Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Tuesday 19 February 2019

Fayaa Laare




( from Burmese language : loosely translated as “ God has arrived “ )


For the Start Up eco-system , this could be paraphrased as “ Prabhu has arrived


Only yesterday , Shri Suresh Prabhu posted many tweets re the relaxation of rules / norms governing the Start Ups


Following news report provides the details :




Highlights :

  • Startups with sales of up to ₹100 crore—earlier, the exemption limit was ₹25 crore—would be eligible for angel tax relief

  • An entity will be considered a startup for up to 10 years from the date of incorporation, up from the earlier seven years

·         Under the new rules, startups will be kept out of the purview of an anti-tax evasion provision in the Income Tax Act, 1961

=========================================================

Will this relaxation unshackle the Start Ups to create millions of “ Self Employed “ ?

( -  essential, considering that neither the Private Sector , nor the Public Sector , nor the
     Governments can create jobs for 12 million youth joining our work-force, each year )




What is the way out ?


I urge Shri Prabhu to consider my following suggestions ( earlier sent as E Mail to Cabinet Ministers , 3 years ago  ) :

  A NEW ECONOMIC ORDER ? aka " Start Up Act - 2015 "   [  12  sept  2015  ]




 #  Objectives of the Act

     Every  year , to create 5 million Start Ups , each employing 2 persons , for a total of 10
     million new jobs per year


#    Methodology

·         Instead of Companies Act - 1956 , these Start Ups will be governed by the Start Up Act - 2015


·         A Start Up can be launched by any Indian citizen under the age of 30 ( covering roughly 65 % of our population )


·         A Start Up will need to register online on the web site of the Income Tax Department and obtain a unique " Start Up Number"


·         Although all Start Ups will need to file annual Income Tax returns ( with full disclosure of income / expenses / profits / sources of funds etc ) , it will not be required to pay any Corporate Income Tax for the first 10 years of its existence


·         A Start Up will be free to raise  funds from any source ( Individuals / Companies / PE funds / VCs / Angel Investors / Religious Trusts etc )


·         100 % FDI will be permitted in Start Ups


·         A Start Up can receive loans or equity and be able to accept fixed deposits . It can also give loans to individuals or other Start Ups or invest in other Start Ups by way of equity


·         There will be no restrictions on what interest ( on loans / FDs ) that a Start Up may pay nor any restrictions on dividends it may declare


·         The dividends declared by Start Ups will not attract any Income Tax


·         As far as the persons / companies etc providing funds to Start Ups ( by way of loans or equity ) is concerned , no questions will be asked re their source of funds

 

=========================================================


Readers may want to look up following 25 Emails sent so far over the past 3 years to Cabinet Ministers :


·             In  Wonderland  of  Start Ups

·             FDI ; by any other name ?

·             Start Ups  need  wooing  ?


·             A  Riddle   wrapped   in  Mystery

·             Well   Begun   is   Half   Done

·             How   to  Stop  the  Start  Ups

·             Start  Up  Re-defined


·             Fear   of   being   Ridiculed  ?

·             Blue  Print  for  Start  Up  Nation

·             Get   Out   of   the   Way

·             Ten   Million   Entrepreneurs  ?


·             Treading   the   Beaten   Path

·             Second   Industrial   Revolution


·            Myth   of   Job  Creation


·           Back  Factory  of  the  World


·           Jan  Dhan   Sarjan   Yojana


·           Defining   E  Commerce

·           FDI   in   Retail

=========================================================


Dear Shri Prabhuji,



Since I am also sending this mail to the Manifesto committee of the Congress , BJP runs the risk of being “ also ran “ !


PS :


Incidentally – and refreshingly - Congress Committee acknowledges every single emailed suggestion , whereas none ( out of over 1,000 emails ) of my emails to the Cabinet Ministers over the past 4 years , have been acknowledged !


=========================================================

20  Feb  2019

Rsvp :  hcp@RecruitGuru.com


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