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Showing posts from November, 2013

Finance matters: Business Lin

The Hindu Business Line, November 27, 2013: Letters Finance matters The article “Take money matters to school” ( Business Line , November 25) throws light on the reasons for the tardy progress being made in bringing about financial inclusion, despite the RBI’s awareness drive in the last couple of years. The real financial position is kept concealed by all financial managers, right from the US Treasury managers to the head of a below-the-poverty-line (BPL) family in India. If tax-payers in the US and the school-going child of the BPL family were aware of the $16 trillion debt and how the monthly fees were being paid, respectively, the expenditure patterns of the country and the family would undergo a transformation. To effect any change, the best option would be to include finance as a compulsory subject in the education module right from class 7. If this is done, the approach to savings, borrowing and spending will change for the better. M. G. Warrier Mumbai

Letters: Window dressing | Business Standard

Letters: Window dressing | Business Standard Window dressing This refers to the report “Your wait for that big I-T refund just got longer”( Business Standard, November 25). I wish the report is not based on facts. Not because I am waiting for a ‘huge income tax refund’. But, merely to have the comfort that in addition to all the allegations GOI is already being subjected to, the finance ministry doesn’t end up defending accusations of ‘window-dressing’, managed by doubtful accounting practices to show a lower deficit figure. It is tough to coprehend how delayed payment of amounts which have already become payable will reduce the expenditure. Anything is possible, because we are hearing about thousands of crores of ‘unclaimed’ deposits with EPFO, LIC, banks and so on and huge balances yet to reach the fund managers even under the New(National) Pension System. With all the development in technology, can we not think of a more transparent accounting system for public funds

SECRET OF THE MACHINES: RUDYARD KIPLING

"The Secret of The Machines"* "But remember, please, the Law by which we live, We are not built to comprehend a lie, We can neither love nor pity nor forgive, If you make a slip in handling us you die!” -          Rudyard Kipling (Quoted in Business Today Cover Story "His Own Man" posted here as a separate Blog-M G Warrier)

Take money matters to school | Business Line

Take money matters to school | Business Line Online comments posted on November 25, 2013: The article tells us the reasons for the tardy progress being made in the avowed objective of Financial Inclusion even after a country-wide awareness drive by RBI during the last couple of years. The real financial position, like truth, is kept concealed by all financial managers including US Treasury managers down to the head of a BPL family in India from the persons who should be aware of the position. If the tax-payers in the US and the school-going child of the BPL family was aware of the 16 trillion dollar debt and how the monthly fees is being paid respectively, that awareness will bring changes in the expenditure patterns of the country and the family respectively. The observation that ‘the line between genuine financial advice and product recommendations often gets blurred’ is too mild. Whether it is NPS or a simple term life insurance policy the advice comes in the form of ‘sales ta

HIS OWN MAN: Business Today Cover Story on Dr Raghuram Rajan

His Own Man (November 24),    Online comments posted on November 21, 2013: This article, together with the interview given by RBI Governor Raghuram Rajan has clearly portrayed the real Rajan. It is comforting to find that Rajan remains as forthright in expressing his views after taking over as governor as he was when he wrote his book Fault Lines. Those who have read Fault Lines will not be surprised by his approach. The finance minister, who before Rajan, had appointed D. Subbarao hoping to have a submissive RBI governor, was soon disappointed. He is likely to be second time unlucky with Rajan. We are lucky to have institutions like the RBI which, in terms of work ethic and independent functioning, can match the best in the world. - M.G. Warrier, Mumbai Occasionally, I get responses like the one copied below, which keeps me going till I get something similar! “Dear MGW, Thanks for the link, this morning I just allowed me to bit more serious topic of the day -

Letters: Rich lists | Business Standard

Letters: Rich lists | Business Standard The link is for the published version. Unedited version copied below: Final diagnosis This refers to the report “Banks wrote off Rs1 lakh crore in 13 years: Chakrabarty”( November 19). It is heartening to find that though late in the day, a debate on who favours whom is getting initiated at the highest level. This is good for the health of the economy. For treating any ailment, diagnosis is the most important and perhaps, crucial, step. It cannot be different for an ailing economy. Indian economy has enough resources to restore its health. Revelations like the one now made by RBI Deputy Governor about write offs in favour of wealthy by banks and annual waiver of taxes payable by corporates(that could be several multiples of one trillion, if the figures during the last ten years are added up ) while tabling Budget Estimates in Parliament, will give a rough picture of how the rich is becoming richer. May be the government or any or

BHARATIYA MAHILA BANK : KNOW MORE (from NDTV report)

India's first women-only bank now open: top 10 facts NDTV | Updated On: November 19, 2013 15:17 (IST) The first branch of India's first all-woman bank -- Bharatiya Mahila Bank -- opened in Lucknow on Tuesday. Prime Minister Manmohan Singh and Congress president Sonia Gandhi inaugurated the branch via video conferencing from Mumbai. Finance Minister P. Chidambaram was also be present. Here are 10 things to know about the women-only bank: 1.       The Bharatiya Mahila Bank has been set up by the government exclusively for women and will predominantly employ women. One of the key objectives of the bank is to focus on the banking needs of women and promote economic empowerment through women's growth and development. The bank has appointed an all-women board of 8 members. 2.       Other branches that would become operational today include Guwahati, Kolkata, Chennai, Bengaluru and Ahmedabad. 3.       The government had also proposed opening of branches