Now, a Property Records card, seriously #WTFnews


Now, a Property Records card
K. SUKUMARAN
April 12, 2013, The Hindu
The Survey and Settlement Department plans to issue it to each property in urban areas. Details from K. Sukumaran
Perhaps, there is no other sector of the Indian economy other than the real estate ownership document sub-segment which has undergone many avatars. There are, in fact, multiple authorities who claim administrative powers over land, building, roads, etc., but no authority or official takes full and complete responsibility to certify the ownership rights of any property in its entirety. While the Transfer of Property Act, 1982 can be considered a basic legislation dealing with the sector, many other Central and State legislations, like Land Ceiling and Registration Act, 1976, Urban property Act/s, Urban Development Authorities Act/s etc., all over the country have spread their jurisdiction only in parts over property.
Whatever be the legislations governing various areas of the property sector, and ownership thereof, the maintenance of records and documentation till recently has not been receiving an integrated approach. With the increasing number of transactions in property consequent to large scale investments, the need for ‘documenting’ the property records have come to be a critical aspect of legislative measures.
For years together, there has been no attempt by the executive wing to systematise the process of land record keeping.
Possession and enjoyment, tax paid receipts, khata, gift/partition and sale deeds have been considered enough evidence of primary ownership. These, together with the record of encumbrances, support ownership rights. However, no single document is in itself sufficient proof of title and ownership. And, no single authority can bestow the title to any one. A change to this concept came about after digitalisation of property records in Karnataka under the ‘bhumi’ project, which also can generate a khata ‘online’ on remitting the prescribed fee.
The latest attempt in the field is of documentation is the proposal of the Survey and Settlement Department of the Karnataka Government to issue a Property Records Card to each item of property in all urban areas. The P.R. Card will have six pages. There will be a property section which gives details of the property.
The ownership section will give details of ownership, such as name of the owners from time to time, their addresses etc. There will also be a ‘burden’ section, a ‘security’ section, and a cadastral section, viz., map showing the area, dimension, etc. The last section will have an overview map of the location of the property in a locality. The Card will be mandatory for all property-related transactions.
The project will be introduced in the BBMP area. Out of 198 wards, 50 wards will be taken up in the first phase. Like in the case of Aadhar cards, the services of private agencies may be utilised at a cost of, say, Rs. 400 or Rs. 500 per card.
Keywords: Property Records card, real estate ownership document

 

Mr “Money doesn’t grow on trees” spends Rs 7721 per head on dinner #Manmohansingh


 

image, courtesy -pagall patrakar at fakingnews.com

By Shankkar Aiyar

30th September 2012 , new indian express

History, they say, repeats itself, first as tragedy and then as farce. In India’s political economy, it is increasingly difficult to distinguish the tragedy from farce. Last Friday, the Prime Minister told the nation that money doesn’t grow on trees. This Saturday, the nation woke up to a new chapter in Manmohanomics. The country has been informed—thanks to an RTI query by Hissar-based Ramesh Verma—that the government spent Rs 28.95 lakh on the third anniversary celebrations of UPA II.

In a country where anyone earning Rs 22 per day (in rural India) is ineligible to be poor, the government spent Rs 7,721 per person on a dinner. By its own calculation that amount would have paid for a family’s annual consumption of cooking gas. The Prime Minister also said that the UPA has “been voted to office twice to protect the interests of the aam aadmi” but that didn’t stop the splurging of Rs 14 lakh on just the tent for the event. Isn’t it incumbent on a government that caps the number of cylinders per family—ostensibly to bring down subsidies and deficit —to observe a cap on what is a justifiable level of expenditure! Indeed, in keeping with the government’s inability to budget expenditure, of the 603 invited to the event, only 375 came.

The question that begs to be asked is not what the UPA II was celebrating but whether the UPA can choose to celebrate given the state of the economy. The question being asked is how did the economy reach where it has and who will be held accountable for this mess. This Friday, the Committee on Roadmap for Fiscal Consolidation submitted its report to the Ministry of Finance. The committee, led by the brilliant Vijay Kelkar, has minced no words in its assessment. More importantly, unlike most sarkari committees, it has eschewed the need for political correctness.

In its opening sentence, the report has declared that “the Indian economy is presently poised on the edge of a fiscal precipice”. It observes that fiscal deficit is likely to be 6.1 per cent, that current account deficit currently at 4.2 per cent could worsen and “sovereign credit downgrade and flight of foreign capital” are likely unless corrective steps are taken. The committee has warned against the classic “do-nothing approach” and emphasised that “growth slowdown is inefficient, inequitable, and potentially politically destabilising”.

The genesis of the crisis stems from profligacy and pathetic budget management. It is true that mandarins and ministers in the past have got away with numerical calisthenics. The budget of 2012-13 presented in March though takes the cake. Fudge is probably the most charitable description for what has been presented to the nation. Budget 2012-13 underestimates expenditure, borrowings and subsidies and overestimates revenues and growth.

Pranab Mukherjee’s budget for 2012-13 estimated that the government would borrow Rs 1,500 crore every day for the full year. The trend of the first half of the year shows the government has borrowed over Rs 2,000 crore every day between April and September. Subsidies rose from Rs 1.7 lakh crore in 2010-11 to Rs 2.16 lakh crore in 2011-12—for fertilisers, the government provided Rs 49,997 crore and spent Rs 67,198 crore; for food, it provided Rs 60,572 crore and spent Rs 72,823 crore; and on fuel, it provided Rs 23,640 crore and spent Rs 68,481 crore. Yet in its wisdom, total subsidies were capped at Rs 1.9 lakh crore. Indeed, the Rs 43,000 crore provided for fuel subsidies for this year was exhausted by August and even after the hike in diesel prices, fuel subsidies are expected to touch Rs 1 lakh crore.

The budget also overestimates tax revenues despite the previous year’s performance. In 2011-12, collections of corporation tax, income tax and central excise were less than estimated. Total tax collected in 2011-12 was Rs 31,000 crore less than estimated at Rs 9 lakh crore. That didn’t stop budget-makers from estimating tax collection at Rs 10.7 lakh crore. Every year since 2008, the Reserve Bank has been forced to accommodate the government through a multiplicity of instruments. Reserve money has shot up and so has net credit to government. The inflationary character of successive budgets could not have been a secret. The tradition is that every budget—at least the broad outline—is presented before the Cabinet and every finance minister takes the okay of the prime minister on details. It is inconceivable that the underestimation of reality and overestimation of fantastic hope were not noticed. Why didn’t the economist prime minister react?

Last week, Raghuram Rajan, the new chief economic adviser, declared confidently, “I don’t think we are anywhere near the 1991 crisis.” The confidence is obviously not shared by many. Not in the absence of political will. The Kelkar Committee Report observes that the economy is headed for a “perfect storm”—simply put, is teetering on the brink of a crisis. The do-nothing approach will result in high fiscal and current account deficits. High borrowings will crowd out investment. Given the uncertainty in global marts, foreign capital flows are fragile. Foreign exchange reserves are falling and the currency is especially vulnerable. “The combination,” the committee says, “is reminiscent of the situation last seen in 1990-91.”

Unless the government wakes up to the enormity of the crisis faced by India, the Rs 7,721 per UPA-person dinner could well be the last supper.

Shankkar Aiyar is the author of  Accidental India: A History of the Nation’s Passage through Crisis and Change

shankkar.aiyar@gmail.com

 

Kelkar Committee Report Uploaded – inviting comments from People #mustshare


PIB- PRESS RELEASE

Kelkar Committee has recommended sharp reduction in subsidies on petroleum, food and fertiliser, which the government said was contrary to its policy of protecting the poor.

Kelkar Committee Report Uploaded on Finance Ministry Website to Invite Comments from all Sections of the People

On August 6, 2012, the Union Finance MinisterShri P.Chidambaram  had made a statement on the economic situation and on the policy measures that were under consideration of the Government. Referring to the fiscal situation, the Finance Minister had said:

“We intend to unveil, shortly, a path of fiscal consolidation. I would like to make it clear         that the burden of fiscal correction must be shared, fairly and equitably, by different    classes of stakeholders. The poor must be protected and others must bear their fair share         of the burden. Obviously, adjustments must be made both on the revenue side and on the   expenditure side. We have asked Dr. Vijay Kelkar, Dr. IndiraRajaraman and Dr. Sanjiv         Misra to assist the Government in formulating the path of fiscal consolidation and we             expect that the work will be completed in a few weeks.”

The aforesaid Kelkar Committee submitted its report on September 3, 2012.

The Committee has reached certain conclusions and has made a number of recommendations.

The main conclusion of the report is that “We cannot over-emphasize the need and the urgency of fiscal consolidation.”

The report is under consideration of the Government and the Government has not yet taken a view on the report or on any of the recommendations.

 

                   The Secretary, Department of Economic Affairs, ShriArvind Mayaram said that some recommendations appear contrary to the declared objective of the Government of ‘sustained and inclusive growth’. He said that the Government is of the view that in a developing country where a significant proportion of the population is poor, a certain level of subsidies is necessary and unavoidable, and measures must be taken to protect the poor and vulnerable sections of the society. It is in this view that the Government has reiterated its intention to implement the promise of food security for all, he added. The Secretary Shri Mayaram further said while taking a final view on the various recommendations of the report, the Government will bear in mind that the goal is to achieve high growth, inclusive development, and economic and social justice for all.

                             The Secretary, Department of Economic Affairs, ShriArvind  Mayaram said that the Government welcomes an informed debate on the report submitted by the Kelkar Committee. Hence, this report is being uploaded on the website of the Ministry of Finance atwww.finmin.nic.in, he informed. Shri Mayaramsaid that the Government invites all sections of the people to send their comments to the email address: feedbackonkelkar-mof@nic.in.

 

 MEANWHILE LATEST NEWS REPORTS SAYS

29 SEP, 2012, , ET BUREAU– The government appears to have developed cold feet over implementing Kelkar panel’s recommendations to slash subsidies drastically at a time when it is facing backlash for raising diesel prices and capping subsidised cooking cylinders.
The report, which has been put out for public comments, warns that India is on the edge of a fiscal precipice. A senior finance ministry official has said that the report has not been accepted so far and that some of the panel’s recommendations run contrary to the government’s larger objectives.

“Some recommendations appear contrary to the declared objective of the government of ‘sustained and inclusive’ growth,” Arvind Mayaram, secretary in thedepartment of economic affairs said, adding, “The government is of the view that in a developing country, where a significant proportion of population is poor, a certain level of subsidies is necessary and unavoidable, and measures must be taken to protect the poor and vulnerable section of the society.”

Mayaram said the government is yet to take a call on the report which calls for abolition of subsidy on diesel by next year and on cooking gas by 2014-15, suggestions that the government has indicated will be difficult to accept. “While taking a final view on the various recommendations of the report, the government will bear in mind that the goal is to achieve high growth, inclusive development, and economic and social justice for all,” Mayaram added.

Kelkar Panel has issued a grim warning on India's fiscal deficitKelkar Panel has issued a grim warning on India's fiscal deficit

The committee had submitted its report on September 3, before the government unleashed the recent reforms that sparked a stock market rally and led to appreciation of the rupee. “The Indian economy is presently poised on the edge of a fiscal precipice, making corrective measures aimed at speedy fiscal consolidation an imperative necessity if serious adverse consequences stemming from this situation are to be averted in an efficient and timely manner,” the committee has said.

If no corrective measures are taken, India can face a crisis worse than the one in 1991, the committee has said. It has also cautioned that the deficit for the current fiscal can widen to 6.1% of the GDP against the budgeted 5.1%, but the government does not seem to agree with the grim prognosis.

Mayaram said the government is committed to keeping itsfiscal deficit target as close to its target even as the fiscal deficit in the first five months of 2012-13 has touched 65.7% of that budgeted for the entire fiscal. The panel has suggested that the government should eliminate half of the per unit diesel subsidy by the end of this fiscal and the rest over 2013-14. The subsidy on cooking gas should be reduced by 25% this year and completely eliminated over the next two years, it has said. In the case of kerosene, it has said that the objective should be to reduce the subsidy by one-thirds by 2014-15.

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