Ratnakar Bank is amongst 10 Most Preferred Banks by Indians in 2013

(Disclaimer:I am market making in Ratnakar Bank)

Many financial institutions are gearing up to attract users by offering many incredible services be it loans with low interest rates or saving options upon shopping among many others. But only few succeeded in this rush hour of best banking services offered to the users. Here are the 10 best banks in India that were most preferred by the users in 2013as compiled by Yahoo Finance.

  1. Axis Bank
  2. HDFC Bank
  3. JP Morgan Chase
  4. IDBI Bank
  5. Bank of Tokyo
  6. Bank of America
  7. Deutsche Bank
  8. HSBC Bank
  9. Ratnakar Bank
  10. Bank of Nova Scotia

 

Psst…want a job with Animal Special Police?

This post belongs to my This is India ! series (see here)

On December 14, Selva Doss (42), his wife and two children tried to self-immolate in front of the TNCC office demanding Jayanthi Natarajan return Rs 33 lakh collected by members of her personal staff after promising jobs in the department of Animal Special Police, a non-existent force under the Union Ministry of Environment and Forests.

 

Interestingly, Selva Doss had been arrested by the Chennai Police in January along with a gang which was led by OS Bavani Babu on charges of swindling job aspirants to the tune of Rs 30 crore. The racket promised young job seekers posts of Inspectors, Sub-Inspectors and Constables in the ASP. The post of Inspector was available to those who were ready to shell out Rs 6 lakh. The post of a Sub-Inspector cost Rs 5 lakh while the Constable’s post was offered at a price of Rs 4 lakh. The arrests were made following complaints from the Animal Welfare Board of India office-bearers.

Though the report was widely published across Tamil Nadu, the racket led by Babu continued their “dream run” all over the State. Kannan, brother-in-law of Selva Doss told The Pioneer that the gang was helped by some members of the personal staff of Gayatri Devi, officer on special duty to Natarajan. “Gayatri’s brother Yuvaraj and her secretary Dina were involved in this operation. They collected Rs 33 lakh from friends of Selva Doss on promising jobs in the ASP,” said Kannan.

Since the job seekers did not get any letters of appointment from the ASP, they started tormenting Selva Doss and his family. Doss had no other alternative but to take his family to the TNCC office and threatened that they would commit suicide if the party leaders do not help him in getting the money back. He submitted a petition to BS Gnanadesikan, the TNCC president who promised help. It is said that Gnanadesikan forwarded the complaint filed by Doss to the Congress high command.

Party insiders in TNCC laughed at reports that Jayanthi Natarajan is quitting the Council of Ministers to concentrate on party work. “The party leadership might have offered an easy way out for her before the Selva Doss issue snowballs into a major scam,” said a senior TNCC leader, who also said that there were many complaints about Gayatri Devi.-from DailyPioneer

What Jim Rogers learnt from Indians

Jim Rogers said:

“Everybody should have some of their assets outside of their own country, whatever their own country is as an insurance policy if nothing else.
“Everybody has life insurance, fire insurance, health insurance, car insurance, and you hope you never use your health insurance policy, you hope you lose money on it. Well that’s the same thing about having some of your assets outside your own country. You hope you never need it, but it is terribly good insurance. Because every country in world has had economic upheavals at one time or another.
“Then everybody should have some real assets. [Held overseas] they are a very good safeguard. Whatever kind of safeguard you’ve got, whether it’s gold, silver, farmland, silos full of rice, everyone should have some kind of assets that will come through an economic upheaval.”-from Goldnews
Indians have been buying gold for eons as a form of insurance and a safeguard against economic upheavals.Also, it is the most practical way for an ordinary Indian to invest in an international asset.
Western “gurus” are realizing it only now.Now when will the Indian Govt. realize it?

BJP:Abolish Income Tax,Sales Tax and Excise Tax

I know who I am going to vote for if this proposal becomes part of the BJP Manifesto.

The Bharatiya Janata Party (BJP) favours abolition of income, sales and excise tax and the party may include it in its vision document to be unveiled ahead of general elections next year.

Former BJP president Nitin Gadkari, who is in charge of preparing the party’s vision document, ‘India Vision 2025’, said that the party is deliberating the matter.

“We were talking about tax and although we have not decided as yet…there is a suggestion of complete abolition of income, sales and excise tax,” he said at a function on political agenda of political parties.

Mr Gadkari said that the total revenue of the country is Rs. 14 lakh crore and 1.5 lakh bank branches are operating in the country presently.

“If we abolish these taxes and if we apply around 1 or 1.5 per cent of expenditure or transaction tax, then we will get revenue to the tune of around Rs. 40,000 lakh crore. So those 3.5 lakh people who are using beacons of various colours now, they will not be required anymore as no tribunals or commissioners will be required,” he said.

“So I think along with transparency, there should be time-bound result-oriented administration coupled with right way of economic reforms and if it so happens, then the 1.5 lakh banks operating now will become 10 lakhs. There is another suggestion of doing away with Rs. 500 and Rs. 1000 notes…we are deliberating on these proposals as we want transparency…” Gadkari said.

Echoing Mr Gadkari’s thoughts, senior BJP leader Subramanian Swamy said that there was no shortage of resources in the country and “if one had auctioned the natural resources properly, one did not have to have income tax at all”.

Giving details, he said if the government had auctioned 2G spectrum, it would have got at least Rs. 1.76 lakh crore as extra which went to private hands.

He maintained if the government had auctioned the coal blocks, it would have got Rs. 11 lakh crore and by auctioning the oil sites, Rs. 24 lakh crore could have been realised.

“Illegal money lying in foreign banks mostly stashed by politicians is Rs. 120 lakh crore. And what is the total income tax bill…just Rs. 2.5 lakh crore. Why should we pay income tax? I urge Nitin Gadkari that we should abolish income tax,” Mr Swamy said.

“Do you think if you abolish income tax, the middle class will squander their money? No they will put it in banks and will be available for investment. It is the same with corporate income tax…You can abolish it.”-from NDTV

Warren Buffett’s Secret

Warren Buffett is a great investor, but what makes him rich is that he’s been a great investor for two thirds of a century. Of his current $60 billion net worth, $59.7 billion was added after his 50th birthday, and $57 billion came after his 60th. If Buffett started saving in his 30s and retired in his 60s, you would have never heard of him. His secret is time-from Fool