Gold management

This refers to ‘All that glitters is not gold’ by Sutanu Behuria (May 4). The purity issue needs immediate attention. Those who are in the business of encashing people’s craze for gold by selling spurious products in the absence of reliable technology to check quality have started moving to platinum and diamond jewellery. The time is ripe for the authorities to think in terms of dedicated professional institutions to handle gold from a banking angle. An apex body should be equipped with linkages for import and export of gold and gold products with borrowing and lending capabilities. Such a set-up will command respect and manage skills needed to instil credibility about certifications.

States like Kerala have successfully intervened in similar sectors such as chits and lotteries, which were also areas of exploitation by vested interests. Private players had to fall in line and function with discipline and self-regulation. The establishment of ‘gold corporations’ with State participation could also be considered. They could be depositories where the gold that individuals now store in bank lockers and pledged gold can find a safe shelter, provided the purity is ensured.

MG Warrier

Thiruvananthapuram

Apart from brilliantly analysing the hurdles in monetisation of gold, the article also emphasises that those who buy, resell and repurchase gold in India have to depend on the dubious system of assaying and hallmarking of gold jewellery which results in 25 per cent of it as below required caratage. A possible reason for gold dealers not installing reliable testing processes could be higher returns to them from this lucrative business. However, the consumer becomes a victim. Indians are among the highest consumers of gold in the world and they deserve a better deal.

YG Chouksey

Pune

Budget guidance

This refers to your edit, ‘Equal rights’ (May 4). We need a Budget office which should be professional enough to guide both our parliamentarians and the public on the monetary impact of any policy which is proposed by the ruling dispensation. The government should act in a manner in which it does not demean the office. This way the public will be in the know of what’s going on with our fiscal policies and the impact of policies on our fisc. The problem is, we don’t give independence to any of our important institutions. This mindset should change.

CR Arun

Email

Go for unified GST

Tax reform is a good idea, but not if it comes with a lot of compromises. The GST should be a unified or single GST rather than the multiple GSTs evolved by the empowered committee of finance ministers. The advantages of a unified GST include: removal of the cascading effect of taxation; abolition of multiple tax laws; reduction in the cost of payment and collection of tax; clarity and homogeneity in the taxing system; reduced cost of production and export of goods and services by increasing efficiency, faster assessment and reduced litigation, consumption based internationally accepted taxation; and removal of distortions and simplification of the tax system.

Mukul Gupta

Email

Blaring the good news

The news item, ‘Fiat to remove multi-sound horns from vehicles in Goa’ (May 4) is music to the ears. Such a step will help mitigate the level of sound pollution. Honking unnecessarily is irksome to all. By default or design certain people continuously to the chagrin of children, the sick and aged, ignoring the deleterious effect of such behaviour on people’s ear drums.

HP Murali

Bengaluru

Copying in examinations

Excessive control leads to corruption and freedom ensures production of quality goods and services. Academics is not an exception to this rule. If children are given freedom in the matter of studies, the instances of copying in examinations can be reduced. Possessing degrees should be given less weightage than reasoning and communication skills in jobs to eliminate stress and malpractices.

S Ramakrishnasayee

Ranipet, Tamil Nadu

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