Inert Citizens Demoracy a Fools Paradise - Free Essay Example

Sample details Pages: 7 Words: 2244 Downloads: 8 Date added: 2017/09/12 Category Advertising Essay Did you like this example? Inert Citizens Democracy: A Fool’s Paradise! It is the most beautiful truth in morals that we have no such thing as a distinct or divided interest from our race In their welfare is ours; And by choosing the broadest paths to effect their happiness, We choose the surest and shortest to our own Bulwer In this era, we have witnessed the worst recession of this century. The world was reeling under immense pressure with most of the western giant financial institutes falling like a house of cards. India with no exception and felt the blow of it with mainly our western world linked highly sought after globally acclaimed intellectuality gasping and bleeding! Yet, it is now believed that our very cultural upbringing has kept us ashore in these highly turbulent times. Culture, a way of life, has inculcated the habit of ‘saving’ for may be tomorrows hard times and this worked like a savoir for us! Well, habits are habits; and if some worked like a savior then few others have turned us as meek and inert. Our docile nature was a life’s compulsion to live under most undemocratic regimes due to continuous ruthless invasions on our motherland. Don’t waste time! Our writers will create an original "Inert Citizens Demoracy: a Fools Paradise" essay for you Create order Through centuries of invasions have breed habit of accepting harbingers of suppression and have turned inertness around our surroundings as a way of accepting life. It is just as if continuous mutations on crossover in genes perpetrates new breeds, all such habits good or bad are as if ‘genetically codoned’ in our life; and as Shakespeare rightly said: â€Å"How use doth breed a habit in a man. † Well, in Nagpur, the local government is taking an advantage of this inertness of its citizens and therefore one after the other had imposed a murderous rise in taxes. Nagpur it is the largest city in central India. With a population of around 2,420,000 it is also the third largest city by population in the state of Maharashtra. The recent survey also tells us that Maharashtra has the highest number of urban poor in India. Historically, the British East India Company took over the city in 19th century and made it the capital of Central Provinces and Berar. After first state reorganization, it lost the capital status but was made the second capital of Maharashtra. The city is the commercial and political center of the tates eastern Vidarbha region. However, interestingly Nagpur will be the only city in the globe whose inhabitants will have to pay over the last year, say upto 27 times more for water consumption, double and more for property tax, about 30% more on power consumption, new additional shop license fee upto Rs1000 per annum, and retrogressive octroi collection system makes everything more expensive. Globally, Octroi is an oldest form of lo cal levies, a local tax collected on various articles brought into a city/ district for consumption. Octroi taxes have a respectable antiquity, in 12th and 13th century being known in Roman times as vectigalia (a tax on the entry from or departure to the provinces). From an early time the octroi was farmed out to associations or private individuals, and so great were the abuses which arose from the system that the octroi was abolished during the French Revolution. However, after resurfacing, the octroi was finally abolished in 1948 in France, in 1860 in Belgium, and in 1903 from Egypt. Currently, as of 2010, octroi is levied only in Ethopia and in 22 cities of Maharashtra state in India. The reason why the world has done away with Octroi is its very nature of discrimination. Much before the time of free India till date, many committees had been entrusted the task of determining the validity of octroi, and all committees with no exception have asked Govt. to abolish it immediately. In 1925, the committee to study octroi recommended its abolition. In 1959, the M. R. Masani committee on Road Transport Reorganization considered on the levy of Octroi â€Å"a national waste† and suggested its immediate abolition. The Planning commission in 1966 recommended the abolition of octroi. The Keskar committee condemned the â€Å"Cancer of Octroi’ which had spread through the body of politics of local administration and called it a grave danger to the civic life of the community. The Lok Sabha Estimates committee in 1975 said one of the main obstacles in the way of quick and rapid moment of road transport in the country is the multiplicity of check post and payment of duties at the check-posts. In the conference of Chief Ministers in Sept 1980, it was resolved to abolish octroi, the then prime minister calling it a regressive and retrogressive levy. As per a survey conducted under the chairmanship of India’s eminent economist Shri. Palkhiwala said the delay at check-posts accounted for 73% of effective time of commercial vehicles. The fuel consumption at the check post resulted in a wastage of 15%. The national council for Applied Economic Research worked out that these check-posts virtually employed the carrying capacity of 80,000 trucks being idle. Shri. Palkhiwala said that for every rupee of net revenue derived from octroi, the net burden is Rs. 6. 27 to the nation. Well, after such observations of various committees were made all states except Maharashtra dumped Octroi either sooner or later. The Octroi was levied in Punjab till September 1, 2006, Gujarat abolished it in 2008, now the only state to have more than 1000 years old form of retrogressive local taxation as â€Å"octroi†, is the Maharashtra state. The state has lost on many new industries due to local taxation policies, for example on 8th Oct 1998, the Mahindra ; Mahindra Limited wanted to set up its Rs 800 crore automobile project in Nasik in Maharashtra, but later went to Andhra Pradesh on account of a hike in octroi charges. The Business Daily on Friday, Aug 04, 2006 mentions that `The Subodh Kant report on octroi has recommended its abolition, the traders in Maharashtra have been calling for the abolition of octroi for the last 20 years. The Maharashtra Octroi Abolition Committee (MOAC) has been spearheading a campaign for its abolition. Mr Nayan Patel, President of the Indian Merchants Chamber, said that exports are booming at 22 per cent and the shipment of goods via Mumbai port was getting affected. Octroi levy is making Indian goods non-competitive in the international market. Maharashtra annually collects Rs. 5,572 crore as octroi. Out of the 22 municipalities in the State, the cumulative collection of 15 municipalities is only about Rs 700 crore. There has been a string of commitments from Maharashtra state on octroi removal issue but all of them turned out to be farce. On Dec 11, 2006, Anti-octroi traders bandh in Maharashtra by various traders associations have yielded on the false commitments of its abolition from the Chief Minister (CM) of state. `Maharashtra to abolish octroi soon’ was announced by Mr. Vilasrao Deshmukh on September 07, 2007, the then CM of Maharashtra. On Jan 13, 2008, PTI reported that the Maharashtra government would soon abolish octroi and a proposal in this effect is soon to be placed. On Feb 21, 2008, Maharashtra Cabinet discussed octroi abolition but failed to declare it. Yet again Shri. Ashok Chavan, the present CM announced in Aug 2009, after a cabinet meeting those 15 D-class corporations of the state would abolish octroi from next financial year. Interestingly, Maharashtra went to polls in October 009, an election stunt. However, the commitment was not kept on octroi abolition in 15 D-class corporations. After poll results they had had yet again fooled the citizens. Well it isn’t be a big shock of backtracking since the Cong. has mastered the art of ditching. We are aware that even previous political opponents of present government had abolition the octroi from some corporations in the past and the current political alliance overruled it after com ing to power. For politicians we are just pawns of their political game plans. They also know that we do have a very short memory and this make them exploit us even more. An excellent example to quote is: when Shri. Shankarrao Chavan, the then chief minister of Maharashtra and the father of present CM Shri. Ashok Chavan announced in a public rally that the state would do away with octroi from next financial year, and yet his son hasn’t affected his `will’ until today, while going back on his own words. We happily pluck the fruits of legacies left by our parents and very conveniently forget our responsibilities, Shri. Ashok Chavan is no exception; he is also an ordinary man in an extraordinary post. Well the list of cheating on octroi abolition matter by politicians is endless, when VAT was introduced, the White Paper on VAT mentions that: in the Chief Ministers conference it was resolved that all local levies like octroi must be removed, then only it will be the uniform pricing concept in true sense. However, because a few states had an apprehension that due to VAT their net sales tax revenue would fall, hence they delayed the abolition of octroi. Nevertheless, soon all other states abolished octroi after they found high yields from VAT collections. Whereas, in Maharashtra state in the year 2004-05, which was the final year of state sales tax collection, it was at Rs. 16,719 crores, and after VAT was introduced it has rose to Rs. 40,000 crores in the year 2008-09; this is almost two and half times increase in last four years. The states octroi collection of Rs. 5572 crores can always be compensated if ever the state government was serious and had any regard for their people and also for their own words! More so, these statistics dismisses the demand of state to have alternative revenue to compensate the octroi loss. These politicians are so greedy, people have paid Rs. 24,000 crores more in VAT, and still VAT rate was raised this financial year and octroi shamelessly persists year after year. The latest episode of strong affection for octroi in Maharashtra was glaring when in a meeting held in Sept 2009 of Chief Ministers on forthcoming Goods and Service Tax (GST) to be adopted soon, Maharashtra Govt. as announced that it will not do away with octroi tax in the state. These state politicos should be reprimanded by the incidentally same political party at the center and more iron hand be used by stopping all central aid to state if they fail to fall in line; have they even read the phrase: Carrot or Stick policy. On the similar lines on 06th Oct 2009, Prime Minister Shri. Manmohan Singh while addressing the ministers of Food Processing Industries of states reiterated the need for GST and abolition of all local levies to finely structure the taxation in the country. The highest ever inflation rate which is killing the common man is neither an act of natural calamity nor a misadventure of neighboring state, it’s a recipe of Congress ruled states increasing VAT, keeping octroi and then publically laughing it off ( Delhi CM Smt. Sheela Dixit that people have lot of money to pay, a near striptease)! The PM is the captain of the Ship and CM of his own political party doesn’t take the cue to relax taxations then he shouldn’t be feeling shy of turning a cue as a stick. In Nagpur, in the current financial year Nagpur Municipal Corporations proposed the increased budget worth year after year. Most of the development projects announced this year were already featured in previous years budget, which means no new projects, and yet a hike of 88% in collections were proposed in year 2008-09 to 2009-10. All this is because that more than 60% of the corporation budget goes into salaries and perks of employees. However, the committee on octroi and finance had put the ceiling cap on salaries to 16%. This is when we are yet to disburse salaries as per 6th Pay commission recommendations. Another, interesting developments since last 10 years is NMC work is allotted as privatization to private operators, e. g. , for garbage collection, tax collection, bus transport service, streetlight maintenance, water billing, biological waste disposal, water supply maintenance, so on and so for, then where does NMC employees contribute to city upkeep then? In an Indian democratic setup it’s the Government by the people, of the people, for the people; and according to thinker Taine â€Å"there are four varieties in society; the lovers, the ambitious, observers and fools. The fools are the happiest† he says. However, I feel, to run the government for the welfare of its citizens there should be more lovers of the motherland, the ambitious must lead the masses to prosperity, observers shouldn’t be passive, and the fools must be those perpetrators of inhuman tax tirades, who are in their fools world of indifference towards responsibility of society. Lord Shiva, the god with epitome of destroyer in Hindu Mythology, has a `Trisul’, thy weapon with three spearheads; let each spear be like lover, ambitious and observer, with this trishul we need to corner the fools. Each person in Nagpur has to upheld this `trishul of power’, and the agitation is to awake the slumbered government living in fool’s paradise! Dear politicos, it’s already late to abolish the abusive, `cancer of society’, octroi. This is an SOS call to all lovers of this motherland India to rescue us from going down by the head into ocean of turbulent times orchestrated by arrogance and barbarism of politicians and executives. I certainly hope that this turbulence would turn into `Sagar-Manthan,’ i. e. , `the churning out good from the bad,’ and like always†¦ the good shall prevail! * DR. AJAY SONI Email: [emailprotected] com Cell: +919822577987

Analysis Of Travis Scott s Ascension Of Fame - 930 Words

Travis Scott’s ascension to fame was unprecedented. His career, marked by the mid-2013 release of his debut mixtape Owl Pharaoh, had not even began when he signed not only to Epic Records, which has housed acts such as Ozzy Osbourne, Michael Jackson and Celine Dion but also to Grand Hustle Very G.O.O.D Beats (as a producer), the label imprints of hip-hop juggernauts T.I. Kanye West. Since then he has released a solid project in Days Before Rodeo, Rodeo’s predecessor and has boasted countless credits, producing for many of music’s biggest acts such as Drake, Jay-Z, Kanye West Rihanna, thus gaining respect and support from fellow musicians and fans alike. The expectations for this album were high and I evaluated the album in terms of Scott’s individuality and the album’s lyrics, features, production, cohesiveness and replay value to see whether the expectations were met. Individuality is key; setting yourself apart from the competition and longevity are almost interchangeable in the music industry. While listening to this project, it is evident that, lyrically, Scott brings nothing new to the table. Chris Gibbons, writer for Hip-Hop website The Boombox, states that Scott â€Å"wears his influence[s] on his sleeve† and he simply does not care. His melodic, heavily auto-tuned and high energy songs all point to influences stemming from artists such as Future, Young Thug, Swae Lee of Rae Sremmurd, labelmate Kid Cudi and mentor Kanye West. On â€Å"Apple Pie,† Scott states that he’s

Types of Clothing and Mood - 560 Words

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Committee on Corporations and Financial Services †Free Samples

Question: Discuss about the Committee on Corporations and Financial Services. Answer: Introduction: The role of a responsible manager is that of competence. In simple words, they are specifically responsible for overseeing the offering of credit or financial services and managing them as well. As responsible managers, they are directly associated with decision making that pertains to every day and decision making regarding the financial services provision. In terms of group, they have the desired knowledge, as well as skills for the financial services as well as product and specifically meet one of the five option for providing desired skills and knowledge (FOS, 2017). Furthermore, ASIC also expects that such responsible managers are able to play an active part in fostering a culture of compliance in the whole industry. This means that responsible managers are also liable to operate as major players in the compliance arrangements of businesses. Nevertheless, apart from such responsibilities, they also have to undergo ongoing training requirements in order to become competent to offer financial services (Deegan, 2011). There are five options for illustrating their adequate skills and knowledge out of which one requirement must be met: Individual assessment APRA standard or relevant industry Short industry course or university degree Product-specific or industry diploma Other knowledge and skills ( reflecting knowledge, as well as skills) Paul and Ivy being the responsible managers of Big Money Ltd are responsible in performing various supervision and monitoring processes upon their authorized representatives, directors, and employees to make sure that such representatives are properly complying with the financial services laws including license conditions. In relation to this, they can consider processes like keeping track of the representatives, what kind of role they are entrusted to perform, and whether they are properly authorized or not (Wood Sangster, 2005). Furthermore, they can also make sure that their employee (Fred) does not act outside the scope of what he has been authorized to do so (FOS, 2017). Furthermore, various training standards are also set out by ASIC in this regard wherein representatives who offer financial advice to retail clients are under an obligation to obtain such standards (Conifer, 2016). The standard step by step process that is traced within the standard AS4811:2006 as a model for the screening of the employment is as follows: Assessment of risk the role, as well as potential risk that is present in the role Resting on the feature and the role, the adoption for the recruitment policy must be done and the desired criteria must be set (FOS, 2017). An advertisement must be done for the position and the short listing must be done. An efficient check should be conducted by the organization that pertains to identify checks, bankruptcy check, etc. The suitability must be determined in a proper manner. Financial Services Guide must be offered to the clients as soon as possible by the offering entities after it becomes clear that the financial service will be, or is more likely to be offered to the client. In other words, an FSG must be distributed to the client before provision of financial service to them, however, in some instances, it may be offered after provision of financial service (FOS, 2017). In the given scenario, the content requirements of the financial services guide are as follows: The title naming Financial Services Guide near or at the front of the document. The date of the FSG. Contact details and name of the offering entity and if the entity has an AFL license, then the license number must also be disclosed. Relevant information about the types of financial services that the AFL entity (Big Money) is authorized to offer. A statement of the objective of the guide and significant information about other disclosure documents that the client can obtain. Proper information about the commission, remuneration, and other benefits that the offering entity will obtain, or reasonably expects to obtain. Efficient details of any relationships that may influence the offering entity in offering the financial advice. In the given case, a referral arrangement has been established by Ivy with a nearby accounting practice Nimble Numbers Pty Ltd. Such information must form part of the FSG (Lai et. al, 2013). Relevant details of the type of compensation agreement that the offering entity (Big Money) or authorized AFS Licensee has whether through advice associated with indemnity insurance or otherwise. It must also be disclosed whether advice related to insurance coverage, retirement planning, etc offered to Keith (friend of Fred) comply with Compensation and Insurance Arrangements for AFS Licensees or not. Details regarding where the offering entity is a player in a licensed market or a settlement and clearing facility. Furthermore, a statement to this effect must also be incorporated in the financial services guide. Hence, these points must form part of the financial services guide of Big Money Ltd and it must be distributed to the clients before provision of financial services to the clients. It can be seen in the given scenario that Paul and Fred are under an obligation to provide personal financial product advice to the clients. Such advice is a statement of opinion or a recommendation that can influence the decision-making capability of a person about a specific financial product, or a class of products, or interest in a specific financial product or class of products. Under Australian Law, all financial product advice is either general or personal advice. Personal product advice is provided to a person wherein the person offering it considers one or more objectives, requirements, and financial condition of the client. Apart from such advice, all other advice is termed as general advice under Corporations Act (Lai et. al, 2013). Paul and Fred have a position of fiduciary relationship that is a relationship of trust where the party that has a higher knowledge capacity of training owes a duty to act in the partys best interest that does not contain the same knowledge. Fu rther, they should act in the client best interest when providing advice to the retail client. Act in the clients best interest (section 961B) To give appropriate advice (section 961G) To alert the client if advice dwells on incomplete or information that is inaccurate in nature (section 961H) Giving priority to the interest of the client (section 961J) If a person (Paul and Fred) carries out the activity of offering such advice, they directly adhere to the Corporations Act and unless an exemption is applicable, they must hold an AFS license or perform as a representative of an AFS licensee. They must also perform several other duties associated with specific disclosure and conduct obligations. Firstly, they must ensure that a general advice warning is offered to the client. Secondly, they must ensure that they prepare and provide a financial services guide to their clients. Thirdly, they must also prepare and provide an SOA to the clients for fulfilling their duties. Fourthly, they must perform in the best interests of the client so that personal advice is not hampered. Fifthly, they are under an obligation to warn the client if the personal advice rendered by them is not accurate or incomplete in nature. Lastly, they must also ensure that the clients interests are prioritized while performing their duties. For instance, if the mai n business of an entity is to offer financial products and advice, it may deal with a wide range of products and services that incorporate a high range of staff (IFA, 2017). During communication through a phone call, the client may request personal financial product advice from the providing entity and without offering a warning or indication, the advice must not be given to the client. Similarly, provision of advice by Paul and Fred in relation to the planning of retirement, life insurance, etc can be given if the information is either complete or if it is incomplete, then disclosure regarding the same has been offered to the client (Keith). Besides, Paul and Fred must offer general advice warning to the clients as well so that there is no dispute of interest within them. Secondly, since Paul and Fred have contractual obligations with their clients, breaking them does not mean a breach of other general obligations as well, but it can amount to a failure to offer financial services to the client honestly, effectively, and fairly. These practical examples demonstrate that since there has been no breach of contract between Paul and his clients, the duties from his side are fulfilled effectively. This is the fiduciary relationship between an insurance agent and his client just like a trust relationship between Paul and Fred. Section 961(B) provides a safe labor for the compliance with the best interest duty in S961B(1). If Paul and Fred can show that the necessary steps stated in S961B(2) were taken then they will be deemed to have complied with the duty of the best interest. It is needed by the safe harbour to: Trace the aims, financial perspective and the requirement of the client that were provided by the client by way of instructions. Secondly, it needs to identify the matter of the advice that is needed by the client. Thirdly, the requirements, objectives of the client is required to be ascertained. If it is complete that the information that relates to the situation of the client is not proper then proper queries is needed to be obtained. The practical example can be cited that of the insurance agent and the client. There consists a fiduciary link in operation where the insurance agent has the role on providing advice, putting best interest in client while dealing with the clients financial transaction. In this scenario, the clients have complete confidence in the agent that links to the performance of a transaction that is correct and lawful. In the given scenario, Big Money Ltd has some responsibilities that must be fulfilled in order to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Firstly, Big Money Ltd as a responsible entity has the obligation to conduct know your staff risk-associated due diligence interrogations and inquiries so that probabilities of money laundering are eliminated at the first stage itself (Jonsson et. al, 2009). Furthermore, it is also advisable that Big Money meets additional but complimentary statutory obligations to implement policies and procedures to decrease the risk of money laundering. Besides, the role of internal control mechanisms also plays a key role in reducing chances of money laundering within the company (Goodwin et. al, 2008). It is also advisable that Big Money Ltd offers overall responsibility of such anti-money laundering system to a senior director or manager who can perform every task in order to mitigate risks effectively (Wahlen et.a l, 2 010). Furthermore, the appointment of a money laundering reporting officer must also be done so that the entitys compliance with its anti-money laundering obligations are directly supervised and controlled. Based on the given scenario, it can be seen that the managed investment scheme intended to be operated by Balderdash must be registered. The registration process entails that the company must be a public company with at least three directors and has more than twenty members. Furthermore, both wholesale and retail clients must form part of the scheme (Petersen Plenborg, 2012). The scheme must also comply with the Corporations Act that imposes specific requirements related to funding management. Furthermore, the scheme was promoted by an individual or associate of individual who was in the business of promoting such scheme (Damodaran, 2012). Moreover, in relation to the establishment requirements of the scheme, all the essential documents must be lodged with the ASIC by the company in order to get registered. In relation to the scheme, the roles and responsibilities of Balderdash would be to act as a responsible entity and exercise a reasonable level of diligence and care while performing its duties for the fulfillment of the scheme. Furthermore, the company since holds an Australian Financial Services Licence, it must take into account that the interest of the members of the investment scheme is duly safeguarded. Besides, the company must also exercise necessary steps to make sure that all the members of the scheme are treated equally and there is no discrimination among them (Penman, 2013). Furthermore, the company must also make sure that all the funds related to the scheme are utilized for specified purposes and are not used for fraudulent means (Fields, 2011). Therefore, Balderdash must act honestly in such a manner that its members, clients, and funds are properly safeguarded. Under the Corporations Act 2001, responsible entities like Balderdash is not responsible to establish a compliance committee for the managed investment scheme for which it operates. The reason behind this can be attributed to the fact that when less than half of the directors of such responsible entity are external directors, then only such entity is liable to form a compliance committee. Nevertheless, in this given case, it can be seen that majority of the directors are non-executive or external directors that do not align with the aforesaid criteria, thereby proving that the entity is not required to form a compliance committee for its managed investment scheme. When a fund is illiquid in a managed investment scheme, it is advisable for the Board to ensure that the investors are made aware of the capability of the fund to realize assets in an appropriate and timely manner (Choi Meek, 2011). Furthermore, the Board must also disclose to the investor's relevant details regarding the risks of such illiquid classes of assets. Moreover, under stressed market environment, such disclosure regarding illiquidity of fund becomes more significant because investors rely on such information to make proper investment decisions (Davies Crawford, 2012). The most important purpose of the constitution of a managed investment scheme is that it can ensure that the scheme registered with the ASIC easily meets certain requirements of the Corporations Act. Furthermore, a constitution of such scheme purposes to serve as a legally enforceable document betwixt the responsible entity and its members by setting out few or all the rights, liabilities, and duties of the responsible entity in relation to the scheme (Damodaran, 2010). The major requirements forming part of the constitution are: Powers of the responsible entity in relation to investments or dealing with the property of the scheme, raising or borrowing of money for the same purpose. Rights of members to terminate or withdraw from the scheme. Methods for dealing with issues associated with the scheme. Winding up the scheme. Consideration in order to acquire an interest in the scheme. Rights of the responsible entity to be indemnified or paid fees out of the property of the scheme. All these requirements forming part of the constitution of the scheme are taken into account by the Australian Securities and Investments Commission (ASIC). Nevertheless, it is clear that if the requirements of the constitution are not properly aligned with the Corporations Act, then the constitution will not be approved by the ASIC (Kell et. al, 2016). Moreover, there are various guidelines as to the assessment of such constitution by the ASIC that includes asking for more information, amendment, refusal to register the scheme, etc. References Choi, R.D Meek, G.K. (2011). International accounting. Pearson. Conifer, D. (2016). Bank inquiry: Parliamentary committee calls for tribunal to be established. Accessed November 28, 2017 from https://www.abc.net.au/news/2016-11-24/parliamentary-committee-calls-for-banking-tribunal-after-inquiry/8053514 Damodaran, A. (2010). Applied Corporate Finance: A Users Manual. New York: John Wiley Damodaran, A. (2012). Investment Valuation. New York: John Wiley Sons. Davies, T Crawford, I. (2012). Financial accounting. Harlow, England: Pearson. Deegan, C. M. (2011). In Financial accounting theory. 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