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.
Monday, 08 September 2014
Let the Pakistan crisis be a lesson for all who call themselves secularists.
The term failed state is explained by Wikipedia as a case where the state has been rendered ineffective. Importantly, it must be unable to enforce its laws or provide basic goods and services to its citizens. Existence of factors (or combination thereof) high crime rates, extreme political corruption, an ineffective bureaucracy, judicial ineffectiveness, military interference in politics and cultural situations in which traditional leaders wield more power than the state etc. would broadly characterise a failed state.
Nevertheless, there is no real consensus on the precise definition of a “failed-State.” Various Government agencies and think-tanks often use their own indicators leading to a nebulous understanding of the term. Whatever be it, for most international observers, the fact remains Pakistan is by definition a failed State using any or all of these parameters.
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.