BREAKING THE FINANCIAL CODE. BANKS BITE by Malini Chaudhri
Global arrangements have strived hard to perfect India’s entry into digital citizenship. Shops and small enterprises have given way to the great banners of e-commerce. All banking communities in the world know the advantage of timely transactions, seamless effective operations, clear accounting and the necessary protocols for best financial practices. In India however, for authors entering the new… Read More »
Global arrangements have strived hard to perfect India’s entry into digital citizenship. Shops and small enterprises have given way to the great banners of e-commerce. All banking communities in the world know the advantage of timely transactions, seamless effective operations, clear accounting and the necessary protocols for best financial practices.
In India however, for authors entering the new marketplace and scoring in it, banks bite.
An author may enroll their books on Createspace to sell globally in Amazon’s giant support infrastructure, its 21,000 connected book sites through Library thing and the usual promoters who pick up best books for sales. Amazon takes 40% for its arrangement from book sales. US takes 15% from India for tax.
The nightmare begins when Wells Fargo Bank remits through cheques to India. Cheques are invariably stolen. Secure arrangements must be made privately for collection, as Amazon letters are unregistered. Banks take three to four weeks to clear dollar cheques, and charge forty dollars fees, even for a hundred dollar cheque. Of late, over and above this more taxes are imposed in India.
Bank executives avoid the confrontation, do not respond to complaints, mail letters on additional taxes, break up of miscellaneous charges or related customer care issues. Totally no work will be done, even pending police FIR, in prime branches as IndusInd Lajpat Nagar.
The larger implications and dangers of such financial policy as that of Indian government is that colossal losses will be noticed when NRI Indians return home, overseas borrowing, project development and Start-Up forecasts will be unmanageable. There are only losses in sight.
Lending is at I2% rate of interest. Borrowing is at 6% to 7% rate of interest. Dividends are being noticed on government bonds to be diverted mysteriously elsewhere. There is a marked absence of financial managers, assessors, and controllers in a very corrupt country. Clearly, the mindset of the working Indian executive is also arranged to lose the world and its home.
The law does not support action on an emergency basis.
Indian Penal Code provides sections as with “Cheating” for citizens to resort to when urgent attention is necessary. It is time for legal boards to arrange provisions for the public along with international networks to consolidate the process of digitization and transformation in the economy. Experts must also dig out concealed ministeries and their systems of theft worldwide which is an issue of conflict in matters of India’s growth.
By – Malini Chaudhri
Content Writer @ Legal Bites
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