Tag Archives: #RBI

INTERESTING FACTS FIGURES & QUOTES-33

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4000 Drops of water makes a litre of water—So save every drop.

Thomas hardy’s admonition—“Take care of the small things and the big things will take care of themselves.”

A 2017 report of the Travel and Tourism Council says that tourism contributed 9% to India’s GDP and 8% to its total employment.

Industry data suggests that 65% of foreign travelers to India only visit six ASI monuments. We have around 3,000 such monuments that equally deserve tourist footfalls in droves.

According to 2017 data, the number of foreign tourists in India, remain low, at 10.5 million, but domestic numbers, are huge at 1652 million, and growing steadily. However, policies are formulated, keeping in mind, only inbound tourists.

Repo rate is the rate at which RBI lends to its clients generally against government securities. Reverse repo rate is the rate at which RBI borrows money from the commercial banks.

IMF recently lowered its growth forecast for India in 2019 to 7.0%. But what should bother India’s economic policy makers is that this year every successive revision has been downward.

The fallout of US-China trade friction has allowed Vietnam to attract more direct investment from companies. India should grab this opportunity while it lasts. To do so, government should reverse the policy of the last couple of years where protectionism has been used to help domestic companies.

Economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it—Ronald Reagan

No nation has sustained growth rates of 9-10% for two or more decades without succeeding in global markets. China’s share in global merchandise exports rose from 2% in 1991 to 12.4% in 2012. These two decades saw China fully transform from a primarily, agrarian economy to a modern industrial economy.

A strong rupee keeps imports artificially cheap for citizens and exports artificially expensive for foreigners.

The Shinkansen HSR (high speed railways) was launched in Japan in 1964. Shinkansen trains perhaps have the best safety record in HSR. Another country, with a quick HSR roll out is china which has developed, about 22,000 km of HSR since 2007-08.

Japanese exports to India rose from Rs 22,900 crore in 2005 to Rs 57,800 crore in 2015, and as of today about 1,305 Japanese companies have branches in India.

Mumbai-Delhi is one of the busiest air corridors of the world.

In the absence of actual knowledge, God is different for different persons and for the same person, different on different occasions.

When your methods are doubtful, said Mahatma, you cannot get good ends.

Well known sci-fi author Ron Hubbard once said, ‘If you really want to make big money, you should start a religion.’

In July 2017 Facebook announced a 71% increase in global profits. And India is one of its fastest growing markets. A lot of its success is well deserved and users now spend an average of 50 minutes a day on its platforms.

India has 11,000 skill training institutes while china has 500,000. Not surprising, only about 2% in the age group 15-59 in India have some skill training.

You can stop speaking to someone, but you cannot stop being related—BURMESE PROVERB

George Patton Jr once said, “I don’t measure man’s success by how high he climbs, but how high he bounces back when he hits the bottom.”

A commonly quoted aphorism says, ‘New beginnings are often disguised as painful endings.’

From the play … Julius Caesar—‘the fault, dear Brutus, is not in our stars but in ourselves, that we are underlings.’

Society is never interested in religion because religion is individual and society is always afraid of individuals—Osho

India is very important because of its size. So for the world to do well, we need India to do well.

By Kamlesh Tripathi

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GLOOM BEHIND THE SMILE

(The book is about a young cancer patient. Now archived in 7 prestigious libraries of the US, including, Harvard University and Library of Congress. It can also be accessed in MIT through Worldcat.org. Besides, it is also available for reading in Libraries and archives of Canada and Cancer Aid and Research Foundation Mumbai)  

ONE TO TANGO … RIA’S ODYSSEY

(Is a book on ‘singlehood’ about a Delhi girl now archived in Connemara Library, Chennai and Delhi Public Library, GOI, Ministry of Culture, Delhi)

AADAB LUCKNOW … FOND MEMORIES

(Is a fiction written around the great city of Nawabs—Lucknow. It describes Lucknow in great detail and also talks about its Hindu-Muslim amity. That happens to be its undying characteristic. The book was launched in Lucknow International Literary Festival of 2014)

REFRACTIONS … FROM THE PRISM OF GOD

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TYPICAL TALE OF AN INDIAN SALESMAN

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SHOULDN’T #HONOURABLE #COURTS DIRECT DEFAULTING #BUILDERS & #DEVELOPERS TO #COMPENSATE AGGRIEVED #HOME-BUYERS AT 24% ANNUAL RATE OF INTEREST?

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SHOULDN’T #HONOURABLE #COURTS DIRECT DEFAULTING #BUILDERS & #DEVELOPERS TO #COMPENSATE AGGRIEVED #HOME-BUYERS AT 24% ANNUAL RATE OF INTEREST?

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Developers and Builders often cry foul when #Honourable #Courts tell them to refund amounts, and that too with interest @ 14% per annum for non-delivery of flats to a home-buyer. Refer the TOI column below wherein Supreme Court directs a reputed builder Supertech Ltd for such a refund. But have the builders ever thought of what the poor buyer undergoes having put in his life’s savings, to his misdeeds maybe not in this case, which often include illegal construction, overcharging, not refunding amounts even when mentioned in agreements and making the buyer run from pillar to post; in case the buyer doesn’t toe in line with the developer. And, at times his cronies even display muscle power, especially when you want to meet him or a senior person in his office to plead your case.

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SO WHAT CAN BE DONE TO MAKE DEVELOPERS MORE SENSITIVE TOWARDS BUYERS?

But before that let us analyse as to why the developer is so callous towards the buyer when it comes to resolution of disputes? One of the main reasons is because he makes much more than 14% return on the amount he has already received from the buyer.

In fact the honourable Supreme Court will be more accurate if the compensation awarded to the buyer is increased from 14% to 24% especially in cases where the builder needs to refund as per agreement and defaults, as this will instill a lot more seriousness in the developer fearing a business loss if he has to refund @ of 24% penal interest. Often after paying the booking amounts if the home-buyer wants to retract, when he discovers the reputation of the builder is not good or when he pays half the amount and realises the property is not being financed by banks and he cannot get a bank loan to fund, the builder in all humility should refund the amounts as per the agreement but doesn’t, and makes the buyer run from pillar to post and in such cases he rotates the amount at least once or may be 1.5 times a year and makes much more than 14% and that is the prime reason why he is so unfair with the buyers and doesn’t refund the amount forthwith; and so holds the amount by his teeth and doesn’t let it go till directed by the court of law. And for the court of law to direct it may take a couple of years and so each year he makes a profit on the amount. But imagine the same scenario with 24% penal interest where he starts making a loss. He would then willingly return the amount forthwith and thus number of complaints will reduce drastically and even builders will become more responsible both in letter and spirit towards a home-buyer.

Hapless home-buyer has, little or no support, from either the Government or any other agency including #CREDAI which again is a builder’s consortium and seldom helps the home-buyer.

And, therefore one can’t help but feel, media and the judiciary are the two biggest friends of a common man.

Supreme Court tells Supertech to refund flat owners

TNN | Jul 31, 2014, 12.06AM IST

NEW DELHI: The Supreme Court on Wednesday asked Supertech to refund the principal amount along with 14% interest by October 30 to flat owners in the ?Emerald Court’ twin towers in Noida, which was sealed on May 5 when the SC stayed their demolition ordered by the Allahabad high court.

The builder said it would cast a huge liability as the interest on money paid five years ago for booking flats in the twin towers would exceed the principal amount. This means, if a person had booked a flat paying Rs 50 lakh, then he/she would get back nearly Rs 1 crore from the builder.

A bench of Chief Justice R M Lodha and Justices Kurian Joseph and R F Nariman asked Supertech to pay nearly 50 flat owners the principal amount by August 30 and the compound interest accrued at 14% per annum by October 30.