Do you really do not know about this or are you testing my knowledge? If you really don't know, I won't mind educating you but if you are testing my knowledge-I refuse to answer.
Indian Economy : News,Discussions & Updates
- Thread starter Butter Chicken
- Start date
-
- Tags
- indian defence forum
till 2016, the criteria of NPA was limited to individual bank. A company who defaulted on loan with a bank was certified and black listed by that bank only. Take a case that you have taken loans from two banks and defaulted with one of them but you are servicing the loan of other bank properly and that bank has not called the loan NPA while the bank you defaulted with has called your loan a NPA.
in 2016 Raghurajan ordered a Asset Quality Review AQR as he thought that banks were not reporting correct NPAs. After the review he changed the system by which a person who is a defaulter with one bank becomes defaulter with all banks and no further credit/loan will be given to that company/individual. This change not only completely broke the back of many companies but also created a situation in which banks were unable to reach a revised payment plan or restructure the asset so that it can be prevented from becoming NPA. Till this change in the rules, a company could take a loan from the bank with which it had better relationship with timely loan payments to repay the loan of the bank with which it had defaulted by restructuring the loans. Another change he did was that he brought down the time period by which an asset was to be declared NPA to just 90 days.
The change of rule which completely ruined the economy was that a defaulter with one became a defaulter for all banks as a result the companies which could come out of red, sank further deep in red and went bankrupt. Plus a properly serviced loan became a NPA for the INDIAN banking while it was not NPA for at least some of the banks. To explain further, If I had taken a loan of say 100 cores from one bank and another 50 crores from another and servicing the 100 crore loan while defaulting on 50 crore loan, my complete loan of 150 crores got declared NPA and all further loans were stopped by every bank to me.
Raghurajan is the architect of NPAs in our system and the person responsible for ruining our economy.
Opinions are like assholes. everyone has one. What matters is as to who gets proven correct. My views about Raghurajan are not new. Members might recall that I had posted same things when there was a talk of giving him an extension and second tenure. Today i stand vindicated as more and more people are blaming him for the mess in which our economy is.
“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear.”
― Marcus Tullius Cicero
have you read my post properly? Is it in favour of Scheduled Castes or against them? Please read again. I was pointing out that they are an essential part of any society and the so called and oft repeated stigma of untouchability was a creation of people who had only one agenda of dividing our society.
In Modi''s leadership, all the bad guys are crying foul! "Chanakya (Kautilya) says in his Artha Shastra: "Learn that when thieves, dacoits, traitors become restless, shout and try to create anarchy, the King is ruling well"
Nothing to add really. Your post more or less hits the issue on the head.
Overruling RBI is a way for govt to push populism (deficit growth) at the cost of genuine free market reform. Mind you there is a case for when this is appropriate (i.e a lingering flaw in the Federal Reserve Act of US is that their govt effectively has no real last-resort veto over fed policy)....but I feel GOI is going for easy but flawed route here given there are lot of low hanging reforms still present (while leaving RBI alone). But then again populism has its role given elections are around the corner....so they have their political reasons, and maybe its for the best given the alternatives.
This is all not surprising given India does not truly have a right of centre party in the economic realm...while it sorely needs one. Right now its just competing narratives of same overall flavour of leftists, i.e that you cannot trust free market as the default....and govt is the be all end all to manage/control the market. Hence the debate window is kept very artificially constrained so in the end, inevitable feet get trodded upon for canvassing same kind of voter-think.
Yes but why haven't Modi removed Urjit Patel yet?? He could have done it anytime. or is it that Urjit Patel lutyns gang is still too strong to strong arm Modi??
You know the furor which happened when Raghurajan was not given an extension. The same Lutyens mafia had openly lobbied for extension for him. Modi appointed Urjit Patel instead who was another Raghurajan. Now if Modi has to remove him with elections so close by, he will have a serious problem from this lutyens mafia.
It seems that you are arguing for the sake of arguments only with little or no substance in your posts. How can you equate Kingfisher and Chokshi and co with other genuine companies? Don't you know who allowed them to do what they did and under who's watch?
regarding the time period for declaring an NPA, it has been changed my times from six months to just one month to three months etc. That is not the main issue. The main issue is that his policy change nearly doubled the NPAs from 4.5 lakh crore to nearly 9 lakh crore overnight.
Finally what would you prefer a restructured loan which is serviced properly and you are able to retrieve your money with interest or a loan turning NPA which will entail endless litigation with scant chance of recovering the loan?
RBI is not anti national, the Governor is. Regarding your other points, there are Frauds perpetuated by corrupt people by side stepping the system like Kingfisher and Chokshi did. Do not compare them with NPAs. Also please read and understand some thing about finance. Your arguments are so funny and stupid that I don't want to run a tutorial for you here. Can a project which is operating at below par levels be termed NPA? do you even know what is an NPA?
My friend you seem to have a habit of poking your nose in things which you have no clue about. I don't want you to believe me or agree to anything that I have written. But how about the most respected economists who have also stated the same things as I did here? Are they also fools and may I ask you what qualification do you have to comment on these aspects.
My friend you seem to have a habit of poking your nose in things which you have no clue about. I don't want you to believe me or agree to anything that I have written. But how about the most respected economists who have also stated the same things as I did here? Are they also fools and may I ask you what qualification do you have to comment on these aspects.
I will not respond to your replies anymore. You asked what were the changes made and I explained to you. You are just being rhetorical and splitting hair to make your stupid arguments. Thruout my posts I had written against Raghurajan and Urjit Patel only. RBI as used in that reply was for the governor of RBI.
Mallya and Choksi completely bypassed banking system as the due dilligence done had refused further loans for them but someone from top ordered release of more money for them. Banks did their job but were forced to look the other way. Go and approach a bank for a large loan and see how well they rip apart your bizplan. Convincing them is not easy but than people like Mallya had their way of overcoming these checks and balances.
If you read your own comments, it is pretty clear that your degree in Finance has actually taught you nothing. Long back in 1999, I also joined for MBA for just two semesters with AIMA. The way you have put up your arguments very clearly show that either your intention was to ridicule or you simply have no clue of things. I will go for the first one and therefore consider you a person far below my level to respond to. I think its better that we don't cross paths again here.
I like a good argument with people who really have good intentions but arguing with a person with a closed mind is not my cup of tea.
Mallya and Choksi completely bypassed banking system as the due dilligence done had refused further loans for them but someone from top ordered release of more money for them. Banks did their job but were forced to look the other way. Go and approach a bank for a large loan and see how well they rip apart your bizplan. Convincing them is not easy but than people like Mallya had their way of overcoming these checks and balances.
If you read your own comments, it is pretty clear that your degree in Finance has actually taught you nothing. Long back in 1999, I also joined for MBA for just two semesters with AIMA. The way you have put up your arguments very clearly show that either your intention was to ridicule or you simply have no clue of things. I will go for the first one and therefore consider you a person far below my level to respond to. I think its better that we don't cross paths again here.
I like a good argument with people who really have good intentions but arguing with a person with a closed mind is not my cup of tea.
Thanks. That's what I thought.
Out of curiosity, do you know the strength of the Lutyns media mafia? I would like a number of outlets for TV, print and radio. Please don't say all the media or anything. I want a number.
Some of them are known to everyone and so are their deeds like selling off the CDs of the sting of cash for votes in Parliament by Rajdeep sardesai. We all know of many more.
For those who support Jaichands and Mir Jaffers of India.
CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulters' list - Times of India
CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulters' list - Times of India
India set to pip US as second largest consumer of steel in the world by 2019
India will overtake the US to become the second largest steel-consuming country in the world in 2019, according to a report by Business Standard. China will retain its position as the largest market for steel with a consumption of approximately 781 million tonne a year.
The World Steel Association (WSA) has forecast that usage of finished steel products in India could touch 102.3 million tonne in 2019, higher than the estimated 95.4 million tonne in 2018. The US is expected to consume 101.2 million tonne of finished steel products in 2019, as against an estimated 99.9 million tonne in 2018.
Demand for steel in the Indian economy, which is recovering from the shocks of demonetisation and GST implementation, is expected to grow due to investment and healthy consumption, according to Adam Szewczyk, Head of Economic and Statistical Analysis for WSA. "The steel demand in the country has almost doubled in the last decade and is now very close to overtaking the US if the current outlook stays," he said. Szewczyk also said that India's steel demand will further go up in the short and medium terms as macroeconomic conditions are favourable and ambitious reforms are on the agenda.
India's per capita consumption of steel is just 70 kg, way below the world average of 200 kg. This leaves a lot of scope for the industry to grow. Szewczyk believes that industrial and freight corridors supported by the Make in India campaign will help develop steel-intensive sectors. He said many states may develop auto and ancillary industries, making India an exports-focused global auto hub for small cars, adding that the existing mechanical machinery needs more work.
India set to pip US as second largest consumer of steel in the world by 2019
India will overtake the US to become the second largest steel-consuming country in the world in 2019, according to a report by Business Standard. China will retain its position as the largest market for steel with a consumption of approximately 781 million tonne a year.
The World Steel Association (WSA) has forecast that usage of finished steel products in India could touch 102.3 million tonne in 2019, higher than the estimated 95.4 million tonne in 2018. The US is expected to consume 101.2 million tonne of finished steel products in 2019, as against an estimated 99.9 million tonne in 2018.
Demand for steel in the Indian economy, which is recovering from the shocks of demonetisation and GST implementation, is expected to grow due to investment and healthy consumption, according to Adam Szewczyk, Head of Economic and Statistical Analysis for WSA. "The steel demand in the country has almost doubled in the last decade and is now very close to overtaking the US if the current outlook stays," he said. Szewczyk also said that India's steel demand will further go up in the short and medium terms as macroeconomic conditions are favourable and ambitious reforms are on the agenda.
India's per capita consumption of steel is just 70 kg, way below the world average of 200 kg. This leaves a lot of scope for the industry to grow. Szewczyk believes that industrial and freight corridors supported by the Make in India campaign will help develop steel-intensive sectors. He said many states may develop auto and ancillary industries, making India an exports-focused global auto hub for small cars, adding that the existing mechanical machinery needs more work.
India set to pip US as second largest consumer of steel in the world by 2019
Good news for Indian economy? 75 lakh new taxpayers added to Income Tax net in FY19 so far
About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Central Board of Direct Taxes (CBDT). The CBDT frames the policy for the Income Tax Department (ITD).
"About 75 lakh fresh tax fliers have been added to the income tax list till now in this fiscal. A number of policy and enforcement measures undertaken to check tax evasion are the reasons that can be attributed for achieving these numbers. "The department is hopeful that it will achieve the target of adding 1.25 crore tax filers as there are still few months left for the 2018-19 financial year to close," the official said.
The department, last fiscal, had added 1.06 crore new tax filers to the income tax net during the 2017-18 financial year. A new income tax filer is defined as a person who is not included in the tax filing base at the beginning of the year, but who files the return during the year.
A new I-T filer may not be called a fresh taxpayer added to the net as a person may file their income return but may not pay tax as they can claim legitimate exemptions, the official had told earlier. However, once a filer is in the I-T database, there is a little chance that such a person's income remains anonymous, he had said.
"The Indian economy is growing at a rapid pace. Considering the increased economic activities both in organised as well as unorganised sectors, there is a scope for further widening of the direct tax base of the country. "... The Board (CBDT) has fixed an overall target of adding 1.25 crore new return filers during the current financial year," the CAP for 2018-19 had said.
The CAP acts as the vision document for the Income Tax (I-T) Department and is published by the CBDT annually.
As per the set target, the northwest region of the Tax Department (that has jurisdiction over Haryana, Punjab, Himachal Pradesh and Jammu and Kashmir) has been asked to add the maximum new filers at 11,48,489, followed by Pune region at 11,33,950 and Tamil Nadu region at 10,36,645.
The Andhra Pradesh and Telangana regions have to get 10,40,218 new filers. Gujarat (9,88,101) and the Karnataka and Goa regions (7,95,626) follow the tally apart from the 12 other I-T regions in the country.
Good news for Indian economy? 75 lakh new taxpayers added to Income Tax net in FY19 so far | Business News
About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Central Board of Direct Taxes (CBDT). The CBDT frames the policy for the Income Tax Department (ITD).
"About 75 lakh fresh tax fliers have been added to the income tax list till now in this fiscal. A number of policy and enforcement measures undertaken to check tax evasion are the reasons that can be attributed for achieving these numbers. "The department is hopeful that it will achieve the target of adding 1.25 crore tax filers as there are still few months left for the 2018-19 financial year to close," the official said.
The department, last fiscal, had added 1.06 crore new tax filers to the income tax net during the 2017-18 financial year. A new income tax filer is defined as a person who is not included in the tax filing base at the beginning of the year, but who files the return during the year.
A new I-T filer may not be called a fresh taxpayer added to the net as a person may file their income return but may not pay tax as they can claim legitimate exemptions, the official had told earlier. However, once a filer is in the I-T database, there is a little chance that such a person's income remains anonymous, he had said.
"The Indian economy is growing at a rapid pace. Considering the increased economic activities both in organised as well as unorganised sectors, there is a scope for further widening of the direct tax base of the country. "... The Board (CBDT) has fixed an overall target of adding 1.25 crore new return filers during the current financial year," the CAP for 2018-19 had said.
The CAP acts as the vision document for the Income Tax (I-T) Department and is published by the CBDT annually.
As per the set target, the northwest region of the Tax Department (that has jurisdiction over Haryana, Punjab, Himachal Pradesh and Jammu and Kashmir) has been asked to add the maximum new filers at 11,48,489, followed by Pune region at 11,33,950 and Tamil Nadu region at 10,36,645.
The Andhra Pradesh and Telangana regions have to get 10,40,218 new filers. Gujarat (9,88,101) and the Karnataka and Goa regions (7,95,626) follow the tally apart from the 12 other I-T regions in the country.
Good news for Indian economy? 75 lakh new taxpayers added to Income Tax net in FY19 so far | Business News
I agree with you sir. Army men aren't very bright.
Naval aviators, however, are a strange breed.Looked at with suspicion by sailors and considered upstarts by the AF.
Urban legend has it, that such isolation has led Naval aviators to have an exagerrated notion of themselves.
I think you've rubbed it in enough. Anymore and you can expect an explosion, the kind we were fortunate enough to witness on Older Forum a couple of years ago. It wouldn't be untimely too. It's festival season.And finance is not even my main channel. Have a Masters in another field too
Naval Aviators do not have an exaggerated notion about them. The world sees them what they do. Regarding the debate so far about NPAs we have a person who is continuously twisting and turning things around like a low life snake and never on the target. This whole debate was about NPAs and how Raghurajan and Urjit Patel are to be blamed about them. In my life I have seen that people with so called multiple degrees are the dumbest of the lot as they just can't make out things. Some people happen by accident and some by design, These guys happen due to confusion.