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Lets Reward the Losers, Failures and Scoundrels!


When the Government policies indirectly promote and reward mediocrity / failure, you don't have anything for them except swear words and abuses. And it doesn't matter who heads the Government.

Example 1: You pay the taxes, albeit belatedly, you pay interest. You don't pay up your taxes, you are given the option of settlement by paying just 40% of arrears! An oft repeated scheme to reward the unscrupulous bastards.
Recently came across a piece of information (Though perfectly believable, I can't vouch for its accuracy) - One of the so called settlement scheme formulated under the Income Tax Rules, had one very senior minister submit his hitherto undisclosed income. Nothing wrong about that except the fact that (a) He was the one who formulated the scheme; and (b) He was among the last person to declare under such settlement. Enna koduma sir idhu?

Example 2: You pay your loans properly on due dates. No rewards for that. You don't pay the loans, then bank comes to you for OTS (One Time Settlement). Pay half of what you owe, and you are free of all liabilities! And you are also free to screw the Bank royally again, and again, and again.

Now hear this, you PREPAY your loan liability, the Bank penalizes you! And if you  were expecting an incentive for your over enthusiastic promptness, you better wake up. Though it has been eliminated now, it still rankles to know that Bank's used to charge prepayment penalty! Mofus!

Barely one week before, a person I know, who has debts running into 9 digits, and also a asset pool which is bigger than his debt, had the audacity to state that, he would settle the Banker's dues at approximately 60% of the principal dues! This does not even include the interest component which is almost as big as the principal. He was so confident of obtaining this one time settlement, since the official value of the pledged property is lower than the market value. To accomodate this, he wanted the buyer of the pledged property to pay him a portion of the consideration by cash, so that banker's will not know of it, and therefore, they cannot claim the money. Ennaangada idhu?

And I wouldn't buy the theory that it is about giving a second chance to the rotten scoundrels. You make a mistake, you screw up your business, and others suffer, you better be thrown into the prison cell, and all your assets confiscated.

After all, you should bear the fruits of your labour, and you should also clean up the resultant mess and muck.

WTF is wrong with the system?

Comments

Sundar Raman said…
Very true. Half the time, it's a big headache to the liability....Despite being very prompt in repaying my credit card dues, one time by mistake cld not make a payment, i was out of station, and that appears in CIBIL Report now.

But these guys who make 100's default and settle 40% under settlement scheme....name appears nowhere.

It's like after everything they take a dip in Ganga - and every thing vanishes.
G Saimukundhan said…
If my understanding is correct, the defaulting fellows' name does appear in the CIBIL list. No defaulter can ever escape it.

My anger was primarily directed at such settlement schemes for defaulters, when those are prompt and proper, are left high and dry.

Cheers

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