| Username |
Post |
| ashu |
Posted
on 03-Aug-03 07:25 PM
Hi all,
Kantipur newspaper's Koseli supplement (last Saturday) had a brief profile of Sachin Joshi, CEO of Nepal Industrial and Commercial Bank, a private-sector entity.
The profile was written by Bijaya Babu Khatri.
Joshi, who was earlier featured in The BOSS magazine, reportedly earns $166,666
a year in Nepal, and is known to be a consummate banking professional. Joshi himself admits that there are others in Nepal who earn even more than he does.
On a larger note, as Nepal opens up economically all the more, and gets more joint-venture operations, the demand for talented managers -- who can rise and have risen through the ranks through merit --can only grow stronger, and the money that talented individuals can command -- whether in Kathmandu or New York -- is bound to be higher and higher in coming years. And that's a very good thing.
Welcome to the knowledge economy . .. where those who are able to leverage their knowledge become high earners, all the more in Nepal!!
Since my computer does not read Nepali fonts, could someone please post the link to last Saturday's "sawa karod talab" article?
Finally, congrats to Sachin dai. He is also one of te nicest human beings around.
oohi
ashu
ktm,nepal
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| rendra wasito |
Posted
on 03-Aug-03 09:10 PM
Tiwari that I am Ranjit Shamsher Jung Bahadur Rana. A good friend of Arup Rajoria. He is your friend and mine too.
Ask him about me and Kishore Bickram Rana. I have not seen him since 1977. Weused to hang outside Babar Mahal and go to the Foot Tapper Disco run by Kiran "Poke" Sherchan.
Arupe was labelled by us as ASTABAKRA, as he always liked to have great gaffs. That is why I like to argue and give you headache as is also call here in Oz....sticking up your jumper through tall yarns.
Good that you know that I am that I am.
I will not be returning back as I am too busy in trade and commerce doing a lot....
Bye bye....
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| Logical Sense |
Posted
on 03-Aug-03 10:59 PM
Hmm, really remarkable!
I would say it is about time. Also, I hope these kind of success stories bring discipline, competition, and out right interest among our young generation to produce/do more and demand better.
But, my LS mind can't stop thinking do Mr. Sachin Joshi pay his share of taxes to the government?
Wonder, wonder!!!
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| Rastafariya |
Posted
on 03-Aug-03 11:14 PM
Birader sense! You is have them sense but them you is have them logical? What them you is talkin? Him Joshi of course never pay no taxes. Only them ministers and them Sachivs who them have big big houses and them mersidis pay taxes. If you is ask this types of them quesions then you is needs to change your name to them illogical sense. Them peopal who makes this much money never pay taxes. Only peopal like my neighbor from Doorsaanchar maantralaya who is not have that much of salary and have house bigger than Rupert Murdoch pays taxes.Birader sense you is needs to get some educasion and intelligence from birader thugg!
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| ashu |
Posted
on 04-Aug-03 05:03 AM
LS-ji,
Knowing Sachin Joshi, I have no doubts that he does pay his share of taxes to the government. In finance -- a field driven primarily by trust and reputation -- one can't
go very far as a successful leader if one does not display certain trustworthy characteristics in public.
Yes, amazing -- but, rest assured that there actually exist people in Nepal who do
pay taxes.
That said, I, for one, am happy about Sachin's success.
And wish him all the best.
After all, $166,666 a year income in Nepal is not bad at all. :-)
And so, let a thousand more Sachins bloom in Nepal.
oohi
ashu
ktm,nepal
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| ashu |
Posted
on 04-Aug-03 05:05 AM
LS-ji,
Knowing Sachin Joshi, I have no doubts that he does pay his share of taxes to the government. In finance -- a field driven primarily by trust and reputation -- one can't
go very far as a successful leader if one does not display certain trustworthy characteristics in public.
Yes, amazing -- but, rest assured that there actually exist people in Nepal who do
pay taxes.
That said, I, for one, am happy about Sachin's success.
And wish him all the best.
After all, $166,666 a year income in Nepal is not bad at all. :-)
And so, let a thousand more Sachins bloom in Nepal.
oohi
ashu
ktm,nepal
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| Bhunte |
Posted
on 04-Aug-03 02:09 PM
Dear Dr. Ranjit Rana dai, why did you adopt your Indonesian God Father's name as your nick? Appreciate your explanation.
Arup hajur ko sathi? La ma ooha ko bhai ko sathi...eheheh
Enjoyed reading ur posts, but felt bit uncomfortable with something when you said "....Start sucking raw Oysters as a ***** of sensaton ...." in MBA thread. Ha ha ha...do you feel so? I sometime go to sea food resturants but never got such idea during my dinner or lunch. Testo idea hajur ko nasa nasa ma chha jasto chha..probably hereditary disease?....in jest
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| rendra wasito |
Posted
on 04-Aug-03 04:22 PM
These Nepali de novo reichlius or NEW MONEY BEAN COUNTERS from Himalay Shamsher to Tiwari described MAHAWONDER never pay tax to the full.
Why ?
They have three books....and keep tax inspectors called CHINTA BAHADUR away by paying them regular ghus.
LOOK BOOK
TOOK BOOK
BOOK BOOK
The first one is that shows their exaggerated income for show and impresses Tiwari types.
The second one is that to pay minimum tax through creative accounting.
The third type is the real cash flow and would be hidden from the the prying third eyes.
Hey Birder if man-o-Nepe-man pay tax to his country then Nepe country would be much better. No birder Nepe never wanna pay tax....as it is a sin to pay tax to his own mama Nepal....Every Nepe wanna rip tax from mama for goodie goodie times....There is your real Nepe story.
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| Rastafariya |
Posted
on 04-Aug-03 05:10 PM
Birader wasito! What them you is talkin about? You is not know ? Them peopal pay lots of Taxes. You is needs to look at them books how much them pay taxes in Lauda deal. You is needs to take a looka at how much them pay taxes for them Government taxes. You is not know nothing my Birader wasito. Them pay lots and lots of Taxes to them Nepal Government that is why them can drive in them nice nice Mersidis and them have big big houses.
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| ashu |
Posted
on 04-Aug-03 06:09 PM
>>After all, $166,666 a year income in Nepal is not bad at all. :-)
And so, let a thousand more Sachins bloom in Nepal. <<<
NOT that, let me add, how much money one makes in or out of Nepal is the ONLY measure of success. Often, money is the by-product when one does what one loves.
Still, for a handful of young, driven, ambitious, energetic, hardworking knowledge workers in Nepal, Sachin's success in 2003 signals richer (pun intended) possibilities
for themselves in years ahead.
And all that . . . without slaving like a kamaiya at Morgan Stanley in New York City!!
A very good thing indeed.
oohi
ashu
ktm,nepal
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| Qallu |
Posted
on 04-Aug-03 07:31 PM
And all that . . . without slaving like a kamaiya at Morgan Stanley in New York City!!
A very good thing indeed.
interesting choice of words and even more so knowing that you are supposedly a Kamaiya advocate. Was it Morgan Stanley now that you turned down? :)
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| Bhunte |
Posted
on 04-Aug-03 08:24 PM
Ashu ji,
There r handful of people who have that 'saubhagge' and very limited number of institutions in Nepal that can offer $166,666+. But there are plethora of institutions in US who can offer jobs anywhere between 20K to 200K. Anecdotal examples may not apply who have opportunity to work there. However, everything is relative. As you said earlier, KU MBAs earning NRs 17k + may have better living style there...who knows...
Isn't Sachin's salary greater than King's or American Ambassador there?...ehehe
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| Bhunte |
Posted
on 04-Aug-03 08:36 PM
Ashu ji,
Further Morgan Stanley, Goldman Sch, Lehman Birader, JP Morgan, Merrly Lynch, Charles Schwab, etc. are global leaders in financial market, and has been absorbing thosands of Graduates with decent pays/bonuses....not one or two episodes as you mentioned of Sachin...
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| ashu |
Posted
on 04-Aug-03 08:54 PM
Qallu.
It was NOT Morgan Stanley. But some other banks (yes, plural) and a consulting firm in DC. [There was a time when DC held an appeal to me, but that's another story for another time. Hey, I did have my stupid moments, ke garne :-)]
That said -- other than the economy going sour on you -- if you are generally smart, quick to learn, graduated from a top-tier university, have professors who can vouch for your stellar intellectual performance, can interview well, and can explain your life's story honestly, compellingly and with verifiable evidence in ways you can show that you can add value to the work of your prospective employers, it's not that difficult to get a job, with a, yes, wee bit of luck thrown in too.
Bhunte: Your points are well taken. The challenge is to be among those "handful" of people in Nepal. :-)
I am convinced that for the first time in Nepal's history, it's possible to have a first-world life-style in Nepal WITHOUT inheriting your father's wealth, without engaging in corruption but by selling your brainpower through merit to the highest-paying employers.
I see this as a positive sign.
That said, working in Nepal, I have actually come to appreciate Wall Street in that we in Nepal have to find -- sooner or later -- legally credible and procedurally honest ways to attract international private-sector capital to Nepal for hydropower and tourism.
That could be the next step for young, smart people who can move freely between the two worlds: To be a bridge between Wall Street and Putali Sadak . . . to attract money for hydropower and tourism.
oohi
ashu
ktm,nepal
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| rendra wasito |
Posted
on 04-Aug-03 09:20 PM
Ashutosh,
Why only tourism and hydro power ? These are the sick industries of Nepal. Why not divesify more through innovative ways like hills' integrated development model that Switzerland utilises. Why not make Swatch Watches in value adding and not adding value that you termed in an incorrect manner to reap super rent ?
Value chain analysis is a great tool for new Nepali industries. They could utilise the powe of Resouces Based of The Firm Paradigm. This goes in all matter of value creation through synergies, value proposition for renewal and turn around of the Nepalese sick industries and value acquistion by Nepal by going to newly developing region of China through the art and power of Guang Xi. Why remain paleo conservative Nepali all the time ?
Why only be a sychophany all the time ? Why not show your own originality ?
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| unscheduled |
Posted
on 05-Aug-03 10:06 AM
I was just wondering what factors are taken into account when determining one's salary. Is it morally and ethically justfiable that a person takes in $166,666 per year in a country like Nepal?
If thats how the foreign aid gets spent - then ....
unscheduled
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| crazyeyez |
Posted
on 05-Aug-03 02:26 PM
how much income tax does a person pay in Nepal? Is there a tax ceiling? And is anyone exempt? Does the King pay income tax for the money he earns from his businesses?
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| Qallu |
Posted
on 05-Aug-03 06:34 PM
$166,666=NR1,31,66,614
Thats a quite a chunk of change! Good for him. Hope he is happy, pays his taxes and gives money to charity.
But what has he dose he do has has he done to deserve such remuneration.... I wonder just like unscheduled has said above. Of course western consultants and expants routinely earn six figure salaries, but a Nepal earning that is pretty amazing. Is he the owner of the said company or an employee? If an employee, is the organization an international bank? If local, is it a private company or publicly held company? What is the bank's holdings and what is theie average annual transaction (or whatever it is called)?
How many people in Nepal earn that kind of money? How does that figure into the $220 per capita income of the average Nepali and how can such an economy support a six figure salary?
Just curious. Don't mean to diss anyone.
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| ashu |
Posted
on 05-Aug-03 06:53 PM
>>>Is it morally and ethically justfiable that a person takes in $166,666 per year in a country like Nepal? If thats how the foreign aid gets spent - then .... <<<
From what I understand, Sachin's money is NOT from any foreign aid kitty.
If private investors in Nepal entrust him to increase the value of their investments and pay him that much money to do his job, then he is accountable to those investors. If those investors do not like his work, then they can fire him.
In America, the average per capita income is something like $24,000 or so. Yet CEOs and even executives of non-profits there routinely earn many times that amount, often in hundreds of thousands of dollars, if not millions.
Likewise, in Nepal too -- in coming years, those with intangible assets such as creativity, intelligence, knowledge, expertise, networks -- are going to be benefit all the more.
Just because Nepal as a whole is a poor country with a per capita income of little more than 200 dollars, that does NOT mean that the most talented Nepalis in Nepal (with talent defined by the market forces) have to exist in poverty too.
Look at India, and count the sheer number of old-money Indian millionaires and new-money Indian millionaires there.
Our larger challenge should be: How to generate more wealth in and for Nepal so that there can be many, many more high earners in Nepal.
oohi
ashu
ktm,nepal
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| rendra wasito |
Posted
on 05-Aug-03 08:09 PM
Ashubhaya birdar,
Kome man ! Why you no tak taki tax about these NEPE Kunta Kintes ? Why you only defend ja Kunta kintes on their mullahs and ja nirdar that ye know are all black mullah or paise....They pay minimum tax man....Why you as Kamaiyas BIG MAN advoot advocate no talk aginst big mullah man ? Why ja birdar ye like and wana smell others' big money ja man ?
You ja Advoot/sadhu/avadutta/advocate/kamiya birdars BIG MAN cahsing big mullahs...no good ja man...no kool running like cool ganga waters bro...Ja man need to be near ja nature bro and dump the big mullah BEAN COUNTERS bro....
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| ujol sherchan |
Posted
on 06-Aug-03 01:02 AM
A dear friend'd been urging me to check out Sajha and I finally did. Great to run into Ashu dai's posting. I agree sorai ana with him about the ascendancy of knowledge economy.
When a hardworking Nepali photographer sold three of his pictures to a Nepali company for Rs. nine lakhs not long ago, it created quite a buzz among the young and hungry photographers of Nepal. It opened their eyes to the fact that there is now a good market for good photographs right here in Nepal and that they need not look for foreign buyers to make that kind of money...but for more they have to. A photographer friend tells me that our own homegrown Nepali photographer sold his collection of photographs of birds (taken in Nepal and India) to a foreign buyer for USD 40,000-plus, not bad for a year or two's work, if you are based in Nepal. Well, of course, very much depends on luck in photography.
Some kind of 'benchmarking' is happening in every sector, not just the corporate sector. Depends very much on where you want to point your camera - pun intended!
Ujol
----
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| unscheduled |
Posted
on 06-Aug-03 02:26 PM
>>>.. Our larger challenge should be: How to generate more wealth in and for Nepal so that there can be many, many more high earners in Nepal. ..<<<
I would definitely have no problem if there would be "many,many more" high earners in Nepal. I definitely have a problem when there are just a few high earners. That says something is not right. People do have a right to be skeptical.
Salary should be tied to productivity and I do not see any field (industrial, artistic, financial or otherwise) in Nepal that gives a hint towards the level of productivity warranted by $166K salary.
The CEOs in America who get six/seven figure salary increase the productivity for the company, for the shareholders, and ultimately for the country.
>>>..If private investors in Nepal entrust him to increase the value of their investments and pay him that much money to do his job, then he is accountable to those investors. If those investors do not like his work, then they can fire him..<<<
Where do these private investors get the money from? In which industries does he invest these funds? Remember his cut according to the books is $166K. Again same - I do not see any industrial activity (except booze, cigarettes, casino - the sin industry) in Nepal that can give returns like that. The tourism industry and the carpet/garment industry is floudering.
He should not be only answerable to the investors, but also to the country. If his policy is ask no question then the country suffers. Not only he himself but the funds he manages should be clean. At the least they should not have any tax liabilities. Otherwise he is laundering money.
>>>..does NOT mean that the most talented Nepalis in Nepal (with talent defined by the market forces) have to exist in poverty too..<<<
I am new to this forum, but from what I can gather from your postings, you have studied in Harvard and have spent a lot of time in Nepal after that. I would appreciate if you could give examples of the talent defined by the "market forces" that are currently in work in Nepal. The only viable economy in Nepal seems to be the remittance economy.
And finally the question is as somebody else said can the economy support such a large renumeration?
unscheduled
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| rendra wasito |
Posted
on 06-Aug-03 05:51 PM
I am not impressed with Tiwari theory of defending hot potato curry makers/shakers of so called Nepali bull market. He imagines being impressed living in the fourth world and yet being able to earn extra-ordinary incomes of a first world.
I mean it is possible to make lots of money in the fourth world as by definition there are few entrepreneurs that exist in the fourth world. Competition and governmental watch dogs are less and any snake oil merchant or a quack can reap heaps of money...with all sorts of unsustainable schemes, scams and weirdo unsystematic gambling. Look at the end of Fullbari Resort...what a waste oflimited resources gone wasted ?
I have no time to present case histories.
In sum, I would not put my money in a Himalaya Bank and tied with Habib Bank. They do not offer me security, privacy and sustainabilty like the brand reputable community banks in Australia or any western country.
Tiwari is always being a sychophant to big timers and is well known to do KLDP in grass root level informal sector enterpreneurs. Where is the balance that you claim being an Advoot Advocate of the Kamaiyaas of Nepal ?
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| crazyeyez |
Posted
on 06-Aug-03 05:57 PM
hey wasito,
if you have problems with people in Nepal earning that amount, then fine. why take out your anger on Ashu?
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| rendra wasito |
Posted
on 06-Aug-03 06:52 PM
Dear Crazyji,
No anger bro like they say "Kaag pare Tiwari natra Bhut."
Tiwari denies as the best boy of Jesuit establishment that his Father Moran, Keralan Brothers Thomas and Xavier never pulled our kiddi Tooris.
He denies and disrespects our suffering. Tries to moderate and sensor our deep anxiety laden emotions. He is not a MANAB for this aspect....thus to us he appears as a MAHA DANAB.
Father Moran used to take us in his Ham Radio operation room and then keep us in his lap and molest our small tooris.
That is the end of the story.
I will not be coming back to this forum.
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| ashu |
Posted
on 06-Aug-03 07:18 PM
>>>>Salary should be tied to productivity and I do not see any field (industrial, artistic, financial or otherwise) in Nepal that gives a hint towards the level of productivity warranted by $166K salary. <<<<
You are welcome to be skeptical.
That's fine.
But just because you do not seem to believe that Nepalis in Nepal are capable of earning honest and legal $166,000+ a year for their work in Nepal's private-sector does not
add to anything to this debate. Skepticism is NOT a counter-argument.
I mean, OK,you are skeptical . . . so what? That does NOT change the fact that Sachin
Joshi is a highly paid banker in Nepal.
Sachin's salary, by the way, is a drop in the ocean of Nepali economy. The country is NOT suffering because of Sachin's salary. Get real, please. [Just as America as a country did not suffer because some in Enron were making tons of money at one time, or that some at Microsoft make a lot of money today.]
Sure, remittance is a LARGE part of Nepal's economy. But it's not 100 per cent of our economy. Besides, those who get money from abroad also have to find banks to
deposit their money, hoina ta? When they depoit money in banks, banks too find a
way to make money. Even if banks get 10 per cent of 1 arab remittance money, that's still a sizeable amount for them to play with.
**********
>>>>>>>He should not be only answerable to the investors, but also to the country. If his policy is ask no question then the country suffers. Not only he himself but the funds he manages should be clean. At the least they should not have any tax liabilities. Otherwise he is laundering money.<<<<<<<
Relax.
This may be hard for some people outside of Nepal to believe. But the fact is: though many things in Nepal are far from perfect, there are also honest, competent managers in Nepal who deserve every paisa of the money they make.
As long as tax-payers are NOT paying their salaries, and as long as they pay their taxes, and as long as they observe good business practices (such as good accounting, good auditing, etc) -- which Sachin sems to be doing -- I, for one, have NO problem if smart, talented Nepalis in Nepal start making even millions of dollars a year. I'd say: Kudos to them.
*******
>>>>I definitely have a problem when there are just a few high earners<<<
Well, the road to having many, more high earners later starts with having a few high earners now. Fortunately or unfortunately, the thing about knowledge economy and globalization is such that those who have UNIQUE talents, intelligence, creativity and so forth are more likely to earn DISPROPORTIONATELY a lot more than their 'normal' peers. And these superstars are FEW in every profession. [[Michael Jordan makes a lot of money. So does rapper Eminem. So does Udit Narayan. And so on]
For an explanation of why this is so, why a few people in any profession make a lot more money than their peers, please read the article: "Economics of Superstars" by economist Sherwin Rosen in American Economic Review. Vol. 71. Issue 5, pages 845-858.
oohi
ashu
ktm,nepal
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| rendra wasito |
Posted
on 06-Aug-03 07:47 PM
Obviously this man that raves and rants of Sachin or whatever the namesake is...is an ethical mutter. That means he does not care if the MD or CEO has made large amounts of money "by hook or by crook." For that matter he prefers the sexual deviant Jesuits.
In modernity, the community is clawing back the power ofearning astronomical wages. salaries and perks of these CORPORATE parasites. They have reached this position by accident and other unethical ways. Why should they get huge amount of wealth, some times 30 to 40 times larger than the average workers for that matter anywhere.
The sockholders have come to know that this CEOs or MDs special knowledge is a myth. Even if they exist in this time of globalisation it becomes irrelevant after a year.
There is just too much agency problems in terms of moral hazard.
I recommend that CEOs and MDs get no more than three times more salaries, wages and perks that is tied with performance than the lower PAYE employees. The model adopted by Finland, Denmark, Norway and so on would be a good role model for a corrupt nation like Nepal.
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| paachak |
Posted
on 07-Aug-03 03:17 AM
Could not grab the thread... Who is Sachin (hot cake)? Where is he now? Where did he pay tax US $ 166666? Could you please let everyone in the forum know?
Sorry..I am an observer. was out of town for a week...many changes in kurakani..etc
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| ashu |
Posted
on 07-Aug-03 05:37 AM
When Sudha Shah, a salesperson of Nepali origin for SAP in California, made almost
$ 800,000 a couple of years ago (as first reported in Forbes magazine), she was hailed as a hero by expat Nepalis right here on Sajha.
ANA even gave her an award at the DC convention.
Nobody asked whether Shah deserved that much money, or whether she paid taxes
or whether her take-home pay was ethically/morally justifiable and so on and on.
But look at how perceptions change when a Nepali professional living and working in (gasp!) Nepal, makes little more than $150,000 a year (as reported in Kantipur daily) through his own efforts and through his professional competence in the Nepali private sector.
Some expat Nepalis, unable to contain themselves ask all kinds of questions as though they are SHOCKED, yes, SHOCKED and STUNNED that while they presumably get by with 50 grands or less a year in the US of A, some smart-alec in Nepal in Nepal dares to make so much money in Nepal . . . that too, in the private-sector.
These expat Nepalis seem to think: How dare he earn that much money? Surely, that can't be true. Surely, he must not pay his taxes. Surely, the money he earns is somehow tainted. Surely, Nepal's economy can't bear the burden of his salary. Surely, there is something wrong with the story here. And so on and on.
I mean, what the hell are these people thinking?
Why CAN'T Nepalis earn a lot of money in Nepal through their own honest, hard work?
At any rate, to those expat Nepalis I say: Relax.
Nepalis everywhere are limited only by Nepalis themselves NOT by Nepal.
There are many, many good Nepalis, hardworking Nepalis, respected Nepalis in Nepal too. And except for the usual politics, there are interesting things happening in Nepal, slowly and slowly -- yes, but certainly and without a doubt.
oohi
ashu
ktm,nepal
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| acharya |
Posted
on 07-Aug-03 06:00 AM
>>Nepalis everywhere are limited only by Nepalis themselves NOT by Nepal.
Very well said!
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| by |
Posted
on 07-Aug-03 07:10 AM
Sajha ma Nepali bhyaguta bhaneko yahi ho.
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| babaal |
Posted
on 07-Aug-03 07:14 AM
Ashu ko last post padhera sabaiko boltee banda? ;)
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| rendra wasito |
Posted
on 07-Aug-03 05:10 PM
The morgantine and moranic Hindu priest has flipped backwards morally again. I just wonder the direction of his thado tupi, when he goes Bunji jumping in the Himalayas ! Is he trying to commit Hara Kiri in the name of Thulo Insurance claim in his due policy or he has only suicidal Hara Kiri novel ideation....then again most brahmins are HIGH Priests of eating Man Chonte Ladoos loke Som Nath Sharmas..."
I have never said Nepalese should not earn so and so $$$$$$$$$$
If you were so smart and silly in terms of public policy then remember this ZADOOOO
"Nepal and Nepalese in situ need to cut its cloth in order to maketh its own coat."
This is the art of customisation and improvisation for a viciously viciously viciously MAHA POOR desh like NEPAL.
Khala Tiwari cha.
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| rendra wasito |
Posted
on 07-Aug-03 05:14 PM
Sorry ! I mean Bhramins like eating Mana Chinte Ladoos like Som Nath Sharma. Shut up Bhamara Brhasta Brihaspati niti kadachan type Aryal Upa Bujruk Pakhe Guru.
Lalat likhitam rupam jhantam !
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