Emotional option

This refers to ‘How about a gold small savings scheme’ by Aarati Krishnan (October 27). Gold savings are not only an investment option but emotional savings for the family. It is not only dowry that drives the instinct, it is the savings culture and care for siblings. To regulate or ban the schemes will only make operators invent more schemes. The options to invest in a product out of small savings are limited. Small savings are the biggest savings in India. Gold ETF and GBS are alien to small savers.

The regulators often use the codes for punitive reasons. Most of the actions in financial frauds/default are only a postmortem. There should be a robust financial intelligence structure to prevent such occurrences. The Government has been dealing with the gold and gem industry with kids gloves. Making and wastage charges needs more stringent monitoring. Government should also come out with small investment options to the public like gold RD schemes.

S Veeraraghavan

Madurai

It has almost become the norm for a scam to surface before a scheme is brought under the regulatory ambit. When it is an open secret that many jewellery chains run such schemes what prevents regulatory agencies from acting against them? Be it frauds perpetuated by chit funds or NBFCs, it is hapless depositors who suffer.

The way our legal system functions and the political patronage these entities enjoy, it is almost impossible to recover the lost money and compensate the affected parties. Hopefully demonetisation, digitisation and better regulatory control will serve as a deterrent.

Srinivasan Velamur

Chennai

Doubling incomes

This is with reference to your editorial, ‘Beyond MSP’ (October 27). The increase in MSP of farm products is always moderate, not commensurate with the cost of cultivation. Most farmers sell well below the MSP because of paucity of household funds and urgency. Even if some farmers want to wait for a high rate there are not sufficient godowns to store the produce. Middlemen get the biggest benefits.

We need five times the number of mandis. Unless these problems are addressed the Government’s scheme of doubling the income of farmers will not be fulfilled.

TSN Rao

Bheemavaram, Andhra Pradesh

Stamp paper scamster

Is it curtains for the multi-crore fake stamp paper scam with the death of criminal mastermind Abdul Karim Telgi which was uncovered in 1999? From fruit-seller to a world of crime and a stamp paper scam which shook the nation! Many who benefited may go scot free with his death. How he carried out the scam without being noticed is intriguing.

HP Murali

Bengaluru

Shameful hunger facts

‘Hunger index: The devil in the detail’ by Sathya Raghu V Mokkapati (October 27) was thought-provoking. It should shake up our policy formulators. The starvation deaths in Odisha and the recently reported forced death of a child in Jharkhand due to denial of rations in the absence of Aadhaar are only the tip of the ice berg. The rules and regulations of the government are only for the people and not vice versa.

Education is the only way out. But the Right to Education Act 2010 itself is starved of genuine enforcement. The noon-meal scheme must be extended nationally by the Centre with value additions and coverage of needy and marginalised people.

B Rajasekaran

Bengaluru

Fact and fiction

In a technology-driven world, it is difficult to sift fact from fiction. Countries like Israel and Italy have been attempting to help students identify fake news through academic courses.

The main objective is to ensure that public debate is not hijacked by vested interests. Algorithms in social media ensures editors mostly see what they like. The net impact here is that biases are reinforced than countered. It is time we appreciate the need for formation of opinions through multiple viewpoints.

M Jeyaram

Sholavandan, Tamil Nadu

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