Common Scams happpening in India, list the ones you may know
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Mr.J
Innovator
What do you mean standard? Any precious jewel and metal can be considered as standard. And economy has changed a lot in the last century, heck the last two decades alone. Why are you talking about what happened thousands of years ago?
It is a safe investment when everything fails, I give you that. But that's it. This craze we Indians have about gold is what drove our economy downwards. Investors invest in gold only when absolute necessary and they clear the investment after some time. How many Indians sell gold that they've bought unless there was no other option? We keel clinging to it because we feel that prices are gonna go higher.
I'm absolutely in favor of high import duty on gold if it means less import of gold. About time to put some sense in people.
My point sirji, was not about Indians hoarding gold. We hoard gold because of insane usage during weddings, which will continue to happen in india by hordes, due to our arranged marriage system.
If you look at it, most families actual net worth would be mostly in Real Estate and Gold, which is keeping their family wealth going.
So one should give up THOUSANDS of years of a standard, and go by your TWO DECADE old indian equity story MARRED by SCAMS and pumpers-dumpers.
I'm not advising hoarding gold.
But for a lay man who cannot read balance-sheets, put in 100s of hours of research into stocks and promoters and future projections and macro-economic views, I recommend putting in a decent allocation into gold. I personally favour the 25% gold, 25% RE, 25% Debt, 25% equities(MFs).
Mr.J
Innovator
I'm not gonna comment here on our arranged marriage system, which in my opinion is toxic, or you comment on thousands of years of standard because no county uses it anymore.
What is use of family net worth if it offers no liquidity? If you are going to sell it in desperate times, then you will have to take what the buyer is offering. People don't look for other buyers in this case cause the process is time and money consuming, both of which they don't have in desperate times.
I'm not saying we should completely give up on gold. But we shouldn't only on that and real estate.
Also I said two decades cause the SEBI got statutory power in 1995 and it was helpful in bringing transparency to transactions. Which means it brought equity market closer to common man.
And really, scams and pumper-dumpers? Sounds like you have a prejudiced opinion. Equity market is much more transparent (after studying) than any scheme which turns out to be a scam and destroys lives and families.
If 'lay men' are not bothered to do it, study it and are backing out saying 'I don't understand' without making an effort, then he is gonna remain economically illiterate and will fall prey easily to what any half-arsed expert says or what money making schemes his friend recommends.
What is use of family net worth if it offers no liquidity? If you are going to sell it in desperate times, then you will have to take what the buyer is offering. People don't look for other buyers in this case cause the process is time and money consuming, both of which they don't have in desperate times.
I'm not saying we should completely give up on gold. But we shouldn't only on that and real estate.
Also I said two decades cause the SEBI got statutory power in 1995 and it was helpful in bringing transparency to transactions. Which means it brought equity market closer to common man.
And really, scams and pumper-dumpers? Sounds like you have a prejudiced opinion. Equity market is much more transparent (after studying) than any scheme which turns out to be a scam and destroys lives and families.
If 'lay men' are not bothered to do it, study it and are backing out saying 'I don't understand' without making an effort, then he is gonna remain economically illiterate and will fall prey easily to what any half-arsed expert says or what money making schemes his friend recommends.
As opposed to equity which can be sold off in desperate times/recession at a profit?
http://www.moneycontrol.com/news/ma...anish-leaving-investors-stranded_1146174.html
Yes, I am prejudiced. This above article is not from the pre-1995 era, but from last month.
Of course they have to make an effort. The point I'm trying to put across is, I'm tired of seeing people recommend equities as an easy way out to a better life, when it involves a lot more research that RE, big risks as well, as opposed to gold which needs very little research.
I'm totally for equity, but equities/trading has made gamblers out of many, and moderation/long-term-investing should be the advice given.
devesh38
Galvanizer
Haldiram was recent.
http://www.consumerpatrol.in/wrong-package-date-
I had encountered with haldiram's sonpapdi tin can too around 2 years back.
http://health.sulekha.com/haldirams-clearly-ahead-of-its-time_593385_blog
I found some ice creams too which were selling before mentioned packed date. Cant recollect the companies though.
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mrnikhilsudo
Explorer
I consider this a scam too. However my grandmother uses it and I have seen it bring her positive results.
In simple terms, it's no miracle worker. Its like cod liver oil capsules. It increases the immunity of the body and makes you stronger, thats all.
sharktale1212
Herald
I buy all my groceries and household stuff from Big Bazar. Recently, during a purchase on a whim I checked the price of the 2kg Tide Powder with one given on the billing slip. The slip showed I had been charged by 2rs. I got it corrected in spite of the staff nearly berating me for asking 2rs.
Since then I have been to the place thrice - each time I find one of the costly items will be billed at 2-3 rs more than the MRP. Recent purchase of Red Label tea of MRP 112 was billed at 115. Big Bazar's contention was it might be old stock or some offer still remaining. On running the same box through another counter showed 112. Even other boxes showed price of 112 ie there were no offers/old pieces. I have been careful about buying from Big Bazar and always check the MRP of items when buying.
That said, I am not sure if this is a scam or a local level incident.
Since then I have been to the place thrice - each time I find one of the costly items will be billed at 2-3 rs more than the MRP. Recent purchase of Red Label tea of MRP 112 was billed at 115. Big Bazar's contention was it might be old stock or some offer still remaining. On running the same box through another counter showed 112. Even other boxes showed price of 112 ie there were no offers/old pieces. I have been careful about buying from Big Bazar and always check the MRP of items when buying.
That said, I am not sure if this is a scam or a local level incident.
raksrules
Oracle
@sharktale1212
If you have access to Dmart near your home, I recommend that. Their prices are always lower.
If you have access to Dmart near your home, I recommend that. Their prices are always lower.
You should complaint about this if you are sure its a regular practice
http://www.thehindu.com/news/cities...misuse-is-just-an-sms-away/article4539027.ece
Yep, have had the same experience at Big Bazaar Mulund. Have to keep an eye out every time they scan any item, and mention if theres a discount.
You should always check for the same. This is not an issue only with Big Bazaar (though it seems to occur more there, maybe since I shop at Big Bazaar for the majority) but others as well, D-Mart included.
sharktale1212
Herald
problem is how do you check MRP on each and everything if you are buying bulk of stuff. If you stand and check the labels people behind you start to get impatient.
Ah! I know the cost of most of the items before hand, or I make a guess. However, I do make it a point to check the MRP while adding the item to cart, along with the manufacturing date.
As for the bill, I check it if I can after exiting the store ELSE as it happened recently, after going home.
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