A load of crap from an idle brainPersonal, Movies, Music, IT, India, Singapore, Politics, Fun

These are official channels. I wonder how much of money was moved using unofficial and illegal methods like hawala.

India has displaced China and Mexico to become the top remittance receiving country in the world, according to latest data released by the World Bank. Indians working in foreign countries sent back over $25.7 billion (roughly Rs 1,28,500 crore) as remittances in 2006, followed by Mexico ($24.7 billion), China ($22.5 billion) and the Philippines ($14.9 billion).

To put the scale of the remittances in perspective, consider this: money received by India through this route is roughly the same as the country’s total estimated annual expenditure on defence, or about five times the estimated expenditure on education in 2007-08. Total income tax and wealth tax collections in the country are less than the remittances received. And they are over three times the foreign direct investment in the country in 2006.

Sheer numbers and relatively higher skill levels appear to be driving the growth in Indian remittances. The World Bank study estimates that the number of Indian immigrants is about 10 million. Mexico and Russia are the top immigrant sending countries with an estimated 11.5 immigrants each.

Full article here

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Holding the UPA government responsible for the sensex crash on Wednesday, BJP demanded a joint parliamentary committee (JPC) to probe the beneficiaries of the crash triggered by Sebi’s “untimely” proposal to regulate participatory notes.

The party pointed fingers at FM P Chidambaram and asked him to explain why he waited for the market to fall by nearly 1,800 points — which led to investors losing over Rs 4 lakh crore — before coming up with a clarification. The Congress, however, dismissed the Opposition’s demand for a JPC probe. Party spokesperson Shakeel Ahmed said, “The demand for a JPC has no relevance outside of Parliament.”

The BJP insisted that some manipulators and market players benefited from the crash as it seems they knew before-hand about the stock market plunge.

This is precisely why i believe that the BJP should stick to Ram Sethu & Ayodhya kind of issues. On any other issue when it opens its mouth, it sounds like a “party of morons”.

News courtesy: TimesofIndia

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India’s Larsen & Toubro Ltd said it is to acquire the de-merged switchgear business of Malaysia-based Tamco Corporate Holdings Bhd after entering into a share-sale agreement for an undisclosed sum.

The engineering, construction and technology company said it will also buy three of Tamco’s switchgear manufacturing subsidiaries — Tamco Shanghai Switchgear Co Ltd in China, Tamco Electrical Industries Australia Pty Ltd in Australia and PT Tamco Indonesia in Indonesia.

Read rest of the article here.

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Just what i was waiting for. A dip in the market and i picked up some more of Reliance Petroleum and Praj Industries‘ shares. Am hoping for some more correction so as to continue my cherry picking.

A picture of Alkylation Plant – Depropaniser ODC being transported to the Reliance Petroleum’s Jamnagar factory.

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