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By:

Kaustubh Kale

10 September 2024 at 6:07:15 pm

The Constitution of Your Money

On the eve of India’s Republic Day, we proudly remember the adoption of our Constitution - a document that gave structure, stability and direction to a young nation. It did not promise instant success, but it provided a framework strong enough to withstand crises, disagreements and change. Interestingly, the same philosophy applies to personal finance. Just as a nation cannot function without a Constitution, your money too needs a clear set of rules. Wealth is not built by chance or luck. It...

The Constitution of Your Money

On the eve of India’s Republic Day, we proudly remember the adoption of our Constitution - a document that gave structure, stability and direction to a young nation. It did not promise instant success, but it provided a framework strong enough to withstand crises, disagreements and change. Interestingly, the same philosophy applies to personal finance. Just as a nation cannot function without a Constitution, your money too needs a clear set of rules. Wealth is not built by chance or luck. It is built by discipline, structure and long-term thinking. Right to Financial Dignity The Constitution guarantees citizens fundamental rights. In personal finance, you too have rights - the right to financial security, the right to dignity in retirement, and the right to protect your family’s future. These rights do not come automatically. They are earned through systematic investing, adequate insurance and prudent planning. Ignoring these rights early in life often leads to financial dependence later, something no individual truly wants. Responsibility of Discipline Along with rights come duties. Citizens are expected to uphold the values of the Constitution. Similarly, investors must uphold financial discipline. Saving regularly, investing sufficiently and consistently, avoiding unnecessary debt and living within one’s means are not optional habits - they are duties. Many people want wealth, but few respect the responsibility that comes with building it. Without discipline, even high incomes fail to create lasting financial stability. Managing Risk A strong republic survives because power is balanced across institutions. In finance, this balance comes from asset allocation and diversification. Long-term goals should be supported by inflation-beating assets such as stocks, mutual funds and gold. Money meant for short-term goals must be parked in safer avenues like bank fixed deposits, recurring deposits or debt mutual funds. This allocation ensures that you create wealth while also having liquidity for near-term expenses or emergencies. Equally important is protecting your assets with adequate health insurance and term life insurance. Evolving With Life Our Constitution allows amendments to stay relevant over time. Financial plans too must evolve. Income changes, family responsibilities grow, goals shift and priorities change. A plan made three years ago may not suit today’s reality. Reviewing and updating investments periodically is not a sign of uncertainty, but of maturity. Flexibility ensures relevance without abandoning core principles. Process Over Emotion A republic functions because laws are followed, not because emotions are trusted. Similarly, successful investing depends on process, not panic or excitement. Market highs and lows will come and go. Investors who react emotionally often do more harm than good. Those who follow a clear financial framework remain aligned with their long-term goals. As we celebrate Republic Day, it is worth reflecting that freedom alone is not enough - structure sustains freedom. A nation survives because its Constitution is respected. Wealth survives because financial discipline is respected. Your money deserves a Constitution of its own. (The writer is a Chartered Accountant and CFA (USA). Financial Advisor. He could be reached on 9833133605. Views personal.)

Supreme Court To Hear Tuesday Plea Concerning 1991 Places Of Worship Act

  • PTI
  • Mar 31, 2025
  • 2 min read


New Delhi: The Supreme Court is scheduled to hear on Tuesday a plea challenging the validity of a provision of the Places of Worship (Special Provisions) Act, 1991, which mandates maintaining the religious character of a place as it existed on August 15, 1947.

As per the cause list of April 1, the plea is slated to come up for hearing before a bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar.

The law prohibits conversion of any place of worship and provides for the maintenance of the religious character of any place of worship as it existed on August 15, 1947.

However, the dispute relating to the Ram Janmabhoomi-Babri Masjid at Ayodhya was kept out of its purview.

The plea has sought the apex court’s direction, allowing courts to pass appropriate orders to ascertain the original religious character of a place of worship.

It has challenged section 4(2) of the Act that barred proceedings to change the religious character, besides prohibiting filing of fresh cases for the same.

“The Centre has transgressed its legislative power in barring the judicial remedy, which is a basic feature of the Constitution. It is well established that the right to judicial remedy by filing suit in a competent court, cannot be barred and the power of courts cannot be abridged and such denial has been held to be violative of basic feature of the Constitution, beyond legislative power,” the plea filed by petitioner Nitin Upadhyay, a law student, said.

The plea, filed through advocate Shweta Sinha, said the Act mandated preservation and maintenance of the religious character of places of worship without barring changes in the “structure, edifice, construction or building” in these places.

It said, “Structural change is permissible to restore the original religious character of the place.” The Act did not prohibit any scientific or documentary survey to ascertain the religious character of the place, the plea said.

In February, the apex court had expressed displeasure over filing of several pleas on the 1991 Act and said a three-judge bench would in April hear the pending post-notice petitions related to the law.

The top court, however, had granted liberty to some petitioners to file applications for intervention in the pending ones by citing new legal grounds The top court, through its December 12, 2024 order, effectively stalled proceedings in about 18 lawsuits filed by various Hindu parties seeking survey to ascertain original religious character of 10 mosques, including Gyanvapi at Varanasi, Shahi Idgah Masjid at Mathura and Shahi Jama Masjid at Sambhal where four people died in clashes.

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