GI Tag for Indian Basmati

Apropos of ‘NZ rejects GI-like tag for Indian Basmati’ (July 4), the issue of Indian claim of GI Tag for home grown basmati rice can be settled through the scientific data and historical production in India.

Basically, Basmati owes its origin to Dehradun (Uttarakhand). New Zealand and Australia must show scientific and historic records of the basmati production at least for five decades.

It is not relevant that Basmati is grown outside India. If so, there should be no GI tag for any agricultural product as everything can be grown in India.

The disputes on GI Tag on basmati rice lack scientific evidence, credibility and authenticity.

Vinod Johri

New Delhi

Trusting insurance

This refers to the article ‘Life insurance and the importance of proper disclosures’ (July 4). Given the plethora of competitive insurance products and services, consumers are buying them without understanding the features and uses. They are not making informed decisions and sellers including corporate agents are mis-selling the products .

The objectives of the investment in insurance products are defeated due to inadequate knowledge and disclosures of the buyers and sellers respectively.

The insurance products issuers and sellers must be more concerned about the interests of the buyers and satisfy the queries of the purchasers. The IRDA must tighten their oversight on these aspects to mitigate the risks and optimise the benefits to the insured.

VSK Pillai

Changanacherry (Kerala)

SEBI’s welcome move

Apropos ‘Overhaul of F&O rules’ (July 4). Indeed the regulatory changes by SEBI in the derivatives market pertinent to the F&O rules is a boon to the investors.

Since it is rolled out in a phased manner, it is more transparent and opens up an investor friendly derivatives market.

But the investors have little financial literacy to study the derivatives market and understand its nuances.

SEBIs initiatives in launching several investor education on the risks and rewards on F&O derivatives trading is laudable.

NR Nagarajan


Mule accounts

Apropos ‘Banks must step up efforts against mule accounts’ (July 4), RBI’s advisory is pertinent. In online frauds, money moves through banking channels, from the victim’s account to the scamster’s account, both in regulated banks. Yet the scamster cannot be identified and punished. Possibly the bank staff has been negligent while opening an account. This must change.

V Vijaykumar