Discrimination faced by Mumbaikars...

If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.

Wednesday, January 01, 2014

Banks allowed to lend up to Rs 1 lakh against gold jewellery
Mumbai, Dec 30, 2013: Reserve Bank has allowed banks to sanction loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery.

"In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes...," RBI said in a notification.

Bullet repayment means a lump sum payment for the entire loan amount paid at the time of maturity.

The RBI in May had imposed restrictions on banks and NBFCs for providing loans against gold coins as well as units of gold ETFs and mutual funds.

Also banks were asked to ensure that the amount of loan to any customer against gold ornaments, gold jewellery and gold coins (weighing up to 50 grams) should be within the board approved limit.

As per today's RBI notification, the period of the loan should not exceed 12 months from the date of sanction.

Interest will be charged to the account at monthly but will become due for payment along with principal only at the maturity, it said.

Banks will recognise interest income on such loans in their profit and loss account only on collection, RBI added.

Banks should prescribe a minimum margin to be maintained in case of such loans and accordingly, fix the loan limit taking into account the market value of the security (gold ornaments), expected price fluctuations, interest that will accrue during the tenure of the loan etc, it said.

It further said, the account would be classified as non-performing asset (sub-standard category) even before the due date of repayment, if the prescribed margin is not maintained.

Courtesy: The Economic Times