Finance Ministry Accused of Ignoring Education Sector
history a behind those of Bernie Madoff and R. Allen Stanford . Palm Beach Finance was a set of investor funds that invested in Pettersa business operations. Petters created the illusion of massive deals in financing consumer electronic merchandise transactions, but most of the invoices were faked. Palm Beach Finance is currently run by a court-appointed trustee, Barry Mukamal of Marcum, who is represented by Miami-based Meland Russin & Budwick .
Finance Department says it will fix credit-union tax error revealed by auditors
India has had a rough few weeks, with the rupee falling to a historic low and equity markets tumbling by 11% as investors pull their money out of the country. In a press conference Friday, Finance Minister P. Chidambaram tried to restore confidence even as he acknowledged that the country was facing a challenging time. “We believe that the rupee is undervalued and has overshot what is generally believed to be a reasonable and appropriate level,” he said, according to a written statement. “Capital inflows will, in due course, correct the position.” India has been caught up in an emerging markets sell-off , triggered by talk of tighter U.S.
Do not say that we can do this when our GDP [gross domestic product] spending is just 1.8 percent, he said, referring to the contribution to the education sector as a percentage of gross national product. We ask the MEF [Ministry of Economy and Finance]. You need to give us quality input. Its like if you send me on this budget to a restaurant, I can only eat Khmer noodles on the street. If we want to output quality graduates, we need quality input, and that means better trained, better paid teachers. We should be inputting between 4 and 6 percent [of GDP], he said.
India’s finance minister tries to stem panic
Liberal finance critic Scott Brison has also written to Flaherty, insisting that legislation be drawn up immediately to halt the tax-rate increase. Brison blamed the error on the Conservative government’s penchant for incorporating multiple changes in law in its omnibus budget bills. “I have no doubt that such a mistake is the natural consequence of denying Parliament its proper oversight function and ramming omnibus legislation through both Houses,” Brison said in his letter. A spokesman for Flaherty said tax professionals made the minister aware of the technical glitch earlier in the summer. “Minister Flaherty has committed to fix it as soon as possible and ensure no credit union is disadvantaged by this technical issue,” Chisholm Pothier said in an email.