TIOL-DDT 60 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#0000FF" size="3">TIOL-DDT
60</font><br>
23 2 2005<br>
Wednesday</b></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif">
<b>Nationalised Banks to get level playing field to compete with private banks</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
It was in 1969 that 14 private banks were nationalised and so much of social
engineering has taken place in the last 36 years that now the accent is on providing
the public sector banks a level playing field to compete with their private
sector cousins. In spite of government shackles, it's a miracle that the
PSU banks are able to survive and rather do well. State Bank of India known
for its imperial ways (after all it was once the Imperial Bank) is now a very
customer friendly bank and most of the banks are fully computerised and offer
quality service comparable to the best in the private sector. The so called
efficiency of the private banks is a big facade, behind which ugly experiences
are hidden. The Public Sector Banks have to work under severe social and state
obligations and the fact is that in spite of all these hurdles, they have done
fairly well. The Government has realised that they should be given a level playing
field with their private sector counterparts who have no social obligations.
So now these Banks will be allowed freedom of action in the following areas:-</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> - Pursue new lines of business as part of overall business strategy.<br>
<br>
- Make suitable acquisitions of companies or businesses, close/merge unviable
branches, open overseas offices, set up subsidiaries and exit a line of business.<br>
<br>
- Decide all Human Resource issues relating to the Bank, including staffing
pattern, recruitment, placement, transfer, training, promotions, pensions etc.<br>
<br>
- Prescribe standards for categorization of branches, based on volume
of business and other relevant factors.<br>
<br>
- Prescribe essential academic qualifications, minimum qualification standards
and modalities of promotion/ recruitment to various categories.<br>
<br>
- Undertake visits to foreign countries to interact with investors, depositors
and other stakeholders. <br>
<br>
- Lay down policy of accountability and responsibility of Bank officials.</font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Private Banks hire beautiful girls to sell their products and have no fear of
CBI. The CMD of a nationalised bank gets half the salary of a junior executive
in a private bank and can be hauled up before a CBI inspector! Our Public Sector
Banks are as good as the private ones if not better. Give them a chance. <br>
<br>
<font color="#006633"><b>CLARIFICATION ON RETAIL SALE PRICE BASED ASSESSMENT
OF EXCISE DUTY ON DRUGS AND MEDICINES - CBEC chooses PIB route</b></font><br>
<br>
The PIB has issued a press release on the RSP based assessment for medicaments.
The notification for this was issued on 8.1.2005 and on 22.2.2005, the Board
has chosen to issue a release through the PIB to clarify the need for RSP based
assessment. DDT had carried a story on 10.1.2005 on the subject. (DDT 28) and
now after nearly a month and a half CBEC clarifies through PIB that everything
is fine. CBEC has not chosen even its own website <b>www.cbec.gov.in</b> to
give this clarification. This shows the scant respect the Board has for its
own website. The PIB release says that it was decided to levy excise duty on
drugs after giving an abatement of 35% from the declared retail price. The abatement
of 35% takes into account 10% margin to the wholesaler, 20% margin to the retailer. <b>What about the margin to the manufacturer? Is he supposed to be a charity
organisation? </b><br>
<br>
<br>
<font color="#FF0000"><b>Until tomorrow with more of DDT </b></font></font></p>
<p align="justify"><font color="#FF0000"><b><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a Nice Day<br>
<br>
Mail your comments to</font></b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
<b>vijaywrite@taxindiaonline.com</b></font></p>
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