Is SpeakAsia the Ponzi scheme like Madoff ?
There is very famous proverb in Gujarati literature that “The cheaters are never starved wherever the misers dwell”. Nowadays the name of “Speak Asia” has not only become talk of the nation but it is selling like a hot cake. This company has launched very lucrative scheme to fish out innocent investors as it offers Rs. 1000 return every week if they invest Rs. 11,000 for one year.
How Does Speak Asia Ponzi like Scheme Works ?
It is very simple scheme in which even illiterate person can also participate very easily. You have to register your name with the Read more
Why SBI profits Fell by 99% ?
India’s Largest Bank, the State Bank of India reported Q4FY11 PAT of Rs 209mn, 99% below consensus, primarily on lower NII, higher costs and provisions.
SBI has hiked lending rates by 100 bps (50 bps higher than other banks a catch-up rather than a proactive measure) in 1QFY2012 to offset some of the pressure in margins witnessed. The bank has now fully provided for pension liability of Rs117bn on account of wage hike Rs79 bn through reserves and Rs24.7 bn through profit and loss account during the Read more
RBI for Regime of Free Savings Bank Interest Rate
India’s central bank RBI argues for interest rate deregulation on savings account deposits which currently carries interest rates of 3.5% and has not been changed since March 1, 2003. According to the discussion paper,
it is necessary that all rates move in tandem with the policy rates and the regulated savings rate has adversely affected the transmission of monetary policy. The RBI has not provided any time frame for the deregulation. Given the discussion Read more
Lokpal Bill Mission – Curb Corruption
It is well known fact from Kids to Grandpas across the length and breadth of the country that Bribery / Corruption is rampant in India and termed political interference as a key reason for poor enforcement of anti-bribery and corruption laws in the country. Hence, having a strong civil participation in the matter can help bring enhanced governance.
Successive Governments in India has taken various initiatives in the recent past to curb corruption, mostly by being vocal in the press without actual powers to the civil society nor punishing the culprits. There is an urgent need for a mechanism that would adopt Read more
Siddhivinayak Temple Trust PAN Number
The famous Siddhivinayak Ganpati Temple at Prabhadevi Mumbai accept donations running in Billions of Indian Rupees yet doesn’t publish PAN Number on the receipt which can be used to avail Income Tax benefit under section 80/G.
We have personally verified the PAN Card the Siddhivinayak Ganpati Temple Trust and the PAN Number of the same is AACTS4584R. While filing e-tax returns, the software will ask for the Donee’s [Amount Receiver] PAN Number without which the filling will not take place.
Tamilnadu Assembly Elections Opinion Poll – AIADMK Set for Return
The OUTLOOK-MDRA opinion poll for the forthcoming assembly elections in the state of Tamilnadu indicate that AIADMK headed by Jaylalitha will be back in power according to 54% of the people.
AIADMK has formed an alliance with DMDK (a party led by a popular former film star Vijaykanth). In the previous state election, DMDK Read more
KPMG Trashes Government for Corruption – Recall Singh ?
In a survey conducted by KPMG, Real Estate, Constructions and Telecom ranked high on the list of most corrupt sectors. The thing here is the innocent and hardworking Indians are only made aware of the corruption in Telecom now by Media activism, otherwise barring few Reliance and other names, the sector is not that highly corrupt.
KPMG survey indicated, Read more
The Great Financial Scams of India
As India evolves, let us not forget the Great Financial Scams as a direct result of deficit in Governance by our corrupt Politicians and Bureaucrats. Here is the Hall of Shame and the people who were responsible with estimated amount of public money being stolen.
- Bofors scam (1987) Rajiv Gandhi/ O Quattarochi Rs640m
- Fake stamp paper scam (1991 till 2001) A K Telgi Rs430bn
- Securities scam (1992) Harshad Mehta Rs40bn
- Bihar Fodder scam (1996) Lalu Prasad Yadav/ Jagganath Mishra Rs95bn
- Hawala Scandal (1996) Jain Brothers Rs8.1bn
- Bhansali Scam (1995) Chai Roop Bhansali Rs12bn
- UTI Scam (2000) PS Subramanyam Rs320m
- SBI Mutual fund scam (2001) Ketan Parekh Rs13.5bn
- IPO Scam (2006) Roopalben Panchal Rs610m
- Satyam scam (2009) Ramalinga Raju Rs240bn
- Madhu Koda scam (2009) Madhu Koda Rs40bn
- SEBI Consent Order Scam – Ongoing – Revenue Loss between 2002 to 2011 – Rs 50,000 Cr
Under the weakest political leadership of Congress Party headed by Dr. Manomohan Singh, it looks like the party was determined to break their previous record of scams and hence they set a new all time record of siphoning money from Public in the year 2010 as detailed below,
- 2g Wireless Spectrum Scam – to the sacking and subsequent arrest ofTelecom Minister A Raja, Rs 1,760bn
- Adarsh Housing Scam – Housing Tower in South Mumbai – Rs 250 bn – Apartments in the Adarsh Society, a dwelling reserved
for war widows and veterans of the Kargil war wereallocated to bureaucrats, politicians and civilians. - Commonwealth Games Scam – Congressman Suresh Kalmadi was thrown out of office of Sports Minister, accuses Delhi Chief Minister Sheila Dixit another Congress Leader together have siphoned the central treasury worth Rs 100 Bn
- LIC Housing Finance scam – Officers of various public sector banks and financial institutions received bribes from the private financial services company Money Matters, which acted as anintermediary for corporate loans and other facilitiesfrom financial institutions – Rs 10 Bn
- ISRO – S-bandspectrum scam – Everybody from the Office of Prime Minister lied and covered up by scrapping the deal as the company involved was very weak, otherwise the potential of the spectrum being illegally sold was worth Rs 2 trillion.
- Black Money in Swiss and Other Tax heavens – Rs 30,000 Crores unearthed till date, investigations are on.
- KG Basin Oil & Gas Scam – Reliance Industries – Rs 20,000 Cr Ongoing
This should stand as a note to younger Indians who don’t know what kind of a bad legacy they are inheriting from so called able and highly educated leaders such as Dr Manomohan Singh 
Budget 2011 Live – Highlights
Excerpts from Pranab Mukherjee’s Speech Live – Continuous Update.
Indian economy at pre-crisis growth trajectory. Food Inflation still remains a concern. FY11 Fiscal consolidation impressive. Service Sector continues to grow in double digit. Stronger fiscal consolidation needed. Need to ensure sustained private investment.
FM says corruption is a problem; must fight it collectively. Need to improve the supply of agriculture to meet demand. Current account deficit poses some concern. Economic growth seen at 8.75%-9.25% in FY12. GST rollout preparation in final stages, will be tabled in the current session. Sees FY11 industrial growth at 8.1% and services growth at 9.6%.
FIIs allowed to invest in MF schemes. Divestment target at Read more
Challenges for India – Deepak Parekh
Deepak Parekh, Chairman HDFC Group, highlighted some of the key challenges faced by India. Excerpts as follows,
Inflation supply-side is a problem; investment in agriculture is important; productivity is required to increase; APMC is outdated; logistics and modern retailing is one short-term measure; a farmer gets only Rs33 out of the Rs100 paid by a consumer against Rs66 in developed countries.
US$100/bbl and higher crude price—FY2011E imports bill could be as high as US$100 bn; for 9MFY11, it was US$75/bbl.
Infrastructure government spent 7.5% of GDP in FY2010; land acquisition is a big issue; 40% Read more
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