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Friday, November 30, 2012
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[aaykarbhavan] Re: {Amresh's CA's} DNA News, Free Press Journal,
When in One village Gobar Gas is given @ 0.25 paisa per KG. LP Is sold ,that too at subsidized rates, Rs 750 around Rs 56.50 per kg??
Has any body checked costing of this ever?
C A Shah D J
C A Shah D J
USA
From: Chari Padmanabha <chari@sssindia.com>
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
Cc: djshah1044@yahoo.com
Sent: Friday, 30 November 2012 8:42 PM
Subject: Re: {Amresh's CA's} DNA News, Free Press Journal,
Sir
We appreciate for your vision on the government proposal of cash transfer.Congress is trying fooling the people all the time.As far as LPG scheme when a regulatory authority is not there to ensure the correctness of consumers cylinders and there is big premium has been made by distributors so far and how much each MP has availed for which no MP: has not felt regret and offered an apology for the act of their.
Congress has not taken effort to identify the illegal immigrant issue till date and cash transfers are for Bangla deshi's are also eligible.?
Thanks & regards
We appreciate for your vision on the government proposal of cash transfer.Congress is trying fooling the people all the time.As far as LPG scheme when a regulatory authority is not there to ensure the correctness of consumers cylinders and there is big premium has been made by distributors so far and how much each MP has availed for which no MP: has not felt regret and offered an apology for the act of their.
Congress has not taken effort to identify the illegal immigrant issue till date and cash transfers are for Bangla deshi's are also eligible.?
Thanks & regards
L.P.Chari. FCA
On Sat, Dec 1, 2012 at 6:49 AM, Dipak Shah <djshah1944@yahoo.com> wrote:
"A government scheme without any fraud is like a computer without virus," said a government official willing to work on the project to digitize the Aadhar database.
"If your computer never had any virus problems, you had a sad and boring life," he claimed.
The meeting was called in after these people were offended by some claims that suggested that the latest welfare schemes could minimize corruption by directly transferring cash to the intended beneficiary's account, thus doing away with the intermediaries who might pocket a share.
"We took it personally and as a challenge to our abilities to scam and loot," another official said. "The country will come to a grinding halt if honest officers are found more organised and alert than the corrupt ones!"
The criminals attending the meeting proposed that they would simply rob off the guys coming out of banks after withdrawing the cash, but they were asked to wait till the other members found a better way to loot the citizens of the country.
"That's the easiest thing to do," the leaders and officials told the criminals attending the meeting, "But let us first apply our minds and try to figure out how to run away with this cash without overt criminality."
"It will help us to confuse people if we get caught," a leader explained to the criminals.
With the criminals' plan kept as back up, the businessmen proposed to start a company in the villages that will offer to manage the cash received by the poor men and women.
"We will promise to increase their cash by over 10 times in a year, and ask them to deposit the cash in our Ponzi schemes after withdrawing them from their accounts," a businessman suggested. "We have fooled educated people in the urban India, so fooling these village folks shouldn't be a problem at all," the businessman added.
This idea to loot the cash subsidy through Ponzi scheme was well received, but some leaders thought that this plan was risky.
"Some journalists and activists might track how the poor were using the cash subsidies. They fear that men in the poor families will fritter these cash subsidies away on liquor and gambling," a leader pointed out. "These guys might come to know about our Ponzi scheme and may expose them."
At this point of time, the criminals again offered to loot the poor people at gun point, but they were asked by the leaders and the officials to be patient.
"Look, we can do what was done in the MCD ghost employees case," an official proposed. "We can have Aadhar cards issued to imaginary poor people and get cash transferred in those accounts, just like MCD was fooled into transferring salaries to imaginary employees," the official added.
"We already have instances of Aadhar cards being issued to a coriander plant, so getting them issued to an imaginary human being shouldn't be a problem," the official pointed out.
Sources say that this suggestion was appreciated by everyone in the meeting and they agreed to meet next week with a detailed plan of the loot.
Rahul Roushan thinks he can make some sense through nonsense. He attempts the same through his news satire website www.fakingnews.com
inbox@dnaindia.net
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Any kind of pain and distress we suffer has an impact on our body and mind which, in turn, affects our health. One must realize that sorrow contributes to the manifestation of disorder in various organs of our body. As per medical science, more than 80% of these disorders are caused due to psychosomatic reasons. When sorrow is removed, the pain in the body can decrease or even disappear.
All over the world, medical practitioners search for the cause of ill heath and use different medicines to take away the ailment from the body of a patient. But what is the medicine that takes away the sorrow from the heart and mind? Nobody has a definite answer to this.
Going into silence within can provide a powerful antidote, when wasteful thoughts disappear from our mind . For this, we need to stop looking at others, and find out who we are internally. To think "I am peaceful" is a comfort to my heart and mind, and allows inner peace to develop.
As we consciously change the quality of our thoughts and ensure that they are peaceful and positive, our mind becomes stronger. These positive thoughts and feelings results in self-empowerment within. As this power accumulates within through regular practice, it helps to eliminate sorrow of the heart and mind. It is this power that heals the malady and empowers us to be master healers by rejuvenating each and every cell in our bodies.
The writer is an international speaker, spiritual educator and experienced meditation teacher. Email him at nikunjji@gmail.com or visit www.brahmakumaris.org
About DNA | Contact | Advertise | Subscribe to archives | Reprint Rights@2012 Diligent Media Corporation Ltd.
What was your parent's reaction?
Both the families supported us. They knew that we had done no wrong.
Do you think the action against the policemen was justified?
No, they should have not been punished. They had protected us from the mob outside the police station that day. But if they have done anything wrong as per the law, they should be punished.
Why did you 'like' your friend's comment?
It was our personal opinion and we did not intend to hurt anybody as we respect him [Bal Thackeray].
In the last two days, malicious content were posted against MNS chief Raj Thackeray and the late Sena chief Bal Thackeray. Is it in the right spirit of freedom of speech?
I think freedom of speech is important in a democracy, but it should not be used to abuse anyone... Abusive and obscene posts should not be posted as it might hurt someone.
Do you think the media played a crucial role by highlighting the issue?
I would like to thank the media a trillion, billion, million times as they supported us, highlighted the issue and brought us justice. I would also like to thank Delhi law student Shreya Singhal for filing the PIL in the SC and referring to our case so that no one will suffer like us. I also want to thank justice Makrandey Katju for supporting us.
Have you reactivated your Facebook account?
Yes, I have. I was shocked to get thousands of messages from friends and unknown persons. There were several friend requests too.
The second report submitted to the apex court on Friday lists how private contractors across Maharashtra, Gujarat, Karnataka and UP benefited while supplying poor quality supplementary nutrition.
A separate test conducted by the prestigious National Institute of Nutrition found that the supplements being supplied by these contractors had very little nutrition, defeating the purpose of the integrated child development scheme (ICDS).
The report has found similar irregularities in the ICDS programmes in Karnataka, UP and poll-bound Gujarat.
In every state, the rules were framed in such a manner that private contractors could get the lucrative contracts. So, the same companies managed to land contracts in several states in complete violation of specific Supreme Court orders which forbid them from participating in the programme. In fact, some of the companies of the late Ponty Chadha have been found to be one of the biggest beneficiaries of the supplementary nutrition contracts.
In a specific instance in Maharashtra, a government resolution (GR) was diluted in less than 24 hours to pass on undue benefits to a few select NGOs.
As stated in the first report submitted to the Supreme Court a few weeks ago, these NGOs had links to private companies which got the lucrative contracts.
On February 22, 2010, an order was passed to start the process for supplying nutritional supplements to the ICDS. But overnight, an order signed by JK Margare, an officer in the women and child development department, issued a letter and removed some key conditions. According to the original order, there were binding conditions like the requirement of government approval for issuing a work order and to inform the SC regarding the action taken. However, these conditions were removed mysteriously and private contractors used the loophole to participate in the contracts for three years.Published Date: Dec 01, 2012Copyright restricted. For reprint rights click here
To have an informed debate, we present a holistic perspective, drawing mostly from the work of Murray Newton Rothbard in "What Has Government Done to Our Money?", available free of cost at http://mises.org/money.asp.
Transactions between members of primitive communities were through the direct exchange of goods / services (barter). However, the barter system had limitations.
A butter producer wanting to buy wheat could do so only if she found a wheat seller, who in turn wanted to buy butter (double coincidence of wants). Furthermore, a farmer wanting to sell his cow to buy 1) a set of dress, 2) provisions and 3) tools for his farm, had to find sellers of all these three items at the same time for the transactions to materialise (indivisibility).
Addressing these limitations, physical markets and indirect exchange of goods emerged. The seller exchanged her good(s) for a commodity (like cowrie shells, salt, metal, grains and the like) and later on exchanged this commodity to buy her desired good(s). Over time, metals having higher marketability, divisibility, durability and portability emerged as the medium of exchange.
Among metals, people across the globe, unconnected by modern transportation and communication, chose gold and silver as medium of exchange and hence money. Governments or economists had no role to play in this!
Gold coins needed to be assayed by the recipient (goods seller) in each transaction. To overcome this limitation and avoid the physical risk of carrying metal in person, traders / merchants in medieval Europe placed them with goldsmiths for safe keeping, who in turn issued receipts for the gold deposited.
Alternatively, these warehouses also maintained accounts for traders instead of issuing receipts for gold. By simple debit of one account and credit to another client's account, upon written request, warehouse facilitated payment between its clients without physical movement of gold precursor to cheque payment). Thus, receipts and deposit accounts were mutual substitutes for gold.
Over time, realising that gold held in their custody was very rarely redeemed, some devious goldsmiths started issuing receipts without backing of gold. An illustration would make this clearer.
Let's say person A produces goods worth `30,000 and exchanges it for 10 gms of gold and in turn deposits it with a goldsmith. A gets receipt(s) with which she can buy goods worth `30,000; i.e. the supply of money is `30,000, which is backed 100% by gold.
Now, if the warehouse additionally issued receipt worth `10,000 to person B, without corresponding gold deposit, then the money supply increases to `40,000, which is backed by only 75% gold (Rs 30,000 / 40,000). In other words, `30,000 (75%) is real and `10,000 is counterfeit receipt or the amount lent.
Importantly, while person A has produced goods to have `30,000, person B has `10,000, without producing any output or rendering any service!
As 'civilisation progressed', these warehouses became 'banks', and their receipts became bank notes, which later on became currency. The book-keeping accounts maintained by warehouses for clients became deposit accounts. Issuance of fake receipts is the not-so-respectable origin of banking lending. Thus, banks are 'already and always insolvent'. When all depositors demand their gold, bank's insolvency is revealed (bank 'runs').
Enter the Central Bank. Smaller banks held correspondent accounts with the larger bank (banker's bank), which enabled the former to make payments to clients, with minimal physical movement of gold. During 'bank runs', the largest bank usually bailed out the smaller bank, thus emerging as the lender of last resort or the central bank. However, to avail this protection, banks had to deposit their customer's gold with the central bank as reserve and also accept restriction on lending.
Illustratively, if the central bank prescribes gold reserves at 4.50%, then Bank X depositing 10 gms of customer's gold (Rs 30,000) with the central bank can issue notes up to `6,66,667 (Rs 30,000 / 4.50%). Of this, `6,36,667 is the bank lending (fake receipts) on which it earns an interest income. Apparently, some bankers find this 'restriction' stifling and discriminatory!
Even without changing the reserve ratio, central bank can create money by lending to banks. In the above illustration, if the central bank lends `15,000 to Bank X, then Bank X's deposit with the central bank increases to `45,000. Bank X can now issue notes up to `1,000,000 (Rs 45,000 / 4.50%).
Under fiat currency, banks have to deposit, say 4.50%, of their deposits with the central bank as reserve (CRR of 4.50%).
Under gold standard, only producers had money. If this money was lent, the lender could not spend it. Under fractional reserve banking, both the depositor and the borrower get to spend the same money, thus creating money unhinged from real output, with disastrous consequences.
First, it immiserises producers. The lower the reserve ratio, the higher the immiserisation.
Second, money once created gets spent. Thus, fake money leads to needless consumption, which is not possible under real money. Excess consumption (labelled as 'growth') has led to unsustainable exploitation of natural resources. Sadly, the link between fake money creation and the ensuing ecological destruction has not been fully appreciated, even by the otherwise diligent environmentalist.
As money is only a medium of exchange, the civilised society ought not to allow its fake creation. Hence, a well-informed question ought to be, 'Why continue with fractional reserve banking'? As credit without money creation is the norm, returning to the norm or to gold standard would be logical.
Rothbard has made a persuasive case for gold standard while simultaneously demonstrating that economics can coexist with common sense. Fortunately, for the critiques of gold standard, ignorance is not a disqualification.Published Date: Dec 01, 2012Service accounting codes are now back
The Central Board of Excise and Customs (CBEC) has issued a circular – No.165/16/2012 – ST dated November 20, 2012 – whereby all old accounting codes abolished by the circular 161/12/2012 dated July 6, 2012, have now been restored. The effect is service tax which was being paid under accounting code 00441089 as all taxable services with effect from 1.7.2012, will henceforth have to be paid under respective service accounting codes. The 120 services which were in existence prior to the advent of the negative list-based comprehensive approach of taxation have again been made effective. The circular states that the description of services is purely for statistical analysis purposes. It further states that registrations secured under the positive list approach continue to be valid. New taxpayers can get registrations by selecting relevant description/s from among the list of 120 given in the Annexure. Where registrations have been obtained under the description 'All Taxable Services', the taxpayer should file amendment application online in ACES and opt for relevant description/s. If any applications for amendment of ST-1 are pending with field formations, seeking the description 'all taxable services', such amendment may not be necessary and the officers in field formations may provide necessary guidance to taxpayers in this regard.
For payments of service tax to be made, the tax payer will have to make use of the old accounting codes.
The writer is with
M Sheth & Co, a chartered
accountancy firm in Mumbai.
He can be reached at
mshethco@yahoo.co.inPublished Date: Dec 01, 2012Copyright restricted. For reprint rights click here
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Telephone: 26626373,32949577
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[aaykarbhavan] Business standard news updates 1-12-2012
| FII limit in domestic debt raised by $ 10 bn |
|
New Delhi, 30 November To attract long- term investments into the debt market and to narrow the current account deficit, the finance ministry today raised the foreign institutional investor ( FII) limits in government securities and corporate bonds by $ 5 billion (₹ 27,600 crore) each. The additional $ 10 billion would raise the total FII investment limit allowed in a year in domestic debt to $ 75 billion (₹ 4.14 lakh crore). The high- level committee on external commercial borrowing, headed by economic affairs secretary Arvind Mayaram, took the decision, to encourage long- term foreign funds into the Indian debt market. According to ministry officials, the $ 5- billion window in government securities would be without any stipulated residual maturity. It would be open to pension funds, central banks and sovereign wealth funds. The other $ 5- billion segment would be open for corporate bonds. This overall limit of $ 75 billion in domestic debt is distributed through a host of categories across government, corporate and infrastructure debt. The guidelines in this regard would be notified in a week to 10 days by the Reserve Bank of India. Move to attract long- term investments into the debt market |
| IPO market set to buzz in December |
|
Mumbai, 30 November The primary market for equities is promising to end with a bang in an otherwise dull 2012. Four companies, including Bharti Infratel and CARE Ratings, are set to raise close to ₹ 5,700 crore through initial public offerings ( IPOs) over the next couple of weeks, as issuers seek to cash in on the cheerful investor sentiment in the stock markets. The ₹ 4,500- crore IPO of Bharti, which will open on December 11, would be the largest issue since Coal India's ₹ 15,000- crore share sale in October 2010. The amount proposed to be raised by Bharti, which has priced its issue in the range of ₹ 210- 240 apiece, is almost four times the money raised through IPOs in 2012. CARE Ratings and PC Jeweller, also planning IPOs in the next couple of weeks, aim to raise ₹ 1,000 crore. Bankers to the issues, however, are a tad worried if the market has the appetite to absorb these issues, especially as Rural Electrification Corporation ( REC) and NMDC are also aiming to raise almost ₹ 11,000 crore in the same period. Seven IPOs ( barring issues by small and medium enterprises) have raised ₹ 1,500 crore in 2012. To add to this, REC would launch a ₹ 4,500- crore tax- free bond issue during the first week of December, and state- owned NMDC is planning a ₹ 6,500- crore offer for sale in the second week of December. The flurry of primary market activity has raised some doubts as to all the six issues sailing through comfortably. "At this late stage in the year, getting deals over the line can prove to be tricky," said Tarun Kataria, chief executive officer, Religare Capital Markets. "FIIs ( foreign institutional investors) tend to wind down and DIIs ( domestic institutional investors) have little new AUMs ( assets under management). In an environment like this, valuations need to be compelling." What is making issuers and bankers confident of pushing through the issues is that foreign institutional inflows have not slowed. " Given that FIIs have invested over $ 19 billion into the market this year, absorbing $ 1 billion won't be difficult. All IPOs this year have made money for investors," said V Jayasankar, head of equity capital markets, Kotak Investment Banking, a banker to Bharti's IPO. Echoing Jayasankar, S Subramaniam, managing director of Axis Capital, another banker to the Bharti issue, said, " There have been years in the mid- 90s when the market has seen new issuances of 10 per cent of market capitalisation, that too without much participation by FIIs." Brokers said FIIs and local investors are unlikely to shun the issues just because it is the year- end. " There is appetite to absorb all these issues, but the key is pricing and quality," said Nirmal Jain, chairman, IIFL. Bharti Infratel's ₹ 4,500- crore share sale to be the largest since Coal India's in 2010 GOING PUBLIC Four issues will hit the market in the first two weeks of December Approx Launch issue size Issue date (₹ cr) price (₹) Bharti Infratel Dec 11 4,534 210- 240 CARE Ratings Dec 07 540 700- 750 PC Jeweller Dec 10 585 130 Veto Switchgears Dec 03 25 48- 50 Source: Banks and companies ₹ 5,684 crore Approximate issue size MARKETS, P6 >Bharti Infratel IPO opens on Dec 10 > Nuclear Power Corp to be listed |
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[aaykarbhavan] Re: [casofpune] How to view 26AS for new user, Judgments
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From: CA Jitendra Chavda <jrmistryco@yahoo.com>
To: casofpune <casofpune@yahoogroups.com>
Sent: Wednesday, 28 November 2012 1:12 AM
Subject: [casofpune] How to view 26AS for new user
Dear Sir,
please help for checking of 26AS for new user. I have registered a PAN for the 1st time. But at the time of viewing the 26AS, the site is saying that your a temporary user.
Than how can new user under Income Tax site see the 26AS Form ?
Thanks & Best Regards
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