Jose Paul Martin is an investor, merchant banker and philosopher. You'll find stuff that cant be contained within 140 characters. If you want 140 characters, follow me on @jpmartin. Also visit: jpmartin.com or avcion.com or jpm.fm
Disclaimer: Views expressed here are entirely mine and may not be regarded as views of my employer. All information here is educational purposes only.
It doesn’t surprise me. India is plagued with corruption. Because there are so many laws, and the law is not applied to the rich and famous – we set a precedent for others to follow the easy route. Add to that the huge tax on individuals (just about 2% of the Indian population pay taxes for the whole of India) – then yes… you’d obviously have two sets of accounts and also a smart-ass accountant.
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Today's chart of the day carries from the idea in the last issue about central banks' holding of gold as part of their forex reserves. Today's chart shows the proportion of gold India's RBI has been holding over past ten years. While the holding did not change much during the period FY04 and FY09, it spiked during FY10 as the RBI bought around 200 tonnes of gold from the IMF.
The chart's interesting not because of the spike in gold buying by the Indian Govt. But because not many knew that it was India that caused the fall of the Roman Empire's Denarius. Download the mini report on 'The History of Money' from Chris Weber
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I've always wondered why great companies are built / started in U.S. This is my open letter to Indian Entrepreneurs!
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For some reason (I was busy) I couldn't report the steep fall in the BSE. Just goes to show how much ignorance is bliss! Well today recover, but here is yesterday:
Whatever the reason, the Bombay Stock Exchange’s (BSE) benchmark index, the Sensex, fell 4.1%, or 626.7 points, to close at 14,784.92. This is the steepest fall since 6 July, the day the Union Budget was presented, when the index lost 5.83%. http://www.livemint.com/2009/08/18002424/Markets-fall-as-recovery-hopes.html
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The simplification of the Indian Tax Laws - IMHO - is one of the best things I've heard this year. Not just for me... I'm NRI... (i'm least bothered) but for the common man. Given that I've worked in Tax Consultancy... and understand a wee bit about this... I'm glad to see this proposal be put forward.
We need it - desperately. The common man should not be at the mercy of a tax consultant to help his country (by paying taxes).But having said that... I also fret.. why the hell do we pay taxes? So the government can spend it in the least efficient way! By building statues across India (instead of pumping money into education, healthcare and infrastructure - how about fixing a few roads?) Has anyone in the government considered the output for each rupee invested? People say you can't run a country like a business... but that's exactly what the Indian government is doing... charging high premium for mediocre (more like below par) services... running India like a bankrupt business. We need a miracle.Amen.Comments [0]
On 20 July, ‘The Wall Street Journal’, which has a content sharing partnership with ‘Mint’, revealed that the US Internal Revenue Service (IRS) had stepped up scrutiny of offshore accounts and foreign income. The newspaper expects this scrutiny to cover several tens of thousands of taxpayers.
This is in addition to moves made by the US government to pressure Swiss bank UBS AG to release the names of 52,000 American account holders in order to catch tax evaders.
Compare this with India’s moves to catch tax evaders. Telgi’s diverted funds from the stamp paper scam remain unearthed. Hasan Ali’s assets remain unattached. And there is no sign of any pressure being applied on Swiss banks and tax havens with secrecy laws to reveal names of Indian investors.
Pick on the small man... go for it India!
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What could save India is remittances by non-resident Indians and software receipts from overseas, both of which are registered under an accounting head called invisible receipts. The result: Whether India likes it or not, it will have to fall back on manpower exports more aggressively than ever.
Read my previous post... and tell me how we can do business, or send money to India... when the banking "system" just decides one fine day... NOT TO WORK... (Afterthought: Why do we become NRIs? Because we want to make more money, better lifestyle and fed up of politics in India!)
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ATMs are full with cash and I hope common people would not be affected for these two days,” said M D Mallya, chairman and managing director at state-run Bank of Baroda.
Yeah... "common" people like those who work for private banks, end up in hospital because they were trying to serve the very ppl who pay their salaries! Strike for what? Because some A$$hole wanted to go on strike... and dictated the terms.
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