Monday, February 28, 2011

Indian Union Budget Highlights - 2011

Pranab Mukherjee failed to meet the expectations of the most middle class who is suffering from the uncontrolled inflation. He did not offer too much relief to individual taxpayers except raising income tax (I-T) exemption limit to Rs1.80 lakh from Rs1.60 lakh. There is no change in the tax exemption limit for women.

The age limit for senior citizens is lowered to 60 years from 65 years and also increased the I-T exemption limit to Rs2.50 lakh from Rs2.40 lakh. For every senior citizen aged 80 years and above, the income-tax exemption limit has been raised to Rs5 lakh.

Adding 1% excise duty on 130 commodities would further fuel the inflation. The worst in the speech was his comment on corruption, "Corruption we all have to face collectively".

- Direct taxes code will be effective from 01-04-2012

- States will be encouraged to agree on gst
- Individual tax limit raised to 1.80 lakhs
- No change in tax rates
- MAT raised to 18.5% from 18%
- Senior citizen age reduced to 60 years- exemption 2.50 lakhs
- New category of very senior citizen- 80 years or more- exemption Rs. 5 lakhs
- Surcharge on domestic companies reduced to 5% from 7.5%
- Exemptions under 80c- additional 20000.00 in infra bond will continue for one more year.
- Central excise rate maintained at 10%
- No change in service tax rate
- Service tax law will be rationalised
- New services introduced- hotel accomodation having 1000.00 or more room per day, restauraent service liquor, life insurance companies services in investment, legal serivces in arbitration etc.
- Rs.52057 crores are allocated for education sector
- New series of coins having new re. Symbol will be released
-  Rs. 500 crores will be infused in rural banking
- Service tax refund process will be simplified
- Two more CPC in Pune and Manesar
- New companies bill to be introduced in the current session
- Allocation for farm development hiked to 7860 cr.
- The momentum of disinvestment will be maintained
- Interest subvention for home loan hiked to 25 lacs
- FII investment limit in infra corp bond raised to $25 bn
- Govt. Will provide direct subsidy to people living below poverty line
- 15 more mega food parks will be setup
- Loan to minorities:- Target 15% of total loan to priority sector
- Health allocation up by 20%

Saturday, February 26, 2011

Extravagance of Ambanis. Luxury Yatch and Airbus to please

RIL Chaiman Mukesh Ambani
Mukesh Ambani, the chairman of Reliance Industries, India’s largest private sector conglomerate is said to have ordered a luxury yacht costing 20 million Euro

After owning this yacht Mukesh will join has placed Tina in an exclusive club of Gautam Singhania, liquor baron Vijay Mallya and Tina Ambani, who also own luxury yachts.

Dream Yatch of Big Brother

A famous French shipbuilder ship company and one from Monaco joined hands together to build this yacht with enormous dimensions... Its 58 meters long and 38 meters wide

Mukesh and his Younger brother Anil Ambani have entered into a race of extravagance. Giving the expensive gifts to the wives is a status symbol among the billionaires and both the brothers are competing to show – “My gift is larger than yours!”

Mukesh Ambani had gifted a private jet to his wife Nita Ambani on her 44th Birthday. It was an Airbus 319 worth of Rs.250 Crores (US $ 50 Million).

Anil's Gift to wife Tina Dec 2008
In less than a year time Anil Ambani, the younger brother gifted his wife Tina a super luxury yacht in Dec 2008. The cost is rumoured to be around US$84 million.

Named Tian - using first two letters of Tina and Anil, the yacht is anchored at Gateway of India, ready for the couple to usher. Tian was built in Genoa, Italy. It is 34 meters long

Big brother's yacht... is with a floor area of 3400 M2 (36600 Sq. feet.) with accomodation for 12 passengers and 20 crew members.

This is a "green" yacht. It use green energy for 20-30% fuel savings and 40-50% electricity consumption on board. Therefore it has 900M2 (9700 Sq. feet.) equipped with solar panels, producing a daily output of 500 kW.

Three decks, a 25 meter pool, a spa, a heli-pad, a 100M2 (1080 Sq. feet.) sauna, gym and massage room, a promenade of 130M2 (1400 Sq. feet.), a music room, a dining room, a cinema, sun decks, suites, terraces and a lounge. The luxury is at the ultimate level.

The decks are connected by stairs but there is also an elevator.
Owner's Bedroom

With an area of 200M2 (2150 Sq. feet.) it completely covers the third deck. This is the view of the bedroom and bathroom. The sea view is great and there is a private terrace of 25 meters length.

The yacht has the shape of a horseshoe and has a retracting glass solar panel roof... so everything is bathed in a sea of light

On the lower deck are the common premises, such as lounge, piano bar and dining area. The dining room opens onto the sea view.

For the guests.. 5 suites with sea views situated on the middle deck. There is also a reading room/lounge. In billionaire's economics these luxuries are basic need. A need to pacify envy quotient of the wife.