Tax: Taxman To Write ‘Polite Letters’ to Assessees

The income-tax department has asked its officials to be more courteous while approaching taxpayers with queries regarding their financial transactions or returns. The I-T department had begun the practice of writing clarification-seeking letters to taxpayers some years back as part of its drive to collect additional revenue lying untapped, especially in cases of suspected non-disclosure or avoidance of tax by an individual or entity. The official letters sent by the respective I-T assessing officers (AOs), henceforth, would use ‘please’, ‘warm regards’ and ‘gentle reminder’ even as the taxpayer is addressed by name with proper salutation.

User

Wills: HDFC Securities Offers ‘e-Will’: What’s the Catch?

Preparing a Will is just a click away, as HDFC Securities has launched ‘e-Will’ writing service. To begin with, ‘Do it Yourself Will Service’ would be available to customers of HDFC Bank having a base of 28 million customers. HDFC Securities has 2 million users. A person can prepare a Will in “an easy and hassle-free manner by registering on the website”, HDFC Securities claims, and added, a person has to give list of assets and who one would like to bequeath them to. Savers are asking: ‘What is the catch? Why would a stockbroker offer such a service?’ Is it designed to ensnare more customers for the broking business?

User

COMMENTS

Suketu Shah

7 months ago

I keep receiving their sms tips every few weeks still.I have left them permanently 3.5 yrs ago on 1 march 2013.It shows VK Sharma and his team not only have no shame but are devoid of self-respect f any kind.

Suiketu Shah

3 years ago

The people heading hdfc securities are mentally sick.I have blacklisted hdfc bank and hdfc securities permanently in Feb 2013 and cancelled all my accounts with them.2 days ago I received a cal from their knajur Marg branch,Mumbai tel 67657862 asking me to be their client.Obviously this wasw not an accident.This newcomer who called me was told to call me by his seniors ie Naresh Revar and VKSharma of HDFC Securities both of who are real jokes and totally untrustworthy to stalk me and find out my new broker.I must say they stated me to my prevoious broker 21st century in March/April 2013 and also at my residence.

All I can say is stay far far away from HDFCSecurities,they are mentally sick people who wl stalk you for yrs together.Stalking is also a crime as per India law.

REPLY

r vasudevan

In Reply to Suiketu Shah 3 years ago

anything service offered by HDFC is a hoax including banking , they make killing with hidden charges ,i have proof

Suketu Shah

In Reply to r vasudevan 3 years ago

The worst thing is they are serial stalkers.Today I received a call from some Nirmal working in Edelweiss,equity division(who claimed he was my RM in HDFC Bank Tulsiani in Oct 2010 although I have never heard of him!)

He wanted a meeting with me intigated by HDFC securities.I asked him the mid/small cap he recommends and he told me names like Delta Corp("best to avoid" stock),etc.I told him I know about shares better than him and the next time hdfc securities calls me I wl break their bones.Serial stalkers,now they make their ex-staff stalk me!!

Pathetic beyond imagination.

Bank union demands stern action against top executives

According to AIBEA, while there are clear-cut rules and guidelines regulating the conduct of  bank employees and officers, there were no such regulations for executive directors and CMDs

 

The All India Bank Employees' Association (AIBEA) has urged the union government to frame a set of rules and conduct regulations applicable to executive directors (ED) and chairman and managing director (CMD) of banks.

 

CH Venkatachalam, general secretary of the AIBEA, said that while junior-level officers and employees were sacked by bank managements for bribery and misconduct, top executives committing major frauds often go unpunished. "If there be a rule for the entire staff of the bank, why not for the top executives?” he asked in a statement.

 

Last Saturday, the Central Bureau of Investigation (CBI) arrested six people including Sudhir Kumar (SK) Jain, CMD of Syndicate Bank in a case of alleged bribery of Rs50 lakh.

 

“This is not the first time that top executives of banks seem to have indulged themselves in," Venkatachalam said, adding "earlier, in the 90s, the CMD of UCO Bank was arrested for involvement in the Harshad Mehta scam and was jailed. There have been cases coming up now and then and many cases get hushed up."

 

“It is high time that the Government should frame a set of rules and conduct regulations applicable to the EDs and CMDs of the Banks,” he said. Venkatachalam goes on to add that, “In a context where Banks are facing huge bad loans, the accountability for the same at the top should be ensured.”

 

The statement from AIBEA goes on to note that, cases of high level officials at the State Bank of India and the United Bank of India were either hushed up or buried. This is especially problematic when you consider that ordinary employees of these banks suffer swift action for much less serious misdeeds and misdemeanours.

User

COMMENTS

Nagesh Kini

3 years ago

The CMDs are the beginning of all NPAs and CDRs.
As a purely preventive measure the MOF and RBI should carry out reality checks on all sanctions from 1st Jan. 2014 as to how many have really passed the test of due diligence scrutiny. And also how may older ones are on the verge of turning NPAs without being declared and revisit all CDRs which have failed to comply with conditions and start cracking the whip.

Gopalakrishnan T V

3 years ago

The Union's demand is just and right.No one can escape from wrong doings and the law ,rules and regulations should be made applicable to all in letter and spirit. Banks management generate NPAs and they get written off without being questioned or without any justification. Prudence demands that there should be transparency in the loan apprisal system, sanction, monitoring and close supervision. Bank has technology for everything why not have a system to identify symptmos of NPAs in their early stages and make the borrwers and banks accountable with some penalty?There should not be and cannot be any bias or favouritsm in the identification of symptoms of NPAs and levying of penalties.These Penalties can take care of NPAs and depositors and tax payers can be spared in the process. Accountability of Executives can also be fixed if adequate monitoring and supervision is ensured. Hope Anybody can get away with anything may perhaps come to an end with the arrest of the CMD of Syndicate bank,. This is a welcome move and should be a lesson for all wrongdoers.

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)