Warrier's blog

Apathy to Frauds - Moneylife Sucheta, your assessment of the situation is correct. People, including those responsible to respond and ‘act’ have become apathetic to gross violations of prudent procedures, law of the land and ethical practices in everyday life. Even their bosses get tired correcting certain individuals who have a peculiar addiction to make controversial statements. But, that should not stop us from exposing wrong practices in public life. Let us remember the following words of Robert Kennedy*: Let no one be discouraged by the belief there is nothing one man or one woman can do against the enormous array of the world’s ills- against misery and ignorance, injustice and violence…Few will have the greatness to bend history itself; but each of us can work to change a small portion of events, and in the total of all those acts will be written the history of this generation…” * Quoted by Jeffrey D Sachs in his book ‘The end of poverty’ (Penguin, 2005)

Free Press Journal, April 5, 2013 Getting down to ‘ BRICS’ tacks Inder Malhotra WHILE the latest summit of BRICS - Brazil , Russia , India , China and South Africa - was on at Durban , South Africa , last week, there seemed to be nothing unusual about the proceedings. It was business as usual. Since the main item on the agenda was the formation of a BRICS bank as the global South's answer to the World Bank and the IMF that are unashamedly pro- West and neglectful of the developing countries, there was broad support for it. However, refreshingly, there were thoughtful voices of caution: the objective was worthy, but BRICS must go about it slowly. Similarly, the Durban conclave was on firm footing in demanding that while peace must be brought back to civil wartorn Syria , Syrian sovereignty must be respected. To dig our toes on this is vital. Becau...

Tax dept wants to count your cash | Business Standard M G WARRIER There seems to be a general impression that possession of ‘unaccounted’ wealth is just a tax-related issue. High time, government, policy makers and analysts viewed this from a social security angle affecting the life and security of all citizens including the rich, the middle class and the poor in different ways. Inclusion of more columns may help to trap some innocent individuals or even corporates who believe in transparency in transactions and collecting ‘some’ extra tax from them. If the effort has to yield results, first, the present holdings of movable assets including gold, jewellery and other high-value assets held by individuals, families, institutions including ‘charitable’ and religious organisations will have to be ‘registered’ with some authority in a transparent manner and a procedure to report periodically further accumulation to such stocks put in place. 9 hours ago |  Reply

A case for keeping FIIs out - Business Line The unbridled dependence on import of essential commodities like oil  and not so essential luxuries like gold, besides total absence of  control on extravagant lifestyle have compounded forex-related  problems. While full convertibility of currency has been rightly  delayed or postponed, spending on import of toys to aircrafts, floor  tiles to machinery for theme parks, expenditure on travel abroad are  not budgeted and accounted factoring in the matching of export-import  costs and benefits.  Though there has been sincere effort from the side of RBI to bring  down gold import, there has not been perceptible policy support or  even a realistic effort to create awareness among people about the  need to put into productive use the domestic stock of gold or reducing  the appetite for accumulation of gold and gold ornaments.  Self-reliance is not a bad idea. Neither is borrowing fo...

Prevention better than cure | Business Standard M G WARRIER While the adage ‘Prevention better than cure’ cannot be faulted, correct diagnosis of the problem is important for prescribing steps towards cure. It is true that both fiscal deficit and current account deficit are slipping from the hands of FM who has been braving optimistic statements in different fora, based on figures ‘cooked for the occasion’. The present situation is attributable to unbridled dependence on import of essential commodities like oil and not so essential luxuries like gold, besides total absence of control on extravagant lifestyle. While full convertibility of currency has been rightly delayed or postponed, spending on import of toys to aircrafts, floor tiles to machinery for theme parks, expenditure on travel abroad are not budgeted and accounted factoring in the matching of export-import costs and benefits. Though there has been sincere effort from the side of RBI to bring down gold import, there has not...

Muthoot Finance launches pension scheme for its employees - Moneylife

Letters: Reviewing the RBI Act | Business Standard M G WARRIER It would be worthwhile to revisit the preamble of the Reserve Bank of India Act, 1934 which reads asunder: “An Act to constitute a Reserve Bank of India. Whereas it is expedient to constitute a Reserve Bank of India to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; And whereas in the present disorganization of the monetary systems of the world it is not possible to determine what will be suitable as a permanent basis for the Indian monetary system; But whereas it is expedient to make temporary provision on the basis of the existing monetary system, and to leave the question of the monetary standard best suited to India to be considered when the international monetary position has become sufficiently clear and stable to make it possible to frame permanent measures; It is her...