Apropos ‘Over 60 bogus firms found issuing fake invoices in NCR’ (February 25, it is shocking to note that around ₹800 crore of fake invoices are generated in the National Capital Region without actual creation and transportation of goods availing the input tax credit incentive offered by the Centre Gn promoting exports to earn forex

It is shocking to note how the fraudsters created such bills and the government not verifying their genuineness . Checking of submissions of GSTR 1 and GSTR 3 B is not sufficient because the fraudsters are not only availing financial support but they are also cheating the nation by fraudulent details of production of goods. All the bills of exchange need to be supported by real goods and that is the reason the facility is being given only to qualified borrowers and this racket of submitting fake invoices has to be deeply investigated and culprits put behind bars .

Katuru Durga Prasad Rao

Hyderabad

It’s time to get real

Apropos ‘Continued support from various policies remains crucial for a sustained recovery: Das’ (February 25), we need to remain watchful of the risks to domestic inflation arising from rise in international commodity prices due to geo-political developments. 

India’s retail inflation figure stood at 6.1 per cent in January. More importantly, the ongoing Russia-Ukraine conflict may add more fuel to the fire with crude price already crossing $100 per barrel.

Moreover, people are likely to be burdened with the levy of additional excise duty once the election results of the five Assembly elections are declared on March 10. So, it would be naive to expect the RBI mandated MPC continuing with its accommodative policy stance any longer.  

Vinayak G

New Delhi

War clouds

This refers to “Vladimir Putin is playing with fire in Ukraine” by Clara Ferreira Marques (February 25). Now that the desperate Russian President has thrust a war on Ukraine in spite of , his own country’s economic stagnation and warning by Western powers, he is also testing India’s diplomatic skills. With strategic allies on both sides and both having high expectations from India the Prime Minister has so far handled the crisis accentuated by concern for the safe return of Indians trapped there tactfully.

Russia must exercise restraint and start negotiations for arriving at a pragmatic solution. The US has already declared that it will not involve NATO yet. It is hoped that President Putin will also stop hostilities as suggested by the PM Modi. The answer to war is not war today — strategies like economic sanctions and isolation from the world order to put pressure for negotiation should be preferred.

YG Chouksey

Pune

With reference to “Changing metrics” (February 25), the steps initiated to regulate the pricing norms for IPOs for new age tech companies seeking listing, is timely and reflect their realistic valuations, which otherwise are biased and favour marquee investors to make windfall gains.

Added to that , in majority of the small entities, the entry and exit valuations pose a big challenge for the external investors, with the promoters misguided by advisors and consultants, who help them negotiate for unimaginable valuations by highly inflating the intrinsic value of the entity, not supported by fundamentals. No doubt every start-up entity aims to become a unicorn, but aspiring for higher pricing, without supporting strengths would be unsustainable .

Sitaram Popuri

Bengaluru

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