investment

Just For Laugh !!!…” Growing Weak..Tripped and Rupeed ” !!!

Natarajan1 Comment

Please enjoy the fun & pun.!

Growing weak , I tripped and `rupeed’
Daniel P George TNN

“I don’t make jokes,” said American humourist Will Rogers sometime in 1962. “I just watch the government and report the facts.” As the Indian government watches helplessly at the rupee hurtling down the 60s against the American dollar, Indian netizens seem to have taken a leaf out of Rogers’s book.

A science-lover posted this: It has been announced that the concept of free falling in physics will be explained using the Indian rupee as an example.

A language enthusiast added: Since the rupee is falling, let’s start using it in normal conversations like a verb. Like, “I tripped and rupeed.”

Another one thought the rupee has just become “more down to earth than necessary.”

While the rupee remained the butt of many jokes, the smarter ones couldn’t resist the temptation of linking its fall to the neighbours.

“Pakistan has stopped printing fake 500 INR notes,” said a post on a social network. “Why? Because the overheads of making the notes have increased.”

China wasn’t spared either. “I think the Chinese would leave Arunachal Pradesh alone if they knew how bad the rupee is faring.”

Someone else took a dig at RBI, saying it has replaced the rupee with onion to regain parity with the US dollar.

Another netizen prayed: Dollar on escalator; rupee on ventilator; the nation in ICU;God save India!

Not every one was lamenting— one had this desi solution to save the currency: Make the rupee tie a `rakhi’ to the dollar and say, “Meri raksha karna! Meanwhile, there was this “official
announcement” from Dalal Street that the following terms have been revised:
BSE: Bombay Se Exit,
NSE: Nation Se Exit,
F/O: Future Over,
NIFTY: No Income For This Year,
FII: Fraudulent International Investors,
HNI: Has No Idea,
PMS: Pre Mediated Scam,
SIP: Suicide by Investing Patiently,
EBITDA: Exit Before It Tumbles Down Again.

And what did the rupee have to say about all these jokes?

 

“Well, I don’t appreciate.!!!

 

source :::::: Daniel  P George in TNN

natarajan

Boeing 747 Jumbo Jet Yesterday…. Hostel cum Hotel on Ground Today !!!!

NatarajanLeave a comment

Aviation fans are in for a treat as a 450-seater jumbo jet has been converted into a unique hotel – letting guests sleep on a Boeing 747.

The unique Jumbo Stay hostel has a selection of 27 cabins to choose from, with some en-suite and all with Wi-Fi and flatscreen TVs.

For frequent flyers it might not exactly be their cup of tea, in fact far from it, but for aeroplane enthusiasts, it could be the next big buzz.
Jumbo Stay: For those who have never had a Jumbo experience, they can now book a cheap night in a converted jet in Sweden for as little as £42 a night

Jumbo Stay: For those who have never had a Jumbo experience, they can now book a cheap night in a converted jet in Sweden for as little as £42 a night

 

Guests can even stay in the luxurious cockpit suite, which has panoramic views of the airport in Arlanda, near Stockholm, Sweden
.

The plane – which now remains grounded – can also be used for conferences and is open 24 hours a day, seven days a week for guests to come and visit.

The owner and the man behind Jumbo Stay is Swedish business man Oscar Divs, who bought the 1976 Boeing 747-200 and converted it into the hostel.

 The grounded Boeing 747 is now a fixed hostel at Arlanda airport, near Stockholm, where gusts can even pay to stay in the cockpit suite


The rooms are all kitted out with flatscreen TVs, WiFi and en-suites

 

Unusual: The unique Jumbo Stay hostel has a selection of 27 cabins to choose from with rooms having elevated views of the airport  The unique Jumbo Stay hostel has a selection of 27 cabins to choose from

 

The 1976 Jumbo is now a fixed hostel feature at the Arlanda airport near Stockholm, in Sweden

Open for business: The 1976 Jumbo is now a fixed hostel feature at the Arlanda airport near Stockholm, in Sweden


Oscar said: ‘I was getting ready to expand my hostel business in 2006 when I heard about an old wreck of an aircraft for sale at Arlanda.

‘Since I had for a long time wanted to establish my business at Arlanda I didn’t hesitate for a second when this opportunity struck.’

The airplane, a decommissioned jumbo jet built in 1976, was last operated by Transjet, a Swedish airline that went bankrupt in 2002

The airplane, a decommissioned jumbo jet built in 1976, was last operated by Transjet, a Swedish airline that went bankrupt in 2002

The unique style of accommodation is likely to appeal to aviation enthusiasts, but perhaps not frequent flyers

 

Mr Divs said the opportunity to buy the Jumbo came at exactly the right time: 'Since I had for a long time wanted to establish my business at Arlanda I didn't hesitate for a second when this opportunity struck'

 

Cosy: Guests have the same hotel luxuries as standard accommodation, including en-suites, flatscreen TVs and WiFi

 

Guests have a hefty flight of stairs to climb if they want to stay in the Jumbo, climbing to entrances either at the front or the back of the plane

Guests have a hefty flight of stairs to climb if they want to stay in the Jumbo, climbing to entrances either at the front or the back of the plane

The prices at the Jumbo hostel range from 50 euros – around £42 – for a shared single sex dorm to almost 200 euros – £170 – a night for the exclusive pilot’s suite.

The airplane, a decommissioned jumbo jet built in 1976, was last operated by Transjet, a Swedish airline that went bankrupt in 2002.

Guests will recognise the jet as one of the most popular planes for holiday travel, and the owner promises guest will have an experience like no other in this novelty hostel.
Transformation: Much work has gone into converting the decommissioned Jumbo from a passenger plane to a comfortable hostel with places to kick back and relax

Transformation: Much work has gone into converting the decommissioned Jumbo from a passenger plane to a comfortable hostel with places to kick back and relax

Some parts of the aeroplane still resemble the traditional Boeing 747 interior

Some parts of the aeroplane still resemble the traditional Boeing 747 interior

source:::: mailonline.com UK

natarajan

 

” There Will Never be Another NOKIA Smartphone “….

NatarajanLeave a comment

The Nokia brand name, one of the most storied marks in mobile, will never grace another smartphone.

Under the terms of Microsoft’s $7.2 billion acquisition of Nokia’s devices and services division, the “Asha” and “Lumia” trademarks will transfer to Redmond, but the “Nokia” mark will remain property of the Finnish company, and may only be used on featurephones running the basic Series 30 and Series 40 operating systems under a 10-year license agreement. (Nokia itself is barred from using the Nokia brand on any mobile devices at all until December 31st, 2015.) That means any future Windows Phones built by the newest division of Microsoft will be Microsoft-branded — and that Nokia has said its goodbyes to a smartphone market it once helped to create.

 

‘LUMIA’ AND ‘ASHA’ BELONG TO MICROSOFT NOW

That’s a quiet exit for what was once a powerhouse of smartphone innovation.

 

 

NOKIA: A VISUAL HISTORY

 

 

source :::::The Verge

natarajan

2013 is Very Much Worse than 1991 !!!!…A Wakeup Call For Indian Economy …

Natarajan1 Comment

We are repeatedly told that 2013 is not 1991, the year of near external bankruptcy which put India on the road to reform and rejuvenation. The latest to tell us this is Kaushik Basu, Chief Economist at the World Bank, and during whose tenure as chief economic advisor in the finance ministry inflation stayed stubbornly high, the fiscal deficit hit the roof, and the current account deficit (CAD) went from bad to worse.

Basu told Business Line yesterday: “The economic situation is not good. India is nowhere near potential. But the gloom is overplayed. There can be no question of comparing the current situation with the 1991 situation, when we were on the brink of a major crisis. We are nowhere near that situation now.”

He is right. 1991 was an external payments crisis when we had less than two weeks’ imports worth of foreign exchange reserves at one point. This time we have $278 billion in reserves, enough for seven months’ imports.

But here are the vital differences which make 2013 seemingly worse than 1991.

ReutersThe most important difference, however, relates not to the macroeconomy, but human feelings. Reuters
The most important difference, however, relates not to the macroeconomy, but human feelings. We react more negatively to fears of anticipated loss than expectations of gain. In 1991, we were a poor country, with a very small middle class and nothing much to lose. Today, we are four times richer as a nation, and the size of the middle and consuming classes has been growing in leaps and bounds. We have EMIs to pay, increments to chase, gadgets to buy and everyday goodies to splurge on at malls. All these are under some threat.

In 1991, the economic crisis did not matter to most Indians. Why would the aam aadmi care whether you have enough forex to pay for two weeks’ imports or not? It doesn’t impact him.

Today it does. Several hundred millions of Indians are now part of the consumption story. They buy consumer goods, eat out, buy mobikes, and shop at malls. They also had, till recently, rising incomes to look forward to. In fact, the UPA’s economic mismanagement helped foster this sense of entitlement in all classes of people – from the poor to the middle classes to everybody.

Behavioural economists will tell you that human beings are more primed to avoid losses than seek gains.

This loss aversion tendency was established by behavioural economists Amos Tversky and Daniel Kahneman, who noted that “losses and disadvantages have greater impact on (human) preferences than gains and advantages.”

For the aam aadmi, 2013 is therefore worse than 1991. He has more to lose this time.

Now, to this entirely human sense of impending loss, add the broader reality, and it is not difficult to see why the rupee is crashing, the market is skittish, and people are rushing to embrace gold. In many ways, 2013 looks worse than 1991.

First, in 1991, the world was not in crisis. There was the IMF to run to, and if we took the medicine prescribed, the rest of the world could absorb our new export buoyancy. The world also had surplus dollars to bring to India for investment. This time, the world is in deep s***, and there is no one to go to even with a begging bowl. We have to rescue ourselves.

Second, in 1991, due to the assassination of Rajiv Gandhi in the midst of an election campaign, the Congress party won enough seats to manage with just a few MPs’ outside support. This time we have a weaker government at the centre with no credibility, and which is trying to hold on to power even at the cost of economic disaster.

Third, 1991 had one restaurant owner (Rao) and one chef (Manmohan Singh) cooking up a recipe for reform: this time no one knows who is running the show, and the government has so many cooks trying to rescue the economy – and arguing with one another – that it is going steadily downhill.

Consider the number of cooks advising this government on what do: one economist is heading the government; he has a band of economic advisors under Dr C Rangarajan; the Planning Commission is stuffed with another lot of economists under Montek Singh Ahluwalia; then there is finance minister who is busy drawing “red lines” on deficits without a clue on why no one is listening to him; and we now have his chief economic advisor heading for the Reserve Bank, a bank whose outgoing boss has been in constant combat with P Chidambaram. This circus is being presided over by an economically-challenged political dispensation under Sonia and Rahul Gandhi.

Fourth, the political power structure is completely different. In 1991, the centre dominated the states; this time, the states are calling the shots in politics and economic issues. Today, no single economic issue – from FDI to GST to food security – can be decided by the centre in isolation. It has to carry the states. But the Congress party is particularly inept in the way it deals with the opposition. It needed a friendly BJP to get at least some of the tougher things done; or it needed a coalition of state parties to do deals with. It has neither. For the regional leaders are the Congress’ rivals in their own states; and the BJP is the Congress’ national rival. And Narendra Modi has sent the Congress running for cover.

2013 is not 1991. It may not be worse than 1991, but it will certainly feel very much worse.

source::::::R.Jagannathan in Firstpost.com  on 20 aug 2013

natarajan

“World”s Best Airport” to Double Its Capacity with New Terminal !!!

NatarajanLeave a comment

Airs and graces: Singapore's Changi Airport.

Singapore will build a new terminal that will double the capacity of Changi Airport in a bid to retain its edge as a regional aviation hub, Prime Minister Lee Hsien Loong said on Sunday.

Construction work will begin soon and will be completed in 12 to 15 years, Lee announced in his annual policy speech.

“T5 (Terminal 5) sounds like a terminal, but it is actually a whole airport by itself, as big as today’s Changi Airport,” said Lee.
Singapore's Changi Airport: you could spend a few weeks here and not realise you missed your flight.

SINGAPORE’S CHANGI AIRPORT

Singapore’s Changi Airport: you could spend a few weeks here and not realise you missed your flight!!!

He did not reveal the cost of the new facility, but said it would include a third runway that would double the capacity of Changi, which handled 51.2 million passengers last year.

 

Changi Airport, named the world’s best by Britain-based consultancy Skytrax this year, currently has three terminals with a total capacity of 66 million passengers a year.

In February it started to demolish its terminal for budget airlines to replace it with a larger facility.

The new facility, Terminal 4, will have the capacity to handle 16 million passengers a year when it opens in 2017.

In his speech late Sunday, Lee said there was growing competition from other major international airports in Southeast Asia.

He noted that Malaysia’s Kuala Lumpur International Airport and Thailand’s Suvarnabhumi Airport are planning to expand.

“The question is do we want to stay this vibrant hub of Southeast Asia, or do we want to let somebody take over our position, our business and our jobs?” Lee said.

Passenger traffic at Changi totalled 51.2 million last year, the first time in the airport’s 31-year history that the number of people passing through crossed 50 million.

As of January 1, 2013, Changi handled more than 6500 weekly scheduled flights with 110 airlines connecting Singapore to 240 cities in 60 countries.

source::::Sydney Morning Herald

natarajan

Just For Laugh !!!….”When we do not know where we are going , journey is the reward” !!!

NatarajanLeave a comment

A day after the Independence Day, the Queen’s durbar was in session.
To her left sat mauni baba with his head down and his eyes looking at his feet.
To her write sat the yuvraaj, the man who refused to grow up, fiddling with his new Apple iPhone.
Standing in front of her was the man who always wore the white veshti.

“So why is your veshti not spotlessly white today,” asked the Queen as she started the proceedings for the day.
“Oh, yesterday the wife decided to host an Independence day lunch and asked me to get two kgs of onions,” replied the man who always wore the white veshti, rather matter of factly.

“So?” asked the queen.
“Well, after buying two kgs of onion, I did not have enough money left to buy a Surf Excel sachet. You know, to wash one veshti properly takes one sachet.”

“Oh. I don’t know what this Power Man is upto. He doesn’t seem to understand that many elections have been lost on the price of onions,” lamented the queen.

“Yes madam,” replied the man who always wore the white veshti. “But he will win only if the onion prices keep going up.”

“Anyway so tell me what are we going about the rupee?” asked the Queen. “I gather this morning it even touched 62 to a dollar.”

“Rupee, rupee, rupee,” the yuvraaj said before the man who always wore the white veshti could say anything. “Robert keeps talking about them all the time.”

“Shh! Shutup,” said the queen. “Ah. I so wish that my son had married and my daughter had not.”
“Madam we are doing a lot of things to stop the fall of the rupee.”

“Like what?”

“On Wednesday I got the Reserve Bank to put in capital controls.”

“Capital controls”

“Yeah. Like Indian citizens can no longer buy property abroad.”

“That’s good. Anyway there is so much land in the country, why do they need to buy property abroad,” replied the queen. “They can always buy land in Gurgaon.”

“Like Robert, like Robert,” the yuvraaj interrupted again.

The man who always wore the white veshti ignored the interruption and carried on with his explanations.

“We also slashed the amount of money Indian citizens can remit abroad every year to $75,000, from the earlier $200,000. We have raised the import duty on gold and silver to 10%. We have also made it more difficult for Indian companies to invest abroad. All this to make sure that the demand for dollars goes down and the rupee recovers.”

“But it doesn’t seem to be helping,” said the queen. “Does it?”

“You know Ma, what this reminds me of?” the yuvraaj got into the conversation again.

“What beta?” asked the Queen lovingly.

“I recently read this lovely book called Through the Looking Glass, written by Lewis Carrol.”
“Good beta. You should read more instead of fidgeting around with that phone of yours all day long.”
“And the book had a Queen.”

“Really? Like me?”
“Yes, the Red Queen. And there is something that she says in the book that makes immense sense.”
“And what is that beta?”

“As the lines from the book go: “”A slow sort of country!” said the (Red) Queen. “Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!””

“Ah, smart boy. Now I really know what is happening. We are not running fast enough. Also let the records of the meeting show that I said that. It’s such a smart thing to say.”

“Yes Madam. That’s what I have been trying to tell Subbu of the Reserve Bank,” said the man who always wore the white veshti, trying to save himself and pass on the blame.
“Call Subbu here at once,” roared the Queen.

“Yes Madam, in fact he is waiting outside,” said the man who always wore the white veshti.

So within five minutes Subbu was brought in. He looked very happy with not a care in the world.

“So Mr Subbu will you care to explain why are we not running fast enough when it comes to preventing the rupee fall,” asked the Queen.

“Madam, to be honest, there is nothing much we can do. The solution to the crisis is very simple. We need to cut down on our oil imports, our coal imports, our edible oil imports and our fertilizer imports. And I guess you know what will happen if we do that? At the same time we need to increase our exports manifold. And that won’t happen unless the physical infrastructure is improved. We need better ports, better roads and a better rail network. All this is not going to happen overnight, given that it has not happened in years. Also, Indian companies have borrowed too much money in dollars and all that needs to be repaid now. The NRIs are also looking to withdraw all the money they had deposited with Indian banks,” came a long answer from Subbu till he was stopped by the yuvraaj.

“In short we are screwed,” exclaimed the yuvraaj.

“So the demand for dollars will continue. The rupee will continue to be under pressure. We cannot sell dollars to control the rupee fall because we have just enough dollars to cover around six and a half months of imports. And that is a very low level. So we can only run to keep in the same place. In fact, we may not be able to do even that,” said Subbu, very matter of factly.

“Oh. But you could still do something about it?” asked the Queen.

“Madam, my time is up. I am going back to Telangana. I have bought a nice house in Nizamabad. And will spend the next few years watching the mythological movies of the late NT Rama Rao garu. It’s up to the Professor now,” said Subbu as he left the room.

“And why is the stock market down by more than 500 points this morning?” asked the ‘worried’ Queen again.
“Basically the foreign investors have now started to fear that we may not allow them to take their money back.”
“Oh, but why? I know of no such plans.”

“Madam, we have reduced the amount of money that Indians could remit abroad to $75,000 from $200,000. So the belief in the market is that our next step will be not allowing foreign investors to take their money back.”

“So?”

“So they are selling out of the stock market, converting their rupees into dollars and taking their money back, before we do any such thing. A similar things seems to be happening in the bond market.”

“Ah. All seems to be going wrong for me,” lamented the Queen. “I had such great plans for the yuvraaj.”
“Que Sera, Sera (Whatever Will Be, Will Be),” played on yuvraaj’s iPhone as the Queen decided to call it a day.

And finally the mauni baba woke up and said something.
“When we don’t know where we are going the journey is the reward.”

source:::::Vivek Kaul in firstpost…

natarajan

Vivek Kaul is a writer. He tweets @kaul_vivek

Cargo Loader Yesterday…. CEO Today !!! Meet Sudheer Nair !!!

NatarajanLeave a comment

Sudheer Nair, CEO, Eresource Infotech Pvt Ltd

Sudheer Nair dropped out of high school at age 16 and is currently operating Eresource Infotech whose annual turnover is Rs 8.1 crore. Read on to know his inspiring journey to success…  

Necessity is the mother of invention, adversity must be the father of entrepreneurship.

For Sudheer Nair, founder and CEO of Eresource Infotech, adversity brought out the best in him.

That coupled with sheer grit and conviction has helped him lead a Rs 8.1 crore ERP firm today.

Sudheer’s is a classic tale of rags-to-riches.

He comes from a lower middle class family, and does not have any ivy-league credentials attached to his name.

He had to discontinue his education at the age of 16, due to the sudden demise of his father and the ensuing financial difficulties.

The situation forced him to search for jobs to support his family.

Initially he ended up doing odd jobs, which included that of a helper’s job at Sahar Cargo Complex, Mumbai. But the enthusiasm he had towards life and the wish to progress, has made him what he is today.

On a few occasions, documentations were required at the Cargo Complex and that was Nair’s introduction to the typewriter, eventually transforming him into an expert typist.

Next, he took up the job of typing programmes for a programmer and looking at his ability to learn fast, Nair was given an opportunity to learn computers.

Gradually, he started generating software codes independently for the company.

Nair loved what he was doing and that helped him learn the subject at a deeper level.

Someone has said that when god is shy to announce HIS presence, HE appears in the form of an opportunity. That opportunity was given to me, when somebody asked me to type Bill of Lading at Sahar Cargo complex. You need to start from somewhere. Dr Abdul Kalam started his career as a newspaper boy. Once you have the determination and will power you always move forward. I took the loading job because my family’s financial situation demanded that. It was a short stint. I knew I had to move out. Life must be like a flowing river. I believe in that and am still living with that spirit,” says Nair of the beliefs and situations that have shaped his life.

The entrepreneur never enrolled for any formal course in computers, but says he was extremely lucky and blessed to have met incredibly talented people in his life and had the privilege to hang out with them.

“I did not know any technical people and had zero guidance when I started my career. I would ruthlessly read through technical books. I spent hundreds of hours reading and practicing programmes,” says Nair while recollecting his days of struggle.

His entry into the field of ERP was also by chance.

While working with Afternoon, a daily in Mumbai, he had developed a smaller version of ERP for the daily.

That gave him the confidence to start on his own and ERP was his obvious choice to start up with.

But before he did that, Nair worked for 15 years in Dubai as a software professional.

He started as a software developer and was the Senior Enterprise Manager, when he quit.

“It was a 400-million-dollar company and I was working on enterprise solution. You learn a lot in the process,” he says.

When he started Eresource Infotech in 2006, the ERP market was worth $14 billion and Sudheer saw enough opportunity in the space.

“The urge to do things on my own was getting on my head and that feeling forced me to quit my job in Dubai and start-up,” he says.

Sudheer started by bootstrapping and with the support of Vivek Jingade, who now heads the sales and marketing for Eresource Infotech, began his entrepreneurial journey.

“Vivek has been with Eresource since inception and without him we could not have achieved what we are today,” Nair says in praise of Jingade.

Sudheer Nair started with a small team and today Eresource has over 100 employees, across a variety of functions.

He says he never had any problem in finding talent, even as a start-up.

“I don’t think there is any shortage of talent in Mumbai. What is important is the selection process — getting the best from the lot,” he says.

Today the company has over 300 clients and about 25,000 users on Eresource ERP.

A majority of their clients are from India, particularly Mumbai and Northern states; they also have many clients in the Middle East and few other Asian countries.

The biggest player in the ERP space is SAP followed by Oracle, so Sudheer decided they would try and play the cloud card.

“We have everything that our competitors can offer, and while some of their solutions may still reside on a local server, Eresource is 100 per cent web based ERP solution. Our competitors don’t really care about localisation, but we make sure our solutions can cater to requirements needed as per Indian statutory and regulatory needs,” explains Sudheer.

Eresource is now launching ‘eresource ExV2’ (eresource Express Version 2) — a new release of Eresource.

“Eresource ExV2 will have compatibility with hand held device, mobile and would be technology independent,” he shares.

Eresource currently works with about 80 to 90 channel partners where 8 are affiliate partners, while the rest are referral partners.

Their customers love them because they undertake the entire implementation and post deployment activities and responsibilities.

“We engage with our customers at great lengths to understand their requirement and then accordingly package the solution and deploy it. This has resulted in zero failure rates,” Nair proudly claims.

The company is looking at appointing partners in each geographic region and has plans to appoint about 30 channel partners, which will help them scale up.

Looking back at his journey, Nair admits it’s hardly been a bed of roses: “I cannot pin-point the difficulties I have faced to set up this company. There are numerous.”

Though financial problems are on top of list, he considers his biggest capital to be the talent at Eresource.

Over the years, Eresource has won many prestigious industrial awards, including the Udyog Rattan Award and Business Excellence Award for the year 2008.

They were also conferred the Business Leadership Award by Institute of Industrial Development, New Delhi. And the venture has been recently rated by NSIC-CRISIL and awarded SE 3B.

As for the formal education that he couldn’t complete, the entrepreneur says he reads a lot.

“I am getting myself educated through my experience. And that is the best education you can ever get,” he sums up.

source:::::rediff.com

natarajan

 

A for Adarsh B for Bofors C for CWG Scam !!!……

Natarajan1 Comment

Janata Party chief Subramanian Swamy has a new line of attack for the ruling party: using English alphabets from A to Z to mark the scams that surfaced during the Congress and UPA rule in the country. So, according to his interpretation, here are the new uses of the alphabets:

“A- Adarsh scam

B- Bofors scam

C- CWG scam

D- Devas-Antrix scam

E- Employee Guarantee Scheme scam

F- Fodder scam

G- Ghaziabad provident fund scam

H- Harshad Mehta stock market scam

I- IPL scam

J- Junior Basic Trained Teachers’ recruitment scam

K- Ketan Parekh stock market scam

L- LIC Housing scam

M- Madhu Koda scam

N- Non-banking financial companies scam

O- Oriental Bank scam

P- Punjab State Council of Education, Research and Training scam

Q- Quest for gold scam

R- Ration card scam

S- Satyam scam

T- Telecom 2G scam

U- UTI scam

V-Volkswagen equity scam

W- West Bengal telecom scam

X, Y, Z

Protest and be dead,

We will cheat money even out of a pig’s bread.”

source ::::::INDIA TODAY online….14 aug 2013

natarajan

Read more at: http://indiatoday.intoday.in/story/adarsh-scam-bofors-scam-subramanian-swamy-new-attack-congress-india-today/1/299494.html

KYB…..Know Your Banker !!!!!

Natarajan2 Comments

Smt and Shri.Anand  are sitting in a Bank branch in front of the Branch Manager . They are holding few forms of KYB… KNOW YOUR BANKER …

As per recent RBI and Banking Economic Regulatory Authority …BERA….  guidelines,   Every customer is required to know about his Banker in detail.

Hence the KYB fORM !!!!.

Branch Manager of the BANK SCANS THRO the blank form and says ” sir , lot of information is asked for in this form …both personal and official .. It will take time for me to fill up the form . I will get it done and handover to you tomorrow morning !!!”

” ok …no problem … but make sure you fill up all the columns and attach proof wherever it is mandatory as prescribed in KYB fORM ”
says Anand, the Customer…

Bank Manager again sees the form…. may be with little seriousness …. and surprised to note the following requirements !!!

1. your monthly salary income from Bank

2. Are you a Qualified Banker to handle and operate banking transactions ?

3 . If so, what is your educational qualification ….pl attach proof …Pl also note to produce the original certificate to
the customer for verification and return

4. what is your experience in this Bank ?….pl attach proof ….

5. Have you filed your Income Tax Returns for the last 3 years ?…. pl attach the copy of the returns filed

6. How many ATMS Your Bank is operating in your city ?

7.What is the customer base and strength of your Branch ?

8.What is the mode of your interaction with your customers ?

a. thro customer service cell operating from a different branch and city
b. thro sms and email from your side
c. thro regular Customer Meets

9. Are your mobile numbers and landline contact numbers available with your customers for speaking to you directly in case they need ?

10. Does your Branch display the Public notice Board inside the Branch giving the following inf. to customers..
a. Name of the Branch Manager or incharge
b. Contact Telephone No….Mobile as well as Landline
c. email id of the Branch Manager
d. Name and telephone no . of Customer Relation Officer of the Branch

11.Amount Of Deposits your Branch hold vis a vis the quantum of Loans and Advances your Branch disbursed in the last Financial year

12.Audit observations of your Internal Audit Team and Statutory Auditors on your Branch for the last 3 years … AND Action Taken Report [ATR] on it…. It is enough if you attach a copy of ATR.

13. A Certificate from the Branch Manager to the effect that all RBI Guidelines issued from time to time on Banking Operations are duly complied with by this Branch.

14. Photocopies of PAN Cards of all the Staff besides that of Branch Manager to be produced for verification of the customer..

15..Address Proof of the Branch Location , clearly indicating whether it is “own property ” or Rented premises.

” Are you still sleeping ?!!! Get up and get ready soon… Morning @ 11 , both of us are supposed to go go to our Bank for

verification of KYC Form AND other related formalities … Have you for gotten ?”…..This is Mrs.Anand !!!!!

” OMG…{.oh My God .}… it is all in my dream only !!!… whole night  i was thinking about KYC and designed a new form KYB!!!

..kNOW YOUR BANKER …. WHEN there is KYC , why not KYB ALSO !!!

Any Way, I am sure one day my format of KYB WILL Become a reality , …wait and see !!!” …This is Anand, …poor

man who lost his sleep over designing KYB Format !!!

Let us wait and see , whether KYB will also be introduced along with KYC !!!… The day , KYB Is in place, our hero ANAND WILL

be the happiest person to see that his dream becomes a reality ….

As of now, our Hero Anand is getting ready to go to his Bank Branch along with Mrs. Anand for KYC Verification !!!!

Let us all wish him the best of luck !!!

Natarajan

Detroit , Once The Seat of ” Auto Power” , is Bankrupt Today !!!

NatarajanLeave a comment

The BBC’s Samira Hussain explains why Detroit has racked up such big debts

Detroit has become the largest US city ever to file for bankruptcy, with debts of at least $15bn (£10bn).

The city, once a symbol of US industrial power, is seeking protection from creditors who include public-sector workers and their pension funds.

Detroit has faced decades of problems linked to the decline of its industry.

The BBC’s Jonny Dymond in Washington says public services are in a state of near collapse and around 70,000 properties lie abandoned.

However, Mayor Dave Bing has vowed that public services will keep running and wages for public workers will be paid.

On Thursday, Michigan state-appointed emergency manager Kevyn Orr asked a federal judge to place the city into bankruptcy protection.

If it is approved, he would be allowed to liquidate city assets to satisfy creditors and pensions.

Detroit – known as Motor City for its once-thriving automobile industry – stopped unsecured-debt payments last month to keep the city running as Mr Orr negotiated with creditors.

He proposed a deal last month in which creditors would accept 10 cents for every dollar they were owed.

But two pension funds representing retired city workers resisted the plan. Thursday’s bankruptcy filing comes days ahead of a hearing that would have tried to stop the city from making such a move.


Detroit’s fall is complete. It is a depressing, if inevitable, end to a grotesque saga of decline, corruption and mismanagement. The irony is that the bankruptcy comes just as the private sector is picking up in Motor City. There is a buzz downtown, with commercial and residential occupancy at record levels.But public services are in a state of near collapse. Around 70,000 properties lie abandoned. Great swathes of the city need to be written off. For some, the announcement will come as some kind of relief. When I was last there business leaders told me that some kind of decision had to be taken about the city’s future – that agonising limbo was unsustainable.

The problem now is not just image. Bankruptcy looks bad. But Detroit is already a poster child for urban failure. Nor is it just about being locked out of capital markets – few would lend to the city anyway. But bankruptcy could take years to sort out, when Detroit’s real world problems need urgent remedies

Mr Orr suggested at the time there was a 50-50 chance of the city needing to file for bankruptcy. He also said the city’s long-term debt could be between $17bn and $20bn.

‘Only alternative’

At a press briefing on Thursday, Mr Orr said filing for bankruptcy was the “first step toward restoring the city”.

Alongside him, Detroit Mayor Dave Bing said that residents had to make a new start.

“I really didn’t want to go in this direction – but now that we are here, we have to make the best of it,” Mr Bing said.

The mayor also assured residents that the city would stay open and bills would be paid despite the filing.

“Paychecks for our city employees will continue, services will continue,” he said.

In a letter accompanying Thursday’s filing, Michigan’s Governor Rick Snyder, a Republican, said he had approved the request from Mr Orr to file for Chapter 9 bankruptcy.

“Only one feasible path offers a way out,” Gov Snyder said, adding that residents needed a clear exit from the “cycle of ever decreasing services”.

“The only way to do those things is to radically restructure the city and allow it to reinvent itself without the burden of impossible obligations.

Detroit’s mayor Dave Bing: “I really didn’t want to go in this direction, but now that we are here we have to make the best of it”

“It is clear that the financial emergency in Detroit cannot be successfully addressed outside of such a filing, and it is the only reasonable alternative that is available”.

Meanwhile, the White House said it was closely monitoring developments in Detroit.

“While leaders on the ground in Michigan and the city’s creditors understand that they must find a solution to Detroit’s serious financial challenge, we remain committed to continuing our strong partnership with Detroit as it works to recover and revitalise and maintain its status as one of America’s great cities,” said White House spokeswoman Amy Brundage.

Analysts say there are some concerns that businesses might ditch their operations in Detroit.

But, in the wake of the filing, US car company General Motors said it did not expect any impact on its operations, and hoped it would mark a “clean start” for Detroit.

Detroit in decline

  • Population has shrunk from a peak of 2 million in the 1950s to 713,000 today
  • Highest violent crime rate of any major US city, with 15,245 reported incidents in 2011
  • Some 78,000 abandoned and blighted buildings
  • 40% of street lights do not work
  • Only a third of the city’s ambulances are in service
  • Just 53% of owners paid their 2011 property taxes

Source: City of Detroit Proposal for Creditors

“GM is proud to call Detroit home and today’s bankruptcy declaration is a day that we and others hoped would not come,” the company said.

The city, once renowned as a manufacturing powerhouse, has struggled with its finances for some time, driven by a number of factors, including a steep population loss.

The murder rate is at a 40-year high and only one third of its ambulances were in service in early 2013.

Declining investment in street lights and emergency services have made it difficult to police the city.

And Detroit’s government has been hit by a string of corruption scandals over the years.

Between 2000-10, the number of residents declined by 250,000 as residents moved away.

Detroit is only the latest US city to file for bankruptcy in recent years.

In 2012, three California cities – Stockton, Mammoth Lakes and San Bernardino – took the step.

In 2011, Harrisburg, Pennsylvania tried to file for bankruptcy but the move was ruled illegal.

But Thursday’s move in Detroit is significantly larger than any of the earlier filings.

source:::::bbc.com

natarajan