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This is in response to the news of rollback announced by the Finance Minister in new Finance Bill provisions. It is sad that the FM does not seem to be serious about curbing generation of black money. The two assets that attract and perpetuate the practice of black money use — gold and real-estate — have never been targeted.
Quietly two important measures targeting gold and real-estate purchases have been rolled back. The threshold limit on the cash purchase of jewellery worth Rs 2 lakh was extended to Rs 5 lakh, unchanged from the pre-Budget position, and even a paltry 1 per cent TDS proposed for the first time on real-estate transactions has been rolled back. The black economy is booming in India and there is a strong lobby thwarting attempts to rein in this menace.
Sunil KR
Bangalore
Reform coal sector
It refers to “Coal Truths” ( Businessline , May 16). As long as there is monopoly of Coal India Ltd in coal production, things will obviously be loaded in favour of CIL. At a time when CIL is not able to meet the current demand of power producers, this FSA is nothing but a joke. Getting imported coal from Australia works out to be quite a costly affair. It is essential that this sector is opened up for other domestic and foreign players. Bringing in more coal producers will also keep CIL on its toes, and raise its productivity.
Bal Govind, Noida
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