Bharat Rakshak Forum Announcement

Hello Everyone,

A warm welcome back to the Bharat Rakshak Forum.

Important Notice: Due to a corruption in the BR forum database we regret to announce that data records relating to some of our registered users have been lost. We estimate approx. 500 user details are deleted.

To ease the process of recreating the user IDs we request members that have previously posted on the BR forums to recognise and identify their posts, once the posts are identified please contact the BRF moderator team by emailing BRF Mod Team with your post details.

The mod team will be able to update your username, email etc. so that the user history can be maintained.

Unfortunately for members that have never posted or have had all their posts deleted i.e. users that have 0 posts, we will be unable to recreate your account hence we request that you re-register again.

We apologise for any inconvenience caused and thank you for your understanding.

Regards,
Seetal

Search found 7340 matches

by Suraj
22 Feb 2018 06:50
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

5.5 million GST returns filed in January As many as 5.5 million goods and services tax (GST) returns have been filed for January so far, Goods and Services Tax Network Chairman Ajay Bhushan Pandey said on Wednesday. The last date for filing initial GSTR-3B returns for a month is the 20th of the sub...
by Suraj
21 Feb 2018 11:31
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Nirav Modi's getting a whole rap sheet in his name. On top of defrauding PNB, he's been breaking SEZ rules. Now he has not just the RBI, but a legitimate arm of FinMin - the IT department - after him. Nirav Modi diverted Rs 12.16-bn SEZ diamonds to domestic market: I-T Dept The Income Tax department...
by Suraj
21 Feb 2018 08:45
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Mod Note

Regardless, this isn’t the place to act like Rambo and call for killing of people . Put a lid on such nonsense . If you need to vent , get yourself a punching bag. Don’t misuse a moderated private forum .
by Suraj
20 Feb 2018 21:29
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

A 40+ year monopoly comes to an end: Cabinet ends Coal India monopoly, allows commercial mining by private firms Private companies would now be able to mine and sell coal in India, alongside state-owned Coal India Limited. Four years after enabling commercial mining and sale of coal through the Coal...
by Suraj
20 Feb 2018 21:09
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

our smooth talking, limelight seeking, publicity hunting FINMIN types are all suspiciously very very quiet. Please avoid this kind of rhetoric here. There's been multiple articles posted about GoI's response, within the last two days. This sort of indignant muckraking is not welcome on this thread....
by Suraj
20 Feb 2018 04:54
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

As expected, the government goes after RBI asking "what the hell were you doing all this while ?" The government sets up the RBI with powers to oversee the banking system, and even complaints and whistleblower notices go to the RBI to perform actionable steps. Rs 114-bn PNB scam: Govt seek...
by Suraj
19 Feb 2018 22:00
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

US deposit rates have been abysmally low since the mid 1990s. It was not a consequence of the 2008 financial bailout of banks. This has forced savers into more risky investments such as the stock market and real estate. That’s exactly the timeframe when Glass Steagall Act was entirely eliminated! T...
by Suraj
19 Feb 2018 13:47
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Wrong. In 2008-09, private banks in the US begged the US treasury to bail them out by $350 billion. Most of the big banks paid back the US treasury, the only big one that didn't was Citibank. That too a few banks were dissolved or bought out at liquidation rates such as BoA's acquisition of Merrill...
by Suraj
19 Feb 2018 13:36
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

It is incorrect to compare the 2008 crisis to the PNB scandal for the simple reason that the latter has political influence all over it while the former is just human greed. US banks gambled with depositors money and that can be fixed with regulation such as the glass-stegal act. The fact that legi...
by Suraj
18 Feb 2018 06:47
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

I'm not in favour of privatizing all the PSBs. There's strategic value in a few large PSBs with $1 trillion+ asset bases each . The charter of interaction between RBI, auditors and the banks needs to be more rigorous though. That simply isn't the case now. Err, what makes you think private banks are...
by Suraj
18 Feb 2018 01:15
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

So I was mistaken about the precise legal concerns behind a Letter of Undertaking. Wow, PNB are stupid to have run a system where someone could place liabilties on their books without even their own realization of it. All the more reason that these 20+ PSBs need to be merged, modernized and made mor...
by Suraj
16 Feb 2018 23:20
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

PNB can now cannot escape its liability stating that the LOU was fraudulently generated. Ultimately the LOU undertaking was given by a PNB employee using his authorised passcode on SWIFT . The lending banks will simply say that if PNB employees bypassed its internal messaging system in order to avo...
by Suraj
16 Feb 2018 21:54
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

The whole idea of Blockchain is single ledger... Here obviously they found a loophole because there are 2 different ledgers which are not connected i.e. silos. In an integrated wold, there would be only single ledger not multiple ones or entry would be made into internal system which will post to S...
by Suraj
16 Feb 2018 21:42
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

PNB is ultimately responsible for and will have to pay the amount if the other banks which have lent money on the basis of the LOU issued by PNB do not receive the funds back with interest from Nirav Modi and his group companies. That would be hard to do in court. PNB issued a (fraudulently generat...
by Suraj
16 Feb 2018 20:57
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

PNB itself isn't the entity who lost money. Their systems were used to generate fake LOUs. Others lent money on the basis of those LOUs on the SWIFT system, which PNB itself wasn't aware of because their external and internal systems were not synchronized. It's not clear the loans themselves are NPA...
by Suraj
16 Feb 2018 04:25
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Yes, it sounds absurd that the bank's internal system was not coordinated with their SWIFT transaction system. No amount of technology can fix such a basic failure to keep internal and external systems reconciled. As such, PNB didn't "lose" money. Their broken systems were misused to gener...
by Suraj
16 Feb 2018 02:30
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

It's worth first reading the details of the fraud before throwing random technology at it. This is an issue with how banks manage internal and external bookkeeping. In effect two independent ledgers that weren't in sync. It would be no different with blockchain - they'd just be two different ones. T...
by Suraj
14 Feb 2018 23:58
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Don't we want this money to come to India and invested here in INDIA rather than be utilized somewhere else? Of course, we want this to be done in a fair manner.. and ensure this is not a route for future corruption. I'm not sure how to achieve this. May be somebody cleverer can figure out a way......
by Suraj
12 Feb 2018 22:23
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

It's clear from the data above that momentum is building in the industrial sector. A full half year period shows sustained acceleration in 3-month averaged IIP, with successive months north of 7% now. There has not been a single month of substantially negative IIP (more than -2%) since July 2016. Th...
by Suraj
12 Feb 2018 22:15
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

December IIP rises to 7.1, January retail inflation falls to 5.07% November IIP growth was also revised upwards to 8.8% from 8.4% originally. Probably December numbers will be revised upwards next month. Updating this post with new IIP data from December: Mth CY FY IIP 3-mo IIP 6-mo IIP Notes Dec 2...
by Suraj
12 Feb 2018 12:02
Forum: Strategic Issues & International Relations Forum
Topic: Achievement tracking - Modi Govt. No discussions
Replies: 1053
Views: 124457

Re: Achievement tracking - Modi Govt. No discussions

The mechanism linking high value transactions to checks against IT records is in operation now, and Rs.26400 crore extra tax was collected from those who had high value transactions but not IT returns: Government’s monitoring of non-tax filers yield Rs 26,425 crore in tax till December The governmen...
by Suraj
12 Feb 2018 12:02
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

The mechanism linking high value transactions to checks against IT records is in operation now, and Rs.26400 crore extra tax was collected from those who had high value transactions but not IT returns: Government’s monitoring of non-tax filers yield Rs 26,425 crore in tax till December The governmen...
by Suraj
12 Feb 2018 11:48
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Cant the government just borrow from RBI the excessive forex at low interest and use it on infra project ? Forex is not rupees. Looks like we are a few months away from overtaking HK, Taiwan and Russia on the forex holdings list. It was merely ~2 months ago that we hit $400 billion and already we'r...
by Suraj
12 Feb 2018 07:33
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

chetak wrote:is this true??

twitter

I am a Modi fan. After recent budget my son asked me what yr Modi did to our salaried class. Just i made a rough calculation of his monthly savings comparing 2013 n 2018 budgets. Now he is convinced.

Why ask us that ? The numbers are right there for you to verify :)
by Suraj
11 Feb 2018 03:47
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Direct tax collection grows 19.3% during April-January, exceeding goal Direct tax collection for the April-January period grew by 19.3% to Rs 6.95 lakh crore against the required 18.3% growth for the full year to meet the revised estimate target of Rs 10.05 lakh crore in the current fiscal, the gov...
by Suraj
07 Feb 2018 00:15
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

I've been looking for data on a clearer breakdown of taxpayer brackets. The most recent data is five years old (2011-12 data): Making tax data public will facilitate policymaking and administration Now for updates to these numbers, both approx 2017 data: 24 lakh people have income above Rs 10 lakh b...
by Suraj
06 Feb 2018 23:59
Forum: Technology & Economic Forum
Topic: GST - Discussion on all aspects.
Replies: 628
Views: 65746

Re: GST - Discussion on all aspects.

Your post is fine :) How about looking up the budget documents listing GST and fuel tax revenue line items for reference material ?
by Suraj
06 Feb 2018 23:10
Forum: Technology & Economic Forum
Topic: GST - Discussion on all aspects.
Replies: 628
Views: 65746

Re: GST - Discussion on all aspects.

Jaitley: States not in favor of petrol, diesel inclusion into GST Finance Minister Arun Jaitley today said the states are not in favour of including petrol and diesel into GST at the moment, ruling out any immediate levy of the new indirect tax on these petroleum products. While GST was rolled out ...
by Suraj
06 Feb 2018 20:35
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

vijayk: of course it’s inappropriate ! That’s why I’ve been editing out your posts so often - you’ve been ignoring mod advice all this while !
by Suraj
06 Feb 2018 09:29
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

vijayk: Can you please STOP discussing politics in this thread ? I've lost count of the number of times I have to clean up your posts. How hard is it to understand that this is the economy thread ? Hint: if you're writing about what government should do regarding the actions of another political par...
by Suraj
06 Feb 2018 02:47
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

rsingh: I posted about the topic in the last page, but thanks :) Services PMI logs fastest growth in 3 months in January, expands to 51.7 The Indian services sector remained in expansion mode in January, registering the fastest rise in activity in three months driven by a renewed increase in new bus...
by Suraj
05 Feb 2018 02:10
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Almost exactly a year ago, I posted this summary of tax breakdown data I found (for fiscal year 2013-14 I believe - the newest I could find). Of course, at that time, the same "I didn't get a tax cut! Boo hoo!'" was going on . The data is instructive, mainly for the general breakdown of ta...
by Suraj
04 Feb 2018 07:11
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Mort, you have to do better than that. Just opining B is better than A, won't do. You can't be bothered to list either the reasons or the problems ?
by Suraj
04 Feb 2018 00:51
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

If the governments desire to engender trust in the system by eliminating a motive for people to fudge receipts, does not matter to you, then that is fine. They can not satisfy everyone, and some people are simply too cynical to care about an improvement that takes away a reason to fool the system . ...
by Suraj
03 Feb 2018 23:44
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

So much for "GoI is against middle class salaried people!!" when in reality they carefully made a choice that benefits people properly. It may seem that the salaried class is being supported by such logic, however the fact of the matter is that there was no real benefit to the salaried cl...
by Suraj
03 Feb 2018 01:41
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

An interesting insight into GoI's thinking - rather than simply raise the exemption limit, they preferred to use the standard deduction. Technically the exemption limit *has* risen - it's not Rs.2.9 lakh and not Rs.2.5 lakh. This is because SD is Rs.40K. However you cannot get it without filing tax ...
by Suraj
02 Feb 2018 21:43
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

People randomly prattle on about 'perception', frequently having no idea what their problem is. Don't think so ? Then I challenge someone who says so to clearly list why they don't think actions taken don't constitute positive measures. They'll just weasel out saying 'but the perception is still the...
by Suraj
02 Feb 2018 02:24
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Thanks for the more detailed point on the same lines I was making, Rahulsidhu!
by Suraj
02 Feb 2018 00:52
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Once again, a reference to merely a tax rate means very little as far as an argument goes. I think you've already made your point, and it's generally self evident that a tax cut is better than no cut or an increase. I disagree with you on the larger picture of impact.
by Suraj
02 Feb 2018 00:27
Forum: Technology & Economic Forum
Topic: Indian Economy News & Discussion - Nov 27 2017
Replies: 767
Views: 92965

Re: Indian Economy News & Discussion - Nov 27 2017

Never said it was. LTCG affects corporate sector investment. It will have a negative effect on foreign investment. Mutual funds peneyration is still quite low in india at around 2 crore investors. Again, this tax will lead to local investors shying away from mutual funds. LTCG taxes are a standard ...

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