The Chinese have engaged in an economic aggression by sending a consignment of fake Indian currency, worth Rs37 lakh, which, most shockingly has been apprehended in New Delhi, addressed to a restaurant
In the last couple of months, we have had the ‘pleasure’ of being hosts to the Chinese premier officially and the members of the PLA (Peoples Liberation Army) in our territory, which came and went at its discretion!
Their foreign office had played down the intrusion, occupation of the Indian territory, dismantling of our property, and having called it ‘Chinese’ in banners, and then removed their camps, etc saying the misunderstanding at the borders should not really cause trouble in our centuries-old relationship!
A few air-space violations were similarly treated as small indiscretions due to poor weather conditions.
The third incident in the series is not only the intrusion, but ‘capturing’ the Indian camera in our barracks and later on returning it. Who knows if they have not bugged it with some electronic device that we still don't know about? If this be the case, that will be yet another issue that we may have to face and tackle at a later date.
Now, the Chinese have engaged in an economic aggression by sending a consignment of fake Indian currency, worth Rs37 lakh, which, most shockingly has been apprehended in New Delhi addressed to a Delhi restaurant. That this lot has travelled all the way to the capital without being detected itself is a feat to accomplish which speaks so well of our inefficient security agencies and systems in place. What a shame?
An identical lot but valued at about Rs30 lakh was found hidden in electronic dolls, piano and a cradle, imported from Hong Kong, but originally from Pakistan (well, that’s natural, right?), but caught in Nepal as one Ranjit Jha received the consignment in Birganj, on the Indo-Nepalese border. Should we continue to encourage imports of various small items from China that Indian industry can make?
We are helping China to set up medium and small factories to produce these and employ their population, while killing our own industry and making thousands jobless in the process. We should truly ban import of items that can be made in India.
The senders and God knows how many such consignments have already crossed the borders and how many more are in transit. A similarly valued consignment was caught in Motihair on 22nd June with a courier. This means that the courier company concerned did not strictly enforce the rule of x-raying the consignment before accepting it for onward carriage. What action has the government taken against the courier company would be of interest to the pubic.
All these are sad state of affairs that occur on a regular basis and only a few are caught; perhaps, these are allowed to be ‘captured’ consignments as they may be intended as ‘decoys’ with the main lots escaping the watchful eyes of the security agencies.
Such acts by unfriendly neighbours are to be expected but what is more relevant is our action plan to stem this rot from happening.
Why is the Reserve Bank of India (RBI) not making public on the progress made, if any, in regard to the introduction of polymer-based rupee currency notes. Please refer to Moneylife articles on this subject...
It is now certain that elections are around the corner that may actually occur sooner than later, and this sort of moves to introduce counterfeit currency by Pakistan and China would greatly hinder our democratic process.
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce and was associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)
As per the bourses, the move is part of the “surveillance review and with a view to ensure market safety and safeguard the interest of investors”
Leading bourses BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) on Monday decided to shift securities of several firms, including Vijay Mallya-led Kingfisher Airlines and United Breweries (Holdings), to the restricted trading category from 19th July.
The scrips of Reliance MediaWorks and Ramco Systems, among others, would also be moved to the restricted group on both stock exchanges.
The BSE would shift 62 securities to the trade-for-trade or ‘T’ group, while NSE would transfer 36 stocks to this segment, the stock exchanges said in separate notifications yesterday.
The stocks would be shifted with effect from 19th July.
In the trade-for-trade segment no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
As per the bourses, the move is part of the “surveillance review and with a view to ensure market safety and safeguard the interest of investors”.
The stock exchanges have advised the trading members to take “adequate precaution” while trading in these scrips “as the settlement will be done on trade-to-trade basis and no netting off will be allowed”.
However, they added the transfer of these securities for trading and settlement on a trade-to-trade basis “is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company”.
These stocks would attract a price band of 5% which would be the maximum permissible limit within which the share price can move.
It is apparent that the government is trying to fill its pockets through all means possible so that it can continue to indulge in wasteful expenditure. Its philosophy seems to be tax till you get the axe!
The government is thinking of making eating of ice cream at service parlours subject to service tax! Why? Because ice cream parlours are air-conditioned and hence subject to service tax! The question is whether ice cream is a product or a service! To my mind, ice cream is a manufactured product and is subject to excise duty once it leaves the factory. Because it is a product, it will be subject to value added tax (VAT) as per the respective state laws. Now an additional dose of tax—service tax @12.36% over and above the two taxes is being proposed. This will lead to taxation in excess of 35% on ice cream that would be eaten at an ice-cream parlour… it just makes me want to scream.
The basics of product vis-à-vis service is being brought into question by fuddy-duddy bureaucrats who want to be in the good books of the finance ministry by whatever means possible and the citizenry at large be damned, I guess.
It is apparent that a useless government is trying to fill its pockets through all means possible to enhance its coffers so that it can continue to indulge in wasteful expenditure. The more money they take through direct and indirect taxes, the more would be available for siphoning off through the various ongoing scams.
This is going to kill the food industry completely. People have stopped going to beer bars and restaurants due to the high incidence of taxation. Now, they will stop going to ice-cream parlours, which are basically teenage and family evening-out hot spots! The government is telling people buy your stuff, take it home and eat. DO NOT EAT OUT. It is becoming a complete killjoy of a government. Its philosophy seems to be tax till you get the axe! Looks like the voters need to sharpen their axes!