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2015

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement:

  • India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year.
  • Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized.

2015
  • The present Government, under the leadership of Shri Narendra Modi, has presented its second budget on 28th February 2015.
  • The Finance Minister, Shri Arun Jaitley, stated in the Para 4 of his budget speech that his proposals lay out a roadmap for accelerating growth, enhancing investment and passing on the benefit of the growth process to the common man, woman, youth and child, i.e. those, whose quality of life needs to be improved.
  • To achieve this objective, he has proposed several steps in his speech.
  • In the field of taxation he has adopted six broad themes, viz.
    • Measures to curb black money
    • Job creation through revival of growth and investment

2015

If Not Google?

Not Just Google; Yahoo, Microsoft and others provide similar services too.
  • Google runs your life.
  • The search giant turned web ecosystem owns your email, calendar, and even your voicemails.
  • Your most important data lives on Google’s servers.
  • What you may not realize is that, despite the quality of Google’s products, someone else is doing it better—and placing all your eggs in Google’s basket isn’t necessarily the best thing.
  • Here’s a look at alternative services you can use in place of Google services.

2015

Saradha Chit Fund Scam

  • Saradha group of companies were established in the year 2006 by Master Mind Sudipta Sen and spread in the states of West Bengal, Assam, Jharkhand, Orissa, Bihar   Chhattisgarh.
  • Estimated amount collected : Rs. 20,000 to 30,000 crore

Modus Operandi

  • Business started in the name of Sarada Devi, who is wife of Shri RamKrishna Paramhans, a highly respected spiritual guru born in West Bengal. Name of Sarita Devi also known as Mother Sarada used to gain trust of the people in the fund.

2015
  • If a serviceman earns Rs. 10.00 lacs per year, he has very limited scope to avoid tax payment. He can at best save some money in tax saving schemes and reduce tax liability by at most 20 to 30 thousand rupees. He will have to pay Income tax to the tune of rupees one to two lacs as income tax per year. They cannot avoid tax payment but they can if they like, earn bribe up to any extent to compensate they lose in tax payment.
  • But a manufacturing company earning profit of more than one crore per year can avoid tax payment completely by using various tools of tax avoidance suggested by tax officials, tax consultants and Chartered Accountants. In India one may find persons or firms in every town who guide businessmen how to avoid tax payment, who suggest various illegal ways for tax evasion and who works as broker for tax assessing officials and setting bribe sharing rates among tax officials, businessmen and broker himself for passing of IT assessment order from tax offices.
  • River of black money flaws from houses of these business icons only because they know many ways of tax avoidance and it is they who are master in creation of black money. It is they who keep politicians happy by giving them alms in many ways and it is they who in turn provide safety net to business houses from the clutches of tax officials. They altogether work in nexus with each other.

2015
  • While communicating with business people, the language you use must be consistently appropriate in style and tone.

The following are the basic features of formal writing.

  • Write all verbs in full. Do not use contracted forms like don’t or can’t.
  • Do not use abbreviations such as info (for information) and asap (for as soon as possible).

Financial Management