Corporation Bank.
India politics thread
- Thread starter Shiva87
- Start date
http://www.firstpost.com/business/r...thans-anil-bokil-tells-firstpost-3099250.html
Bokil's interview after demonetization decision
His point of 2000 is valid though. Don't know if it was really required. Limiting the number of 2000 notes in circulation will be good, maybe not printing them anymore at all.
BTT is more complicated and can't be brought in parallel with this. I had read somewhere that it is under consideration though. BTT will be revolutionary but till a sizeable part of economy is cash dependent, it will be tough to implement it. GST is anyway going to replace the indirect taxes.
Bokil's interview after demonetization decision
His point of 2000 is valid though. Don't know if it was really required. Limiting the number of 2000 notes in circulation will be good, maybe not printing them anymore at all.
BTT is more complicated and can't be brought in parallel with this. I had read somewhere that it is under consideration though. BTT will be revolutionary but till a sizeable part of economy is cash dependent, it will be tough to implement it. GST is anyway going to replace the indirect taxes.
BC everyone is running in different directions. 
Switzerland to Share Information on Indians Holding Swiss Bank Accounts From 2018
http://www.ndtv.com/india-news/swit...holding-swiss-bank-accounts-from-2018-1628840
http://www.ndtv.com/india-news/swit...holding-swiss-bank-accounts-from-2018-1628840
How is this going?
ICICI in Hyd says limited withdrawals tomorrow is possible as they dont have enough cash.
Recalibrated ATMs were dispensing only 2000 Rs notes as of now.. No 100s anyways.. With 2500 the limit, which effectively means you get only a 2K note from ATM. Hardly 1 or 2 were in line
Recalibrated ATMs were dispensing only 2000 Rs notes as of now.. No 100s anyways.. With 2500 the limit, which effectively means you get only a 2K note from ATM. Hardly 1 or 2 were in line
Didn't the govt already say that making whatever they share public knowledge will be bad for relations with the country and hence we will not share.
I think BTT will be a disaster and hopefully never get implemented.
From what I read, I liked certain aspects of it(potentially flat tax rate for everyone for example). Don't know the details and all pros and cons or how it will be implemented though.
That's one of the stuff I really don't like. There must be a tiered system where everyone pays in accordance to what they earn. Poor people being taxed at same % as rich doesn't feel right to me. Also as this taxes on bank transactions, it'll only drive tax avoider's away from banks and encourage all cash transactions and hoarding/black money which we just tried to eliminate. Why would I want to bank my money if it means paying tax. Why not cash?
Yeah I'm far from a financial expert but that makes no sense to me. The more you earn, the more tax you pay, surely.
The first part is basically larger philosophical point. I would say everyone in country who benefits from tax money should be paying tax. With flat tax rate anyway rich will end up paying more than poor. If one person is paying 100 to get services worth 20 in return and other pays 0 to get services worth 20, it is still unfair. Only when something affects poor it is unfair and otherwise not is wrong philosophy prevalent among majority in world. Anyway digressing and we had discussion on this before on my stand on such matters so no point derailing this thread.
The 2nd part is true, unless we move to totally cashless transactions, I don't know how/if BTT can be implemented.
Lol TMH that makes no sense. The person paying 100 to get services worth 20 has 1000. The person paying 0 has 0. Debate about taxation aside, your analogy is awful. The rich have the means to get their way while the poor don't.
Off topic example: There is one RTR flyover in Delhi. It's a single-lane flyover because the rich in that area protested against building a proper two-lane flyover. The result? Traffic jams every single day. If this was an issue affecting the poor, they wouldn't have been able to get their way at all.
Off topic example: There is one RTR flyover in Delhi. It's a single-lane flyover because the rich in that area protested against building a proper two-lane flyover. The result? Traffic jams every single day. If this was an issue affecting the poor, they wouldn't have been able to get their way at all.
On the contrary what you are saying is making no senseLol TMH that makes no sense. The person paying 100 to get services worth 20 has 1000. The person paying 0 has 0. Debate about taxation aside, your analogy is awful. The rich have the means to get their way while the poor don't.
Off topic example: There is one RTR flyover in Delhi. It's a single-lane flyover because the rich in that area protested against building a proper two-lane flyover. The result? Traffic jams every single day. If this was an issue affecting the poor, they wouldn't have been able to get their way at all.
How much anyone has is irrelevant. You are saying person who has 0 still wants services for which he can't pay. Poor don't have means is a wrong point. First the society creates conditions where people 'get their way' unethically or however and then it is used as reason to create further worse conditions. Those who have means to unethically influence (rich), cut down those 'means.'
In your example, again what rich wanted shouldn't have mattered. The concerned authorities should have done what is right. The solution to solve political - bureaucracy - rich nexus always seem to be to increase political and bureaucracy power with more regulations thus worsening situation and then blaming all rich people. The poor remain poor meanwhile.
Anyway this topic we had discussed in convo couple of months back to great lengths, so I can't type everything again.
Not really man. 100 for someone would be far more valuable than 100 for someone else. You shouldn't be obliged to pay tax unless you can 'afford' it. Especially in a nation with the kind of economic scale as ours. Asking someone to pay tax when they can't get two meals a day is beyond inhumane. I mean, do that, once the country reaches a level where they provide all the absolute basics for absolutely everyone, as of now there are millions who out their on their own getting no benefits from the govt. compared to the developed nations, there's no way they can be asked for tax.
I don't think the flat rate will even come into implementation or even consideration, cannot be in a country like India.
Easy to say that when you have more than enough yourself, isn't it? Honestly can't believe this is being discussed.
Of course a nation can't go from welfare state or semi-welfare state or whatever you want to call it, to the ideal I am proposing overnight. It has to be step-by-step. What is key here to what I am saying is, identify the real root cause of corruption, poverty and other problems and work towards solving it. Being a welfare state is definitely not the solution. The attitude generally is to assume that these issues will always remain there, that it is given and then find solutions. If the problem is scoring goals, it is attempted to be solved by adding more defenders.
Which basically means there's ages before we discuss equal tax for all. Actual ages.
Before asking poor people to pay tax the govt needs to be transparent about the use of tax money. We all know where most of the tax money goes right now. Don't expect people to starve themselves to increase your bank balances in Switzerland.
Yes it may take very long and may not happen ever at all. I am not deluding myself into that it will. What I am interested in putting forward is the right thing to do. When it will happen, if at all, who knows.
I don't think govt is asking poor to pay tax, no political party will because of election stakes. If we are talking about BTT they can add 'progressive tax' (in my opinion it should be called regressive tax actually) element to it too and add slab only above which it is applicable. It will kind of defeat the purpose though.
This.
No surprise that TMH is in favor of flat tax rate. He is right wing and most right wingers support no tax or a flat tax rate.
Elimination of income tax is the most stupid thing suggested. Also its usually suggested by those hoping to convert all their black money into white without paying anything.
BTT at a time when we are trying to become a cashless economy is laughable. Instead the Government should ban all card/draft/cheque/bank transaction fees of any kind and discourage people to use cash.
Elimination of income tax is the most stupid thing suggested. Also its usually suggested by those hoping to convert all their black money into white without paying anything.
BTT at a time when we are trying to become a cashless economy is laughable. Instead the Government should ban all card/draft/cheque/bank transaction fees of any kind and discourage people to use cash.
Off topic example: There is one RTR flyover in Delhi. It's a single-lane flyover because the rich in that area protested against building a proper two-lane flyover. The result? Traffic jams every single day. If this was an issue affecting the poor, they wouldn't have been able to get their way at all.
I was stuck in that flyover the other day.
It's hell.
He's memorised their handbook so don't expect to hear anything BJP spokespeople won't say.
That flyover is a fecking mess. No idea who gave the green signal, but anyone associated with building that should have been sacked immediately. One lane flyover, like seriously, what the feck!Off topic example: There is one RTR flyover in Delhi. It's a single-lane flyover because the rich in that area protested against building a proper two-lane flyover. The result? Traffic jams every single day. If this was an issue affecting the poor, they wouldn't have been able to get their way at all.
I'd suggest waiting till mid-december. My guess is that end-december will see a big rush coz of all the people who are waiting!
I actually popped in to have a look today.. It was pretty empty. A few people sitting . No lines at all. There were a lot of people outside the ATM and outside the Cash Deposit Machine.. but pretty empty inside the bank.
Picked up a deposit form. Not sure when I'll deposit it though.
Also, I was out last night.. It wa after 1am.. There was a long line outside my Banks ATM because they were the only ones with 100s. There were a few atms about 500m away that were empty.. Only 2000s but I just went in and got a couple of 2000 notes ..
Lol TMH that makes no sense. The person paying 100 to get services worth 20 has 1000. The person paying 0 has 0. Debate about taxation aside, your analogy is awful. The rich have the means to get their way while the poor don't.
Off topic example: There is one RTR flyover in Delhi. It's a single-lane flyover because the rich in that area protested against building a proper two-lane flyover. The result? Traffic jams every single day. If this was an issue affecting the poor, they wouldn't have been able to get their way at all.
Finalise plan for underpass to airport at Mahipalpur crossing
New Delhi, Nov 17 (PTI) The Delhi government and its Public Works Department (PWD) have been directed by the High Court here to finalise within four weeks a proposed plan to build an underpass at a crossing here to provide another route to IGI Airport through Vasant Vihar.
A bench of justices Badar Durrez Ahmed and Jayant Nath was told that the proposed underpass would reduce traffic flow on Rao Tula Ram Marg which currently caters to vehicles going to Gurgaon, Indira Gandhi International (IGI) Airport, Palam domestic airport and Dwarka sub-city.
The National Highways Authority of India (NHAI) told the bench that first the Delhi government and its PWD have to finalize the plan and then it would come to NHAI for final approval.
NHAI contended that the plan has been pending with the government since March this year.
The court, thereafter, directed the Delhi government and its PWD to carry out the exercise expeditiously, preferably within four weeks, and to file status report regarding the progress on the next date of hearing on January 18, 2017.
Delhi Traffic Police was directed to file a report indicating extent of usage of the Delhi Development Authority bypass road towards Mahipalpur from Mehrauli here.
The directions came during hearing of a plea by the residents welfare associations of Vasant Vihar challenging PWDs decision to build a three-lane flyover parallel to the single-lane flyover on RTR Marg.
The associations have sought that a six-lane flyover be built in the same location by demolishing the existing one, while PWD intends to build a three-lane elevated road from Munirka to Signals Enclave, which will also run parallel to the RTR Marg flyover. PTI HMP PPS RT
http://indiatoday.intoday.in/story/...-airport-at-mahipalpur-crossing/1/813148.html
Banks are still saying limited cash. 15 days on, still logistics is a major issue causing cash crunch. With month end fast approaching and people needing to pay some things in cash, it is going to get difficult.
It'll be fine by around march.
All that is fine, but where the feck is the space in that area to build elevated roads or another flyover?!@VidaRed These people are the reason there's a one-lane flyover right now.
Just did a brief google search on flat tax rates. Seems it's not so bad a concept to be dismissed out of hand. Russian Federation is considered as a success as introducing a flat tax boosted their economy. Many countries have flat tax, incl many states in US.
In theory, Flat tax seems fair...as what the country provides to us (as in roads, infrastructure, medical facilities, safety and security) etc are the same irrespective of what we earn. Current tiered system may be considered as a means to redistribute wealth, tax the wealthy and give it for free to the poor.
For me it would be better to have a hybrid of flat and tiered to make it more "flatter" than current systems.
- Minimum income threshold and those below do not pay taxes.
- Few deductions for donations to charity insurance contributions etc.
- Potentially a deduction in the flat tax rate for govt introduced schemes to encourage investment in govt's etc.
For one, this makes the tax code simpler and eliminates loopholes and brings more transparency to taxes paid. The simplification would also eliminate CAs and other tax experts.
In theory, Flat tax seems fair...as what the country provides to us (as in roads, infrastructure, medical facilities, safety and security) etc are the same irrespective of what we earn. Current tiered system may be considered as a means to redistribute wealth, tax the wealthy and give it for free to the poor.
For me it would be better to have a hybrid of flat and tiered to make it more "flatter" than current systems.
- Minimum income threshold and those below do not pay taxes.
- Few deductions for donations to charity insurance contributions etc.
- Potentially a deduction in the flat tax rate for govt introduced schemes to encourage investment in govt's etc.
For one, this makes the tax code simpler and eliminates loopholes and brings more transparency to taxes paid. The simplification would also eliminate CAs and other tax experts.
I've managed to avoid that flyover at all times except once - sweet jesus what a monstrosity.
Ya. Eventually it will be fine. More than half of things in India work that way anyways
http://www.newindianexpress.com/nat...-app-survey-on-demonetisation-1541472--1.html
The survey uses some nifty reverse psychology. It begins with some innocuous queries phrased like a catechism (religious questionnaires in which there is only one answer). Take the first question: “Do you think black money exists in India?” And then, the second: “Do you think the evil of corruption and black money needs to be fought and eliminated?”
The two answers given are ‘yes’ and ‘no’. No prizes for guessing which way the responses will go.
The survey comes to the crux in the latter half of the test, which includes questions like, “Do you think demonetisation will bring real estate, higher education, healthcare in common man’s reach?, to which the respondents have to either ‘completely agree’ or ‘partially agree’ or ‘can't say’. There is no ‘disagree’ option.
The ninth question is even more leading and pre-loaded: “Do you believe some anti-corruption activists are now actually fighting in support of black money, corruption and terrorism?” Now, what do you say to that if you have spent every day in the past 14 days standing in a line at the ATM and living off your loose change? The respondent gets the feeling that anybody with an opposing view would be seen as pro-corruption, pro-black money, pro-terrorism and eventually, an anti-national.
The survey uses some nifty reverse psychology. It begins with some innocuous queries phrased like a catechism (religious questionnaires in which there is only one answer). Take the first question: “Do you think black money exists in India?” And then, the second: “Do you think the evil of corruption and black money needs to be fought and eliminated?”
The two answers given are ‘yes’ and ‘no’. No prizes for guessing which way the responses will go.
The survey comes to the crux in the latter half of the test, which includes questions like, “Do you think demonetisation will bring real estate, higher education, healthcare in common man’s reach?, to which the respondents have to either ‘completely agree’ or ‘partially agree’ or ‘can't say’. There is no ‘disagree’ option.
The ninth question is even more leading and pre-loaded: “Do you believe some anti-corruption activists are now actually fighting in support of black money, corruption and terrorism?” Now, what do you say to that if you have spent every day in the past 14 days standing in a line at the ATM and living off your loose change? The respondent gets the feeling that anybody with an opposing view would be seen as pro-corruption, pro-black money, pro-terrorism and eventually, an anti-national.
How can India be compared to any of those?
Not a direct comparison...but I do wonder what makes India an exception that we can't consider a flat tax?
All this tax rate talk is meaningless considering barely anyone pays income tax in the first place.