Government framed policy for posting of bank employees in Villages as also for posting in North Eastern States to promote rural banking and to help development work in rural areas and North Eastern states. But management of banks have always misused this excellent policy to discard non-flatterers and to torture those employees who do not indulge in corrupt practices and who do not implements bad orders of the executives.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
Thursday, May 20, 2010
Sunday, April 4, 2010
Controlling Tax officers is more important
It is reported in prominent newspaper today that tax dues from tax evaders has been increasing year after year and due to some reason or the other has mounted to Rs.198508 crores, say two lac crores rupees as on 30.09.2009. Out of this Rs.133232 crores pertain to corporate sector and Rs.65274 crores from individuals. Department of revenue, the Central Board of Direct Taxes has proposed punishment of rigorous imprisonment from three to seven years for such tax evaders, who conceal their income, who do not file income tax returns, who violates anti money laundering act, or who do not deduct TDS or do not deposit tax deducted at source in time..
This is indeed a very good proposal .I however feel that CTBT should start this holy task by launching searching and investigating process in respect of all officers and babus working in Income tax department and various Ministries of Central government. Charity and good work should begin from home. In the second round big fishes involving tax evasion of rupees ten lacs and more may be trapped, then politicians having houses, apartments, colleges, factories worth more than a crore rupee may be caught and so on.
When top level ministers, IT officers , IT commissioners, CBI personnels,vigilance officers and officers involved in scrutiny of files, searching, assessing and investigating processes are honest , there is no doubt that the same culture will percolate down the level and this message will spread like epidemic in entire country and people of India will never dare opt for tax evasion. It is a bitter truth and undeniable fact that all types of tax evasions are taught by none other than IT babus and officers either directly or middlemen called as IT consultants. There is clear nexus between tax assessing authorities and businessmen and all tax files involving big individuals and corporate. As soon as Income tax payer agrees to quantum of bribe or commission set by IT officers are given in an envelope, file gets clearance from tax officers. This corrupt practice causes loss many times more than existing tax dues revealed herein above to government.
It is unfortunate that honest tax payers in India are never awarded, respected and given preferred treatment, but more often than not harassed and unnecessarily tortured by corrupt IT babus and corrupt officers of Income tax departments because such honest tax payers do not easily agree to give bribe to the department .It is also true that in our country even IT officers do not get promotions and good posting as long as he or she do not fill the pocket of Ministers and top officials of Ministry of concerned department. Such practice is all offices of government, all banks and all departments where government is having control. Merit is seldom respected, but corrupt officers are more often than not awarded. When the Ganga flowing from top is poisoned and polluted one cannot dream of pure water at ground level. .
This is why I have to suggest to Government and CTBT to launch attack first on those officers who are originators, perpetuators and irrigators of corruption and immediately stop financial terrorism let loose by tax authorities .If we start giving respect to honest tax payers and punishing corrupt government officers honestly, sincerely, quickly and without any based attitude there will be great improvement in the prevailing culture and people of prefer paying tax than opting for tax evasion. There are enough laws in existing law books to penalize the guilty if there is will to do so. There is no need to frame tougher rule in this regard. India needs strong will of execution of rules truly and in good spirit
India should learn to award honest officers and stop giving preference to officers who flatter and who earn through unfair means and give share to seniors. Public opinion should be sought to assess honesty and integrity of an officers. Formal certificate of honesty and integrity as prevalent in the system is nothing but a formality. Truth and reality of Indian system is known to all Indians. As such proposed rigorous imprisonment should commence from corrupt IT officials and corrupt ministers sitting at the top post and who are root cause of all evils. Tax payers deserve praise, respect and honour because they are backbone of Indian economy.
Danendra Jain
Ganaraj Chumuhani Agartala 799001
05.04.2010
This is indeed a very good proposal .I however feel that CTBT should start this holy task by launching searching and investigating process in respect of all officers and babus working in Income tax department and various Ministries of Central government. Charity and good work should begin from home. In the second round big fishes involving tax evasion of rupees ten lacs and more may be trapped, then politicians having houses, apartments, colleges, factories worth more than a crore rupee may be caught and so on.
When top level ministers, IT officers , IT commissioners, CBI personnels,vigilance officers and officers involved in scrutiny of files, searching, assessing and investigating processes are honest , there is no doubt that the same culture will percolate down the level and this message will spread like epidemic in entire country and people of India will never dare opt for tax evasion. It is a bitter truth and undeniable fact that all types of tax evasions are taught by none other than IT babus and officers either directly or middlemen called as IT consultants. There is clear nexus between tax assessing authorities and businessmen and all tax files involving big individuals and corporate. As soon as Income tax payer agrees to quantum of bribe or commission set by IT officers are given in an envelope, file gets clearance from tax officers. This corrupt practice causes loss many times more than existing tax dues revealed herein above to government.
It is unfortunate that honest tax payers in India are never awarded, respected and given preferred treatment, but more often than not harassed and unnecessarily tortured by corrupt IT babus and corrupt officers of Income tax departments because such honest tax payers do not easily agree to give bribe to the department .It is also true that in our country even IT officers do not get promotions and good posting as long as he or she do not fill the pocket of Ministers and top officials of Ministry of concerned department. Such practice is all offices of government, all banks and all departments where government is having control. Merit is seldom respected, but corrupt officers are more often than not awarded. When the Ganga flowing from top is poisoned and polluted one cannot dream of pure water at ground level. .
This is why I have to suggest to Government and CTBT to launch attack first on those officers who are originators, perpetuators and irrigators of corruption and immediately stop financial terrorism let loose by tax authorities .If we start giving respect to honest tax payers and punishing corrupt government officers honestly, sincerely, quickly and without any based attitude there will be great improvement in the prevailing culture and people of prefer paying tax than opting for tax evasion. There are enough laws in existing law books to penalize the guilty if there is will to do so. There is no need to frame tougher rule in this regard. India needs strong will of execution of rules truly and in good spirit
India should learn to award honest officers and stop giving preference to officers who flatter and who earn through unfair means and give share to seniors. Public opinion should be sought to assess honesty and integrity of an officers. Formal certificate of honesty and integrity as prevalent in the system is nothing but a formality. Truth and reality of Indian system is known to all Indians. As such proposed rigorous imprisonment should commence from corrupt IT officials and corrupt ministers sitting at the top post and who are root cause of all evils. Tax payers deserve praise, respect and honour because they are backbone of Indian economy.
Danendra Jain
Ganaraj Chumuhani Agartala 799001
05.04.2010
Wednesday, March 31, 2010
RBI Governor
Is Female dominated by male in Indian society?
The society is dominated by money power and muscle power and not by male, might is right. Everyone worship who is powerful, gender is irrelevant. In the state of Tamilnadu Jayalalitha is worshipped like goddess. Mayawati is treated as Devi in UP. Indira was treated as India. Even Sonia is followed like Devi. Many Congress leaders are ready to touch her feet to get some good post, respectable birth in cabinet, get a ticket for election etc. Every male member loves his sister, wife, and mother more than his brother, father or anyone else. In many offices lady worker has played effective role. Bank like ICICI is headed by lady Kochar. Indian bank was headed by lady chairman who changed the fate of Indian bank. I therefore do not agree with the saying that lady in India is dominated by male member. There are several males who do not work, who are addict of bad habits, and who are totally incompetent try to dominate forcefully on female .they are few. It will not be an exaggeration if one say that in practice and in real life of a good family, male are dominated by female, not due to any pressure but due to mutual love and respect.
Why Indian depends on USA for all matters related to Pakistan? Can Indian alone not tackle Pakistan?.
This is the great weakness of Indian diplomacy. In the past India used to blindly support USSR and now blindly follow USA. Inspite of all India's image is good in International arena. Even USA considers India as a probable threat in future. USA uses Pakistan as a tool to weaken India to maintain dominance of USA. However India has built the capacity to teach Pakistan lesson and damage it if needed. But in war, loss occurs to both parties. Even Pakistan has developed substantial energy to spoil many parts of India. As such war is enemy of human being, causes loss to warring countries, more or less it may be, loss is loss. All efforts are therefore by peace loving country India to resolve the issue with dialogue or with pressure from super powers of the world as we all peace loving people in India use to do to resolve family or social disputes through dialogue and through intervention of some effective person of the area. . Indian people always condemn terrorism and naxalism. All religions advise for love and mutual respect.
Why people do not revolt against corruption?
There is no revolt against corrupt system because most of the people are corrupt. All are sitting in glass house. Who can dare throwing stone on others? Number of person not accepting or giving illegal money, gifts and favour of any kind are very limited and hence not powerful and not that much effective which can produce a wave of revolt against rampant corruption in the system. India needs person like Gandhi who shook the castle of British rule and gave India freedom. Jai Prakash Narayan tried to punish the corrupt public representative but failed to stop greedy followers who punctured his movement to serve their vested self interest. India needs person like Netaji Subhash Bose or Sardar Ballabh Bhai Patel. We have Manmohan and microscopically few other simple people full of honesty who follows Lady Sonia to safeguard his post or who prefer remaining a silent spectator of rape of democracy and prevalent corruption in Indian system. As such people have more or less accepted corrupt practices as normal practices. .
What should an employee do when he or she is harassed by his boss or CEO?
Days are gone when labour laws were respected by government. Now-a-days even labour offices, government departments, banks, insurance companies and all private companies are indulged in labour exploitation of labour. There is none to raise voice against it in the name of reformation. In near future we will reincarnation of socialism in some other name. Capitalism cannot last long. Gap between rich and poor is widening and as a result crime graph is going up and up, riches are indulged in profit making and hence price are going up and up. Ministers and officers, babus and even peons are indulged in earning illegal money. There is none to raise a voice against boss or CEO of any company who are forcing employees to work more than twelve hours a day and who have almost made the family life of employees miserable. Even if some voices are raised here and there, such people are isolated and shunted in critical and remote areas or removed from service. As such most of good workers have to lead a life in rejection, dejection, depression, frustration etc.
The society is dominated by money power and muscle power and not by male, might is right. Everyone worship who is powerful, gender is irrelevant. In the state of Tamilnadu Jayalalitha is worshipped like goddess. Mayawati is treated as Devi in UP. Indira was treated as India. Even Sonia is followed like Devi. Many Congress leaders are ready to touch her feet to get some good post, respectable birth in cabinet, get a ticket for election etc. Every male member loves his sister, wife, and mother more than his brother, father or anyone else. In many offices lady worker has played effective role. Bank like ICICI is headed by lady Kochar. Indian bank was headed by lady chairman who changed the fate of Indian bank. I therefore do not agree with the saying that lady in India is dominated by male member. There are several males who do not work, who are addict of bad habits, and who are totally incompetent try to dominate forcefully on female .they are few. It will not be an exaggeration if one say that in practice and in real life of a good family, male are dominated by female, not due to any pressure but due to mutual love and respect.
Why Indian depends on USA for all matters related to Pakistan? Can Indian alone not tackle Pakistan?.
This is the great weakness of Indian diplomacy. In the past India used to blindly support USSR and now blindly follow USA. Inspite of all India's image is good in International arena. Even USA considers India as a probable threat in future. USA uses Pakistan as a tool to weaken India to maintain dominance of USA. However India has built the capacity to teach Pakistan lesson and damage it if needed. But in war, loss occurs to both parties. Even Pakistan has developed substantial energy to spoil many parts of India. As such war is enemy of human being, causes loss to warring countries, more or less it may be, loss is loss. All efforts are therefore by peace loving country India to resolve the issue with dialogue or with pressure from super powers of the world as we all peace loving people in India use to do to resolve family or social disputes through dialogue and through intervention of some effective person of the area. . Indian people always condemn terrorism and naxalism. All religions advise for love and mutual respect.
Why people do not revolt against corruption?
There is no revolt against corrupt system because most of the people are corrupt. All are sitting in glass house. Who can dare throwing stone on others? Number of person not accepting or giving illegal money, gifts and favour of any kind are very limited and hence not powerful and not that much effective which can produce a wave of revolt against rampant corruption in the system. India needs person like Gandhi who shook the castle of British rule and gave India freedom. Jai Prakash Narayan tried to punish the corrupt public representative but failed to stop greedy followers who punctured his movement to serve their vested self interest. India needs person like Netaji Subhash Bose or Sardar Ballabh Bhai Patel. We have Manmohan and microscopically few other simple people full of honesty who follows Lady Sonia to safeguard his post or who prefer remaining a silent spectator of rape of democracy and prevalent corruption in Indian system. As such people have more or less accepted corrupt practices as normal practices. .
What should an employee do when he or she is harassed by his boss or CEO?
Days are gone when labour laws were respected by government. Now-a-days even labour offices, government departments, banks, insurance companies and all private companies are indulged in labour exploitation of labour. There is none to raise voice against it in the name of reformation. In near future we will reincarnation of socialism in some other name. Capitalism cannot last long. Gap between rich and poor is widening and as a result crime graph is going up and up, riches are indulged in profit making and hence price are going up and up. Ministers and officers, babus and even peons are indulged in earning illegal money. There is none to raise a voice against boss or CEO of any company who are forcing employees to work more than twelve hours a day and who have almost made the family life of employees miserable. Even if some voices are raised here and there, such people are isolated and shunted in critical and remote areas or removed from service. As such most of good workers have to lead a life in rejection, dejection, depression, frustration etc.
Thursday, March 18, 2010
People suffer Politicians enjoy
It will be foolish to expect anything from political leaders, even if he may be Rahul Gandhi or anyone else. It is seen in last month, how the budget exercise completely forgot common men. Entire government is for rich people, rich businessmen who share their income with political leaders and help them to win various election at various levels.
Government is of the rich people, for the rich people and by the rich people. Common men are treated as beggar and given alms like Rs.5oo or Rs400 as old age pension ,or 750 as unemployment stipend or Rs100 daily for 100 days under NREGA or some food items that too rotten under PDS, or free rotten meal to child in schools. Common men are gifted with quota on caste basis which serves dual purpose. Firstly leaders gain sympathy of voters and secondly it divides the society and makes it easy for leaders to rule.
So far as middle class people earning upto Rs.5.00 lacs a year are concerned they have also been given little tax rebate to compensate partly what these people had to incur loss due to unprecedented price rise. Common man cannot dream of this relief because they are non-taxpayers. They have to suffer the pain of price rise.
Rahul has also done nothing for poor men. He has learnt the tact to befool common men and has become expert in gaining sympathy of common men. So far as the last election is concerned, it was not at all a victory of Congress party; it was division of votes among other parties. Muslim and some backward caste votes in particular left congress party and scattered in BSP or SP or other regional parties.
As such winning ability of a candidate or a party depends on not what he or the party has done for common men but what and how did he interact with them and what they spoke in election rally.
Even in government offices and departments, it is not important what an employee performs, but it is more important how he flatters to boss. A Boss is one who speaks better and not who performs better. Officer in charge of a Police station is promoted because he is in good book of his boss; he is not rejected because he could not serve the common men.
Common men are very innocent; they prefer suffering in pain of price rise or bear the brunt of corrupt, biased and inactive administration. They are swayed away by pied pipers turned politicians who play their flutes during their rally and public meetings. Rahul and Sonia and speakers of Congress parties and they are least bothered of sufferings of common men.
This is why person like Pranab Mukherjee and Sharad Pawar beg excuses from Nation that they cannot reduce price, they cannot take action against hoarders, profit makers, black marketers because these person are helping Congress Party leaders and the party in election.
What can a young leader like Rahul do is a million dollar question? Rahul may be termed at best as a vote mobiliser for Congress Party.
As long as system of flattery continues in our country, we cannot dream of good result from any political leaders or government officers.
Danendra jain
Ganaraj choumuhani
Agartala
19th March 2010
Government is of the rich people, for the rich people and by the rich people. Common men are treated as beggar and given alms like Rs.5oo or Rs400 as old age pension ,or 750 as unemployment stipend or Rs100 daily for 100 days under NREGA or some food items that too rotten under PDS, or free rotten meal to child in schools. Common men are gifted with quota on caste basis which serves dual purpose. Firstly leaders gain sympathy of voters and secondly it divides the society and makes it easy for leaders to rule.
So far as middle class people earning upto Rs.5.00 lacs a year are concerned they have also been given little tax rebate to compensate partly what these people had to incur loss due to unprecedented price rise. Common man cannot dream of this relief because they are non-taxpayers. They have to suffer the pain of price rise.
Rahul has also done nothing for poor men. He has learnt the tact to befool common men and has become expert in gaining sympathy of common men. So far as the last election is concerned, it was not at all a victory of Congress party; it was division of votes among other parties. Muslim and some backward caste votes in particular left congress party and scattered in BSP or SP or other regional parties.
As such winning ability of a candidate or a party depends on not what he or the party has done for common men but what and how did he interact with them and what they spoke in election rally.
Even in government offices and departments, it is not important what an employee performs, but it is more important how he flatters to boss. A Boss is one who speaks better and not who performs better. Officer in charge of a Police station is promoted because he is in good book of his boss; he is not rejected because he could not serve the common men.
Common men are very innocent; they prefer suffering in pain of price rise or bear the brunt of corrupt, biased and inactive administration. They are swayed away by pied pipers turned politicians who play their flutes during their rally and public meetings. Rahul and Sonia and speakers of Congress parties and they are least bothered of sufferings of common men.
This is why person like Pranab Mukherjee and Sharad Pawar beg excuses from Nation that they cannot reduce price, they cannot take action against hoarders, profit makers, black marketers because these person are helping Congress Party leaders and the party in election.
What can a young leader like Rahul do is a million dollar question? Rahul may be termed at best as a vote mobiliser for Congress Party.
As long as system of flattery continues in our country, we cannot dream of good result from any political leaders or government officers.
Danendra jain
Ganaraj choumuhani
Agartala
19th March 2010
Friday, February 26, 2010
Care for Common men
Price Rise:::::::
With the rise of petrol and diesel prices there will be rise in bus fare, freight fare by trucks and indirectly prices of all commodities will rise due to rise in transportation cost. It is also true that when petrol or diesel prices go down there is no fall in prices. When ATS fuel prices rise airlines raises airfare but do not reduce the same when ATS cost comes down. Prices can be controlled only by conducting raids on traders, manufacturers and commodity brokers who are artificially raising prices.
There is no shortage of production and it is told by government many times and it is also known that government is proud of GDP growth in the country. Regulation of prices of all goods and services need to be done at all level but in the name of reformation administration is ignoring the same and has given full freedom to businessmen to earn maximum profit. http://in.linkedin.com/in/danendra
Subsidy:::::::::
Subsidies of all types are looted by fabricating relevant documents. It may be NREGA money or Industrial subsidy or fuel subsidy or fertilizer subsidy or export subsidy or subsidy under various loan schemes sponsored by government of India. There is large scale loot going on in one name or the other. When media traps one scheme they change the name and old wine in new bottle continues. Reign of corruption will never end until we adopt to some hard punitive action... http://in.linkedin.com/in/danendra
Income Tax relief:::::::::::::::::::
There is nothing substantial in budget other than a little bit compensatory relief ( price rise is almost 100% during last one year and when prices rises there is salary erosion at all levels. Even businessmen whose income is less than five lacs faced the pain of price rise)to salaried class people or person having income upto 8 lacs.
Large part of population constituting 80% of Indians who are having less than one lac as annual income will not get any relief but they will be forced to share burden likely to rise due to rise in fuel prices. Government which always talks of common men has left the common men on the mercy of traders and corrupt officers .http://in.linkedin.com/in/danendra
Housing Sector::::::::::::
1% interest concession has been allowed to those who avail loan upto Rs.10.00 lacs but service tax has been imposed at 10% on builders who take advance for booking a flat.. former will give a little bit relief but there will be at least ten times of this relief as rise in cost of flat.
Common men:;;;;;;;;;;;;;
Private companies have been allowed to set up local private banks in all towns and villages. Now these banks will exploit rural people as money lenders used to exploit them before nationalization of banks. On the one hand government is talking of consolidation of banks and on the other they do not hesitate in giving more and more licenses for private banks.
Even existing NBFC are beyond the control of the government and every year some NBFC close their offices and found to be absconding when poor and innocent depositors ask for payment as promised by them. Now government is trying to add fuel to fire by giving them permission to establish local banks.
Danendra Jain
Ganaraj Choumuhani Agartala 799001
27th Feb 2010
With the rise of petrol and diesel prices there will be rise in bus fare, freight fare by trucks and indirectly prices of all commodities will rise due to rise in transportation cost. It is also true that when petrol or diesel prices go down there is no fall in prices. When ATS fuel prices rise airlines raises airfare but do not reduce the same when ATS cost comes down. Prices can be controlled only by conducting raids on traders, manufacturers and commodity brokers who are artificially raising prices.
There is no shortage of production and it is told by government many times and it is also known that government is proud of GDP growth in the country. Regulation of prices of all goods and services need to be done at all level but in the name of reformation administration is ignoring the same and has given full freedom to businessmen to earn maximum profit. http://in.linkedin.com/in/danendra
Subsidy:::::::::
Subsidies of all types are looted by fabricating relevant documents. It may be NREGA money or Industrial subsidy or fuel subsidy or fertilizer subsidy or export subsidy or subsidy under various loan schemes sponsored by government of India. There is large scale loot going on in one name or the other. When media traps one scheme they change the name and old wine in new bottle continues. Reign of corruption will never end until we adopt to some hard punitive action... http://in.linkedin.com/in/danendra
Income Tax relief:::::::::::::::::::
There is nothing substantial in budget other than a little bit compensatory relief ( price rise is almost 100% during last one year and when prices rises there is salary erosion at all levels. Even businessmen whose income is less than five lacs faced the pain of price rise)to salaried class people or person having income upto 8 lacs.
Large part of population constituting 80% of Indians who are having less than one lac as annual income will not get any relief but they will be forced to share burden likely to rise due to rise in fuel prices. Government which always talks of common men has left the common men on the mercy of traders and corrupt officers .http://in.linkedin.com/in/danendra
Housing Sector::::::::::::
1% interest concession has been allowed to those who avail loan upto Rs.10.00 lacs but service tax has been imposed at 10% on builders who take advance for booking a flat.. former will give a little bit relief but there will be at least ten times of this relief as rise in cost of flat.
Common men:;;;;;;;;;;;;;
Private companies have been allowed to set up local private banks in all towns and villages. Now these banks will exploit rural people as money lenders used to exploit them before nationalization of banks. On the one hand government is talking of consolidation of banks and on the other they do not hesitate in giving more and more licenses for private banks.
Even existing NBFC are beyond the control of the government and every year some NBFC close their offices and found to be absconding when poor and innocent depositors ask for payment as promised by them. Now government is trying to add fuel to fire by giving them permission to establish local banks.
Danendra Jain
Ganaraj Choumuhani Agartala 799001
27th Feb 2010
Saturday, February 20, 2010
Stimulus is cause of Inflation
I am not an economist, nor an expert in finance management of the government. I however try to project my feelings. Liquidity crisis or Sub Prime Crisis occurred in USA and other European countries. How did it affect Indian economy in the year 2008 which forced Indian Government to sanction stimulus package in line with what Obama did in USA.I am unable to understand it. Can anyone help me?
I came to know that since FII were withdrawing money from stock market, India’s economy has been shaken. It means our great miracle economy of the world depends on FII fund and survives due to FII fund.
Some intelligent persons tell that due to financial problems in USA, they had blocked payment of exports made by Indian businessmen. This resulted in liquidity crisis in many countries. Some says that export of goods has suffered a lot.
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stop import, real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affected units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentlessly rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
It is ironical that the government which is talking of social inclusion to attract Indian voters is also talking of merger of banks or infusion of fresh capital into PSU banks to enable them to compete with global banks which caused crisis in USA and other countries. When they plead consolidation of banks in raising exposure limit of the banks they perhaps forget the interest of common men or the issue of social inclusion.
Can I conclude now that the fear of global recession in India was artificial and virtual and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
I came to know that since FII were withdrawing money from stock market, India’s economy has been shaken. It means our great miracle economy of the world depends on FII fund and survives due to FII fund.
Some intelligent persons tell that due to financial problems in USA, they had blocked payment of exports made by Indian businessmen. This resulted in liquidity crisis in many countries. Some says that export of goods has suffered a lot.
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stop import, real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affected units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentlessly rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
It is ironical that the government which is talking of social inclusion to attract Indian voters is also talking of merger of banks or infusion of fresh capital into PSU banks to enable them to compete with global banks which caused crisis in USA and other countries. When they plead consolidation of banks in raising exposure limit of the banks they perhaps forget the interest of common men or the issue of social inclusion.
Can I conclude now that the fear of global recession in India was artificial and virtual and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
Thursday, February 18, 2010
Price rise and Stimulus Package
I am not an economist, nor an expert in finance management of the government. I however try to project my feelings. Liquidity crisis or Sub Prime Crisis occurred in USA and other European countries. How did it affect Indian economy in the year 2008 which forced Indian Government to sanction stimulus package in line with what Obama did in USA.
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stops import , real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affects units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentless rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
Can I conclude now that the fear of global recession in India was artificial and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stops import , real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affects units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentless rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
Can I conclude now that the fear of global recession in India was artificial and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
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