Simplification necessary through clubbing saving-schemes for senior citizens
New Delhi,22/09/18:Government of India has raised interest-rates for different government saving-schemes, subsequent to sharp decline in small savings in first eight months of financial year 2017-18 when small savings schemes amounted to just rupees 40,429 crore, a seven-fold dip from Rs 2,75,682 crore in the corresponding period of previous year. It is time that government may introduce all saving-schemes presently available in post-offices through all branches of various public-sector banks. Interest-rate on RBI-bonds should also be restored back to 8-percent.
There are two different saving-schemes attracting 8-percent simple interest with a capping of rupees 15 lakhs on each of the scheme for an individual, namely Senior Citizen Saving Scheme in post-offices, and Pradhan Mantri Vaya Vandana Scheme through LIC of India. Central government should club both these schemes into a new one with total capping of rupees 30 lakhs through all branches of various public-sector banks. It will be better if this combined capping may be increased to rupees 50 lakh per senior citizen.
New Delhi,20/09/18:It refers to Secretary in Banking Department in presence of Union Finance Minister announcing initiating of merger of three public-sector banks namely Dena Bank, Vijaya Bank and Bank of Baroda to make the merged bank third largest bank in India. Even State Bank of India- SBI chairperson had acknowledged ultimate smooth merger of all SBI subsidiaries after facing some initial teething problems.
Instead of implementing merger in phases, central government should go ahead with mega-merger plan of all 21 public-sector banks in five anchor-banks namely Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India and Bank of India in one go. It will reduce large overheads apart from mega-reduction of nearing bank-branches with comparatively less business thus saving huge money on expenses incurred in banking-system. Reducing number of banks will largely reduce need of clearing-operations where more funds could be transferred by bank-transfers rather than clearing.
With secured service or suitable compensation through Voluntary Retirement Scheme, employees of nationalized banks have no reason to oppose merger of public-sector banks. Shortage of staff presently being faced will then be overcome by utilization of staff found surplus out of the mega merger-plan. Even seven-days-a-week without any bank-holiday including even on Sundays and other holidays could be feasible by giving bank-staff two weekly-offs by rotation comprising of all other public-holidays.
# Input;Madhu Agarwal
UNION PETROLEUM MINISTER SHOULD BRING PETROL-DIESEL UNDER GST RATHER THAN ADVISING STATES TO CUT TAXESMonday, 17 September 2018 03:51 Written by odishabarta
New Delhi,16/09/18:It refers to statement of Union Petroleum Minister advising states to cut taxes on petrol and diesel to overcome effect of regular price-rise. But one-time cut in tax-rate by states can in no way check regular price-rise in accordance with rise in crude-price. Rather it is absurd to harm public-exchequers by some states where polls are due in coming months by such cut in tax-rates only for political purposes. Instead Dharmendra Pradhan should make sincere initiative to bring petrol and diesel under GST to ensure uniform pricing throughout the country. Any subsidy in prices of petrol and diesel to overcome rising crude-price will be adverse to Indian economy. However some practical steps can help control the situation.
Since government is the biggest user of petroleum products, Union Government apart from cutting down its own expenditure should launch austerity drive by announcing stiff measures for a drastic cut in consumption of petrol and diesel including installation of GPS in all government-vehicles to check large-scale misuse of government-vehicles for private purpose.
Bigger and smaller sized cars should have dual rate-structure of GST according to ex-factory value rather than length, and any new car at cost of public-exchequer should be a small car even for heads of nation, legislature, judiciary and bureaucracy.
Car-loans should only for small cars.
Large overheads and publicity-budget should be curtailed by merger of all public-sector oil-companies in one unified company.
Discounts on petrol and diesel purchased by affluent class through credit-cards should be abolished.
Prices of petroleum products including GST should be in rounded in complete rupee rather than daily-change in paises.
Any relief due to fall in crude-price should be kept in reserve-fund rather than passing to consumers to overcome any future rise in crude-price.
Licence for auto-rickshaws should be freely given on demand so that middle-income people may switch to auto-rickshaws from cars. Present capping in Delhi makes auto-rickshaw drivers overcharging and denying going to desired destinations.
New-look translucent LPG cylinders made of fibre-glass ensuring tamperproof full-load supply of LPG gas per cylinders should replace old iron-cylinders with one time replacement-cost rather than charging rupees 300 extra for every re-fill.
LPG subsidy should be only on filing affidavits about combined family-incomes rather than government expecting voluntary surrendering subsidy from those with high family-income.
New Delhi,16/09/18:Demonetization of old currency-notes on 08.11.2016 was indeed a bold and right decision, but failed due to poor implementation. If 50-percent Disclosure-Scheme would have been announced on 08.11.2016 itself, public-exchequer would have been flooded. But people had exchanged old currency on heavy discount upto 40-percent by the time scheme was announced. Currency-crunch could have not been there if old currency would have been allowed to be accepted at public-utility sale-points and services without any hitch till 31.12.2016, with very limited scope of misuse. Only one ID-proof say Aadhar-card should have been allowed to prevent individuals exchanging notes more than once.
Poison only can kill poison. Demonetization of rupees-2000 currency-notes allowing these to be deposited only in banks can strengthen Indian rupee against dollar without affecting commoners, because rupees-2000 notes are mainly being used either as hoarded money or for circulation of unaccounted money. 50-percent Disclosure-Scheme should be simultaneously announced with announcement of Demonetization. An individual must not be allowed withdrawal more than rupees 96000 per month to be gradually reduced to rupees 48000 per month, to pave way for increased banking-transaction through credit and debit cards and internet-banking.
New Delh,15/09/18: Prime Minister Narendra Modi on Saturday flagged off nation-wide Swachhata hi Seva cleanliness campaign and urged the people to rededicate themselves to fulfilling the father of the nation’s dream of a clean India.
Joined by superstar Amitabh Bachchan and industry doyen Ratan Tata in an interaction streamed live on the Narendra Modi app, the PM urged all Indians to take the Clean India pledge. The campaign will continue till October 2.
“Swachhata Hi Seva Movement’ aims at fulfilling Bapu’s dream of a Clean India. From today till Gandhi Jayanti, let us re-dedicate ourselves towards fulfilling Bapu’s dream of Clean India. ‘Swacch Bharat Mission’ that began 4 yrs ago has reached an important stage today, where we can proudly say that people from all sections have joined us in the mission,” PM Narendra Modi said on the launch of ‘Swachhata Hi Seva Movement’.
Hailing the contribution of women in the cleanliness movement, the PM said, “The contribution of India’s nari shakti (women power) in the Swachh Bharat (clean India) mission is immense.”
Unrolling carpets at T-3 terminal of New Delhi Airport: Carpets are unhygienic and must not be used in public-placesThursday, 13 September 2018 04:18 Written by odishabarta
New Delhi,13/09/18:Delhi International Airport Limited DIAL is unrolling from T-3 terminal of Indira Gandhi International Airport at New Delhi, costly 2000 rolls of carpet prepared through tireless work of four months by 320 workers using 20 weaving-machines at a unit near Pune for the prestigious airport-terminal opened at time of Commonwealth Games held at Delhi in the year 2010.
Even though these woven carpets are being unrolled at New Delhi Airport on complaints about difficulties faced in dragging trolley-bags, yet otherwise use of woven carpets must be totally banned because being unhygienic and also requiring costly washing frequently. It was indeed a funny and shocking aspect to see a patient-room in a private hospital of New Delhi having a woven carpet just to exhibit being luxurious hospital to attract rich clientele. There is no practical mechanism to check dust and dirt coming from shoes on such woven carpets not only from atmosphere but more importantly from shoes of common people walking on woven carpets.
Concerned ministries including of Environment and of Health apart from National Green Tribunal should issue immediate guidelines to impose a total ban on using woven carpets in public places including in private organisations.
New Delhi,11/09/18:Delhi Chief Minister deserves all compliments for gifting people of Delhi a unique Home-Delivery-Of-Public-Services from 10.09.2018, perhaps being the only such initiative not only in India but even in the complete world covering 40 services to start with to be increased by 60 more in coming months on a nominal fees of rupees 50 in all convenient hours from 8 am in the morning till 10 pm in late evening so that people may take advantage even after returning from normal work. The service will not only save huge man-hours of general public, but also provide public-dealing offices of Delhi government to work more efficiently avoiding direct dealing with members of public. Service will be of great advantage of illiterate people where service-providing team-members will even be filling required forms. It is good that Delhi government has taken sufficient safeguards to avoid corruption by having system of feed-back calls.
Service-providing agency having given the contract should ensure success of the scheme to precure such contracts from other states also. Officers of Delhi Government who shared seat on dais also deserves compliments for making dream-come-true. It is welcome that Chief Secretary of Delhi also sharing a seat on the dais was seen lauding launch of such a wonderful scheme.
It would have been appropriate if political rulers from other parties would have also expressed feelings to encourage more and more states to follow Delhi government for this and many other unique facilities provided by Delhi government especially in health and education sectors. Media especially electronic should have also highlighted the event more prominently.
New Delhi,09/09/18:Daily rise in petrol and diesel should make all petroleum products under GST. Instead of daily price-rise, hike should be in multiples of one rupee when needed. There should be a ban on production of diesel-cars where diesel is deliberately priced low despite being almost same procurement-price to give relief to public-transport and transportation.
Revenue-loss can be compensated by adopting two-tier GST rates of 10 and 30 percent normally except on super-luxury items presently attracting cess, abolishing all others including zero-rate GST-slab. Items of long-lasting use even including like TV-sets and fridges of all models should attract 30-percent slab. Instead of imposing cess, extra GST-rates in multiples of 100 should be there so that luxury items requiring cess may have extra-ordinary high GST-slabs.
Abolishing zero-rate slab may look to be bitter, but practically it will provide much more relief specially in service-sector where items or services presently under 12 and 18 percent will also come under 10-percent slab. Revenue-loss can and should be further compensated by abolishing system of Input-Tax-Credit on all aspects including manufacturing and service sector, retaining only for trade-channels. Malpractice of selling GST-invoices without selling goods for availing false Input-Tax-Credit specially by manufacturing-sector will thus be checked to large extent.
Such practical reforms should not get political hurdles for unnecessarily criticizing abolition of GST-rates below 12-percent including zero-percent.