Skip to main content

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?


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 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.


Popular posts from this blog

Open Letter to the President, ICAI

Dear President,
The substance of this letter is the state of examination and evaluation system of our Institute's qualifying exams. The recently declared result is just the tipping point, and not the substance of this letter. Let this communique not be misconstrued as demanding a revamp merely because the results have been pathetically low. This open letter would have probably been drafted still, even if the results threw out an extremely student friendly outcome of say 100% Pass.
Before I move on to present my points, I would like to state that I have been a firm believer of assertion that you get only what you deserve. A person who got "100 Marks" deserved that "100 Marks". And a student who got "0 Marks", deserved that as well. As someone who got both the above extremes during my academic days, I have maintained the above assertion with a certain degree of understanding and conviction.
I also would like to make it clear right at the outset that, I ten…

Rebooting AdZap

Two years back, In an inter-school competition I had gone to judge the AdZap event, I could see that the quality had not at all improved over the period since I was a college student taking part in such events. It was the same mimicry stuff imitating some actors, or doing some rap stuff for promoting a product. The influence of movies and sports was immense. It was the same "brand-ambassador-sermon" kind of ads that was thrown at the judges. There was absolutely no originality or creativity. The entire tamasha sounded so stale that I was literally searching for fresh air. Realizing at the same time, how stupid and juvenile our performances would have been then.
If the performance was stale, the format of the event was more mind numbing. It had not changed at all! Atleast the performance of the students had new cine stars being imitated and latest movie dialogues being mouthed, whereas the formats and rules for the event had not undergone one bit of a change. The same one minu…

Cacophony of Silence

Today: The security raised his hands to signal good evening, and Edward slowed down his bike and reciprocated. Parked his bike and noticed certain bunch of covers and envelopes in the mail box, picked them and climbed up the stairs without removing his helmet. Telephone bill, credit card statements, some investor magazines, couple of covers from watch shops and garment dealers, three wedding invitations.
He pressed the buzzer and his dad opened the door. "How was the day?" "Good, pa." He handed over the envelopes to his dad, ambled to his room. Helmet was placed on the cot, back pack thrown besides the computer table, shoes came sliding to the main door from his room, socks and shirts found their way to the washing machine. He wore a shorts and a tee and came out of the room, asking for dinner to his ma. "Wash your face atleast." Mother pleaded from the kitchen. "Atleast wipe it clean of the sweat and dirt." Edward went into the kitchen. Held his moth…