wheatsheaf

From the goacom.com website


ALL FOREIGN LAND DEALS SEE THE PIT

PANJIM: The Goa government has decided to scrutinise all cases of foreigners buying land in the state right from 1999, when the Foreign Exchange Management Act, first came into force, even as the Enforcement directorate is probing 73 cases referred to it of prima facie violations in land and property deals involving foreigners in the last three years. [GT]

a_f_d

'fraid you'll have to research it yourself - it was info from a [well regarded] Goan lawyer and I think I've confirmed it elsewhere but not sure where.
If I come across it I'll post it.

AndyD 8-)#

Douglas M

Hi KKK,

There are two separate charges levied on registration of a sales deed, stamp duty and registration fee.

The stamp duty is at 2% of the consideration and from memory the registration fee is 4%. If you had already paid for a 1% stamp when you signed and registered the agreement to sale , you would presumably prepare the sales deed on stamp paper to the value of 1 % of the consideration rather than the usual 2 % .

Why dont you contact the sub registrars office in the area your property is located and confirm the procedure and the amounts .

regards
douglas

KKK

Hi Douglas
Thanks for the information, Would try to find out from the sub-registrar's office when I visit Goa next.

regards

KKK

noni

Bit off thread - but just read in the herald about the Maleria in Candolim/Calangute
http://oheraldo.in/node 26663
37 Builders issued notices for violating rules

Douglas M

Hi all,

One of the reasons for the current spate of anti FN activity in goa is the control of property price inflation. Inflation is caused by to much money chasing to few goods.

Who dictates the amount of money in circulation? The central banks of governments do.

As you can see from the table below, india is currently the no 2 culprit in terms of expansion of the worlds money supply.

So, governments firstly increase the money supply, then raise interest rates to curtail the investment activity they created and penalise the entrepeneurs and investors in the process!

In the case if india they also apportion some of the blame to FNs.

Life just isnt fair is it!


GLOBAL MONEY SUPPLY
as of 07/09/07

Country
YOY %

Russian Fed. M2
50.94

India M3
19.70

China M2
16.74

Australia M3
14.05

United Kingdom M4
13.84

Mexico M4
12.21

Brazil M2
11.92

Denmark M3
10.62

Korea M3
10.07

Canada M3
8.08

OECD Total M3 / Eurozone
7.86/10.9

United States M3 reconstructed
13.9

Germany M3
6.16

KKK

Hi Douglas

well in an indirect way the FNs are "responsible" for the increase in Money Supply in India, it is because of all the FDI flowing into the country, plus the FII money that has been flowing into the stock market. In order to absorb all that foreign currency, the goverment has to nutralize it by buying the currency so that the rupee/foreign currency rate does not appreciate too much, which leads to an increase in money supply. So its actually the inflow of more foreign currency that is responsible for the rise in inflation - though clearly very small part of it is coming into buying propety in Goa

regards

KKK

TONY P

Hi All
Thank heavens we have people on here who know what they are talking about, cos I sure don't. Lost track just after Hi .
Keep it up guys, I just print it off and give it to my Finance person, she's really bright.
Regards
Tony P

Douglas M

Hi KKK,

All central banks are guilty of increasing the money supply, india just happens to be more profligate than most. Most of the increase in money supply is through the facilitating of domestic credit rather than the printing of bank notes.

The money most FNs are using to purchase stuff in india was sourced and created in the uk rather than india, but you are right in that foreign central bank action creates a knock on effect in the receiving country. That is why FEMA was created to control that input .

The main point i was trying to make was that we are all eventually victims of central bank money creation and in addition india is a case of the kettle calling the pot black.

The foreign exchange ends up in the countries reserves you are right and is a credit on their balance sheet, but they dont necessarily have to print more domestic bank notes to accommodate it. Intervention in foreign exchange markets is a different process.

You will note that the democracies or wannabe democracies are the biggest culprits in money supply expansion, credit is the modern day opium used to sedate the masses and buy their votes, india included, uk close behind it.

regards
douglas

KKK

Hi Douglas

in principle what you say is correct. I was just referring to the specific cause of the recent surge in money supply in India. It is being repeated in the financial newspapers here that its to a large extent due to the "problem of the plenty" of the for-ex. With the exporters, especially the IT service related ones, breathing down the neck of the Indian government to keep the rupee down, the govt. has been trying hard (although without too much success) to mop up the for-ex from the market. In order to do that obviously they have been putting in a lot of currency in the market. The credit creation in the Indian economy has not been very high given its growth rates till recently - if we leave aside the last two years the inflation was very much under control - a wonder for the Indian economy, as in the 70s and the 80s we have been quite used to near double digit inflation in relation the 90s and the 2ks have been very benign

regards

KKK

a_f_d

Douglas said "All central banks are guilty of increasing the money supply..."
in my simplistic view of economics that is what taxation is for (obviously the old gold-standard idea that taxation raises money for the government to spend is long dead - they control the printing presses &c.), but money spent by goverment goes into circulation. If there is no growth in national product (wealth) then any increase in money supply causes a proportional amount of inflation. Taxation takes money out of circulation (it disappears!)

AndyD 8-#

Douglas M

Hi all

Its gone quiet again and we havnt even had a neophyte foreign national coming on and saying they are buying property in goa and douglas then sez don’t be so stupid cuz you cant and the FN sez yes you can cuz my friends have done it and douglas sez they are stupid too and then they say but there must be away round it and douglas sez there isn’t and you are being self centred and insensitive and colonial and then the acronites come on and want to talk about tiles and kitchens and douglas sez get your priorities right and sez he doesn’t like purple tiles with sparkly bits anyway and that upsets the acronites even more and the Indians too cuz they really like them and then someone else comes on and sez why cant you spell properly and punctuate your sentences and douglas sez I thought it would make a change and then everyone else sez they don’t like change and douglas sez that’s half the problem and then people say douglas is an opinionated git and douglas sez thats right but your entitled to be opinionated when you know your subject and then another neophyte comes on and sez but you don’t know your subject and douglas sez o yes I do and then the neophyte sez but my friends have done it…………..

noni

Hi, Douglas,
Noni sez you have frightened all the Acronites away, she sez Steven Wood should go to evening spelling classes, Douglas is not an opinionated git, until the FN's get a letter from the D of E they are living in Acronite land. But noni really sez nobody is coming out to play with their invisible friends to-day as the SUN HAS COME OUT in the UK and she is going out to lunch making the most of the sunshine, and Remy is still struggling with his 'noff and IRev accounts. Tony P is polishing his gong, in the garden.

TDK

Hi All, don't worry i haven't left you all for a younger web site & despite the sunshine i've not been up to anything very interesting (except maybe for those with a housework fetish)

Anyway i have joined the F******N's forum for buying a Yurt in Ulan Batur, Mongolia I figured that atleast if the Mongolian bureacracy backfires on me, then i can just pack up my home and move it somewhere else, and there also the added advantage of changing scenery (although communal swimming pools hard to come by out there), but atleast can go horse/camel riding. The fermented ewes milk might be an aquired taste though
Anyway have a nice day!

noni

We could all go to the Wye Valley and try one out for a weekend
when it stops raining.