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The Finance Minister should exempt interest on bank deposits from income-tax. It is the salaried and lower middle-income groups who deposit money in banks.
The wealthier class prefers stock market and realty. Interest on bank deposits is the only source of additional income for most of the tlower-income groups and retired persons. Banks will be saved from the tedious task of TDS and will attract more deposits.
S. Raghunatha Prabhu
Alappuzha
Independent directors
This refers to the report “PSU Chairman may vet independent directors on their Boards” ( Business Line , March 10). It quoted the Minister for Heavy Industries and PSE, Mr Praful Patel, as saying that his Ministry was working on the guidelines and one of the proposals under consideration was appraisal of independent directors by the concerned Chairman and Managing Directors.
The Minister should know that most of such posts are filled with political appointees and none of the CMDs would dare to give their opinion freely. It would be better to have a committee (Nomination Committees on the lines of SEBI/RBI guidelines )comprising eminent individuals (without any political affiliation) to clear the names before any person is appointed as a nominee-Director.
The Committee should also review such appointments at regular intervals. Further, as far as possible such appointees should be of professionals and/or those with experience in different fields, who can contribute to PSUs in a positive manner.
K. V. S. Mani
Mumbai
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