Friday, September 28, 2012
Aung San Suu Kyi @ Harvard
Aung San Suu Kyi @ Harvard
Cambridge, Massachusetts: Myanmar pro-democracy leader and Nobel laureate Aung San Suu Kyi got celebrity treatment from students at Harvard University on Thursday, but insisted she was not an “icon.”
“I don’t like to be referred to as an icon, because from my point of view, icons just sit there,” Suu Kyi said during a lecture before an enthusiastic, overflow crowd at Harvard’s Kennedy School of Government in Cambridge, Massachusetts.
“I would like you to think of me as a worker. I put a lot of faith in hard work. Even under house arrest, I had to work very hard to live a disciplined life. It was hard work. … Please look upon me as a hard worker.”
Suu Kyi is on a 17-day tour of the United States that included a meeting with President Barack Obama, the receipt of a US Congressional Gold Medal to recognise her efforts to promote freedom and democracy, and visits with Myanmar expatriates.
Myanmar pro-democracy leader and Nobel laureate Aung San Suu Kyi got celebrity treatment from students at Harvard University. Reuters
She has spoken on several college campuses, where her celebrity, forged by years as one of the world’s most prominent political prisoners, has attracted excited crowds.
Suu Kyi’s Nobel Peace Prize came in 1991, while she was under house arrest in Myanmar, enforced by a military dictatorship. The country is also known as Burma.
Elected in April 2012 to the lower house of the Myanmar parliament, Suu Kyi said she was surprised at suggestions she only now had to learn the art of politics.
“I have always seen myself as a politician. What do they think I have been doing for the past 24 years?” she said.
In her lecture, the leader of Myanmar’s National League for Democracy Party said the Southeast Asian nation had a long way to go to become a free society.
“The best way to be a truly responsible citizen in a free society is to act as though you were already a free citizen in a free society,” Suu Kyi said.
firstpost.com
Monday, September 24, 2012
Sunday, September 23, 2012
Rajiv Gandhi Equity Saving Scheme: How worth it is...
Rajiv Gandhi Equity Saving Scheme [RGESS]: How worth it is...
In his anxiety to keep the markets in a state of good cheer so that he can unload lots of public sector equity, Finance Minister P Chidambaram has okayed a dubious equity scheme for first-time stock investors that makes very little sense.
That it is being made in the name of Rajiv Gandhi – it is called the Rajiv Gandhi Equity Savings Scheme (RGESS) – may not go down well with Madam Sonia if the scheme is a resounding flop.
For a scheme (read the details here) that is supposed to encourage new retail investors who have never invested in stocks to finally take the plunge, it should have been a simple one that is easy to understand. But RGESS is anything but that.
The main attraction of the scheme, announced by Pranab Mukherjee in his last budget, is that it offers investors a 50 percent deduction for investments upto Rs 50,000 under a new Section 80CCG (which will save you Rs 5,000 in the 20 percent tax bracket). The eligibility limit is upto Rs 10 lakh of taxable income. But it’s not easy to navigate the scheme.
First, you need to have an income-tax PAN and a depository account. Which is fine, since this is the only way the taxman can find out if you already own shares. But the scheme also says you shouldn’t have dabbled in derivatives – wonder how they will find that out, especially if you have done it through a broker on the sly.
Second, the choice of stocks is limited. You can invest in “stocks listed under the BSE 100 or CNX 100, or those of public sector undertakings which are Navratnas, Maharatnas and Miniratnas” or their followon offers. Since losers like MTNL are labelled as Navratnas, the list does not automatically guide first-timers to profitable companies. How a newbie investor is supposed to find the right stock so that he does not make a mistake nobody knows. If he burns his fingers, RGESS will turn him off stocks for good.
Third, some mutual funds and exchange-traded funds (ETFs) investing in these kinds of shares are also eligible for investment. But you have to buy these funds or ETFs from the stock market through a depository account. There’s no escaping that.
Fourth, and this is the biggest put-off, the scheme specifies a three-year lock-in, that is essentially a more complicated one-year lock-in. You can sell your share/shares after one year, but you have to reinvest the initial amount (for which you claimed a tax deduction) back by buying from the same select list of shares.
Source: firstpost.com
In his anxiety to keep the markets in a state of good cheer so that he can unload lots of public sector equity, Finance Minister P Chidambaram has okayed a dubious equity scheme for first-time stock investors that makes very little sense.
That it is being made in the name of Rajiv Gandhi – it is called the Rajiv Gandhi Equity Savings Scheme (RGESS) – may not go down well with Madam Sonia if the scheme is a resounding flop.
For a scheme (read the details here) that is supposed to encourage new retail investors who have never invested in stocks to finally take the plunge, it should have been a simple one that is easy to understand. But RGESS is anything but that.
The main attraction of the scheme, announced by Pranab Mukherjee in his last budget, is that it offers investors a 50 percent deduction for investments upto Rs 50,000 under a new Section 80CCG (which will save you Rs 5,000 in the 20 percent tax bracket). The eligibility limit is upto Rs 10 lakh of taxable income. But it’s not easy to navigate the scheme.
First, you need to have an income-tax PAN and a depository account. Which is fine, since this is the only way the taxman can find out if you already own shares. But the scheme also says you shouldn’t have dabbled in derivatives – wonder how they will find that out, especially if you have done it through a broker on the sly.
Second, the choice of stocks is limited. You can invest in “stocks listed under the BSE 100 or CNX 100, or those of public sector undertakings which are Navratnas, Maharatnas and Miniratnas” or their followon offers. Since losers like MTNL are labelled as Navratnas, the list does not automatically guide first-timers to profitable companies. How a newbie investor is supposed to find the right stock so that he does not make a mistake nobody knows. If he burns his fingers, RGESS will turn him off stocks for good.
Third, some mutual funds and exchange-traded funds (ETFs) investing in these kinds of shares are also eligible for investment. But you have to buy these funds or ETFs from the stock market through a depository account. There’s no escaping that.
Fourth, and this is the biggest put-off, the scheme specifies a three-year lock-in, that is essentially a more complicated one-year lock-in. You can sell your share/shares after one year, but you have to reinvest the initial amount (for which you claimed a tax deduction) back by buying from the same select list of shares.
Source: firstpost.com
India is the only living example of several religion
India is the only living example of several religion
Tibetan spiritual leader the Dalai Lama today said India is the only example where more than 100 crore people of various religions are living in harmony.
“I am the active messenger of India and keep on promoting Indian treasure of compassion, truth and honesty throughout the world. India is the generator of non-violence and peace,” he said.
The Nobel Peace laureate said, “Every where I have said that India is the only living example of several religion, where more than 100 crore people live in harmony.”
He also termed Dharamsala as his “mother land”.
While welcoming spiritual guru Morari Bapu he said, ”As I spent a major portion of my life in
Dharamsala, I consider it as my ‘Matri Bhumi’ (mother land).”
The Lama was speaking on the opening day of the 9-day Ram Katha at Police Ground here today.
Lama said to Morari Bapu, “I am happy that you didn’t confine yourself to the temples and came out to teach people the lesson of truth and honesty.”
It is now the time that the religious leaders of India should guide the countrymen to keep them away from corruption and injustice.
Dalai Lama said that though the money is important for life, but without peace it too can’t help.
PTI Source: firstpost.com
Saturday, September 22, 2012
Revised Balance Sheet Format as per Schedule VIFriday, September 21, 2012
AFM - MCQsIncreased allocation for Higher Education in 12th Plan
Increased allocation for Higher Education in 12th Plan
Realizing that country’s sustained growth will only be possible through a strong education system, Union Minister for HRD Kapil Sibal has pushed for increased allocation for the sector in the Twelfth plan.
At the recently concluded meeting of Planning Commission, Sibal made a strong pitch for more funds. Though the initial allocated saw a rise between 100 to 125 percent over the Eleventh plan. It is understood that Sibal argued that the increased allocation was not even adequate for business as usual. The minister was of the view that this was the right time to make investments in crucial sectors like secondary education including skill development, to expand the Kendriya Vidyalaya and Navodaya Vidyalaya experience. There are plans to set up 500 new Kendriya Vidyalayas and 378 Navodaya Vidyalaya in the Twelfth Plan, reports Economic Times.
A stronger school education system, on the back of the Right to Education and universalisation of secondary education, would mean robust demand for higher education. Sibal argued that there was a need to strengthen the state institutions and the student financial aid system. More importantly the minister made the case that if India was to grow at 8.2 per cent and sustain that growth then it would need a vibrant research and innovation. That would require increased funding for the higher education sector.
It is to be noted that the planning commission is understood to have accepted the argument for higher funding. As against a demand of Rs 65000 crore, over and above the Rs 40000 for secondary education, the plan panel has agreed to increase allocation to Rs 55,000 crore. Though far less than the Rs 125000 that the minister asked for the increased funding is expected to bolster the efforts to universalise secondary education. The ministry has target an enrollment ratio of 90% at the secondary (class IX and X) and 65% in the higher secondary (class XI and XII) by 2017.
The higher education segment has got a larger increase from the allocation of Rs 110000 to Rs 166000. The additonal funds will be used to better the student financial aid system, improve funding to state institutions and research and innovation. With the government aiming to increase enrollment ratio at the higher education level to 25.2% by 2017-18, from the current rate of 17.9%, a strong student aid system is essential. In the Twelfth plan, the ministry aims to set up comprehensive student financial aid programmes at all levels and establish the Credit Guarantee Fund for loans.
However, Sibal was unable to convince the panel for an additional amount of Rs 100000 crore over the next four years to implement the Right to Education, provision for a year of pre-school and strengthen residential school system in SC, ST and minority blocks was not accepted. Neither was the demand of an additional Rs 30000 crore for mid day meal scheme accepted.
Sibal was, however, able to secure an agreement for a differential fund sharing pattern for Sarva Shiksha Abhiyan to address the special requirements of states which are lagging behind. In addition to the North Eastern states and Jammu & Kashmir, two more states—Uttarakhand and Himachal Pradesh—have been designated as "special category" states and the centre will bear 90% of the funding.
The Retail Giant Wall Mart: How far from India...?
The Retail Giant Wall Mart: How far from India...?
Retail giant Wal-Mart is looking to open its first outlets in India within 12 to 18 months as it would seek permission from states that have already indicated their willingness to allow foreign retailers to set up shop in India, Scott Price, president and CEO for Asia, said in an interview with The Wall Street Journal.
The move comes after the UPA government last week agreed to allow megastore retailers to enter the country through joint ventures.
Wal-Mart, the world’s biggest retailer, has not yet decided where or how many stores it would like to have in India, Price told the newspaper. Price added that the company expects to continue its current partnership with Bharti Enterprises in a chain of 17 cash-and-carry stores, but it is not in discussions with any other companies for a potential retail partnership.
Meanwhile, Anshuman Magazine, CMD, CB Richard Ellis told the Business Standard that purchasing power and consumption will be the biggest hurdle for foreign retailers in India. “Is there purchasing power to absorb the supply form the big retailers? Despite all the restriction of 1million population, foreign brands may be confined to major metros only, at least in the initial years,” Magazine told the paper.
Moreover, Local sourcing from small-scale companies, which also caused IKEA some second thoughts about the Indian market, will probably be the hardest part for Walmart and others–whose business success depends on ultra-efficient management of a global supply chain to drive down prices.
Indian students in UK get court reprieve
Indian students in UK get court reprieve
London: Indian and other non-EU students at the London Metropolitan University heaved a sigh of relief today as the high court allowed them to continue their studies and permitted the university to challenge the recent revocation of its licence to admit non-EU students.
LMU’s application for interim relief was granted by Justice Irwin, who ordered that the non-EU students be allowed to resume their courses from Monday.
There are currently 359 Indian students enrolled on various courses at the university.
The UK Border Agency (UKBA) had revoked LMU’s licence to admit and teach non-EU students on August 29, due to what it called “serious and systemic failures”.
The revocation had put the academic future over 2,600 current non-EU students in disarray as LMU denied the charges. As the judicial review progresses through the court, and the existing students continue their courses, the university will still not be able to admit new non-EU students due to the revocation.
LMU vice-chancellor Malcolm Gillies welcomed the court ruling.
A taskforce put in place to find alternative courses in other universities for the affected students had been put in place after the revocation, but it may not continue in view of todays high court ruling.
The ruling means a reprieve for the non-EU students who faced deportation if they were unable to find alternative courses after December.
At the hearing, solicitor Richard Gordon appearing the LMU said there were “two major areas of dispute”.
One was whether the UKBA’s decision had been lawful and the other was whether “requirements of fairness” applied, meaning London Met should have been informed prior to the revocation notice and allowed to make representations.
PTI
How to Read a Balance Sheet...?
Income Tax Rates for AY 2012-13Thursday, September 20, 2012
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