21-22 Budget Blues : One Person Company ( OPC )

 

Context :

FM’s one-person co vaccine leaves startups in two minds   [  TOI / 02 Feb  ]

Extract :

The proposal to incentivise setting up a One Person Company ( OPC ), might not led to any significant boost for startups, though it may help micro-entrepreneurs formalize their business at a very early stage

While allowing OPCs to grow without any restrictions on paid-up capital and turnover, allowing their conversion on any other type of company at any time, FM reduced the residency limit for an Indian citizen to set up an OPC to 120 days from 182 days and allowed NRIs to set up OPCs in India

“ The ability of OPCs to raise external capital, be it angel funding or any other, is severely limited. OPCs can’t even issue staff shares. This announcement is good for people who are running mom-and-pop shops, since they can now have a corporate structure and avail of lower tax rate “, said Siddharth Pai, founding partner at venture capital firm, 3one4Capital

[ siddarth@3one4capital.com  ]

Nithin Kamath, co-founder and CEO of Zerodha,

[ nithin.kamath@zerodha.com ]

 - echoed Pai, saying, “ I don’t think it will make any material impact on the Startup Eco-system like Bengaluru’s. May be it will help micro or small-sized entrepreneurs like someone setting up a bakery “

But Ankur Bansal, co-founder of BlackSoil,

[ ankurbansal@blacksoil.co.in ]

- a venture debt platform, said the biggest advantage of an OPC is that its identity is distinct from that of its owner

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

Thank You, Smt Sitharamanji,

 

Without doubt, the relaxations announced by you will go some way to make it easy for entrepreneurs to become “ Self Employed “ . For that reason, this is a very welcome announcement

But when released, if the “ details “ were to incorporate suggestions contained in my following e-mail, then we will see 4 / 5 million OPCs registering within next 12 months !

With changes suggested by me, Shri Tomar would be able to convince 140 million FARMERS, to register themselves as One Person Companies ( OPCs ) and start entering into contracts with other FARMERS’COOPERATIVES / Companies / Food Corporation of India etc., under CONTRACT FARMING ACT  ! In any case , currently farmers are not liable to pay any Personal Income Tax !

Within 24 hours , farmers will withdraw their agitation demanding repeal of Farm Laws !

A NEW ECONOMIC ORDER ? aka " Start Up Act - 2015 "…….. 12 Sept 2015 

Extract :

 

#   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 inves

         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

 

         

 

 

#   What  will  happen  ?

 

   *   Billions of rupees worth Black Money will flow into these Start Ups -

        money which is currently lying unutilized or locked up in unproductive

        assets

 

        

 

    *   If Jan Dhan Yojana could create 200 million bank accounts in 20

         months, Start Up Act - 2015 , will  create 200 million Start Ups in next

         10 months !

 

         

         All that led to this World record was, someone suggesting the

         unthinkable :

 

        " Let us enable poor people to open bank accounts with ZERO bank

           balance "

 

        " Start Up Act- 2015 ", will unleash a similar " Start Up Tsunami "  !

 

 

    *   Within 3 months , thousands of Venture Capital Funds will be born,

         exclusively for funding of Start Ups (You know who will set up these VCs 

         

    *    With NO Income Tax to be paid, Start Ups will conduct all transactions              through cheques ( receipts / payments )

 

         

 

    *    GST  collections will go up

 

    *    Domestic Savings Rate will go up

 

    *    Since millions of ( Black Money holding ) individuals / businesses will

          come forward to fund these Start Ups, lending pressure on banks will go

          down 

 

          

    *    Who knows, Start Ups may get into the business of Assets

          Reconstruction and relieve banks of NPAs !

 

    *    With locally / domestically stashed Black Money flowing into the

          economy, our dependence on FDI will  go down

 

           

    *    Corruption will decline drastically

 

 

 

#   Why  the  need  for  Start Up Act  ?

 

·          It is simple

 

            In the past 300 years , we have had different systems of Economic

            Development , viz:

 

            Communist  /  Socialist  /  Capitalist

 

·        There were periods when each worked well - depending upon the

         geography and the technological environment prevailing during those

         periods

 

·          Today, Internet and mobile apps are pushing the World towards an

           E - Commerce economy , which covers entire World seamlessly

 

·          Tomorrow, Internet of Things ( IoT ) , will tell us what we need to do

           and when ! Our lives will be dictated by devices !

 

              That will demand a brand NEW SYSTEM of economic development

              which transcends national boundaries

 

            

 

·          Old rules / regulations / laws will not help us find jobs for 12         million youths entering India's work force each year

 

·          An ocean-going " Ship " , cannot traverse galactic distances of Space

 

·          Following in the footsteps of Albert Einstein / Stephen Hawking , we

           need to

 

            " Bend the Space "

 

              And travel through the Worm-holes !

 

·          Using the hologram of the " Start Up Act - 2015 " , we must projec

           our economy into :

 

           "  Distributist Economy ",

 

-  which goes beyond the " Communist / Socialist / Capitalist " economies 

 

·          That is the ONLY WAY to create a ,

 

            "  New  Economic  Order  / The Start Up Economic Order "

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

With regards,

Hemen Parekh  /  hcp@RecruitGuru.com  /  02 Feb 2021

 

 

Tracking BEST Buses through Mobile ?

 

 

Yes , and here is how :

Now track BEST bus on your phone  /  HT  / 30 Jan 2021

CM launches control centre for tracking of red buses  /  TOI  /  30 Jan

Extract [ of this news report  ] :

Ø  The state-of-the-art control room has two huge video walls ( each having nine 55-inch screens ) monitored by 32 officials round-the-clock
It has a centralized database which will be a mine of information to analyses daily bus operations and provide solutions to improve services

Ø  The system will keep a check on unruly drivers who speed, trough VEHICLE LOCATION TRACKING SYSTEM

Ø  The centre will track operations of all buses through GPS

Ø  The centre will help BEST get DAILY ANALYSIS of fleet utilization, km run, targets, ticket sales and passenger count

Ø  “ We can keep a check on buses being deployed from 27 depots daily, whether busy routes have adequate buses, rerouting some to routes that have more commuters at bus stops and sending emergency vans for on-road repairs and maintenance “

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

Congratulations , Shri Bagdeji,

Although, due to my advanced age, I no more travel by BEST buses, it makes me very happy that BEST has implemented most of the suggestions that  I made in my following e-mails :

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

Ø  Public transport as a solution ? ………………..[ 15 Feb 2016 ]

Extract [ from above e-mail ] :

 

SOLUTIONS  ( even , if partial ) :

  

    #   Gradually change over to air conditioned buses

 

   #   Do not allow standee passengers(this will require adding many more buses )

 

    #   Introduction of BRTS ( Bus Rapid Transit System )

 

    #   Bus Arrival Time Indicators ( linked with GPS in all buses ) at all bus stops

 

    #   A tablet type digital device fitted behind each seat, where passenger to

         touch his destination on route map displayed 

          

         Passenger will also touch his smart phone to the device which will transfer

         the fare amount to the bus operator , through a mobile wallet . 

 

     #    No need for a conductor - as practiced in many foreign countries ! 

 

        This will tell the driver, at which stops, which passengers are getting off and

        seat/s are falling vacant

 

    #   If bus is already FULL and no passenger is getting off at the next bus stop,

         then driver will not halt the bus ,since he cannot accommodate any standee

         passenger

 

    #   If a passenger is supposed to get off at, say XYZ stop, digital device wil

         flash a signal / ring a bell , a few minutes before reaching the stop

         

   #   The Bus Arrival Time Indicator , at the stop will also display the " No of

          Vacant Seats " in this bus

 

         This ( No of Vacant Seats ) sign will also appear prominently on the bus

         itself as it pulls into the halt

  

    #   It is equally easy to introduce such an Integrated Traffic Management

         System in Inter-City buses as well

 

    #   Entire intra-city bus traffic will be monitored and controlled from the Central

          Traffic Control Station of the City traffic department, much in the same way

          ATC control air traffic or railways control train traffic

            

    #   It is just a question of extending an existing ( but slightly modified )

          technology to city traffic

 

    #   As far as density of traffic on various roads is concerned, mobile apps are

         already available

 

    #   Based on the situation, Central Traffic Control will order additional buses to

         be injected on any particular route, at any given time

 

    #   In some foreign countries , even elevator systems in large office buildings

         are designed to gauge

 

         *  the number of persons waiting for elevator at each floor ( and how many

             want to go UP and how many want to go DOWN ),

             

         *  the number of persons riding at any time , within each elevator ( and

            their travel intentions ) 

 

            and adjust their stopping / halting pattern accordingly  , automatically

            without human intervention !

 

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

Ø  BEST getting BETTER ? ………………………………[ 20 Aug 2017 ]

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

Ø  A Trail-Blazing Urban Transport ? ……………[ 22 Sept 2017 ]

 

Extract [ from above blog ] :

       On  12^th Sept , Shri S R Jadhav ( Traffic Manager – Planning & Control ) sent

       to me following email :

      From: transport@bestundertaking.com  

      Sent: 12 September 2017 14:58

      To: Hemen Parekh

      Subject: re: fw: A COMPREHENSIVE BEST SOLUTION

     Sir,

     This refers to your letter dated 21.08.2017 addressed to the General Manager,

     BEST Undertaking.

     At the outset, we thank you for providing suggestions in connection with BEST

     bus operation.

    The BEST Undertaking is in the process of developing App for BEST buses.

    Besides, we are also planning to install GPS on buses to get Real Time

    Information for updated Passengers Information System

    In connection with this, we have also noted your suggestion for Bus Route

    Indicator at bus stops.

    We would also like to inform you that MMRDA is carrying out study

     for 'Dedicated Bus Lane' on major corridor of

   Mumbai.

  Yours faithfully,

  ( S.R. Jadhav),  Traffic Manager,  (Planning & Control)

 

This was in response to my following email :

From: "Hemen Parekh" <hcp@recruitguru.com>

Sent: Monday, August 21, 2017 10:01 AM

To: gm@bestundertaking.com, addlgm@bestundertaking.com, dgmto@bestundertaking.com, sapawar@bestundertaking.org, chiefminister@maharashtra.gov.in, min.finance@maharashtra.gov.in, min.transport@maharashtra.gov.in 

Subject: A COMPREHENSIVE BEST SOLUTION

BEST  getting  BETTER  ?

While welcoming this passenger-friendly initiative , I urge Shri Bagde , to go for a COMPREHENSIVE SOLUTION  by implementing my following suggestion ( emailed earlier on 15  Feb  2016 ) :

https://myblogepage.blogspot.com/2016/02/public-transport-as-solution.html

If all of my suggestions get implemented, Mumbai’s BEST can become a BENCHMARK for Municipal Corporations of Delhi – Kolkata – Chennai and other Metro Cities

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

Ø  Thank You , Shri Bagde …………………………………[ 27 Feb 2019 ]

 

Extract [ from above e-mail ] :

Thank You , Shri Bagde

 

Shri Surendrakumar Bagde – General Manager – BEST / gm@bestundertaking.com / Tel - +91-22-22856262 

For what  ?

For implementing my suggestion for a passenger-friendly  BEST transport  system

( sent as email to Shri Bagde on 15  Feb 2016 ) 

Public transport as a solution  ? 

Dear Shri Bagdeji,

While congratulating you on this very “ commuter – friendly “ innovation , I urge you to examine the feasibility of also implementing , item # 1  / # 2  /  # 3 , listed above

Having set a BENCH-MARK for Public Transport undertakings all over the country, I urge you to persuade the Central Transport Minister , Shri Gadkariji, to examine implementation of :

Transport : an Integrated Logistic Plan ? 

 

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

With regards,

Hemen Parekh  /  hcp@RecruitGuru.com  /  01 Feb 2021