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I would like to answer this, from the point of view of an Indian Entrepreneur.Poverty divine - Rich people are villains.There was an era in Indian cinema when silver screen legends depicted the plight of righteous yet helpless heroes, fighting a just battle against cunning and devious local rich men, trying to make a profit from the misery of the poor.Most of the Indian laws governing taxation, entrepreneurship and companies, were written in that era.While the Indian cinematic heroes have moved on since, to depict entrepreneurs, athletes and serial killers, who live in lavish houses, drive super cars and often visit Switzerland, just to sing a song with their heroines…- The laws governing companies, entrepreneurs and taxes are still stuck in same old era.TraitorsA few weeks back, I met an old friend and an entrepreneur, who was recently invited, as part of a delegation of entrepreneurs to meet a senior cabinet minister in New Delhi.While the erudite and respectful minister spoke in encouraging terms, lauding their efforts and assuring “full-support” of the government, for their business endeavors, expressing government’s hope that these entrepreneurs would hire more, expand their operations and increase exports - the unsaid joke within the the group of entrepreneurs present there, was that all 6 of them, independently, were planning to shift their head offices and operations out of India, within the next 12 months.One might think of them as traitors, backstabbers or even anti-nationals, but the truth is, it is actually easier to run a smuggling den or drug distribution empire, in the heart of a major Indian city, than to register and run a legitimate mid-sized business in India.Why you no smuggler dude?Our system looks at every entrepreneur suspiciously and is primarily designed for the comfort, pleasure, joy, delight, and even entertainment of the Indian bureaucrats and tax officials.Just to ensure that a government official does not disturb the constant and continuous natural process of fat tissue accumulation in his right honorable butt and belly, every single entrepreneur in India is forced to jump unnecessary and arbitrary hoops, often demeaning, costly and time consuming, just to be allowed to run a legitimate business - which pays taxes, gives jobs and brings in foreign exchange.Do not take it all from me - just call a friend or family member, who is an entrepreneur and there is a high chance that she will tell you about the amount of tax refund, pending and due - thanks to some inspector raising a frivolous doubt[1].Recently, a few employees of Infosys were arrested for taking bribes[2] - You know what they were taking the bribes for? To process long pending tax refunds.Just a few months ago, a personal hero of mine and a 100% self made pioneer and super successful Indian Entrepreneur - Shri V G Siddhartha decided to end his life and commit suicide, simply because, he was done dealing with the humiliating Indian tax terrorism[3] .Without the use of any exaggeration - Being an Indian Entrepreneur is like being a professional clown, who is made to balance himself on a rope, juggle 13 balls and crack really amazing jokes constantly, while 2 men try to unzip his pants and give him electrical shocks, in front of a large audience.I will humiliate you, and then make you pay for it as well.While we as a nation are busy doing Hindu-Muslim and Salman-Shahrukh, the world beating IT companies and startups in Bengaluru and Noida do not even get 24/7 electricity. The Exporters in Delhi are made to wait for weeks, just to renew their licenses. Thanks to overlapping, in-decipherable and ill-conceived laws and jurisdiction, almost every single restaurant that serves liquor in India is illegal.All successful Indian founders end up losing the control of their own companies and becoming inconsequential share holders, simply because Indian startups do not get to exit or raise funds through an IPO - the only viable option for most in need of funds, is to either shut shop or sell out to a larger foreign owned company.Honest and enterprising small and medium sized Entrepreneurs do not even get bank loans in India, while the mega crooks get so much, that they run the whole bank down.Incredible India?There are so many corporate cases pending in Indian courts, that Indian entrepreneurs do not even threaten to sue each other anymore, and god forbid, if you feel like opening a senior secondary school or teaching hospital in India, which does not even charge a fee - it may take up to 2 years, and a few lakhs in grease money, to get the necessary paperwork and documentation - just to apply for the permission to open it my lord.But, if you want to build substandard roads, build shady colleges that charge capitation fees or run illegal mines - Red Carpet Welcome - Padharo Mhare Des - Wannakam - Satsri-Akaal - single window clearance pliss, thank you, yes yes, mention not ji - Incredible India!Ever wondered why all the famous Indian startups, which raise VC money, end up registering their corporate headquarters in Singapore? Ever wondered why a tiny country like Mauritius is the second largest source of Foreign Direct Investments in India? Ever wondered who really is buying real estate in Mumbai, where it is easier to find a martian, but difficult to find a flat valued under a crore?Indian businesses grow despite the government, not because of it.Most of the rich in India, do not recieve any service or support from the government. Their kids study in non-governmental IB schools and colleges abroad - they have generators and water filters in their office and homes, they employ private security guards and go to private hospitals in India and abroad when they fall sick. Some do not even use the Indian roads very often.You may bring in a rule and make it mandatory for the rich and wealthy to pay very high taxes in India - the rich and wealthy are small in number - they won’t say a word and simply shift out of the country.The idea of taxing the rich might bring in the votes - but it simply won’t bring in the revenue.The rich have options - the poor do not.A smarter and more sustainable option would be to really wake up and smell any of the rivers flowing through Mumbai or Delhi.All we need is a simple and transparent tax regime. We need to automate the process and weed out harassment. We really need to make things super simple.If the compliance is simple, transparent and the system is helpful - every Indian entrepreneur would be more than happy and proud to pay taxes.Also while we’re at it - please make a few less statues and build a few more dams, schools, roads and power stations.Thanks for reading.Cheers and peace.Footnotes[1] Taxman claims 91% refund in I-T returns[2] Three Infosys employees with I-T dept held for taking bribes from taxpayers[3] View: Suicide of Indian coffee king VG Siddhartha should be a lesson

No, it is not reasonable to deny a U.S. government security clearance to someone who smoked marijuana.People can obtain security clearances for violations of other laws, for behavior that is not technically criminal but is highly objectionable, dangerous, and harmful to other people, and so on. The decision to grant or deny security clearance is just that — a decision, and the people involved must assess the circumstances of someone’s behavior and the likelihood it signals the appropriateness or inappropriateness of giving them access to otherwise restricted information, locations, and so on.More than 1/3 of the U.S. population has used or still uses marijuana. That’s just based on the number of people who willingly admit using it in their lives, when asked directly to admit the crime, so it’s possible the actual total is even higher than this data demonstrates. States have been decriminalizing, legalizing, or in some other ways reducing prohibitions against marijuana for the past several decades now. Science has continuously proven the relative safety and even efficacy of using marijuana compared to other seemingly benign substances like coffee, refined sugar, and even over-the-counter medications like Tylenol. What this means is, there is a broad social and cultural sentiment recognizing marijuana as a relatively harmless substance that a large majority of the population willingly uses at various points in their lives and which states and police often regularly ignore and even tacitly approve under certain conditions.We have presidents who admit to using marijuana — not to mention even harder, stronger, and more severe illegal substances — so it is not just hypocritical but also a sign of the sheer absurdity in using marijuana use as a reason to deny someone security clearances while their bosses and the single most powerful person in our government can be an admitted user of marijuana.To treat such a thing as disqualifying a person from trust and access in the federal government, then, is unreasonably contrary to the thinking and understanding of the majority of the population, the scientific community, and our cultural values.Beyond those points, marijuana has very real, documented, indisputable value as a medical option, whether it’s literally recommended by a doctor (they cannot legally “prescribe” it yet, due to federal law, but they can give a referral saying marijuana would be helpful) or whether a person is simply self-medicating for stress, pain, anxiety, insomnia, depression, and so on. The data on the numbers of citizens who suffer from various emotional, mental, and physical conditions and situations in which use of marijuana could reasonably be expected to provide some relief is significant, and those numbers surely overlap with that huge majority who admit to having used or still using marijuana.We don’t think about casual “recreational” use as sometime serving a palliative purpose, but it often does, even when we don’t necessarily fully realize the motivations or associate it with palliative care. When you are stressed out after work (or on an airline flight, etc) and have a glass of whine or other alcohol to relax and calm your nerves, is that significantly different from taking a Xanax or Prozac etc? It’s using a chemical to alter your body in order to stop anxiety and stress, so the idea is pretty much the same. Marijuana is similar, except that it’s vastly safer and healthier than alcohol or prescription medications for the same issues.The point here is, a lot of people using marijuana, even recreationally, are probably doing so for at least some form of palliative comfort and effect. Denying people work and clearances in the government for such attempts at addressing health and other daily concerns, then, would be even more indefensible than the overriding problem of denying clearance for something as basic and inoffensive as consuming a plant anyway.It also matters whether a law is legitimate and justified or not. Some laws are so unjust, we are morally and intellectually obliged to violate them or at least ignore them, such as segregation laws for example. Other laws are less obviously offensive to the conscience and seem more a question of personal individual liberty to make our own choices, and marijuana falls into this category, but in fact these situations often are every bit as serious a challenge to our moral and intellectual decision-making as more overtly unjust laws. Because in truth, marijuana prohibition is responsible for ruining a large number of lives every year.People are arrested, imprisoned, lose student loans or grants, lose housing, lose state or federal benefits, lose jobs, get raped or assaulted in jail, suffer painful medical conditions that could otherwise be eliminated or minimized, etc because of marijuana prohibition. Don’t underestimate this just because you think not many people “really” get arrested for marijuana, or because of a false sense of security due to marijuana being legalized in a lot of states — more than 700+ THOUSAND people are arrested every year for marijuana possession alone, most of them wind up in custody and incarcerated at least for a while (which exposes them to illness, injury, rape, and other dangers), they can lose their futures because of getting kicked out of school or having housing and loans and other benefits taken away, and so on. Marijuana arrests are the vast majority of all drug-related arrests, and drug-related arrests make up the vast majority of people incarcerated in our nation every year.All drug prohibition is unjust, frankly, but marijuana prohibition is the most egregious, because it’s so benign and actually has so many helpful uses, yet is used to lock up the most drug users and as an excuse for wider abuses of power within our justice system. The fact it’s illegal is not remotely a good enough reason to deny someone a security clearance in the government, since it does matter whether or not a law is legitimate or is in fact contrary to the basic concepts of freedom and safety for everyone. Indeed, marijuana prohibition is actively harmful to our society in so many ways, violation of that prohibition not only lacks offensiveness but could in fact be said to be the most moral decision to make when confronted with a choice to respect and adhere to the unjust, harmful law or to violate it.Lastly, even if none of the other arguments I’ve made mattered, here’s the one that should instantly decide the matter for everyone: marijuana prohibition, and the subsequent denial of clearance for government workers who admit to using marijuana or who are caught using it, creates a situation where workers can be extorted and compromised, so that the government is LESS secure by trying to identify and exclude or punish workers who use marijuana. A benign behavior turns into a reason people often lie in order to obtain a job, and then that behavior and the lie about it become a bigger deal that put the people at risk, which in turn puts government security at risk.It is pointless to pretend the government can really keep marijuana users from obtaining security clearances, since it’s easy to lie about having used it in the past and easy to pass drug tests. Anyone who uses marijuana regularly knows THC breaks down at a regular rate in the human body, a process that speeds up during the night while we sleep, and so the concentration of detectable THC in our urine is higher in the morning the first few times we urinate, so regular marijuana users who work at places that use surprise drug tests will just drink a lot of water in the morning and pee a few times to clear the THC out, and then drink water all day long to make sure they’re urinating pure water, and they take vitamin B pills every morning so their pee is still yellow even when they’re just peeing a lot of water — this works, and it’s why so many people in government and other jobs still use marijuana on a regular basis and never get caught as long as they don’t try to use it at the workplace.So using this as a criteria to try to exclude people doesn’t work, the ones who want to get the job anyway will still be able to do so easily. Most people who apply for these jobs KNOW that admitting marijuana use will result in denial of security clearances, so anyone who used marijuana and who applies anyway probably intends to lie about it (for all of the valid reasons I mentioned above). Then, we have people with security clearances who are compromised by having lied to obtain the clearance, and now they can be blackmailed for it or otherwise compromised. The rule against giving them a security clearance has, therefore, become a reason to make the nation LESS safe instead of MORE safe.At face value, the denial of security clearances for marijuana users is as unjustified, unfair, and wrong as the prohibition against marijuana in the first place. And just like prohibition itself, the rule doesn’t even work, it makes us less safe, and it causes many of the very problems and dangers it is supposed to prevent.

Whispers in the Indian commercial corridors were getting prominent about the possible merger of The Bandhan Bank and Gruh Finance in the later parts of the 2018 and on January 7th, 2019, Bandhan Bank announced its acquisition of the Gruh Finance through an all-stock deal.Of course, the deal will have to get the requisite nod from the required regulatory affairs. Bandhan bank started functioning in 2015 but is yet to meet the regulatory directive of trimming down its promoter shareholding from the current 82.28% (as per the licensing criteria, it should not exceed the same beyond 40%). The RBI, for a considerable amount of time, was not allowing the Bandhan Bank to open new branches, and even restricted them from keeping the promoters’ compensation at the same level.The proposed deal will help the Bandhan Bank a great deal to bring down its developer holding to 60.27%. Although it needs to lower the promoter holding further down to 40%, post the deal, Bandhan would hope to get some liberty and the much-needed regulatory clearance to open new branches.The Bandhan Bank has shown a keen interest in growing its non-micro loan division of late and is expected to achieve this after the merger, with its low-risk housing products. Moreover, the new entity will have its foot on two coveted markets – affordable housing and microloans. It will also enjoy a combined customer base with a broader reach in the central and western India.Gruh Finance had a strong performance in 2018 with an 18% growth in loan disbursements, and an excellent 20% profit increase in the quarter ending September 2018. Also, it had the lowest working proportion of developer loans which is currently a thorn in the flesh for many housing finance providers. Its stocks were on the rise in 2018 and Bandhan Bank can benefit from all these credentials. Also, Bandhan Bank aims to have an outstanding loon book worth Rs 50036 crore after the merger. Bandhan would hope for assimilation of new technology platforms, an increase of shareholders' value and new product development in the coming days, which will be a welcome change from its ‘old-school’ image.How will it benefit HDFC?HDFC owns a holding of 57.9% in Gruh finance, which has achieved resounding success in the affordable housing segment. Gruh has made rapid strides in its niche segment with an 18% increase in its loan book in FY 2017-18. It also reported a post-tax profit of Rs 363 Crore in the same year.Thanks to the market performance of Gruh and the desperation of Bandhan to comply with the stated regulation, Bandhan has ended up acquiring Gruh at an exorbitantly high valuation (13.6 times its worth as per Sept 2018 net worth figure). At the same time, Bandhan Bank’s price-book valuation was kept only at 6.45 times its net worth.We know that the actual monetization of the deal is in pipeline but HDFC is the clear winner here as it is selling its stake at a premium (as indicated by the share swap ratio). Also, it can now dig deep into the low-income or affordable rural housing segment of the home loan borrowers, without worrying about overlapping with its subsidiary. As per the financial reports of HDFC, 18% of its lending in the first half of 2019 has been targeted towards the economically weak sections and other low-income groups of the society.