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Home the hindu notes The HINDU Notes – 06th July 2019
The HINDU Notes – 06th July 2019
22:41 the hindu notes,
📰 Vaiko gets one-year jail term in 2009 sedition case
Conviction will not disqualify him from filing papers for Rajya Sabha poll
•In a rare conviction for sedition, Marumalarchi Dravida Munnetra Kazhagam (MDMK) general secretary Vaiko was sentenced to a prison term of one year by a special court for elected representatives in Chennai on Friday for a speech he had made in July 2009.
•Mr. Vaiko is set to file his nomination papers for a Rajya Sabha seat from Tamil Nadu. The conviction will not disqualify him from the electoral contest, as he has been sentenced only to a one-year term. Only a sentence of two years and above will attract disqualification provisions under the Representation of the People Act.
•Sedition, or Section 124A of the IPC, is not one of the offences that entail disqualification, regardless of the length of the prison term.
•Mr. Vaiko made the speech in question on July 15, 2009, at a function to launch the Tamil version of his book I Accuse, a compilation of letters he had written to the Prime Minister about the alleged "betrayal" by the Centre in "aiding" Sri Lanka in committing "genocide" against thousands of Tamils during the last years of the war against the LTTE. He was severely critical of the regimes of the day at the Centre and in the State. In his speech he asked Tamil youth to support the formation of 'Tamil Eelam.'
•J. Shanthi, special court judge said at the conclusion of the trial that the charge of sedition had been proved.
•She held that given the position of the accused in society, his speech could influence the people. She noted that the book was released and a "hate message" delivered just two months after the death of LTTE leader V. Prabakaran. Given the volatile mood of those days, there was danger to the security of the State and Central governments then.
•She noted that Mr. Vaiko had said the LTTE had been defeated because of the Indian government's betrayal. "Section 124 A IPC also attracts intention or tendency to create disorder or disturbance to law and order or incitement to violence... Whether that act resulted in violence is immaterial. The charge under Section 124 A IPC stands proved." The judge also imposed a ₹10,000 fine.
📰 Opposition bats for freedom of press
Moves motion in Rajya Sabha
•Opposition parties have moved a motion in the Rajya Sabha to hold a debate on "how to strengthen freedom of press".
•This the second united effort from the Opposition in the House where the seat arithmetic is fast changing in favour of the treasury benches. The debate is likely to be held on July 10.
•Sixteen parties have signed the motion and the signatories include BJP MP Subramanian Swamy and YSR Congress members who have been leaning in favour of the BJP in most of the battles.
•The debate is likely to be initiated by NCP leader Sharad Pawar. Other signatories to the motion include the Congress, the Trinamool Congress and the Left parties among others.
•"We have been getting complaints that journalists are working under severe pressure from the ruling dispensation. Their freedom to report critically about the government is severely curtailed," a top Opposition leader said.
•The recent 10% hike in the Customs duty on newsprint will be part of the debate. The Opposition parties are also likely to raise the issue of fake news.
📰 Aadhaar ordinance: SC asks Centre, UIDAI to respond to writ petition
Petitioners say ordinance will create a "surveillance State" and enable database to be exploited by private players for commercial gain
•A Supreme Court Bench led by Justice S.A. Bobde ordered the Centre and the Unique Identification Authority of India (UIDAI), the nodal Aadhaar authority, to respond to a writ petition challenging the new Aadhaar Ordinance and Regulations passed by the Lok Sabha, saying they will create a "surveillance State" and enable the database to be exploited by private players for commercial gain.
•The Bench issued notice on the petition filed by activists S.G. Vombatkere and Bezwada Wilson, who said that the UIDAI intended to use the ordinance to commercialise and gain financially through the large-scale collection of the personal data of citizens and use of Aadhaar database by private entities.
•"People's data collected for Aadhaar database is their private property and permitting this to be commercially explored is a violation of their fundamental right to dignity," the petition, represented by senior advocate Shyam Divan and advocate Vipin Nair, submitted.
•The petition said the Aadhaar and Other Laws (Amendment) Ordinance of 2019 and Aadhaar (Pricing of Aadhaar Authentication Services) Regulations, 2019 "create a back door to permit private parties to access the Aadhaar eco-system".
•It said a Constitution Bench of the Supreme Court in September last year had specifically struck down provisions, including Section 57 of the Aadhaar Act 2016 which led to commercial exploitation of the database.
•The court had found that the architecture and design of the Aadhaar project did not enable mass surveillance of persons under the Aadhaar Act.
•The petition said the Ordinance allowed the Aadhaar database to be linked to existing databases under the Prevention of Money Laundering Act and the Indian Telegraph Act. This posed a grave threat to national security.
'Trojan horse'
•The "unverified" Aadhaar database was a "Trojan horse which will over time infect, undermine and debase the integrity of the two databases", the petition submitted.
•The purported utilisation of the database for e-KYC and verification of identities for use services was "manifestly arbitrary and a danger to national security".
•The ordinance created a new system of "office verification" that attempted to bypass the government authorities. "However, this method exacerbates the problems caused by the Aadhaar project, as such a method creates unprecedented opportunities for unauthorised parties to save and replicate Aadhaar-related personal data," the petition submitted.
📰 Union Budget 2019-20: Bucks for the banks
The Union Budget is hoping to spur the economy by revitalising the financial sector
•The maiden budget of Nirmala Sitharaman has many interesting features, but it does not have a defining central theme. There were expectations of a big growth push through either tax cuts or large expenditure programmes even if it meant a rise in the fiscal deficit. But the Finance Minister has chosen to be fiscally conservative, opting to play the long-term game, though it could lead to pain in the short term. The only indulgence she has permitted herself is a big ₹70,000 crore capital infusion in banks that will, it is hoped, spur lending to growth sectors in the economy. Also, quite notably, the budget has sought to address the problems that have plagued the non-banking finance companies space over the last few months and the consequent credit freeze and loss of confidence in the market. Ms. Sitharaman has comprehensively addressed the important issues of liquidity, solvency and poor governance in the NBFC sector. She has made available a liquidity window of ₹1 lakh crore to public sector banks through the Reserve Bank of India to buy pooled assets of NBFCs and offered a one-time credit guarantee for first loss of up to 10%. To enable better supervision of the sector, housing finance companies, which have been the main villains of the piece, will come under the RBI's regulatory ambit. A long-standing demand of NBFCs for equitable treatment with banks in the matter of taxing interest receivable on bad loans has been conceded. They will not need to maintain a Debenture Redemption Reserve on public placements that was leading to locking-up of funds, which is their raw material for business. These are important reform measures for NBFCs. More interesting is the move towards reviving development financial institutions. The big problem faced by NBFC financing infrastructure is the lack of long-term funding sources to match their lending tenure. This pushed them into borrowing short-term funds to lend to long-term projects, leading to asset-liability mismatches. The proposal to set up a committee to study the issue, including the experience with development finance institutions, is welcome.
•There are several reform measures that have been announced, but the most interesting is the reiteration of the government's commitment to strategic disinvestment and the declaration that it is willing to allow its stake to fall below 51% in non-financial PSUs. Start-ups can heave a sigh of relief as the angel tax is practically off the table. The government seems to be moving towards a single identity card for citizens in the form of Aadhaar, which will now be interchangeable with the PAN card. Taxpayers who do not have a PAN card can file returns quoting their Aadhaar number, which effectively can be a substitute for PAN in all transactions. Another reform measure is the introduction of faceless e-assessment of tax returns taken up for scrutiny. This will eliminate the scope for rent-seeking by officers as there will be no interface between assessee and official. In fact, the assessee will not even know the identity of the officer scrutinising the return. This is an absolutely welcome measure but needs to be closely watched for implementation. The corporate sector has got a minor sop with the turnover limit for the 25% tax bracket being raised to ₹400 crore per annum from ₹250 crore. The expectation was that this would be extended to all companies irrespective of size. It appears that the government wants to wait for the finalisation of the Direct Taxes Code, which is being examined by a committee. Real estate companies may have reason to cheer as the generous tax concession for affordable housing may create demand, especially in the smaller metros.
•The 'nudge theory' of economist Richard Thaler, mentioned extensively in the Economic Survey 2018-19 presented in Parliament on Thursday, has been put to use by the Finance Minister to push forward two of this government's pet themes — increasing digitalisation of money and promoting electric mobility. On the first, there will now be a 2% tax deducted at source when withdrawals from bank accounts exceed ₹1 crore in a year. This is a commendable measure, but it could lead to genuine problems for businesses such as construction and real estate that are forced to deal in cash for wage payments. Of course, the TDS can be set off against their overall tax liability. The second, and more interesting 'nudge', is towards electric vehicles where those taking loans to buy one will get a tax deduction of up to ₹1.5 lakh on the interest paid by them. But the fact is that there are not too many electric vehicles in the market now. And even for those that are there, the waiting period to deliver one is long. Besides, there is no ecosystem, such as charging points, even in the major cities. The government's hope seems to be that this incentive will create a market for e-vehicles that will then lead to the development of the ecosystem.
•The budget documents show that the government has stuck to the glide path for fiscal deficit, which will be at 3.3% this fiscal. This is, however, based on exaggerated growth projections in tax revenues. The estimated total revenue receipts this fiscal is ₹19.62 lakh crore, which implies a 25.56% growth compared to the actual receipts of ₹15.63 lakh crore (as presented in the Economic Survey) in 2018-19. This is an extremely ambitious projection, especially given the ongoing slowdown in the economy. Of course, the Finance Minister could get a comfortable buffer if the Bimal Jalan committee that is going into the sharing of RBI's reserves with the government comes up with favourable recommendations. The government also appears to be sliding into a protectionist mode, going by the increase in customs duty on everything from cashew kernels to PVC, newsprint and even auto parts. While some of it may be well-intentioned to promote domestic manufacturing, this sends out a retrograde signal on the reforms front.
📰 Choosing the long view
The Budget is part of the longer-term creation of a new India, and continues with the vision of the previous tenure
•The first Budget of the new government in the 17th Lok Sabha powerfully recommits to the vision guiding the last term emphasising continuity, individual empowerment and infrastructure for nation building, fiscal consolidation, discipline, and process improvements. The rural sector comes in for special attention, but even there the focus is on value addition and transformation rather than income transfers as the means to double farmer incomes.
Jarring note
•But in choosing the long view, there is hardly any discussion of the current growth slowdown, and how the Budget can contribute to alleviating it. This is a pity, because this is expected of the major macroeconomic policy statement of the government. Markets are looking for a big spending boost from the government to revive growth. But there are many aspects of the Budget that will contribute to reviving growth but unfortunately they are not brought out explicitly. The Budget is presented as part of the longer-term creation of a new India.
•The standard idea of macroeconomic stimulus is to announce a large increase in government spending without raising taxes. This raises deficits. There has been an active debate in the run-up to the Budget that given the slowdown some rise in deficits is acceptable in order to provide a boost to the economy. But the government is committed to a long-term macroeconomic framework and a path of deficit reduction. A deviation will hurt its credibility. As we see below, there are other ways of stimulating the economy. Moreover forward-looking agents know short-term indulgence comes at the expense of long-term pain. They are likely to become more confident and spend more with a government that is able to keep its word. India has had a long battle to escape from macroeconomic fragility and high inflation due to over spending and over stimulus by past governments.
Macroeconomic stimulus
•The Budget gives many examples of this government's faster speed of delivery in infrastructure, such as road building or construction of low-income housing. Since the same government is back, it will be able to front-load expenditure on ready projects. The spending comes before taxes are raised and, therefore, is stimulatory. Apart from creating incomes it boosts demand for the cement and steel industries. Moreover, although the fiscal deficit ratio has come down from 3.4 in the interim Budget to 3.3, a larger share of resources are to be raised by privatisation. Since this does not reduce private demand as taxation does, there is a larger net expenditure stimulus which supports demand and growth. Completed schemes are being built upon, as some funds from Swachh Bharat are being re-allocated to piped water and to obtaining energy from solid waste management. The substitution of LED bulbs under the Unnat Jyoti by Affordable LEDs for All (UJALA) Yojana for earlier energy guzzlers led to an estimated cost saving of ₹18,341 crore per year. Now solar stoves and battery chargers will be promoted.
•Faster privatisation as well as monetisation of other assets such as brown field projects and government land banks will encourage private activity. The ₹70,000 crore to be pumped into public sector banks coming after the asset clean-up has started yielding results, together with a series of measures for non banking financial companies (NBFC) will help credit growth.
•A climate of pessimism and fear was responsible for falling credit growth, which fed into a slowdown in private investment and consumption. The Government's role is to bolster confidence. As a confident state steps in, begins to spend, and turns around the financial sector, private spending will also revive. Private investment projects had started in end-2017 as some sectors were running into capacity constraints, and then dried up because of the NBFC credit slowdown and election-related political uncertainty. It should revive again, especially since interest rates are coming down. G-Secs rates have fallen after the Budget. Spreads for corporate bonds and NBFC funds should also come down. Many NBFCs continue to have viable business models. The fear of credit risk will fade as costs come down and activity revives. The moribund real estate market that is responsible for much destruction of asset value will get a fillip from tax exemptions and lower interest rates.
•Help is promised for industry in many other ways. Land availability, labour law simplification, reduction in legal costs, delays and tax harassment. The focus on public-private partnerships and support for entrepreneurship will create many opportunities for industry. Private firms generally do much better in last mile delivery of public services. Cuts in corporate taxes, other sops and tweaks in tariffs are well-thought-out to attract foreign firms to produce at scale in India. This is the right time for such initiatives in the context of foreign direct investment re-locating from China.
•One of the strengths of the last government was in process improvements. These continue in this Budget. A new initiative of faceless e-assessment with no human interface, and cases assigned in random manner will reduce tax payer harassment. Integrated information will be used to auto fill tax forms making compliance easier even as tax evasion becomes more difficult. There is more simplification in Goods and Services Tax and other taxes while information will be used more intensively to increase the tax base.
•The improvement in processes reflects in better delivery of Budget promises, and the quality of fiscal consolidation. The revenue deficit has fallen as well as the fiscal deficit even as expenditure promises were largely kept, although much more was spent for agriculture. Capital expenditure was supported by market borrowing of public sector enterprises (PSEs) — as they become commercially viable, they must borrow based on future income streams. The growth slowdown would have been worse last year without this borrowing. PSEs do not suffer from credit risk. The food subsidy from the Food Corporation of India — which last year was supported by borrowing from small savings — is now brought back to the Budget as it should be.
•Apart from reforms in budget processes there is support for larger reform processes. The emphasis on technology cannot deliver alone without improvement in governance. But there is evidence of complementary action on both. For example, a major handicap for small businesses is an absence of timely payments from government. A payment platform has been announced for cutting time and improving processes. Ministries dealing with water have been merged.
•A major constraint India has been facing is the absence of long-term funding for infrastructure. There is evidence of innovative thinking on this with sops announced for alternate investment funds; thinking about setting up a development bank as well for making more foreign savings available. Retail investors are also to be encouraged to buy government securities. Stock exchanges are building platforms, which are to be supported by inter-operability between the Securities and Exchange Board of India and the Reserve Bank of India depositories. To the extent there are large diversified domestic investors in government securities the proposal to also raise funds abroad becomes less risky.
•As these reforms improve the supply-side, cost and time delays reduce for business as well as for the average citizen.
Long-term framework
•As argued above, some stimulus is possible without raising deficits. In the long run, however, the macroeconomic framework constraining the Budget needs to be revisited to allow policy to counter growth slowdowns and booms. The present framework gives very little space for this. The Fiscal Responsibility and Budget Management adjustment path should be in terms of a cyclically adjusted fiscal deficit, with incentives to protect the quality of expenditure. A target for revenue deficit is also required since it is easiest to cut public investment, which also hurts growth. The 15th Finance Commission should consider this reset.
•Reducing the level of debt and interest payments is a desirable objective, since it would release much more government funds for productive expenditure. But growth raises tax revenues and a rise in GDP increases the denominator reducing deficit ratios. Therefore maintaining growth is one of the best ways to reduce debt and deficit ratios.
📰 The macro does not gel with the micro
The Budget describes with admirable practicality what we would like to see in India, but it is not convincing on how we can have the growth to afford the same
•The maiden Budget presented by Finance Minister Nirmala Sitharaman was much looked forward to partly because she is the first woman to hold this post full time, an achievement for our democracy.
•Though her speech was perhaps a little combative, as she kept asserting the achievements of the first Narendra Modi government, it was nevertheless marked by an even-handedness and attention to detail that is rare. The first was seen in the methodical way in which she ranged over the areas — manufacturing, Gramin India, Shahari India, women, and the youth. One of the many instances in which the second was evident is in the elaboration of the proposed elimination of human interface in the conduct of scrutiny for taxpayers.
•However, there was a disconnect in the speech. At the outset, Ms. Sitharaman appeared to assert that India is headed towards becoming a $5 trillion economy by 2024. However, much of the rest of her speech was concerned with what this economy would look like — there would be widely dispersed social and physical infrastructure; a low-carbon footprint; and housing for all, among other desirable things. We were not told how the country will get there. And getting there is important, for the things that have been promised need to be paid for and there has to be the income for this.
Improving ease of living
•If only five points in the Budget are to be highlighted, I would choose bank capitalisation; rural electrification to be completed by 2022; a final push for water and sanitation, making India open defecation free by October 2 this year; encouraging solar power usage; and tax-related changes. Of these, electrification, water and solar power may not require large outlays but they make a big difference to people's lives, a reality ably grasped by the Bharatiya Janata Party (BJP), which portrays its actions in these areas as aimed at improving 'the ease of living'.
•The infusion of ₹70,000 crore into public sector banks would be a significant contribution to easing the liquidity situation caused by non-performing assets. It is mentioned that this will be accompanied by governance reforms, though we do not know as yet what form they will take, which alone will determine how significant they will be.
•The package for the financial sector also includes a time-bound public guarantee to commercial banks that acquire assets of the presently troubled Non-Banking Financial Companies (NBFCs). This should bring some stability to the NBFC sector, instability in which would ruin the lives of hundreds of investors and choke lines of credit outside the banking sector.
•In case it is found that the capital infusion is inadequate, the government can always increase it later in the financial year, but to have intervened at this stage of liquidity shortage is statesmanly. The proposals on taxation include changes in both tax liability and administration. The exemption limit on the income tax has been raised but the surcharge has now been increased on those in the highest two tax brackets. There is a balancing act here. Similarly, the upper limit for eligibility for the lowest slab of the corporate tax has been raised from ₹250 crore to ₹400 crore.
•This in in line with the demands of India's corporate sector but it may not be what is best for the economy at a time when the government needs as much revenue as it can garner to quicken it.
New era of tax administration
•However, the Budget may have initiated a new era with respect to the tax administration. Compliance is to be made easier for the taxpayer. There are to be pre-filled tax returns and less human interaction in the event of tax scrutiny. There will be 'faceless assessment' through the use of an electronic mode. Face-to-face encounters between inspectors and the assesses will be eliminated, with notices sent from a central Income Tax cell. Some similar simplification is to be done in the sphere of the Goods and Services Tax too. The Minister is right to speak of all this as a "paradigm shift" in the functioning of the tax department.
•While it is surprising that she equated the ease of paying taxes with the ease of living in India, which must take far more into account, it is the case that individuals have experienced powerlessness when dealing with the tax department.
Where the Budget fails
•This Budget's failing is in not setting out the means by which the government is to take the economy to the aspirational $5 trillion level. Barring unforeseen productivity surges, we must assume that investment holds the key. At least the Economic Survey tabled earlier spoke of the importance of investment, even though it somewhat ideologically confined validity to private investment.
•The Budget has nothing to say on the matter. Perhaps it is believed that the very return of this government is sufficient to release the 'animal spirits' of private investors. However, this would amount to overlooking the history since 2014. In this period, though there has been macroeconomic stability and much attention has been paid to the ease of doing business, private investment has declined. This points to the limits to confining yourself to the supply side when you are interested in growth, which this government is doing.
•Moving to a $5 trillion economy by 2024 would require growing at a rate faster than the average that has been achieved since 2014. There is no mention in the Budget of public investment, stepping up of which would be essential even to stimulate private investment right now. Capital expenditure has been raised by much less than the actual increase in the past year.
•One way of seeing this Budget is that it is something good in parts. It describes with admirable practicality what we would like to see in India, from water connections to roads. But it is not convincing on how we can have the growth to afford them. We might say then that the macroeconomics does not gel with the microeconomics.
📰 Searching for reform signals
While the Budget shows commitment to fiscal consolidation, there are very few measures that can steer the economy to acceleration
•There were high expectations from the Budget to provide a clear road map for much-needed reforms, given that the government received an unprecedented electoral mandate. The GDP growth in the last quarter of 2018-19 was the slowest in the last five years, and considering that the capacity utilisation in manufacturing has already peaked, reviving the investment climate is critical to accelerate economic growth. The unemployment rate, which is 6.1%, is the highest in four decades. With the Economic Survey making a pitch for creating a virtuous cycle of saving and investment, there was hope that there would be far-reaching announcements in the Budget.
Balancing the books
•To be fair, Finance Minister Nirmala Sitharaman has a difficult job of balancing the books, particularly when the revenues are not buoyant and demands for expenditure are high. From that perspective, it is noteworthy that she has tried to show her commitment to the process of fiscal consolidation by keeping the fiscal deficit budgeted at 3.3%. The difference between the 3.4% budgeted in the interim Budget and this is mainly due to higher GDP estimates (₹93,168 crore) used in the denominator. The revenue is lower by ₹55,463 crore compared to the interim Budget estimate but this is offset by non-tax revenue estimated to be higher by ₹40,532 crore. Thus, there are not many significant departures from the estimates of revenue and expenditure presented in the interim Budget. The gross income tax revenue is estimated to be lower than the interim Budget by ₹90,000 crore, mainly on account of lower GST (₹97,857 crore) and individual income tax (₹51,000 crore). Despite taking lower estimates, the revenue estimates look far too optimistic in comparison with the pre-actuals given by the Controller General of Accounts. To realise the Budget estimates, the increase over the actual tax collected in 2018-19 in gross tax revenue will have to be 21.2%, net tax revenue must rise by 25.3%, and the non-tax revenue will have to increase by 27.2%.
•A major source of additional revenue projected in the Budget is by having an active disinvestment policy. Disinvestment is expected to generate ₹1,05,000 crore, which is almost ₹15,000 crore higher than what was taken in the interim Budget. The Budget speech also speaks about an active disinvestment policy beginning with Air India. Hopefully, the environment will help to implement this. Another source of revenue which is expected to increase is the dividend. This amounts to ₹1,63,528 crore, which is ₹21,457 crore more than what was estimated in the interim Budget. Much of this will be from the Reserve Bank of India (RBI).
•The most important reform measure in the Budget is the proposal to streamline multiple labour laws into a set of four labour codes. Although the details are not yet available, it is hoped that the government will embark on the much-needed reforms in this area. This is a contentious issue that has been long debated. The Economic Survey too has referred to the need to make the factor markets less distorting and the disincentives these laws create in ensuring optimal sizes. Hopefully, the government will address this in the interest of increasing employment and exports of labour-intensive goods.
The reform front
•On the reform front, while much was expected, the Budget has been clearly disappointing. There are very few measures that can steer the economy to acceleration, leave alone changing gear to achieve the aspirational goal of achieving 8% growth to reach a $5 trillion economy by 2024. On the contrary, some of the measures take us back to the pre-reform era. Over the last three years, there has been a steady increase in import tariff in the name of 'Make in India', and with the U.S. coming hard on India by terminating India's designation as a beneficiary developing nation under the key Generalised System of Preferences programme, it was hoped that there would be an attempt at lowering and reducing the expansion of the protectionist wall. The objective of 'Make in India' should be to make the economy competitive and not to dish out higher cost, inferior products to domestic consumers. By selective increases in customs duty and by varying the rates based on whether the item is an intermediate good, capital good and final consumer good, the Budget has caused the effective rate of protection on many items to be much higher than the nominal rates. This can create unintended distortions. This is clearly retrograde.
•One of the major initiatives needed at the present juncture is to reform the banking system. The Budget allocates ₹70,000 crore for the recapitalisation of public sector banks, but is silent on the urgently needed structural reforms including governance reforms. Nor are there any concrete measures to deal with the Non-Banking Financial Companies crisis apart from empowering the RBI to undertake the regulatory function. Not that everything has to be done in the Budget, but events have shown that there is a need to improve both the legal framework and governance system. Consolidation of public sector banks cannot serve the purpose of changing the structure of incentives and accountability.
Revive the investment climate
•The revival of the economy requires the revival of the investment climate. A recent OECD study has shown that corporate taxes in India are very high amounting to almost 48% when the dividend distribution tax and surcharges are taken account of. The Budget in 2015-16 promised to bring the basic rate down to 25%. This was implemented for companies with a ₹250 crore turnover in the 2018 Budget; the present Budget increases it to ₹400 crore. Although these companies cover 90% of the number of companies, their tax payment is less than 10-15%. If large investments have to be attracted, then the reduction should have been general and the scaffolding approach can only disincentivise the companies to grow bigger and better. This only discourages the companies from becoming larger. While the Economic Survey is eloquent about the need to transform the 'dwarfs into giants', the various measures taken in the Budget to incentivise the MSMEs amount to reiterating that 'small is beautiful'.
Cooperative federalism
•The Finance Minister speaks about the rejuvenated Centre-State dynamic and commitment to cooperative federalism shown by the government during the last five years. At the same time, most of the measures taken to raise additional revenues are by way of cesses and surcharges. The increase in income tax for people with more than ₹2 crore and ₹5 crore is by way of additional surcharge. Similar is the case with additional tax on petrol and diesel. This is clearly to exclude the additional revenue raised from the divisible pool and deny the share of the tax to the States. Hopefully, the Finance Commission which is deliberating on the devolution will take note of the issue. On any case, such measures do not promote cooperative federalism.
📰 A Budget that goes nowhere
It would seem that since the government is unable to catalyse domestic investment or fund public investment, it is now turning abroad to fuel growth
•Union Finance Minister Nirmala Sitharaman is mistaken if she thinks her first Budget is going to revive a slowing economy.
•The economy grew by just 5.8% in real terms in the last quarter of 2018-19. Yet, the Union Budget for 2019-20 assumes that the economy will grow this year by 12% in nominal terms, or by 7-8% in real terms. How can that dramatic a turnaround take place? Only if there is a sharp pick-up in investment — private and/or public.
•There is little in the Budget that is likely to boost domestic private investment. There are neither any incentives for private investment nor support for public investment. To make matters worse, the Budget has actually projected a decline in central government capital expenditure (public investment) in 2019-20 by 6% in nominal terms. This is perhaps the first ever decline in public investment in the past half century, which, once adjusted for inflation, could measure over 10%. It is no wonder that the Finance Minister, shedding the convention of decades, did not mention any allocations for schemes in her speech and pushed all the numbers to the fine print.
Same direction as before
•It would seem that since the government is unable to catalyse domestic investment or fund public investment, it is now turning abroad to fuel growth. Some of the norms for foreign institutional investment (FII) are to be liberalised, so too for foreign portfolio investment (FPI) and ceilings on foreign direct investment (FDI) are to be raised in some sectors. More ominously, the government has now decided to go in for external commercial borrowings to meet part of its borrowing requirements, claiming that India's external debt to GDP ratio is very small. This is very much like what the governments of the 1980s did, which eventually led to the balance of payments crisis of the early 1990s. Why are we again heading in that direction?
•Prime Minister Narendra Modi's slogan of a $5 trillion economy by 2024-25 has taken over the discourse on the economy. The Economic Survey gave it considerable importance and now the Union Budget has too. We have forgotten that a larger economy does not necessarily translate into improved well being for all. A larger economy is of value only if in the process it delivers more jobs and better services. It is significant that the word "jobs" found no mention in the Finance Minister's speech.
•The approach of the Narendra Modi government in its second term seems much like in the first — focus on a select group of welfare schemes like Ujjwala Yojana, Swachh Bharat, Sowbhagya and Jan Dhan (all of which are believed to have served it well in the 2019 elections) and now Jal Shakti, while leaving it to private investment or private consumption to deliver economic growth.
•If private investment does not deliver, then the assumption is that private consumption will. Indeed, consumption with the help of household debt has been driving growth in recent years. The dangers of consumption loaded by private debt are obvious.
Numbers from interim Budget
•Since the numbers in the Budget papers have steadily lost their integrity, it seems pointless to examine them in much detail. Last month, the Controller General of Accounts had made public the provisional numbers for 2018-19. These showed that central tax revenues were lower than the revised (yes, revised and not Budget) estimates by as much as ₹1.67 trillion. In order to hold down the fiscal deficit, the government cut its expenditure by ₹1.33 trillion. Though these updated figures are available (with the Finance Secretary himself saying in the post Budget press conference that the actuals for 2018-19 are now with the government), why on earth do the Budget papers reproduce the numbers from the interim Budget of February 2019? Obviously because presenting the final numbers for 2018-19 now would have shown the Modi government in a poor light: unable to fulfil its promises on tax collection and spending commitments in its last year of its first five-year term.
•To be fair to the Finance Minister, the revenue projections, especially in income tax, are more modest and therefore perhaps more realistic than that of her predecessor. They are modest enough to project a decline in gross tax receipts from 11.9% of GDP (2018-19) to 11.7% of GDP (2019-20), arising from a slump in both direct and indirect taxes. It is interesting that the last time there was a fall in tax revenue was in 2014-15, the first year of the first Modi government.
•How then is the government planning to marginally lower its fiscal deficit in 2019-20 to 3.3% of GDP (assuming that this is indeed a reliable estimate)? It turns out a boost in non-tax revenue will make the difference. The biggest jump is of dividends from the Reserve Bank of India and the nationalised banks: ₹1.06 trillion, a 43% jump over 2018-19. Since few public sector banks are making money, most of this must be expected from the RBI. These dividends have more than doubled from 2017-18. We now know why the government-RBI tussle was so bitter last year.
Cooperative federalism?
•True to form, the government swears by cooperative federalism in words but does actually the opposite in practice. A major source of revenue mobilisation is to come from a higher cess and special additional excise duty on petrol/diesel. That is good for the Centre because cesses are not to be shared with the States!
•With the year ahead already threatening to be a difficult one because of a monsoon that increasingly looks likely to be less than normal, we have to buckle up. We will not get any support from the second Modi government's first Budget.
•A feel good spirit from an impressive electoral victory and slogans about a $5 trillion economy are by themselves not going to give any buoyancy to the economy.
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Music Modernization Act of 2018 (H.R. 5447) — St. Augustine Law Group, P.A.
The Music Modernization Act has been unanimously passed by the House of Representatives and is set to be introduced to the Senate. Based on the overwhelming support for the bill in the House, it is expected to pass through the Senate as well. However, there is still a chance it may not.
Are you a songwriter? Are you a publisher? Do you work in the music industry? If the answer to any of those questions is yes, stay tuned, because this bill could directly affect you!
By combining 4 separate legislative initiatives into one bill, the Music Modernization Act will change the way music rates are set and how artists are paid.
Current music rate laws require The Copyright Office to provide a Notice of Intent to the songwriter whenever their song is used. This has proven to be inconvenient for both parties. The Copyright Office has to notify the songwriter each time their song is used, which prevents the songwriters from being compensated in a timely manner. In addition, the Copyright Royalty Board is required to apply a legal standard to determine rates that do not reflect the market value. This process is unfair to those in the music industry seeking the necessary license to reproduce a song. The courts are not required to consider free-market conditions when determining rates for the license and have limited guidelines for deciding what the rates should be.
Other flaws in the current court system include the assignment of judges to cases and prohibition of using other sound recording royalty rates as consideration when deciding the case at hand. The American Society of Composers, Authors and Publishers and Broadcast Music, Inc., are each assigned to a single, respective rate court judge. All cases are adjudicated before each performance rights organization's respective assigned consent decree judge. Using the same judges to decide on each case poses an issue of potential bias, as impressions from previous cases could affect the case at hand. Section 114(i) of the Copyright Acts currently in place prohibits rate court judges from considering sound recording royalty rates to be used as consideration. This is problematic for songwriters as the current system inhibits them from obtaining fair rates for their music.
The Music Modernization Act proposes a reform to Section 115 of the Copyright Act. The reform consists of a publicly accessible database using housing song ownership information to match songwriters and publishers. Additionally, the Copyright Office will no longer be required to provide a Notice of Intent to the songwriter when their song is used. This way, the songwriter will be compensated sooner by the Copyright Office. The database will be accessible to digital services that pay for a Mechanical Licensing Collective, a blanket mechanical license that would provide them with access to interactive streaming or digital downloads of all musical works. This way, digital services do not have to match songwriters and publishers with recordings because the database would already provide their information. The database would benefit publishers as well, since they would be able to claim rights for songs not matched to songwriters. Along with songwriters, they would also have an audit right, which is currently lacking under Section 115.
The previously mentioned issue with the current legal system is that the Copyright Royalty Board must apply a legal standard that does not reflect market value when determining rates. The Music Modernization Act solves this problem by establishing a standard for courts to consider free-market conditions when determining rates for licenses required for the reproduction of songs. Having one judge assigned to all rate cases can be problematic, which is why the Act proposes a "wheel" approach. District judges in the Southern District of New York will be rotated for rate setting disputes and will be randomly assigned from the wheel of district judges. The American Society of Composers, Authors and Publishers, Broadcast Music, Inc., and licensees can go before any judge in the Southern District of New York for rate setting disputes on a rotating basis. This prevents judges from applying impressions from prior cases on the one at hand. Repealing Section 114(i) of the Copyright Acts will allow for the presentation of other aspects of music ecosystem for judges to consider when setting rates for the musical works.
Shortly after the House unanimously passed the Music Modernization Act, Senator Wyden introduced the Accessibility for Curators, Creators, Educators, Scholars and Society (ACCESS) to Recordings Act, an alternative bill which could slow down or prompt negotiations to change the new bill. The Music Modernization Act will let those who have rights to songs recorded prior to 1972 collect money on these recordings until 2067. The ACCESS to Recordings Act will make it so these works will enter public domain much sooner: either 95 years after their release or 120 years after they were recorded, whichever comes first. This alternative bill would also cause any of these recordings to lose all of their protection currently held under state law. It has been suggested that any reduction in state law copyright protection would constitute a "taking" and therefore be unconstitutional.
Keep a close eye on the Music Modernization Act and the ACCESS to Recordings Act, soon enough they could change or become the current law!


text:
Written By : Jailaxmi
Mixed Theme/Genre Erotica Exhibitinist/Voyer Group Sex Novels and Novellas English
Stats 0 0 0 0 0 9457
Manju Turns Into Full Time Slut Chapter 4
Prakash shares the Slut with his client - orgy spills over.
The night was long though the two began the sexual odyssey only at around 1 am soon after she came back that night to him, it was one after another sexual bout, he fucked her in every hole, even her ears and her nose where he released the scum once and again, and last just before dawn he reamed her ass and this time with cream applied on the rectum hole and his cock, he told her "Shuja loves to ream and ream and ream only the ass hole and the only way we can make sure you do not refuse him this hole is to keep it well lubricated, this oily lubricant will keep your hole well cured and healthy."
They barely slept for two hours and the early morning sunlight hit them through the shades and he stirred with his left palm touching her arm pit, which was pretty coarse, the work at the beauty parlour was wearing off and he knew it was important for the slut to go for a complete rehash and treatment immediately, the hotel had the facility though they were known to have males working in the parlor who were capable of doing the job and finishing the job with their cocks inside their female client pussies, it did not matter to him, even if Manju was to fuck one of them, after all she was soon entering the world of fucking clients and she was truly going to be the 'whore' in the exact terms. A 'whore' who will solicit clients for him to get more business. She would entice some women friends who will work with her to form the 'harem' and all that would go a long way in helping Prakash and his business, besides Shuja he was expecting the chief of the Riactive Info Systems, Singapore based company, Tom was responsible for making Prakash the entrepreneur he was today, more unsuccessful than successful, and now needed Manju to do the sexual manipulation.
She woke up and kissed him with her raw lips, locked for a while and both allowed the pungent orifices to mingle with each other for quite a while, both were completely naked, not a stitch of cloth on her and him both, slowly draping the bed sheet, she reached the toilet and cleaned her self, meanwhile he ordered room service, they needed breakfast and as soon as she returned, he took her place in the toilet, and while he was inside, there was a call from the reception, Shuja had arrived.
They quickly finished the breakfast, and she was made to rush to the parlour in the hotel. Given the instructions, she knew how and when to accost Shuja, the timing had to be accurate and well timed, it had to work for them, Prakash wanted to use the fuck that he would provide to Shuja with Manju help him completely to get the business in the whole country, VAD and no longer just the VAR role restricted to just Bangalore. She left and with some work yet to be finished, Prakash took some more time before appearing in the lounge to meet Shuja, "Hey Prakash, this is great did not expect to meet you like this, I was surprised when you told me you are staying here, anyone else here with you?"
There wasa twinkle in his eyes and that told him that the man of just 40 years who had lost him wife recently at the Tsunami tragedy was looking for some good female body. " Am tired man, Emoly had to rush back to Gorky, her father took ill. We will be together in Moscow soon when I am there for the next meeting with Chamber of Commerce but till such time, need some nice company, can you help, where is that woman who used to work for you, man, Manjee what?"
"Manju......ha ha ha ha ha ha 'Prakash laughed, "You have not forgotten her?"
"Oh mannnn, she is lovely and she is sexy, is she still around" and he saw her, wearing a low skirt reaching the knees and a white top and it was obvious she was not on with a bra ? Shuja could not take his eyes off her, "Isn't she that girl, she was with you at your office right? She is Manju?"
Prakash reached for Shuja and touched his arm, and nodded, " Uhmmmm, she is with me here for the last 2 days and nights"
"You bastard-----lucky bastard..........you must have fucked in all her holes. Mannnn - I want her.....can I be introduced to her.....will you allow me time with her..............?" Shuja was getting hungry.
"Sure ? but need the VAD agreement firmed up this time, ok Shuja?" Prakash did not lose his cool. He wanted a tooth for the tooth. Or better be said, Pastry for a chocolate.
"Ok ? deal ? she will be with me for the next 3 days" and Shuja got up to go the bar. Manju came and sat next to Prakash and raised her hand to show the armpit, she was very sexy and the cavity looked cleaned up cpmpletely. "Biswas ? the massseur fucked me ? could not say not to him, will share the story with you later." Manju whispered clearing the upper lip with her fingers.
"Oh my..." Prakash choked, an erection quickly forming in his jeans. "Uhh... let me go get Shuja first. I'm sure he will be very interested to meet you."
Her ex boss turned and ran off like a bullet, toward the bar. Manju smiled on the front porch, knowing that not only was she about to conquer another stranger, but that she was also the queen tease and nymphomaniac of all Banaswadi in Bangalore. Seconds later, a handsome looking, dark-haired man suddenly appeared, Manju was creaming knowing how he looked at kept staring at him up and down, then gave a big sexy smile.
Prakash appeared almost immediately thereafter, also having run to the door. "Shuja, this is Manju. Manju, Shuja."
The 40-year-old no stranger to her and she was no stranger to him smiled at the Tamil slut sweetheart Prakashding before him. "My..." he said, eyeing her fantastic body. "Prakash told me all about you this morning, and told me about how.. his words did not do you any justice. You're even sexier than he said you were. You're a princess!" Manju giggled and looked at him. "I know."
"Is it true, honey?" the man said. "Are you really the delicious food which every man's below the stomach would find irresistible??"
Manju paused, then slowly nodded her head. "All true."
"I'd like to get to know you better," Shuja told her, extending his hand outward. Manju took it, and then was gently pulled into the big man's arms.
"I'll pay off the bar bill" Prakash said, very excited. "Shuja, you take her up to my bedroom. I'll be there in a second."
Manju and Shuja ran up the staircase which led to the room. Once there, Shuja was surprised at the woman's aggressiveness. She immediately dropped to her knees, and started unbuttoning his trousers and sliding them downward. The man gasped in lust as Manju ripped both his pants and briefs down and off, just after getting rid of his socks. The slut licked her lips at the sight of his impressive erection, which was about 9 inches in length and very thick in diameter. She then reached out and placed both hands upon the base of his cock, and encircled it with her sleek fingers. Shuja moaned at her warm, gentle touch.
Manju opened her mouth and slipped the man's cock between her moist, red lips. She took half of him inside and then closed her lips around his thick tool, while tightening her grip on its base with both hands.
Slowly, she began to move her head back and forth, in a continual motion. Prakash ran up the steps and stopped in his tracks at the doorway, mesmerized by the Tamil slut on her knees as she gave his best friend an expert blowjob. Shuja looked over at Prakash and moaned, then offered a lustful expression ? conveying the powerful feelings which Manju's mouth was giving him. Prakash watched Manju intently as she worked on Shuja's cock, while whisking his own clothes off in the process.
Prakash got rid of his shirt and jeans, followed by his briefs, then went over to the bed and started masturbating at the sight just before him. Prakash strongly pumped his own cock with his right hand, knowing he would soon get a turn with Manju. Shuja had never received a blowjob so good. He was sure of that. Not only was her technique excellent, but Manju also displayed great hunger and enthusiasm the entire time. Never before had he experienced a woman who offered so much emotion and desire when sucking a man's cock. Shuja could easily tell that Manju enjoyed this just as much as he did.
No longer being able to contain himself, Shuja screamed in ecstasy as his cock shot off in Manju's mouth.
The slut locked her lips around his shaft, and busily swallowed and guzzled down his entire load. She slowly moved her mouth away, but gave Shuja's cock a sweeping lick to put an exclamation mark on her oral work. Still on her knees, Manju looked over at Prakash, and moaned. His cock was fully erect, and it stuck straight up in the air as he busily pumped and whacked away at it. Quickly, Manju stood and slipped her skirt and panty down. Then she scurried over to Prakash, who was on the bed, and straddled him. Extremely horny, Manju lowered her pussy to his stiff cock.
Prakash helped her, grabbing her hips and pulling her down as well. "OOOOOH!" the slut screamed in lust, as Prakash's rock-hard shaft slid up into the hot, moist folds of her tight pussy. The man kept his strong hands on her ass, and made her start to bounce up and down upon his powerful erection. Manju wrapped her arms around his neck and shoulders, and continued to scream in passion. She buried the side of her face against his shoulder - knowing that the trip over here today was well worth it.
Prakash mauled her ass with his hands and fingers as he moved her up and down, his cock already slick and gooey ? thanks to the juices in Manju's boiling pussy. In return, the slut mashed her large breasts against Prakash's chest, although she still had the kurti on, and no bra underneath. "FUCK ME HARDER!" Manju screamed against Prakash's shoulder."FUCK! YOUR COCK! IT FEELS SO FUCKING GOOD! FUCK! COCK!HARDER! PLEASE! PLEASE! I WANT IT HARDER!"
Meanwhile, Shuja watched from the floor in absolute, utter amazement.
He could not wait to get his hands on that hot, vociferous young beauty.
His cock was hard yet again ? he especially wanted to invade her pussy, as Prakash currently was. Prakash wrapped his arms around Manju's back and picked her up, then turned her around and laid her down upon the bed. He quickly mounted her in the missionary position, and resumed thrusting his cock in and out of her sweet pussy.
Manju kept screaming at him. She was very vocal when it came to sex - especially when the action was rough. Prakash had changed positions because he wanted to shoot his scum into her pussy.
He thought it would be much easier to do so with Manju underneath him, instead of on top of him. Prakash growled as his cock exploded in her, filling and flooding her pussy with creamy, gooey fuck juice. Manju cried out in lust and closed her eyes tightly, her head furiously rocking from side to side. Prakash collapsed on top of her and breathed in heavy gasps, satisfied - for the moment.
Manju embraced him, and then placed her lips close to his ear and whispered, "I brought some K-Y Jelly with me in my purse - lubricant - so you can fuck me better in the ass." Prakash stirred and moaned on top of her, her statement registering in his chaotic, lust-crazed mind.
"Care if I sample her, Prakash?" came Shuja's voice. Both Manju and Prakash looked behind them, at Shuja. He stood at the foot of the bed, his cock hard and erect.
"Have a blast with her," Prakash smiled.
Manju wiggled out from underneath Prakash's body and then strolled over to Shuja. Rested and prepared, Shuja reached out and stroked her breasts through the kurti and bra underneath. Manju closed her eyes and moaned at his touch, but then quickly whisked the kurti up and over he head. Shuja immediately hugged her to him, and undid the clasp which held her bra together in back. It fell to the floor and except for her shoes and socks, Manju was now nude too.
"Damn..." Shuja moaned as he cupped and squeezed her plump, 36d-sized breasts - amazed at how spectacular and divine they looked, and felt. They were firm and shaped like huge melons, and there was absolutely no sag in them. Her nipples were very large and rounded, with each thick tip in the center protruding out about a half-inch.
Manju giggled as she looked down and watched the man paw and grope her breasts. Then, she looked back up at him. "Hey..." came her teasing voice, "this is better than some boring football game. Wouldn't you agree?"
"Damn right I agree!" Shuja gasped, lost in passion. The slut moaned as Shuja bent completely at the waist and closely inspected her moist pussy with his face and eyes. A shudder of excitement went through her as she felt his hot breath on both her clit and pussy.
"Oooooh..." she cooed, as his tongue darted out and swiped her damp clit.
"Hey Shuja..." came Prakash's voice. Manju and Shuja looked at Prakash, who now stood beside the bed. "You know how Sheela sometimes likes to have both her ass and pussy fucked at the same time, by two different men?" "Yeah," he smiled, the thought going through his mind. "This little slut here - Manju - she likes it too." The Tamil slut smiled at his words, and then noticed a tube of anal lubricant in his hand. "Tell you what, Shuja. You take her down to the floor and fuck her pussy, and I'll fuck her ass from behind. Sound good?"
"You bet!" Shuja exclaimed.
"Is that my lubricant?" Manju walked over and whispered while he gave her a kiss on the lips. "No baby, it's not yours. But my wife and I have a ton of this stuff." He held the tube up. It was called Kamasutra gel. "Is that as good as K-Y Jelly?" Manju asked. "I mean, I don't want my ass to hurt for the rest of the week. Already have been through the ass reaming all through the night and morning"
Shuja laughed at her nasty, but sincere question. "We have never experienced any problems with it." He paused and then asked, "How many times have you had anal sex?"
Manju smiled. She had back door sex countless times in the past. "I don't know, exactly," came her reply.
Manju squealed in delight as Shuja pulled her down to the carpeted floor with him. Shuja got onto his back and then held Manju as she positioned herself over his stiff cock. Manju looked back at Prakash and moaned as she watched him slide the anal lubricant over his fingers.
Her face whipped back around and looked down at Shuja as he pulled her hips down, his stiff erection sliding up into her damp, hungry pussy. Once lodged in her pussy, Shuja reached up and grabbed Manju's shoulders, then pulled her down to him for a heated mouth-to-mouth kiss. Seated on his cock and leaning over completely, her breasts touching Shuja's chest, Manju's round ass was upturned and pointing right in the direction of Prakash.
The Tamil slut shrieked in delight as she felt three fingers on her tight anus, rubbing and smearing lubricant over it. Prakash put more of the gel on his forefinger, coating it, and then slid it directly into Manju's tight rosebud. She gasped and her body jerked beneath him, and then he pulled out.
A few more helpings of lubricant in, on and around her anus...and Prakash was ready for invasion. Though Shuja kept her upper body against his with his strong embrace, Manju managed to wiggle around, and bounce up and down upon his hard cock. The sight was very erotic to Prakash, as he could look down and easily see Shuja's stiff prick lodged in her pussy, its outer lips clutching him tightly.
Prakash got onto his knees and moved up behind Manju. With both hands, he reached out and grabbed each side of her shapely ass. After holding that position for awhile, he fisted his cock with one hand, and then very slowly, pushed it inside her puckered rosebud. Prakash placed his hand on her hip again, and squinted his eyes in both pleasure and pain. He thought her pussy was tight... but her anus was a million times more tight! "FUCK!" Manju screamed, breaking off the kiss with Shuja. She now had the pleasure of two cocks filling her - one in her pussy, and the other in her ass.
Now if there was a third man, so she could have a hard cock to suck on too...Prakash gasped for breath once he finally had his cock all the way in her anus, his balls touching her ass. That was the deepest penetration he could provide, and it simply felt fantastic to both he and Manju.
Shuja tried to latch onto Manju's mouth for another kiss, but her face was now rocking from side to side in a furious manner. He couldn't seem to catch her mouth and kiss it. Manju suddenly buried her face against Shuja's shoulder and screamed very loudly when Prakash began a gentle thrusting into her anus.
He gripped her ass firmly and held it with both hands, still amazed at how tight she felt to him. Overcome with lust himself, Prakash slowly but steadily increased the speed of his thrusts.
He had his head back and eyes closed, simply luxuriating in the feel of this hot, insatiable nymphomaniac beneath him. Shuja, meanwhile, gently pumped his hips upward, pushing his cock further into Manju's pussy. The slut, on the other hand, still had her face buried upon Shuja's broad shoulder, screaming out in passion. She LOVED getting double-fucked. Prakash breathed in short, quick gasps as he was soon filling Manju's anus with deep, powerful thrusts. He looked down and watched his cock slide in and out of her rosebud, his hands tightly gripping her hips, while pounding her for all he was worth. Shuja had finally caught Manju's mouth, and was kissing her flush on it.
But Manju still screamed in lust, now against his forceful, yet passionate kiss.
"Prakash!" erupted a startled, shocked voice.
Prakash, Shuja and Manju all stopped their actions and looked up, only to find Shuja's local babe - Sheela - Prakashding at the door. The Malayali babe dropped both shopping bags as she stared at the sight before her. Shuja was on the floor, his cock lodged up in Manju's pussy as she lay against his chest. Prakash was behind Manju, his cock buried up to his balls in her ass. "Hi honey," Shuja gasped, looking at her. "Honey, we couldn't help it. You remember Manju, from our discussion?" Sheela nodded her head, still shocked at this scene.
Prakash gasped again, Manju's anus clutching his cock like an unforgiving vice. "Honey... Manju came over here today, and said she wanted to have sex with Prakash and me.. You know neither of us could refuse that..." Sheela still stared at the three people before her for a few seconds, then she loosened up and a smile came to her face. "I told you not to get into any trouble when I left for the mall!" she joked, laughing. "I come to the hotel, and I find you fucking this... this..."
"Slut?" Manju grinned, her expression tight, due to the two cocks which were inside her.
"Yes, slut!" Sheela laughed. She wasn't sure whether or not the Tamil slut would like being called a slut. Apparently, Sheela thought, she did not mind. Sheela smiled and added, "What about the football game on TV? You're missing it!"
"We couldn't give a damn about the football game!" Shuja exclaimed, in lust. "Not with this little sweetheart here!"
"Join us, honey," Prakash said to his friend's slut,the gorgeous brown haired pussy smiled once again, then unbuttoned her blouse and took it off. Manju screamed in lust as Prakash pulled back and then thrust deep into her anus again. Sheela quickly took her pearl necklace and gold ear-rings off, placing them on the nearby dresser. She unzipped her knee-length skirt in back and let it fall to the floor, then stepped out of her high-heels. In a flash, her panties and bra were both off, tossed onto the floor. Prakash was pounding Manju again, using brute strength to sink his way in and out of her puckered anus. Shuja's hands were now mauling and cupping her breasts, as she still screamed, voicing her approval for what the two men were doing to her. Sheela wasn't bisexual, but knew that Manju was beautiful. Manju had a spectacular body and a model's face, Sheela said to herself. But at the same time, the 31-year-old Mallu pussy thought she matched up favorably with the younger woman. Sheela's body was just as firm as Manju's and although not as shapely as her counterpart, Sheela considered herself more athletic-looking. Manju was voluptuous. Sheela had the face of an angel and the smile to match, and many people who did not know any better thought she was close to 25 - not 31. In short, Sheela considered Manju to have the look of a typical 'beach Tamil slut'. Sheela thought of her own appearance as more of the 'All-Russian American girl' genre.
She smiled at the sight of Manju, watching the slut get double-fucked by both men. Sheela didn't want to intrude on Manju's moment, so she decided to wait for it to end. Prakash kept churning his prick in and out of Manju's ass, gripping her hips as hard as he possibly could. Shuja still had his hands on her breasts, savagely mauling them, as his cock simply engulfed her soaked pussy. "GONNA CUM!" Prakash suddenly screamed.
"Cum in my ass!" Manju begged him. "IN MY ASS! AAAAASS!" Prakash obliged, burying his cock all the way in her anus and then filling it with hot, sticky sperm. He moaned and gasped against her, still tightly holding her hips, his fuck cream shooting deep into her bowels at a continual rate.
"AAAAAAAASS!" the slut screamed, experiencing an orgasm herself.
She could feel Prakash's cum as it flooded her ass.
Prakash grunted and finally pulled out of her. He fell onto the floor and watched as some of his sperm trickled out of Manju's anus, falling in thick drops upon the carpeted floor. Prakash was a professional carpet cleaner by trade, so he had no problem with the floor being messed up like this. Now that he had her for himself, Shuja made Manju sit up on his burning cock. The Tamil slut placed both hands upon his muscled chest and used it for support, then started to bounce and flop around, his cock filling her soaked pussy. Prakash went off to the restroom to wash up and catch a breather, while Sheela sat on the floor and watched her swinger friend Shuja have his way with Manju. Shuja reached up and still mauled her breasts as Manju rode his cock for all it was worth. She bounced up and down on it, like she was on top of a bucking, wild bull. The Tamil slut had been thoroughly and completely fucked already ? but still wanted more. She wanted a LOT more.
Shuja screamed and growled when his cock erupted in the slut's hot pussy. His sperm shot deep up into her, and both individuals screamed as Manju experienced an orgasm of her own - another one. She lost her balance and fell sideways to the floor, covered with hot perspiration. Manju rolled onto her side and brought a hand down to her pussy, then stroked it with her fingers.
Sheela, meanwhile, immediately went to Shuja once Manju left him, and started to suck and lick the sperm from his cock and balls. She was on her knees hunched over him, her mouth and tongue working furiously to get him clean - and dry. The warm and gooey juice tasted wonderful to her. Sheela gasped and then squealed as she felt a hard cock from behind. Prakash was back, and was now behind her ? pushing his full prick into her pussy, in the doggie-style position. With renewed vigor, Prakash fucked his wife real hard, as she continued to suck and clean the cum from Shuja's cock. Meanwhile, Manju watched off to the side - waiting for the hot encounter to finish. She was all set to fuck - again. Manju stayed at Sheela and Prakash's house for eight hours that day, until 10:00pm at night. She continued to sexually devour Prakash and Shuja - along with Sheela's help - for the remainder of the afternoon.
Prakash had to leave at 5:00pm, to go home to his wife and Shuja could not wait to have Manju and Sheela both turned their full attention upon him. Much like in the porn videos, both women fucked the lucky guy until he was almost unconscious.
Actually, Manju wanted to spend the night with her new stud friend from the beauty parlor in the hotel, but Shuja and Sheela didn't allow her to execute that idea.
Her entire body was caked in dry cum, and her long Tamil slut hair was all messy and gooey, stuck together in thick clumps. Manju just put her clothes on without a shower, saying she liked the feel of dry cum on her body.
"I'll take a shower later, after I get home," she told them. Instead of a good-bye kiss, the nymphomaniac gave Shuja a good-bye blowjob at the front door, as the clock struck 10:00pm. Shuja pulled his prick out of Manju's mouth,and shot his sperm all over her face and hair, giving her another helping of cum. The slut laughed in delight, on her knees, as the juice trickled down onto her kurti.
"I hope to see you tomorrow evening" Shuja said, as he watched the young lady slowly rise to her feet in front of him. "Oh... I'll be here," she promised, just before turning and exiting the house via the front door.
Sheela snuggled up to her paramour and grasped his cock, as both of them watched Manju walk out of the room. "You like her, don't you?" the Mallu pussy smiled at him.
"No!" Shuja mockingly exclaimed, joking. "She's horrible!" He paused and said, "Yes, I like her. She's fantastic."
Manju went home and stripped off her clothes, and stayed nude - her skin caked in cum - for more than three hours. She masturbated with her dildo, remembering all the events from the days gone by.
And she brought herself several more orgasms that evening, fucking herself madly with the dildo.
A little past 1:00am, Manju finally decided to call it a night. She took a quick shower - finally - and then went straight to bed, collapsing in it. "There are more people to fuck," she told herself, just before dozing off to sleep - with a hand between her thighs.
The next morning started differently, Prakash called her over to office and gave her the old job back of his secretary and along with it started the saga of sex at work. She reached well dressed ? and was in her place, On this particular afternoon, Manju was comfortably seated at her desk in the office, busy emailing to one of her out-of-state friends. It was her best way to pass the time, since she had not heard a word out of Prakash all afternoon long. Not concerned with the operation of the company, Manju was just waiting for 5:00pm to come. That was when her shift ended. She figured that by emailing, time would go by a bit faster. Manju, as usual, looked beautiful. She wore a snug-fitting black blouse which had long sleeves, and a black-and-white plaid saree made of cotton. She also had on a pair of black high-heels. Her long, natural black hair was braided very nicely, and her makeup was absolutely perfect.
"Manju?" came Prakash's voice through the intercom system. The young woman recognized that devious tone in his voice. She smiled because of it, while pressing the intercom button before saying, "Yes sir?"
"I need you to take some DICKtation for me."
The smile on Manju's lovely face got even wider. Her day at work had suddenly taken a turn for the better! "Sir, give me a second, and I'll be right in."
In the adjoining office, Prakash turned the intercom system off and then reached for the bulge in his pants. His erection was already at full strength, and it hurt because it strained against his pants. He gave his cock a single pump, adjusting it. Now, he felt a bit more comfortable. "What the hell..." he said out loud, smiling, deciding to unbutton his pants. He pushed his boxers down a bit, and then his hard cock popped out into view. It stuck straight up in the air, like a flagpole. No longer confined, the hurt was gone. Prakash gripped his cock as the door to his office opened, then Manju brought herself and that hot body of hers inside. Prakash pumped himself at the sight of his secretary in her sexy outfit. "Afternoon, sweetheart," he grinned.
"And a good afternoon to you too, sir," she said, closing the door behind her. "Don't worry! No one is going to bother us. I put the 'out to lunch' sign on the front door and locked it. I also turned on the answering machine for anyone who calls." Prakash smiled again, and motioned for his secretary to come closer. She did, sashaying sexily over to him, and then took a seat in his lap. "Oooooh," the slut cooed, looking down and noticing his huge erection. "Is that for me, sir?" She reached down and gave it a gentle pump of her own.
"It sure is," he replied, placing a hand on her hip. "Did I ever tell you that you're my favorite secretary of all time?" Manju smiled at him. "No, but I already knew that. And I also know it's not because of my typing or filing skills."
Her smile became wider. "It's because you're a dirty old man, and I let you do anything you want to me."
"Dirty old man?" he laughed, liking that. "What? I'm 48 and you are 24. But age is just a number. I feel much younger. I believe you gave Shuja whale of a time after I left ? great stuff ? he is expecting you this evening, are you ready?"
She gave his cock another squeeze. "I'm glad you do, sir."
Then, the Tamil slut reclined back just a bit, and starting tugging at the lower half of her blouse. "But you're still a dirty old man. A dirty old man who cheats on his wife of 30-plus years."
Prakash shrugged his shoulders. "If my wife was as hot as you, and as sexually driven as you, maybe I wouldn't cheat on her. But she is almost as old as me, and has no interest in sex any longer. Where do I get my satisfaction, if not from her?"
"From ME," Manju grinned, pumping his hard shaft again.
"I am your little plaything; your personal fuck toy." She kissed the tip of his nose, and giggled. "I'm definitely not worried or upset that you cheat on your wife with me." She shrugged her shoulders and suppressed a laugh. "After all, you're not the only married man I have fucked in my lifetime."
Prakash grinned. "And I likely won't be the last one, either."
Manju pulled her form-fitting blouse over her head and off, exposing her large pair of breasts, and the tiny white bra which concealed them. Prakash reached out and cupped each jug-like globe, enjoying their vast firmness. Manju looked down and watched him massage her breasts for a bit, before finding his mouth for a deep and passionate kiss. The boss and secretary duo wrapped their arms tightly around each other as the kiss became even more extreme and heated. Both tongues played with each other, going from mouth to mouth, as all four hands were in constant motion along shoulders and backs. Manju broke off the kiss so she could began unbuttoning her boss' shirt. Meanwhile, Prakash unhooked her bra behind her back, and whisked it off. He again cupped her breasts, thumbing each thick nipple. Once unbuttoned, Manju pushed his shirt down and let it fall to the floor. Prakash embraced his secretary again, this time roughly, then leaned over and kissed each of her nipples. Manju, meanwhile, maneuvered his pants and boxers lower. Prakash responded by pushing Manju out of his lap and then standing up, letting his his pants and boxers fall to the floor as well. As he stepped out of each, Manju dropped to her knees in front of him and grasped his cock. Prakash moaned and smiled in utter pleasure as he felt her moist lips wrap themselves hotly around his hard erection. "No one can suck cock better than you, sweetheart," he gently told her. "Absolutely no one."
Prakash leaned over and placed his hands upon Manju's back as she stood in her knees in front of him. He caressed her back and then reached lower, all the way to her skirt-clad ass. Bent over now, Prakash tightly gripped and squeezed Manju's sweet ass as her arms were wrapped around his waist, her mouth sucking his cock. The Tamil slut squealed as her boss continued groping and mauling her ass. She rocked back slightly, jutting her backside out, so Prakash could have better access to it. He moaned as she continued blowing him, while undraping the back of her black-and-white saree. He undid all three tiny buttons and then peeled the ultra-tight petticoat open, and down slightly. Prakash then reached inside the back of her petticoat, and rubbed her firm ass and the frilly white panties underneath, just before pushing the skirt off, down to her knees. The woman gyrated her hips in erotic circles as Prakash's hands continued groping away. All the while, Manju had been working on his hard cock, busy sucking and slurping away at it, her head bobbing back-and-forth in front of him. She loved to give head. It was one of her most favorite activities to take part in. If Manju could suck off every single man in the entire world, she would be very happy. Prakash decided to take a seat in his office chair, and Manju followed him, her mouth never leaving his erection. Prakash looked down and admired the sight of Manju. Her lips formed a big 'O' around his cock, as her brown eyes shined in delight up at him.
She simply had a lovely face; a gorgeous face, and her long, stylish Tamil slut hair framed it perfectly. And the rest of her shapely, taut body was absolutely divine to Prakash. It looked even better now, since she was nearly nude. All that remained on her were the high-heels and panties. Manju's head continued bobbing, now over his cock, as her right hand started to pump its base.
"I love your cock, sir," she said, taking it out and offering a long lick in the open air. "I just love it!"
"I love you," Prakash groaned lowly, not loud enough for her to hear him. He smiled down at her, giving her a reply. He did love her. If not for his wife, Prakash wouldn't mind taking Manju home and using her as his full-time fuck doll. She was every single thing which he had ever fantasized about in a woman. Manju took his cock back into her mouth and resumed her sucking action. Prakash countered by rubbing her shoulders and neck, his fingers digging erotically into her skin. He also started thrusting his hips upward each time Manju's mouth went on a down stroke. "Come here, honey," he said, grabbing her shoulders and pulling her up, her mouth leaving his cock. He reached out and quickly slid her panties down and off, then spread his legs in the chair and grasped his erection, so it pointed straight up. Manju stepped astride his outstretched legs and then took a seat herself, his hard cock sliding right up into her wet pussy.
"Oh, sir!" the slut moaned loudly, as she started to bounce up-and-down upon his thick shaft. She used his shoulders for support as he reached out and again mauled her breasts with both hands. Prakash slumped lower in the chair, almost to the point when he was laying on it, his knees bent and feet on the carpet.
"You're incredible, sweetheart," the boss moaned up at his secretary, watching her large breasts flop about as she bounced upon his erection. He had a perfect view, able to watch his cock disappear and then re-appear between her thighs, in a continual pattern. His hardness filled the slut's tight pussy, bringing her wonderful and erotic sensations of passion.
"You're incredible too, sir!" Manju squealed, full of lust. Prakash smiled and grasped her hips, hoping to make her bouncing motion faster and harder. He was successful, and it only brought more pleasure to each person. Prakash then gripped and squeezed her ass, mauling it, and continued the assistance with her bouncing. "FUCK SIR!" Manju screamed, as she felt one of his fingers pressing hard against her puckered anus.
Prakash gasped and smiled up at her. "You like that, baby?"
"FUCK YES!" she boomed, quickly losing her modesty (not that this slut had much to begin with). "OHHHHH! Keep fucking me!"
"You nasty, foul-mouthed little bitch," Prakash smiled, slapping her hip with his hand. "Someone needs to wash your mouth out!"
"Yeah," she exclaimed, "with cum!" Manju moaned very loudly and then added, "Will you do that for me, sir? Cum in my mouth?"
"Anything you want," he said, laboring to keep up with the fast-paced sex action. "I'll let you know when I'm ready, baby."
"SIRRRRR!" the slut cooed, his cock pounding her insides.
"You're nothing but a bimbo!" Prakash exclaimed, enjoying the leniency to degrade her. Manju liked being talked down to. "You're so much a bimbo, your only worry is who you fuck next!"
"I'm thinking about that right now!" Manju laughed, still bouncing up-and-down wildly. The action between them was so serious and extreme that each time Manju went on a downstroke, her ass made a hard SLAPping noise as it pounded his hips. "Up against the wall!" Prakash exclaimed, hoping a change of sexual position would let him last a bit longer before orgasm. Manju complied, quickly slipping off his hips and going over to the wall. Still in the pair of high-heels, she placed both hands against the wall and leaned over, jutting her ass outward. Prakash quickly moved up behind her and grasped her hips, and started thrusting his cock into her pussy, once again. "FUCKING SLUT!" he screamed, losing himself in the heat of the moment. The sight of Manju bent at the waist and grabbing the wall as he fucked her pussy from behind made him feel even more excited than before.
Prakash loved this position, having the ability to grab her ass and pound his pelvis against it, while his cock infiltrated her insides. This was also a good position for anal sex, he thought. Prakash wanted the mutual fucking action to continue, but just couldn't hold himself in much longer. Orgasm was imminent, and he could already tell that it was going to be a powerful one.
"I'm gonna CUM!" he screamed, still thrusting his cock in and out of her soaked pussy. Manju immediately turned around and dropped to her knees, and fastened her lips around his trembling cock. Her fingers kneaded his balls as her mouth and tongue worked on his shaft, causing it to suddenly erupt, quicker than expected. Manju gagged and then smiled as his thick, gooey sperm shot into her awaiting, thirsty mouth. Prakash closed his eyes tight and moaned in pure lust as the Tamil slut slut beneath him busily slurped and swallowed his rich load down her throat.
He looked down and noticed her piercing brown eyes staring right back up at him. He smiled at the sight, completely lost in lust with his very own "Tickle-Me-Manju Doll".
"Oh, sir..." Manju moaned as Prakash took a seat on the floor beside her. He brought his lips to hers and kissed her, not at all concerned that her mouth was coated with his own cum. Prakash then reached out and embraced his secretary, holding her close.
"I got this private beach house down the coast, Shuja loved you the other day and with Sheela also gone back to kerala, he needs you and both of us can have fun, need to sign up the VAD with hi," he told her. "How would you like it if we went down there for a weekend?"
"A weekend?" she asked softly, thinking. "I'll have to ask Robert, my husband, but I'm sure will make it up since I'll be with you. Shuja will be a good thing to have, we know what goes on between the two of us here, you know. But could you both last for the weekend, sir?" She smiled sweetly at him. "I may wear you out the first night."
Prakash grinned as well. "Don't worry, I won't wear out that easily. Shuja will be prepared for an entire weekend with you."
Manju kissed his shoulder and said, "Instead of calling it a beach house, we'll be able to call it a fuck house!"
And after what happened at the beach house, the statement Manju made was very accurate.

redpajama_set_name: RedPajamaCommonCrawl


text:
Q: Why the @InitBinder method is called for every request? While I was debugging my Spring Boot application I noticed that methods annotated with @InitBinder are invoked for every incoming request.
@InitBinder("categories")
public void bindFields(WebDataBinder binder) {
    binder.registerCustomEditor(Set.class, new CustomPropertyEditor());
}

In @InitBinder methods we are setting a PropertyEditor to a binder. I can't understand why should these methods be called again and again and set the same thing?
Does Spring create a new WebDataBinder object for every single request?

A: @InitBinder plays the role to identify the methods which used to initialize WebDataBinder. Initbinder is usually used to bind requestParams to custom objects.
Suppose your REST controller is annotated with @InitBinder, every request is handled within that controller will instantiate Initbinder and WebDatabinderwill bind the request params to JavaBean objects.
It provides methods to assign our validator classes. Using addValidators() and setValidator() methods, we can assign our validators instances.
Use Case: Suppose Sun, Jan 20 is in the request param and you want to have a LocalDate Object parsed everytime from request parm. You can add that parser logic within WebDatabinder and have that date validated/parsed everytime the request is made.
Reference: What is the purpose of init binder in spring MVC

A: It looks like this was answered in a post by Rossen Stoyanchev in the now defunct Spring Forums: https://web.archive.org/web/20181223143621if_/http://forum.spring.io/forum/spring-projects/web/55552-why-does-initbinder-method-get-called-multiple-times:

A WebDataBinder instance is specific to a model attribute. You can
verify the target model attribute a data binder is created for like
this:
Code:
@InitBinder
public void initBinder(WebDataBinder binder) {
    System.out.println("A binder for object: " + binder.getObjectName());
}

Data binders are also used for @RequestParam's and by default an
init-binder method is used for for all model attribute and request
parameters.
Given the number of request parameters and model attributes you have,
what you most likely want to do is be more specific about which
objects your InitBinder method applies to. For example:
Code:
@InitBinder("tasks")
public void initBinder(WebDataBinder binder) {
    System.out.println("A binder for object: " + binder.getObjectName());
}

There was also this follow-up question:

Does it mean that we may specify for which command object the binder will be applied? Let's say if we have multi-action controller which deals with 2 different domain object User which is represented by "user" and Report "report" then: @InitBinder("user") annotated method will be called only when binding the User object and the @InitBinder("report") only when binding Report?

Yes, it means that's the model attribute or request parameter to which this specific data binding customization will apply. You can also provide an array of names.

redpajama_set_name: RedPajamaStackExchange


GAYSVILLE— Janis Albrecht, 60, a long time resident of Gaysville, passed away peacefully May 10th 2018. She was born December 22, 1957, raised in Fairfield CT and graduated from Andrew Warde High School in 1975. Janis moved to Vermont shortly thereafter. A Nationally Registered EMT since 1989, Janis served on the Stockbridge First Response Team since 2003, was employed as a professional ski patroller at numerous ski areas throughout Vermont and New Hampshire and served as the head EMT at the Vermont Summer Festival horse show for 20 years. Janis was the former director of Killington's Mountain Ambassador Program and Professional Ski Patrol and she volunteered with the Vermont Adaptive Ski Program for people with disabilities.
Janis loved traveling, adventure, hiking, sailing and being with family, friends and her dog. She had a deep appreciation for music, from jazz, bluegrass, Grateful Dead to Zydeco and loved going to concerts and music festivals. Janis was a happy, caring, joyful person who loved to have fun and filled her life with wonderful experiences. She will be dearly missed by her family and friends and never forgotten.
In lieu of flowers, please send donations to Whaleback Mountain Ski Patrol, Vermont Adaptive Ski and Sports or the Stockbridge First Response Team.


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which he was peculiarly fitted to reply, it is the one in question.
Commandments are the foundation of all ideas of justice and law.
was far better than the Mosaic.
objected to supporting idleness, and laws were made against theft.
subject to which, however, jurisprudence itself is closely related.
us to ascertain the truth.
supernatural, -- so in ethics, or morals, there are two classes.
sanctioned or commanded by Jehovah.
it the ethical ideas of the Great Agnostic.
superior being, that is, the very Supreme Being himself, be moral?
highest possible standard is human."
take the word of anybody; you can observe and examine for yourself.
brings social chaos, it is therefore immoral."
not mean by this that any church consciously advocates immorality.
there is no being who punishes -- every act has its consequences.
consequences are the invisible and implacable police of nature.
them, and there is not gold enough in the world to make them pause.
"This great truth is, in my judgement, the gospel of morality.
judgement, would be far better than it is."


Recycling Lives has done the double – winning two Downtown In Business awards in as many weeks.
The recycling and waste management business won the Tony Award at Downtown's City of Manchester Business Awards on June 22.
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"Recycling Lives doesn't just do things differently – it makes a difference," awards organisers told the ceremony attendees, at the Principal Hotel on Manchester's Oxford Road.
It follows a win at the business club's Lancashire Business Awards a fortnight earlier, as it was honoured with the Contribution to Lancashire Award, recognising the business' commitment to communities in the county.
"We are honoured to have won a second Downtown In Business Award, recognised by our peers for our commitment to more than just excellent commercial services, but to creating social impact through our work.
Keynote speaker at the event was Manchester's elected mayor Andy Burnham. Mr Burnham addressed the hundreds of business people attending, thanking them for their commitment to the city region and noting how they are keen to give back.


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