Advocate Rajat Goel

Questions Answered by Advocate Rajat Goel

Q: can a govt employee do f&o trading ?

I am a govt PSU employee. Can I invest in stocks?, can psu employee do intraday trading

Advocate Rajat Goel answered
There is no absolute ban on investing in stocks however speculative trading (may include derivative trading) is not allowed. As per CCS (Central Civil Services) conduct rules 1964, investments in shares, debentures and mutual funds can be made by the Government servant. However "frequent buying and selling" of these are considered as "speculation" and is banned. Also for transactions above certain value, the government officers have to inform prescribed authorities.Here is the excerpt of the rules:(32) Transactions in sale and purchase of shares and debentures etc.The provisions of sub-rule (4) of Rule 18 of the CCS (Conduct) Rules, 1964 provides that the Government or the prescribed authority may, at any time, by general or special order, require a Government servant to furnish within a period specified in the order, a full and complete statement of such movable or immovable property held or acquired by him or on his behalf or by any member of his family as may be specified in the order. Such statement shall, if so required by the Government or by prescribed authority, include the details of the means by which or the source from which, such property was acquired.2. Sub-rule (1) of Rule 16 also provides that no Government servant shall speculate in any stock, share or other investment. It has also been explained that frequent purchase or sale or both, of shares, securities or other investments shall be deemed to be speculation within the meaning of this sub-rule.3. It has been brought to the notice of the Government that a number of employees are investing in shares, securities and debentures etc. frequently. With a view to enable the administrative authorities to keep a watch over such transactions, it has been decided that an intimation may be sent in the enclosed proforma to the prescribed authority in the following cases :-(i) Group ‘A’ and ‘B’ Officers – If the total transaction in shares, securities, debentures or mutual funds scheme etc. exceeds Rs. 50,000/- during the calendar year.(ii) Group ‘C’ & ‘D’ Officers – If the total transactions in shares, securities, debentures or mutual funds scheme etc. exceeds Rs. 25,000/- during the calendar year.4. It is clarified that since shares, securities, debentures etc. are treated as movable property for the purpose of Rule 18 (3) of the CCS (Conduct) Rules, 1964 if an individual transaction exceeds the amount prescribed in Rule 18 (3), the intimation to the prescribed authority would still be necessary. The intimation prescribed in para 3 will be in addition to this, where cumulative transaction(s) i.e. sale, purchase or both in shares, securities, debentures or mutual funds etc. in a year exceed the limits indicated in para 3.

Q: bank locker in the name of deceased parents

My mother have locker in bank her parents name and they passed away. so how shall she open the locker now? the bank is asking for the court permission. my mother are 3 sisters and 2 brothers. one brother expired and one brother is abroad.

Advocate Rajat Goel answered
Go to court and ask decree signed by judged after making settlement between all brothers and sister who are alive now.Then provide that decree to bank along with other documents. if not works then contact again.

Q: Bank not ready to waive off maintenance Charges on credit card

I have about 7,000 rupees charges against the credit card, all of which are only maintenance charges, I asked the bank repeatedly to waive these charges as my financial situation I'd like to see not good and I'm not even unemployed,however they seem adamant to make me pay, they've also sent me a legal notice, what do I do now, I'm feeling very tensed, my unemployment is already an issue, I don't even have any other source of income, Will I go to jail, please tell me what to do?

Advocate Rajat Goel answered
No you will not go to Jail. you just need to tell them about your financial stability and ask them time to pay their charges. maintenance charges they will charge to you. you can surrender your card. So follow this method.

Q: Documents required to start an MLM company

Which documents are required to start an MLM company? Do I need PVT. LTD OR LLP to open MLM business.....???? Please provide the documents list, if possible. Thank you

Advocate Rajat Goel answered
MLM stands for Multi Level Marketing. First of all you need to incorporate a LLP or Private Limited . For private Limited Charges is 18,000( With two director) and 1 Lakh Capital and RUN facility available for only one time rejection after that separate fees will be charge. For LLP Cost will be 12,000.Please let us know about it which one to incorporate so that we will send you documents list and Deadline.Mail us on [email protected] or calll us 7838840547.

Q: What is procedure for settlement of loan with the bank

I had two personal loans and now i have some unwanted circumstances pertaining which I am not able to pay EMIs and now bank people are harassing me what can I do?

Advocate Rajat Goel answered
You can ask them a time to repay their loan but you can not deny to pay their loan untill and unless you are bankrupt.otherwise take an another loan to repay this loan but after all you have to pay every loan.