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Saturday, June 25, 2016

બ્રેક્ઝિટ બાદ સોનું 2 વર્ષની ઊંચી સપાટીએ

લંડન:બ્રિટન યૂરોપીયન સંઘમાંથી નીકળી જશે તેવા જનમતસંગ્રહની ઐતિહાસિક ઘટના બાદ શુક્રવારે સોનામાં 8 ટકાના ઉછાળા સાથે 2 વર્ષની ઊંચી સપાટીને સ્પર્શ્યું હતું.

બ્રેક્ઝિટને પગલે ફેલાયેલી નાણાકીય અનિશ્ચિતતા વચ્ચે રોકાણકારોએ સલામત અભિગમ અપનાવતાં પીળી ધાતુમાં ખરીદી જોવા મળી હતી. સ્ટરલિંગમાં સોનામાં ઔંસદીઠ 1000 પાઉન્ડ જ્યારે યૂરોમાં 13 ટકાનો ઉછાળો નોંધાયો હતો.

સ્પોટમાં સોનાનો ભાવ એક તબક્કે ઔંસદીઠ 1,358.20 ડોલરને સ્પર્શ્યા બાદ 4.5 ટકા વધીને 1,313 ડોલરની સપાટીએ ટ્રેડ થઈ રહ્યું હતું જ્યારે યુએલ ગોલ્ડ ફ્યુચર્સ (ઓગસ્ટ ડિલિવરી) ઔંસદીઠ 59.40 ડોલર વધીને 1,322.50 ડોલરની સપાટીએ ટ્રેડ થઈ રહ્યું હતું.

UKનું પરિણામ આઘાતજનક પણ, RBI તૈયાર: રાજન

ભારતીય રિઝર્વ બેન્કના ગવર્નર રઘુરામ રાજને યૂરોપિયન સંઘમાંથી બ્રિટનની એક્ઝિટની ઘટનાને

સર્જાયેલી પરિસ્થિતિને પહોંચી વળવા માટે મધ્યસ્થ બેન્ક તૈયાર હોવાની ધરપત આપી હતી.

ભારતીય રિઝર્વ બેન્ક હાલમાં માર્કેટ્સ પર નજર રાખી રહી છે અને જ્યારે જરૂર જણાશે ત્યારે તે પગલા ભરવા સક્ષમ છે, તેમ રાજને CNBC TV18ને આપેલી મુલાકાતમાં જણાવ્યું હતું.

જ્યારે બજારમાં વોલેટિલિટી આવે છે ત્યારે તેમા તક પણ છૂપાયેલી હોય છે. કરન્સીમાં થોડી વધઘટ જરૂરી પણ હતી. અમે પરિસ્થિતિ પર સતત નજર રાખી રહ્યા છીએ. આ ઘટનાની લિક્વિડિટી પર તાકીદની કોઈ અસર પડે તેમ જણાતું નથી.

બ્રેક્ઝિટ ઈફેક્ટ: BSE સેન્સેક્સમાં 605 પોઈન્ટનું તોતિંગ ગાબડું

બ્રેક્ઝિટ બાદ શુક્રવારે વિશ્વભરના બજારોની સાથે ભારતના શેરબજારમાં પણ 605 પોઈન્ટનો જંગી કડાકો બોલી ગયો હતો. ઈન્ટ્રા ડેમાં એક તબક્કે સેન્સેક્સ 1000 પોઈન્ટ ગગડી ગયો હતો પણ બપોર પછી બજારમાં નીચા મથાળે ફરી લેવાલીથી થોડી રિકવરી જોવા મળી હતી.

બ્રિટન બહાર થયા બાદ યૂરોપિયન સંઘના સિંગલ કરન્સી બ્લોકના અસ્તિત્વ સામે જ પ્રશ્ન ઉપસ્થિતિ થતાં વિશ્વભરના બજારોમાં ગભરાટનું વાતાવરણ જોવા મળ્યું હતું.

શુક્રવારે મુંબઈ શેરબજારનો બેન્ચમાર્ક સેન્સેક્સ ઉપરમાં 26435.85 અને નીચામાં 25911.33 પોઈન્ટની સપાટી વચ્ચે ટ્રેડ થયા બાદ 604.51 પોઈન્ટ અથવા તો 2.24 ટકાના ગાબડાં સાથે 26,397.71 પોઈન્ટની સપાટીએ બંધ રહ્યો હતો.

નેશનલ સ્ટોક એક્સચેંજનો નિફ્ટી પણ ઉપરમાં 8,100.70 અને નીચામાં 7,927.05 પોઈન્ટની રેન્જમાં અથડાયા બાદ 181.85 પોઈન્ટ અથવા તો 2.20 ટકા ગગડીને 8088.60 પોઈન્ટની સપાટીએ બંધ રહ્યો હતો.

BSE મિડકેપ અને BSE સ્મોલકેપ ઈન્ડેક્સ અનુક્રમે 1.07 ટકા અને 1.46 ટકા ઘટીને બંધ રહ્યા હતા.

આજે અન્ય સેક્ટોરલ ઈન્ડાઈસિસમાં BSE રિયલ્ટી ઈન્ડેક્સ 3.74 ટકા, BSE મેટલ ઈન્ડેક્સ 3.59 ટકા, BSE કેપિટલ ગૂડ્ઝ ઈન્ડેક્સ 3.30 ટકા, BSE બેન્કેક્સ 2.69 ટકા અને BSE ઓટો ઈન્ડેક્સ 2.63 ટકા ઘટીને બંધ રહ્યા હતા.

નાણાપ્રધાન અરુણ જેટલી અને ભારતીય રિઝર્વ બેન્કના ગવર્નર રઘુરામ રાજને બ્રેક્ઝિટથી ગભરાવાની કોઈ જરૂર નથી તેવી ધરપત આપી હતી ત્યાર બાદ બજારમાં નીચા મથાળે લેવાલી નીકળતા બપોર પછી બજાર રિકવર થયું હતું.

Friday, June 24, 2016

Complete Withdrawal From PPF After 5 Years, Is Now Possible



If you have a Public Provident Fund (PPF) account, there’s some news for you. You can now close your account after 5 years. Yes, you read it right. You can completely withdraw the balance in your PPF account any time after 5 years, if you satisfy a few conditions. Recently, the Government amended Public Provident Fund Scheme, 1968, relaxing the provisions of premature withdrawals with an immediate effect.

Until now, you were allowed to withdraw only after the expiry of 5 full financial years from the end of the year in which your initial subscription was made, but the withdrawal was limited to 50% of the balance at credit at the end of fourth year, immediately preceding the year in which the amount is to be withdrawn or the balance at the end of the preceding year, whichever is lower, as per the PPF rulebook. Thereafter, you were allowed one withdrawal per year. So for example, if you were to open a PPF account on April 1, 2006, you were allowed first withdrawal after April 1, 2012, and the amount of withdrawal was limited to 50% of the balance as on - March 31, 2008, or the balance as on - March 31, 2011, whichever is lower; subject to loan taken on your PPF account.
 


What has changed?
Now after the expiry of 5 years, you’re allowed to close the PPF account and withdraw all the money, on the grounds that the amount is required for treatment of serious ailments or life-threatening diseases that you, your spouse, dependent children or parents may suffer. However, to be able to do so, you have to produce the documents supporting this claim signed by a competent medical authority.

Likewise, if you need money to fund your children’s higher education in India or even abroad, the Government has relaxed premature withdrawal norms. But here too, proofs such as fee bills and other documents confirming the admission in a recognised institute are required. It is noteworthy that, the wording of Government notification is silent about you withdrawing money from your account for the children’s higher education. However, if the account holder is a minor, you as his/her guardian, can withdraw money for his/her higher education.

But this facility comes with a penalty...
The Government will allow premature closure after deducting interest @ 1% for the entire holding period. To be fair, the Government has stated it will be assumed that the applicable rate of interest on such accounts was 1% lower for each year than the applicable rates. Therefore, instead of deducting 1% flat at the closure, the calculation will be done backwards for each year, to arrive at the amount that is to be deducted from the accumulated funds in the account.

Admittedly, this is nearly impossible to understand without any illustration. Suppose you open a PPF account in your name on April 1, 2006 and religiously deposited Rs 12,000 in first 5 days of every financial year. Now if you plan to close your account on March 31, 2016, the full and final settlement of your account would be done in the following manner.
 
Premature Closure of PPF Account...
Year Opening Balance Fresh Deposits Total Amount Normal
Rate of Interest
Rate Applicable
On These Accounts
Interest Accrued Outstanding Balance
2006-07 0 12,000 12,000 8.0% 7.0% 840 12,840
2007-08 12,840 12,000 24,840 8.0% 7.0% 1,739 26,579
2008-09 26,579 12,000 38,579 8.0% 7.0% 2,701 41,279
2009-10 41,279 12,000 53,279 8.0% 7.0% 3,730 57,009
2010-11 57,009 12,000 69,009 8.0% 7.0% 4,831 73,839
2011-12 73,839 12,000 85,839 8.6% 7.6% 6,524 92,363
2012-13 92,363 12,000 104,363 8.7% 7.7% 8,036 112,399
2013-14 112,399 12,000 124,399 8.7% 7.7% 9,579 133,978
2014-15 133,978 12,000 145,978 8.7% 7.7% 11,240 157,218
2015-16 157,218 12,000 169,218 8.7% 7.7% 13,030 182,248
(Note: For illustration purpose only; based on actual interest rates and other provisions of PPF)

So in the above case, a sum of Rs 1,82,248 will be payable to you. The following table shows you how your account would have otherwise worked had you continued.
 
Under Normal Circumstances, Your PPF Account Would Work Like This...
Year Opening Balance Fresh Deposits Total Amount Rate Applicable
On These Accounts
Interest Accrued Outstanding Balance
2006-07 0 12,000 12,000 8.0% 960 12,960
2007-08 12,960 12,000 24,960 8.0% 1,997 26,957
2008-09 26,957 12,000 38,957 8.0% 3,117 42,073
2009-10 42,073 12,000 54,073 8.0% 4,326 58,399
2010-11 58,399 12,000 70,399 8.0% 5,632 76,031
2011-12 76,031 12,000 88,031 8.6% 7,571 95,602
2012-13 95,602 12,000 107,602 8.7% 9,361 116,963
2013-14 116,963 12,000 128,963 8.7% 11,220 140,183
2014-15 140,183 12,000 152,183 8.7% 13,240 165,423
2015-16 165,423 12,000 177,423 8.7% 15,436 192,859
(Note: For illustration purpose only; based on actual interest rates and other provisions of PPF)

Now you must have observed the difference. Since you earn 1% lower each year, you receive a considerably lower amount at the premature closure.

PersonalFN believes, the Government by permitting access to money in case of dire urgency has addressed to the liquidity needs. But we think that you would be better-off not banking on your PPF account to cater to medical emergencies. Instead it would wise to build a sufficient contingency fund and buy a health insurance policy with an adequate coverage amid times when healthcare cost is galloping. Likewise, to address to your child’s higher education needs, engage in prudent financial planning right since the time he/she attends playschool or Kindergarten; the earlier the better, and invest in suitable wealth creating investment avenues that can keep pace with rising cost of higher education.

The above approach would ensure that you do not touch your retirement savings until you actually retire. PersonalFN believes, rather than being in a situation where you have no option but to close your PPF account, you should plan to handle contingent situations and financial goals in life in an efficient manner. At PersonalFN, we help people achieve their financial goals by offering unbiased and independent advice on financial planning and investment planning.
 
Tax evaders are going to have a tough time now. In a drive to increase the number of taxpayers and ensure more people pay income tax, the Central Board of Direct Taxes (CBDT) is gearing up. Recently, the Prime Minister, Mr Narendra Modi advised the CBDT to take the number of taxpayers to 10 crore from current 5.4 crore.

Addressing a joint conference held for the CBDT and CBEC (Central Board of Excise and Customs), Mr Modi said, “While there should be respect for the rule of law among all citizens, and even fear of the long arm of the law for those who evade taxes, people should not fear tax administrators.”

The Prime Minister also provided tax boards with a roadmap for achieving administrative reforms in tax departments. He expects the tax departments to improve their performance in the following areas.

The potential positives of the scheme:
  • Revenue
  • Accountability
  • Probity
  • Information
  • Digitisation
Taking cues from the Prime Minister, CBDT seems to have decided to get tough on tax evaders and on those who don’t file tax returns despite being required to submit. The department has identified three categories to target non-filers...
  • Those who pay some tax but don’t file returns;
  • Those who pay no tax or file returns but have performed some PAN based transactions; and
  • People about whom only non-PAN based information is available
The tax department also endeavours to maintain the records of non-filers, and follow them meticulously to identify those who are likely to miss their tax liabilities in future. The taxmen are expected to improve their criminal investigation abilities and establish prosecution even in cases where the disputed tax liability is lower than Rs 50,000.

And here are the punitive measures...
  • Henceforth, the taxmen may block the PAN numbers of tax evaders;
  • If needed, credit lines may be cut
  • You may even be denied cooking gas subsidies
  • Once the PAN is blocked, registering properties may get difficult for tax evaders.
The CBDT has a target of a little over 8.47 lakh crore for FY 2016-17. Thus it’s a blow tax evaders with a directive to take harsh measures to increase tax collection. PersonalFN, believes paying tax apart from being a constitutional duty, should be viewed as moral responsibility that should not be dodged at any cost. Always pay your tax dues and file returns on time.
 

How far from the truth is it to say this Government is short on ideas to raise revenues? While it speeds up the process of implementing reforms, by clearing more projects and scaling up infrastructure, it uses dirty tactics to accumulate funds for them. When a road is constructed or a port is built, the ministry will claim credit and it should. However, nobody bothers to check where the funds came from to execute these projects. Does this Government have the courage to publicly admit that it trampled the dreams of citizens and siphoned their money to fund developmental projects?

The last thing on Earth the Government can do is to utilise a citizen’s assets for the National Agenda without one’s consent. It is planning to channelise unclaimed deposits in EPF, PPF, and Small Savings Schemes (SSS) to fund various projects of national interest. The present Government may not be as corrupt as the previous Government was, but, then, why it is desperate to demonstrate its moral hazards by doing something as devastating as channelizing personal assets of the poor/common man to the Nation’s coffers. This is not a case of Minimum Government and Maximum Governance.

India’s Finance Minister, who himself is a renowned lawyer, laid the foundation for this loot in Budget 2016-17. The Government proposed to set up a fund backed by unclaimed deposits in aforesaid schemes to finance the welfare programmes for elderly people. As reported by the Economic Times dated June 15, 2016, the unclaimed money lying in EPF accounts is worth a whopping Rs 43,000 crores. No wonder the Government is trying to acquire it, by hook or crook. At present, no other established source can feed it such a large sum of money in one go. The question is, why does anyone have to claim their money? Why can’t it be automatically paid back to a person it belongs to?

That being said, the Employees Provident Fund Organisation (EPFO) has taken some initiatives to identify and reach the account holders who have failed to claim their deposits. The Government is wasting no opportunity to assert its achievements and has been shouting about them from the rooftop. Why the same approach cannot be adopted to tracing these account holders?

 

4 Myths About Dividends Declared by Mutual Funds Debunked

Raj, a 27-year-old I.T. professional, is chalking out his financial plan with his financial planner. He is willing to invest in mutual funds, however, he is unable to decide which investment option will be the right one to achieve his financial goals.
When investing in a mutual fund scheme, investors have numerous options available such as – growth, bonus, dividend reinvestment, and dividend payout.

 Growth Option – In this case you do not receive any dividends directly. Instead, all the gains earned are re-invested and hence you enjoy compounded growth in the value your fund, the conditions, of course, are subject to the investment bets the fund manager makes.
Bonus Option – Under this option you are not paid regular dividends. Instead you continue to receive bonus units in accordance to a ratio declared by the fund house. (Quite a few mutual fund houses do offer this option)
Dividend Payout Option – Here the distributable surplus/profits are proposed to be paid, either through cheques or ECS (Electronic Clearing Service) credits, thereby facilitating to liquidate profits.
Dividend Re-Investment Option – With this option, the dividends declared by the mutual fund scheme, instead of being defrayed, is further used to buy additional units of the same scheme (where you are invested). So, you continue to book profits and re-invest in the same scheme.
But is this sharing of profits, in the form of dividends, really for the benefit of investors or is there a hidden intention of the fund house?

At one point, Raj was willing to invest in growth options and enjoy the power of compounding; the lure of high dividend declarations was too good to pass. Below are the four myths that many investors, like Raj, have related to dividends declared by a mutual fund:

#1 Myth: Frequent dividend declaration is an indicator of fund’s performance
Often the dividend declared by a mutual fund is co-related to the dividend earned on the equity portfolio. But unlike the dividend earned through investment in equity shares, where the company distributes its profits earned with shareholders; in case of mutual funds, it is a function of the market movement (usually upward) resulting in partially books profit with an impact on NAV (Net Asset Value).

For example, when the NAV of a mutual fund scheme is Rs 12 and a 20% dividend is declared, i.e. Rs 2 (20% on the face value of Rs 10/-), the NAV of the fund ex-dividend falls to Rs 10 on account of dividend declared, plus it may be exposed to downside volatility. Thus, in effect, mutual funds return your own money back.

#2 Myth: Dividend options have lower NAV; translates into a buying opportunity
You may have observed that the NAV of a dividend option is lower than that of a growth option. This is because, as and when dividends are declared, the fund NAV continues to decline post the dividend record date.

And often many mistake this fall in NAV as a buying opportunity. They fantasize that they will earn similar dividends or even higher, even in the future. As result, many evince interest and the size of the fund goes up.

In the race to garner more AUM (Assets Under Management) in the past, fund houses have resorted to tactics of declaring abnormally high dividends, but in the long run investors who fell prey to this were left with empty baskets.

#3 Myth: Dividend History
Investors often give high emphasis to fund’s dividend history, using it as measure to select mutual fund schemes for their portfolio. They assume that the dividend trend will continue going upward. But what they fail to recognise are the undercurrents – the market and the portfolio – may turn unfavourable and impede dividend declaration.

It is easier to declare dividends when markets are doing fine, but you should always check if the fund has performed equally well across market cycles, and if it has declared similar dividend rates during the ‘bear’ phase of the market. This will help you gauge the consistency of a mutual fund scheme fund to an extent.

Hence one should not consider only the dividend history in isolation. It is important to study a host of quantitative and qualitative parameters before selecting mutual funds.

#4 Myth: Dividend can be regular source of income
While many a times mutual fund distributors/ agents / relationship managers promote the dividend option as against the growth option. They attempt to lure investors claiming that it could serve as a source of regular income. But the fact is mutual fund schemes don’t guarantee regular dividends. There is no set schedule for the payment of dividends, nor are the dividend rates predictable. If fund falters as a result of the negative currents, dividends may be hindered. Hence you cannot depend on the dividend declared by mutual fund schemes for regular income/ cash flow.

To conclude...
It all depends on what your financial goals and investment objectives are while selecting between various investment options. If you’re young, earning a substantial income, commitments toward certain expenses are low, willingness to take risk is high, are many years away from your financial goals and your long-term objective is wealth creation you should invest in a growth option.

However, despite the financial planning aspects stated and the regular income earned, if you are still looking for a cash flow (in the form of dividend) or want to book profits at regular intervals, then you may consider the dividend payout option while investing in mutual funds.

As far as the dividend re-investment option is concerned, in our opinion it just doesn't make sense as the same benefit of compounding is also provided under the growth option with the NAV (of the growth option) being unchanged (due to the impact of dividend declaration). The dividend re-investment option is just another financially engineered option provided by mutual fund houses.

Mind you, there is no guarantee that there will always be a fixed dividend declaration. So the next time your relationship manager or agent presents you with the dividend over growth option; adopt the right rationale

Wednesday, June 22, 2016

Brexit: Its Impact On The World Economy And Markets

A country that once ruled many other nations across geographies is struggling to protect its independence and sovereignty today. The expansiveness of the British Empire was best described by this saying, “The sun never sets on the British empire.” However, tomorrow’s sunset will decide whether or not the United Kingdom will be a part of the 28-nation European Union (EU). “Brexit”, an abbreviated version of “Britain’s Exit” has been a buzzword these days. Currencies, financial markets, trade relations, and political equations all might change should Britain exit the European Union. Although political experts and market commentators often debate these days about the consequences of Britain’s probable exit, many of them fail to shed light on what led UK to review its membership to EU. If you are still to figure out what’s wrong with the EU or with the UK to be more precise, this piece is exclusively for you.
What is the EU?

Contrary to the belief of many, the EU is not merely a club of countries using the common currency. Rather, EU is not at all about a currency; it’s more about regional cooperation and oneness, of which a common currency is a part. EU has its own Commission, Parliament, Council and also has the European Court of Justice.

Why the EU?

In the aftermath of World War II, European nations decided to form a bloc by integrating their economies and cultures. The thought behind this was if nations have cordial trade relations, the cohesiveness of the region will remain intact. All member countries are bound by the policies of EU. Although mutually taken by the members, often the economic and political decisions of EU are the compromises these countries make on their national agenda in some form or the other. EU allows its members a free movement of people, capital, products and services within the region. So citizens of member countries can travel without visas and live in other member countries.

What’s wrong with Britain?

The dance floor remains crowded only until music goes on. Due to the unremitting economic crisis, weaker nations in Europe have been struggling with the problems such as the underutilization of domestic capacities, unemployment, massive indebtedness and budgetary deficits. As the prospects dimmed in their own country, people moved to other stronger nations within the bloc. What happens when you try pulling a car with wheels of two different sizes, make, tenacity, and durability? You can imagine the same for the EU in today’s economic context.

To ward off ill effects of the slowdown, EU nations are making many compromises. Until yesterday, what was seen as austerity is now being considered as restrictions on personal preferences and regional co-operation has become more a liability than a duty. This has precisely become the tipping point for Britain. There’s a growing dissent that the EU has been overshadowing Britain’s identity. It’s been interfering in the daily lives of people with its policies, disproportionately leaning towards weaker currencies.

That being said, let’s not forget, healthy nations in the EU have become stronger only because weaker countries provided a ready marketplace for their products and services. Domestic economies of stronger EU countries are otherwise saturated. So any nation leaving the EU would have these two crucial factors to consider. Just as Britain has...

What proponents of Brexit say?

The main argument has been that Britain would be more powerful should it leave the EU. It will have total control over its boundaries and will be able to monitor the immigration issues, which pose a serious threat to welfare programmes funded by British taxpayers. Moreover, believers of Brexit are of the view that, Britain’s contributions to the EU are much larger than its drawings. It’s been the third largest contributor to the EU for the year 2014-15, as revealed by BBC. The contributions of the UK in 2014-15 have nearly doubled from 2009-10 levels.

What do their opponents say?

The opponents of Brexit believe the UK has a huge advantage being a part of the EU. Its membership to the EU allows free movement of money, human resources, and products that help boost economic growth. In their view, UK leaving the EU will severely harm the reputation of the former.

What’s the bigger worry?

Simply the thought of leaving the EU to protect national interest is posing a threat to one of the most dominant regional blocs in the World. Out of 28 member-nations, about 10 contribute more to the EU than what they get back from it. Britain’s action, if it exits, may set a wrong precedent.

Who’s backing the Brexit and who’s not?

Conservatives are supporting the Brexit although they have assured a neutral stance, considering that the Prime Minister David Cameron along with his cabinet wants to continue with the EU’s membership. All other parties, including the Labour Party, favour the united Europe. As the opinion polls suggest, the feeling among citizens is evenly balanced, and there hasn’t been any trend in favour of or against the Brexit. Business majors in the UK are largely in favour of staying in. However outside the UK, those who want the UK to remain in, substantially outnumber those who don’t. The other main EU members and also the U.S. want Britain to continue its EU membership.

What would be the impact on world capital markets and currencies if the UK exits?

Even if Britain votes to leave the EU, the actual process would take around 2 years to reach completion. During this period, the UK will have a task of securing new agreements with the EU on every matter ranging from visas and work permits to taxation and movement of products and services. If at all it happens, the Pound may drop at least initially, and the US dollar may rise. The fear of other stronger nations following the footsteps of the UK are keeping global investors on the fence. Aversion to risk may reemerge and emerging market currencies, along with the Pound and Euro, may fall.

As compared to, if UK continues to be a part of the EU, world-equity markets may shrug off fears of uncertainty and may witness a relief rally. Currency movements may stabilise, and bond markets in EU may see some fresh buying. On the backdrop of the referendum in the UK, German bond yields slipped in negative this month. We might see the reversal of that, should Britain stay in.

What would be the impact on India’s trade, currency, and capital markets?

Indian Companies with significant presence and production facilities in the UK may face several challenges if it exits. However, the impact of the exit on India would be mixed. More than capital inflows from the UK, outflows from India are likely to get affected, more so as Indian immigrants seek to work in the UK. More than by multilateral or bilateral trade relations with the EU and UK respectively, Indian businesses with trading partnerships in the region are likely to get affected by massive fluctuations in a currency that possibly might take place post-UK’s exit. Individually, India shares cordial relationships with a majority of the EU nations including Britain.

Post Brexit, the action of Federal Reserve on Interest rates in the U.S. will gain more prominence in the world market as it would decide where the US dollar goes. The strength of US dollar has been the deciding factor in the movement of capital globally, these days.

What Indian investors should do?

Simple. Don’t speculate and stay calm. You must have faith in India’s domestic story to be an investor in the Indian market. Global events such as Brexit may come and go. They will affect India’s trade position and value of Indian currency for sure. However, for you to make money in Indian equities, Indian economy must do well abetted by reforms. The global investors, irrespective of such events, chase growth. So if India continues to be a bright spot, capital inflows in India would continue.

Equity markets have never been and will never be static. There would be a constant inflow of good news and bad news. Bulls will pick up more of good news and bears will scare you with depressing stories. To be a successful investor, it requires staying focused on your long-term financial objectives. You should invest as per your personalised asset allocation, and your asset allocation should be based on some factors including your risk appetite, risk tolerance, and financial goals.

Thursday, June 2, 2016

શબ્દ સૂરને મેળે - રાજેશ વ્યાસ 'મિસ્કીન

- જન્મદાતા માતાના અંતિમ દિવસોની સાક્ષી....

જન્મદાતા અને જીવનદાતા માતાને આંખ સામે અસહ્ય પીડામાંથી પસાર થતી જોવી અને અંતે મૃત્યુ પામતી જોવી એ હચમચાવી નાંખતી ઘટના છે

મા, તને
હોસ્પિટલની બેડ પર સફેદ ચાદર
પાથરી છે
એકપણ સળ ન પડે
એની કાળજી રાખી છે
ઓપરેશન થિયેટરમાંથી બહાર લવાયેલા
તારા અર્ધજાગ્રત દેહને
કાળજીપૂર્વક બેડ પર સૂવડાવું છું
અને ઊપસી આવે છે
અસંખ્ય સળ
તારા દેહ પર !!!
*
હોસ્પિટલમાં
તારી બાજુના પલંગ પર આડો પડયો છું
ને જોયા કરું છું તને
તારા હાથમાં
તારા નાકમાં
તારા મોઢામાં
તારા... તારા...
આ તે શરીર કે
નળીઓનું જાળું !
તું હજી થોડા દિવસ વધુ...
એટલે ખોસી છે તારા શરીરમાં નળીઓ.
નળીઓમાંથી
જતા-આવતા
પ્રવાહીને જોતાં-જોતાં
ક્યારે આંખો બંધ થઈ
એની ખબર પણ ના પડી.
એ દિવસે આવ્યા ભગવાન
ફુરસદ મળી એટલે...
મારા સ્વપ્નમાં.
એ દિવસે કંઇ વધારે પ્રસન્ન દેખાયા અને
મને વરદાન માગવા કહ્યું
મેં તારી સામું જોયું
અને મેં માંગ્યું તારું...
'ધડામ'-બારણું ખોલી
નર્સ રૃમમાં પ્રવેશી.
કરોળિયાના જાળામાંથી
નર્સ એક પછી એક
નળીઓ
દૂર કરી રહી છે
જતું - આવતું પ્રવાહી સ્થિર થઇ ગયુ છે !
- ધ્વનિલ પારેખ
તમે કશુંજ ના કરી શકો અને આંખ સામે સ્વજનને મૃત્યુ પામતા જોતા રહો એના જેવી બીજી કોઇ લાચારી નથી. મેં એક હૃદયરોગના નિષ્ણાત ડોકટરને પૂછ્યુંહતું કે તમારા જીવનમાં તમારું જ્ઞાાન તમને કામ નથી આવી રહ્યું એવી કોઇ લાચાર સ્થિતિ અનુભવી છે ? અને તેમણે કહ્યું કે હા, મારા કુટુંબના બે વડીલોનો જીવનદીપ આંખ સામે બુઝાતો જતો હતો, મોનીટર ઉપર હું બધું જોઇ રહ્યો હતો અને હું કશું જ કરી શકું તેમ નહોતો. બધા જ પ્રયત્નો નિષ્ફળ ગયા હતા. હું સ્તબ્ધ હતો. લાચાર હતો. ધ્વનિલ પારેખની કવિતા જા તને... આ જ સંદર્ભમાં રચાયેલી કવિતા છે.
જન્મદાતા અને જીવનદાતા માતાને આંખ સામે અસહ્ય પીડામાંથી પસાર થતી જોવી અને અંતે મૃત્યુ પામતી જોવી એ હચમચાવી નાંખતી ઘટના છે. સ્વજન ગમે તે ઉંમરે મૃત્યુ પામે મૃત્યુનો આઘાત મોટો જ હોય છે. આજના સમયમાં મલ્ટીસ્પેશ્યાલીટી હોસ્પિટલોના જમાનામાં ક્યારેક તો એવું લાગે છે કે મૃત્યુ વધારે અઘરું બનીને મળતું હોય છે. માતાને સંબોધીને લખાયેલું આ કાવ્ય કવિતા તો પછી છે. સૌથી પહેલું તો માતા અને પુત્ર વચ્ચેનો એક તરફી સંવાદ છે. સફેદ રંગ એટલે જ જાણે મૃત્યુનો એવું ક્યાંક મનના ખૂણે પડેલું જ છે. માતાના ઓપરેશન પછી તેને હોસ્પિટલની સફેદ ચાદર પાથરેલી પથારીમાં કાળજીપૂર્વક સૂવડાવવામાં આવે છે. ચાદર ઉપર એક પણ સળ નથી પડયા. એક પણ સળ ન પડે તેની કાળજી રાખવામાં આવી છે પરંતુ ઓપરેશન પછી અર્ધજાગ્રત દેહ ઉપર અસંખ્ય સળ પડી ગયેલા છે. જીંદગીના અનુભવોના, શરીરની પીડાના, વીતી ગયેલા એક-એક વર્ષના.
ધ્વનિલ પારેખ ગુજરાતી ભાષામાં અત્યારે જે સશક્ત કલમો પ્રવૃત્ત છે તેમાંનું એક નામ છે. સમર્થ ગદ્યકાર પિતા રવિન્દ્ર પારેખનો વારસો તેના સાહિત્ય સર્જનમાં જોવા મળે છે. તેનો એક ખૂબ ગમતો ેશેર જોઇએ.
દરિયો ભલેને માને કે પાણી અપાર છે,
એને ખબર નથી કે નદીનું ઉધાર છે.
ગુજરાતી ભાષાના ઉત્તમ મત્લાઓમાંનો આ એક મત્લા છે. દરિયો અપાર હોય છે. અફાટ હોય છે. નદીઓ સૂકાય દરિયો કદી સૂકાતો નથી હોતો. પરંતુ દરિયાની પાસે તે અપાર પાણી છે એ તેનું નથી નદીઓનું ઉધાર લીધેલું છે. સાવ સરળ આ બે પંક્તિઓ સોંસરી ચોટ કરનારી છે. ધ્વનિલ ઓછું લખેછે પણ આછું નથી લખતો.
માંદગી આવવી એ જ કુટુમ્બ માટે મોટી ઝઝૂમનારી ઘટના હોય છે. અને એથીયે વધારે ઝઝૂમવાનું હોય છે દર્દી સાથે રહેતા અંગત સ્વજને. માતાની બાજુના પલંગે પુત્ર સૂતો છે. સૂતો નથી માત્ર આડો પડયો છે. એટલે કે જાગતો સૂતો છે અને માતાને જોઇ રહ્યો છે. માના હાથમાં, નાકમાં, મોઢામાં જુદી-જુદી નળીઓ, ટયૂબ નાંખવામાં આવી છે. શરીર જાણે શરીર નથી રહ્યું નળીઓનું જાળું બની ગયું છે. અને આ બધા જ પ્રયત્નો એ થોડાક વધુ દિવસ જીવે તે માટેના છે. કવિ જ્યારે એમ કહે છે કે જરા થોડાક વધુ દિવસ માટે માંદગીની ગંભીરતાનો આપણને ખ્યાલ આવી જાય છે કે આ બધાને અંતે નવું જીવન નથી મળવાનું. થોડાક વધારે દિવસો આવી જ પીડા સાથે જીવવાનું બનવાનું છે. ઘણી બીમારીઓ એવી છે જેમાં સ્વજનનું આયુષ્ય લંબાય અને તેની સાથે પીડા અને યાતનાઓ ય લંબાતા હોય છે. પુત્ર સૂતો-સૂતો શરીરમાં ખોસેલી નળીઓને જુવે છે. નળીઓમાંથી જતા-આવતા પ્રવાહીઓને જુવે છે અને ઉજાગરાથી ભરેલો થાક્યો પાક્યો ઝોકે ચડી જાય છે. ઊંઘી જાય છે. ક્યારે આંખો બંધ થઇ એ ખબર જ નથી પડતી. આ પંક્તિ કવિતામાં એવી રીતે મૂકાઇ છે કે આ પંક્તિ ચૂકી જઇએ તો કોની આંખો બંધ થઇ એ જલ્દી સમજાય  તેવું નથી.
પુત્રની આંખ ઉજાગરાઓને અંતે એકબાજુ મીંચાઇ છે એ જ ઊંઘમાં ભગવાનને ય ફૂરસદ મળી છે એટલે સ્વપ્નમાં દર્શન દેવા આવ્યા છે. આમ તો ભગવાન પણ ઉદાસીના દિવસોમાં ઉદાસ જ દેખાતા હતા. આજે કંઇક વધારે પ્રસન્ન દેખાય છે. ભગવાન વરદાન માંગવા કહે છે. કવિ માતાની આંખ સામે જુવે છે. ભગવાન પાસે માતાનું જીવન માંગવા જાય છે પણ... જીવન બોલી નથી શકાતું ત્યાં તો અચાનક ધડામ કરતું બારણું પછાડીને નર્સ રૃમમાં આવે છે. માતા અવસાન પામી છે. પુત્રને સમજવામાં અને જોવામાં વાર ન લાગી.
કરોળિયાના જાળા જેવી શરીરમાં ખોસેલી નળીઓ નર્સે એક પછી એક દૂર કરી. જતું - આવતું પ્રવાહી સ્થિર થઇ ગયું હતું. પુત્રની આંખ એક ક્ષણ માટે મીંચાઇ એ જ ક્ષણે માતાની પણ આંખ મીચાઇ હતી. જાણે થાકેલા પુત્રને માતાએ છેલ્લીવાર સૂવડાવીને પોતાની આંખ સદા માટે મીંચી લીધી. નર્સે તો આવીને ફટાફટ નળીઓ ખેંચી કાઢી છે. એને તો ફરી સળ વગરની ચાદર પાથરવાની છે. ફરી કોઇ એક પેશન્ટ દાખલ થવા આવવાનું છે. ફરી એક કોઇ પુત્ર ઈશ્વર પાસે માતાનું જીવન માંગતા - માંગતા ઊંઘમાંથી જાગી જવાનો છે. સમગ્ર કવિતાની અંદર માતા - આંખ મીંચાવી - સ્વપ્ન - જાગી જવું - અને સદાકાળ માટે મીંચાયેલી માતાની આંખ આ બધું જ કવિતાનાં શબ્દોની પાછળ ઊભેલું છે. કવિતાને અંતે આપણે પણ સ્થિર થઇ જઇએ છીએ. થીજી જઇએ છીએ.

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