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Joined October 2009
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Ankit Doshi retweeted
For @RBI @RBIsays @FinMinIndia , making our lives worse. For India’s sake please get your act together. @nsitharaman @sanjeevsanyal @PMOIndia @narendramodi Our banks act like FEMA terrorists for inward remittance, make our lives hell. @RBi should penalize them for harassing us
The EDF (Export Declaration Form) rules are now in effect, and it seems like RBI and banks have conspired to create a new hell. Or actually 5 hells.
I consult for an American company. Raised October invoice. Received the Inward remittance. And bang! Mail from @HDFC_Bank detailing everything needed before the payment can be processed.
Let me tell you what the 5 hells are:
1. The hell of confusion – RBI clarified last month that the EDF rules do not apply to individuals. But looks like they haven’t told the banks. And CAs also don’t seem to know. There’s no official communication on who is exempt. Last I checked, I was an individual. No company, no LLP. But HDFC still wants me to file the EDF to credit my payment.
2. The hell of complexity – See the attached pic of the form the bank has sent in excel. It has 5 sheets. To be filled and submitted. Some abstruse acronyms like “AD” - no clue what it means. Some fields are mandatory. Some fields are to be filled by the bank. No idea which is what. And it needs a physical signature. Which leads to...
3. The hell of paperwork - They also sent a pdf with a bunch of request letters. I’m supposed to choose the right letter, print, sign, scan and submit. Creating more paper today is incredibly silly. And, I suppose, someone in the bank will have to upload all this somewhere. Reminds me of those hand-filled immigration forms. Pointless.
4. The hell of repetition – At least for me, most of the details are constant. One client, one payment. If it’s a one-time exercise, fine. I’ll grit my teeth and get it done. But no. These details have to be given month after month. Else… no payment will be credited.
5. The hell of unpreparedness – It would have been simple enough for RBI or HDFC to create an online portal for this. With dropdowns, saved formats, contextual help, etc. to at least make this easy. But that would be too convenient, no? So, they’ve chosen to dump the entire burden on the taxpayer.
I have no opinion or understanding of why this is needed. Maybe it is critical information. Okay! But why make the process so confusing and painful?
And poor communication has meant that the banks have just passed on the pain to the exporter, and even CAs can’t help.
Basically RBI & HDFC feel I should consult less, and comply more. Maybe my client will also agree :)
Dear @FinMinIndia and @RBI - is this your ease of doing business or is there special allowance to harass citizens like this?
The EDF (Export Declaration Form) rules are now in effect, and it seems like RBI and banks have conspired to create a new hell. Or actually 5 hells.
I consult for an American company. Raised October invoice. Received the Inward remittance. And bang! Mail from @HDFC_Bank detailing everything needed before the payment can be processed.
Let me tell you what the 5 hells are:
1. The hell of confusion – RBI clarified last month that the EDF rules do not apply to individuals. But looks like they haven’t told the banks. And CAs also don’t seem to know. There’s no official communication on who is exempt. Last I checked, I was an individual. No company, no LLP. But HDFC still wants me to file the EDF to credit my payment.
2. The hell of complexity – See the attached pic of the form the bank has sent in excel. It has 5 sheets. To be filled and submitted. Some abstruse acronyms like “AD” - no clue what it means. Some fields are mandatory. Some fields are to be filled by the bank. No idea which is what. And it needs a physical signature. Which leads to...
3. The hell of paperwork - They also sent a pdf with a bunch of request letters. I’m supposed to choose the right letter, print, sign, scan and submit. Creating more paper today is incredibly silly. And, I suppose, someone in the bank will have to upload all this somewhere. Reminds me of those hand-filled immigration forms. Pointless.
4. The hell of repetition – At least for me, most of the details are constant. One client, one payment. If it’s a one-time exercise, fine. I’ll grit my teeth and get it done. But no. These details have to be given month after month. Else… no payment will be credited.
5. The hell of unpreparedness – It would have been simple enough for RBI or HDFC to create an online portal for this. With dropdowns, saved formats, contextual help, etc. to at least make this easy. But that would be too convenient, no? So, they’ve chosen to dump the entire burden on the taxpayer.
I have no opinion or understanding of why this is needed. Maybe it is critical information. Okay! But why make the process so confusing and painful?
And poor communication has meant that the banks have just passed on the pain to the exporter, and even CAs can’t help.
Basically RBI & HDFC feel I should consult less, and comply more. Maybe my client will also agree :)
Ankit Doshi retweeted
India is probably the only country where a govt babu, whose department was directly responsible for mixing of water and sewage that resulted in the death of 30 innocent citizens, not only will not be punished but actually promoted, but the CEO of a private company, who doesn't have direct control over a factory where 2 workers tragically died, will be arrested immediately and sent to trial
How ridiculous can it get
CEOs of companies will now be arrested for incidents in any factory.
It was a tragic loss of life but this will make so many MNCs rethink India plans and expansion.
@Dev_Fadnavis
m.economictimes.com/industry…
Most of the times the investors bank abroad is just puzzled whats even asked from them. There are compliance documents they've never heard of
I couldn't agree more. However, I'd also blame the bank's themselves who have really incompetent and mostly uninterested staff who do the paperwork. We've raised two rounds and have double digit investors from across the world and the filings have been a nightmare.
If you connect and structure your data pipeline well - which is a one time effort - the average response from Claude is 10x better than the average response from a mediocre human employee. It's not even a prompting game anymore. You're better of not hiring. It can slow you.
Proud day. Diya Chitale and Manush Shah guaranteed a medal for India today in TT. Behind the scenes is the man Parag Chitale who I am very fortunate to have had the privilege to call my teacher. I have seen him work and be at it for years helping young people. Salute to you Sir.
Every now and then I log on to Facebook. It feels like a new world. Also, its striking how many of my batch mates and juniors from IIM Indore are actually all living abroad. A back of the envelope calculation would put the number to be about 30-40%
Was so happy to be wrong for a change last year 😎
Season 2026-27
Winner : Arsenal - at this point hard to see any team that looks better than Arsenal. Bad patch of form will come at some point but I expect this team to still go ahead and win it
Runners up : Man City (1/2)
Annual Ritual
Winner : Liverpool ( Hoping that despite all their star quality they fail to play together well at some stage and Arsenal can sneak in. But it’s just hope.)
2nd : Arsenal (4th year in a row. I’ll be destroyed if it happens again but we lack the final bit of magic. I want to be proven wrong)
3rd : Chelsea (Solid squad now. They’ll keep getting better)
4th : Spurs (Thomas Frank is a decent manager. He will overperform)
5th : Man City (Pep looks bored? Squad is imbalanced)
3rd - Man Utd
4th - Liverpool
5th - Chelsea
6th onwards it could be anyone - Brentford, Sunderland, Newcastle, Villa or even Hull! - don't expect Spurs to finish in the top 6 though.
PL has surprisingly porous defences or is it that I'm spoiled as a Arsenal fan 😁 ? #pl
Ankit Doshi retweeted
Fantastic video. Must see. (It's in Marathi).
P. S. : Absolutely not against any festival celebrations. Just against the speaker walls.
The pace at which information asymmetry is disappearing is staggering. The penetration of AI is at 10x the pace of the internet.
No wonder governments across the world are struggling. Its not just mere presentation of facts. You also get complex ideas broken down with reasoning.
Even if there is foreign finding involved, not sure you can disagree with the point being raised. Even the measly education budgets approved are not fully utilized or siphoned off. It just requires people to do their job with integrity. I guess it's too much to ask.
Even after 80 years of independence, public schools still lack basic facilities: CJP's Abhijeet Dipke issues open letter to all Education Ministers
economictimes.indiatimes.com…
Feeling optimistic about working in a dying industry (print media) wasn't a great aesthetic anyway. Thankfully, people today are far more optimistic about building stuff that goes to space and AI applications. None of these movies mattered to anyone beyond some urban bubbles.
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Ankit Doshi retweeted
The first step to getting better.
I am to blame for my problems. I am responsible for fixing them.
My interview with @nejatian, CEO of Opendoor.
This is a rare look inside a turnaround, while it's happening. It's raw, real, and violent.
Kaz took over $OPEN when it was months away from bankruptcy. His wife shipped a mattress to the office and told him not to come home until he had a plan to break even.
Some of what he told me:
• "All success is unique, but all failures rhyme."
• The most dangerous people in a company are competent but not mission aligned.
• Meetings are a bug in the system.
• The comfortable lies that sink a company are the same ones that sink careers (and countries).
(Shane and guests may hold positions in assets discussed in this episode. Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security.)
Ankit Doshi retweeted
India's largest generation is Gen Z - ~400M, ages 14–29.
Bigger than the entire US population.
It's also the high-water mark. India's annual births peaked around 27M and are now ~22M. Fertility slipped below replacement around 2020.
No Indian generation will ever be this large again.
Sooner or later, we will see all constituents of business and society - businesses, governments, entertainment, sports etc - take them very seriously.
Ankit Doshi retweeted
A good time to remind ourselves of India’s most important policy imperatives:
1. Create 20 million jobs per year
2. Ensure that schools & universities deliver high-quality education to every young person.
3. Rethink entrance exams as the way to select students/aspirants.
Absolutely true again. This movement has brought Education to the forefront. Education budgets have been measly - no matter who is in power. Corruption has been rife and people have been profiteering left right and centre. Let's hope this kicks off an education revolution!
100% agree. What the students have achieved is truly remarkable. It doesn't matter who is in power. Government is by the people, of the people and for the people. Do work that matters and stay accountable. Or else be booted out. 18-25 yr olds have made the 70 year olds to listen to them. That itself is a monumental achievement.
You know what a resignation would mean, right?
1. It sets a precedent. If you fuck with the public, you will pay the price.
2. Politicians do not understand decency, morality, etc. Now they will.
3. It means large scale protests work.
4. It means nautanki, drama, reels do not work. Only work works. Honesty works.
5. It means you are answerable and accountable.
No wonder no politician in his right mind would agree to that one demand. It would shake the entire concept of politics in India.