The Big Picture

There is a Bank Board Bureau that will make top meetings in PSBs, including appointments of indie directors. But this is not going to be manned by professionals as the Nayak committee wanted entirely. Some reports say half of the six people will be authorities appointees. One report quoted the banking secretary as saying he’ll be the sole representative.

Either way, the federal government will make the ultimate call on visits. It can’t be otherwise as long as the general public sector character of the banks continues. I’ve always thought that the thought of authorities distancing itself from control of PSUs and PSBs was hogwash- it cannot happen. Two of the five sessions have been from the private sector.

But the financing secretary has assured PSBs that hereafter there will be no more visits from the private sector- EDs at PSBs will be given the opportunity. Performance-linked pay and private sector pay scales: If this happens, it shall be in a restricted way. The basic framework of government, defined by the Pay Commission, won’t disappear completely. Bank or investment company Investment company: The Nayak committee wished government collateral to be transferred to a BIC with the BIC shedding its ownership in individual banking institutions below 51%. The BIC won’t happen in a rush. And when it can happen, government will not drop its possession below 52%. That means, CAG and CVC will remain.

A 1% or 2% upsurge in the personal tax rate is improbable to encourage them to go. 2. Possible, but taxes “avoidance ” is almost everywhere. 3. Again, the jobs that leave are probably not the high skilled, high paying ones. I don’t see too many Wall street bankers moving to Tennessee.

Those who disapprove of taxes competition complain that lower state taxes only produce a zero-sum competition where claims “race to underneath” and cut services to the indegent as fees fall to zero. They state that tax slicing undoubtedly means lower quality colleges and police security as lower tax rates mean starvation of general public services.

Yes in most cases, by definition. They’re wrong, and New Hampshire is well known illustration. The Live Free or Die State has no income or sales taxes, yet they have high-quality institutions and excellent general public services. 5,000 less per person than New York. And on the other side of the ledger, California in 2007 had the highest-paid class room teachers in the country, and the Golden State got the second-lowest test scores yet. They admit that New Hampshire spends less even.

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New Hampshire can be an aberration for the reason that it is a low population with a high concentration of excellent universities and secondary universities that maintain high requirements for education, generally. Or consider the fiasco of NJ. In the early 1960s, the constant state acquired no condition tax no condition sales tax. It had been a rapidly growing state attracting folks from everywhere and running budget surpluses.

Today its income and sales fees are among the best in the nation yet it suffers from perpetual deficits and its own academic institutions rank among the worst in the nation — much worse than those in New Hampshire. A lot of the substantial infusion of tax dollars over the past 40 years has simply enriched the public-employee unions in the Garden State. Folks are fleeing the continuing state in droves.