Smita Pani: Re: [World Malayali Club] Donation to the Community-the Fixed Deposit

Tuesday, 26 April 2016

Re: [World Malayali Club] Donation to the Community-the Fixed Deposit

Sir,Whatever you write at this moment banks are heading towards the abyss.One cannot stop a volcano from exploding by writing an elegant complex sentence with compounds of clauses.NPAs are looting banks.Fixed Deposits are actively obstructed by taxing the fake income called interest and doing nothing when the real value of the principal is becoming zero.When banks die due to the assault on all sides,everything gets destroyed.The most important step is to immediately remove the fake income--interest from the taxable income so that there will be some thaw to the deluge.

On Tuesday, 26 April 2016 5:23 AM, "Narayanan Sankaran drnsankaran@gmail.com [worldmalayaliclub]" <worldmalayaliclub@yahoogroups.com> wrote:

.....my friends used to withdraw all their savings in PF and by end of career they would be hard put to survive. In that sense what the Govt did was for the good of the employees I believe.

Thank you for this perception, Sir. Food for thought.

Rgds

Sankaran

On Sat, Apr 23, 2016 at 5:09 PM, groupstonath@gmail.com [worldmalayaliclub] <worldmalayaliclub@yahoogroups.com> wrote:

My reaction is as from an old man. I toiled for many years (starting my career from age 17) and I took refund from my P F for the construction of my house. When I retired the P F was pitiably low and in those days that amount was the only sustenance for the retired people. In that sense if P F refunds are tightened in old age when it is really needed it would come in handy. If as I have seen many of my friends used to withdraw all their savings in PF and by end of career they would be hard put to survive.

In that sense what the Govt did was for the good of the employees I believe.

Ravi

From: mailto:worldmalayaliclub@yahoogroups.com

Sent: Friday, 22 April, 2016 1:54 AM

To: worldmalayaliclub@yahoogroups.com

Subject: Re: [World Malayali Club] Donation to the Community-the Fixed Deposit

Sir

After getting educated by your knowledgable opinion, we have already acted - as advised by you. But, PM FM etc seem to act only when the group demanding is large or when there is violent demand - as happened in Karnataka where the valiant textile workers blocked the streets and staged protests. You have seen, how fast the Central Govt acted to withdraw the silly PF amendments.

Pradeep

On Friday, 22 April 2016, 5:07, "yeddanapudi m yeddanapudim@yahoo.co.in [worldmalayaliclub]" wrote:

Why not you and your friends and friends of friends write to the FM,PM, etc.Surrender is invitation for getting pain.

YM

On Thursday, 21 April 2016 4:52 AM, "'Raju'O Ninan' ashraju@gmail.com [worldmalayaliclub]" wrote:

Dear Mr. Yeddanapudi,

Interesting observation but what is the alternate solution for the common man?

Thanks regards

Raju

On Sun, Apr 17, 2016 at 4:12 AM, yeddanapudi m yeddanapudim@yahoo.co.in [worldmalayaliclub] <worldmalayaliclub@yahoogroups.com> wrote:

Donation to the Community—the Fixed Deposit

There is an urgent need to change the name of Fixed Deposit, as the name fails to give the real meaning. The accurate name is DONATION TO THE COMMUNITY. Tied to an unchanging numerical figure, the real value can only decrease. It is the sacrifice of the ordinary man/woman for the economic prosperity of the country, with just no return, but a scrap of paper called the Fixed Deposit Receipt as the real value gets lost in the downward slide caused by prosperity which inevitably creates inflation.

The longer a Fixed Deposit is kept the greater the corrosion in the real capital value, which ultimately becomes zero if kept long enough or if the inflation reaches an unbearable rise. But prosperity means making profit, profit is seen as the higher selling price compared to the cost, higher, higher, higher....selling price means increasing inflation and fall in the capital value of the fixed deposit. It is sacrifice, donation which the Fixed Depositor is giving for the prosperity of the Society.

The so called income from interest is solidified misconception, as the rate of inflation is always greater than the rate of interest. It is fake income, unjustly included in the taxable income, which is increasing the total taxable income as a result of which the Assessee may fall into a higher tax bracket bloating his tax bill.

Development needs banking. Banks depend on Fixed Deposits. Today these vital donations misleadingly called fixed deposits to cover up the nobility of the ordinary man are getting criminalized. There is no income, it is just donation but the tax man is pouncing. If these donations stop the economy comes to a standstill. Imagine the depression in an economy of 130 crore people, individual depressions adding to the depressions of each other and becoming the gigantic mass economic depression. Removal of interest from the list of taxable incomes is the most urgent step, as that may stop the flow of donations called the fixed deposits.