BUDGET 2016-17: WHY NOT START NEW BANKS WITH THE SAME MONEY INSTEAD OF FEEDING THE SCAM BANKS?

There is a proposal in the budget 2016-17 for further funding to the already scam affected banks. The amount is a staggering Rs.25,000 crore  From the recent utterances of the Finance Minister, it appears that the major necessity for the fund is to feed the public sector banks who distributed soft loans to the rich and affluent persons who have no history of repayment and know the ways and means to manage the things in their favour. For arranging this huge amount to feed the rich, poor people are being squeezed with high tax rates mainly in indirect taxes. Instead of catching the rich defaulters, who syphoned off the money to other companies and abroad, blame is shifted to the farmers who take petty loans. Is there any action taken against those people who sucked the blood of the nation by granting such soft loans as well as those are not repaying it? Why the government is silent on the issue. What is the indication of all these? Is it not robbing the poor to feed the rich? Instead of feeding the scam affected banks, why not start new banks with the same money instead of pumping it into the same banks filled with such people?

Also read my book  ‘A FRAUD IN THE INDIAN CONSTITUTION’ :( http://www.amazon.in/FRAUD-IN-THE-INDIAN-CONSTITUTION-ebook/dp/B00SQKTADY )

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http://indiantravelexperience.manjaly.net

http://publiccause.manjaly.net

http://cagreport.manjaly.net

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Budget 2016-17: AMNESTY FOR DOMESTIC BLACK MONEY HOLDERS

In the past also there were "a onetime compliance opportunity to escape prosecution" were declared to offer schemes to the dishonest people. The full chapter 4 of my book, "A fraud in the Indian Constitution" (www.amazon.in/FRAUD-IN-THE-INDIAN-CONSTITUTION/dp/9352353986) is dedicated in underlining with illustration how the traitors and anti-socials become patriots by going through these schemes and mocking at the honest taxpayers. These schemes also highlight the helplessness or unwillingness of any Government to check the black money - the main reason is that most of the black money holders are politicians, high level bureaucrats and their friendly businessmen. So these schemes will come hereafter also with same 'one time tag'. Otherwise how they can whiten the ill-gotten money they made through bribes, scams, corrupt practices, manipulations, etc.

Also read my other blogs on different subjects:

cagreport.manjaly.net

centralemployeesnews.manjaly.net

indiantravelexperience.manjaly.net

publiccause.manjaly.net              

https://www.facebook.com/afraudintheindianconstitution

WHETHER SUPREME COURT CONSENT SHOULD BE TAKEN BY THE PRIME MINISTER IN SELECTING HIS COUNCIL OF MINISTERS?

Please do not forget Indian Legislature is a creation of the Constitution. All three wings of Government be it executive, judiciary or legislature, be it State or Union all are equal in their sphere. Separation of power of these three wings are the basic structure of the Indian Constitution. Whether any Political Party would agree if the court is interfering in the selection of the prime minister. Or do they agree to a proposal that Supreme Court should be consulted (with veto power) by the Prime Minister in selecting his Council of Ministers or Secretaries of the Departments? Similarly whether the legislature would agree to a proposal that Court's consent should be obtained for the election of the Speaker? Court is only interpreting the power and the competence of the Legislature and if they are not competent it, the law passed by them is declared as null and void. Is it not Supreme Court’s power of interpretation? To this extent I do not agree with the statement of the Finance Minister.

SEE THE ORIGINAL COMMENT BELOW:

Times of India comment on 19-10-2015

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GOVERNMENT IS PAYING BACK BAD LOANS OF DUMMY COMPANIES IN DISGUISE

There are newspaper reports that the Union Finance Minister sought Parliament's approval on Friday 31/07/2015 to increase the budget allocation for this fiscal year by about $4 billion, that is, about Rs 70,000 crore, of which about 50% is to be used as extra capital into Public Sector Banks struggling with bad loans (NPA).

There are instances that some liquor companies float group companies to carry their logo on their products/services as surrogate advertisement since direct advertisement is not allowed in India for Alcohol products. Huge bad loans are from such companies where free advertisement is given to the parent company. Just imagine how much is to be paid for carrying a logo in a car participating in a car race or a cricket match. In short, benefit is to the parent company which runs in profit and the liability to such dummy companies which results in bad loans. Now Government of India is paying back these bad loans in disguise from the taxes like Excise Duty etc., collected indirectly even from the petty expenditure of the beggars on the street and Direct Taxes like Income Tax.

Please also read my following 3 blogs on the subject which I had written in mid June 2015 and is valid even today: 1. FINANCE MINISTRY AWARD TO ERRING BANKS dated 14/06/2015 2. ROBBING THE POOR TO FEED THE RICH - THE GOVERNMENT WAY dated 18/06/2015, 3. MAHARASHTRA CHIEF MINISTER ASKS CRIMINAL PROCEEDINGS AGAINST ERRING BANKERS dated 19/06/2015.

Note: Read my book 'A FRAUD IN THE INDIAN CONSTITUTION' on my fight against corruption and scams in Public Administration 

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To buy online: http://www.amazon.in/dp/9352353986

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Also read my blogs on various subjects:
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http://publiccause.manjaly.net

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http://centralemployeesnews.manjaly.net

A COMMENT ON THE FINANCE MINISTERS REMARK ON INDIRECT TAX REVENUE.

This is a comment on the Finance Ministers remark on Indirect Tax Collection. Press release dated 12/06/2015 quoted in the end.

Indirect Taxes are not collected directly by the department. It is the voluntary payment of public through the shopkeepers etc. like sales tax, excise duty etc. If the Finance Minister really reviewed the performance, he should ask the department how much the departments directly collected. Actually, what he should have done is how much collection is directly related to the efforts of the department such as how much evaded tax was brought to book (actual, not bogus collections refunded later). If there is no considerable collection, he should then ask them what they are in the department. For example the increase in collection what he pointed out is mainly due to the increase of tax in petroleum products for which the tax money is paid by the public when they purchase it from the petrol pump. It is really a great wonder/joke of the WORLD when the actual price of the petroleum products are decreased internationally, tax collection is more by increasing the tax rate arbitrarily and taking credit for it. Really wonderful.

"INDIRECT TAX REVENUE (PROVISIONAL) COLLECTIONS INCREASE FROM RS. 36,408 CRORE IN MAY 2014 TO RS. 49,993 CRORE DURING MAY 2015; AN INCREASE OF 37.3 % REGISTERED DURING THE MONTH OF MAY 2015 OVER THE CORRESPONDING PERIOD IN THE PREVIOUS YEAR; CENTRAL EXCISE COLLECTIONS REGISTERED AN INCREASE OF 84.2%; CUSTOMS COLLECTIONS REGISTERED AN INCREASE OF 16% WHILE SERVICE TAX COLLECTIONS REGISTERED AN INCREASE OF 13.2% DURING THE SAME PERIOD; FM: THE UNDERLYING MOMENTUM IN THE ECONOMY IS IMPROVING ACROSS ALL SECTORS INCLUDING MANUFACTURING AS REFLECTED IN HEALTHY EXCISE COLLECTIONS DURING THE FIRST TWO MONTHS OF THE CURRENT FINANCIAL YEAR 2015-16. 

Responding to the indirect tax collection figures, the Union Finance Minister Shri Arun Jaitley said that the these indirect tax collections reflect in part the effect of the additional measures taken by the Central Government including the Central Excise increase on diesel and petrol, increase in clean energy cess, and the withdrawal of exemptions for motor vehicles and consumer durables. He said that even after taking-out the impact of these additional measures, indirect tax collections have shown an increase of 16.9% in May 2015 over May 2014; and by 12.6% for the two month period April-May 2015 over the same period last year i.e. April- May 2014. 

The Union Finance Minister Shri Arun Jaitley further said that the underlying momentum in the economy is improving across all sectors including manufacturing as reflected in healthy Excise collections during the first two months of the Current Financial Year 2015-16". 

For full text of the report, go to link:

http://www.finmin.nic.in/press_room/2015/IndirectTaxCollectionsforMay2015.pdf

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