Taxation
Neither tax terrorism, nor tax haven: Arun Jaitley

India isn't so vulnerable that every demand is termed tax terrorism

 

 India will neither promote tax terrorism nor can it become a tax haven, Finance Minister Arun Jaitley said on Monday, assuring a fair compliance window to those with ill-gotten money overseas to come clean, and a moderate tax regime to obviate such practices.
 
Addressing the annual session of the Confederation of Indian Industry (CII), the finance minister also promised to introduce the bill on pan-India goods and services tax in the ensuing parliament session and a recast of laws that were preventing decision-making process in bureaucracy.
 
In the speech that addressed a host of issues pertaining to the corporate sector, as also some of the contemporary matters faced by his government, Jaitley conceded that the present Companies Act was posing irritants and that the previous law proposed on land acquisition was anti-rural India.
 
"We're not a tax haven. We don’t expect to be one. India isn't so vulnerable that every demand is termed tax terrorism,” Jaitley said with his comments coming in the wake of tax notices served on foreign funds for periods before 2012-13 and on companies for acquisition deals made overseas.
 
On the issue of black money stashed by Indians abroad, the finance minister said even though the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill of 2015 had been tabled by him in the Lok Sabha last month, there was room for changes and welcomed suggestions in this regard.
 
"A very reasonable compliance window will come for those who indulged in such misadventure in the past." The new bill calls for 300-percent penalty on the quantum of black money abroad along with rigorous imprisonment of up to 3-10 years for perpetrators.
 
At the same time, the bill also has some amnesty provisions to bring such money back from abroad, allowing people to declare such assets within a prescribed time period, pay tax on it and retain the remaining amount.
 
It provides for tax to be charged at 30 percent of the undisclosed assets outside India as also a penalty of 100 percent of such tax, taking the effective rate of tax and penalty to 60 percent, leaving room for people to retain 40 percent of such declared assets.
 
The finance minister said India has also agreed to become a signatory to the US global tax evasion law -- Foreign Accounts Tax Compliance Act of 2010 -- that seeks to deal with evasion by its nationals wherein authorities and institutions on both sides will share information on money laundering.
 
Jaitley also spoke about the proposed new bill to facilitate acquisition of land for development and said the one proposed in 2013 by the previous United Progressive Alliance (UPA) government was clearly anti-rural India.
 
On the Companies Bill, 2013, Jaitley said it was rare that a new law required a series of amendments as many procedural difficulties had surfaced which were hurting the corporate sector. "We will see where the shoe pinches."
 
Alluding to numerous cases of corruption against retired bureaucrats by probe agencies, Jaitley said a different yardstick is needed to look at errors or corruption in decision-making. But he felt in the absence of such a prism, decision-making was suffering.
 
"The language of the Prevention of Corruption Act is deterring a large number of civil servants from taking decisions," Jaitley said, adding that a similar exercise was needed to recast the Companies Act for which the Law Commission has given its recommendations.
 
On the pan-India goods and services regime, the finance minister said the relevant Constitution amendment bill will be tabled in the upcoming budget session of parliament, after the current recess, while maintaining that the land acquisition bill of 2013 was flawed.
 
"The 2013 land law is hugely detrimental to rural India," he said. "It has no provision for rural infrastructure. Even acquiring of land for irrigation has been left out, and no land can be made available for rural electrification."
 
His reference was to the new legislation proposed by his government which has been passed by the Lok Sabha, but still faces opposition in the Rajya Sabha, following which an ordinance was re-promulgated with a presidential order.
 

User

BEL, GAIL, ONGC, NTPC, PNB, SAIL among 32 big PSUs without woman director
Of the 829 companies, which have complied with the requirement after the SEBI order, as many as 278 did so in the month of March, with a high of 55 on 30th March and 76 on 31st March
 
Despite directions from market regulator Securities and Exchange Board of India (SEBI), almost 180 or 12%, out of the 1,456 listed companies (excluding 27 exempted from this requirement) on National Stock Exchange (NSE) still do not have a woman director on the company boards.
 
According to Prime Database, of the 180 non-compliant companies, there are as many as many as 32 public sector units (PSUs) and public sector banks (PSBs). Here is the list of some non-compliant PSUs:
 
As on 31 March 2015, the last date for the compliance, across all 1,456 NSE-listed companies, after the recent appointments of women, there are now 1,222 women presently occupying 1,431 directorship positions, representing 12% of the total 11,935 directorship positions, up from 5 per cent in February 2014. Of these, more than half i.e.  671 women are holding 713 non-independent directorship positions.
 
Among women directors, Renu Sud Karnad and Ramni Nirula have the maximum number of board positions at seven followed by Renu Challu, Geeta Mathur, Ireena Gopal Vittal at six (all of which are as an independent director). Only 33 companies have a woman chairperson/ co-chairperson, of which only one is an independent director. The companies with the highest number of women directors are Apollo Hospitals Enterprise, Indraprastha Medical Corp. and Monte Carlo Fashions at four each, the report says.
 
Over a year has now passed since the SEBI board meeting on 13 February 2014 when this stipulation was announced. From then till 1st April 2015, 832 women have been appointed to 912 directorship positions in 872 companies. Of these 872 companies, 43 companies already had a woman on the board before the SEBI guideline was announced (and appointed a second woman director on their board), implying that 829 companies have since complied with the requirement.
 
Within these 829 companies, 789 women have been appointed to 861 directorship positions. At least 363 of these 861 directorship positions have been filled by non-independent women. According to Pranav Haldea, Managing Director, PRIME Database, these women shall have the same voice as the promoter, defeating the very purpose of genuine (independent) gender diversity.
 
 
Some companies with women relatives on their Boards
 
 
Haldea says that there could be an argument that there is nothing wrong in appointing relatives on the board in case they are competent, but then such women should have found a place on the boards irrespective of the SEBI guidelines.
 
According to Prime Database, the hope of another deadline extension appearing dim, there was a last minute rush to appoint women. Of the 829 companies which have complied with the requirement after the SEBI diktat, as many as 278 did so in the month of March, with a high of 55 on 30th March and 76 on 31st March, Haldea added.
 

User

COMMENTS

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

shanti Patel

2 years ago

All the companies which have failed to appoint competent woman directors should be severely punished as told by Hon.chairman Mr.U.N.Sinha so that in future there will be fear to comply with the law. If not done then, fear of being punished will go away.Defaulter will think that "Braking Dog Never BITES" It will give negative signal to the Honest people.

S.K.PATEL
Secretary-Bombay Shareholders Association

The FM’s gold schemes will not control gold imports. This simple measure will

To reduce gold imports what is required is a level playing field for gold and non-gold imports and not gold schemes as proposed by Arun Jaitley in the Budget

 

India needs to reduce gold imports, which were the single cause of the unprecedented over 30 year-high current account deficit of 4.7% of GDP in FY 2013 with gold imports accounting for more than 3%. The Finance Minister Arun Jaitley has proposed two important measures in his budget speech, to control gold imports. These are:
 
(i) Gold Monetisation Scheme, which will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold.
 
(ii) Also develop an alternate financial asset, a Sovereign Gold Bond, as an alternative to purchasing metal gold. The Bonds will carry a fixed rate of interest, and also be redeemable in cash in terms of the face value of the gold, at the time of redemption by the holder of the Bond.
 
Unfortunately, these two measures will not work. Take the first one. India has 20,000 tonnes of domestic stock of gold. Can it be monetised as the minister announced? Globally, deep and liquid metal gold deposit and lending markets exist but only for two reasons, the first being active trading and the second gold miners borrowing metal gold to raise money at ultra-low interest rates to fund their capital investment in either new mines or in expansion of their existing mines. And there is no third reason for this.
 
The dynamic of the global gold deposit and lending markets in New York, London, Singapore and Hong Kong involves gold borrowing demand coming from short sellers and large gold miners. In particular, short selling arises from speculators, hedge funds and other participants betting on declines in gold price so that they can make profit from their bet coming right by buying back gold at a price lower than the price at which they originally short sold and repaying the metal gold loan. But since, there is the market discipline of delivery into a short sale, short sellers have necessarily to borrow metal gold to deliver into the short sale, which gets adjusted after some time, when short sellers either buy metal gold back to cut their losses due to stop loss limits or to book their profits and using the gold so bought back for repaying the borrowed gold. 
 
Another reason for short selling metal gold is engagement by market participants in cash futures arbitrage when gold futures are cheaper relative to the spot market i.e. when no-arbitrage argument/ law of one price of derivatives is violated. What then they actually do is buy cheaper gold futures and short sell expensive gold in the spot market and carrying the arbitrage trades into maturity and earning totally risk free profits due to such mis-pricing. Such arbitrage trades continue until, as a result of these trades, such price discrepancy eventually disappears. 
 
Since globally there is large-scale demand for such borrowed metal gold, supply comes from gold deposits and like in any bank deposit and loan market, there are deposits and lending/ borrowing rates known as gold lease rates. These are way too low compared to currency rates because they are in theory and practice nothing but the difference between the uncollateralised currency interest rates and those collateralised by metal gold. Specifically, when gold is short sold, the sale proceeds of short sale are used by the short sellers to collateralise their borrowing of metal gold borrowing, which amounts to lending by short sellers of cash from short sale to metal gold lenders at an interest rate lower than the interest rate they will lend at otherwise. The more desperate the metal gold borrowers are to borrow, the less interest rates they will charge to the lender of the metal gold and so much higher will be the metal gold lease rates. 
 
On the other hand in an aggressive bull market in gold, when prices shoot up, the demand for borrowed gold will relatively be far lower and therefore, gold lease rates will be lower and can be, and have indeed been, negative. These gold lease rates are in both theory and practice a fraction of a currency’s interest rates. 
 
Illustratively, currently these are 0.09%, 0.11%, 0.15%, 0.25% and 0.40% for one month, two months, three months, six months and one year, respectively. Incidentally, in the Indian context, there has been frequent demand from some quarters that interest rates paid on gold deposits should be higher than currently paid without appreciating the fact that each asset has its own yield curve. Like for example, just as you cannot pay Indian rupee rates on yen and dollar deposits, so also you cannot pay Indian rupee interest rates on gold deposits. 
 
Coming back to gold lease rates, they have also been negative during the episodes of aggressive bull market in gold when lenders of metal gold far exceed the borrowers of gold to a point that lease rates become zero but there are still storage and insurance costs, which make effective lease rates negative! 
 
Other than short sellers and arbitrageurs, there is only one more kind of metal gold loan borrowers, namely, large gold miners. They borrow metal gold for longer periods to sell the metal in the spot market and use the sale proceeds to fund capital investment in new mines or in capacity expansion of their existing gold mines and have a natural hedge against gold price rise. This is because they use the metal gold mined to repay their metal gold loans without any price risk and thus have the natural advantage of raising capital at a fraction of cost of debt and equity capital unlike other non-gold businesses. 
 
Significantly, as regards lending gold to jewellers, to call it a metal gold loan is an oxymoronic misnomer. This is because, effectively and substantively, it is simply nothing but a sale and purchase transaction as both in finance theory and practice, a deposit and lending transaction is one where whatever is borrowed has necessarily to be repaid. To that extent, it is no brainer to that the proposed monetisation scheme will not deliver because any genuine depositor of any asset would want his deposit back on redemption and maturity date and not sell it in the first place.
 
The Sovereign Gold Bond Scheme is, in its design and logic, is exactly like a Gold ETF. The difference is that the latter does not pay any interest but delivers gold returns to investors by investing the entire proceeds of subscription in metal gold, which is held in demat form.
 
Significantly, all the 14 Gold ETFs in India, between them, hold no more than 40 to 50 tonnes of gold, which is a mere 5% of annual gold imports of 800 to 1,000 tonnes mentioned by the Finance Minister! 
 
Therefore, a gold ETF does not at all reduce metal gold demand. All it does is to substitute gold demand from individual metal gold investors with like demand from a professionally and expertly managed gold ETF instead! Exactly so will also be the case if the Government does the same to deliver gold returns to Sovereign Gold Bond holders on redemption. 
 
In the highly unlikely event of the Government, even remotely contemplating using the subscription proceeds for a purpose other than investing only in metal gold, will expose the government to extreme price risk, as it will be committed to delivering gold returns to bond investors, on redemption, at the ruling gold price. Remember, gold price moved from an all-time high of $850 per oz. in late ‘70s to a life time low of $270 in the early 2000 and then to an all-time high of $1,920 in September 2011. 
 
So to conclude whether the proposed gold deposit and lending scheme will deliver in practice will depend critically on whether we have in India both active gold trading involving, as I said before, short selling and arbitraging and gold mines of global scale. And as we already know the above necessary and sufficient conditions are not satisfied in the Indian context. In view of the foregoing reasons, both the Sovereign Bond Scheme and Gold Monetisation Scheme will not deliver. What, however, will is what actually and effectively did only as recently as in 2013-14 , that is, restoring by RBI of the status quo ante by again creating level playing field between gold and non-gold imports by stopping gold imports on 1) consignment basis 2) unfixed price basis and 3 ) metal loan basis ! 
 
What Will Work?
 
What will reduce gold imports is putting it at par with non-gold imports. Remember, gold imports surged because under the then current import regulations (of RBI’s FEMA Master Circular), there was preferential, and more favourable, treatment for gold imports as compared to import of any other item, including essential imports. Gold import was permitted 1) on consignment basis 2) on unfixed price basis and 3) metal loan basis. 
 
This preferential treatment made gold imports free from both price and currency risks for overseas consignors of gold borrowed overseas as effectively it amounted to their short selling such borrowed gold in India and simultaneously covering their short position abroad, with both the risks being borne by end buyers of jewellery and gold exchange-traded fund (ETF).
 
This was not the case though with other items, say, coal and edible oils, imported on direct import basis. I had accordingly, in December 2012, suggested to the then Reserve Bank of India (RBI) Governor, Dr Subbarao and the present Governor Dr Raghuram Rajan, then Chief Economic Advisor, Ministry of Finance, to create a level playing field between gold and non-gold imports by aligning gold import regulations under Foreign Exchange Management Act (FEMA) with those for non-gold but essential imports. 
 
And indeed, aligning gold import regulations with the rest of imports by RBI had the desired effect of taking away this significant, unwarranted and perverse incentive. It delivered the desired outcome of dramatically reducing gold imports in double quick time, merely by creating a level playing field between the two kinds of imports so much so that as its direct consequence, the current account deficit (CAD) narrowed dramatically to 1.7 % of GDP in FY 2014! 
 
And this was achieved, as I said, not by imposing curbs and restrictions on gold imports, as was widely made out in media campaign by some quarters, but merely by creating a level playing field between gold and non gold imports and by aligning gold import regulations under FEMA 1999 with those for non-gold, but essential, imports like, as I mentioned above, edible oil and coal.
 
However, surprisingly, the RBI, only recently, rolled back these entirely wholesome and fair measures. No wonder, according to media reports, gold imports have again surged and the CAD for the latest fiscal quarter has increased to 2.1% from 1.2% of the GDP. 
 
(VK Sharma is Former Executive Director of the Reserve Bank of India) 
 

User

COMMENTS

Mahesh S Bhatt

2 years ago

Sir respect good article.But Govt sells free land with 114 types of costed corrupted corruptions creating property bubbles.

So is the scene in Stocks/Commodities (Oil is latest classic eg)/lastly Onions/Potatoes shoots up for defeating electoral opponents(check with Ms Sheila Dikshit).

World is in mini World War III with 31 countries fighting ISIS & another 30 supporting.+6 countries attacking Yemen.

Russia has sanctions for attacking Ukraine.

Pray for safe life when World leaders are busy hurtling the world at fast pace into Greater than Great Depression on 1930.

All media is sold/bought by Government & Business with paid news.

TRUTH IS NOT LIKED BUT IT HAS ITS UGLY WAYS TO RAISE HEAD eg 2008 meltdown

Finally revolutions shall bring in the level play in aggressive /painful ways.

Currencies are also manipulated globally.

Engineers are also trying Cryptocurrencies Bitcoins to bypass corrupt Governments who bail Big corps but challenge is that who controls/who regulates??

So God sent Gold becomes simple safe emergency back up.

Donot think too much because its proven universal cash currency

Mahesh

Sree Iyer

2 years ago

Why not limit possession of Gold to 1kg. per family & make all excess gold to be declared and kept in RBI so GOI has a firm grip over World price of Gold? If it goes way up, RBI can sell Gold in the International Market and if it plummets, stock up. India consumes close to 25% of the all Gold manufactured in the world and can easily enforce price discipline in the World market.

REPLY

MG Warrier

In Reply to Sree Iyer 2 years ago

Excellent suggestion. To begin with, GOI or any organisation with necessarysupport from state and central governments need to make a realistic estimate of surface gold stock in India with individuals, institutions and others. There should be a national consensus on stopping abuse of gold for 'show off'. It is intriguing that in a country government records are maintained for every cent of land, and several other assets valued at low levels there are no transparent records maintained about the surfacegold stock the aggregate value of which is in billions of dollars.

Gopalakrishnan T V

2 years ago

The FM's measures on Gold may not help to lessen gold imports as such but in the long run if the measures intended are seriuosly implemented and they get stabilised, the attraction to import gold will be on the decline as the domestic supply of gold by simply allowing monetisation of local gold will enter the market and the other measure ie marketing of sovereign Gold bond will very well take care to absorb the monetised gold to develop gold bond market as well. The FMs gold policy has multi pronged objectives to curtail black money generation by freely investing in Gold, find adequate resources for infrastructure developmentthrough monetisation of gold, encourage banking habit by having deposit against gold and have some earnings and development of a gold bond market to widen and deepen the bond market. The idea is to curtail non essential gold imports so that the essential immports of non gold items can be taken care by the money saved therein. No new forex needs to be found and CAD can be maintianed at a comfortable level. More than the monetary aspets, the craze for Gold to cover up black money and other undesirable social needs can be tackled to a great extent if the gold hoardings enter the market in a big way.

MG Warrier

2 years ago

It is comforting to see that the debate on gold management is getting more participants. On the eve of Budget 2015-16, my Moneylife.in article concluded with the following observations:
"Once the government musters the political will to recognise gold as a national resource, the whole scenario of India Growth Story will change for the better. The advantages are:
1) When some banks start opening gold accounts, they will also be able to maintain more liquid assets under Section 24 of the Banking Regulation Act, 1949(the section requires banks to maintain a certain percentage of their liabilities in cash, gold or unencumbered approved securities) in gold.

2) Individuals and institutions will be encouraged to keep their gold stock with banks thereby reducing misuse(Now for the rich, gold is a medium to show off their wealth- Not only in the form of jewellery, but by erecting statues and flag masts in solid gold-less said about the malpractices practiced in such transactions, the better!)

3) Need to import gold will get considerably be reduced resulting in saving precious foreign exchange.

Budget 2015-16 is an appropriate medium for Modi government to think loudly on the above lines."

SuchindranathAiyerS

2 years ago

I disagree. The only way to halt Gold Imports or Smuggling into India is to have honest governance. A Governance that builds a track record of not expropriating the extremely hard earned, net of extortion-corruption savings of Indians through Inflation and other forms of taxation to fund Government corruption and profligacy. To build such a track record may take decades and a framework of reliable laws that enforce accountability and fair play, starting with detoxifying India's "social engineering" Constitution. Today Gold is the only reliable liquid store of value for an Indian.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)