Wednesday, 31 October 2012

[www.keralites.net] Is your car stolen? Pray to God the police never find it

 

Is your car stolen? Pray to God the police never find it

My friend's wife was recently the victim of a chain snatching incident when she was out for an evening walk. Fortunately for her the gold chain around her neck broke and fell on the ground and the thief tried to escape without the chain. She raised an alarm and managed to get the thief nabbed with the assistance of the passersby. Her first reaction afterwards was to let bygones be bygones (since she clearly had not suffered any loss) and the thief had also been thrashed by the on lookers. But as a good citizen she decided to lodge an official police complaint. 

That's when the trouble began!

The police arrived a good 30 minutes later and took the thief to the police station and requested my friend's wife to accompany them. She went and lodged a complaint and the process  took about 3-4 hours to complete. To make it worse the police asked her to hand over the broken chain as "evidence" for the case which would be returned to her after the case was over. She was very reluctant but had no choice so she handed it over to the police. It took 3-4 personal visits to the police station and a good 6 months before the chain was finally restored to her. 

Incidentally my friend's wife discovered that the police had claimed credit for nabbing the chain snatcher and had even been awarded by Mumbai's police commissioner.

You must be  wondering why am I writing about this incident in a column devoted to personal finance? 


I will connect up as to why the archaic and inefficient judicial/police system results in situations in the personal finance arena as well, that would be comic if they were not so tragic.  A friend bought the case of Ravi Kant to my notice. Ravi's car was stolen from below his house and he filed an FIR with the police and then made a claim with the insurance company for the loss. Only then he realized he would have to produce a "not traceable" certificate which the police issues only around 3 months after the loss is reported to them and they are still not able to trace the vehicle. The insurance claim is payable only after the "not traceable" certificate is submitted.


In Ravi's case the vehicle was (un)fortunately traced. It had been used for a crime and then abandoned in a faraway city. He had to take a few days leave and visit the police station where the recovered vehicle was kept to give evidence. Ravi had to do a couple of rounds with the police station and then told that his car was "evidence" in the case against the criminals. He had the insurance company send a surveyor to inspect the vehicle for any loss but the vehicle was in an okay condition. The vehicle has been gathering dust in the police station compound for quite a few months even as I am writing this article. Of course there is no chance of the insurance company paying him anything and he has had to take a car loan to buy a new car. Now Ravi is cursing his Bad luck" that the police actually found his stolen car". If they had not found it he would have been paid the claim by the Insurance Company and would not have to go through so many hassles. Now he will get back the car after it has depreciated substantially.


Clearly a criminal judicial system that requires stolen items to be kept as "evidence' till the case reaches a certain level must change or we will continue to have law abiding citizens wishing that the police are not able to trace their stolen car!


Courtesy: Yahoo India


Nandakumar


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[www.keralites.net] DTC (Direct Tax Code) may bring Income Tax Rates decrease

 

 
Direct tax code(DTC) will bring major income tax rate cut for the individual and HUF tax payers. DTC is proposed to present in this annual budget which will increase the tax slabs of income tax. Finance Minister said that when the final DTC will present in the parliament, the recommendation of the PSC(Parliament standing committee) will be the rule.
 
 According to the panel of parliamentary committee, theincome tax exemption limit( under this limit, the assessee needn't to pay any income tax) will increase to 3 Lakh rupees which is now of 2 lakh rupees for the assessment year 2013-14.
10% income tax slab can be on the income range of 3 Lakh to 10 lakh rupees which is now on 2-5 Lakh rupees. 20% income tax slab is proposed by the panel is 10-20 lakh whereas the 30% ofincome tax on the income of above 20 lakhs.
 
There are also some more points in direct tax code recommend by the panel. Long term saving limit which is 1 lakh per annum is suggested to 1.5 lakh. Contribution to social security like pension scheme is suggested to 1.5 lakh. Medical insurance is suggested to 1 lakh,  medical insurance for dependent 50 thousand and professional studies and education Rs. 50000.
 
There are no change in the corporate tax with the DTC and the parliament panel recommendation. DTC was schedule to introduce on 1 April 2012 but now it is late and hope to introduce in this fiscal year only. DTC will take place of the old law Income tax act 1961.
 
Income taxrates
Current rate ay 2013-14
DTC Bill
Parliament committee recommendation
Exemption
Upto 2 lakh
Upto 2 lakh
Upto 3 lakh
10%
2-5 lakh
2-5 lakh
3-10 lakh
20%
5-10 lakh
5-10 lakh
10-20 lakh
30%
Above 10 lakh
Above 10 lakh
Above 20 lakh
Tags-income tax rate in dtc,dtc,dtc income tax rate,direct tax code,what is dtc,what is direct tax code, new income tax rate slab,income tax rate for fy 2012-13,income tax rate for ay 2013-14.
Best Regards
Prakash Nair 

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[www.keralites.net] Muslim wanted dead or alive

 
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[www.keralites.net] Proud facts of our Mother land.kk

 

  

Hi All,*
*After all the sordid dramas of the last few days, played out at our
Indraprasta, here is something to make us feel proud of.*

*Bala*

*The Story of India by Michael Wood*

Little known facts on India taken from the book.



   1. India's  GDP was largest in the world till 1500. By 1900 sank to less
   than 3 % of world's GDP. But will overtake USA by 2013.
 
  2. Only in India, you will find all human histories from Stone age to
   Global village in one place.
   
3. Kallar tribe in Tamilnadu were found to have M130 gene of the first
   humans of Africa.
  
 4. Mantras work on emotions, the physiology, and the nervous system.
   Along with yoga, they are a way of achieving hightened mental and physical
   state. Patterns of mantras analysed by a computer shows them to be close to
   birdsongs.
   
5. Mohenjo-daro takes its cities back to 3000 B.C., before the pyramids
   of Giza.
   6. Puranas show Indian heritage to be of bronze age.
   
7. John Marshall said- Anyone walking for the first time in Mohenjodaro,
   will fell as if they are walking in a present-day Lancashire working town.
  
 8. Sir William Jones discoveries in 1786-Sanskrit is more perfect than
   Greek or Latin., more refined than either.
  
 9. Asiatic Society , kolkota, has the oldest manuscript of Rig veda,
   written on paper, dated 1418- Samvat or 1362- Western.
 
  10. Rig- veda  is the longest poem in the world with 100,000 verses.
  
 11. Sri.B.B. Lal did lot of work post Independence on archeology. He
   suggested Mahabharata war date as 860 B.C.
   12. Benaras- first settlement was in  6th century B.C. at  Rajghat.
 
 
 13. 500 B.C. known as Axis age when great thinkers were born within 200
   years., - Buddha, Mahavira, Confucius, Lao Tzu, Old Testament prophets,
   Greek philosophers, Zoraster etc.
   
14. Buddha lived and died in 4th Century B.C, a contemporary of
   Alexander, the great.
  
 15. Buddha died in Kushinagar, a small place- 15 foot like statue of him
   in the state of mahaparanirvana by Dinna in 5th century B.C.in a shrine.
  
 16. 302 B.C.- Chandra Gupta Maurya- first great ruler.He married a greek
   princess, and his grandson Ashoka had Greek blood and spoke Greek too.
   Chandra Gupta used do pooja for Alexander in Taxila in a shrine( as per
   Plutarch). His capital was Pataliputra, the modern Patna., a living witness
   to all the history of India.
   
17. Megasthanes- Pataliputra was 10 miles into Ganges,had 64 gates, 570
   towers.I have seen great cities of the world, but this is the Greatest.
  
 18. Chandragupta became a Jain, took sanyas, came all the way to Shravana
   belagola near Bangalore and starved himself to death in a cave in 297 B.C.
  
 19. Kalingapatna in Andhra Pradesh was great trading port for tamils,
   singhales and romans. There was regular steamer service to Rangoon from
   here.
 
  20. Kalinga war- 100,000 died, 150,000 carried away.Ashoka's words after
   Kalinga war-All people who live here share human values such as respect for
   parents, respecting elders, showing kindness and attachment to friends,
   relatives, but they all suffered, injured, killed , and cutoff from loved
   ones. To me it is desperate matter.Ashoka  though heavily into Buddhism,
   never got converted. He remained a lay member.Ashoka built shelters for
   travelers/ pilgrims, which is still being followed ( ashrams/Satrams).He
   also put the rule of ropes to control crowds, still being followed  all
   over the world even today.He died in 233 B.C aged 72.

Ashoka's question in his edict- How do you persuade human beings to do good?

      21. Cranganore in kerala – muziris lived. Trading post of all sea routes.2000 year
          old temple for pattana devi.oldest mosque in india- a wooden prayer hall in

Cranganore ( Kodungallur). See chandamagalam oldest jewish synagogue. St.
thomas landed in 50 a.d. A statue of Goddess Laksmi from here, was found in
Pompeii ruins in AD 79.

   1. Madurai one of the oldest cities in the world going back to bronze
   age.
  
 2. Adichanallur excavations are dated 1000.B.C.The city appears in
   Ptolemy's map. In 21 B.C. Pandian ambassador went to Augustus court in Rome
   by sea.
 
  3. Swaminatha Iyer as a young man collected all old palm leaf
   manuscripts, travelling in bullock carts to many villages.
   4. Kushans ruled India. In A.D. 78, King Vima Takto inaugurated the new
   era called Saka Era. The greatest rule of kushan India was Kanishka. His
   only statue is found at Mathura. At Gokarneshwar temple.Kushans captured
   Mathura in late first century A.D.
  
 5. Peshawar, one of the best cities in the world- City of
   flowers.Kanishka built a temple for Buddha burying his begging bowl here. He
   built the biggest stupa in the world here.Kushan Kasyapa Matanga was the
   first to go to Peshawar and take Buddhism into China in first century
   A.D.Estimtes of Indian wealth at Kushan period was 30% of world wealth.
 
  6. Nalanda in Gupta period, was the first residential university in the
   world.
  
 7. Arya bhatta defined zero. Proved earth revolved around the Sun, 1000
   years before Copernicus and Galileo.
   
8. King Harsha distributed all the wealth accumulated in five years, in a
   matter of 75 days at Allahabad kumbh mela location.
  
 9. There is muslim Rama story told by mopylas, called Sultan Rama.
  
 10. Babur walked around Humayun, his son's death bed and sacrificed his
   life to save his son. Sikh records say that Babur was blessed by Guru Nanak
   before his death in 1530.
  
 11. In his late twenties, he was influenced by Suhrawardi, which says Sun
   as the Light of Lights( God). Sun, the illuminator of the universe, the
   embodiment of the book of perfection, the receptacle of all virtues. Called
   Sun farr-i-izidi, the divine light,Khaihan- Khurira, the light that
   illuminate the world.He ordered that law should be the same for hindus and
   muslims, which is not, even in modern india.
   
12. He ruled over 100 million people, when Queen Elizabeth was ruling
   over 3 million.Agra had a population of 750,000, whereas London had 200,000.
  
 13. Parsees were the first photographers, first car dealers, first native
   lawyers, dentists, doctors.
   
14. Colonialism was largely destructive, despite what English historians
   project it as.
  
 15. Lord Macaulay edict in 1835, that education in India should be in
   English, replacing Persian, as the new language of the Government.
  
 16. India has never existed as one united state at any time in its
   history.
 
  17. A.O.Hulme, forgotten in England, is one of the most important
   influences in India's freedom movement. In Etawah, there is a Hulme Ganj in
   his memory.
  
 18. In 1900, British chose Hindi as the official language of India.

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