Whispers Forum

It is not understandable why the people of India who become very excited on very small issues are silent after Russia attacked Ukraine. Even in Russia demonstrations have been organized. Russia is not a democracy and it is the country that has attacked Ukraine. But still the people there had the courage to hit the streets and protest against the killing of innocent civilians. We are not worried about our own citizens. The lives of 20,000 students are in danger. They are hiding in bunkers, metros without food and water. A country known for burning effigies on every small useless issue is strangely silent although there is anger against Russia all over the world. Today there were media reports that some Indian girls have been kidnapped by Russian soldiers and there is no information about them. What if they were our own daughters? Can’t we feel the anxiety of their parents and family members?
Ajit Sinha

Ms Anju Srivastava has a point though all cases may not be like. The Govt of India has introduced a 360 degree profile. Such information should be used as part of the profile. State Govts should also use this system of 360 degree profile. We need to clean up the system.
Nilesh Kumar
Rightly pointed out
Yes you rightly pointed out the issue of foreign going students.
Karisiddaiah
A mechanism needed to avoid exorbitantly air tickets
I beg to disagree with Anju Srivastava's views on airfares from students from Ukraine due to the recent crisis. Because there has to be a mechanism in place so that airlines can't charge exorbitantly, airlines profit margins must be fixed and defined, so that airlines can't dictate in crisis situations like this. It holds good even for much more marketable products too.
Harish Kumar

I fully agree with the views expressed by Alok Malviya regarding exorbitant charges from Indian students in Ukraine due to the crisis. Air India is a private entity recently sold by GoI. It is the beginning of the new journey for India. All the best for them. Middle class should have been harassed indefinitely as always. I have following questions, while selling Air India, GoI kept some riders for the airfares, commercial organizations function on demand and supply, is there a clause on monitoring airfares, if not then, at this rate all private airlines in India will make a pool and overcharge airfares from public in years to come. GOI must issue a clear cut guideline to all airlines in India, this would affect the other international airlines fares operating in India too as a competitive market environs.
Harish Kumar

I agree with Naveen! His suggestion for opening Bank Accounts etc should be considered for adoption.
S Gopal
Work for success of digital world
The concept of home branch should disappear. All the services should be available in all branches of banks or post offices like issue of new passbook or cheque book or extension of accounts as people are customers of Banks and post offices not of particular branch. This has to be implemented in true spirit down up to the lowest level. Otherwise these small things will work as barriers for implementation of any digital programmes. There will be more barriers which need to be identified for entering into digital space. Digital bank will not have any physical branch but will be able to provide all financial services. The concept of branch will disappear. Let us work for the success of the digital world.
Naveen

In the face of Russian aggression, India should prepare for the worst-case scenario. World is expected to indulge in a third war and India may face economical and political problems.
Sandeep Kumar
Financial inclusion important for economic growth
Financial inclusion is most important for good economic growth of the country. Transition to digital space cannot happen abruptly, it has to be done slowly and steadily. For financial inclusion, the banks and post offices have to change from the old orthodox system to adopt a new environment. Treating customers as customers of a particular bank not of a particular branch. Similarly the post office has to treat customers as a customer of India Post not of a particular branch. As of now banks and post offices ask for local addresses for opening and maintaining an account. Anyone should be able to open an account as per Aadhaar card, PAN and mobile number irrespective of account opening place and address in Aadhaar. A meaningful person should be able to open an account in Delhi or Mumbai with an address as a village in UP or Bihar in Aadhaar.
Naveen

For full transparency, the public is waiting for quick, efficient and equitable justice through faceless ITAT. It is a milestone achievement of the government.
Vijay Kumar
Cash being used to evade taxes
World has entered into digital space and metaverse. India cannot afford to be left behind. Works in a number of projects in India have already started like digital currency, digital bank, digital university, digital assets and so on and Hollywood has already entered into the metaverse. For digital currency to be successful, cash has to be reduced which is running a parallel economy in the country. Cash is being used to evade taxes as transactions are not captured by the Government financial system and carrying many activities which are not permitted by the law. RBI has to take steps to reduce cash in the market.
Naveen

I am a retired technocrat of a defence public sector unit in Bangalore. We are covered under the EPS 95 scheme. The pension we get under the scheme is so meagre with no increase or decrease during our life span. The minimum pension is now a princely sum of Rs 1000 . There are over 65 lakhs EPF pensioners in the country and the pensioners assn had been repeatedly requesting a MPs sympathetic to the cause of EPF pensioners, to impress upon the GoI to revise the minimum pension to a decent figure so that the pensioners can lead a life of dignity. It is true that we have the scheme of employers contribution to our provident fund and at the time of superannuation we have received a lump sum. But with the sharp decline in interest rate, the amount we receive is declining sharply making lakhs of EPF pensioners struggle o eke out a decent living in our advanced age.. Though some MPs have requested the GoI to fix a higher pension, no decision from the GoI is forthcoming ad of now. All of the EPF pensioners are anxiously waiting for a announcement especially during the general budget but every time it is a very damp squib. We do not grudge Central/ State personnel getting periodic enhanced pensions but EPF pensioners who are the main stay of building the giant PSUs of the nation are not getting even one rupee as an increase in EPF pension . This is a matter of great concern to the lakhs of EPF pensioners in the country.Hope in our case too the concerned authorities will make up their mind quickly to give a decent raise in the minimum pension under EPF 95 scheme.
K Srinivasa Rao

I am in complete agreement with the views expressed by Revenue Secretary and Naveen ji on capital tax and tax regime on the whole. Both are more than complicated & complex always. This is because Government of India or State Government rules are not defined clearly, there is a scope for relations or modifications, at each level of bureaucracy & political leadership, powers to relax has been defined, stated, written or written but used squarely to favour chums. India needs revolutionary administrative reforms of rules in Government of India and States. Will system ever do it, is a million dollar question?
Harish Kumar

Revenue Secretary expressed the views that India's Capital Gain regime has become too complicated and it is time to relook in post budget interaction with business leaders. There are capital gains for mobile and immobile properties/assets and there are various holding periods and various rates and that need to be streamlined and simplified. This is the first time someone from Govt. expressed capital gain regime is complicated and needs to be steam lined. When senior most official of revenue feels it is complicated, one can imagine what will happen to ordinary tax payers who may not be able to understand even the basics of capital gain. It is very welcome step and tax payers friendly. Views have been asked from various tax experts, organisations etc. It is submitted that the most simplest thing is to make long term capital gain at least for transfer of equity or equity oriented MF tax exempt. This will simplify the procedures not only for tax payers but also for tax authorities, intermediaries etc. who collects data and provide the input to tax authorities. Tax authorities do the necessary data mining corresponding to each PAN numbers. It is very lengthy and time consuming process. The estimated revenue from such category of LTCG can be compensated by increasing STT (Security Transaction Tax) proportionately which is charged for each transaction of sell and purchase. STT compliance is more than 95% and directly paid by stock exchanges. One can imagine the simplification of life for all i.e. tax payers, tax authorities, intermediaries, DMAT account providers etc. with increase of tax revenue as compliance is much higher in respect of STT. Knowing that nearly 2% people pay the income tax. Others form of CG can be streamlined in respect of holding periods, taxes and surcharge. Similarly lot of data is needed to compile the dividend information for all account holders and doing the data mining with respect to PAN numbers. This process can also be simplified by levying the tax before dividend is distributed among the investors. That is implementing Dividend Distribution Tax regime. Here also the compliance will be higher and tax revenue will increase. As many people are not filing income tax returns. Only approximately 6 crores people file income tax returns in population of 150 crores. This may be due to complicated process for ordinary people. When capital gain is getting streamlined the dividend regime should also be streamlined to increase the tax revenue and save the revenue loss and also to encourage people to file returns. looking for favourable consideration.
Naveen