‘The funny money is gone and now we are all coming down to earth’

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Tags : Idea Exchange, columns Posted: Sunday , Nov 16, 2008 at 0107 hrs

Uday Kotak at the EXPRESS

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•Sanjay Singh: You spoke of the liquidity mismatch where funds are made to honour their commitment to customers within a day. So, is there a rethinking within the mutual fund industry?

I believe the regulator is taking it up very actively. I have learnt that there is a move to make new Fixed Maturity Plans (FMPs) locked in till maturity. And the portfolio that the mutual fund invests out of that FMP should be such that the maturity of the asset should not exceed the maturity of the FMP by more than seven days.

•Shekhar Gupta: Does RBI need to take more steps?

I think so. I am really hoping that we continuously remain ahead of the curve and these are not normal times. My view is that make sure that you don’t act after the call goes to 20.

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•Coomi Kapoor: How long will the current economic crisis last?

I wish I really knew the answer. My view is that the global structural problem is 3-5 years fixed. It is in Europe, US, Japan, it is spread to Korea, South Africa...all over. If we take the right set of initiatives, I would still like to believe that India’s GDP for 2008-09, that is the current year, should average around close to 7 or 7.

•Sunny Verma: You mentioned an uneasy calm. Can you elaborate?

I think the financial sector is breathing well. The question in our minds is what is happening in the real sector. The job of the financial sector is to serve the real sector. And if the real sector has issues, it comes back to the financial sector. So what we really want to see is what is happening to the auto demand, commercial vehicles, aviation, real estate, and construction. That is where the action is.

... contd.

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Three persons in every transactionBy: Mr India | 31-Oct-2009 Reply | Forward There are three people involved in every monetary transaction.1. The money giver2. The money receiver3. The third person is the one whom the giver and receiver trust completely. And based on this trust, have given him the authority to print and maintain the money on which they are transacting.The third person (or entity - compromised on many persons with similar views) has enormous power at his disposal.

moneyBy: hanson | 26-Jan-2009 Reply | Forward HELLO, good evening.it is an oportunity for me to express you my desire, concerning funy momey i really want to connive in an undersanding mannr.ok if may sound interested to you then get back for more dedails.

Discovery of Funny Money: CongratulationsBy: S.C. Aggarwal | 16-Nov-2008 Reply | Forward Dear Sir, Till today i.e. November 16 2008 I was aware that there are two types of money in India - (i) white money and (ii) black money. But after reading Indian Express today at 7.00AM I have come to know that money is of three types - (i) white money (ii) black money and (iii) funny money. Thanks to Indian Express (Nov 16) and Mr. Uday Kotak for the discovery of "funny money". What I have understood is this that " funny money" is the creation of stock market manipulators who go on inflating the prices of shares. Mr. Uday Kotak has given an example' As on Oct 2007 India's total FII equity, at market price was around $280 billion and total foreign exchange reserve was $ 300 billion but after meltdown though there has been foreign exchenge outflow of $ 15 billion the total FII equity stands at $75 billion. So this is "funny money" generated in stock market but without any colour and not in the form of currency.

Money gone where?By: Ravi Tickoo | 16-Nov-2008 Reply | Forward I can't understand the simple mathematics. There is a gloom all over the world. Billions of dollars have been wiped out all over the world in the financial market. The big question is if these billions of dollars have been lost there is some one who has profited in this economic melt down. In a financial transaction there are always two parties, one person is the receive and another person is the giver. Shall we conclude that there are some big Mafia's in the market who are taking big chunk of this money. One of the root causes for this meltdown is primary mortgage transactions in US. If this is true it implies that people all over the world have financed for the US housing scheme. Whatever direction the economy takes in the coming years, the fact will remain there that there are certainly big mafia's who are ruling the economic scene all over the world and stealing the money of ordinary people. Unfortunately, the government control for these set ups is minimum. We need better regul

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