M.R. Venkatesh is a Chartered Accountant who addresses the Business concerns relating to Economic Policies, International trade and Business strategies.
M. R. Venkatesh passed Chartered Accountancy in 1992 with an all India Ranking and has been in active practice since 1993 as partner of GSV Associates, Chartered Accountants, Chennai.
Saturday, 30 August 2014
More to the point, extant global financial architecture facilitates transfer of illicit money through the Hawala route first to a Tax Haven, only to launder it in specialised locations like London.
"There are 42,800 persons - let me repeat, only 42,800 persons - who admitted to a taxable income exceeding Rs 1 crore per year." That was the then Finance Minister [FM] Mr. P Chidambaram in para 126 in his Budget speech of 2013-14 in February 2013.
In a way this statement of the then FM was a candid confession of the complete failure of our Income-Tax department, revenue intelligence and associated authorities in fighting the menace of Black Money within the national economy.
Wednesday, 06 August 2014
Wednesday, 23 July 2014
The financial assistance to Unitech was provided by LIC way back in 2008 even as the 2G spectrum scam was unfolding.
“This case is a blatant example of a deliberate bid to benefit a private party to the detriment of LIC. It involves acting completely contrary to law, repeated misleading of Investment Committee, submission of untruths to the DFS to mislead and gross administrative incompetency or undue benefit being extended to a persistent defaulter.”
This is the observation of a senior official within the Finance Ministry.
Wednesday, 23 July 2014
Food grains [rice and wheat] stocks held by FCI and State agencies were 69.84 million tonnes as on June 1, 2014 vis-à-vis the buffer stock norm of 21.20 million tonnes as on April 1, 2014.
That in simple language means that the Government has pulled out approximately 50 million tonnes from markets and holds this stock over and above what is apparently required at this time of the year. In short, this is hoarding by Government and not by private parties! Yet, every time there are spikes in food commodities in India, strangely the national discussion invariably skips the debilitating impact of pubic hoarding, especially on inflation.
Put pithily, food inflation is a creation of faulty economy policies compounded by sheer incompetency of successive governments. And this incompetency compounded by denial is at the root of the present consternation of all economic ills plaguing the nation.