Politics, Economics, India Investing, Global Macro—🙄; Travel, Food, Wildlife, BioDiversity, Progressive Rock 😎
London, England
Joined October 2017
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Global India Insights
A Journey to understand what drives global institutional investors and their implications and impact on India investing
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Arvind Chari retweeted
A strong case for eliminating Capital Gains Tax on FPIs from a 36-year market veteran who founded India's first institutional research house focused on encouraging FPIs to allocate capital to India. Worth a listen @nsitharaman
Stocks in China have tumbled. Stocks in Brazil will open gap down. The AI trade is wobbly. Good time for eliminating the Capital Gains Tax on FPIs
Convert Arrogant India to "Aajao India", the true AI
FPI inflows strengthen INR
‘Never seen such dismay’: financialexpress.com/busines…
Arvind Chari retweeted
Very true, Mr Dayal's interview with @the_core_in was very balanced.
Which is what they should do.
Domestic investor capital gains taxation depends on domestic taxation rules for all assets.
Foreign investors will pay tax in their home country and should not be made to pay capital gains tax in India.
My worry through is that they will do the opposite.
Remove tax on domestic investors
Keep tax on foreign investors
🙃
The outrageous POD idea has got to me.. this is me thinking in half an hour being awake at 5am..
experts like Ashok datar and BEST can do better.
What do you think ?
@DuttaAnirudha @CafeEconomics @dugalira @ajay_shah
The destruction of Mumbai’s BEST bus network by @sohitmishra99
Started in 2005/06, when RIL floated the idea of using BEST depots for their retail business roll out. We kept reading articles then on how BEST was loss making and that mumbai cannot afford to spend on BEST and thus need to lease out the depots for revenue generation
The bus depot plan never went through but this idea of ‘BEST loss making’ is an institutional memory now at @mybmc and they have neglected and destroyed the service over years
It saw some revival during @AUThackeray and Praveen pardeshi’s time and buses are being procured
But even now BMC will sanction and spend 10k crs on 4 seater POD taxis in BKC but won’t spend 100 crs to run 27 buses in BKC which can effectively solve the problems (see my first tweet on a bus plan for BKC which started this thread on buses in cities)
The systematic dismantling of Mumbai's BEST bus network.
Mumbai's iconic BEST bus service is collapsing by design, not by accident. Stripped of its historical cross-subsidy funding, the BMC pushed this essential transit system into a dangerous wet-leasing privatization model. This shift forces extreme contractor cost-cutting on labor and maintenance, directly driving the recent surge in bus accidents and breakdowns. While the BMC easily allocates tens of thousands of crores for elite coastal road infrastructure, it actively refuses to merge budgets to protect the daily commute of millions. The decline of Mumbai's most vital public transport is a deliberate policy choice prioritizing profit over public utility. @hussaindorewala
youtu.be/vqCuTsZqww0?si=m7sA…
BKC - Bus Routes
Sept-2024-Arvind Chari dreaming up bus routes at 5am having spent a day moving from meeting to meeting inside BKC and enraged at the idea of ‘PODS’ being used to move people
Bus Route circular
B1-Bandra station to main bkc road and back
B2-Bandra station to bkc jio world/other route
B3-Bandra station to sebi/trident back road
K1-Kurla station to main bkc road and back
K2-Kurla station to trident /SEBI back road
K3-Kurla station to other parts of bkc
C1-Complex circular route
C2-Complex to Priyadarshani circle & back
C3-Complex to western express highway
(Link metro stations and key buildings)
Run buses at 15 minute intervals, assuming every trip takes 45 minutes, you need 3*9=27buses (preferably a/c double decker)
Charge 5-10 rupees
First 3 months will be chaotic as these buses, auto, taxi, Uber, private cars all will be on the road. As people see the availability and frequency and the routes, some will stop using other means of transport.
@mybmc @MMRDAOfficial @AUThackeray @AamchiBest @avshenoy1 @suchetadalal
Measured responses by Ritika Chopra to the supposed rebuttal by EC
The Election Commission has filed its reply in the Supreme Court to the petition on how the three-member Commission functions.
27 pages, approved by all three members. Its argument: every decision was unanimous, and a Commissioner’s note is a “suggestion,” not a decision.
Here’s what it addresses, and what it doesn’t.
🧵 (1/10)
Arvind Chari retweeted
Respect Ajit. High integrity. And clear thoughts. Hope those in power listen to this.
Arvind Chari retweeted
Why are foreign investors selling Indian stocks when the economy is growing.
The answer goes beyond corporate earnings to the returns investors keep after taxes, currency losses & the risks they take, @AjitDayal2 of @Quantum_MF told me in an interview on @the_core_in.
He makes an interesting comparison on how India has lagged China on GDP growth but is ahead on stockmarket returns.
youtube.com/watch?v=9pjUryOa…
Arvind Chari retweeted
Stocks in China have tumbled. Stocks in Brazil will open gap down. The AI trade is wobbly. Good time for eliminating the Capital Gains Tax on FPIs
Convert Arrogant India to "Aajao India", the true AI
FPI inflows strengthen INR
‘Never seen such dismay’: financialexpress.com/busines…
Arvind Chari retweeted
There was an excellent discussion with Mr Dayal and @govindethiraj of @the_core_in , he was very articulate on the reasons of the current situation, no doomsday talk, no flippant views, very balanced. Quoted @ananthng 's views too.
Classic Indian state, regulatory, and bureaucratic incompetence on regular display
And all this for exports earnings 😁
Look at the chaos unleashed. Crazy stuff.
RBI’s new forex reporting regime kicked in on Oct 1. On Oct 7, the RBI Governor said individuals earning from overseas services (tutors, freelancers, consultants etc) don’t need to report.
23 days later. No FAQ. No written clarification. Banks still sending freelancers a four-spreadsheet Export Declaration Form. Only 2 of 90 banks have published the mandated SOPs via @SindhuHarih in @businessline
@iam_anandv on ‘Declaration Raj’!
Thread on the RBI EDF from my @91basispoints column with Arjun Raghavendra (Tax lawyer and former IFS)
TLDR - India has moved from license raj to Declaration Raj (AND) everyone works for the government now salary free.
basispointinsight.com/Story/…
/1
Arvind Chari retweeted
An appropriate way to spend a holiday. Catching up on over 100 years of India's economic history.
At the launch of @CafeEconomics much-awaited book The Ideas That Shaped Modern India and Its Economy.
Waiting to read it.
Arvind Chari retweeted
Congratulations to Ashoke Sen on winning the Oscar Klein award. Here's a Sen story to celebrate
One of my favorite Ashoke Sen stories is when a PhD student wrote a letter to him(this was in the early 90s) as a last ditch effort to understand some concepts that were eluding her.
Unknown to her, Sen was due to visit her institute a week or so later. When Sen arrived, the very first thing he did after checking in was to find the student and answer all her questions.
Arvind Chari retweeted
A story that damages many claims by ECI
@Basantrajsonu and @AshwineSingh report that a Booth level agent of the BIP filed 5359 form 7s to delete people. When the ERO refused to do bulk deletions, the BLA wrote to the ECI. And ECI said, file them
newslaundry.com/2026/10/24/u… #
Arvind Chari retweeted
Ashoke Sen has been awarded the prestigious Oskar Klein Medal for 2026, becoming the first Indian physicist to receive the honour.
Previous recipients include Nobel laureates Chen-Ning Yang, Steven Weinberg and Hans Bethe, who received the medal in its first three years.
Arvind Chari retweeted
Boarding on AI 882 AMD-DEL is delayed by 20 minutes because Supreme Court Judge Vipul Pancholi & wife had to be VIP boarded first. They walk in with a posse of 6 guards + 3 AI staffers. Is this the VIP culture that India’s judiciary advocates? @MLJ_GoI ?
#VIPculture 🚨#lalbatti
Arvind Chari retweeted
Be grateful for this rite of passage and treat it as one more privilege...like standing in lines to get back into voter lists after being knocked off for no apparent reason.
The EDF (Export Declaration Form) rules are now in effect, and it seems like RBI and banks have conspired to create a new hell. Or actually 5 hells.
I consult for an American company. Raised October invoice. Received the Inward remittance. And bang! Mail from @HDFC_Bank detailing everything needed before the payment can be processed.
Let me tell you what the 5 hells are:
1. The hell of confusion – RBI clarified last month that the EDF rules do not apply to individuals. But looks like they haven’t told the banks. And CAs also don’t seem to know. There’s no official communication on who is exempt. Last I checked, I was an individual. No company, no LLP. But HDFC still wants me to file the EDF to credit my payment.
2. The hell of complexity – See the attached pic of the form the bank has sent in excel. It has 5 sheets. To be filled and submitted. Some abstruse acronyms like “AD” - no clue what it means. Some fields are mandatory. Some fields are to be filled by the bank. No idea which is what. And it needs a physical signature. Which leads to...
3. The hell of paperwork - They also sent a pdf with a bunch of request letters. I’m supposed to choose the right letter, print, sign, scan and submit. Creating more paper today is incredibly silly. And, I suppose, someone in the bank will have to upload all this somewhere. Reminds me of those hand-filled immigration forms. Pointless.
4. The hell of repetition – At least for me, most of the details are constant. One client, one payment. If it’s a one-time exercise, fine. I’ll grit my teeth and get it done. But no. These details have to be given month after month. Else… no payment will be credited.
5. The hell of unpreparedness – It would have been simple enough for RBI or HDFC to create an online portal for this. With dropdowns, saved formats, contextual help, etc. to at least make this easy. But that would be too convenient, no? So, they’ve chosen to dump the entire burden on the taxpayer.
I have no opinion or understanding of why this is needed. Maybe it is critical information. Okay! But why make the process so confusing and painful?
And poor communication has meant that the banks have just passed on the pain to the exporter, and even CAs can’t help.
Basically RBI & HDFC feel I should consult less, and comply more. Maybe my client will also agree :)
This is good to see..
Will put other state CEO’s and CROs under scrutiny
कार्यालय मुख्य निर्वाचन अधिकारी, उत्तर प्रदेश
(प्रेस विज्ञप्ति)
विधान सभा निर्वाचन क्षेत्र 127-पीलीभीत की मतदाता सूची में पाई गयी गड़बड़ी के प्रकरण में वर्तमान के साथ-साथ पूर्व निर्वाचक रजिस्ट्रीकरण अधिकारी के विरूद्ध भी होगी विधिक कार्रवाई
दोनों निर्वाचक रजिस्ट्रीकरण अधिकारियों के विरूद्ध विधिक कार्रवाई के अतिरिक्त विभागीय कार्रवाई प्रारम्भ करने के भी निर्देश
मतदाता पंजीकरण केन्द्र के कम्प्यूटर सहायक (वी0आर0सी0 ऑपरेटर) की होगी सेवा समाप्त
लखनऊ, 22 अक्टूबर, 2026।
विधान सभा निर्वाचन क्षेत्र 127-पीलीभीत की मतदाता सूची में दर्ज मतदाताओं के नाम के इपिक नम्बर पर किसी अन्य मतदाता का विवरण प्रदर्शित होने संबंधी शिकायत के संबंध में जिला निर्वाचन अधिकारी, पीलीभीत से विस्तृत जांच आख्या आज प्राप्त हुई।
प्राप्त जांच आख्या के अनुसार विधान सभा निर्वाचन क्षेत्र 127-पीलीभीत के मतदाता पंजीकरण केन्द्र के कम्प्यूटर सहायक (वी0आर0सी0 ऑपरेटर) द्वारा दिनांक 31.05.2026 से 29.08.2026 के मध्य मतदाताओं के विवरण में संशोधन हेतु कुल 13,779 फॉर्म-8 की प्रविष्टि की गयी। जिसमें से दिनांक 16.07.2026 तक कुल 4,717 फॉर्मों तथा शेष 9,062 फॉर्मों की प्रविष्टि दिनांक 17.07.2026 से 29.08.2026 के मध्य की गयी। इन सभी प्रविष्टियों से संबंधित कोई भी फॉर्म अथवा अभिलेख कार्यालय में उपलब्ध नहीं पाया गया। इन 13,779 फॉर्म-8 में से कुल 10,470 फॉर्मों को स्वीकृत एवं 3,309 फॉर्मों को अस्वीकृत किया गया। इस प्रकार 10,470 प्रविष्टियों में गड़बड़ी पायी गयी।
प्रविष्टियों में गड़बड़ी के लिए जिम्मेवार 127-पीलीभीत के मतदाता पंजीकरण केन्द्र के कम्प्यूटर सहायक (वी0आर0सी0 ऑपरेटर) तथा विधान सभा निर्वाचन क्षेत्र 127-पीलीभीत में दिनांक 16.07.2026 तक एवं दिनांक 17.07.2026 से 29.08.2026 तक तैनात निर्वाचक रजिस्ट्रीकरण अधिकारियों (ई0आर0ओ0) को इस प्रकरण में दोषी मानते हुए इनके विरूद्ध लोक प्रतिनिधित्व अधिनियम, 1950 की धारा-32 एवं भारतीय न्याय संहिता की सुसंगत धाराओं के अन्तर्गत विधिक कार्रवाई किये जाने के निर्देश दिये गये हैं। साथ ही प्रकरण में संबंधित सहायक निर्वाचक रजिस्ट्रीकरण अधिकारियों की भूमिका के संबंध में भी गहनता से जांच कर आख्या उपलब्ध कराने के निर्देश दिये गये हैं।
प्रकरण में दोषी पाये जाने के लिए विधान सभा निर्वाचन क्षेत्र 127-पीलीभीत के मतदाता पंजीकरण केन्द्र के कम्प्यूटर सहायक (वी0आर0सी0 ऑपरेटर) की सेवा समाप्ति के आदेश दिये गये हैं। दोनों निर्वाचक रजिस्ट्रीकरण अधिकारियों (ई0आर0ओ0) के विरूद्ध विभागीय कार्यवाही प्रारम्भ किये जाने के निर्देश भी दिये गये हैं।
विशेष प्रगाढ़ पुनरीक्षण-2026 की समाप्ति (दिनांक 10.04.2026) से लेकर दिनांक 21.10.2026 के मध्य मतदाता पंजीकरण केन्द्र के कम्प्यूटर सहायक (वी0आर0सी0 ऑपरेटर) द्वारा मतदाता सूची में नाम जोड़ने हेतु प्रविष्ट किये गये समस्त फॉर्म-6 तथा नाम विलोपित किये जाने हेतु प्रविष्ट समस्त फॉर्म-7 की भी गहन जांच कराकर विस्तृत आख्या एक दिन में उपलब्ध कराने के निर्देश जिला निर्वाचन अधिकारी, पीलीभीत को दिये गये हैं।
इसके अतिरिक्त फॉर्म-8 संबंधी जिन प्रविष्टियों में गड़बड़ी पायी गयी है, उन सभी प्रविष्टियों को नियमानुसार मानक के अनुरूप ठीक कराने की कार्यवाही प्रक्रियाधीन है।
@ECISVEEP
@SpokespersonECI
@ANINewsUP
@PTI_News
@ians_india
@DDNewsUP
@AIRNewsHindi
