Property Taxes Saving Techniques

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The actual brothel, right now referred to as the actual Moonlite BunnyRanch, very first opened up within 1955 since the Moonlight Farm. There’s a historic gun about the office space, discovered simply within the property’s unique primary entrance, since the farm is situated close to an end about the unique Horse Convey. This run subtly till 1970, whenever The state of nevada started legislation associated with homes associated with prostitution. Dennis Hof, the regular client, bought the company within 1993 with regard to 0, 000 as well as spent an additional 0, 000 within improving the actual amenities as well as decoration.

Dennis Hof consequently bought an additional close by brothel, after that referred to as Madame Kitty’s Dream Farm, situated regarding 1 kilometer (1. 6 km) aside. To higher cash in about the BunnyRanch brand, he or she rechristened this BunnyRanch 2 within 2004. Hof offers because renamed this particular business. By 06 08 this grew to become referred to as The actual Adore Farm.

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Jesse Ventura, previous expert wrestler as well as Governor associated with Mn, authored within their 1999 autobiography WE Isn’t Obtained Time for you to Bleed he frequented the actual Rabbit Farm within the 1970s, experienced intercourse presently there, as well as obtained in substitution for their Navy blue CLOSE OFF belt.

Upon 04 twenty three, 2001, articles regarding Dennis Hof and also the BunnyRanch made an appearance within the Brand new Yorker.

Within This summer 2003, Mötley Crüe vocalist Vince Neil had been billed along with electric battery following a prostitute in the farm supposed he snapped up the woman’s round the neck as well as put the woman’s towards the walls.

Within Feb ’09, a brand new primary entry towards the Moonlite BunnyRanch along with immediate access in order to OUGH. UTES. 50 opened up in order to visitors. Built through the The state of nevada Division associated with Transport like a company entry street, the brand new road had been formally called BunnyRanch Boulevard through Lyon Region.

Within earlier ’09, because of the economic downturn, Condition Sen. Frank Coffin (D) experienced suggested legalizing prostitution statewide with regard to taxes reasons. Hof had been conspicuously showcased in many press reviews stating he’d increase in to Vegas provided the chance. Nevertheless, the actual The state of nevada congress experienced declined to think about the actual suggestion associated with statewide lawful prostitution in that legal program.

On the other hand, The state of nevada Senator Harry Reid offers regarded as shutting as well as illegalizing prostitution within The state of nevada, sighting statements which companies are reluctant in order to move presently there or even open up presently there because of this.
Within the press

The actual Moonlite Rabbit Farm had been showcased upon HBO’s The united states Undercover display special offers, Cathouse (2002) as well as Cathouse two: In the actual Seat (2003). This particular resulted in the actual sequence Cathouse: The actual Sequence, airing within 2 months within 2005 as well as 2007. The actual farm had been additionally showcased like a allegedly “haunted house” within an occurrence associated with Evidence Good and it is often pointed out about the Howard Strict Display, generally in order to declare which an additional porno celebrity offers began to function presently there.

Within 08, Moonlite BunnyRanch prostitute Brooke Taylor had been showcased within the internet sequence “Who’s Resting together with your Husband”,  talking candidly concerning the factors your woman thinks males go to brothels as well as exposing typically the most popular menus products.

 

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Powerful financial institutions going down one after another in the world’s most powerful and economically strong country “The United States of America”. How did all this happen? Did it all come down without any warning? Can this happen to India’s financial institutions ever? What will be the effect of the ongoing financial crisis in India?  These are some of the questions that need to be answered for the common man.

 

This crisis was started with what is called the “sub-prime” crisis. This happens when the sub-prime borrowers that are the borrowers with a poor credit history start defaulting. The sub-prime borrowers have a poor track record of repaying loans. In many cases it is the poor and young those form the sub-prime borrowers. There was a real estate boom in the

 

USA from the year 1997. This encouraged banks to give loans to almost everybody, the prime and sub-prime borrowers. Also the government encouraged banks to give loans to the

 

poor and the young in a bid to help them. Because of the real estate boom the prices of houses more than doubled during

this period. Hence banks also found it safe to give loans against these houses (mortgaged loans). The boom subsequently led to a massive increase in the supply of houses which led to a fall in the real estate prices. This led to defaulting by the sub-prime borrowers who were not willing to pay for houses that began to decline in value. Since the risk of default on sub-prime loans was higher, the interest rate charged on sub-prime loans was about two percentage points higher than the interest on prime loans. The higher interest rate additionally meant substantially higher EMIs than for prime borrowers, further raising the risk of default.

 

 

                                The two reasons stated above, the declining value of the house and the higher interest rate charged led to massive defaulting by the borrowers.

Defaults and foreclosure activity increased dramatically, as easy initial terms expired, home prices failed to go up as

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anticipated, and ARM (adjustable rate mortgage) interest rates reset higher. Foreclosures accelerated in the United States in late 2006 and triggered a global financial crisis through 2007 and 2008. During 2007, nearly 1.3 million U.S. housing properties were subject to foreclosure activity, up 79% from 2006. The mortgage lenders that retained credit

 

risk (the risk of payment default) were the first to be affected, as borrowers became unable or unwilling to make payments. Major banks and other financial institutions around the world have reported losses of approximately US5 billion as of 17 July 2008.

Global banks and brokerages have had to write off an estimated 2 billion in sub-prime losses so far, with the largest hits taken by Citigroup (.1 bn) and Merrill Lynch (.2 bn). A little more than half of these losses, or 0 bn, have been suffered by US-based firms, 7 billion by European firms and a relatively modest bn by Asian ones.

 

This crisis saw the major financial institutions in the US in the red. Some of them either filed for bankruptcy or were bought over by other institutions. Below are a few of the shockers that were witnessed:

 

Bear Sterns, one of the world’s largest investment banks and securities trading firm was bought out by JP Morgan Chase with some help from the Fed. The crisis has also seen Lehman Brothers – the fourth largest investment bank in the US – file

 

for bankruptcy. Merrill Lynch has been bought out by Bank of America. Freddie Mac and Fannie Mae have effectively been nationalised to prevent them from going under. Reports suggest that insurance major AIG (American Insurance Group) is also under severe pressure and has asked for a bn bridge loan to tide over the crisis. If AIG also collapses, that would really test the entire financial sector.

 

     

 The rippling effects in India

The crisis could impact the availability of credit for the common man thus making loans more expensive, some suggest that it could be even heading towards the 16% mark.

Those intending to raise capital from the stock market will find it difficult in the wake of the FII pull out as capital will become more expensive. Also it will become difficult for domestic companies to garner overseas funds in adequate amounts.

 

This will see a dip in the employment market. Many IT companies and financial institutions are already downsizing to cut costs.

Private sector banks have invested in Lehman’s security bonds for example ICICI Bank has invested to the tune of  mn, SBI mn, PNB mn to a few. These banks will feel the impact and profitability will take a hit.      

    Effect may also be seen in the real estate and     infrastructure projects. Lehman Brothers and Meryill Lynch have invested through FDI in many such projects in India. Hence those projects that have received payments for this year are safe but those that are yet to receive the promised amount have their future hanging.

The positive side

 

Some Indian professionals may loose jobs but this phenomenon is shortlived as talent becomes available to go to places where it is scarce.

Global recession may not affect the Outsourcing business in india as foreign clients will be looking for more cheaper alternatives.

 

In conclusion:

India is a country with a population of over 1-2 billion hence it is consumer driven leading to huge domestic consumption base never letting demand die. Also now lakhs of central government employees will be have a surplus of cash in hand due the arrears they would receive owing to the sixth pay commission recommendations. They will look for investment opportunities in order to save tax. That will see a rise in demand for real estate besides other areas of investment including the stock markets. With the GDP hovering around 7-8 % it is a golden opportunity for India to show the world our economy is strong and we have the potential and the backup to stand up despite hiccups.

In a move that would increase Minnesota’s already huge deficit by another 0 Million, House Speaker Kurt Zellers and other Republican leaders propose cutting corporate tax rates and property taxes to create jobs. In an earlier press conference Senate Deputy Majority Leader Geoff Michel said he “didn’t want to commit” to how many jobs such a tax cut would create.

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Albania is a South Eastern Balkan country situated on the eastern Adriatic Coast in Europe. The country borders the former Yugoslav provinces of Montenegro, FYR-Macedonia, Serbia and Greece to the South. The capital is Tirana. (The World Bank Group, 2009).

Personal foreign direct investment (FDI) interest in Albania is derived from closely monitoring Albania’s transition into a NATO country and prospective European Union (EU) member. The process of accession of Albania to the EU started in January 2003. Albania’s admission to the EU depends on the countries future economic and political stability. Albania has been engaged with EU institutions and joined NATO (North Atlantic Treaty Organization) April 1, 2009. (Wikipedia Contributors cited 2009). Albania formally applied for EU membership 28 April 2009.

Ranked as one of the poorest European countries, numerous Albanian ex-patriots reside and work throughout the EU and Switzerland. A contributing high birth rate, the country has vast foreign direct investment potential considering its prospective EU status, geographical and geopolitical location. Albania is a distinctive classification of an emerging market and future currency change from the Lek to the Euro (improving the countries purchasing power and wealth), reveals there is a vast monetary opportunity for multinational Australian business to invest in a venture with a controlling interest.

FDI occurs when a firm invests resources in business activities in countries outside its home base (Hill 2009, p11), such as Albania. The main foreign direct investment areas that Australian Multinationals should be considering are Construction (highways, infrastructure), Property, Renewable Energy, Finance and Tourism. The types of companies that may be interested in this type of investment are the likes of Origin Energy, McMahon holdings, Raine and Horne.

Historically, most FDI has been directed at developed nations. FDI into developing or emerging nations has traditionally increased substantially (Refer to Graph 1, Appendix 1) since 1990 (Hill 2009, p243-244). Therefore Albania is an excellent FDI opportunity that may provide substantial profitability for Australian firms. Most recent inflows have been targeted at the emerging economies of South East Asia, hence there is an unexplored potential for Australian firms to invest in Albania.

Real GDP in Albania has averaged 6% in previous years due to a surge in public investment. Consumer price inflation is under the 4 per cent upper limit of the central bank’s informal target. (Refer to Graph 1, Appendix 2). The Albanian LEK will continue to be supported in 2009 by large foreign-currency remittances from Albanians living abroad as well as relatively high interest rates. Exports should grow relatively strongly in 2009 and forecasted current account deficits averaging around 11% of GDP. (Business Eastern Europe, 2008). (Refer to Table 2, Appendix 2).

The feasibility of the client company to enter the Albanian market is positive. The democratic Albanian government encourages foreign investment, thus in an ongoing effort to privatize public enterprises, the government is seeking qualified foreign investors in key sectors, including telecommunications, energy, oil and gas, finance, and construction. (Foreign Investment Climate, 2008)

Albania’s infrastructure is currently inadequate, and there is little budgetary money for improvements. The government inherited a poor highway system from the Communist period. Major road building projects are currently underway, and an estimated 6000 kilometres of roadway will be implemented by 2013. (Euromonitor International, 2009). Therefore there is an immense opportunity for Australian based Civil Engineering/construction firms to tender for a substantial sector of work, and scope for profitable investment.

Feasibility of the client company entering the Albanian markets in a Greenfield capacity is varied. Currently, Albania ranks 89th out of 183 countries in the benchmark of Ease of doing business. Starting a business, Albania rank’s 68th in 2009 and set to move to 46th in 2010. (Refer to Table 1 in Appendix 3). The average time in days for Starting a business is 5 days as compared to 13 days for the overall OECD Average. This demonstrates that the Albanian government is moving in a positive direction to attract foreign investment. (The World Bank Group, 2009). However, the cost of starting a business Cost (% of income per capita) is substantially higher than the OECD Average (Refer to Table 1 in Appendix 4).

“Foreign firms obtaining credit” and “protecting investors” demonstrates that Albania is advanced in certain business investment areas – projected ranking 15th out of 183 country’s in both these facets in 2010, placing Albania in the top 10%. On the contrary, dealing with construction Permits (173rd in year 2010) and Employing workers (105th in year 2010) demonstrates that the foreign direct investment firms specialising in renewable energy and civil construction will need to take these important factors into consideration when investing and starting a Greenfield project. (The World Bank Group, 2009).

 The types of business ventures that are attractive for FDI are centred on construction infrastructure and energy. Albania’s energy crisis has been caused by the annual growth rate in the demand for power. The rate has been in excess of 8% and generation has struggled to keep pace. In a recent EU report it is acknowledged that Albania had undertaken some bold steps to restructure and liberalise the energy sector. The European Bank for Reconstruction and Development (EBRD) indicates that it will provide immense financing for new power generation. Therefore, renewable energy is also an extremely attractive foreign investment option. (GMB Publishing 2009).

Hydroelectricity generation has historically provided the majority of Albania’s energy capacity and continues to represent its main generation source. Through a lack of investment funds, only 35 per cent of potential capacity for development is currently being exploited. (GMB Publishing 2009). Australian based hydroelectric energy firms have a substantial advantage in expertise in exploiting the Albanian market. Studies show that Albania has a good solar energy potential. There are no large scale PV projects currently in operation; however the installation of major solar energy projects in planned by the Albanian government in 2015. (GMB Publishing 2009). Australian solar firms have the opportunity to explore Greenfield solar energy projects.

Various US Asset Management firms are launching into the fledgling Albanian property market to take advantage of the growing mortgage market. Albania is set to benefit from its planned accession to the EU, which it expects to be completed by 2014 and has already received €100m in funding. A 2007 World Bank report highlighted Albania’s high GDP growth and a dramatic decrease in poverty. Albania has received significant investment from international bodies such as International Bank for Reconstruction and Development. (Hirst, T, 2008). Commercial and residential property is an area of foreign direct investment that is attractive with the high power of the $ A as compared to the Albanian LEK currency. Currently A = 85.01 ALL (Albanian LEK) and 1ALL = 0.1177 $ A. (Quick Cross Rates, 2009). When Albania enters the EU zone, their currency will become stronger and inline with Euro zone parity.

Albania’s capital markets remain amongst the most embryonic within the whole of the central and Eastern Europe region. There are encouraging steps taken to put in place the legal and regulatory framework to build a functioning stock exchange. This makes convergence with the EU easier and provides financial and banking opportunities through a foreign investment framework to operate within. (Market Access 2008).

Albania recently witnessed an impressive growth in tourism in 2009. The government of Albania announced that there was a 42 percent increase in the number of tourists visiting the country, AENews reported.  Albanian government is claiming its coasts are more beautiful than those of the Riviera. (Forbes S, 2008). With new hotels, resorts, and restaurants, the Albanian private sector in tourism has been growing an average of 30 percent for five years. The Albanian economy had the best growth in Europe; foreign investments in Albania have increased 59 percent this year. Australian firms can invest in the infant tourism industry by providing expertise, with huge profit potential. (New Europe 2009).

The Albanian government has induced an affirmative attitude towards foreign investment; its strategy to strengthen the business environment was incorporated by the removal of administrative barriers to investment. The privatisation agenda is gaining momentum and the government is encouraging foreign investment. Almost one-third of the country’s population works outside the country. The remittances they provide help alleviate poverty and drive a boom in housing construction as well as infrastructure (Euromonitor International, 2009).

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Albania’s Albania’s Democratic Party government knows full well that a battle for foreign investment looms and that Albania has some catching up to do. The previous low level of foreign interest is largely due to the fact that Albania’s international image is poor, but wrongly so. Albania’s service sector, especially its restaurants and hotels, are exceptional. The hospitality is great and Albanians are an outward-looking people. They are ready for an influx of tourists. Albania is also rich in natural resources, such as oil, gas, copper, chrome and hydroelectric potential. (Austin RC 2006)

The Albanian government under Prime Minister Berisha has created an excellent environment to attract investors to Albania. Special emphasis was paid improving infrastructure. The efforts on improving the legal system to protect investors also proved significant. It was also reported that many Western European companies have chosen to escape the high taxes in Europe by investing in Albania as the latter offers the best tax system in Europe with a 10 percent flat tax. (NEWEUROPE 2009).

The Albanian government has worked to make it easier to invest and do business in Albania, instituting a one-stop shop for registering a new business. Education is also emphasized, particularly by the private sector. Since the fall of communism, Albania has been an ally of the US, supplying troops. Its positive foreign policy attitude, economic and anticorruption successes are models for other Muslim nations. (Forbes S, 2008).

 Foreign firms experience various investment restrictions in Albania. Despite some recent improvement, Albania’s business freedom remains constrained by a burdensome regulatory environment. Even though starting a business is relatively quick, obtaining a business license requires 24 additional procedures and almost 100 more days than the world average of 225 days. (The Heritage Foundation, 2009).

Foreign and domestic firms are treated equally under the law, and nearly all sectors are open to foreign investment. Agricultural land may not be purchased by foreign investors but may be leased for up to 99 years. The Albanian state can expropriate an investment or asset for the purpose of public interest, but there are no legal provisions for compensation. This can be a deterrent or restriction for an Australian firm specialising in niche Albanian markets. Non-transparent regulations, inefficient bureaucracy, and corruption also restrict and discourage foreign investment in Albania. (The Heritage Foundation, 2009).

The financial system is relatively underdeveloped by western standards, even though progress has been made. Even though many banks have expanded their services, the use of cheques and credit cards is still not widespread. Although short-term credit is available, it is extremely expensive and difficult to obtain without large collateral security. This can restrict foreign investment for an Australian firm. In addition customer service is relatively poor compared to western standards. (Macro-Accessibility 2007).

The government has separated the Tirana Stock Exchange from the central bank, but the stock market remains inactive, and no shares are listed yet. Australian financial investment firms are currently restricted considering the Stock exchange is at an infant stage. Albania’s judicial system enforces the law weakly and is one of the country’s most tainted institutions. Judges are often appointed strictly for political reasons and can be corrupt. Protection of intellectual property rights is weak, and violations of copyrights and trademarks are common, therefore Australian and foreign firms with patented investments are subject to infringements without legal protection. (The Heritage Foundation, 2009). Land rights are not well defined, especially in coastal areas, and 70 percent of all civil court cases involve property disputes. This could have adverse effects for civil engineering organisations. (The Heritage Foundation, 2009).

Corruption in Albania is perceived as widespread. Albania ranks 105th out of 179 countries in Transparency International’s Corruption Perceptions Index for 2007, a very slight improvement from previous years. Corruption pervades all sectors and levels of government. Albania is a major transit country for the traffic in arms, narcotics, contraband, and humans. (The Heritage Foundation, 2009).

There a vast advantages and gains of FDI into Albania. It stimulates economic development and has helped developing countries such as Albania when faced with economic hardship previously. (Economy Watch 2009). Multi-billion dollar projects are underway in the energy sector to produce energy from wind, and solar sources, in addition to road and infrastructure construction. With FDI in the tourism industry, construction jobs in hotels and resorts are underway, also generating employment in the Albanian services sector. (New Europe 2009).

FDI into Albania permits the transfer of technologies and assists in competition between producers within the local market. Gains in the economy include the development of skills, and human capital resources by Albanian employees of Energy, Construction and Engineering firms receiving training on the operations of a business. The creation of new jobs, and increases the salaries of workers leads to lifestyle enhancement. (Economy Watch 2009).

The profits that are generated by FDIs that are made in Albania can be used for the purpose of making contributions to the revenues of corporate taxes. FDI allows for the development of the manufacturing sector. (Economy Watch 2009).

The Albanian economy has been on the rise, with an average annual GDP growth higher than anywhere else in the region. Such impressive growth has been largely due to controlling inflation in addition to investment. Previously, Albanian professionals would immigrate to other nations. “Brain drain” is used to describe the phenomenon of emigration of highly qualified professionals from Albania to other EU nations. FDI in Albania contributes to positive economic growth, and professionals are a source of capital for developing countries such as Albania. Reversing the brain drain has had positive effects on education, income distribution and economic welfare. (Centre for Social and Economic Studies, 2006)

A country’s balance of Payments accounts calculates its payments to and receipts from other countries.  If the FDI in Albania is a substitute for goods and services, the effect can positively improve the current account of the host countries balance of payments. (Hill CW, 2009). According to a UN report, inward FDI by foreign multinationals has been a major driver of export led economic growth, which can be utilised by Albania.

Adverse effects of foreign investment in Albania mean that enhanced competition as well as being a positive aspect could drive indigenous companies out of business. Additionally, foreign multinationals could raise prices, causing inflationary pressure within the Albanian economy. Key decisions affecting the host country’s (Albania) economy may be made by a foreign investment company that does not have total commitment to the Albanian economy. (Hill, CW, 2009)

Considering there are minimal well established incumbent enterprises in Albania, a Greenfield investment may be an option, even though there may be benefits in acquiring an existing firms skill’s, embedded competencies and culture through purchasing an established organisation. (Hill 2009, p506). However, the process of setting up a new Greenfield hierarchy may be the only viable mode in certain instances in Albania within engineering and construction due to lack of infrastructure and expertise in an ex-communist nation.

Appropriate entry modes of investment into Albania include investing with the Overseas Private Investment Corporation (OPIC) which is a US government agency that sells investment services into emerging markets. The most important fund for the region is the $ US 150 million Southeast Europe Equity Fund (SEEF), managed by Soros Private Funds Management. (Macro-Accessibility 2007).

The Trade and Development Agency is also a US government agency which promotes private sector participation in developing countries. In Albania, TDA has recently financed projects to implement roads, ports, the energy sector as well as various private sector projects. (Macro-Accessibility 2007).

The International Finance Corporation (IFC) is a member of the World Bank Group that offers a full array of financial products to companies in developing member countries such as Albania. The European Bank for Reconstruction and Development (EBRD) promotes competition, privatisation and entrepreneurship taking into account different stages of transition of developing countries. The EBRD has equity positions with the Albanian National Commercial Bank, and the Albanian Reconstruction Equity Fund and the Italian-Albanian bank. (Macro-Accessibility 2007). In addition to acquiring an existing company, obtaining finance from these corporations is a feasible entry point for an Australian firm entering a Greenfield project in Albania.

 Poor transport, telecommunications and other infrastructure are considered to be the main obstacles and barriers to investment. Albania was Europe’s poorest country, but levels of per capita income have more than doubled over the past 10 years. Despite this, the economy remains vulnerable on several fronts due to a culture of tax evasion, significant amounts of long term domestic debt and weak anti-money laundering laws. (Euromonitor International, 2009).

Corruption issues within the government and a weak judiciary system pose problems in Albania’s efforts to achieve greater cooperation with the EU. The EU’s members are concerned about the countries commitment to improving the rule of law and crime. (The World Bank Group, 2009). Multinational businesses may consider the lack of law as an impediment to a foreign direct investment.  (Euromonitor International, 2009).

 A major barrier to investment may be the issue of developing free trade zones to attract foreign investment. Existing law provides the authority to establish free trade zones and a special zone commission has been established by the Albanian government to identify potential free zone sites. However, no free trade zones have yet been established. (Macro-Accessibility 2007).

Apart from the monetary opportunities and profit yields that Australian firms and the home countries establishing FDI’s receive, there are opportunities for the host country (Albania) of such foreign investments. Albania’s young, literate populace represents a surplus of labour, reflected in the unemployment rate of 14 percent. While some members of the labour force are highly skilled, many work in inefficient industries with outdated technology. Via foreign firms investing in Albania, the skill sets and technological capabilities of the Albania’s young work force is enhanced. (Macro-Accessibility 2007). Albania’s are rapidly learning market economic practices and often display impressive entrepreneurship. (Macro-Accessibility 2007). There are definitely significant opportunities for the host country Albania through FDI.

 

References

 

 

Austin RC 2006, ‘Albania’s new investment strategies’, SETimes.com, viewed 22 October 2009,

 

Business Eastern Europe, 2008, ‘Business outlook – Albania’, 10 Oct 2008, Vol. 37 Issue 377, p3-3.

 

Centre for Social and Economic Studies, 2006, ‘From Brain Drain to Brain Gain: Mobilising Albania’s Skilled Diaspora’, Development Research Centre on Migration, Globalisation and Poverty, University of Sussex, UK

 

Economy Watch, 2009, ‘Benefits of Foreign Direct Investment’, viewed 23 October 2009, < http://www.economywatch.com/foreign-direct-investment/benefits.html>

 

Euromonitor International, 3 Jul 2009, ‘Albania: Country profile’ viewed 21 October 2009,

 

Forbes, S 2008, ‘Muslim Success Story’, Business Source Complete, 4 Jul 2008, Vol. 181 Issue 7, p15-16

 

Foreign Investment Climate, 2008, ‘Albanian Investment Overview’ Albania Review 2008, viewed 21 October 2009.

 

GM Publishing, 2009, ‘Renewable Energy in SEE – Albania, viewed 21 October 2009.

 

Hill, CWL, 2009, International Business – Competing in the Global Marketplace, 7th edn, McGraw-Hill Internation Edition, Washington USA.

 

Hirst, T, 2008, ‘Fund Launch’, Fund Strategy, viewed 20 October 2009.

 

Macro-Accessibility 2007, ‘ICON Group International, Inc’, viewed 23 October 2009,

 

Market Access, 2008, ‘Albania: Building a Stock Market’ viewed 20 October 2009,

 

NEWEUROPE 2009, ‘Albania has the world’s best growth in tourism investment’, neurope.eu, viewed 23 October 2009,

 

Quick Cross Rates, 2009, ‘XE.COM exchange rates’, viewed 25 October 2009,

 

The Heritage Foundation, 2009, ‘Index of Economic Freedom – Albania’, viewed 22 Oct 2009,

 

The World Bank Group, 2009, ‘Doing Business in Albania’ viewed 18 October 2009, <http://www.doingbusiness.org/ExploreEconomies/?economyid=3>

 

Wikipedia Contributors, 2009 September 30, ‘Accession of Albania to the European Union’. [Internet]. Wikipedia The Free Encyclopaedia, viewed 21 October 2009, http://en.wikipedia.org/w/index.php?title=Accession_of_Albania_to_the_European_Union&oldid=305088136

 

 

 

 

 

Appendix 1

 

 

 

Graph 1 – Foreign Direct Investment Inflows by Region ($ US Billions). (Hill 2009, p244).

 

 

 

 

 

Appendix 2

 

 

Graph 1 – ALBANIA. GDP and Consumer Prices % Change, Year. (Business Eastern Europe, 2008).

 

 

 

 

 

Table 2. Albania – Data and Forecasts. (Business Eastern Europe, 2008).

 

Category

2008 Rank

2009 Rank

2009 Rank

Population, mn

3.10

3.11

3.12

Exchange rate ALL/EUR

120.25

119.40

119.45

Imports, US$ bn

4.50

4.90

5.30

Exports, US$ bn

1.30

1.50

1.70

Trade Balance, US$ bn

-3.20

-3.40

-3.60

Current account, % of GDP

-6.90

-5.50

-4.20

Forex reserves (gold) US$ bn

2.50

2.95

3.43

Foreign debt, % of GDP

18.2

17.5

16.3

 

 

Appendix 3

 

 

Table 1. This table shows summary Albania Doing Business 2010/2009 data for the selected economy (out of 183 countries), and the rankings by each topic. (The World Bank Group, 2009)

 

 

Ease of…….

Doing Business 2010 Rank

Doing Business 2010 Rank

Change in rank

Doing Business

82

89

+7

Starting a Business

46

68

+22

Getting Credit

15

12

+3

Protecting Investors

15

14

-1

Employing Workers

105

105

0

Dealing with Construction permits

173

170

-3

 

 

 

Appendix 4

 

 

Table 2. This table shows the challenges of launching a business in Albania. Included are the steps entrepreneurs can expect, the time it takes on average, and the cost and minimum capital required as a % of GNI capital. (The World Bank Group, 2009).

 

 

Indicator

Albania

Eastern Europe & Central Asia

OECD Average

Procedures (number)

5

6.7

5.7

Time (days)

5

17.4

13.0

Cost (% of income per capita)

17.0

8.3

4.7

Min. capital (% of income per capita)

0.0

21.5

15.5

 

As members of the House DFL Caucus have been saying all week, the Republican tax bill is filled with hidden taxes on middle class families. Yet just yesterday, the House Property Tax Division Chair told a whopper on the floor of the House, saying that the tax bill has “no tax increases at all.”

                        Satyam: All is well that ends well

 

In Q2, our revenue grew… on the back of a 4-per cent volume growth and rupee depreciation against the US dollar… We believe these factors will also enhance annual margin performance… I would like to emphasise that Satyam is leaving no stone unturned in our efforts to create a sound foundation for our future.

Note to investors from B. Ramalinga Raju, Founder & Chairman, Satyam Computer Services, when declaring the company’s results for the quarter ended September 2008

 

The balance sheet carries as of September 30, 2008 inflated (non-existent) cash and bank balances… The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam stand-alone…)

Note from B. Ramalinga Raju to the Board of Directors of Satyam dated January 7, 2009

 

About Ramalinga B Raju

 

Byrraju Ramalinga Raju (born September 16, 1954) is the founder of  Satyam Computers and was its Chairman until January 7, 2009 when he resigned from the Satyam board after admitting to corporate fraud.

For a man who ran India’s fourth biggest software exporter, Mr Ramalinga Raju was not a showy person.His bungalow in Hyderabad city’s upscale Banjara Hills is an understated two-storey structure, with parking for no more than three or four cars.

Friends who have dealt with the 54-year-old chairman of Satyam Computer Services, say it is difficult to know what he is thinking behind a calm exterior. He goes for morning walks, but seldom appears at the swinging parties of Hyderabad’s elite.Behind his back, they sometimes refer to him as ‘the man with the Mona Lisa smile’.

Mr Raju, a native of Andhra Pradesh state in southern India, had a comfortable head start: He studied abroad, obtaining a business management degree from Ohio State University.

On his return, he began his career with forays into construction. Satyam, , was set up in 1987 with 20 employees as Raju spotted the opportunity in outsourced code-writing. He was on the board of Naandi, a non-governmental organisation based in Hyderabad which does stellar work in providing clean drinking water in rural areas and supplying mid-day meals to more than a million schoolchildren across India. He also runs the Byrraju Foundation, named after his father, and an emergency ambulance service that has won global acclaim.

 

 

 

About Satyam Cmputer Services Ltd

“The truth is as old as the hills” opined Mahatma Gandhi, So a company named “Satyam” (Truth, in Sanskrit) inspired trust, Satyam Computer Services Ltd was founded in 1987 by B Ramalinga Raju. The company offers Information Technology (IT) services spanning various sectors, and is listed on the New York Stock Exhcnage and Euronext.

Satyam’s network covers 67 countries across six continents. The company employs 40000 IT professionals across development centers in India,  the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia It serves over 654 global companies, 185 of which are Fortune 500 corporations. Satyam has strategic technology and marketing alliances with over 50 companies. Apart from Hyderabad,  it has development centers in India at Bangalore, Chennai, Pune, Mumbai, Nagpur, Delhi, Kolkatta, Bhubneshwar, and Vishakhapatnam

Chronology of Satyam

 

Sr.No.

Year

Event

1

1987

Ramalinga Raju establishes Satyam Computer Services Ltd.

2

1991

Satyam gets listed on the Bombay Stock Exchange, IPO oversubscribed 17 times.

3

2006

Revenues cross ‘ billion.’ Raju becomes Nasscom Chairman.

4

2007

Raju named Ernst & Young Entrepreneur of the Year.

5

2008

 

 

September 23

Satyam awarded with Golden Peacock Award for Corporate Governance and Compliance.

 

 

December 16

Satyam Chairman Ramalinga Raju announces plan to buy Maytas Infra and Maytas Properties owned by his sons for .6 billion.

 

December 17

Raju does a U-turn because of negative investor reaction

 

December 23

Satyam barred from business with the World Bank for 8 years for alleged malpractices in securing contracts. Shares fall to lowest in 4 years.

 

December 25

Satyam asks World Bank to apologize

 

December 26

Board member Mangalam Srinivasan resigns followed by exits of members Vinod Dham, Krishna Palepu..

 

 

December 30

One of Satyam’s largest investors says it could sell its stake.More suitors join in the fray to acquire Satyam.

6

2009

 

 

January 2

Satyam says its founder’s stake fell by a third to 5.13%.

 

January 6

Satyam’s i-bank DSPML meets Sebi, informs about accounting irregularitites

 

January 7

Ramalinga Raju resigns, discloses a Rs 7000-crore accounting fraud in balance sheets about cash which never existed in the company.

 

January 8

Satyam’s bank Citibank freezes its 30 accounts. Interim CEO Ram Mynampati says company in severe cash crunch and may not be able to pay salaries. Satyam’s auditor PwC faces ire.

 

 

January 9

Ramalinga Raju and his younger brother B Rama Raju arrested by Police. Central Govt disbands Satyam board, to appoint its own 10 directors.

 

January 10

Satyam’s largest investor Lazard seeks a nomination board. SEBI grills Raju.

 

 

January 11

New Satyam Board announced, Mr. Deepak Parekh, Kiran Karnik and C Achuthan appointed as board members

 

Feburary 5

A S Murthy appointed as new CEO

 

April 16

Company Law Board approved stake sale to Tech Mahindra

 

 

The Satyam Scandal – Explained

 

Satyam, which ironically means ‘truth’ in Sanskrit, was set up in 1987 with 20 employees as Raju spotted the opportunity in outsourced code-writing. Within no time, business was booming. Andhra Pradesh, of which Hyderabad is the capital, has one of the largest pools of skilled manpower in India. Satyam would prove a doughty competitor to its rivals, pricing its services so aggressively that some thought it was prepared to go with minimum profits in order to gain customers. And it expanded aggressively overseas. When he opened his Sydney office a few years ago, he occupied premises vacated by a top global IT firm. In China, provincial leaders vied to invite Satyam to set up operations in their areas. But once Mr Raju sold shares to the Indian public in 1992 and later, went for a New York listing in 2001, pressure grew on him to improve the company’s performance. Ever competitive, he was also in a rush to catch the market leaders, Tata Consultancy Services, Infosys Technologies and Wipro. Raju was obsessed with getting past the billion-dollar sales mark. When he got there, he wanted to post US billion. Satyam posted US.1 billion (S.1 billion) sales in the year to March 31, 2008.With the ever-rising pressure to perform, Satyam began doctoring the books to show bigger profits, a process that began several years back.

 

 

For Satyam, the recent developments are a direct leftover of the past. In fact, the story is about a decade old. In late 1999, IndiaWorld — a largely unknown internet firm — was acquired by Satyam group company, Satyam Infoway, for an eye-popping Rs 500 crore. The consternation that accompanied this deal was not hard to comprehend. IndiaWorld had a topline of just Rs 1 crore and a net profit of an insignificant Rs 25 lakh. At Rs 500 crore, Satyam Infoway, later renamed Sify, was paying this astronomical sum not just for IndiaWorld but for a number of sites that came with it — among them were samachar.com, khel.com and khoj.com. The argument dished out was based on the potential of the internet business and the logic of eyeballs was driving this valuation story. One was not sure about the source of funds and how much money went back to Ramalinga Raju.

 
A few months later in 2000, shareholders of Satyam were an irate lot. At the annual general meeting (AGM) of the company in Hyderabad in May 2000, shareholders accused Satyam of withholding facts and claimed they were defrauded. This was after the merger of three subsidiaries — Satyam Enterprise Solutions (SESL), Satyam Renaissance Consulting and Satyam Spark Solutions — with Satyam Computer Services. Post merger, 8 lakh shares of Satyam Computers were allotted to C Srinivasa Raju, who was then Satyam Computers’ executive director.

 
Shareholders contended that SESL had made a rights issue of 12 lakh shares at par just before this merger. A third of this was bought by Satyam Computer while the remaining 8 lakh shares went Srinivasa Raju’s way after they were renounced. Once shareholders of SESL were given shares in Satyam Computers in a 1:1 proportion, Mr Raju got 8 lakh shares at just Rs 10 each, when the shares were trading at a whopping Rs 1,600. The management of Satyam Computers, however, maintained that things were above board, though shareholders thought otherwise.

The seeds of accounting manipulation in Satyam were sown several quarters before Ramalinga Raju’s communiqué to the board on Wednesday, 7th Jan-09. In 2002, the department of company affairs (DCA) was in receipt of a slew of complaints from Satyam’s shareholders that there were accounting irregularities in the company.

Here, it was stated that Satyam’s directors invested unwisely in subsidiaries that were underperformers. This merely facilitated the process of tax evasion and employing methods such as writing off large amounts on depreciation.

 At first blush, Raju’s statement to the board in which he confesses to inflating profits appears a act of contrition by a man who was willing to stand up and face the music for his transgressions. If Raju was dressing up the bottom line, it was only to boost the company’s valuation and ensure that it stayed in the big league of IT services. A higher valuation also enabled Raju to borrow more money against his shareholding.

 

 

 

But Where did the money go?

 

Raju claims that Satyam inflated profits for many years…

By inflating cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books) Accrued interest of Rs 376 crore is non-existent Liability of Rs 1,230 crore is understated on account of funds arranged by “me” Debtors position of Rs 490 crore is overstated (as against Rs 2,651 reflected in the books)

 

but if this Rs 7,000-odd crore did not exist…

How were the salaries of 53,000 employees being paid with a business that ostensibly survived on just a 3 per cent operating margin? Were there more employees on the bench (than revealed)? Was Raju inflating profits to boost Satyam’s valuation, and borrowing money by pledging its shares?

…but if the money did exist…

Did the Rajus use Satyam funds to build a land bank of over 6,000 acres via a web of unlisted companies?

 

What happened to the funds raised? There was an ADR issue in 2001, via which Satyam raised Rs 753 crore and on March 31, 2002, Satyam became an almost zero-debt company with Rs 431 crore unutilised amount of ADR proceeds

 

 

 

 

 

 

 

 

 

 

 

 

The cash was king for Satyam

 

If Satyam was fudging profits, where were the funds for all-cash acquisitions coming from?

 

Sr.No

Year

Acquired Firm

Profession

Funding

(Amount in $ )

1

Apr-05

UK based Citisoft PLC

Business Consulting Firm

38Mn (Paid in tranches)

2

July-05

Singapore based Knowledge Dynamcis

Consulting Solution Provider

3.3 Mn (All cash deal)

3

Oct-07

UK based Nikor Global Solutions

Infrastructure based management services and consultancy group

5.5 Mn (All cash deal)

4

Jan-08

Chicago based Bridge Stratergy Group

Management consulting firm

35.00 Mn (All cash deal)

5

Apr-08

Caterpiller Inc

Market research and customer analytics operations

95.5 Mn for both deals (all cash purchase)

 

 

S& V Management Consultants

Supply chain management frim

 

 

 

The Downfall of Raju

 

The downfall of Raju, began in Dec 08 when Satyam attempted to acquire two companies controlled by his sons – Maytas (Satyam spelled backwards) Properties and Maytas Infra – for 1.6 billion dollars in order to compensate for the holes in his books of account. The deal was abandoned 12 hours after it was announced when investors objected, claiming it was an irresponsible misuse of funds and an instance of nepotism. The Maytas deals acted as a red flag for international investors, with a host of companies like Unpaid Systems of Britain accusing Satyam of fraud, forgery and breach of contract.
Shortly thereafter, on Dec. 23, the World Bank barred Satyam from offering its computer services for eight years citing a potential trail of corruption – data theft and bribery – that led to Raju.

The last straw perhaps came on Jan 09 when an Indian associate of Merrill Lynch terminated an agreement on grounds of “material accounting irregularities”.
 

The Role of Auditors

 

There is intense debate about the role of PricewaterhouseCoopers, the external auditors of the company in clearing the accounts of Satyam. Auditors are supposed to have checked, verified cash balances, bank statements, assets with relevant confirmations. Satyam was a large company, not a street store; PricewaterhouseCoopers is a globally reputed firm. The auditors cannot hide under the standard clause ‘auditors can be watchdogs and not blood-hounds’ especially when cash and bank balances have been overstated.

 

Role of Directors

The Companies Act in India has stringent corporate governance requirements of board members. Yet Raju was able to steer the fabricated accounts through his board members for 6-years! This has bewildered the corporate sector and regulators. At times, the company was holding excessive cash, as per the books. This should have invited questions by board members.

In particular, Independent Directors, who are appointed by shareholders at the behest of the board, are selected on the basis of their reputation, knowledge, and wisdom. They are the first defense of minority shareholders. Generally they bring specialized expertise. Independent directors have to meet standards set by stock exchanges too. The Indian Government specifically delineates the role of independent directors in safeguarding the interests of the organization and the shareholders.

An independent director would normally assume that audited accounts have been rigorously examined. This is more so when an internationally credible firm- like Pricewaterhouse Coopers- has audited the numbers. But, they need to still ask the right questions and probe. Sitting on numerous boards compresses the time an independent director has to reflect on what is happening inside the belly of a company.

 

 

The Facts about  Insider Trading

 

Raju has claimed that no one else in the company was privy to the fudging of accounts. But the facts speak something else. BSE figures show a number of senior people in the company, including Raju and CFO Vadlamani were reportedly selling Satyam’s shares over the last 22 quarters.

 

 

Sr.No.

Name of the Officail

Year

Stake in the Satyam/ No. of shares sold

1

Ramanlinga Raju

June-2001

23.0%

 

 

Dec-2001

22.4%

 

 

Sep-2002

21.6%

 

 

2003

19.0%

 

 

2004

16.0%

 

 

2005

14.0%

 

 

2006

11.0%

 

 

2008

8.27%

2

Vadlamani (Then CFO)

 

92538 shares

3

Ram Mayanpari  (Then CEO)

 

7,00,000 shares and 2,50,000 ADR’s

4

Kiran Cavale

 

4,00,000 shares and 10, 000 ADR’s

5

Rajan Nagarajan

 

4,30,000 shares and 70,000 ADR’s

 

 

 

Satyam Fraud Investgated

 

As soon as Ramalinga Raju confessed about the fraud, all the government deparments started investigating about the fraud. The deparments include CBI, SFIO, SEBI, ICAI and RBI.

 

 

CBI reveals modus operandi of Satyam fraud

 

Using cyber forensic techniques, the CBI has deciphered the modus operandi of the Satyam fraud. Following are the findings of CBI for some areas:

 

Sr. No.

Area

Remarks

1

Sales Data

IT company generated false invoices to show inflated sales. 7561 invoices were found to be hidden in the Invoice Management System. These invoices were worth Rs.5,117 crore. The accused already entered 6,603 of these, amounting to Rs. 4,746 crore.

 

2

Receivables

The fraud invoices resulted in creation of inflated receivables

3

Fixed Deposits

Investments shown as fixed deposit receipts (FDRs) worth crores of rupees were fake and printed from his personal device. The fake FDRs showed huge amounts, as the interest on these deposits was projected to be over Rs 375 crore, as against the actual interest income of Rs 7.42 lakh only.

4

Bank Guarantee

Manipulated the Bank Guarantees to show balance in bank accouts as Rs. 1800 crore

5

Balance in bank accounts

Forged the  bank documents showing the existence of the cash balance in five banks including ICICI Bank, HSBC, Citibank and BNP Paribas but the banks clarified that they do not have any cash balance in the name of the firm.

6

Who all were involved

CBI Chargesheet names Ramalinga Raju, Rama Raju, Suryanarayana Raju, V. Srinivas, S. Gopalakrishnan, T. Srinivas, G. Ramakrishna, D. Venkatapathi Raju, and C. Srisailam.

 

 

 

The revelations by Serious Fraud Investigation Office (SFIO)

 

The government, on January 13, had initiated an SFIO probe into various corporate aspects of the fraud under Section 235 of the Companies Act. The SFIO is a multi-disciplinary body set up in 2003 to investigate serious financial frauds. It consists of tax professionals, auditors, fraud examiners, capital market experts and banking professionals. Following are the revelations of the SFIO Commitee

 

Sr. No.

Area

Remarks

1

Main areas of inflation

inflation has happened mainly on six accounts, One is by falsifying cash and bank balances, by showing fictitious FDs, by showing fictitious interest being accrued on those FDs, by showing understated liabilities and also by showing overstating debtors.

 

2

Exports

Inflated to the tune of over Rs. 4500 crores over the last 7 years

3

Currency Remittance

Amount of Rs. 1940 crore is still unremitted

4

Books

Books inflated to the tune of Rs. 27167 crore

5

How long has this
been going on

Fy 01 to Sep 08

6

Reason for fraud

Very weak invoice management system and weak accounting practices

7

Accounting Sofware

Loopholes in accounting software and left passwords unsecured to facilitate fraud. software system for managing company’s financial accounting functions was deliberately made very complex for inflating profits

8

Invoice Management System

Weak password protection making the system vulnerable to misuse. Therefore, fake invoices could be created by unauthorised users. In order to Balance the collections against these fictitious invoices, they were first shown as receipts in the current account maintained with the Bank of Baroda, New York Branch and subsequently they were shown to be transferred to other bank accounts as fixed deposits. There were no validation checks for a number of invoices. The SFIO report points towards a serious control deficiency in the system that facilitated entering of unauthorised transactions, making unauthorised payments and non-detection of unauthorised activities.

 

9

Fixed deposits

The promoters were regularly generating fake quarterly balance confirmation letters showing the amounts of fixed deposits and the interest accrued on them. These forged current account balance statements and confirmation letters were fed into Satyam’s accounting software Oracle Financials for the quarterly audits of the company.

 

10

Current Accounts

three other bank accounts in India, Citi Bank, HDFC Bank and HSBC were also used for this purpose of falsification of current account balances.

 

 

SFIO in its report on the Satyam fraud case said that the IT company’s claims of depositing funds raised through American Depository Shares in 2001 in banks could not be verified. Satyam in 2001 through a public issue in the US raised Rs 760 crore and claimed it deposited the amount in Citibank, New York. Though the company claimed that it transferred Rs 397 crore to India, the SFIO report said, it was wrongly mentioned to have been transferred to India and the actual utilisation of this amount could not be traced as all the amounts were transferred from this account to some unknown accounts through Citibank, Bahrain.

      Satyam- Now Tech Mahindra

 

Tech Mahindra pipped Larsen & Toubro and the Wilbur Ross group to claim the fraud-hit Satyam Computer. According to early reports on Monday, Tech Mahindra is paying Rs 1757 crore for a 31% stake in the company, or Rs 58 per share. Satyam Computer Services has now zoomed 15% to Rs 54.20 ahead of the announcement of the highest bidder for the company on April 13, 2009.

 

 

Conclusion

 

The Satyam Saga cannot be concluded in just few pages. The truth is still to be revealed. The only truth which we know now is  that  nearly billion of wealth that belonged to 3 lakh shareholders  eroded in a week; the jobs of 53,000 were on the line; the shareholders’ net worth drops from a positive Rs 8,529 crore to a negative Rs 278 crore only because of greed of few people.

 

But one thing is very true had it not been for a fraud, the way things were manipulated for over seven years in IT major Satyam Computers could be a “work of art”, If it were not for a dishonest purpose, the planning and execution to the minutest detail is truly admirable.

 

But we still wonder What was Raju thinking; since when—and why—was he thinking this way; and how did he do it?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                          

 

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CONTA

In the name of God, Most Gracious, Most Merciful

Praise be to God,

The Cherisher and Sustainer of the Worlds;

Most Gracious, Most Merciful;

Master of the Day of Judgment.

Thee do we worship,

And Thine aid we seek.

Show us the straight path,

The path of those on whom

Thou hast bestowed Thy Grace,

Those whose [portion)

Is not wrath,            

And who go not astray.                    

 

SLOGAN:

                            BETTER THE CITIZEN

                            BETTER THE NATION

 

WHAT IS INDIA

 

PENINSULAR  I N D I A   Hind-istan, Bhaarath, the Sub-Continent so rich and abundant in natural wealth, vibrant in emotions, Indians' integrity in diversity, diversified in culture and is the potpourri of customs and traditions, of myriad cultures that came to this land as conquerors, traders and Arab conveyors stayed back as citizens. The Aryans, the Moroccans, the Greeks, the Mongols, the Mughals, the Arabs, the British, the French, the Portuguese……... the civilized world that came to rule the native, ‘Dravidians' and fell prey to a people that were civilized centuries before their conquerors' forefathers  learnt to read and write.

 

                 INCREDIBLE  INDIA

 

BE PROUD TO BE AN INDIAN (HINDIAN).  

            JAI HIND (HIND-ISTAN).

 

WHO WE ARE

 

  I N D I A N        A C T I O N       F O R U M

 

IAF is an association of Non Politicians founded in Madras in 1990, but claims to be An Independent Extraordinary Political Party of Indian Society which mainly intended to bring a Revolutionary Change by complete transformation existing Notorious criminals in Indian political field by Establishing a Respectful Honest Political Party in the name as INDIAN ACTION PARTY. The forum intends to act as a catalyst to revitalize the entire nation. IAF wants unite all the welfare non-profitable organizations which oppose self-serving politicians and narrow-minded parties of vested interests and to form One Political Force that can bring about fundamental change. The Philosophy is LET PROFESSIONALS RUN THE GOVERNMENT AND LEAD THE NATIOM. This is the Primary Objective for which the forum was founded.

 

 

WELCOME

 

  I N D I A N        A C T I O N       F O R U M.

 

IAF is an association of Non Politicians welcomes you for National Effort and Network. The initial thrust of IAF was to make a Complete Social Reformation [Transformation of existing Notorious Criminal Politicians]. The Philosophy is LET PROFESSIONALS RUN THE GOVERNMENT AND LEAD THE NATIOM. This is the Primary Objective for which the forum was founded. Democracy is a way of life. It’s not just about documents or governments; it’s about the things we do every day that contribute to society and make it a better place to live. By the People will examine the day-to-day actions that create a democratic way of life. In true democratic fashion, we invite you to join the discussion and share your own experiences as a citizen.

 

Individuals and Organizations who synchronize with this IDEOLOGY and who long for a complete transformation of the present political system could become a member of the INDIAN ACTION FORUM. Toward this goal we welcome you to join in this National effort.

 

SOCIAL CHANGE:

 

As the very phrase “power structure” suggests, it is not easy to change power arrangements, even in a country where people have won freedom of speech and the right to vote. To start with, it is necessary to understand the intricacies of a power structure and how it was constructed in order to change it — that’s where the power structure research is made by us and finally decided to Reform the existing structure instead of changing the whole to a new devil.

 

HOW YOU CAN HELP.

 

LIVE AND LET LIVE

 

Participate in politics, Join IAF to struggle for second freedom, free India from notorious political criminals through Democratic means using the Ballot.

 

For the past few decades, India’s educated elite have taken less interest in politics than the uneducated masses. And this has probably been the greatest reason why India’s infrastructure, health and basic education have maintained 3rd world standards even while the educated elite have rocketed up to international levels of wealth but the illiterate and illegitimate politicians and few well learned criminal minded politicians have competed them 1000 times more. IAF has now set its priorities in pooling our Elector Resources and Righteous Candidates who are both honest and professional for the benefit of the country.

 

India’s intellectuals have been too busy making money for themselves to bother with societal issues, and so some of the most challenging problems in India remain unsolved. But it is time that we educated elite realize how valuable our freedom is to our continued prosperity; the world’s largest democracy will crumble if we do not begin to participate actively in its well being.

 

We must understand that the plight of the uneducated masses is our own plight, and that it is our responsibility to raise all of India to greatness. Uneducated voters are more likely to be swayed by manipulative politicians with corrupt agendas and are less likely to understand which government policies will benefit them in the long-run.

 

If we – who can read and write, who understand why minority rights must be protected, why women should be respected, and why religious tolerance is essential – do not vote, then how do we expect our democracy to continue to function in a sensible manner?

 

If we hope to see any improvement in things like water quality, health and education, we must make our voices heard by ballot, not just on blogs. A successful democracy encourages voting by all its people, but it demands the active participation of its most educated.

If there is a social welfare Organization without ultimate result then what is the use in running. We beg you to think twice. You can identify the right candidates and recommend to IAF. IAF will post them in the field and will work for them to succeed in the Election. Simply running for helping the people had helped politicians to concentrate on corruption as we have taken care off what they are suppose to take care. Kindly join IAF let us together struggle for second freedom. Please unite all the welfare organizations known to you. Out of them we have sufficient candidates who can save the Nation.

  
So GO ROCK THE VOTE in the General Elections either to the righteous OR

Excercise

SECTION 49 (O) OF THE CONSTITUTION.

 

Exercise your rights enshrined in the Article under Section 49 (O) of the Constitution of India and as per the 1969 Act.

 

49 (O). Elector deciding not to vote.-

 

If an elector, after his/her electoral roll number has been duly entered in the Register of voters in Form-17A and has put his signature or thumb impression thereon as required under sub-rule (1) of rule 49L, decided not to record his vote, a remark to this effect shall be made against the said entry in Form 17A by the presiding officer and the signature or thumb impression of the elector shall be obtained against such-remark.

‘It is submitted that there is a system in our constitution, as per the 1969 Act, U/s. 49 (O), a Voter could record that he or she does not want to vote for any candidate, that person can go to the polling booth, confirm his identity, get his finger marked and convey to the Presiding Election Officer / The Returning Officer that he/she doesn’t want to vote anyone. By Legally Registering their refusal to vote instead of not showing up for voting, thereby bogus voting could be stalled.’
Yes such a feature is available, but obviously these seemingly Notorious Politicians have never disclosed it and it is seemingly surprising why the Election Commission of India has not revealed such a feature to the public….       This is called 49 (O).

 

Pundit Jawaharlal Nehru said, “Frankly Speaking as a Politician, We Politicians Have To Fade Away. There Should Come a Day Where Doctors, Lawyers, Economist Etc; Rule the Nation.” 

 

‘Our system needs a change’, ‘Our politicians need to fade’, ‘Our government needs newly wake up’: Public service needs new face that will create a new culture of service and renewed sense of social and political responsibility. For years, these lines have littered the rhetoric of politicians, activists, and citizens alike. But for a moment recently, the public began to dream of effecting real change and that to through the MEDIUM OF DEMOCRACY — the ballot box. This is the time for the youth to go beyond voting, and engaged at deeper levels with sense of public duty and responsibility. Without Removing these Politicians there is no hope for improvement. Indeed a complete transformation of the present political system is required.

Without Removing these Politicians there is no hope for improvement.

 

One need not become a MAOIST, naxsalite, siruthaipuli, kaluthaipuli, Tiger, Ulfa extremist or third grade religious fundamentalist etc., just Exercise your rights enshrined in the Article under Section 49 (O) of the Constitution of India and as per the 1969 Act.

 

What is lacking:

 

However, in casting the Vote, in the Electronic Voting Machines, such a facility is not available to the voter. Although, Rule 49 [O] of the Conduct of Election Rules, 1961 provides that an elector may refuse to vote after he has been identified and necessary entries made in the Register of Electors in Form-17A and the marked copy of the electoral roll, the secrecy of voting is not protected here inasmuch as the polling officials and the polling agents in the polling station get to know about the decision of such a voter.

 
The Commission recommends that the law should be amended to specifically provide for negative / neutral voting. For this purpose, Rules 22 and 49[B] of the Conduct of Election Rules, 1961 may be suitably amended adding a provision that in the ballot paper and the particulars on the ballot unit, in the column relating to names of candidates, after the entry relating to the last candidate, there shall be a column ìNone of the above, to enable a voter to reject all the candidates, if he chooses so. Such a proposal was earlier made by the Commission in 2001 vide letter dated 10.12.2001.

 

(A petition by the People Union for Civil Liberties seeking such a provision filed at the time of the recent general elections is pending before the Honorable Supreme Court) 

For the past few decades, India’s educated elite have taken less interest in politics than the uneducated masses.

THOUGH ILLITERACY IS THE PRIMARY CAUSE BUT IGNORANCE OF THE LITERATES IS THE SERIOUS CAUSE. MANY ILLITERATES ARE INNOCENT, MANY LITERATES ARE IGNORANT. INNOCENCE FORGIVABLE BUT IGNORANCE PUNISHABLE.

 

POLICY:   DO OR DIE

THE ART OF IAF:

  

SECOND STRUGGLE FOR FREEDOM.

 

Free the country from the criminals. Through Democratic Means:  Voting to righteous will do the best.

                  

OUR VOTE IS A POWERFUL WEAPON. NON–VIOLENCE, NO  STRIKE / NO BUNDH / NO HARTHAL.

 

WHAT IS POLITICS:

 

Politics is a ‘Rough Diamond’  Diamond cuts Diamond. The voting rights are small Diamonds, that will shape Rough to Real Diamond. If right people ignore politics, Hooligans will take it for granted. Proper personals to Represent the people before the Assembly, Parliament and Local body can prevent CRIMINALS entering into politics. Really speaking Politics is Noble, but it becomes “DRAINAGE” when CRIMINALS ENTER. So, it is the duty of every citizen to see that Righteous people to represent them before Parliament, Assembly and Local Body.

 

HOW A GOVERNMENT TO BE:

 

The basic requirement to form a better Government depends upon the quality of the candidates representing the people before the Parliament, Assembly and Local Body.

 

WHAT ARE THE CRITARIA?

 

All the candidates are to be Honest Gentlemen with clean habits and helping nature, non- stiff neck, with patience, perseverance and tolerance towards all aspects. 

 

MODEL GOVERNMENT:

 

1. THE SPEAKER: A Retired chief justice of the High Court or a senior advocate.

 

2.  Deputy Speaker: The same shall apply.

 

3.  Law Minister: Namely a retired Chief Justice of  the High Court or a senior most advocate would be an appropriate candidate to head the Law Ministry and with a Law Committee of 20 MLA’s of learned lawyers. Likewise each sector would be headed by a PROFESSIONAL AND A COMMITTEE TO GUIDE the Ministry.

 

4.  Law Committee: There should be 20 MLA’s from legislative side: Judges, Magistrate, senior advocates, attorney, registrar of court, and Court Officers, etc.

 

Duty: This committee will be headed by the Minister. The committee has to find out the difficulties faced by the public due to delay in disposal of cases and waste of time, money and effort. And also to remove the useless Laws, acts, British Penal Code, British’ Procedure code both in Criminal and Civil, rules and regulations; which help the culprits to escape. There are millions of changes needed. Or to throw away the existing and bring out a simple crystal clear Laws. Simplified procedures.

To have a common criminal code with severe punishment, so that none dare to commit a crime. Prevention is better than cure. Criminals are killing innocent people and robbing the Govt., bailed and escape as financially sound.

 

5.  MINISTRY OF EDUCATION

 

MINISTER:  A Retired Vice-Chancellor.

 

6.  EDUCATIONAL COMMITTEE: 20 MLA’s are to be from educational side. Principal  Head Master  Teachers . Professors , Managing Trustees & Trustees of various Institutions, Social  Welfare Organizers and members of human wrights, etc..

 

Duty: To make a common education to all the children and to check the difficulties and torture faced by the children and parents relating to school timings, prayer etc,. And to introduce the fundamentals of Vedas, Bible and Qura’n in school education.

School Timings : 9 am to 1pm Girls, 1 pm to 5pm boys, 5 pm to 7 pm adults.

One subject one lesson per day. Thoroughly completed no home work no tuitions required. (compulsory education).

 

7.  FREE EDUCATION TO CHILDREN & ADULTS.

 

 This ministry will discuss with the FINANCE COMMITTTEE and finally send the ” DECISIONS ” to the Law Committee for Legal opinion.

 

MINISTRY OF FINANCE:

 

MINISTER: E C O N O M I S T.

Committee: 20 MLA’s Experts in Economics, Finance, Trade & Commerce,  Banking Sector, Manufacturing Unit, Industrialist, Agriculturist, Fisheries.  To determine: The Expenses, to find out the source,  the total output from the state to the central to seek support from the central. Minimize the overhead burden to the public.

 

10.  Funniest & Silliest : Sales Tax on Medicine and Corporation Tax on Hospitals are PENAL. (Pay Bribe or Take the Dead Body).

Best Kanna Best.

 

11.  MINISTRY OF HEALTH:

 

MINISTER: DOCTOR OF MEDICINE (DEEN OF HOSPITAL).

 

       COMMITTEE: 20 MLA’s  DOCTORS and (Health & social welfare)

 

            A. All the citizen must get absolutely FREE MEDICATION.

 

            B. To prevent diseases.

 

            C. To Ban smoking completely. 

 

            D. To Ban alcohol and related products.

 

            E. To Ban Prostitution.

 

            F. To provide Hygienic water, street & Road cleanliness, measure through meeting with ministry of Environment, Corporation,             

 Municipality and Panchayat  Etc.,

 

13.  MINISTRY OF ENVIRONMENT

 

14.  MINISTER: SOCIAL STUDIES.      COMMITTEE: 10 MLA’s

 

Retired uncorrupted officials IAS, IPS and Social Workers like EXNORA. They have to study the field and meet the relevant ministries to frame a Network and finally educate the people as well to introduce in schools, colleges, the knowledge, the importance and also to join hand with the ministry of health.

 

To control pollution: Vehicles, Industries and Factories.

 

15.  MINISTRY OF POLICE:

 

16.  MINISTER: ‘JUDGE’.  Committee of 20 MLA’s of Law graduates and personals from Various sectors including anti corruption movement etc..

Important clause: This ministry will form Corrupt Practice Investigation Bureau and to work in all the departments from top level to the bottom. The culprits giving and taking will be arrested on the spot. Law graduates will be appointed to the rank of police inspector and will be employed (detectives) to root out corruption. But at the same time sufficient salary will be paid and income tax exception up to Rs. 3,80,000/- and income tax on the above shall be  @ 2.50% . These changes shall be done by the Govt. formed by IAF.

 

SIMILARILY ALL THE MINISTRIES WILL BE FORMED.

 

CONSTITUTION OF INDIAN ACTION FORUM

 

1. NAME AND PURPOSE:

 

The Founder trustee and other trustees established a public charitable trust in the name as:

 

              INDIAN ACTION FORUM

 

Hereinafter called IAF. The IAF claims to be An Independent Extraordinary Political Party of Indian Society which mainly intended to bring a Revolutionary Change by complete transformation of existing Politicians by Establishing a Honest Political Party in the name as:

 

           INDIAN  ACTION  PARTY.

 

2. OBJECTIVES:

 

Pundit Jawaharlal Nehru said, “Frankly Speaking as a Politician, We Politicians Have To Fade Away. There Should Come a Day Where Doctors, Lawyers, Economist Etc; Rule the Nation.”

 

THE PHILOSOPHY IS LET THE PROFESSIONALS HANDLE THE RESPECTIVE SECTORS AND RUN THE GOVERNMENT AND LEAD THE NATION: This is the Primary Objective for which the forum was founded and the party was established.

IAF an organisation that intends to work to innovate a modern democratic political process where people are the rulers and IAF will work to keep the people in power.

 

IAF would unite all the welfare non-profitable organizations which oppose self-serving politicians and narrow-minded parties of vested interests and form One Political Force that can bring about fundamental change. To oppose the growing criminalization of politics by the major parties in Parliament, headed by the Congress Party and the Bharatiya Janata Party and coming up of other similar third grade party or parties.

To educate the educated elite and illiterate mass to oppose the self-serving politicians and narrow-minded parties of vested interests in the ballot by using 49 (O) for time being.

 

3. M  I  S  S  I  O  N      S  T  A  T  E  M  E  N  T.

 

The Principal objects of the Trust and the Party is as follows:

 

1. To strive for securing and protecting the Rights Of Every Citizen.

 

2. To strive for safeguarding the dignity and honor of all the citizens

    Especially the deprived sections and the destitute of the Indian

    society.

 

3. To educate the people about the social evils, Terrorism and

    Atrocities, even a strike or a bundh or harthal is an evil, creating

    Loss to the society and to launch programs against them.

 

4. To advocate the cause of the oppressed people and to render to them all lawful (legal) assistance.

 

5. To educate the people especially the younger generation about non

    violence and to use the democratic means to achieve the RIGHTS.

 

6. To preach against terrorism and violence.

 

7. To educate people so as to remove the conflict between religions, and to achieve social integration and communal harmony. 

 

8. To render assistance to people affected during natural calamities and riots.

 

9.  To increase blood donors among the society.

 

10. To increase eye donors.

 

11. To draw schemes for the welfare of the economically weaker sections of the society.

 

12. To draw schemes for the educational welfare of the students

      Community and to render them educational assistance.

 

13. To render medical assistance to the economically weaker sections of the society.

 

14.  To render legal support to the members and to their family in case of torture either by social bad elements or third grade police or any department seem to be against the law or against the fundamental rights enshrined in the Indian constitution through legal means. The legal cell of the IAF will enter into the matter and get justice to the permanent member.

15. To strive to prevent corruption, by way of trapping by the help of

      the concern department even on the higher level also, whoever he/

      she may be.

 

16. To unite all the social welfare organizations and associations of

      various sectors to work together.

 

17.  To strive for social justice and equality for all segments of Society.

 

To promote the interests and all round welfare of all the socially, economically and educationally downtrodden people in India. To run Hospital or other institution or Institutions for the reception and treatment of persons suffering from illness of mental defectiveness left on the street starving or for the receipt and treatment of persons during convalescence of or persons requiring medical attention of rehabilitation solely for philanthropic purchase and not for purpose of nay gain and profit.

 

To help the rural folks and unemployed youths in all possible way in order to make themselves reliant and self – supportive.

 

To study the problems of the weaker sections of the people in India and focus attention of them.

 

To conduct Training programs of development and communication, so as to help development groups and others to communicate to their beneficiaries better and deeper through many cultural media.

 

To enable the socially, educationally and economically downtrodden people of India to realize and fulfill their responsibilities in themselves in society to the country and to the world.

 

To work in co-operations with similar social welfare organizations of India and other countries for the welfare of the people in India.

 

To bring together and co-ordinate the activities and affiliate Organizations working for the welfare of the socially, educationally and economically downtrodden people.

 

To conduct periodic lectures, meetings, conference, seminar and surveys on matters of interest to weaker sections of the people in India.

 

To provide a medium for the exchange of information above the activities, objectives and experiences of similar organizations.

 

To help them acquire local need-based requisite, minimum knowledge and skill in the field of economic activities.

 

To enable welfare organizations to formulate and carryout common Program.

 

To establish local need-based community life experience centers with the following views.

 

Functions as centre of, out of school education including study groups, seminars, work shops, and such other activities would promote social understanding particularly fact the child labor and Tribal folk and serve as a forum for placing and evaluation.

 

To intimate and organize local based economic projects to serve as 1. Training  2. Research  3. Experiment  4. Support and maintain the expanding activities of the trust.

 

To provide appropriate services for the socially, economically and educationally weaker section of the people which will not prejudices self-reliance, to encourage the spirit of voluntarism by revitalizing the existing voluntary social welfare groups particularly local action oriented groups.

 

To provide common forum for the voluntary agencies concerned with growth and development, to share their cherished ideas and through which to enable them to speed up the process of concerted efforts for action.

 

To establish branches, officers and regional committees, local committees and the like and to initiate inter group and inter state projects and enable local groups and branches of social welfare organization to carry them out.

 

To subscribe to the process of social justice through local action groups whenever possible.

 

To affiliate to any national and / or international organizations including the United Nation Organization and its specialized agencies and / or to co-operate with them in all matters concerning the common interest and the welfare of the weaker section of the people in India.

 

To establish and maintain research and reference libraries, reading rooms, study classes, hostels and centers for a study, recreation and welfare for the socially, economically and educationally downtrodden people in India.

 

To publish journals, tracts, pamphlets, books and the like for promoting the above aims and objectives for private circulation.

 

To conduct orientation programs for social workers on basic law in order to make them understand of our nation.

 

To promote sustainable agriculture and environment development through various activities in India.

 

To create media awareness among the people.

 

To create awareness about human rights among the people.

 

To Translate / Publish world literatures in to Indian languages.

 

To Translate / Publish Indian literatures in to world languages.

 

To establish an educational institution and render service to the poor without any distinction of caste, sex and religion.

 

To carryon activities helpful to the society in general & to any individual or individuals in particular in the field of education and

 

To form a nucleus or plat from of universal brotherhood without distinction of race, creed, sex, caste or colour.

 

To motivate and uplift the poor, women, backwards and downtrodden to achieve mental confidence and security for life time and to prepare grounds for the same.

 

To discourage and eliminate child labor in all it’s forms and to promote and protect minorities welfare and rights.

 

To do all other acts and things as are conducive and helpful to advancement and fulfillment of the principal and other objects.

 

To give Training to uplift the rural folk and women in India.

 

To run and as well support to orphanage and old age homes in India.

 

To create awareness about Individual House Hold Latrine among people.

 

To create awareness about Personal Hygiene practices among people.

 

To create awareness about Rural and Urban sanitation.

 

To create awareness about Solid waste and Waste water Management among people.

 

To run Rural Sanitary Mart.

 

To uplift the Religious and Language minorities in India.

 

3. IAF will have the following structure:

(a) National Convention.

 

     1. POLITICS: INDIAN ACTION PARTY

 

CHAIRMAN / FOUNDER TRUSTEE:

 

IRAIARIGNAR.

 

Born on 28th June, 1954 at Ramanathapuram District, Hind-Indian Muslim, Political Analyst, Theologian, Orator, Writer and Social Worker}.

 

TRUSTEES:

 

1. Mr. A.C.S. CHELLAPPA, Hind-Indian Christian, Writer, Dramatic Script writer and Social Worker.

 

2. Er. DURGAPRASAD, Civil Engineer, Hind-Indian Vedanthist  and Social Worker.

 

FLAG OF THE PARTY:

 

In three colours

 

On the top it shall be Sky Blue

 

To teach every one that their AIM should be at the very Height.

 

In the Centre it shall be Grass Green

 

               To keep the Earth ever productive.

 

At the bottom it shall be Oceanic Blue.

 

               To keep their heart widen like the Ocean.

 

The area of operation of the trust and party will be preferably in all over India.

 

www.indianactionforum.org        Email: indianactionparty@yahoo.com

 

Branches of the trust and party if deemed necessary shall be opened at the discretion of the trustees at one or more places in India.

 

(a) General Council.

     

(b) Executive Committee.

 

(c) Activists:  

 

01.  Corrupt Practice Preventive Team.

02.  Specific Activities Councils

03.  Legal Wing.

04.  Environment Team.

05.  Propagation Committee. 

 

Specific activities:

 

01. Human Rights Council.

02. Business Council.

03. Cultural Council.

04. Academic Council.

05. Philanthropic Council.

06. Health Services Council.

07. Youth Council.

08. Women’s Council.

09. International Advisory Council.

10. Credentials Committee.

11. The Secretariat.

 

1.     The income and funds of the Trust shall be solely utilized for the benefit of any person referred to in sub section 3 of 13 of the income Tax Act 1961 and for no amount of payment to be made to Trustees by way of profit, interest, dividend and etc.

 

2.     The Trust and the Trust fund shall be irrevocable for all times.

 

3.     Regular and correct accounts of the Trust funds, receipts and expenditure shall be maintained. The Financial year of the Trust shall end on 31′st March of every year. Tile accounts of the Trust shall be audited by a qualified Chartered Accountant.

 

(a)    The Trust fund shall be invested in accordance with the provisions of section 13 (1) (d) read with section 11 (5) of the Income Tax Act, 1961.

 

 (b)   The Trust will have to carry on the activities / Business only if it is incidental to the attainment of the objectives of the Trust and with in the parameters lay down in section 11 (4A) of the Income Tax Act 1961.

 

(c)    The amendments if any made to the Trust deed will not be extend to alter the basic character / objects of the Trust and no such amendment which may prove to be repugnant to the Provisions of section 2(15), 11, 12, 13 and 80 G of the Income Tax Act, 1961.

 

(d)    If any amendment is to be made, the same is to be made with the prior approval of commissioner of Income Tax.

 

(e)    In the event of dissolution winding up of the Trust the assets remaining as on the date of dissolution shall under no circumstances be distributed among the trustees and the same shall be translated to another charitable Trust whose objects are similar to those of this Trust and which enjoys recognition under section 80G of the Income Ta Act. 1961.

 

(f)     The Trust may accept any donation, contribution, grant or subscription in cash or in kind from any person. Institution or Body of Individuals or Association of Persons or Trust or organizations with or without conditions from India or abroad. Incase or receipt of foreign donations, permission from the Ministry of Home affairs will have to be obtained and code number will be obtained.

 

[g]     To apply to income tax department for tax exception for the donors under section 80G of the Income Ta Act. 1961.

 

4.     (a) The number of Trustees shall not be less than Three and not more than seven.

 

b)     All the Trustees unless voluntarily resign or otherwise decide shall continue to be the Trustees during the term of their natural lives.

 

c)     The Fonder Trustee of the First part Irai-arignar. M. Ahamed Zainul Arif, shall have to nominate any person as Trustee during his life time.

 

d)     On any vacancy occurring in the board of Trustees by the death or by the resignation of a Trustee to any other cause, it shall be competent and lawful to appoint any person in the place of the person or persons who ceased to be Trustees. The power of appointment of Trustee shall be appointed by the present Founder Trustee of the first part as he decides till his life time. After his life time, the remaining Trustees will appoint the trustee.

 

5.     The Trustees shall not be entitled to any remuneration, but the Trustees may reimburse themselves all expenses actually incurred by them in connection with the trust duties relating thereto.

 

(a).   The affairs of Trust shall be managed by the Board of Trustees of the said Trust. The Founder Trustee and other Trustees and every person who may hereafter appoint as Trustees shall constitute the Board of Trustee.

 

(b)    The Founder Trustee of the first part Irai-arignar Mr. M. Ahamed Zainul Arif, shall be appointed as the ” SOCIAL WELFARE TRUST” of the Board and shall hold office as such for his natural lives unless he resign.

 

(c)    The Managing Trustee shall if present, preside over all meetings of the Board.

 

(d)    If the Managing Trustee is not present within half an hour of the IAF for which the meeting has commenced, the members present shall elect one among them as a president of the meeting.

 

(e)    The Board of trustees may exercise all the powers vested with them under these presents or by law, by a resolution passed at meetings of the board of trustee by a majority of votes.

 

 (f)    In the event of equal division of votes, the president of the Board of Trustees shall have a casting vote in addition to his vote as Trustees.

 

(g)    A resolution in writing circulated amongst all the Trustees and signed by majority of them shall be as valid and effectual as if it had been passed at a meeting of the Trustees duly called and convened.

 

(h)    On any vacancy arising in the office of managing Trustee or president the successors to such office shall be filled in by election by the Board Trustees.

 

6.     That for the furtherance of the objects of the trust, the Board of Trustees shall have the following Trustees.

 

(a)    To accept any donation, contribution, grant or subscription in case or in kind, from any person, body of person or trust, with or without conditions.

 

(b)    To apply the whole of any part of the income of the Trust or the trust fund or accumulations thereto, to anyone or more of the objects of the trust as the trustees may in their discretion deem fit from time to time.

 

(c)    To convert and deal with the trust property and / or any investments for the time being.

 

(d)    To invest Trust fund either in the purchase or construction of immovable properties or to obtain immovable property by way of lease or of mortgage immovable property or in such manner as allowed by law as may be in force from time to time and to convert, vary dispose of or transfer such investments from time to time.

 

(e)    To borrow or raise or secure payments of money and also to lend money as interest free short term loans either with or without security.

 

(f)     To sell, dispose of alienate or deal with any property comprising the Trust Fund.

 

(g)    To let out demise any immovable property comprised in the Trustees Fund for such period and at such rent on such terms and conditions as the Trustees in their discretion may think fit.

 

(h)    To open account in the name of the Trust, Trustees and / or Institutions conducted by the Trust with a Bank of Banks, to operate such account and to the Bank and to provide for opening and operation of such account by Chairman/Founder Trustee.

 

(i)     To adjust, settle, compound, refer to arbitration, all actions, suits, claims, demands and proceedings regarding the Trust Fund.

 

(ii)    To appoint constituted attorneys or agents and to delegate to such attorneys or agents all or any of the powers vested of them under these presents and from time to time remove such attorneys or agents and to appoint any other in his or their place.

 

(k)    To appoint or make provision for the appointment of any person (including all or any of the Trustees and committees or administrator or managing Trustee or otherwise) for the purpose of the administration of the Trust in such manner and subject to such rules and regulation as the Trustees may prescribe and also to appoint or provide for the appointment of this Deed in such manner and subject to such rules and regulations as the Trustees may from time to time think fit.

 

(l)     To make, vary, alter or modify schemes, rules and regulations for carrying out the objects f the trust and for the management of the affairs there of and / or running any institution in furtherance of the objects of the Trust and otherwise for giving effect to the objects of the Trust.

 

(m)   To set apart and / or allocate the whole or a part of the income or the corpus of Trust Fund or part thereof for any of the objects of the Trust.

 

{n}  To with any other or others having kindred or allied objects, upon such items and conditions as the trustees may in their discretion think fit particularly hailing regard to and conformity with the objects and nature of this Trust.

 

(0)    To give aid by way of donations out of the income or the corpus the Trust Fund or otherwise, to different charitable institutions, societies, Organizations or Trusts in India which may have been established or which may here after be established for the like charitable purposes mentioned in these presents or any of them to enable such institution, societies, organization or Trustees to start maintain, or carry out such charitable objects.

 

(p)    To borrow money either on the security of any property comprised in the Trust Fund or otherwise, for all any of the purpose of these presents, and it shall be lawful for the Trustees to make such borrowings on they may in their absolute discretion think fit.

 

(q)    To apply to the Government, public bodies, urban, local, municipal district and other bodies, corporation, companies or persons for and to accept grant of money and of aid, donations gifts, subscriptions and other assistance with a view to promoting the objects of the Trust and to discuss and negotiate with the Government Departments, public and other bodies corporations, companies or persons, scheme and other work and matters within the objects of the trust and to conform any proper condition upon which such Grants and other payments may be made.

 

(r)     To establish, promote, manage, organize or maintain or to assist in establishing, promoting, managing, organizing or maintaining any branch of the Trust or its branch with objects similar to those of those of this other Trust with this Trust.

 

(s)    To take over, acquire, manage, control or aid any existing institution or institution having objects either wholly or in part similar to the objects of this Trust and on such terms and conditions as may be thought expedient.

 

(t)     To transfer and hand over the Trust on dissolution to any other society Institution, Trust or Organization having similar objects discretion think fit and proper to be held by the society, agreements and declarations, appearing and contained in these presents subject to the such transfer of the Trust Fund the Trustee for the time being of presents shall become discharged from the trust hereof relating to Trust Fund so transferred.

 

7.     If the income from trust property in a particular year is not fully utilized, the unexpended income shall be carried over to the next year or years or it may be invested in accordance with the provisions of 13 (1) (d) read with section 11 (5) of income Tax Act 1961, and spent in such subsequent year or years for the advancement of any of the object of the Trust.

 

8.     All the properties, asset and funds of the Trust shall vest and in he held in the name of the Founder Trustee, on behalf of the Trust and shall be held in such names only. The Board of Trustee shall not be entitled to vary / change this position and they may dose only on the demise of the Founder Trustee.

 

(a)    It is expressly declared that no part of the Trust property or it’s income or any accretion there to shall be applied for any purpose outside India or for any purpose which is not a charitable purpose in law and all provisions here of construed accordingly.

 

(b)    The Trust will not carryon any activity with intention of earning profit.

 

(c)    The benefits of the Trust are available to the General Public with out any distinction from Caste, Religion, Sex, Race or Creed.

28.  The Managing Trustee shall on behalf of Trust execute all documents, contracts and deeds and shall be entitled to institute, conduct or defend all suits and legal proceeding for the on behalf of the Trust and to sign Pleadings, Plaints, Vakalats, statements and affidavits for and on in respect of any other authority.

 

9.    If any amendment is made to this trust deed, it must be intimated to the Commissioner of Income Tax and his objections and suggestions are also to be incorporated in the Trust deed.

 

10.   The Trustees consider that the objects of the Trust will be better achieved if the Income Tax on the Trust is exempted under the income Tax Act. In case however, a particular clause of the instrument of the Trust has been inadvertently clothed in language capable of an interpretation in conflict with the relevant provisions of the Income Tax granting exemptions, it is expressly declared that such classes shall have restricted meaning or null and void so that the relevant Income Tax Act provisions will always have the over riding effect.

 

11. MEMBERSHIP

 

1. Membership absolutely free.

 

2. Member should abide to the terms & conditions, rules, regulations

    Of the constitutions of IAF.

 

3. A person if he/she is a member of any anti social group, which is

   Against the interest of any society or religion will not be enrolled.

   Every citizen must show and possess tolerance and social relationship with the fellow citizen as his brethren whatever the religion, caste, Creed, language or any state may be, he/she belongs to.

 

4. The employees of both the governments are not prohibited by any Law for becoming a member.

 

5. The membership is granted only after scrutinizing the application and the decision taken by the comptroller (committee) of  IAF is final. The enrolment at the division must be approved by the head office.

 

6. Those who wish to be a member of a particular Division should be a

    Resident or employed in that Division.

 

7. The head office has the Right to enroll any citizen from any part of the country. An individual can be a member through one division or the head office and cannot enroll twin membership or more through other divisions but he/she can get transferred from one division to another division in case of shifting, transfer and so on by informing the office of registration.

 

8. The members and the office bearers of the divisions shall abide to the instructions already framed or amended at intervals.

 

12. DIVISIONS.

 

1. To form a division there should be minimum 25 permanent members.

 

2. The Divisions are set out in the areas of Metropolitan City,

    Municipality, Panchayat Union, Villages and even in every street or a lane.

 

3. In the recognized Division the permanent members committee  may

    Select the Office bearers, such as Divisional Head, Secretary and

    treasurer. These three office bearers may jointly select their respective assistants and send the same for the approval of the Head Office..

 

4. Though all the divisions are under the control of the Head Office, still the Divisions of the corporation limit are directly under the control of the Head Office and rest of the sub-divisions are controlled by their respective local higher divisions such as Municipal, Panchayat, village etc. etc. continues.                                                                      

DRAFTED BY:  IRAIARIGNAR.

 

{As for as India, Pakistan, Bangladesh & Sri Lanka are concern if one to become a PRIME MINISTER or CHIEF MINISTER)  simple if either a wife or a concubine, son or daughter or son-in-law to the former PM or CM is enough unconditional. And further, among the party men; most of them are third grade gangsters, illiterate Cine actors, actress, dancers, hooligans, Poriky, gundas with criminal back ground and black money etc., but now people are well aware and no more cowards are there among the people of India, hence victory is in our hand. You are going to have everything. Choice is yours, you want to follow or want to spoil the country continuously by keeping aloof. So far people’s policy is, I don’t care whether Ravanan rules or Raman rules. For the sake of our children please reconsider your policy.) 

                                                                                                                                                                                                                                                                                                                        

A Democratic Government formed by the people and that of the people should function as a social welfare organization for the people. But what is going on. Here in India, Government is formed by culprits that are elected by illiterate mass who do not know the meaning of the word Government. How can we expect that to function as social welfare organization? We educated and sympathetic fools have formed so many welfare organization and served fellow citizens thereby helped the culprits to rob the treasury.

 

The genius of a person or association of persons without an ultimate goal that could solve all the problems in one short materializes nothing.

When growing a garden, the gardener has to plan the garden, plant the seeds, provide the right balance of water, sun and nutrients and keep the garden free of weeds and threatening pests. Cultivating a donor is much the same process. You need to have a plan, plant the seeds of knowledge about the good work of the organization, provide the right balance between getting to know the donor, and the donor getting to know the organization, showering the donor with interest and attention and avoiding having the donor feel overwhelmed by the organization with too many contacts, mailings etc…

Below are some simple techniques for “cultivating” your own donor garden.

Gardening requires an investment – Like any important endeavor, developing a cultivation process for your organization will require a financial investment. Consider staff time, printed materials, travel, meals and special events. Since cultivation takes time, realize this is an investment, not a quick harvest. When building a budget you will need to consider the size of the effort being undertaken and plan accordingly.

Roll up your sleeves – Cultivation is an active process. It cannot be simply mailings and emails. For the key donors, one needs to have personal contact to insure a positive relationship. Large donors don’t just happen — they are cultivated with a good plan.

Prepare the plot – Your organization should take some time to prepare for a cultivation strategy. Does everyone in your organization know that this process is being undertaken? What materials need to be prepared or developed before beginning? Do you have a “Case for Support”? Does the Board know their role in opening doors, partnering with staff, making phone calls or personal contacts at the right times? An orientation for all staff and Board members must be held in advance of the launching of a cultivation plan, and quarterly updates should be a part of the process so all involved know the status of prospects.

Lay out your garden – A gardener would not consider simply throwing out a variety of seeds and seeing what grows, but must carefully consider what should be planted, where and when. Similar forethought needs to be put into planning your cultivation strategy. What prospects are going be cultivated? How will they be approached? Who is the best person to reach them? What will they be invited to? What is the best way to stay in contact with them? The more planning your organization does, the more likely a smooth season of cultivation will ensue.

Prioritize your planting – It would be nice if instead of a garden, we could all have huge farms where we could plant and nurture tremendous quantities and varieties of fruits, flowers and vegetables, but unfortunately every potential donor and every organization has its limits. You need to identify those particular prospects that have the greatest potential of return for your organization, and allocate the appropriate assets for their cultivation.

Not all plantings require the same care – It is generally understood, that to grow a cactus you need dry soil, and to grow an orchid you need a humid environment. With the right care, both will reward you with beautiful blooms to enjoy. The same is true with donors. You need to get to know your prospects. What are their needs? Understanding them will help you determine what the best method of cultivation. Today’s donors possess some general characteristics that should be considered:

· Independent thinkers/doers

· Want to see the impact of their giving

· Question established ways of doing things

· See process as tiresome

· Believe accountability is paramount

· Driven by the issues

· Not loyal to any one institution

· Cautious about non profits, more skeptical

· Self-disciplined

· Not impressed by the “established” way of doing things

· Make philanthropic decisions like business decisions

· Are used to getting information instantly

· See partnerships as good value

Have the right tools – No! Not a rake, hoe and shovel. For donor cultivation you need a more subtle approach. Try these tools:

· Send special updates about the organization that are not yet generally known

· Introduce them to the recipients who have benefitted from the work of your organization

· Invite them to see your organization at work

· Schedule a lunch or coffee with members of your Board

· Make sure they receive your organizations communications (newsletters, e-blasts etc.)

· Invite them to a “social” event with a Board member or staff

· Introduce them to current satisfied donors

· Invite them to visit your facility

· Assign your donor a “buddy” from your Board

· Invite them to your annual meeting

· Send news clippings when your organization makes the papers

· Have a follow up plan for each contact with the organization (thank you call, email summary)

Mind the calendar – Obvious in gardening! In donor cultivation, consider your organization’s calendar and the prospect’s personal calendar. For instance, if you plant to invite your prospect to a particular important event you will need to have had a few contacts with them previously, so that they know a little about what you do and who you serve. If you would want them to come to something that will take an investment of time on their part, you need to have paved the way in advance. With regard to their personal calendar, you may consider if they travel or winter in Florida or spend holidays out of town families. The more you know of their calendar the better prepared you will be to plan.

All plants require some attention – Not everyone can have a detailed cultivation plan, but every prospect can be cultivated. Participants at events should receive a follow up thank you, even by generic letter. Everyone on your mailing list should be periodically thanked for their interest in the organization, and every donation should be appropriately acknowledged in a timely fashion. You never know which “little” plant, unbeknownst to you, is capable of delivering a great harvest.

The weather is not always predictable – It’s nice to think that we can plan for everything, but gardeners know you can never truly predict the weather. In fundraising, you must remember that the landscape is always changing. New prospects and donors come out of the blue from existing donors, friends of Board members, media coverage or a connection to your service or cause. Be ready to adapt and change strategies, adjust your timetable, or reassign resources.

Let others help you – Gardening and donor cultivation can be done alone, but it can be more fun and effective when done with others. All staff can be involved. Help others find opportunities to make connections with prospects/donors to help them better connect to your organization. Development professionals, Executive Directors, program directors and line staff all have a deep connection to the organization that can be translated to donors who get a sense of their commitment to the mission of the organization. Members of the Board of Directors have a fiduciary responsibility that will motivate them to participate in the process. Use their skills and interests; assign them prospects with whom they will have the best chance of making a connection. Provide them with, and provide them with guidance needed to assist you.

Weed regularly – Not everything you plan and do will cultivate donors. You’ll make mistakes. You’ll send a letter that just doesn’t work. You’ll have a coffee meeting that didn’t go well. Don’t panic. Re-evaluate your plans and make the necessary adjustments. Donors, like plants, can be resilient. Make the changes you need to, and move on.

Don’t over water – There is only so much a donor can absorb or focus on regarding your cause. Inform, but don’t overwhelm. Thank, but don’t smother.

Watch your plants for signs of good health – Since donor cultivation is both an art and a science, it is important that you or your colleagues listen to the donor. Listen to what they are interested in; listen for what is important to them. Are they getting what they need? People will tell you how they are feeling through their actions or inactions, through what they say and don’t say. If you are listening, you’ll know if all is well, or whether you need to make some changes. As a good gardener spends some quiet time just appreciating the plants, you too should take the time to listen and get a sense if the relationship with the donor is a healthy one.

Know when to harvest – The cultivation process is designed to prepare the prospect for one thing – making the donation. Like a garden, when the carrot is ripe, it doesn’t just jump out of the ground into your basket. You have to pull it out of the ground. The donor too, when ready, needs to be asked. Don’t get so caught up in the process that you forget why you are cultivating – you want to harvest. Don’t forget to ask; they know its coming!

Enjoy the fruits of your labor – After a season of tilling, weeding, fertilizing and watering, it’s nice to put the flowers on the table, make a meal with the vegetables, or season a recipe with your herbs. You deserve it. When you finally ask for a donation to your organization and the gift is received, enjoy the fruits of your labor!

The initial statement (which can be mapped out!)could be of the following structure:

“Mr Chairman, Ladies and Gentlemen! On behalf of Norwich Orators, I am very happy to thank Fred for giving his speech on ‘Promotion in the Mexican Navy’ to us this evening… and the concluding sentence might be along the following lines: “So, Mr Chairman, I say, once again, that we are all most grateful to Fred and I now ask the audience to express appreciation in the usual way.’

[Please note that they will be applauding the speaker (Fred) and not the proposer of the Vote of Thanks.]

With experience, the opening and closing formula may be modified, always provided that the principles that they embody are not forsaken. The person prosing the vote of thanks must listen attentively to the speech. The proposer should pick out two or three points that s/he and/or the audience found particularly interesting and, in the vote of thanks, refer and respond to these. However, the proposer should NOT repeat those parts of the speech, nor discuss whether s/he agrees or disagrees with them, nor enter into any kind of debate.

With practice, how to select some useful or illuminating points, and how to incorporate references to them in the vote of thanks, becomes easier and, with time, the proposer will produce a presentation that resembles an excellent dessert following – and in happy harmony with – a fine main course.

For the moment, consider these extracts from a hypothetical vote of thanks to Fred and decide which (if any) you consider suitable in the light of the above discussion.

‘The sinking of the destroyer Napolean reminded me of an incident during the battle of Jutland. My father was a lookout on MNS Holiday in the Baltic fleet. It was a dark and stormy night…

I was particularly impressed by Fred’s tale of how Commodore Sanchez was twice passed over for promotion because of his terrible table manners.

Fred sometimes talks so quickly that we have no time to think through the implications of the very interesting but often complicated point that he is making.

I have to say that I disagree with him fundamentally regarding the role of Mexico in the American Civil War.

I have to say that, along with everyone else present, I was completely enrapt by his consideration of the role of Mexico in the American Civil-War.

Fred’s tale of Ensign Gonzales and the attempted mutiny on board MNS Arrogant reminded us all, I sense, of Shakespeare’s reference to ‘vaulting ambition which overleaps itself.’

 

 

 

 

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1. What is White Collar Crime?

White Collar Crimes include: Antitrust Violations, Bank Fraud, Bankruptcy Fraud, Bribery, Computer/Internet Fraud, Credit Card Fraud, Counterfeiting, Economic Espionage, Embezzlement, Extortion, Forgery, Insurance Fraud, Money Laundering, Securities Fraud, and Tax Evasion. These are generally non-violent acts that involve some type of deception, most often committed by those in business or public office.

2. Can only businessmen be charged with white-collar crimes?

The early definition of white-collar crime focused on the status of the offenders when it identified them as professionals or businessmen. However, the current definition of white-collar crime focuses on the actions committed and not on the vocation of the offender. White-collar crime is using illegal acts involving deceit to obtain property or services or to gain a business or professional advantage. Drug dealers have been charged with the “white collar crime” of mail fraud when they have delivered controlled substances through the mail. A printer was convicted of securities fraud when he used information he obtained in the course of printing corporate documents to gain an advantage in the stock market.

The RICO Act is generally thought of as a white-collar crime prevention statute. It punishes anyone who engages in a pattern of racketeering to generate income to buy a business or to conduct a business. The pattern of racketeering refers to at least two criminal acts listed in the statute that have a relationship to each other and occur within ten years of each other. Originally passed to control organized crime, RICO has been applied to drug dealers, and other non-organized crime defendants.

3. What are the penalties associated for a white collar crime?

The penalties for white-collar crimes vary. Most of the laws authorize a monetary fine, a prison sentence, or a combination of the two. The criminal laws authorize maximum penalties, which are often quite severe. For example, the maximum possible sentence for credit card fraud is a prison sentence of twenty-five years, and a fine of 0,000. In addition, the court may order forfeiture of anything gained as a result of the fraud.

The maximum penalties are seldom imposed. Most defendants receive a lesser sentence that may, depending on the jurisdiction, be calculated according to sentencing guidelines. These guidelines are meant to ensure that criminal sentences are uniform, so the sentencing judge is often given very little discretion on the sentence imposed. The guidelines take into account the crime for which the defendant has been convicted, and any prior criminal record of the defendant. In some cases, the court may consider factors that will allow it to depart, or impose a sentence different, from the sentence required by the guidelines.

Defendants without a significant criminal record may be sentenced to probation, a suspended jail sentence, or a jail sentence far shorter than the maximum. They may have fines levied against them, and may be required to forfeit any profits, and pay restitution to their victims.

An experienced criminal defense attorney is best able to advise you regarding the likely sentence in a particular case.

The information you obtain from this article is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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Something I Said – CD Treatment for Prisoners
Dwight Hobbes – MN Spokesman-Recorder

Here’s a news flash, a lot of men and women locked up behind bars are
chemically dependent — addicts, alcoholics or both. And, guess what?
Booze and dope routinely are huge factors in folk breaking the law.
Doesn’t come as a surprise?  Well, you’d think it was news the way
prisons have treated these people.  Rather, failed to treat them.
You’d think it was a radical, overlooked concept instead of widespread
common knowledge.

The criminal justice and penal systems — let’s just do a reality
check — are supposed to be about more than simply catching criminals
to punish them and keep everyone else safe from them.  Right?  The
idea behind penitentiaries — they’re even called correctional
institutions — isn’t apprehension for the sake of warehousing.  It’s
supposed to be about rehabilitation.  Well, that’s the company line,
anyway.  It may as well be nothing more than a rumor so far as doing
anything about inmates with substance abuse problems go.
The National Center on Addiction and Substance Abuse (CASA) at
Columbia University reports that more than half — 65% of everyone
incarcerated in this country (that’s 1.5 million out of 2.3 million)
meet the American Medical Association’s criteria as suffering the
disease of addiction to drink or other substances.  CASA also reports
that less than one-sixth, 11% are treated for this chronic behavioral
illness that is as debilitating as cancer and farther reaching in its
impact, destroying sufferers and, like a plauge of contagion, wreaking
hell on those with whom sufferers comes in contact — from friends and
family to crime victims to tax-payers funding federal pens.
How about some statics?  Everybody loves stats, as if they are
necessary to validate common sense.    In 2006 alone, according to
CASA, alcohol, meth, crack, etcetera were involved in offenses: 78% of
violent crimes; 83% of property crimes; and 77% of those involving
weapons those that were probation or parole violations.  You can make
the knee-jerk judgement, Tough.  Too bad.  If they’re dumb enough to
commit illegal and self-destructive acts under the influence or in
relation to substances, it’s their hard cheese.  They should’ve just
said, “No.”  If you don’t realize how much easier that’s said than
done, put his down and go read something else.  Something like Only
Bad And Stupid People Do Bad And Stupid Things.

A glaring truth is that, while chemical dependency treatment
doesn’t guarantee recovery from the disease, it does work. Vastly
effective has been the self-help organization Alcoholics Anonymous,
part and parcel of countless successful treatment regimine on record.
Sorry, you’re not going to find stats to back that up, because AA
doesn’t keep tabs on its members.  If you can tell your elbow from a
hot rock, though, you know that nothing stays around more than a
half-century without having earned its keep.  AA would not have lasted
this long, much less continued to grow, spawning such successful
offshoots as Narcotics Anonymous, Cocaine Anonymous and more if it
didn’t work.  You don’t need a spreadsheet to figure that out.
The plain and simple fact is that, by and large, bigshots who run
prisons don’t give a damn about treating chemical dependency among
inmates.  Junkies and drunks aren’t returning to these well-to-do
folk’s communities with a harder time than ever of finding legal
employment, subject to the people-places-and-things pressure to pick
up right where they left off at, breaking the law by getting high,
breaking the law to get their hands on some get-high and being stones
around the necks of their families, friends and neighbors, not to
mention their own worst enemies.

In fact, people running these places parasitically reap a benefit
from the relapse of alchies and dope fiends who get cycled through the
revolving door of recidivism.  Each warm body that gets released, hits
the bricks, doesn’t keep his or her nose clean and gets locked up
again isn’t a human being to them, but the means to keep prison
personnel employed.

God knows, criminals don’t deserve inordinate consideration.  When
they’re sick, though, it is only humane to afford such treatment as
can doing something about their disease.  For their sake and,
importantly, for the sake of those in society they will be around once
they are freed.  To ignore this, to overlook it, to just turn a blind
eye and deaf ear is, itself, yes, a crime.  Against inmates and
against the public.

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For most people buying a home is one of the four or five biggest decisions they make in a lifetime. Most people long to have a place of their own that they can call home and feel secure there.  I’m sure you would like to have the freedom to choose how it looks and develops. If it actually belongs to you it is without a doubt, a status symbol. It is a sign of achievement.  On a more practical level you want to own something that has value and that can grow in value as the years go by. It is an investment. It is security for your old age, when you can no longer work as well as something to leave your children.  When you own something of the value of a house, you can even use it as collateral should a serious emergency arise.  Should someone in your family, for instance, need expensive surgery, you could raise a loan on the value of the property to help you over the crisis.

What financial demands will be made of you?  Are there any hidden costs that you cannot now foresee?  You can approach several Realtors to discover the basic things like interest, taxes and utilities.  But there are ‘hidden costs’. You need to find out from family and friends what they are. They mostly involve upkeep and repairs and can amount to quite a substantial sum over the years.  Even just cleaning and day to day upkeep can be considerably more than you spent, for instance, in your rented apartment.  Most financial arrangements for buying a house involve many years – perhaps thirty – and you have to calculate into your budget how much your family is likely to increase and how stable your income is and whether it will grow over time to keep up with additional expenses.

When you buy a property, unless you are one of the few fortunate ones who can pay cash, you will most likely buy with a home loan, called a mortgage bond. A first time home buyer should usually be prepared to put down a payment of from 3% to 20% of the price. This depends on what kind of loan you get and how good your credit rating is. Occasionally loans are available from some banks to qualifying applicants with no deposit.  Your monthly repayments are usually about 0.75% to 1.15% of the purchase price per month.  You will also need up to 8% for closing costs, as well as miscellaneous costs.  Your realtor should be able to fill you in with these details.

When you are busy calculating whether you can afford to buy your own home, you have probably wondered what would happen if you were unable to make a payment one month.  This is a serious consideration and you need to find out what your options are, way beforehand.  One of them is loan modification.  This needs to be done with the help of an expert, and obviously you need to be sure that only a major crisis, such as losing your job of long standing would require you to take this measure.

For loan modification programs in mn

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