and killing nearly 1,000 persons. In India, too, over two dozen people have lost their lives due to swine flu in recent weeks, in different cities.
Some Indian drug companies are also engaged in developing a swine flu vaccine based on the seed strain of H1N1 influenza virus provided by the WHO. However, it may take a few months to develop and test the vaccines and get approval for their general use.
In a statement issued from Geneva, the WHO has said: "Influenza vaccines have been used for over 60 years and have an established record of safety in all age groups."
At the same time, it has also cautioned that some adverse events may arise during a pandemic when the vaccine is administered on a massive scale.
"Some adverse events, which may be too rare to show up even in large clinic trials, may become apparent when very large numbers of people receive a pandemic vaccine," the WHO has said, while maintaining that such cases will be rare.
It has observed that nearly 50 million people had died in the 1918 world-wide influenza pandemic, largely because vaccines had not been developed by then.
Source: Business Standard
H1N1 Swine Flu in India - Special Report on MSN India
More on news
New Delhi: There’s no need to worry on the safety or efficacy of the anti-swine flu vaccines being currently developed in different countries, said the World Health Organization.
Taking notice of the fears being expressed in different quarters on the safety or risks in using the vaccines, the WHO said the regulatory procedures in place for the licencing of pandemic vaccines, including procedures for expediting regulatory approval, are rigorous and do not compromise safety or quality.
Drug companies in several countries are in an advanced stage of developing a H1N1 influenza vaccine to check the swine flu pandemic which has swept across over 160 countries, affecting over 1.5 million (confirmed cases; actual number may be far higher) and killing nearly 1,000 persons. In India, too, over two dozen people have lost their lives due to swine flu in recent weeks, in different cities.
Some Indian drug companies are also engaged in developing a swine flu vaccine based on the seed strain of H1N1 influenza virus provided by the WHO. However, it may take a few months to develop and test the vaccines and get approval for their general use.
In a statement issued from Geneva, the WHO has said: "Influenza vaccines have been used for over 60 years and have an established record of safety in all age groups."
At the same time, it has also cautioned that some adverse events may arise during a pandemic when the vaccine is administered on a massive scale.
"Some adverse events, which may be too rare to show up even in large clinic trials, may become apparent when very large numbers of people receive a pandemic vaccine," the WHO has said, while maintaining that such cases will be rare.
It has observed that nearly 50 million people had died in the 1918 world-wide influenza pandemic, largely because vaccines had not been developed by then.
Source: Business Standard
H1N1 Swine Flu in India - Special Report on MSN India
More on news
Thursday, August 13, 2009
Beware of Taking Bank Loan
Home loan rates - Beware of arithmetical jugglery
August 14th, 2009
Different banks quote their interest rates differently. Some might quote rates with an annual rest, while others may quote rates with a monthly rest. In every case the bank will usually quote the ‘annualised rate’, which is obtained by multiplying the rate per rest period into the number of rests per year. For example: In the case of a monthly rest with 1 per cent interest being charged per month, the annualised rate = 1 per cent* number of months in a year = 12 per cent.
Of late, home loan interest rate has been a concern for many due to its volatile behaviour. Banks and institutions often resort to arithmetical jugglery so as to mask the real rates and show attractive rates. So, it is good to approach a bank armed with the knowledge about different calculations of interest rates.
Interest rates can be calculated at a flat rate keeping the outstanding amount (i.e, the amount on which interest is calculated) constant throughout the loan tenure or at a reducing balance rate, which lowers the outstanding amount as the loan is paid back.
What’s flat rate?
For instance: If you took a loan of Rs 10,000 with a flat rate of interest of 10 per cent over five years, then you would pay Rs 2,000 + Rs 1,000 (ie, 10 per cent of the loan) = Rs 3,000 every year. Over the tenure of the loan, you would end up paying Rs 15,000.
What’s reducing balance rate?
If instead of a 10 per cent flat rate (in the above example), you were charged a 10 per cent annual reducing balance rate, you would pay Rs 1,000 as interest in the first year, Rs 800 as interest in the second year, Rs 600 as interest in the third year, Rs 400 as interest in the fourth year and by the last year you would only pay Rs 200 as interest. That is, over the tenure of the loan you would end up paying Rs 13,000 ie, Rs 2,000 less than you would have paid with the 10 per cent flat rate.
Tip: An X per cent flat rate is always more expensive than an X per cent annual reducing balance rate. So insist that the bank quotes you a reducing balance rate for all kinds of loans.
What’s ‘rest’?
The term ‘rest’ comes into the picture only for reducing balance loans. In a reducing balance loan with each EMI paid, the outstanding loan amount is recalculated. A ‘rest’ is the period in which the bank recalculates the loan amount outstanding based upon the amount of loan paid back through Equated monthly installments, i.e. EMIs. Note that this is also the periodicity of compounding.
Rests can be annual, monthly, weekly and even daily!
Let us understand how the difference in the rest period affects the loan taker.
Annual rest: The bank recalculates the outstanding loan amount at the end of 12 months. That is, even though the borrower pays his EMI every month and the loan balance reduces every month, the outstanding loan amount is not adjusted till the end of the year.
Monthly rest: The bank recalculates the outstanding loan amount at the end of each month. That is, the outstanding loan amount on which the interest is charged goes down every month.
Tip: An X per cent annual reducing balance rate is always more expensive than an X per cent monthly reducing balance rate. So bargain for your loan to be calculated on monthly rest basis.
Let’s look at a simple illustration of annual rest versus monthly rest. Assume two scenarios:
1. You borrow Rs 5 lakh at a 12 per cent annualised interest rate at annual rests
2. You borrow Rs 5 lakh at a 12 per cent annualised interest rate at monthly rests.
Annualised interest rate 12 per cent
Loan tenure in months 240
Loan amount Rs 5,00,000
Type of Interest Rate Annual Rest
Monthly Rest
Number of compounding periods 20 240
Interest rate in each compounding period 12 per cent 1 per cent
EMI Rs 5,578 Rs 5,505
Total interest paid Rs 8,38,788 Rs 8,21,303
As detailed above, it is clear that you would end up paying less as interest with a monthly rest than you would with an annual rest. That is, you will always pay more interest on an X per cent annual rest rate than you would on an X per cent monthly rest rate.
Tip: Different banks quote their interest rates differently. Some might quote rates with an annual rest, while others may quote rates with a monthly rest. In every case the bank will usually quote the ‘annualised rate’, which is obtained by multiplying the rate per rest period into the number of rests per year. For example: In the case of a monthly rest with 1 per cent interest being charged per month, the annualised rate = 1 per cent* number of months in a year = 12 per cent.
To compare loan offers from multiple banks, you need to calculate the total amount of interest you would pay for each offer. This will enable you to compare offers even if their interest rates are quoted differently.
August 14th, 2009
Different banks quote their interest rates differently. Some might quote rates with an annual rest, while others may quote rates with a monthly rest. In every case the bank will usually quote the ‘annualised rate’, which is obtained by multiplying the rate per rest period into the number of rests per year. For example: In the case of a monthly rest with 1 per cent interest being charged per month, the annualised rate = 1 per cent* number of months in a year = 12 per cent.
Of late, home loan interest rate has been a concern for many due to its volatile behaviour. Banks and institutions often resort to arithmetical jugglery so as to mask the real rates and show attractive rates. So, it is good to approach a bank armed with the knowledge about different calculations of interest rates.
Interest rates can be calculated at a flat rate keeping the outstanding amount (i.e, the amount on which interest is calculated) constant throughout the loan tenure or at a reducing balance rate, which lowers the outstanding amount as the loan is paid back.
What’s flat rate?
For instance: If you took a loan of Rs 10,000 with a flat rate of interest of 10 per cent over five years, then you would pay Rs 2,000 + Rs 1,000 (ie, 10 per cent of the loan) = Rs 3,000 every year. Over the tenure of the loan, you would end up paying Rs 15,000.
What’s reducing balance rate?
If instead of a 10 per cent flat rate (in the above example), you were charged a 10 per cent annual reducing balance rate, you would pay Rs 1,000 as interest in the first year, Rs 800 as interest in the second year, Rs 600 as interest in the third year, Rs 400 as interest in the fourth year and by the last year you would only pay Rs 200 as interest. That is, over the tenure of the loan you would end up paying Rs 13,000 ie, Rs 2,000 less than you would have paid with the 10 per cent flat rate.
Tip: An X per cent flat rate is always more expensive than an X per cent annual reducing balance rate. So insist that the bank quotes you a reducing balance rate for all kinds of loans.
What’s ‘rest’?
The term ‘rest’ comes into the picture only for reducing balance loans. In a reducing balance loan with each EMI paid, the outstanding loan amount is recalculated. A ‘rest’ is the period in which the bank recalculates the loan amount outstanding based upon the amount of loan paid back through Equated monthly installments, i.e. EMIs. Note that this is also the periodicity of compounding.
Rests can be annual, monthly, weekly and even daily!
Let us understand how the difference in the rest period affects the loan taker.
Annual rest: The bank recalculates the outstanding loan amount at the end of 12 months. That is, even though the borrower pays his EMI every month and the loan balance reduces every month, the outstanding loan amount is not adjusted till the end of the year.
Monthly rest: The bank recalculates the outstanding loan amount at the end of each month. That is, the outstanding loan amount on which the interest is charged goes down every month.
Tip: An X per cent annual reducing balance rate is always more expensive than an X per cent monthly reducing balance rate. So bargain for your loan to be calculated on monthly rest basis.
Let’s look at a simple illustration of annual rest versus monthly rest. Assume two scenarios:
1. You borrow Rs 5 lakh at a 12 per cent annualised interest rate at annual rests
2. You borrow Rs 5 lakh at a 12 per cent annualised interest rate at monthly rests.
Annualised interest rate 12 per cent
Loan tenure in months 240
Loan amount Rs 5,00,000
Type of Interest Rate Annual Rest
Monthly Rest
Number of compounding periods 20 240
Interest rate in each compounding period 12 per cent 1 per cent
EMI Rs 5,578 Rs 5,505
Total interest paid Rs 8,38,788 Rs 8,21,303
As detailed above, it is clear that you would end up paying less as interest with a monthly rest than you would with an annual rest. That is, you will always pay more interest on an X per cent annual rest rate than you would on an X per cent monthly rest rate.
Tip: Different banks quote their interest rates differently. Some might quote rates with an annual rest, while others may quote rates with a monthly rest. In every case the bank will usually quote the ‘annualised rate’, which is obtained by multiplying the rate per rest period into the number of rests per year. For example: In the case of a monthly rest with 1 per cent interest being charged per month, the annualised rate = 1 per cent* number of months in a year = 12 per cent.
To compare loan offers from multiple banks, you need to calculate the total amount of interest you would pay for each offer. This will enable you to compare offers even if their interest rates are quoted differently.
Be too careful with your credit card!
You can’t be too careful with your credit card!
August 10th, 2009
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
Can you imagine your life without a credit card, or two? Whether it’s to make payments online, shop till you drop, or for use as a lifeline in an emergency, the arrival of the credit card has been fortuitous both for the consumer, as well as the credit card company.
CARD CLONING?!
As efficient and easy as the credit card makes your life, the world over, credit card theft and fraud is a problem that is slowly but certainly spiralling out of control. Card-cloning is the latest in a string of issues faced by the banking industry, by which card details are furtively recorded during transactions at petrol pumps and supermarkets and emailed across the globe for illegal withdrawals from ATMs. In fact, customers at a petrol pump in the city of Leicester recently found that their card details were used to withdraw money from various places across the world, including India.
IIT FRAUDSTER!
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
While the banks and authorities grapple with theft and fraud, it’s not just these conmen and tricksters that you need to look out for.
ARE YOU A VICTIM? LEARN HOW TO PROTECT YOURSELF
Firstly, did you request your card, or was it forced on you? You need to know that no bank has the right to forcibly issue a credit card without prior consent, and they certainly can’t charge you for it.
Your acceptance of and/or use of the card automatically implies your acceptance of the terms of the user agreement. You should know what the agreement contains and, if there is anything in it that you disagree with, you are responsible for declining the card. In some agreements, there is a time limit for rejecting the card. If/when that time passes, the agreement automatically becomes valid.
When an issuer does try to sell you a product on the phone, you must ask for terms and conditions, application forms and so on before you agree to take a credit card. Make it a priority to fill in all application forms yourself, and choose your credit card company only after reviewing all the specifics such as interest rates, processing charges, and so on.
Companies also add to costs by tacking on subscriptions to insurance services or publications without your approval. Be wary of these occurrences. In fact, if you read the fine print carefully, you might see additional information about rewards and travel programmes, insurance coverage and privacy policies, lists of fees, and information about foreign currency transactions. Make sure you understand what each of these means, and what it is you are getting yourself in to.
CREDIT CARD INTEREST RATES
What about the interest rate on your card? How often have you been offered, and succumbed to a card at 0% interest, only to find that interest is charged after the first few months?
Then there is the common occurrence of a sudden increase in the interest rate, with no forewarning. While banks have the discretion to make changes, the RBI has now released guidelines stating that the total annual percentage rate cannot be more than 30%. It is interesting to note here that while the RBI has issued a list of guidelines, these are generally not issued to the consumer. Understand that if the credit card company does withhold information, it is considered an offense. Banks are expected to be transparent, especially in their terms and conditions. In fact, the RBI has ordered that the terms and conditions should be printed in a size that is easy to read and process!
LATE PAYMENT
Late payment is another issue that plagues most consumers, because interest is charged on the unpaid balance. Many people make cheque payments on the due date, and with no mechanism to record the date of payment, card companies sometimes use this as an opportunity to slap on late fees. Some banks have even introduced the concept of charging people for not using their credit cards.
BANK ALERTS
And finally, did you receive an e-mail, SMS or letter from your card issuer about the recent lowering of credit limits? Many people did not. Legally, banks must notify any change in fees or charges (through the website, statements of accounts, email, SMS alerts and notice board at branches) 30 days before the revised charges become effective.
In order to prevent credit limit being reduced, make sure you pay your credit card bill on time. Always pay more than the minimum requirement, and repay as much as you can quickly to get that loan off your books.
SORTING OUT A DISPUTE
If there have been problems with your card, then arm yourself. Begin by creating a record of the incident by writing to the head office of the card-issuing organisation. Since most banks have a dispute redressal mechanism in place, you might register a complaint on the phone; remember to note the name of the person and the time and date of the conversation. If your complaint is not acknowledged and no action is taken within a month, then you have the option of lodging a complaint with the banking ombudsmen appointed by the RBI. The other option, which is available to individuals, is to appeal to the consumer courts.
August 10th, 2009
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
Can you imagine your life without a credit card, or two? Whether it’s to make payments online, shop till you drop, or for use as a lifeline in an emergency, the arrival of the credit card has been fortuitous both for the consumer, as well as the credit card company.
CARD CLONING?!
As efficient and easy as the credit card makes your life, the world over, credit card theft and fraud is a problem that is slowly but certainly spiralling out of control. Card-cloning is the latest in a string of issues faced by the banking industry, by which card details are furtively recorded during transactions at petrol pumps and supermarkets and emailed across the globe for illegal withdrawals from ATMs. In fact, customers at a petrol pump in the city of Leicester recently found that their card details were used to withdraw money from various places across the world, including India.
IIT FRAUDSTER!
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
While the banks and authorities grapple with theft and fraud, it’s not just these conmen and tricksters that you need to look out for.
ARE YOU A VICTIM? LEARN HOW TO PROTECT YOURSELF
Firstly, did you request your card, or was it forced on you? You need to know that no bank has the right to forcibly issue a credit card without prior consent, and they certainly can’t charge you for it.
Your acceptance of and/or use of the card automatically implies your acceptance of the terms of the user agreement. You should know what the agreement contains and, if there is anything in it that you disagree with, you are responsible for declining the card. In some agreements, there is a time limit for rejecting the card. If/when that time passes, the agreement automatically becomes valid.
When an issuer does try to sell you a product on the phone, you must ask for terms and conditions, application forms and so on before you agree to take a credit card. Make it a priority to fill in all application forms yourself, and choose your credit card company only after reviewing all the specifics such as interest rates, processing charges, and so on.
Companies also add to costs by tacking on subscriptions to insurance services or publications without your approval. Be wary of these occurrences. In fact, if you read the fine print carefully, you might see additional information about rewards and travel programmes, insurance coverage and privacy policies, lists of fees, and information about foreign currency transactions. Make sure you understand what each of these means, and what it is you are getting yourself in to.
CREDIT CARD INTEREST RATES
What about the interest rate on your card? How often have you been offered, and succumbed to a card at 0% interest, only to find that interest is charged after the first few months?
Then there is the common occurrence of a sudden increase in the interest rate, with no forewarning. While banks have the discretion to make changes, the RBI has now released guidelines stating that the total annual percentage rate cannot be more than 30%. It is interesting to note here that while the RBI has issued a list of guidelines, these are generally not issued to the consumer. Understand that if the credit card company does withhold information, it is considered an offense. Banks are expected to be transparent, especially in their terms and conditions. In fact, the RBI has ordered that the terms and conditions should be printed in a size that is easy to read and process!
LATE PAYMENT
Late payment is another issue that plagues most consumers, because interest is charged on the unpaid balance. Many people make cheque payments on the due date, and with no mechanism to record the date of payment, card companies sometimes use this as an opportunity to slap on late fees. Some banks have even introduced the concept of charging people for not using their credit cards.
BANK ALERTS
And finally, did you receive an e-mail, SMS or letter from your card issuer about the recent lowering of credit limits? Many people did not. Legally, banks must notify any change in fees or charges (through the website, statements of accounts, email, SMS alerts and notice board at branches) 30 days before the revised charges become effective.
In order to prevent credit limit being reduced, make sure you pay your credit card bill on time. Always pay more than the minimum requirement, and repay as much as you can quickly to get that loan off your books.
SORTING OUT A DISPUTE
If there have been problems with your card, then arm yourself. Begin by creating a record of the incident by writing to the head office of the card-issuing organisation. Since most banks have a dispute redressal mechanism in place, you might register a complaint on the phone; remember to note the name of the person and the time and date of the conversation. If your complaint is not acknowledged and no action is taken within a month, then you have the option of lodging a complaint with the banking ombudsmen appointed by the RBI. The other option, which is available to individuals, is to appeal to the consumer courts.
Be too careful with your credit card!
You can’t be too careful with your credit card!
August 10th, 2009
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
Can you imagine your life without a credit card, or two? Whether it’s to make payments online, shop till you drop, or for use as a lifeline in an emergency, the arrival of the credit card has been fortuitous both for the consumer, as well as the credit card company.
CARD CLONING?!
As efficient and easy as the credit card makes your life, the world over, credit card theft and fraud is a problem that is slowly but certainly spiralling out of control. Card-cloning is the latest in a string of issues faced by the banking industry, by which card details are furtively recorded during transactions at petrol pumps and supermarkets and emailed across the globe for illegal withdrawals from ATMs. In fact, customers at a petrol pump in the city of Leicester recently found that their card details were used to withdraw money from various places across the world, including India.
IIT FRAUDSTER!
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
While the banks and authorities grapple with theft and fraud, it’s not just these conmen and tricksters that you need to look out for.
ARE YOU A VICTIM? LEARN HOW TO PROTECT YOURSELF
Firstly, did you request your card, or was it forced on you? You need to know that no bank has the right to forcibly issue a credit card without prior consent, and they certainly can’t charge you for it.
Your acceptance of and/or use of the card automatically implies your acceptance of the terms of the user agreement. You should know what the agreement contains and, if there is anything in it that you disagree with, you are responsible for declining the card. In some agreements, there is a time limit for rejecting the card. If/when that time passes, the agreement automatically becomes valid.
When an issuer does try to sell you a product on the phone, you must ask for terms and conditions, application forms and so on before you agree to take a credit card. Make it a priority to fill in all application forms yourself, and choose your credit card company only after reviewing all the specifics such as interest rates, processing charges, and so on.
Companies also add to costs by tacking on subscriptions to insurance services or publications without your approval. Be wary of these occurrences. In fact, if you read the fine print carefully, you might see additional information about rewards and travel programmes, insurance coverage and privacy policies, lists of fees, and information about foreign currency transactions. Make sure you understand what each of these means, and what it is you are getting yourself in to.
CREDIT CARD INTEREST RATES
What about the interest rate on your card? How often have you been offered, and succumbed to a card at 0% interest, only to find that interest is charged after the first few months?
Then there is the common occurrence of a sudden increase in the interest rate, with no forewarning. While banks have the discretion to make changes, the RBI has now released guidelines stating that the total annual percentage rate cannot be more than 30%. It is interesting to note here that while the RBI has issued a list of guidelines, these are generally not issued to the consumer. Understand that if the credit card company does withhold information, it is considered an offense. Banks are expected to be transparent, especially in their terms and conditions. In fact, the RBI has ordered that the terms and conditions should be printed in a size that is easy to read and process!
LATE PAYMENT
Late payment is another issue that plagues most consumers, because interest is charged on the unpaid balance. Many people make cheque payments on the due date, and with no mechanism to record the date of payment, card companies sometimes use this as an opportunity to slap on late fees. Some banks have even introduced the concept of charging people for not using their credit cards.
BANK ALERTS
And finally, did you receive an e-mail, SMS or letter from your card issuer about the recent lowering of credit limits? Many people did not. Legally, banks must notify any change in fees or charges (through the website, statements of accounts, email, SMS alerts and notice board at branches) 30 days before the revised charges become effective.
In order to prevent credit limit being reduced, make sure you pay your credit card bill on time. Always pay more than the minimum requirement, and repay as much as you can quickly to get that loan off your books.
SORTING OUT A DISPUTE
If there have been problems with your card, then arm yourself. Begin by creating a record of the incident by writing to the head office of the card-issuing organisation. Since most banks have a dispute redressal mechanism in place, you might register a complaint on the phone; remember to note the name of the person and the time and date of the conversation. If your complaint is not acknowledged and no action is taken within a month, then you have the option of lodging a complaint with the banking ombudsmen appointed by the RBI. The other option, which is available to individuals, is to appeal to the consumer courts.
August 10th, 2009
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
Can you imagine your life without a credit card, or two? Whether it’s to make payments online, shop till you drop, or for use as a lifeline in an emergency, the arrival of the credit card has been fortuitous both for the consumer, as well as the credit card company.
CARD CLONING?!
As efficient and easy as the credit card makes your life, the world over, credit card theft and fraud is a problem that is slowly but certainly spiralling out of control. Card-cloning is the latest in a string of issues faced by the banking industry, by which card details are furtively recorded during transactions at petrol pumps and supermarkets and emailed across the globe for illegal withdrawals from ATMs. In fact, customers at a petrol pump in the city of Leicester recently found that their card details were used to withdraw money from various places across the world, including India.
IIT FRAUDSTER!
Closer to home, an 18-year-old IIT student posed as a bank executive, got credit card details from customers, and then used the data to book air tickets and buy laptops. He tied up with a travel agent to cancel the tickets and share the returns, while he sold the laptops across the country at a discount. He scammed 25 cardholders of a whopping 6.5 lakhs in less than six months!
While the banks and authorities grapple with theft and fraud, it’s not just these conmen and tricksters that you need to look out for.
ARE YOU A VICTIM? LEARN HOW TO PROTECT YOURSELF
Firstly, did you request your card, or was it forced on you? You need to know that no bank has the right to forcibly issue a credit card without prior consent, and they certainly can’t charge you for it.
Your acceptance of and/or use of the card automatically implies your acceptance of the terms of the user agreement. You should know what the agreement contains and, if there is anything in it that you disagree with, you are responsible for declining the card. In some agreements, there is a time limit for rejecting the card. If/when that time passes, the agreement automatically becomes valid.
When an issuer does try to sell you a product on the phone, you must ask for terms and conditions, application forms and so on before you agree to take a credit card. Make it a priority to fill in all application forms yourself, and choose your credit card company only after reviewing all the specifics such as interest rates, processing charges, and so on.
Companies also add to costs by tacking on subscriptions to insurance services or publications without your approval. Be wary of these occurrences. In fact, if you read the fine print carefully, you might see additional information about rewards and travel programmes, insurance coverage and privacy policies, lists of fees, and information about foreign currency transactions. Make sure you understand what each of these means, and what it is you are getting yourself in to.
CREDIT CARD INTEREST RATES
What about the interest rate on your card? How often have you been offered, and succumbed to a card at 0% interest, only to find that interest is charged after the first few months?
Then there is the common occurrence of a sudden increase in the interest rate, with no forewarning. While banks have the discretion to make changes, the RBI has now released guidelines stating that the total annual percentage rate cannot be more than 30%. It is interesting to note here that while the RBI has issued a list of guidelines, these are generally not issued to the consumer. Understand that if the credit card company does withhold information, it is considered an offense. Banks are expected to be transparent, especially in their terms and conditions. In fact, the RBI has ordered that the terms and conditions should be printed in a size that is easy to read and process!
LATE PAYMENT
Late payment is another issue that plagues most consumers, because interest is charged on the unpaid balance. Many people make cheque payments on the due date, and with no mechanism to record the date of payment, card companies sometimes use this as an opportunity to slap on late fees. Some banks have even introduced the concept of charging people for not using their credit cards.
BANK ALERTS
And finally, did you receive an e-mail, SMS or letter from your card issuer about the recent lowering of credit limits? Many people did not. Legally, banks must notify any change in fees or charges (through the website, statements of accounts, email, SMS alerts and notice board at branches) 30 days before the revised charges become effective.
In order to prevent credit limit being reduced, make sure you pay your credit card bill on time. Always pay more than the minimum requirement, and repay as much as you can quickly to get that loan off your books.
SORTING OUT A DISPUTE
If there have been problems with your card, then arm yourself. Begin by creating a record of the incident by writing to the head office of the card-issuing organisation. Since most banks have a dispute redressal mechanism in place, you might register a complaint on the phone; remember to note the name of the person and the time and date of the conversation. If your complaint is not acknowledged and no action is taken within a month, then you have the option of lodging a complaint with the banking ombudsmen appointed by the RBI. The other option, which is available to individuals, is to appeal to the consumer courts.
Wednesday, August 12, 2009
Swine Flu H1N1 grips Indian citiesDeath toll in India rises to 17
Monday, August 10, 2009
Swine Flu H1N1 grips Indian cities
Swine flu is spreading to all corners of India. Starting from school-going Reeda Sheikh of Pune, half-a-dozen-people, including a four-year-old boy from Chennai and an Ayurvedic doctor from Pune, have succumbed to the disease. There are no effective vaccines to contain the swine flu. The government appears to be clueless on tackling the spread of the disease. People usually get swine influenza from infected pigs. The swine flu virus A (H1N1) spreads in the same way as seasonal influenza – through direct contact (within one metre of an infected person) or indirect contact (touching a contaminated surface). For A-to-Z of the Swine flu phenomenon, read on:
Latest headlines
Swine Flu: Countrywide figure 1,203
Swine Flu: Death toll in India rises to 17
Delhi allows private hospitals to treat flu patients
Modi wants involvement of private hospitals
Baba Ramdev prescribes yoga as cure!
Janmashtami sans 'dahi-handi' for Shiv Sena
Mumbai schools to be closed for 7 days
Toll rises to 15; 2 critical in Delhi hospital
District authorities put on alert in Kerala
Contact tracing can control spread of flu: Official
Pune: 35 year old man 12th Swine Flu victim
11th Swine Flu death in India
Journalists covering swine flu suspected to be infected
Five more flu cases in Karnataka
Those above 65 advised not to go for Haj
Meghalaya: 17 year old tests positive
Death toll rises to 10
Health Minister Azad speaks to CMs on swine flu
How to know, track and prevent Swine flu online
CISF personnel at airports to be provided with masks
Maharashtra decides to shut down public places over flu
Allow pvt.hospitals to treat swine flu patients
Merely closing schools won't contain swine flu: Azad
Close schools to ward off swine flu: MSN India users
Andhra on alert following swine flu deaths
India to procure flu vaccine from abroad: Azad
New wave of deadly H1N1 is ready to explode: Experts
Eighth swine flu death: 13-year-old Pune girl
Swine flu outbreak brings life to standstill in Pune
Bangalore school closes for a week after Swine flu report
Delhi schools panic; Chennai, Pune report flu deaths
Maharashtra may allow private hospitals to treat patients
Flu scare shuts Delhi school, 2 test positive
Pune doc, Chennai boy latest victims
PM reviews situation
Family of first victim fumes at Azad
96 new swine flu cases in India, total now 712
14-year-old girl student dies of swine flu
Victim's family to sue hospital for negligence
12 more suspected H1N1 cases in Mumbai
Pune reports fresh cases, schools on alert
People throng hospital for tests, two more cases confirmed
Goa to invoke Epidemic Act once tourist season starts
Pune wakes up to flu reality
Private hospitals, labs gear up to fight swine flu
Swine Flu H1N1 grips Indian cities
Swine flu is spreading to all corners of India. Starting from school-going Reeda Sheikh of Pune, half-a-dozen-people, including a four-year-old boy from Chennai and an Ayurvedic doctor from Pune, have succumbed to the disease. There are no effective vaccines to contain the swine flu. The government appears to be clueless on tackling the spread of the disease. People usually get swine influenza from infected pigs. The swine flu virus A (H1N1) spreads in the same way as seasonal influenza – through direct contact (within one metre of an infected person) or indirect contact (touching a contaminated surface). For A-to-Z of the Swine flu phenomenon, read on:
Latest headlines
Swine Flu: Countrywide figure 1,203
Swine Flu: Death toll in India rises to 17
Delhi allows private hospitals to treat flu patients
Modi wants involvement of private hospitals
Baba Ramdev prescribes yoga as cure!
Janmashtami sans 'dahi-handi' for Shiv Sena
Mumbai schools to be closed for 7 days
Toll rises to 15; 2 critical in Delhi hospital
District authorities put on alert in Kerala
Contact tracing can control spread of flu: Official
Pune: 35 year old man 12th Swine Flu victim
11th Swine Flu death in India
Journalists covering swine flu suspected to be infected
Five more flu cases in Karnataka
Those above 65 advised not to go for Haj
Meghalaya: 17 year old tests positive
Death toll rises to 10
Health Minister Azad speaks to CMs on swine flu
How to know, track and prevent Swine flu online
CISF personnel at airports to be provided with masks
Maharashtra decides to shut down public places over flu
Allow pvt.hospitals to treat swine flu patients
Merely closing schools won't contain swine flu: Azad
Close schools to ward off swine flu: MSN India users
Andhra on alert following swine flu deaths
India to procure flu vaccine from abroad: Azad
New wave of deadly H1N1 is ready to explode: Experts
Eighth swine flu death: 13-year-old Pune girl
Swine flu outbreak brings life to standstill in Pune
Bangalore school closes for a week after Swine flu report
Delhi schools panic; Chennai, Pune report flu deaths
Maharashtra may allow private hospitals to treat patients
Flu scare shuts Delhi school, 2 test positive
Pune doc, Chennai boy latest victims
PM reviews situation
Family of first victim fumes at Azad
96 new swine flu cases in India, total now 712
14-year-old girl student dies of swine flu
Victim's family to sue hospital for negligence
12 more suspected H1N1 cases in Mumbai
Pune reports fresh cases, schools on alert
People throng hospital for tests, two more cases confirmed
Goa to invoke Epidemic Act once tourist season starts
Pune wakes up to flu reality
Private hospitals, labs gear up to fight swine flu
Tuesday, August 11, 2009
Decision on allowing expatriates to transfer will halt visa trading’
Posted on 8/11/2009
MP Dr Jamaan Al-Harbash has commended the decision of Minister of Social Affairs and Labor Dr Mohammad Al-Afasi to allow expatriate workers to transfer their residence permits to another sponsor without approval of the current sponsors. According to the decision, all expatriates, on Article visa 18 — hired from abroad can transfer their residence without the consent of their current sponsors after staying three years with them. This rule doesn’t apply to expatriates hired locally as they can already make transfers after one year. It also does not apply to expatriates hired for government projects. According to the current rules, expatriates on government projects can only transfer after five years except for university degree holders who can transfer after three years. Stating this is a major step towards the elimination of visa trading in the country, Al-Harbash pointed out the decision is a clear manifestation of the minister’s commitment to implement genuine reforms and combat corruption. He also stressed the need to take such courageous steps in the near future to crack down on visa traders.
“This step will improve Kuwait’s image in the international community and dispel allegations on its involvement in human trafficking brought about by the illegal acts of some commercial and service companies,” Al-Harbash opined. He went on to say these companies have exploited contracts with the government to recruit a large numbers of expatriate workers, who were later forced to settle for a low salary to avoid deportation.
“Some employers have been imposing inhumane conditions on expatriate workers. With this decision, sponsors will now be compelled to pay the salaries of their employees as stipulated in the contract, otherwise, the workers can easily look for better job opportunities elsewhere,” Al-Harbash added.
Al-Harbash also urged HH the Prime Minister Sheikh Nasser Mohammad Al-Ahmad Al-Sabah and the ministers to support “developmental and pro-reform steps” and “stand firm against those who thwart such steps”.
Agencies add:
Acting Parliament Speaker Abdullah Al-Roumi has stressed the need to support the Audit Bureau as it is keen on following the right procedures. Asserting the bureau has not committed any mistake, Al-Roumi stressed it is improper to voice concerns over alleged violations through the media, considering the bureau is a monitoring authority that helps the Parliament deal with many cases. He lamented some classified information had leaked out of the bureau due to some mistakes, but it is still wise to support the bureau’s efforts to rectify flaws.
Commenting on the current status of the local sports sector, Al-Roumi said “there is a government within the incumbent government. The International Olympics Committee (IOC) and FIFA should not impose sanctions on Kuwait, since it is a democratic country.” He asked members of the ruling family to refrain from using some MPs and the media to serve their personal interests. Al-Roumi also expressed his disappointment over the government’s failure to address the problems of Bedouns, who have been deprived of their basic rights, such as the right to obtain birth certificates
Posted on 8/11/2009
MP Dr Jamaan Al-Harbash has commended the decision of Minister of Social Affairs and Labor Dr Mohammad Al-Afasi to allow expatriate workers to transfer their residence permits to another sponsor without approval of the current sponsors. According to the decision, all expatriates, on Article visa 18 — hired from abroad can transfer their residence without the consent of their current sponsors after staying three years with them. This rule doesn’t apply to expatriates hired locally as they can already make transfers after one year. It also does not apply to expatriates hired for government projects. According to the current rules, expatriates on government projects can only transfer after five years except for university degree holders who can transfer after three years. Stating this is a major step towards the elimination of visa trading in the country, Al-Harbash pointed out the decision is a clear manifestation of the minister’s commitment to implement genuine reforms and combat corruption. He also stressed the need to take such courageous steps in the near future to crack down on visa traders.
“This step will improve Kuwait’s image in the international community and dispel allegations on its involvement in human trafficking brought about by the illegal acts of some commercial and service companies,” Al-Harbash opined. He went on to say these companies have exploited contracts with the government to recruit a large numbers of expatriate workers, who were later forced to settle for a low salary to avoid deportation.
“Some employers have been imposing inhumane conditions on expatriate workers. With this decision, sponsors will now be compelled to pay the salaries of their employees as stipulated in the contract, otherwise, the workers can easily look for better job opportunities elsewhere,” Al-Harbash added.
Al-Harbash also urged HH the Prime Minister Sheikh Nasser Mohammad Al-Ahmad Al-Sabah and the ministers to support “developmental and pro-reform steps” and “stand firm against those who thwart such steps”.
Agencies add:
Acting Parliament Speaker Abdullah Al-Roumi has stressed the need to support the Audit Bureau as it is keen on following the right procedures. Asserting the bureau has not committed any mistake, Al-Roumi stressed it is improper to voice concerns over alleged violations through the media, considering the bureau is a monitoring authority that helps the Parliament deal with many cases. He lamented some classified information had leaked out of the bureau due to some mistakes, but it is still wise to support the bureau’s efforts to rectify flaws.
Commenting on the current status of the local sports sector, Al-Roumi said “there is a government within the incumbent government. The International Olympics Committee (IOC) and FIFA should not impose sanctions on Kuwait, since it is a democratic country.” He asked members of the ruling family to refrain from using some MPs and the media to serve their personal interests. Al-Roumi also expressed his disappointment over the government’s failure to address the problems of Bedouns, who have been deprived of their basic rights, such as the right to obtain birth certificates
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