Saturday, December 6, 2014



Commoner's (common sense) Reaction:
“Many ... are lobbying to extend  that allows them to maintain low provisions against impaired or stressed assets."
Bluntly stating, is not what is being lobbied for, the most dreaded and obnoxious practice of  "window dressing”, that happens to being indulged in, with or without forbearance by the Regulator, quite for long? On that premise, is not the 'statutory audit' of banking sector reduced to an empty or meaningless formality, a farce? Does not then, the report, as is the convention, expressing the opinion, -regardless of the clumsily guarded language in which it is lately chosen to be couched, - that the audited final accounts show a true and fair view (picture) of the financial position , if were construed / interpreted in actual and factual terms, and in substance, tantamount to saying it all but really divulging nothing to the stakeholders ?

 Dec 18



How Delhi is losing the pollution battle

Vehicular emission standards needed to be upgraded and the use of cars disincentivised, CSE recommended

Nexus ( BOND) between RBI and Societal Welfare !

India needs to provide more tax breaks to individuals so as to encourage savings, RBI Governor R... »        10 comments

The Colonel has said well; and a couple of points do deserve a serious consideration and governmental action, on a war footing e.g. incentive to individuals who  partake in working towards the altruistic objective of controlling the alarmingly galloping population growth. Further, 'earned income' in its true/ideal sense needs to be given a more favorable treatment, in comparison to the other kind, as that should greatly help in promoting laudable social objectives- in a way, curb the threatening growth of monies made falling under the only other category of "unearned income" , thereby try and control the evils of ‘corruption’ and the resultant  "inflation". 

2.  Role of regulators is not just boosting Sensex: Rajan

Of course, NOT, even remotely. Certainly , NOT THE OBJECTIVE OR ONE OF THE OBJECTIVES behind the set-up of the Institution !


Service charges in Coop. Society

One very important issue,-of concern to the housing society and its members, of which not even a whisper is seen to have been made,- that has come to the fore,  but no clarity is still available,  is in regard to the changeability  of 'service tax' on any one or more of the listed collections. According to a well-founded view, the levy is seriously questionable should the well established common law principle/doctrine of 'mutuality" be invoked and forcefully canvassed.

Further, in the case of 'Owners' Association" as constituted by buyers of 'apartments' , separately governed by the MAOA (in KAR by KAOA) - as distinct from hosing society of buyers of 'flats' governed by KOFA (in KAR by  KAOA) , the identity is more pronounced so as to claim exemption on the ground of 'mutuality'. 

KEY NOTE: Likewise, -on the same ground but/provided factual matrix in a given case is distinguishable,- albeit the adverse view the SC has taken in Bangalore Club case (2013 (76) KLJ pg 475), particularly on Bank interest,- refer previous blogs, -  one would submit, claim for exemption from income-tax may be worthwhile seeking and pressed for, if/as fortified by a law expert 's opinion. 

A Society is a Service-Provider, under the Consumer Protection Act -  ?!


 Cross Refer Prev. Blogs

Dec 12

152 out of 172 'Adarsh' type constructions in Maharashtra, are in Pune

< RTI reveals that violating environmental norms in Pune has gone through the roof and is likely to land buyers in trouble.

Also read

...the real estate (regulation and development) bill, 2013

Standing Committee Report - PRS

Recommendations appear in page nos. 7,9,10,11,13,14,18,19,21, 23,28, 34,36, 37,43, 45, 46,48,52,53,54,56,57,59,61,64,66,67,68,72,75,77,79,80,84 and 85 



Goverment to revise Real Estate Regulatory Bill: Naidu ...

On these:

I...the real estate (regulation and development) bill, 2013


Recommendations appear in page nos. 7,9,10,11,13,14,18,19,21, 23,28, 34,36, 37,43, 45, 46,48,52,53,54,56,57,59,61,64,66,67,68,72,75,77,79,80,84 and 85
May be worthwhile ascertaining and knowing present status/further development, if any, since the
UD Union Minister last spoke:

Top Priority-
A Common Sense Poser:
Should this*, just as any other measures by way of 'REFORM' as proposed in the long awaited subject legislation but stuck in the pipeline, wait; and if so, for how long?
*Clause 11
4.2 Clause 11 relates to the functions and duties of promoter. 

Clause 11(4)
The Committee are of the view that the construction of real estate projects in all the residential areas where the people are already dwelling, the debris across the roadside, streets and in parks and grounds prove to be menace for the local people.Thus, though the clearing of debris etc. is part of Municipal functions, it should be made the responsibility of the promoter to ensure the timely clearance of all the debris generated during construction of the projects. Thus, the Committee recommend that a new sub-clause should be incorporated in the Bill making it the responsibility of the promoter to clear the debris generated during construction of the project, till the completion of projects.

Bandra recorded highest level of Pollution in Mumbai



Mahesh Khanna


'Parking space must be provided to members who are charged'

 Shri Ganesh Developers fined for not executing sale deed


Half a Prescription by RBI?
As the banking regulator, will RBI be responsible and pro-active about NPAs instead of blaming the legal system?

Sucheta Dalal
Vaibhav Dhoka 
Ordinary bank customer is end looser as he has to compensate such huge NPAs as he he has to bear the brunt as increased service charges,The recent limitation of ATM usage is best example.In fact banks are using unfair trade practice to recover charges from deposits kept with them.
Reply »Link » Report abuse

vswami in reply to Vaibhav Dhoka

Mr Vaibhav Dhoka
I am sorry, you have touched only the proverbial ‘tip of the iceberg’.
The 'unfair trade practice', going by past experience,and having in mind the increasingly reported irregularities, certainly could not just be the only one you refer. Should you or anyone else supposed to be really concerned,- of all, the RBI as the Regulator for the sector- ever cared to scout around and probe into sincerely and purposefully, many and much more serious of the kind would have come to surface long ago. So much so, the RBI could have, as expected of, taken effective remedial measures, on a timely basis.
Those are essentially of the kind largely impacting and badly impairing even the basic rights of account holders. To hint at, one such instance given publicity in the media may be looked up @ Bank pulled up for ‘deficient documentation’ (Businessline), As commented/opined there under, the area of grievance complained of , in one’s conviction, is something coming well within the control of the RBI. Subject to inquiry, there is no knowing whether the RBI has since taken any remedial steps to put an end once for all to such misdemeanors, as commonly known to being indulged in, by banks, particularly PSBs.
Instances of such or similar “deficient documentation”, more so in material respects, not only with respect to ‘loans’ given by banks (as in the reported case) but also FDs and other term/time deposits accepted by banks from the public might not be difficult to locate /identify; provided , of course, the deposit account holders are intelligent /shrewd enough, so as to care and diligently go through the contents of the most important document of all, being the Application for Account Opening. For, that is the document in which the applicable “terms and conditions” are, -rather expected to be truly, -set out, clearly in simple and plain words , and unambiguously . Any loan taker or depositor is, more often than not, for varying reasons and attendant circumstances, accustomed to sign even such vital documents, on the dotted lines, primarily because of the utmost trust and faith placed on the bank; more so, under the honest belief /taking for granted that the bank, known for its reputation/popularity, would not have failed but taken the utmost care and caution, in order to ensure that the terms and conditions are strictly in accordance with the governing Banking Rules and Regulations, the directives issued by RBI, and in force, from to time, the Code of Ethics , so on.

May be contd.

> icl

Guest Post - Company Deposits: New Rules Change The Game

REF. Comments

Add-on (To share more):

“....These provisions are however not applicable to:
             (a)  banking companies; “
     and  (b) to (d)

One is not quite clear, rather have nagging grave/serious doubts on, -as to why/what is the rationale behind such exclusion of the so specified entities from the applicability of the referred new provisions, which, as proclaimed, have the laudable objective of ‘investors ‘  protection’.

Some of the since reported but not-unrelated developments, for instance HERE ,-

seem to lend credence to the mentioned doubts /strong  reservation.

For an elaboration, may refer the personal viewpoints posted in the Blogs, the  latest  @

To quote a renowned law legend, humanist and great thinker of  our own times, in no less a person than  N A Palkhivala: 

Man has been defined as a rational animal. But you cannot live without being constantly reminded that this definition was given to man by man unto him in a characteristic moment of self- adulation.



Dec 11

wrt Principles of Natural Justice in Taxation Proceedings

Cross Refer @

For The Day