Problems & Solutions. సమస్యలూ పరిష్కారాలు. समस्याएँ और समाधान

Though this blog has been started as 'problems of telugus', we have expanded into National problems of India, and the problems of the World, particularly Poverty, Inequalities of Income and Wealth. I support Atheism and Marxism which I call TOTAL TRUE SOCIALISM, but I do not wish to impose on others. If you do not like what I write, pl. write your comment here. If you like anything, pl. tell others.

Showing posts with label Reserve Bank of India. Show all posts

Wednesday, January 25, 2017

890 What may be the estimated extent of ACCUMULATED FROM 1947 INDEPENDENCE, off-balance sheet bad debts of Indian Banks?

What may be the estimated extent of ACCUMULATED FROM 1947 INDEPENDENCE, off-balance sheet bad debts of Indian Banks? In calculating this, we have to include both the off-balance sheet bad debts of Indian Private Banks and the off-balance sheet bad debts of Indian Public Sector Banks. Reason: Even Private Banks handle public money. When Private Banks become sick, and suffer from illiquidity and insolvency, Reserve Bank of India, has to come to their rescue, notwithstanding the CRR funds held by Banks in Current Accounts with RBI, and the SLR Funds held by Banks in the form of permitted Investments. Even when the illiquidity and insolvency of Private Banks go beyond the resources available from CRR & SLR, RBI has to save them, by providing funds to them, through whatever methods they may be called, such as "Ways and Means" Advances, Overdrafts, Repos, etc. There is one big difference between "On Balance Sheet Bad and Doubtful Debts" and "Off Balance Sheet Bad Debts". In India, Bank Balance sheets never show openly their live Bad and Doubtful Debts. They only show net amount of debts receivable by them, after deducting provisions for Bad and Doubtful Debts made by them from their profits, to the satisfaction of their Statutory Auditors. Hence, the true bad and doubtful debts of any bank, will be an enigma for outsiders, because it is secret information. If the Statutory Auditors (Chartered Accountants etc. appointed as per law) discharge their duties meticulously and sincerely, and the other Government / RBI Agencies which inspect the assets of Banks attend to their tasks alertly, ordinarily, Indians and the World dealing with those Banks need not worry about Indian Banks. Hence, we can say that there will be no need to worry about On-balance-sheet (secret, but scrutinised by auditors and inspectors), because provisions are made to cover them.

IMPORTANT FEATURE(s) OF THE OFF-BALANCE-SHEET BAD DEBTS OF INDIAN BANKS (BOTH PRIVATE SECTOR AND PUBLIC SECTOR)

For removing these items from their balance sheets, in any particular financial year, banks debit their Profit and Loss Accounts, and close the Loan Accounts of Parties. For that year, profit is shown less. No doubt, this definitely a prudent method.

But, the problem with this method is: Depositors, shareholders, employees, other stakeholders of Banks may never know about the existence of these sleeping loans which cannot be abandoned, simply because Profit and Loss Accounts were debited and removed from the balance sheets. These are like skeletons in cupboards, in the backyard. The borrowers involved (defaulters) also may happily forget about them. Wherever there are court cases for recovery of these debts, the suits will drag on for several years. Not only that, these suits-debts have to undergo three stages for actual recoveries, unless they are covered by a Special Act known as SARFAESI Act, 2002.

MONEY DEBTS WHERE THERE IS NO PRIMARY SECURITY (stocks etc. which are lost with afflux of time), or COLLATERAL SECURITY (lands, buildings etc.)

After obtaining Money Decrees, Banks will have to file Execution Petitions for Enforcement of Money Decrees, Banks must also show assets of the borrowers to be attached, giving details such as House Nos., Survey Nos., extent, boundaries, etc. The Court Ameen or the Official Receivers/Assignees appointed by Courts will not go and search for the assets. Then, auction dates are to be fixed. Parties are to be brought to purchase them above the Reserve Price. For this reason only, in respect of very low value debts, debts to be recovered from small and marginal farmers, poverty-stricken people, Banks abandon such debts, as it will not worthwhile to pursue the legal process.

To continue. सशेष. ఇంకా ఉంది.

Monday, January 23, 2017

887 Public Accounts Committee of Indian Parliament should publish the questions it has asked the Governor of RBI, Mr. Urjit Patel

The inquiry and questioning which Public Accounts Committee of Indian Parliament is making, should not end up as a damp squib. On 20th January 2017, the Governor of Reserve Bank of India Mr. Urjit Patel, assisted by his team of Dy. Governors, appeared before the Public Accounts Committee, and answered their questions. Every common Indian, with the exception of millionnaires and billionnaires experienced hardships in their daily life, owing to the economic surgical strike made by Government on the 1.3 billion strong Indian Nation, in the form of demonetization of 86.4% of currency in circulation.

More than 100 people lost their lives, standing in ATM and Bank queues. Patients in hospitals could not pay their bills. Mr. Sadananda Gouda, Union Minister, himself experienced this, as a hospital did not allow him to take the dead-body of his relative, by making payment in old notes, though hospitals were expected to accept them. Parents could not pay the school fees of their children. Farmers could not pay the wages of the laborers working in their fields. Laborers, fruit and vegetable vendors, food vendors on carts, barbers etc. lost their livelihood, for nearly 50 days, because people did not have cash to pay.

Several people could not perform the wedding ceremonies of their daughters and sons, because they were not allowed to withdraw their own money from their own Bank accounts. This type of arbitrary tyrannical treatment made by Reserve Bank of India on Bank customers, was never experienced in the Economic History of India. Mr. Narendra Modi, the Hon. Prime Minister of India, avoided to be present in Lok Sabha and Rajya Sabha, and shy of answering the questions which may be asked by Opposition.

Some people approached courts for redressal of public grievances. Unfortunately, courts too failed to come to their rescue, except making some observations.

Initially, according to News Reports, the Public Accounts Committee made a noise that it would call the Prime Minister to appear before it. Somehow, it did not dare to do so. Only the RBI Governor and some Ministry of Finance Officials appeared before it. The Public Accounts Committee should have released to Media, a printed list of questions they have asked the RBI Governor, and the Officials of the Ministry of Finance, so that people could have had a first hand of knowledge that there is somebody to ask the Powers-that-be, on what, why, how they have resorted to such a misadventure as the 86.4% Demonetization, without adequate prior preparations. The PAC should also publish verbatim, all the answers given by the RBI Governor. Publishing these questions and answers, would have brought transparency to the working of the PAC, Lok Sabha and Rajya Sabha.

PAC should at least publish, whether any of the following questions were asked and answers obtained from the RBI Governor, when he said that Demonetization was planned in early 2016 itself, and that regular weekly meetings were taking place with the Government.

If demonetization was really preplanned well in advance, as replied by the RBI Governor, then we must be shocked to see how shabbily it was implemented. Something which is planned well, and planned in advance, should foresee contingencies, must have a Disaster Recovery Plan, ought to pre-estimate whether it will have any adverse impact on the poorest sections.

QUESTIONS

1. Whether these meetings attended by RBI Governor, ever took notice of the aggregate stocks of Rs. 100 notes in the Currency Chests of RBI and its Agent Banks, and the Rs. 100 notes held with the public? If so, date:
2. Whether RBI Governor, or the Chair-person of SBI, has ever expressed an apprehension that there would be chaos, because Banks do not have adequate stocks of Rs. 100 notes, that ATMs are not calibrated to handle Rs. 2,000 notes, and the new Rs. 500 notes. If so date:
3. Whether the Officials of the Finance Ministry / PMO / Finance Minister have replied to the apprehensions of the RBI Governor, or the Chairperson SBI. What was the reply given from the Government side? If so date:

To continue. सशेष. ఇంకా ఉంది.

Thursday, December 8, 2016

846 Some questions which Mr. Urjit Patel may have to answer, now that there is no need for secrecy about demonetisation

Now, 30 days of demonetization of currency notes of denomination of Rs. 500 and Rs. 1,000 have elapsed. Need for secrecy, we can say, has elapsed with the afflux of time. There is no sight of amelioration of the currency problems of Indians, even after these 30 days, because RBI could replenish only approx. Rs. 400,000 crore (Rs. 4 trillion) THAT TOO MOSTLY HIGH DENOMINATION RS. 2,000 , of the total Rs. 15.44 trillion worth currency surrendered by public to Bank. The money deposited by public with banks from Nov. 9, 2016 to date, mostly represents their transaction money for various activities such as 1. purchase of essential commodities 2. carrying out agricultural operations 3. carrying on small business activities 4. working capital of small scale industries 5. day-to-day transaction money of wholesale traders. The Rs. 15.44 trillion is not going to stay with Banks, as is being predicted by experts. Reason: Most of it, represents transaction money. People were forced to surrender to Banks, under legal coercion and duress of losing their moneys. Now, that Mr. Urjit Patel says that the decision to demonetize is a well-thought-out detail-deliberated exercise not done in haste, it will be appropriate and reasonable for him to answer some simple questions. We the people of India, its hoi polloi believe that the Government of India and RBI are very sincere and are not lying. We only seek some communication gaps to be filled-up so that there a consensus ad idem can result, leading to greater harmony.

Some of the money deposited by others into Jan Dhan Accounts, may also not be black money. It might have been a consequence of a panicky reaction because an environment was created by speeches of Great men, that all the Rs. 500 and Rs. 1,000 denominations will become "waste paper" and garbage. This panicky reaction can also be seen in some innocent or timid people throwing their Rs. 500 and Rs. 1000 notes into Ganges River. Of course, some black money might have gone into Jandhan / Regular Bank accounts of others, which Income Tax Authorities can always fish out with nets, and penalise such black-money holders.

Mr. Urjit Patel, the Governor Reserve Bank of India, is reported to have said,

"...The decision has not been taken in haste but after detailed deliberations. There had to be a high level of secrecy surrounding this decision and the fact is that such a large country was indeed taken by surprise when the decision was announced. ..."

RBI and the government are aware of problems that people are facing every day common persons in this context are at top of our radar and more dispensations are put in place to ensure that period of disruption is the minimal while we recalibrate note supply of the denominations that were not withdrawn in terms of the legal tender character.

TAIL PIECE धूमकेतु తోకచుక్క

yb-donkey's suggestions: 1. RBI can examine introduction of Usance Promissory Notes, as now the sanctity of ON DEMAND is lost. 2. RBI can examine the introduction of HIGHER DENOMINATION CURRENCY PROMISSORY NOTES PAYABLE TO ORDER, WITH A NOT-NEGOTIABLE CROSSING, or an ACCOUNT-PAYEE CROSSING. The notes can have provision on REVERSE for endorsements of transferers and transferees, when they change hands.

To continue. सशेष. ఇంకా ఉంది.

Friday, November 18, 2016

836 Do Private Universities have horns? Or do they have fangs?

See Print Edition of Deccan Chronicle News paper, dated 18th Nov. 2016, page 4. I could not find it in Electronic Edition. Title of the news: "VARIATION IN LAND PRICE DRAWS FLAK". It must be a matter of shame to the Government of Andhra Pradesh to charge Rs. 4.1 crore (Rs. 41 million per acre) for allotment of land to Reserve Bank of India, and C.P.W.D. (Central Public Works Department) for constructing their buildings in the Andhra Pradesh Capital, "Amaravati". According to the news Andhra Pradesh Government is going to allot 11 acres to RBI, after bargaining price.

Andhra Pradesh Government should have freely alloted the required land to Reserve Bank of India and C.P.W.D. If Reserve Bank of India, does not establish or delays establishment of its office at Amaravati, who is going to suffer? It is the Andhra Pradesh Government, which will have to approach RBI and NABARD (National Bank for Agriculture and Rural Development), for funds from time to time. Like alcoholic addicts, we have borrowing addicts. Andhra Pradesh is one such BORROWING ADDICT STATE. If RBI continues to operate from its old Headquarters in Hyderabad, citing non-availability of site reason, A.P. Government will have to submit all its applications and proposals in Hyderabad. Of course, Mr. Chandra Babu Naidu, Chief Minister can always quote some Act/Rule which lays down a duty on RBI to establish its office in the Capital of A.P. But won't the Andhra Pradesh Government have any duty to help RBI?

HOW CAN ANDHRA PRADESH GOVERNMENT ALLOCATE HUGE SWATHES OF LAND TO PRIVATE UNIVERSITIES AT RS. 5 MILLION PER ACRE?

Private Universities work for profit, though their Bye-laws / Memoranda / Constitutions may not openly declare their greed for profits. Out of the three Private University allottees @ Rs. 5 million per acre, SRM University has recently been in News for selling medical seats, and misapplying the donations collected from students, and it is not the first time. Here is a TheHindu Newspaper Report of 2013:

Click to read about: I.T. (Income Tax) raid on SRM group yields unaccounted cash of Rs. 6.75 crore.

SRM Group Chairman Mr. Pachamuthu was arrested and he got bail after depositing Rs 75 crore in lower court. Click this link to see the news report: Click to see TimesofIndia / IndiaTimes.com dated 6th Oct. 2016.

Every University charges large amounts as Registration Fee, Course Fee, apart from donations. They are sellers of seats and degrees. Why should the Government of Andhra Pradesh allot them lands at throwaway prices of Rs. 5 million per acre! There is no charity or philanthropy in running Private Universities, whether they are run by Socieities or Trusts. As commercial organisations, they must have been asked to pay commercial rates, or make their own arrangements to buy lands from private land owners.

Messrs. Prattipati Pulla Rao and K. Atchannaidu should have raised these issues in the State Cabinet Meeting, instead of nodding their heads as "DUDU basavannas", to whatever Mr. Chandra Babu Naidu said. If there are any legal impediments in A.P. Capital Region Act., for FREE OF COST ALLOTMENT OF LAND TO Reserve Bank of India, and C.P.W.D., either the Statute can be amended, or a 99 year free lease can be given, or some other arrangement can be made. It will be foolish to create troubles for RBI, and CPWD.

Won't establishment of RBI and CPWD create any employment? Won't they generate some business opportunities to small contractors, labor carpenters, electricians, carpenters, construction workers, A.C. Technicians.

DUTY OF BUREAUCRATS TO GUIDE THEIR POLITICAL BOSSES

I.A.S. Officers are not supposed to be DUDU basavannas. They have a duty to guide the State Government, and their political bosses about correctness of procedures, statutory requirements, ethical and moral requirements.

WHAT THIS GREAT BUREAUCRAT IS REPORTED TO HAVE SAID, IS REALLY SHOCKING

"...RBI and CPWD will have to pay Rs. 4.1 crore per acre.." "...There will be a lot of development, on and around the campuses of Universities, under the Capital Region, in the coming days. The development will lead to generation of a lot of employment and in that way, a special consideration was given in fixing the price to those three educational institutions..." --Shri Y. Nagi Reddy, C.R.D.A. Director (Economic Development).

ybrao-a-donkey's humble submission:

2016 AP Government Bureaucrats, and TDP Ministers should not forget the sufferings of the I.A.S. Officer Ms. Sri Lakshmi, and some Congress Ministers, who blindly nodded their heads to whatever Late Mr. Y.S. Rajasekhar Reddy, the then Chief Minister of Andhra Pradesh said.

There is a danger of the people of Andhra Pradesh getting defrauded. People get the Governments they deserve.

To continue. सशेष. ఇంకా ఉంది.

Friday, June 24, 2016

776 The skirmishes among Mr. Subrahmanian Swami, Mr. Raghuram Rajan, Mr. Arvind Subramanian et al, are all bourgeoisie fibs and fisticuffs

The skirmishes of Mr. Subrahmanian Swamy, Mr. Raghuram Rajan, Arvind Subramanian are all engaged in bourgeoisie fibs and fisticuffs

I have a list of 27 people, with me, who are working within the government and need to be ‘fixed’.-Mr. Subramanian Swami

Considering the various news-reports and events which have culminated in the non-extension of the term of Mr. Raghuram Rajan, the Governor of Reserve Bank of India (equivalent of Federal Reserve of United States, and the Bank of England of Europe), the view expressed by Mr. Raghuram Rajan, that he was reading his obituaries in Media, and that he is going to be in India for some more time to time, things may appear to be wierd to the World, about the choice of occupants of high posts in India.

Yet, there is nothing to wonder about all these happenings. These things happen in every country, particularly in every "Capitalist" country on this Earth. (Note: There are no true "Socialist" countries, in the world today).

At the most these can be termed as "kissa kursi kA" (The Story of the Chair). The Chair of the Governor of Reserve Bank of India is important because he is believed to control the lending rates on credit extended by Banks in India to business Corporates and Industrial Corporates. Corporates are eager, and keen that interest rates on Corporate loans extended by Banks in India are brought down drastically, so that they can make easy profits. It is perceived that Mr. Rajan is a stumbling block for fulfilment of that desire, but it may not be true. Even if we accept that Mr. Rajan is a Congress Agent, as presented by Prof. Subrahmanian Swamy, we have to recognise that Congress too is not against Cheap Interest Rates in India. As an economist made in the moulds of Western Financial Institutions such as World Bank, IMF, Harvard, and other Euro-American Universities and Schools of Economics, Mr. Rajan himself is not against lowering interest rates.

Some 10 questions are worth examining on this issue, which we shall take up shortly.

To continue. सशेष. ఇంకా ఉంది.

Thursday, May 26, 2016

764 (Part 8/100 of Indian Economic Enigmas)- We should appreciate the courage of Mr. Raghuram Rajan

I am no devotee or critic of Mr. Raghuram Rajan, the Governor of Reserve Bank of India, whose tenure is going to come to an end, and on internet, there are demands for extension of his tenure. Though he himself, has not openly sought an extension, once he gave a clue to the effect that he needs extension, because there are many things left to be done by him. There are also reports that he met the Prime Minister, Mr. Narendra Modi, and the Media is speculating that they might have talked about his extension. Whether the Government of India, its PM, its Finance Minister, grant him an extension or not, we can appreciate the fearlessness, openness of Mr. Raghuram Rajan, when he speaks. Any person who wants an extension for his tenure, or one who wants a favourable decision from another party, will not assert himself much, and say things which will irk the decision-maker. But, Mr. Rajan is free from such narrows perspectives, and he sticks to the instincts of his conscience. Here is one such example:--

Link: Click to go to: http://articles.economictimes.indiatimes.com/2016-05-20/news/73226664_1_raghuram-rajan-rbi-employees-quoting-rajan .

Mr. Rajan's Speech at Bhubaneswar. Date: 20th May 2016. Context: He was addressing his Bank's staff in Odisa.

"... RBI has been enjoying full autonomy and support of the government so far and it should be allowed to take its own decision ... "

ybrao-a-donkey's humble comments. वैबीराव एक गधे के विनम्र राय . వైబీరావ్ గాడిద వినమ్ర వాణి. You have every right to differ with me. I respect your right. आपको मेरे मत से भिन्न राय रखने के संपूर्ण हक है। मै उस अधिकार को परिपूर्ण रूप से गौरव देता हुँ. మీకు, మీ భిన్నమైన అభిప్రాయాన్ని కలిగిఉండే సంపూర్ణ హక్కు ఉంది. దానిని ఎంతో నేను గౌరవిస్తాను. However, pl. examine this donkey's views also. परन्तु एस गधे के दृष्टिकोण को भी अनुशीलन कीजिये. కానీ ఈ గాడిద దృష్టికోణాన్ని కూడ ఓర చూపుతో కంటజూడుమీ, క్రీగంట జూడమీ.

This type of Mr. Rajan's openness, if it comes to the Notice of India's Finance Minister or the Prime Minister, they may not take it lightly, notwithstanding the competence and expertise of Mr. Rajan in the arena of Banking and Finance. (Mr. Arun Jaitley, India's Finance Minister is a lawyer, and not an Expert in Banking & Finance. Mr. Narendra Modi is neither, notwithstanding his M.A. in Political Science).

There may be, at their (PM & FM) disposal, plenty of Banking & Finance Experts, who may be equally keen to drive the Prime Engine of Indian Economy. As a matter of fact, Mr. Rajan is more of an expert in super-macro-level international finance matters. He may not be aware, what happens at grass-root levels, in Indian Banks. It will be better, if instead of dumping some IAS/IRS bureaucrat from the Finance Ministry onto the throne of RBI, to learn how Bank Branches function, the Government of India appoints an existing CEO or a just retired CEO of an Indian Public Sector Bank as RBI Governor.

It is hightime that BJP Government restores a long neglected healthy custom of appointing RBI Governors from the Field level Operational Side of Banking Sector, instead of pushing down administrators from Delhi Corridors of Power.

FROM THE POINT OF VIEW OF LEFTISM, MARXISM, TRUE AND COMPLETE MARXISM

Succession of bourgeoisie Governor by another bourgeoisie bureaucrat, in a bourgeoisie Administration and Economy will not make any difference, for the people. If X becomes a Governor or Y becomes Governor of RBI, that may be liked or disliked by Business Persons, Industrialists, and Top Bankers, depending on their own perspectives of benefits, costs, difficulties, entanglements, fortunes etc. At least 50% of India's population, do not know that there is an institution called RBI which administers and monitors the Economy of this country.

Bulk of the population may know about the existence of State Bank of India, or some other Public Sector Bank popular in their Area, but definitely not RBI, not to speak of RBI Governor, his-her-its autonomy, and their relationships with the GOI, PM, FM, Finance Ministry etc. Even Indian Media may not be truly interested in these things. They will be more interested to know when Mr. Salman Khan is going to marry his Rumanian friend Lulia vantur, or the colors of the curtains decorated in Salman Khan's Galaxy Apartments, Bandra, Mumbai.

As per my fad of TRUE COMPLETE SOCIALISM, we may have to envisage an Economy of India, in which there will be no currency and money, for domestic consumption, exchange, investment, savings or other uses. When private property is FULLY nationalised, and every essential need of citizens are met by the Government FREE, and ADEQUATELY, there should be no place for currency or money.

A Reserve Bank of India will become necessary only for handling India's Exports and Imports, and managing the External Value of Indian Rupee. As all the exports and imports are done only by the Government in Public Sector and only by State Organs, Reserve Bank's Role will revolve around the objectives and operations of the State.

I have already written many times about the need for intellectual upgradation of India's Working Class (Proletariat). India's Working Class will have to take more interest in the Banking and Economic Structure which India needs, if True Complete Socialism is not to remain a fantasy.

I may not live long; yet I too seem to have a fantasy, of starting a school / Institute for generating and updating Leftist Economists and Leftist Economic Models.

Subject to corrections and deletions. A lot more is to be added. To continue. सशेष. ఇంకా ఉంది.

Monday, February 15, 2016

667 Why dOSA prices have not gone down? दोशाओं के दाम क्यो नहीं गिर रहा है ? మినపట్ల ధరలు ఎందుకు తగ్గలేదు ?

There is a proverb in my mother tongue Telugu Language: "tADi ceTTu enduku ekkAvu anTE, dUDa gaDDi kOsam, annADu Ta". Approx. English Gist: A person climbed a palmyra tree. Passersby asked him, "Why did you climb the palm tree?". He replied: "For the purpose of grass for the calf". When any person gives an answer not relevant to the question, this proverb is, sometimes, used. Mr. Raghuram Rajan is the Governor, Reserve Bank of INdia. He functioned as Chief Economic Adviser to our Former Prime Minister Manmohan Singh. He was for sometime, Chief Economist at IMF, and Professor of Finance at University of Chicago. Hence, whatever he says, people take as Financial Veda or Bible or Quran, except probably the Prime Minister and Finance Minister of India.

Meaning of the South Indian savoury "dOSa" for the benefit of those who are not conversant with it:-- A flat pan cake, roasted on a flat pan, with a little oil. Served with chutney, usually made of Ground Bengalgram Lentils, Ground Raw coconut core kernel, salt to taste, green chillies to taste, etc. In South India, dOSa preparation has been perfected as an art, both in homes as well as roadside tea stalls. There are about 100 types of dOSas in vogue, depending upon the type of cereals and pulses used for making the bater, and the vegetables and spices used to support. For more information, unfamiliar readers can visit this Wikipaedia link: Click to go to Wikipedia.org .

Photo courtesy wikipedia.org same web-page

We shall, now have a quote from Media. Click to go to Deccanchronicle.com, to read this item.

Why 'dosa' prices not down? Rajan blames it on 'tawa'!

An Engineering Student asked the question: "In real life, I have a query on Dosa prices - when inflation rates go up, Dosa prices go up, but when inflation rates are lower, the Dosa prices are not lowered. What is happening to our beloved Dosa, sir".

(RBI Governor):

"...So, what happens is that in an economy which is growing and when there are sectors which are improving technologically while other sectors are not improving their technology, the prices for the goods manufactured by sectors, that are not improving their technology, will go up faster. ..."

"...You are seeing it in the case of Dosa..."

"...Till today that person puts it (Dosa batter) on Tawa, spreads it around and then takes it out, right? There has been no technological improvement there. ..."

"...However, the wages that you are paying to that gentleman, especially in a high-wage sort of state like Kerala, are going up all the time..."

ybrao-a-donkey's humble comments. वैबीराव एक गधे के विनम्र राय . వైబీరావ్ గాడిద వినమ్ర వాణి. You have every right to differ with me. I respect your right. आपको मेरे मत से भिन्न राय रखने के संपूर्ण हक है। मै उस अधिकार को परिपूर्ण रूप से गौरव देता हुँ. మీకు, మీ భిన్నమైన అభిప్రాయాన్ని కలిగిఉండే సంపూర్ణ హక్కు ఉంది. దానిని ఎంతో నేను గౌరవిస్తాను. However, pl. examine this donkey's views also. परन्तु एस गधे के दृष्टिकोण को भी अनुशीलन कीजिये. కానీ ఈ గాడిద దృష్టికోణాన్ని కూడ ఓర చూపుతో కంటజూడుమీ, క్రీగంట జూడమీ.

I do not want to question the intelligence of our RBI Guv. Mr. Rajan may be staying as a Guest of Big Persons and Corporates, or he may be staying at Big Hotels. He may not have many occasions to buy dOsAs on roadside in South India.

Mr. Rajan might not have had time to look into the Economics of DOsa making. Nor will Mr. Narendra Modi have, though he claims to hail from a Tea stall family.

REASONS FOR INCREASE IN PRICES OF DOSAs

Among nearly a 100 dOSa genres, the most common and popular dOSA is theoretically made from urAd dAl (minapa pappu), i.e. Blackgram Lentils, decorticated, split or unsplit. The second most popular dOSa is made of Greengram Lentils, "pesara aTTu". In Andhra Pradesh, dOSas are called "aTTu"-s. As far as food and recipes are concerned Residual Andhra Pradesh was closer to Tamil Nadu , and not to Telangana. This is also one of the reasons for the Telangana People to split from Residual A.P.

What is the present price of Blackgram dAl Lentils today? Rs. 160 per kg. Greengram Lentils nearly Rs. 140/- per kg. What is the price of Bengalgram Lentils today? Rs. 80/- per kg.

I can't speak for Kerala or Tamil Nadu, but the conditions may be similar to the Residual A.P. Consequent to rise in the price of ingredients, the percentage of main ingredient has nearly disappeared. When we say minapa aTTu (Pan cake made of Blackgram_, there should be blackgram in it. Instead, we find only bater made from flour of Ration Shop rice as the main ingredient. What we eat today are not really dOSAs or minapa aTTus. They are just some pan cakes. In the chutney, coconuts have totally disappeared. Some people have reduced the percentage of Bengal gram Lentils (vEyincina Sanaga pappu).

What is the price of the Oil used in making Oil, does Shri Rajan know? If real groundnut Oil or coconut oil is used it should be Rs. 140/- per litre. Even Sunflower Oil is not used, because of high costs. We poor South Indians get either palmolene stuff, adulterated with oil made from tallows of animal carcasses.

Still, I do not want to blame the roadside vendors, small hotels, and banDis (carts). They have their own set of problems. Earlier, they were using domestic gas cylinders. Their costs, were a little under control at that time. Now, after the introduction of Adhar, and the limits placed on the number of Cylinders, the banDiwallahs are forced to buy their fuel in black market. Besides, they have to feed dOSas to Municipal workers, Sanitary INspectors, Gas Boys, everybody freely.

I do not know how many millions of poor people have made road-side tea-stalls, tiffin-carts, as their main source of livelihood. In my view it will be at least 1 crore (10 million).

Even in Medium Size hotels, fat wages are not paid to Hotel workers. I can't speak about some Taj, Mumbai or Oberoi, Mumbai. In fact, unable to bear the costs, pay wages, rents, many Medium sized Hotels in Residual Andhra Pradesh have closed down.

Today, we have more number of Bars and Wine shops in our Towns and Cities, than good Coffee Hotels. Those who live in Guntur may know or may not know, because they have shifted to tea. It is difficult to get good Coffee, now-a-days in Residual Andhra Pradesh. Not to speak of the Filter Coffee, even the Brue type. We can get beer, but not Coffee.

Mr. Rajan may or may not know: The Red Gram Lentils (tuwar dal or kandi paruppu) used in making SAmbAr, a supporting dish to Idli, DoSe, Meals etc.-- was sold for sometime at Rs. 200 per kg, poor quality. Today, though there is some fall, yet it is not enough.

There may be thousand reasons for Food Inflation in India. One important reason for high prices of Lentils, is the steep fall in the area of cultivation of all the leguminous lentils i.e. Redgram, Blackgram, Greengram, Bengalgram, owing to excessive urbanisation and conversion of fertile lands into housing plots. Replenishment of shortfalls are being made only through imports. The Govt. of India has huge Foreign Exchange Reserves at its disposal, mobilised by throwing away valuable lands to Foreign Corporates freely or at a pittance, and by giving numerous tax concessions. The GOI is totally blind to the imperative need for Indianisation of Agriculture or Industry. Nobody can save this country.

At least for the sake of maintaining the dignity of our country, we should not call Mr. Rajan, a small joker, because there are bigger jokers above him. He must introspect, if he really cares to, keeping always in his mind the TALISMAN quote of Mahatma Gandhi reproduced by me in my previous blog posts. But if he wants to implement everything exactly as per the TALISMAN QUOTE of Mahatma Gandhi, Mr. Rajan will be shunted out from RBI.

Subject to substantial Revision, additions and deletions. To continue and revise this, with more proof.. सशेष. సశేషం.

Thursday, August 20, 2015

567 Indian Public Sector Bks should not be asked to cut lending rates. भारतीय प्रभुत्व बैंकों को ब्याज रेट्स कम करने के लिये दबाना नहीं चाहिए। భారతీయ ప్రభుత్వ రంగ బ్యాంకులను వడ్డీ రేట్లను తగ్గించమని వత్తిడి చేయటం ప్రమాదకరం.

RBI Governor, Mr. Raghuram Rajan, seems to be a courageous person, when news reports indicate that he is resisting constant continuous nudging + prodding by the Finance Minister & the India Inc. to cut lending rates. Simultaneously, we see him his nudging the Bank chairpersons to cut Bank lending rates, probably to show that he is pressing the Banks, but Banks are not heeding to RBI and the Govt. One gets an impression that he does not want to keep the blame for himself.

As a Finance expert, he may also be aware the present turmoil and tumult which the Indian Banks, particularly the Indian Public Sector Banks are going through. He may also be aware, that Indian Public Sector Banks operate with a very narrow spread between the interest rates paid on deposits and the interest rates charged on their lendings. He may also be conscious of the great difference between the roles expected to be played by Public Sector Banks and the Private Sector Banks. It is true that an RBI Governor is not expected to be a pugilistic punching bag for the Govt. and the Finance Minister. Nor is he expected to be an extremely empathetic agony aunt for the chair persons of Public Sector Banks. It is unfortunate that Finance Minister and Finance Ministry are not paying enough attention to the health of Public Sector Banks, which if they burst can cause irreparable damage to Indian Financial System. Providing funds to sick banks, is just one measure. There are numerous other things which deserve immediate attention from the Government, particularly the Credit Recovery Arrangements.

As the communications between the RBI Governor and the Finance Minister at top level are confidential, it is very difficult to gauge whether RBI is adequately representing the problems faced by PSBs to the Govt. of India. At least there is one reason to believe that he is conveying the pathetic problems of the Indian PSBs, as can be deduced from the willingness of Govt. of India to provide additional Capital to Public Sector Banks. This alone may not be adequate to say that everything is being represented upwards. Besides, the Government of India, may be either through RBI, or even directly under pressure from Institutions such as IMF, World Bank, Bank of England or Federal Reserve Bank (America's Central Bank), BIS (Bank for International Settlements) to increase the Capital(s) of Indian Public Sector Banks quoting some BASLE Convention or something else. Govt. of India seems to wilt relatively easily to international pressures, when compared to its understanding the domestic needs.

Some quotes dated 20th Aug 2015, at SBI Economics and Banking Conference, which are attributed to Mr. Raghuram Rajan, RBI Chief:

"...There is a need for banks to cut their lending rates anticipating the benefits which will be accruing from the central bank's rate cuts. ..."

"...I think there is something to be said for the fact of the slow pace of transmission, that some front loading by the banks themselves may be useful. ..."

Some other valuable quotes related to this subject attributed to the Banks:

"...A 75 bps cut translates into 40-45 bps cut in cost of funds for banks. You've already seen a 30 bps cut. Transmission will never be a one-is-to-one correlation with monetary policy rates. ...--Ms. Chanda Kochhar"

ybrao-a-donkey's humble views. I shall not insist that you agree with me. वैबीराव एक गधे के विनम्र वचन. आप मुझ से सहमत होने के निर्बंध नहीं है। వైబీరావు గాడిద వినమ్ర అభిప్రాయాలు. నాతో ఏకీభవించమని మిమ్ములను వత్తిడి చేయను
1. Interest Rates prevailing in Indian Financial Markets where individuals, firms and Corporates lend to one another have mostly remained over 24% and rise even upto 120% p.a. depending upon security perceptions, need of the borrower, repayment program, etc. etc. Considering this hard reality, even a lending rate of 18% p.a. should not be considered as high. It is strange that India Inc. makes a hue and cry when Banks charge rates as low as 12% p.a. and demand large reductions in rates. It is really detestable that they ask for cuts in lending rates.

2. Indian Banks both Private Sector and PUblic Sector, have very poor credit appraisal, delivery, supervision, and recovery mechanisms. It is common for Corporates both industrial and non-industrial to divert borrowed funds for purposes other than the intended purposes. For this reason only we see hoarding of essential commodities, speculation in real estate, gold, silver, stock market speculations, cricket betting, with funds diverted from Bank borrowings. Once, the amounts leave the Corporates to their affiliates and subsidiaries or to the family members of the promoters, there is very little which Banks can do, to bring them back into the main stream of Finance. What the Corporates, both Indian and the MNCs operating in India, seem to want, apparently are cheap funds for short, medium and long term speculation. Else, except for those goods and products which have long production cycle, or stagnating markets, there should be no need to carry huge stocks, and pay interest to Banks. Corporates will not tell, but the interest amounts they pay, are for the moneys they block themselves in their hidden real estate or speculative investments, or in inter-corporate ventures. The best example we can get for this type of behaviors we can see from King Fisher, or the defunct Satyam Computers. In case of Satyam Computers, fortunately Mahindra came to the rescue of the Govt. and bought the I.T. dud. In case of King Fisher nobody knows what is happening and what is going to happen. I am also unable to recollect what happened to the dues of Indian Banks recoverable in case of Dabhol Power Project, Maharashtra.

I feel that it is high time for RBI Governor and the Finance Minister to ENABLE the Public Sector Banks to recover all their dues from the large Commercial and INdustrial borrowers. Court processes are cumbersome and time-consuming. Recalcitrant borrowers will use the time gap of nearly five years taken in courts for issuing decrees, to use the funds for their own purposes, though there is a procedure for attachment before judgements, it seldom works. Besides, attachments before judgements are intended as a sort of emergency method rather than as a recovery or loss minimisation proceedings.

Efforts made by banks with police help to forcibly take possession of secured assets where borrowers were non-coperative, were shunned by the court indicating that Banks cannot take law into their own possession. Even courts are unable to execute their own decrees, because they do not have staff or police of their own, and they depend on advocates appointed as Receivers/Assignees who ask Bank Staff to arrange transport and food for them. It is hightime for the Central Government and the respective State Government to constitute to post additional special Armed staff with crime and law & order powers, at, at least, Sub-Division Headquarters to help Banks in taking possession of securities, and their sale. Besides, RBI can ask Public Sector Banks, to set up a common Armed Security Force for enforcement and sale of security assets, by pooling funds and make Armed teams available to needy Banks when they need such services, and the Maintainer of the Security Force levy charges for providing the Security Enforcement and Recovery Armed Guard Services. Perhaps, it may be necessary to make some amendments to the Indian Penal Code, Civil Procedure Code, Criminal Procedure Code, Evidence Act, to make these things really work. Debt Recovery Tribunals alone cannot serve this monumental and monstrous task.

It is imperative that RBI treats and should treat Public Sector Banks differentially and preferentially from Private Sector Banks. This is simply because Private Banks and Public Sector Banks have different goals, different approaches, and different problems.

RBI should encourage Banks to mobilise their own lendable funds more and more from public and not depend on RBI's REPOS, by paying attractive interest rates to customers. Repos are intended to be emergency help, and not as primary lendable source of funds for Banks. Govt. or RBI or Banks or Industrialists should not have that impression that Banks will borrow from RBI at Repo Rates and add a measly margin for thier services.

If, under pressure from industrialists -> Govt. -> RBI, in case Banks reduce their lending rates and automatically, obviously, deposit interest rates, public will go elsewhere i.e. to unorganised sector or money-laundering institutions. Or they will buy gold or indulge in speculation. Not reducing interest rates on Bank deposits is particularly important, considering that Govt. is levying income tax on meagre interest which Banks pay on Bank deposits and insisting on TDS on Bank Deposits which are already low-yield investments owing to Deposit interest rates not matching with inflation.

(To continue. और लिखने का है। ఇంకా వ్రాయాల్సింది ఉంది.

Friday, March 6, 2015

437 Did Mr. Raghuram Rajan surrender on his own, or was he made to kneel? क्या रघुराम राजन अपने स्वेछ्छा से आत्म समर्पण किया? ౪౩౭ రఘురాం రాజన్ గారు స్వఛ్ఛందంగానే లొంగి పోయారా?

Mr. Raghuram Rajan is the 2015 Governor of the Reserve Bank of India. Mr. Duvvuri Subba Rao was the previous Governor. The previous Governor was very particular about RBI's role in controlling inflation, and kept close to himself the task of the monetary policy. The previous Congress Government wanted RBI to cut the Repo Rates (Rates at which RBI lends to Banks), and thereby force Banks to reduce their rates of lending to industrialists and large businesses. But , with due credit to Mr. Subba Rao, we must concede that he resisted the pressures of the Congress Government to cut down lending rates.

After the annointment of Mr. Narendra Modi as Prime Minister, and Mr. Arun Jaitley as Finance Minister, the Governmental pressure on RBI , to cut down lending rates seems to have multiplied. The new RBI Governor apparently has held on his own for some time.

Seeing the fate of many State Governors, bureaucrats, DRDO Head, Censor Board Members, he seems to have mellowed down. The result seems to be: RBI has entered into a Monetary Policy Agreement with the Government of India.

RBI has already reduced the Repo rates twice; each time 0.25 percentage points. Now, it is time for arm-twisting the Banks to reduce their lending rates.

Of course, they will follow suit.

ybrao-a-donkey's humble views वैबीराव गधे के विनम्र राय వైబీరావు గాడిద వినయపూర్వక అభిప్రాయం

1. The percentage of interest cost, in the total cost of production of businesses, Govt., RBI, Banks do not seem to bother about. Corporates pay millions of bucks to cricketers, film stars to promote the sale of their goods. They spend huge amounts on T.V. advertising. The business lords fly on chartered or owned private aircraft. Corporates pay their club and entertainment bills. They maintain luxurious guest houses in Metros. BMW, Benj, Audi, etc. great cars costing millions. Their toilets may be covered with gold plates. Entire bodies of their wives (dharma patnis), and concubines (adharma patnis) may be covered with diamonds. Can't they bear 0.25 percentage points of interest?

2. What percentage of bank funds, the big business persons and industrialists, they use for real manufacture? What percentage they divert to speculative activities like IPL Cricket, real estate speculation, stock exchange speculation, commodity speculation. Banks do not have the required staff resources, skills, time, inclination, to check the end use of funds. If the business persons and industrialists stop their inter-corporate gambling and speculation, need for Bank funds will go down, and interest rates will not become a problem.

(To continue. सशेष. ఇంకా ఉంది.)

Monday, February 23, 2015

429 Can Mr. Rajan use his magic wand to generate shame on persons having more than one kg of gold? One kg is not a minimum need!

Rajan's photo courtesy wikipedia.org. Dr. Raghuram Rajan, 2015 Governor Reserve Bank of India

429 राजन महोदय कहा, संस्कृती बदलना है।
౪౨౯ రాజన్ గారు మనేం మన సంస్కృతిని మార్చుకోవాలని చెప్పారు

Mr. Raghuram Rajan, Governor of Reserve Bank of India is reported to have said:

Venue: delivering keynote address at DD Kosambi Festival of Ideas in Panaji , Goa.

Date: 22.2.2015 .

“... I would argue rather than a blanket inheritance tax, let’s change the culture. Make it such that people don’t want to leave a lot of wealth for their children ...”
ధనవంతులపై మనం వారసత్వపు పన్ను విధించే కన్నా , మనం సంస్కృతినే మార్చటం మేలు. మనం ప్రజలు తమ పిల్లలకు భారీగా ఆస్తులను వారసత్వంగా వదిలి వెళ్ళకుండా చేయాల్సి ఉంటుంది.

“...I think rather than bringing people down, our focus should be on taking people up. ..."

“...How do we give opportunity to many more people? Inheritance tax only helps the lawyers in the society,...”

“...A dramatic estate tax generates value for lawyers as they figure out ways to hide the estate so that it does not get taxed,...”

"...Western world has a better way of dealing with the issue, which is to “shame” the rich into devoting wealth for good causes...."

“...One thing the West does very well is to shame them into giving it away so that they feel that they are participating in it of their own will. ..."

"...It is a good way, as now they want to make money because they like to give it away later....”

"... System must “incentivise” the people to create wealth, which in turn has a spillover effect in form of job creation,..."

"...Country needs to respect that for some people leaving some wealth for the kids would be a priority. ..."

To support his line of thinking, Mr. Rajan gave the example of Mr. John D. Rockfeller. Also that of Bill Gates.

YBRAO A DONKEY'S VOICE वैबी राव गधे के वाणी వైబీరావు గాడిద వాణి

RBI's Governor is not a small fry like ybrao a donkey. While ybrao-a-donkey has a right to dream, a person in the driving seat of the Economy cannot indulge in excess dreaming. He may probably take occasional naps.

రిజర్వు బ్యాంకు గవర్నర్ , వైబీరావు గాడిదలాగా కలలు కంటూ కూర్చుంటే కుదరదు. అయితే ఒక సత్యాన్ని మనం గుర్తించాలి. ఆదాయాల్లో వ్యత్యాసాలను, సంపదలల్లో వ్యత్యాసాలనూ, తగ్గించే బాధ్యత రిజర్వుబ్యాంకుది కాదు. అయితే శ్రీ రాజన్ గారు భారత ప్రధాని గారి ఆర్ధిక సలహాదారుగా పనిచేశారు. ఆయన అప్పుడు కూడ ఇలాంటి కలలు కంటూ మన్ మోహన్ సింగు గారిని మిస్ గైడ్ చేశారని మనం అనుకోవాల్సి వస్తుంది.
To start with: Even Gandhiji dreamt that Indian business persons and industrialists will play the role of TRUSTEES धर्मकर्ता ధర్మకర్తలు for the properties they amass. Probably, stalwarts like Late Jamnlal Bajaj or Ghan Shyamdas Birla might have lived upto the expectations of Mahatma Gandhi.

Now, such evaporative concepts seem to fly on the sky.

Marxism (ybrao donkey coined word-substitute: equalism) does not envisage that rich will ever go into extreme charities and philanthropies on their own volition, or from a sense of shame generated by the Government or the Society.

Mr. Rajan, in the above speech wants incentivi-sation of the rich, to induce them to part with their wealth. Religions have tried this incentive inducement technique. Religions may promise anything like 10 times yield i.e. for every 10 bucks of charity, the donor may get 100 bucks. This trick worked for the benefit of prayerhouses. But the flow will dry down once the 10 time yields starts flowing in THIS WORLD. Profits in heaven failed to tempt the donors. After all, they were all business persons of proven skills.

Earning money upto a certain quantity, can be deemed as a person's duty. Beyond that, an in-satiable thirst to make money becomes a disease for the concerned individuals, families, societies and countries.

Our psychiatrists, psychologists, socio-economic scientists have to dig out true reasons why people become insatiably greedy to make moolah, even at the cost of their character, health, remaining life time. Making money beyond a limit, particularly through foul means, is a disease which needs an I.C.U. treatment.

Coercion is the only solution. Either society has to force them, or the State will have to force them. For this reason only, removal of private property is the first priority for Marxism.

But this coercion has led to dictatorships in countries like Soviet Union, China, East Europe, N. Korea, Cuba. The dictatorships have tarnished the philosophy of Marxism and made EQUALISM unattainable.

A prerequisite for success of Marxism (or yb's Equalism) is people's alertness and awareness of the principles involved. This equalism cannot be the filmy brand of samatavAdam. People have to become active participants in the saga of a Nation's move towards Equalism.

Countries like Russia, West Europe, U.S.A., Canada, Australia, New Zealand may not need the principles of Equalism, because most of them are underpopulated, and there is enough land, to accommodate the current rich and the aspiring rich.

In India land is scarce. We have 1200 million population. Soon it may go upto 1600 million. There will be excess labor supply. Poverty will multiply. Governments cannot hide it with publicity campaigns. Some Government welfare schemes, alcoholic habits of people, religious beliefs have so far kept people in a state of inebriation and sloth, that they are unable to understand the reasons for the glaring gaps of inequalities of income and wealth co-existing side by side.

But this sloth may not continue for long. Time also will come for all to know that violent revolutions and upheavals can not only be counter-productive, but also plunge the economies and societies irretrievable troughs. The only solution, therefore, lies in an ENLIGHTENED POPULATION which calmly studies what is happening, and responds correctly when they get an opportunity to use their ballot power in elections.

భారతీయ వాణిజ్యవేత్తలు, రాజకీయవేత్తలు, ప్రభుత్వాధికారుల వరకు , రఘురాం రాజన్ గారి మంత్రం (వారిని సిగ్గుపడేలాగా చేస్తే వారు దానాలు చేస్తారనే మంత్రం) పని చేయదు. ఎందుకంటే, సిగ్గు, అవమానం, లజ్జ వంటి వాటిని వదిలేస్తే కానీ అతి భారీ స్థాయిలో సంపద పోగుకాదు. హిరణ్య కశిపుడికి హరినామం ఎలా ఇంపు కాదో, ధనబధిరుడికి షేమ్ అనే పదం గిట్టదు. ఇప్పటి దానానికి స్వర్గంలో పదిరెట్లు దేవుడిస్తాడు అనేది కూడ కొన్ని సార్లే పనిచేస్తుంది. పదిరెట్లు ఈజన్మలోనే ఇవ్వాలి అని వాళ్ళు డిమాండు చేస్తాడు. ప్రైవేటు ఆస్తి హక్కును రద్దుచేయటమొకటే మార్గం. ప్రజల అవసరాలమేరకు వాళ్ళకు ఉచిత ఆహారం, ఉచిత బట్టలు, ఉచిత నివాసం, ఉచిత ఫర్నిచర్, ఉచిత విద్య, ఉచిత వైద్యం, ఉచిత రవాణా, ఉచిత వినోదం, వంటి వాటిని వాడుకోటానికి అందచేయాలి. ౧౨౦ కోట్ల జనాభా దేశంలో అంతకన్నా కుదరదు. దళితులు, గిరిజనుల, బీసీలు ఓసీలు, కుల మత ప్రాంతీయ భాషాది రకరకాల భేదాలు, తెల్ల కార్డు, ఎర్ర కార్డు, మొదలగు భేదాలు లేకుండా, దరిద్రులందరి సమస్యలకు కూడ ఇదే శాశ్వత పరిష్కారం.

TAIL PIECE తోకిపిట్ట

Mr. Arun Jaitley, India's Finance Minister , according to his own declaration to the Election Commissioner, during the 2014 elections, has about 1.6 kgs. of gold. Can Mr. Rajan, make Mr. Jaitley to spare some gold for philanthropy? It will be a great act of philanthropy on the part of Mr. Arun Jaitley, when compared to his act of surrendering cooking gas subsidy of 12 cylinders! Can Mr. Rajan use his magic wand to generate shame on those persons who have more than 1 kg. of gold, which is not a minimum need!!!

మన ఆర్ధిక మంత్రి శ్రీ అరుణ్ జైట్లీ గారి వద్ద, వారు ఎన్నికల కమీషనర్ గారికి ౨౦౧౪ ఎన్నికల సందర్భంగా ఇచ్చిన ప్రకటన ప్రకారమే, ౧.౬ కిలోల బంగారం ఉందిట. శ్రీ రాజన్ గారు తన మంత్ర దండాన్ని వినియోగించి, శ్రీ అరుణ్ జైట్లీ గారికి షేమ్ అనే భావనను కలిగించి, ఆ బంగారంలో కొంత భాగాన్ని దాతృత్వంపై వినియోగింప చేయగలరా? శ్రీ జైట్లీగారు ఇప్పటికే తనకు వచ్చే వంట గ్యాస్ సబ్సిడీని వదులుకుని ఏడాదికి రూ. ౪౦౦౦ దాకా త్యాగం చేసి ఉన్నారు. ఒక పరిమితికి మించి, మాటవరసకు ఒక కిలో కన్నా ఎక్కువ, స్వర్ణాన్ని కలిగిఉండటం లజ్జా జనకం అని ఇంతవరకూ భారతీయ సంస్కృతిలో చెప్పబడియున్నట్లు తోచదు. మరి శ్రీవారు కొంతబంగారాన్ని దాతృత్వం పై వినియోగించి శ్రీ రఘురాం రాజన్ గారి ఆకాంక్షను సాకారం చేయగలరా? అసలు శ్రీ రఘురాం రాజన్ గారి వద్ధ ఎంతబంగారం ఉందో మనకి తెలియదు. ఛారిటీ బిగిన్సు ఎట్ హోం అంటారు. శ్రీరాజన్ జీ సువర్ణదాతృత్వం తో మొదులు పెడ్తారా?

From Post Nos. 001 to 500

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Remaining 500 posts are at the bottom. మిగిలిన 500 పోస్టులు (501 to 1000) క్రింది భాగంలో ఉన్నాయి. बाकी ५०० पोस्ट् निम्न भाग में है।

501 to 1000 Post Nos. here.

Post Nos. 1 to 500 are at the top.
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From 1001 (In gradual progress)

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Thursday, September 26, 2019

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